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Author Topic: Coincheck robbed of $500m coins so is the protocol to blame  (Read 55 times)
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January 27, 2018, 11:52:52 AM
 #1

https://www.rt.com/news/417132-cryptocurrency-coincheck-heist-millions-nem/

Quote
Coincheck confirmed late Friday that the unknown hackers might have stolen some 500 million NEM tokens (worth up to ¥58 billion or around $532 million at the time of the incident), which makes it the biggest ever theft from a cryptocurrency exchange. The previous record-holder was Mt.Gox, a world leading bitcoin exchange, in February 2014 when some 850,000 bitcoins (worth $390 million at the time) were stolen from the platform, preceding its eventual demise.

I understand why Exchanges take deposits and it comes down to the slow speeds of the network
but lets say that moving money could be near real time between wallets then we won't be
exposed like this

High Frequency trades (Robots) would be slowed down also if we said that wallets became locked
for 60 seconds after being used to move money

All the wrong sort of people have taken over Bitcoins and it gets worse with the banking hubs on
the Lightning Network and all the shit-coins because anyone can copy the block-chain

I am trying to work on something new that might offer some solutions that turns a wallet into
something closer to resembling a physical wallet that uses crypto-security on wallet so that
coins cannot leave the wallet unless the user is on-line during the time of the transactions that
are sending money. Broadcasting transactions has become a total mess and leads to all kinds
of trouble as we can see

The part I have trouble with and I am working on is atomic transactions between nodes in a DNA network
with no trust between the nodes and I am not sure if I can come up with a answer myself yet.




Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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drewcurry
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January 27, 2018, 12:56:51 PM
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Here, here.

I for one abhor trading 'bots, and the idea of a wallet having a certain requirement for a double-check seems valid.

As well: "High fees = low BTC price"  <<< absolutely. I avoid usage of BTC now due to the bankster-level fees.
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January 27, 2018, 12:59:20 PM
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First of all, its called a NEM token. Not Bitcoins.

I understand why Exchanges take deposits and it comes down to the slow speeds of the network but lets say that moving money could be near real time between wallets then we won't be exposed like this
You obviously do not understand how Bitcoin works. Bitcoin is being transacted at real time.

All the wrong sort of people have taken over Bitcoins and it gets worse with the banking hubs on the Lightning Network and all the shit-coins because anyone can copy the block-chain
Personally, I would rather have something that is open sourced and distributed instead of having a single entity being in control.

I am trying to work on something new that might offer some solutions that turns a wallet into  something closer to resembling a physical wallet that uses crypto-security on wallet so that  coins cannot leave the wallet unless the user is on-line during the time of the transactions that are sending money. Broadcasting transactions has become a total mess and leads to all kinds of trouble as we can see
Would you mind elaborating on the kinds of trouble broadcasting transaction has caused? Any hacks that you see currently are basically just the owner's incompetence. It is possible to secure Bitcoins to a point where it is nearly impossible for it to be compromised. I would like you to point out an example for which the owner took the necessary steps to secure Bitcoins WHILE still getting hacked, inside jobs doesn't count.

I wouldn't say that much if I were you. The authentication of address to a point where the owner's status is known heavily compromises Bitcoin and is relatively hard. OTP could work but a central server is required. Tell us if you manage to code something that conforms with the features of Bitcoin, else just use Paypal.


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January 27, 2018, 01:29:41 PM
 #4

First of all, its called a NEM token. Not Bitcoins.

Yes i know and think people can read it themselves because I posted the quote for them to read
Quote
You obviously do not understand how Bitcoin works. Bitcoin is being transacted at real time.

Wallets broadcast to the network and transactions can take days to clear 

Quote
Personally, I would rather have something that is open sourced and distributed instead of having a single entity being in control.

The vicar here has taught you well but a star type cluster of specialized nodes does not mean anyone owns the system
and that you have taken you knickers down for the bankers and besides that LN hubs are banks anyway.

Quote
Would you mind elaborating on the kinds of trouble broadcasting transaction has caused? Any hacks that you see currently are basically just the owner's incompetence. It is possible to secure Bitcoins to a point where it is nearly impossible for it to be compromised. I would like you to point out an example for which the owner took the necessary steps to secure Bitcoins WHILE still getting hacked, inside jobs doesn't count.

Yes just blame the user, must had been hacked, downloaded a virus, money has gone so what about

Quote
Tell us if you manage to code something that conforms with the features of Bitcoin, else just use Paypal.

