ransomer (OP)
Newbie
Offline
Activity: 56
Merit: 0
|
|
August 09, 2015, 09:14:57 PM |
|
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
|
|
|
|
pedrog
Legendary
Offline
Activity: 2786
Merit: 1031
|
|
August 09, 2015, 09:19:22 PM |
|
Hope that happens soon, I want to be rich!
|
|
|
|
redsn0w
Legendary
Offline
Activity: 1778
Merit: 1043
#Free market
|
|
August 09, 2015, 09:19:57 PM |
|
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
One word... fork.
|
|
|
|
harrymmmm
|
|
August 09, 2015, 09:23:59 PM |
|
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
I must have missed the previous 'huge problem' that made this 'another huge problem'. Care to elucidate? The scenario you described is one that will only be approached slowly. On the ramp up, security will also be ramped up. Gox taught us that, even tho it shouldn't even have needed to be learnt. So I imagine such a centralized wallet solution would have multisig security on it at least. 2FA etc. Probably insurance as well. So ... no problem. FUD again. Where are all you guys coming from?
|
|
|
|
notbatman
Legendary
Offline
Activity: 2212
Merit: 1038
|
|
August 09, 2015, 10:28:02 PM |
|
Sounds like the OP is claiming the 1% who control the fiat are not criminals.
Like the saying goes "extraordinary claims require extraordinary evidence". -- Carl Sagan paraphrasing Marcello Truzzi.
|
|
|
|
Jorge320
Newbie
Offline
Activity: 42
Merit: 0
|
|
August 09, 2015, 10:35:20 PM |
|
Circumstance not likely, with mass adoption comes greater strides in security and ease of use. Will there be times that this stumbles? For sure, but wallets will evolve to meet the expectations of the market.
|
|
|
|
oblivi
|
|
August 10, 2015, 12:30:15 AM |
|
The big vaults storing other people's private keys that take their work seriously are using massive resources to keep your shit safe, for example look at Xapo, they store your stuff in some sort of bunker. The attacker would need to not only get inside the armored core, but crack the SHA256 passwords of every encrypted wallet. How insane is that? not gonna happen.
|
|
|
|
gentlemand
Legendary
Offline
Activity: 2590
Merit: 3014
Welt Am Draht
|
|
August 10, 2015, 12:36:24 AM |
|
If mass acceptance happens, there'll probably have to be some type of Bitcoin banks. There already are such things in the forms of Coinbase and Xapo etc.
They're already insured in case they're hacked at their end. You can bet your arse that to get such insurance they had to prove absolutely bulletproof security measures.
|
|
|
|
mookid
|
|
August 10, 2015, 04:29:09 AM |
|
We need less web-based wallets, the common folk need to understand that private keys should always be stored on a secure location,
|
|
|
|
investspot
Full Member
Offline
Activity: 182
Merit: 100
Love me love my Bitcoin.
|
|
August 10, 2015, 05:52:28 AM |
|
Hope that happens soon, I want to be rich! Each bitcoiner wants to be rich.
|
|
|
|
Jace
|
|
August 10, 2015, 06:20:20 AM |
|
then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
Are you kidding us? In the current fiat system, most of the money in the world IS in possession of a small group of criminals.
|
Feel free to send your life savings to 1JhrfA12dBMUhcgh85wYan6HL2uLQdB6z9
|
|
|
BIT-Sharon
|
|
August 10, 2015, 06:52:11 AM |
|
Banks and international communications companies are interested in using blockchain. Some new founded company is developing and use blockchain to exchange traditional currencies in the hope of seeing the simple and efficient financial transaction. The rising of Blockchain brings a basic issue that if the human autonomy should be replaced of technology.
|
|
|
|
Kprawn
Legendary
Offline
Activity: 1904
Merit: 1074
|
|
August 10, 2015, 07:02:13 AM |
|
Well, We had a situation like that with MtGox before, and it did not ruin Bitcoin.... It did do a lot of harm though. There are loads of online wallet service providers out there now, and it can be positive and negative for us. Positive in the sense that it protects from one single point of failure, if everyone use one service and it fails. Negative in that it creates several opportunities for loads of smaller security failures, where all sites are not on the same standard as the strongest sites out there. My advice would be to only store small amounts of Bitcoins on these online wallet service providers and the rest in cold storage or paper wallets.
|
|
|
|
Possum577
|
|
August 10, 2015, 07:19:44 AM |
|
Imagine a wallet (hot or not) becomes the market leader and more than half the existing bitcoins are stored there.
Then imagine it's security is breached.
If this happens at a time when bitcoin has been mass accepted and it is a dominant currency to store wealth in world-wide - then a criminal could be in possession of half the wealth in the world.....
Sounds surreal and could not happen in a FIAT system.
One word... fork. RedSn0w, give us more than one word. Explain yourself. To the OP, great question...Could something be done on the blockchain to provide added security? It makes the idea of cold storage a lot more valuable, imperative. There's no one great answer, yet...unless RedSn0w can explain how the fork is going to save us.
|
|
|
|
Brad Harrison
|
|
August 10, 2015, 09:04:12 AM |
|
Hope that happens soon, I want to be rich! I only got into bitcoin for that one reason only
|
|
|
|
Elwar
Legendary
Offline
Activity: 3598
Merit: 2386
Viva Ut Vivas
|
|
August 10, 2015, 09:07:20 AM |
|
Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.
Scary thought.
|
First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
|
|
|
Kazimir
Legendary
Offline
Activity: 1176
Merit: 1011
|
|
August 10, 2015, 09:24:24 AM |
|
Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.
Scary thought.
Haha, yeah, just imagine! How disturbing would that be. The mass public would undoubtedly start rioting and screaming and running away from such a corrupt financial scheme, and urge to fall back on alternative, more open, transparent monetary systems. Oh, wait...
|
|
|
|
redsn0w
Legendary
Offline
Activity: 1778
Merit: 1043
#Free market
|
|
August 11, 2015, 03:14:29 PM Last edit: August 11, 2015, 03:37:22 PM by redsn0w |
|
Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.
Scary thought.
Haha, yeah, just imagine! How disturbing would that be. The mass public would undoubtedly start rioting and screaming and running away from such a corrupt financial scheme, and urge to fall back on alternative, more open, transparent monetary systems. Oh, wait... But this is how the current system works... so it is up the people (better citizen) to change the things with a real revolution. PS: Maybe I'm dreaming.
|
|
|
|
Hazir
Legendary
Offline
Activity: 1596
Merit: 1005
★Nitrogensports.eu★
|
|
August 11, 2015, 03:32:56 PM |
|
Op, I guess you have little idea how much money is stolen each year from Banks and financial institution due to hackers attacks. I guess this info is not exactly on the first page of every newspaper because it is not convenient to scare people. Security of the most powerful financial institution and even Pentagon are being breached on daily basis. Compared to this, bitcoin structure and security looks amazing.
|
|
|
|
S4VV4S
|
|
August 11, 2015, 03:47:55 PM |
|
Imagine someone steals trillion of dollars per year from people and they use it to go out and bomb and shoot people and kidnap and imprison millions of other people.
Scary thought.
Indeed it is a scary thought.... I don't even wanna think about it.... Hell, imagine if a few of these so called bankers found a way to make hundreds of billions of dollars by putting the taxpayer in debt. And when the whole think blows out, they bail out and get to keep all that money. Now isn't that a scary thought? Anyone seen Inside Job, the documentary, by the way? It's pretty good. Explains a lot.
|
|
|
|
|