Redocbew wrote:And that's supposed to make it better?
ludi wrote:A nominal half billion dollars' worth of unsecured assets from one institution in a digital heist? Right, that's totally ordinary. Happens every day.
DancinJack wrote:Not only that, but it was said as if the amount of money in cryptocoins == the amount of money in banks around the world? Otherwise why would you ever compare the two?
Heh, I think I made the mistake of forgetting people are a little too personally invested in the conversation.
I actually thought America had something like that stolen every year, not sure about the whole globe. Could be wrong though, maybe that's world wide. I just remember something like 800 million dollars, that could even be from identity theft or something. Then again it really doesn't matter if they are equal, or largely disparate as of today in the total amounts.
To me, someone who owns no cryptocurrencies, doesn't mine and has no regrets from not investing, I don't see a theft like the one linked as being significant to anyone mining. Having real money stolen wouldn't make real money illegitimate or make people dump it, why do we think fake money would be any different? Money gets stolen all day every day probably within a few miles of anyone reading this post. Maybe it's just some guys pocket change, but a lot of money is stolen in some form and in enough micro transactions (in comparison) to amount to a lot more than this in a year. I work in IT, I know a handful of local CFOs who got scammed with the wire fraud schemes and while dealing with them and the FBI it is apparently far more common than one would think. A local college was hit with it for about 2 million dollars by it even.
The linked theft is significant in many ways, such as the risk of it being centrally located, which runs counter to the crypto creed of being decentralized in nature and the risks involved with no stone walls and guards keeping it safe. Obviously there wasn't massive theft at the treasury to compare it to. So the argument is that people should put more trust in real money because there are real banks to keep it safe and the biggest bank has better security than these exchanges? We're talking about FAKE crypto money here people, you really think those details are of any concern to the miners and traders?
There's also no way to get stolen crypto money back AFAIK, which makes any theft significant. While not all theft with real money is reversed, it sure offers more protections. But, as we'll see, this won't have any tangible impact on the craze, and it absolutely won't be the last time it happens and we will yet again see the continuance of cryptocurrency.