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Title: [2014-03-04] Guardian - Bitcoin Bank, flexcoin, Closes after hack attack Post by: uhoh on March 04, 2014, 01:53:31 PM http://www.theguardian.com/technology/2014/mar/04/bitcoin-bank-flexcoin-closes-after-hack-attack
And may I be the first to say that these constant hack attacks are making the whole industry look ridiculous. If you have no idea what you are doing, DON'T start a Bitcoin 'Bank'. Why would a 'Bank' even be holding 896BTC in its hot wallet? Surely 100% of funds should be in cold storage until called upon. EDIT: "Flexcoin held some bitcoins in “cold storage”, keeping them on devices not connected to the internet. Those bitcoins are safe, but only users who explicitly requested their bitcoins be held in cold storage (and paid a 0.5% fee) benefit." What a nonsense business model. Title: Re: [2014-03-04] Guardian - Bitcoin Bank, flexcoin, Closes after hack attack Post by: protokol on March 05, 2014, 09:39:31 PM Yes this is ridiculous, when I first heard this story I thought it was a small exchange, but no, they just
Also, could they not just make up this story and steal the 896BTC themselves? ??? Title: Re: [2014-03-04] Guardian - Bitcoin Bank, flexcoin, Closes after hack attack Post by: Lethn on March 05, 2014, 10:14:00 PM What people should be asking with these kind of companies who on earth is stupid enough to give their Bitcoins to people who don't keep large deposits in an offline storage? Or for that matter why didn't they go and question them about their security precautions?
Title: Re: [2014-03-04] Guardian - Bitcoin Bank, flexcoin, Closes after hack attack Post by: Swordsoffreedom on March 05, 2014, 10:48:12 PM Some people have learned to rely on banks and can't trust themselves with coins
Kind of a bad model in bitcoin it just means you pass the buck of trust to someone else |