Sorry to hear that. I've lost crypto also, so I feel your pain. Hopefully they reimburse you for some of them =/
Offline, cold storage is the way to go, with multiple wallets.
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Thanks - My own fault for taking the lazy, convenient option...
If i ever get back on the Bitcoin wagon, it will be cold storage all the way :)
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Storing Cryptocurrency on online Wallets may be convenient, yet it's extremely risky. Now that BTC's value rises at an extreme rate, I expect more of those breaches to happen.
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They've always been happening, not sure there are more of them now than before, in proportion to the amount of trading/storing platforms I mean.
What's sure is that there are now many tech-illiterates who "invest" in BTC and copycats, and they appear to not care much about the spirit behind cryptocurrency, ie the user is supposed to be in charge of their own coins. If you delegate this to a third party, this is no better than fiat currency in a usual bank.
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Well, I never claimed they didn't happen :)
The more people get into it, the more will try to take advantage of the system implemented. It's just more attractive now that it's worth a lot.
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Eh, when the current bubble bursts, most of that $75 million will evaporate in a few days anyway.
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Unless it doesn't, and the real bubble is fiat currency backed by massive debt and quantitative easing.
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You do realise that fiat currency is backed by states (as in countries) the only kind of institution that has the legal authority to bend or even break the rules in order to keep currencies up and running, right?
That bubble will burst and they'll just make a new bubble.
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Yes, but that hasn't stopped depressions, recessions or the collapse of economies (Greece, Venezuela, etc). Bitcoin may well be in a bubble, but I don't hold unyielding trust in fiat currencies either. "Money" is only worth what people think it is worth.
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Well yeah that's the whole point of fiat currency, it has value because people say so, it's the same way for crypto currency. Even if bitcoin bursts some other coin will take its place in the lead. What I'm trying to say is that there will be currencies as long as there's a demand for them.
And about economic crashes, I'm Argentinian, they're kinda common over here but life just goes on and when a currency can no longer take any more hits they just reset it. Nothing gets solved but you can't really stop.
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But if cryptos really do take hold, as I believe they will, maybe we can stop... stop depending on corrupt bankers and bureaucrats that control the monetary supply and take the power into our own hands. At least that's my hope.
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+1
Remember when times were simple and a quarter could get you a phone call at a local phone booth? Remember being a cheap kid and doing a collect call, but instead of saying your name, you said the message really fast and hope the other person understood you?
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This message brought to you by Bob Wehadababyitsaboy.
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Damn, I do not have any bitcoins but my brother uses nicehash a lot.....I have not spoken to him but I bet he lost a couple hundred dollars at least if not more.
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I remember I saw a kind of keychain which was encrypted (for the storage of your bitcoins). This was years ago. Maybe they were a good option. Sorry about that. It's a bummer man.
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Question. How/why does one mess around with bitcoins. I've installed a program or 2. Ran a browser version. Etc. But for the life of me I could never figure out what the stuff is worth or if I was even profiting. I've read articles that said it's not cost effective to run these.
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If you want to use home hardware, then yeah bitcoins are out. But you can try ethereum or other alt coins.
Honestly though, there are a thousand other forums where you'll find better info.
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The selling point of bitcoin is that it's not controlled by a banking system and/or government. That also means there is no insurance for lost money (which there is in most places if you put money in the bank).
That basically means that if you have any coin that is in any way controlled by or accessible by a third party, you're basically giving up your right to that money. If you use an online bitcoin wallet service or have bitcoin in a wallet in some trading service or whatever - that is money you have given away, and can only hope to ever get back.
I mean this wasn't a big deal back when they were worth a couple of bucks, but now it's kind of important. Use an offline wallet, use a strong keyphrase, store the wallet on an encrypted external drive that you store in a literal safe, with a backup encrypted drive in a literal bank or other safe place. Any online service can and will be hacked given enough time.
Sorry for your loss mate, hope it didn't bite too hard!
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You are wrong. It happens from time to time since chainblock currencies emerged.
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^this. It only hits the news now, because now the value of the heist in dollars is getting big.
There was a bigger heist in 2015 where around 19000 bitcoins were stolen. 4x as much as this time around. (https://www.coindesk.com/unconfirmed-report-5-million-bitstamp-bitcoin-exchange/). That was "only" around 5 million dollars though, so that didn't hit the big news sites.
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Or even earlier, one person got 25k BTC stolen because wallets used to be non encrypted...
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Who wants to take odds on how many of these hacks are just inside jobs?
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I keep my $75m of Bitcoins under my mattress so I can't get hacked.
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Including mine ;__;
http://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html
https://www.nicehash.com/login
The perils of leaving the coins in that sort of a wallet, I suppose...
Hope nobody else here had too much coinage stashed away :(
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