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Are members invested in Bitcoin/crypto?

321Only
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Archer Archer
When I read statements like this, I am puzzled. If everything is as transparent and open as you indicate, then how is it that crypto is able to be "stolen"?
by exposing the private key to your wallet. some folks just don't take care of custody.
 
Observer
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Archer Archer
When I read statements like this, I am puzzled. If everything is as transparent and open as you indicate, then how is it that crypto is able to be "stolen"?
The thieves get caught now because it’s all very traceable.
 
Observer
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sgrenald sgrenald
As a follow-up question: if everything is open and transparent, why is it called "cryptocurrency?"
Maybe because it’s based on cryptography?
 
Observer
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Because the blockchain is a public ledger, the destination of funds is immediately obvious to everyone. Everything that happens on the blockchain can be viewed on the blockchain explorer. For Ethereum, the url is etherscan.io
You can see every transaction that has ever happened with any wallet. In some blockchains, the developers have recovered stolen funds from the wallets they ended up in.
 
Observer
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I’m not here to lecture. If anyone wants to learn more about the crypto space in a fairly entertaining way, there is a British gentleman with a good sense of humor and a YouTube channel called Coin Bureau. Puts up about a video a day and keeps them fairly short. Well worth watching, imo. (I said watch 😀 )

Wait... shouldn’t someone have posted some pics by now?
 
321Only
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in case anyone is looking for a good starting point on the whole topic, I think this guy did a great job giving economic context and explaining bitcoin. It is worth spending the 30 minutes.
 
Archer
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321Only 321Only
by exposing the private key to your wallet. some folks just don't take care of custody.

Okay, but exchanges were hacked...was this done by an individual exposing their wallet?

Observer Observer
The thieves get caught now because it’s all very traceable.

So all the coins that went missing when they disappeared are all found, and the people responsible are caught? I'm asking because I don't really follow the news on this...
 
Observer
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Archer Archer
So all the coins that went missing when they disappeared are all found, and the people responsible are caught? I'm asking because I don't really follow the news on this...
I have no expectation that I would recover anything that was stolen. I also assume that, were I capable of hacking one of these projects, I’d be caught in very short order.

The answer to your question varies by blockchain and development team, but if the purpose of stealing is to enjoy the loot, the problem facing any thief is that everyone can follow the funds through the blockchain to the point that they are converted to fiat. At that point, if not before, there is an account associated with a person.
 
eugeneandresson
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Observer Observer
Most blockchains are transparent public ledgers and there is little to zero anonymity.

Your avatar text in this case is the only thing correct about this 👍
 
eugeneandresson
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Observer Observer
Feel free to explain.

public ledgers (it’s fun to go whale-spotting), but 100% anonymity (edit: ps: didn’t meant to come across rude, humble apologies if I did!).
 
Walrus
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Archer Archer
If you have a comparison between the two, I would be interested in seeing that. I assume you mean making actual bills and coins...
Well partly the making of bills and coins but that’s only a small part of the monetary system. The US banking system alone blows away bitcoin and many miners today use green power as it makes mining more profitable. I’m not going to say bitcoin doesn’t use a lit of electricity, it does. I had some good articles I’m posting one but it’s from a very pro bitcoin source which I don’t always like as it’s probably a biased. Best to find middle of the road things but I’m at work right now I’ll try to dig out better articles I’ve read
https://news.bitcoin.com/bitcoin-en...cient-and-greener-than-todays-banking-system/
 
Observer
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eugeneandresson eugeneandresson
public ledgers (it’s fun to go whale-spotting), but 100% anonymity.
You’ll have to go a little deeper for me, lol.

Why don’t we try this: google ‘blockchain anonymity’ and then explain it. 😉
 
eugeneandresson
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Observer Observer
Why don’t we try this: google ‘blockchain anonymity’ and then explain it. 😉

The answer is the same answer to this question : ‘what information, apart from their transactions or wallet balance, can you get from a wallet ID about a person?

