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Author Topic: Hacks and thefts are mostly a good sign  (Read 4353 times)
niko
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August 01, 2012, 08:48:04 PM
 #41

We do not need hacks/thefts to help show how valuable bitcoins are. An influx of hacks/thefts can greatly lower the confidence of the users within the system.

There are thousands credit card number thefts everyday and still somehow nobody lost faith in credit card.

because you can simply call your bank ,tell them someone in argetina made $10,000 of unauthorised  purchases on your credit card  and they will reverse the transactions

who are you going to call when your btc wallet gets hacked for $10,000 of BTC ?

At the risk of starting a derailment of this thread: I would call the police.

I feel there is too much drama about these hacks. As pointed out above, either be more responsible protecting your coins, or call the police, or deal with it some other way if you are anti-police. As far as I am concerned, hacks only prove that (1) Bitcoin works and coins are valuable, and the obvious (2) there are assholes willing to steal your stuff. The second point applies to bitcoins, cash, golden teeth (ask anyone who's been through a civil war), copper wire, bicycles. Still, we don't lose confidence in cash, gold, copper wire, and bicycles just because criminals target them.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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Lethos
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August 01, 2012, 08:49:32 PM
 #42

who are you going to call when your btc wallet gets hacked for $10,000 of BTC ?

The flip side of freedom is responsibility.

The traditional banking principles are still in peoples heads when they go into bitcoin. However that is not a good idea.
You yourself are the best person to be looking after it, not someone else. Trust the exchanges with the transaction, not the storage.

Having your wallet in a server, is not any more secure, if anything you've just put a target on it, making it more vulnerable. Trusting others with your money when you are more secure looking after it yourself has also made it less secure, where in traditional banking you can usually expect it to be safer. The problem is the benefits for ease of use has erased many of the security advantages native to the bitcoin protocol, since automation has became so normal it means passwords are floating around and large open wallets can be accessible.

Maybe a year from now, exchanges and e-services based around bitcoin will have proved themselves more secure, however I don't see anything changing right now. I'm much rather look after it myself, knowing I'm responsible for it and I won't be a public target.

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August 01, 2012, 08:57:38 PM
 #43

who are you going to call when your btc wallet gets hacked for $10,000 of BTC ?

The flip side of freedom is responsibility.

if bitcoin is going to grow to mainstream  ,it has to be more usable

right now its just too complicated for the simple minded average person

even a monkey could use a credit card and  4 digit pin but keeping your coin encrypted well
requires a bit more effort

I think the 4 digit pin is a horribly outdated system (apparently it was suppose to 6, but was shortened) security is a joke when you think about it with todays cards. Pin - 4 Digits? That a laugh, and you have the 3 digit security code printed on the back. All the details to charge the card are open and visible.
With Near field communication pushing to make charging of payments via mobile phones even easier and quicker, believe me I face palmed hard when I heard about that, security and theft problems are going only going to get worse while we make it ease to charge cards.

I'm glad of what security things are possible for bitcoin. It's a step above what is traditionally available for most bank cards.

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