>> (p.1)
    Author Topic: Coincheck robbed of $500m coins so is the protocol to blame  (Read 120 times)
    Anti-Cen (OP)
    Member
    **
    Offline Offline

    Activity: 210
    Merit: 26

    High fees = low BTC price


    View Profile
    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.
Page 1
Viewing Page: 1