😉
 
321Only
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Archer Archer
Okay, but exchanges were hacked...was this done by an individual exposing their wallet?

This is actually a good point. Any crypto is not save if you keep it on an exchange.
In order to access and withdraw your crypto stored on e.g. Coinbase I would have to guess/brute force your password and SIM swap your phone number.
In order to access and withdraw your crypto stored on your personal (hardware or software) wallet I would have to get access to your private key.

The later is close to impossible if you take good care of your private key.

Since crypto actually behaves like cash money (if you have access, you own it) keeping it on exchanges is the least secure way to store it. And to answer the question: Exchanges are real world companies with real world infrastructure having people on the job which of course can be compromised in all kinds of ways. Mt. Gox is a very prominent example from the early days of BTC.
 
Observer
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eugeneandresson eugeneandresson
The answer is the same answer to this question : ‘what information, apart from their transactions or wallet balance, can you get from a wallet ID about a person?

😉
I guess you didn’t do that search. Anonymous doesn’t just mean anonymous to Observer, it means anonymous to everyone, including good old Uncle Sam. He can follow your crypto to and from the centralized exchange where you onboarded your fiat, and probably won’t have a hard time with your IP address, either.

Why do you think projects like Monero exist?
 
eugeneandresson
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Observer Observer
including good old Uncle Sam.

I don’t care for Uncle Sam! And he don’t care for me.

Yes, certainly at that level some form of correlation could be done by a totally paranoid greedy body that wants it’s tax. But also the criminal mind could use several layers of wallets not linked to cash into / out of an exchange, with vpns, fake information in accounts etc etc etc to circumvent any form of privacy invasion.

Edit: I also don't think any privacy networks/coins/whatever will be any use to anyone if Uncle Sam is snooping around via a backdoor to all information of exchanges...
Edited:
 
Observer
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eugeneandresson eugeneandresson
I don’t care for Uncle Sam! And he don’t care for me.

Yes, certainly at that level some form of correlation could be done by a totally paranoid greedy body that wants it’s tax. But also the criminal mind could use several layers of wallets not linked to cash into / out of an exchange, with vpns, fake information in accounts etc etc etc to circumvent any form of privacy invasion.
The other people looking for any thief would be the incredibly brilliant minds who create these blockchain projects and are greatly offended by anyone who violates them or sullies their reputation. I expect that posse will track down offenders first.
 
Archer
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Observer Observer
I have no expectation that I would recover anything that was stolen. I also assume that, were I capable of hacking one of these projects, I’d be caught in very short order.

The answer to your question varies by blockchain and development team, but if the purpose of stealing is to enjoy the loot, the problem facing any thief is that everyone can follow the funds through the blockchain to the point that they are converted to fiat. At that point, if not before, there is an account associated with a person.

This is what doesn't make any sense to me. The exchanges that were hacked of Bitcoin (to make my question very specific), did they catch those people?
 
Archer
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Walrus Walrus
Well partly the making of bills and coins but that’s only a small part of the monetary system. The US banking system alone blows away bitcoin and many miners today use green power as it makes mining more profitable. I’m not going to say bitcoin doesn’t use a lit of electricity, it does. I had some good articles I’m posting one but it’s from a very pro bitcoin source which I don’t always like as it’s probably a biased. Best to find middle of the road things but I’m at work right now I’ll try to dig out better articles I’ve read
https://news.bitcoin.com/bitcoin-en...cient-and-greener-than-todays-banking-system/

Okay sort of confused...using green energy or not is not related to the actual consumption of energy, so this that article seems to be really excusing away the question...and then saying that because others can't agree, it's all bunk. So yes, very pro-crypto.

Everyone talks of fiat currencies being able to be created "out of thin air with a few keystrokes" so when I see a technology that uses a lot of energy (green or not) claiming to use less energy, it makes me ask questions. Your answer seemed very definitive, so I was hoping there was something you could point to to say that $XX money made one way takes this much energy compared to $XX money made via Bitcoin, but it doesn't seem there is such an analysis.
 
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