Bitcoin is fundamentally broken and unviable in current form

[Searing]

The security breach at Bitfinex is just beyond the pale. No online wallets/businesses are trustworthy. I can't with a clear conscience recommend that anybody invest in or hold cryptocurrency until the community puts an end to the rampant theft.

I'm slow, and overdue, but now taking all my coins offline to a cold wallet, and not coming back until there is some fundamental change in security protocols, such that I will never risk suffering a 100% loss like some have experienced at Bitfinex. **I didn't have a btc balance at bfx at the time of hack, but I only got lucky.

Don't also forget the 'fundementally broken" part of all this when the Chinese miners and bitcoin core have their falling out and the miners fork bitcoin...already heard some talk
that bitcoin core would lock them out with a 1mb lock patch of some kind and cut the miners loose

add that to bitfinex saying oopsie we are folding can't refund the losses

and yippie skippy

back to 180 usd per btc again and deja vu 2014

silly hobby

AT a year and a half of block size debates I doubt they have reached consensus or they would be shouting it off the rooftops...so the other shoe shall fall wait for it

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[Karartma1]

I do not wish to endorse Bitstamp but they recovered almost elegantly from their loss a while ago.

I really don't think finex will do something similar.

For Bitcoin as a whole this shit is really bad. It's not Bitcoin that's flawed in the end.

[TraderETH]

I don't think like that, bitcoin is has strong fundamentaly we can see it is still survive  until right now. The problem today is just bitcoin had be lost from the online wallet and not on bitcoin its self. Losing bitcoin  is not first time  but it is still survive.

[Labumi]

I don't think like that, bitcoin is has strong fundamentaly we can see it is still survive  until right now. The problem today is just bitcoin had be lost from the online wallet and not on bitcoin its self. Losing bitcoin  is not first time  but it is still survive.

Yeah, bitcoin will surely survive the decades. Because the Foundation is very strong bitcoin system or so it will be very difficult to be destroyed by its competitors, often happens does indeed lose bitcoin * theft * that's not caused by system security system provider but bitcoin wallet bitcoin inadequate.

[severaldetails]

I don't think like that, bitcoin is has strong fundamentaly we can see it is still survive  until right now. The problem today is just bitcoin had be lost from the online wallet and not on bitcoin its self. Losing bitcoin  is not first time  but it is still survive.

Yeah, bitcoin will surely survive the decades. Because the Foundation is very strong bitcoin system or so it will be very difficult to be destroyed by its competitors, often happens does indeed lose bitcoin * theft * that's not caused by system security system provider but bitcoin wallet bitcoin inadequate.

Of course, bitcoin will survive.
But for the next few months it will have problems.
I do not think that the community can grow much in the near future because the media will draw a very bad picture of bitcoin.
It will take time until that impression will leave the heads of the people.

[kokojie]

I do not wish to endorse Bitstamp but they recovered almost elegantly from their loss a while ago.

I really don't think finex will do something similar.

For Bitcoin as a whole this shit is really bad. It's not Bitcoin that's flawed in the end.

It's because Bitstamp had the sense of using cold storage, so only their hot wallet were compromised, and lost a tiny amount of funds, which they covered from their profits.

Bitfinex were legally prohibited from using cold storage by CTFC of US government, so they looked for answers and found BitGo, and thought it was as safe as cold storage, but turns out it's not.

[RodeoX]

Absolutely nothing wrong with bitcoin. It was a website that had a theft.
Obviously storing money at some site in another country, run by people you don't know... And then you give up total control of your private keys?   What did you think would happen?

[Karartma1]

I do not wish to endorse Bitstamp but they recovered almost elegantly from their loss a while ago.

I really don't think finex will do something similar.

For Bitcoin as a whole this shit is really bad. It's not Bitcoin that's flawed in the end.

It's because Bitstamp had the sense of using cold storage, so only their hot wallet were compromised, and lost a tiny amount of funds, which they covered from their profits.

Bitfinex were legally prohibited from using cold storage by CTFC of US government, so they looked for answers and found BitGo, and thought it was as safe as cold storage, but turns out it's not.

Yes, I read that as well, thanks.
They probably should have implemented cold storage in Hong Kong where their legal entity is.

[xdrpx]

Bitcoins not the one that's broken, it is the exchanges that fail to implement stringent security measures to ensure that their cold storage accounts are kept secure and breach free, as well as disconnected. This takes some level of dedication and constant monitoring to patch possible loopholes before others find and abuse it. Bitcoin by itself is good.

[franky1]

The security breach at Bitfinex is just beyond the pale. No online wallets/businesses are trustworthy. I can't with a clear conscience recommend that anybody invest in or hold cryptocurrency until the community puts an end to the rampant theft.

