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Author Topic: how many sites will show the proof of ,how much Bitcoins they have?  (Read 826 times)
springgers
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October 08, 2016, 01:26:13 PM
 #21

one thing that you have to know is that announcing your finances is not always a good idea. especially with smaller businesses and those sites that do not have a strong security team.

because saying i have 1,000,000,0000BTC is like an open invitation to all hackers on the internet saying come and enjoy the feast!
you are more proffessional
even the bitcoin in address is safe enough for the tech of bitcoin.
but the place you keep your priv key is not always safe .

i am not saying hackers are going to hack bitcoin private key, that is obviously not possible. i am talking about hackers attacking the site itself and stealing the coins just the same way they have done with bitfinex, cryptsy, btter, and many other incidents.

What about if the hackers use a lot of computers to get the private key? Is it possible?

Well, my first thought is inside job, much more easy than hack something Wink
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October 08, 2016, 01:41:20 PM
 #22

as far as transparency goes businesses that are accepting money from people and are supposed to pay them should provide some kind of proof that they own a certain amount of bitcoin. and usually this is done by them releasing a known address of their business to show the balance.

but the problem is not all businesses are transparent or even care about it.

But NCNico shared some about cryptogames, satoshidice and etc. However apart from these kind of sites bitcoin wallet sites won't share the details about the consumers wallet amount to the open ledger to the world. If we knows the wallet address you can easily check on the google.

you completely misunderstood my comment.
sharing your own business finances is not similar to sharing your customer finances with public!
and knowing one address is not enough to find out how much a site like a gambling site or a exchange service has in total!

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October 08, 2016, 02:37:51 PM
 #23

one thing that you have to know is that announcing your finances is not always a good idea. especially with smaller businesses and those sites that do not have a strong security team.

because saying i have 1,000,000,0000BTC is like an open invitation to all hackers on the internet saying come and enjoy the feast!
you are more proffessional
even the bitcoin in address is safe enough for the tech of bitcoin.
but the place you keep your priv key is not always safe .

i am not saying hackers are going to hack bitcoin private key, that is obviously not possible. i am talking about hackers attacking the site itself and stealing the coins just the same way they have done with bitfinex, cryptsy, btter, and many other incidents.
To be honest, it really doesn't matter whether they prove it or not. Hackers would still be looking to hack them. Cold storage, as I said should be done properly and there would be absolutely no problems. If the Bitcoin cold addresses used multisig and required several trusted people to sign before it can be released, hackers will not be able to get the funds provided that the exchange verifies large withdrawals manually.

What about if the hackers use a lot of computers to get the private key? Is it possible?
No. It is impossible to bruteforce a specific Bitcoin address since there is a large number of addresses. The possibility of you getting an address with balance before the earth explodes is nearly 0.

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mastica
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October 08, 2016, 04:58:44 PM
 #24

I really doubt that someone will like to expose their balances to the costumers, exchanges do have several bitcoins from the fees, besides that why they would say how much they earning or getting. Just websites that has bankroll shows their balance to let their investors relax.
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