Another day, another hack.
This is starting to feel like a bad episode of The Twilight Zone. It seems like every month there is another major robbery in the crypto world. Currently this event is being considered the largest theft of Bitcoin since the Mt. Gox crash. Quite frankly this event, whether we like it or not, will be setting back Bitcoin for quite some time. As I read comments and scroll through forums, people are more skeptical now and fear has already settled in therefore creating a major blow. But wait, let us be skeptical human beings here and ask a few questions shall we?
Who is really the hidden hand behind all of these major “hacks” in recent months?
It’s happened to every major player in crypto recently including The DAO, Steemit and now Bitfinex again. With all of the required security measures these exchanges implement on the customer side there is always a breach on their end and this is starting to look troubling and quite frankly very weird. Is it possible that all of these events are by design or is it truly a genius hacker/s who just so happens to be good enough to bypass all types of security protocols. The DAO attack has been questioned numerous times of the culprit as being someone on the inside. I won't get into the Steemit hack but let's just say that they made themselves look very good and trustworthy, a business 101 power move. And Bitfinex, we will see.
Is this really a hacker or group of hackers creating all this carnage?
I’m not one to create a bunch of FUD but it seems to me like there are higher powers at work here. I could be 100% wrong so please don’t bash me if you disagree but we are all humans here and humans do human things. There are “people” behind the scenes whether we like to accept this fact or not. Behind every cryptocurrency that we are in love with there are the early of the early adopters or creators who truly have all the power and really know the ins and outs. This is a reality. The big money movers will do whatever they can to get what they want and this is a proven fact inside and outside of the crypto world. As to whether or not they are truly decentralized will be left for you to answer.
Should you trust what the news outlets report to you?
I’ve learned a long time ago to believe completely is to be completely fooled especially when it comes to a majority of the news outlets. Whether this event is tied specifically to a hacker or hackers as they are reporting to us is for you to decide. I will choose to keep sifting through the various reportings as the days go on and come to my own conclusion on this matter but one thing is for certain, there is something fishy going on out there. Let’s just hope that Bitcoin can bounce back and recover from this fiasco as soon as possible.
I am a believer in Bitcoin of course and always will be but all I’m doing here is asking questions. Please comment below if you think I am completely off my rocker here or if maybe I bring a valid discussion to the table.
Best wishes out there, Peace.
I think one of the main issues is the fact that a the main attributes of a healthy exchange (high volumes/deep order books) make it a juicy target for hackers(lots of money in one place). It would seem that one possible avenue would be to have lots of little exchanges which share their order books, thus decoupling the advantages of being big(deep order books) from the disadvantages(juicy hacker target). Personally I think this is one of the potential strengths of the bitshares project.
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I will have to look into the bitshares project some more but you do bring up some very important points here as far as the exchanges with high volumes making them more vulnerable to hackers across the board. Very interesting @lafona
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I think there is a distinct possibility that the DAO and Bitfinex hacks are state-sponsored.
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One of my initial thoughts. The timing and fingerprints of this one increase the likelihood of that a good deal, imo.
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@blakemiles84 Funny I was literally just watching your debate with Tone about Steemit haha. Thanks for the vote and comment man, Yeah this whole things a mess it'll be interesting to see where this takes us in the coming weeks and months. Just got a bad feeling once I saw what was going on and figured I'd say what I felt. Thanks again blake, peace
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Funny I was thinking the same exact thing but didn't want to be called crazy, if I'm not labeled so already.
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Each one of these events makes crypto stronger. Candidly, crypto is an infant and having growing pains. Better to work through them now than in the teenage years.
Second, yes, the way this attack was carried out is a bit weird. The offline key wasn't used... and how did they get the two hot keys? Pretty easy to trace custody of that info.
Third... ETF is just around the corner. Expect all manner of ungodly machinations in the coming months.
Fourth... Steemit users not affected.
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I agree with you 110% on all points probably much better now to deal with all these headaches so that they can get ironed out and avoided when it finally matures, it's still so early in this game. Lol hopefully not too much thundering ungodly machinations no please! but sadly I feel this is so true. Thanks @johnsmith
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I upvoted You
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Let's be honest bad publicity is good publicity it teaches people the importance of online security and gets more media attention leading to more awareness. If BTC drops to $100 a lot of people will lose money yes, but it still has its underlying technology, same benefits same features. Still world changing. Motorola made the first mobile phones where are they today? Bitcoin is paving the way for innovation regardless of price!!
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And this is exactly why I am such a believer. You couldn't have said it any better @mandax . I guess I just want things to remain perfectly intact but this is not a perfect world especially in crypto, selfish me. Excellent breakdown of the circumstances and the Motorola reference and innovation point is A+
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Great points both of you....I think it is great to ask yourself questions. Even if they can't be answered it is great to be aware.
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@jonnyrevolution much appreciated, yeah things are just a little odd maybe questioning all of these incidents can lead us somehwere, who knows.. very dissapointing
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Yeah and I'm feeling very weird about Coinbase. I went to try and purchase bitcoin when it was at its lowest and Coinbase just went offline. I got responses from them after writing to them about it, but they were not very helpful. Just apologies and assurances, which is nice, but I missed out on the opportunity that I was completely aware of and the service became unreliable. I'm moving it all out of there as soon as I can.
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I think it was an inside job and Bitfinex was insolvent before they claimed they were hacked. If it wasn't an inside job it could be the banking cartel trying to destroy bitcoin so people loose trust and support the R3 consortium. These are only theories with no proof to back them up. Its just what I believe after being in the bitcoin space for so long.
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@domavila I'm on the same boat as you, something is off about this whole thing and I haven't been getting good vibes about it
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I know right?? These hacks have become way to frequent and something is seriously wrong with the crypto space. It seems like someone is permanently trying to destroy bitcoin. This reminds me of "The Creature from Jekyll Island" where the banking cartel created the federal reserve system to destroy competition from the smaller private banks.
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Wow major upvote for mentioning "TCFJI" haven't finished it but should be required reading for everyone. And oh yes there are some evil people going after Bitcoin for sure smh.
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Each passing day it gets harder and harder to trust anyone :(
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I agree, it's pretty sad
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The hackers have been around since the internet began. Identity theft is rampant. You can't even make a purchase with your credit or debit card without being at risk of getting hacked. (Although the new chip cards are supposed to be more secure, we'll see.) I'm sure these hackers will figure out a way to get around biometrics, when that trend starts coming into play in the near future.
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I guess it's just something we will always have to deal with , true. The new chip cards were on the news the other day and they were showing how those chips aren't any safer than a swipe. Thieves will work around new ways of getting what they want regardless of the new technologies. smh.
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hacker are not the only cause for BTC ETC is ...lots of $ leaving BTC to buy ECT..until ETC stabilize BTC will not. just check the trading volume. im predicting 480 for BTC
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Very valid point.
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I upvoted you. Please consider upvoting my post https://steemit.com/drink/@jessicca/tips-to-stop-drinking-soda
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I suspect that the latest hack will prove to be another inside job or at least have some internal involvement. Seems to be the pattern with these things. I think it is as strong possibility with the DAO too.
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Yeah man there's just way too many coincidences things just don't add up.
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