I'm slow, and overdue, but now taking all my coins offline to a cold wallet, and not coming back until there is some fundamental change in security protocols, such that I will never risk suffering a 100% loss like some have experienced at Bitfinex. **I didn't have a btc balance at bfx at the time of hack, but I only got lucky.

your OP explained the solution you are asking for.
take funds out of third party's hands and keep funds in your own cold store..

there your solution exists.. it always has

[BitcoinNewsMagazine]

Bitcoin can be trusted and is not broken, the problem was a security breach at one exchange which has had problems before, that was a warning shot to use some other exchange.

[kokojie]

I do not wish to endorse Bitstamp but they recovered almost elegantly from their loss a while ago.

I really don't think finex will do something similar.

For Bitcoin as a whole this shit is really bad. It's not Bitcoin that's flawed in the end.

It's because Bitstamp had the sense of using cold storage, so only their hot wallet were compromised, and lost a tiny amount of funds, which they covered from their profits.

Bitfinex were legally prohibited from using cold storage by CTFC of US government, so they looked for answers and found BitGo, and thought it was as safe as cold storage, but turns out it's not.

Yes, I read that as well, thanks.
They probably should have implemented cold storage in Hong Kong where their legal entity is.

They have to follow US regulations since they wanted to offer USD deposit/withdrawals directly to US banks.

[monsanto]

The security breach at Bitfinex is just beyond the pale. No online wallets/businesses are trustworthy. I can't with a clear conscience recommend that anybody invest in or hold cryptocurrency until the community puts an end to the rampant theft.

I'm slow, and overdue, but now taking all my coins offline to a cold wallet, and not coming back until there is some fundamental change in security protocols, such that I will never risk suffering a 100% loss like some have experienced at Bitfinex. **I didn't have a btc balance at bfx at the time of hack, but I only got lucky.

Anything is possible, but it is sure looking like it is "fundamentally broken" as you stated, at least in terms of its usability for large segments of the population.  The combination of anonymity and irreversibility makes it great for things like skirting currency laws and speculation, but for most anything else it may be too risky for widespread usage.  The implicit belief that many seem to have that there is a universal law that makes decentralization and irreversibility in currency a widespread improvement over alternatives looks to be on shaky ground. 

[tyz]

If that holds then every cryptocoin and every blockchain project is broken. Bitcoiin has failed to find a consensus for the problems which existing since a long time now. Those problems should be fixed. Otherwise it could really get broken soon.

Bitcoin is broken because third parties continuously fail to secure their private keys and thus can't make good on their IOUs?

If you say so.

[TraderETH]

I don't think like that, bitcoin is has strong fundamentaly we can see it is still survive  until right now. The problem today is just bitcoin had be lost from the online wallet and not on bitcoin its self. Losing bitcoin  is not first time  but it is still survive.

Yeah, bitcoin will surely survive the decades. Because the Foundation is very strong bitcoin system or so it will be very difficult to be destroyed by its competitors, often happens does indeed lose bitcoin * theft * that's not caused by system security system provider but bitcoin wallet bitcoin inadequate.

Of course, bitcoin will survive.
But for the next few months it will have problems.
I do not think that the community can grow much in the near future because the media will draw a very bad picture of bitcoin.
It will take time until that impression will leave the heads of the people.

Even if for next months will there are problem, the problem will be to price of bitcoin its self. And it is good for traders because of fluctuating they can make profit.

[Ferrero]

The security of paper money is just absurd. Credit created without transparency on a centralized digital system run by privately owned banks that currently represents 97% of the money supply is systemic robbery.

[European Central Bank]

bitcoin is like a river waiting to be dammed. it's gonna keep on flowing no matter what but people need to figure out the best way to approach it so they can make use of it.

it's clearer by the day that usual setups are not good enough for it. there needs to be a major rethink about the best way to harness it.

maybe in the future most action and investment is gonna be in etf style funds unless people can get direct exposure with zero risk.

[The One]

Anyone can set up an exchange. Build up the company. When one has millions in cryptocurrency, steal it and pretend it was an hacker.

One after another, exchanges rises and falls, due to 'hackers.'

Is it true?

Time to consider that it may all be an inside job.

[takingthis4]

Bitcoin can be trusted and is not broken, the problem was a security breach at one exchange which has had problems before, that was a warning shot to use some other exchange.

thats true, bitcoin itself is nearly perfect in my opinion and it shouldnt be blamed just because an exchange got robbed, in my opinion its not the first and not the last time it happened

[nmtrader100]

As they say with gold, "if you don't hold it, you don't own it".