No 100% it won't be mining coins (they are separate) using PoW and "conforms with the features of Bitcoin" because
the people who wrote Bitcoin did not write my bible and thanks for the no-pal offer but I like gambling on technology
mainly because I understand it 

Once up on a time I loved Tor and was using a dedicated machine that used the Tor Network so that my program
could screen scrape sites and I never used the machine for browsing and apart from windows spyware, my code and the
Tor software nothing else was running on the machine but it picked up a WannaCry virus so can you guess where I think
it came from so if you into coins working on Tor then make sure your not running the client software



Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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January 27, 2018, 01:36:46 PM
 #5

Yes i know and think people can read it themselves because I posted the quote for them to read
Then he hack doesn't concern Bitcoin does it?
Wallets broadcast to the network and transactions can take days to clear 
Transactions propagates in seconds. If you don't use opt-in RBF and put a reasonable fee, there is little chance for anyone else to double spend it to their address. Don't believe me, try it.

The vicar here has taught you well but a star type cluster of specialized nodes does not mean anyone owns the system
and that you have taken you knickers down for the bankers and besides that LN hubs are banks anyway.
Huh?
Yes just blame the user, must had been hacked, downloaded a virus, money has gone so what about
Nope. Mt Gox's hack was an inside job. Bitfinex and Bitstamp were hacks that were targeted at their servers due to their incompetence. I don't see how any hacks was a result of Bitcoin's protocol. Its not Bitcoin's fault that they cannot be bothered to manually sign and approve transactions from their cold storage.

No 100% it won't be mining coins (they are separate) using PoW and "conforms with the features of Bitcoin" because
the people who wrote Bitcoin did not write my bible and thanks for the no-pal offer but I like gambling on technology
mainly because I understand it 
I would recommend you to write up on a whitepaper and publish it here (if its related to Bitcoin). I just feel that everything that you've suggested so far can't be achieved without technical difficulties and any implementations would be like Paypal.

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January 27, 2018, 02:10:57 PM
 #6

First of all, its called a NEM token. Not Bitcoins.

Yes i know and think people can read it themselves because I posted the quote for them to read
Quote
You obviously do not understand how Bitcoin works. Bitcoin is being transacted at real time.

Wallets broadcast to the network and transactions can take days to clear 

Quote
Personally, I would rather have something that is open sourced and distributed instead of having a single entity being in control.

The vicar here has taught you well but a star type cluster of specialized nodes does not mean anyone owns the system
and that you have taken you knickers down for the bankers and besides that LN hubs are banks anyway.

Quote
Would you mind elaborating on the kinds of trouble broadcasting transaction has caused? Any hacks that you see currently are basically just the owner's incompetence. It is possible to secure Bitcoins to a point where it is nearly impossible for it to be compromised. I would like you to point out an example for which the owner took the necessary steps to secure Bitcoins WHILE still getting hacked, inside jobs doesn't count.

Yes just blame the user, must had been hacked, downloaded a virus, money has gone so what about

Quote
Tell us if you manage to code something that conforms with the features of Bitcoin, else just use Paypal.

No 100% it won't be mining coins (they are separate) using PoW and "conforms with the features of Bitcoin" because
the people who wrote Bitcoin did not write my bible and thanks for the no-pal offer but I like gambling on technology
mainly because I understand it 

Once up on a time I loved Tor and was using a dedicated machine that used the Tor Network so that my program
could screen scrape sites and I never used the machine for browsing and apart from windows spyware, my code and the
Tor software nothing else was running on the machine but it picked up a WannaCry virus so can you guess where I think
it came from so if you into coins working on Tor then make sure your not running the client software




Cmon, you not saying the WannaCry virus is coming from the Bitcoin client? This client has been used by 1000s of people and

nobody complained about this happening to them. You do not have to smack talk Bitcoin in preparation for what you are

creating... build your own coin and hope you get enough people to support it. Bad mouthing other people's work, will not

gain you any credibility with Bitcoin supporters.  Angry

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January 28, 2018, 01:09:37 AM
 #7

Cmon, you not saying the WannaCry virus is coming from the Bitcoin client? This client has been used by 1000s of people and

nobody complained about this happening to them. You do not have to smack talk Bitcoin in preparation for what you are

creating... build your own coin and hope you get enough people to support it. Bad mouthing other people's work, will not

gain you any credibility with Bitcoin supporters.  Angry

Given my description then where would you say I picked it up from and yes "1000s of people"
got infected but not just via Tor client software but I believe this was the culprit with me so yes I was like you
once when people started talking about the CIA owning some of the exit nodes so save your
"Bad mouthing" garbage because I have a duty to warn people and won't be making money
from the deal unlike you would like to make if you want to talk about "credibility".

Mr "green crypto mining ICO" just how can CPU-Wars between miners ever be considered green
because your not getting any supporters on that one apart from Miners, Intel and AMD along with
big oil and you dare talk to me about "credibility" around here.


Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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