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by intended4 hours ago |
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upvoteby nicman233 hours ago|
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no. binance was hacked, again, again. the wallet was not. else they would have stolen only from the btc wallet.

not your keys not your bitcoin

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upvoteby rwmj2 hours ago|
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Not practical for ordinary people. No regular person is holding their own wallet, and even the technically sophisticated who do get their keys stolen or lose them to faulty backups or technical snafus.
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upvoteby somenameforme2 hours ago|
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Calling/implying that it's technically sophisticated is not really reasonable. Having a BTC (or other currency) wallet is utterly trivial, let alone from a technical standpoint, it's much easier than setting up an e.g. Coinbase account. The only issue, outside of choice of course, is people being ignorant of what needs to be done and I think that can largely be explained by the fact that centralized providers spend billions on marketing while decentralized wallets spend nothing on it.
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upvoteby 3 hours ago|
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upvoteby wongarsu3 hours ago|
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The intention of bitcoin was to have a digital medium with similar properties as cash: no need to trust anyone else, and you can exchange it with whoever you want. Cash can also be stolen if someone takes your wallet, leaving you no recourse except the law

Imho Bitcoins being stolen is not at all Bitcoin being "bent, broken, or subverted", it's just a natural consequence of the design goals. If an unrelated third party could block my bitcoins by accusing me of terrorism that would be subverting the system, and such things have not happened to bitcoin-core (but have happened in other parts of the bitcoin ecosystem)

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upvoteby GTP2 hours ago|
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> Cash can also be stolen if someone takes your wallet, leaving you no recourse except the law

The issue that is often raised with Bitcoins and other cryptocurrencies is that not even the law can help you in case of theft. Now, it's true that the police wouldn't bother helping me recover a wallet with 100€ into it, but things change if someone steals millions or even billions like in this case.

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upvoteby GoblinSlayer2 hours ago|
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You steal billions, you just pay the police 100000000 to look away.
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upvoteby intended1 hours ago|
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Ok, so you are saying this is business as usual, and the theft is exactly what one should expect, as with any other store of value.

I find something odd about this, because it seems to contradict some of what I understand of the arguments for bitcoin.

However, there is merit to your point, and if something is working as intended, then nothing was attacked in the first place.

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upvoteby wongarsu1 hours ago|
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The argument for bitcoin being secure is more along the lines of "if you store your own bitcoins securely nobody can take them from you". Storing them securely is easy in principle (just keep them on an airgapped computer, or write the key down on paper, then "just" do physical security well) but hard in practice (major security-convenience tradeoffs). However, storing your bitcoins with a major provider like binance has a terrible track record and not something the hardcore bitcoin advocates actually recommend
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