<story><title>Binance exchange hackers steal bitcoins worth $41m</title><url>https://www.bbc.co.uk/news/technology-48199375</url></story><parent_chain><item><author>beager</author><text>I get that is part of bitcoin, not the protocol failing, personal irresponsibility etc etc.&lt;p&gt;But I’m seeing less and less a justification for the deliberate lack of security in the bitcoin world. So a hack like this happens. Regardless of how it happened or who’s to blame, why continue to tolerate bitcoin? What is it giving you that’s worth the enormous mountain of precaution that you need to take to secure yourself?</text></item></parent_chain><comment><author>dijit</author><text>Little bit of a preface; I dislike bitcoin because of scaling reasons and reasons due to power consumption per transaction. So don’t assume I’m a supporter.&lt;p&gt;That said, how is this different from having physical cash in a bank, or a digital ledger that pushes money elsewhere and is only caught much later.&lt;p&gt;The answer is only that it’s an immature global system, there’s no (current) list of black market coins, which is entirely possible to create- meaning hacked bitcoins would not re-enter circulation and the value diminishes wildly.&lt;p&gt;The effect you’re seeing currently is due to an immature currency market which has never been held to the same standard as our fiat currency market. It also hasn’t been battle tested over hundreds of years. Of course it is deficient.&lt;p&gt;I’m not excusing them, I wish that people with little to no security chops would not be involved in financial matters, but a lot of these companies sprung up out of hobby projects many years ago and one could argue that the industry they’re in has changed around them. It’s not as big a deal if someone steals 4000 bitcoins if they’re worth 20c each.</text></comment>
<story><title>Binance exchange hackers steal bitcoins worth $41m</title><url>https://www.bbc.co.uk/news/technology-48199375</url></story><parent_chain><item><author>beager</author><text>I get that is part of bitcoin, not the protocol failing, personal irresponsibility etc etc.&lt;p&gt;But I’m seeing less and less a justification for the deliberate lack of security in the bitcoin world. So a hack like this happens. Regardless of how it happened or who’s to blame, why continue to tolerate bitcoin? What is it giving you that’s worth the enormous mountain of precaution that you need to take to secure yourself?</text></item></parent_chain><comment><author>alcio</author><text>&amp;gt; What is it giving you that&amp;#x27;s worth the enormous montain of precaution that you need to take to secure yourself?&lt;p&gt;It&amp;#x27;s giving you precisely the opportunity the Binance hackers seized: doing transactions that no one else wants done. You don&amp;#x27;t have to ask permission nor trust anyone but Bitcoin itself.</text></comment>