>More than $300m of cryptocurrency has been lost after a series of bugs in a popular digital wallet service led one curious developer to accidentally take control of and then lock up the funds, according to reports.
>Unlike most cryptocurrency hacks, however, the money wasn’t deliberately taken: it was effectively destroyed by accident. The lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred.
>On Tuesday Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left a second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.
>The user, “devops199”, triggered the flaw apparently by accident. When they realised what they had done, they attempted to undo the damage by deleting the code which had transferred ownership of the funds. Rather than returning the money, however, that simply locked all the funds in those multisignature wallets permanently, with no way to access them.
>Effectively, a user accidentally stole hundreds of wallets simultaneously, and then set them on fire in a panic while trying to give them back.
top fucking kek
It goes to show that even cryptocurrencies can be manipulated by a single entity and fuck over the circulation, only this time, your wealth comprised of 0's and 1's was deleted
Return to actual gold standard when? >inb4 BullionCoin and OneGram
I am not going to make an itoldyouso meme I am not going to make an itoldyouso meme I am not going to make an itoldyouso meme I am not going to make an itoldyouso meme
This is going to be difficult
Benjamin Wilson
>lost forever no it can be unlocked in a fork...
Juan Moore
> It's cool brah, just run JavaScript hacked together by some slavic hacker, it's safe brah! What turing complete? nah brah Javascript is the safest shit ever brah! Formal verification? what no brah it's safe I promise, just as safe as flash brah.
Jayden Mitchell
>current year >not having a brain wallet
Ethan Diaz
> So you lose some money, but it's ok because that wasn't real crypto so you fork again.
> Real crypto has never been tried XD
Blake Butler
what the fuck does that even mean. see, this is why your dumb meme ponzi schemes will never take off as actual currencies.
Ryder Gray
That sucks.
Jackson Myers
Bitcoin niggers BTFO Hope you lose all your imaginary e Shekels goy
Xavier Nelson
When we have the gold again. Until then, enjoy the fiat currency.
Samuel Hernandez
how can electronic money be destroyed if electricity cant be destroyed?
Luis Nelson
This is why you use a trezor or paper. Cold storage is all that matters
Samuel Adams
>developer to accidentally take control of And this is why you use Bitcoin.
Julian Williams
...
Connor White
The CME futures will pop the bubble.
James Campbell
>tfw your memecoins are gone Good job investing real money into virtual shit that can disappear into thin air due to some errors
Josiah Kelly
>curious developer has the monies.
Jaxson Sanchez
True wealth is not measured in gold but in the hard work and creativity of a nation. Gold is only a store of value because goverments get to big corrupt and ultimately fail.
Owen Howard
link to article?
Dominic Jenkins
im sure it's fine at least they know where it is
Gavin Wood
...
William Brooks
Can't happen to Bitcoin because of the way the ledger is handled peer-to-peer.
Jeremiah Cruz
explain
William Allen
>tfw lost over 100k
fuck me. idk what to do. contemplating an hero-ing right now
Ryan Williams
So Ether really is a spook launder machine.
Thought so.
Cooper Martinez
Anyone keeping crypto in an online wallet is asking for it.
Robert Miller
Top fucking kek.
Bentley Richardson
>Can't happen to Bitcoin Untill shit hits the fan in some unforeseen way and we'll have a nice surge of an hero vids
Nathaniel Wilson
...
Anthony Hall
You can trade Bitcoin derivatives, but the federal government thinks onion futures are too much of a risk,.
Adrian Peterson
I'm more amazed that people were using 300m worth of this bullshit currency that ive never even heard of. >that'll be 17.55 sir >do you take ether?
Ayden Kelly
Crypto is a scam. End of story. Just wait until China's state owned mining operations cash out for gold, to idiots being scammed into buying, tanking bitcoin and boosting their value.
Brandon Hall
You can't cash out BTC into your Paypal or else so it is shit
Nolan James
>Just wait until China's state owned mining operations cash out for gold
I'm just wondering how long they're waiting for.
I expected them to do it a year ago.
Connor Sanchez
K.
"Bitcoin" encompasses two related but distinct concepts. First, individual bitcoins (lowercase-b) are units of (fiat) digital currency. Second, the Bitcoin (upercase-B) protocol governs the decentralized network through which thousands of computers across the globe maintain a "public ledger" - known as the blockchain - that keeps a fully transparent record of every authenticated transfer of bitcoins from the moment the system became operational in early 2009.
Tyler Peterson
NO COIN FAGGOTS BTFO!!
oh fuck wait
Luke Wright
>implying a single crypto is representative of the 1200 that exist.
Lucas Moore
Ethereum is garbage.
Kayden Peterson
>tfw lost over 100k How much money do you have in total?
Aaron Gutierrez
this is what pisses me off. it grew and i had a shitload of savings in it. over 95% of my savings went into it. now i cant get 0.0% back. i pretty much have to start anew. or an hero. fml
Blake Gomez
HAHAHAHAHAHAHAHAHA
Cooper Gray
I started out with 50k and it grew, added more so about 100k was in it. now i only have 10k in regular banks. not smart on my part i guess but i didnt think this could happen
Brody Stewart
>catalonian flag Wut
Wyatt James
>goto blockchain.com >only two cryptos being tracked real time on front page, BTC and ETH >one of these is garbage
lel, I'm glad I only got into BTC when it was literally pennies and not the overinflated bullshit that it is now.
Get ready for the inevitable collapse
Aiden Long
Underrated
Levi Ross
I'd kill myself to death if that happened to me
Benjamin Torres
Should have listened to the old adage, "never put all your eggs in one basket."
Truly funny, how much the simple sayings come back to bite us
Jose Taylor
Fuck onions, I want to be able to trade spot FX without dealing with a market maker or a bucket shop. Those are literally your only two choices in the US. You can get direct ECN access in the UK with $50k and commisions+clearing ~2x institutional with sufficient volume.
Christian Robinson
im debating it... idk what my wife is gonna say. shes home in an hour
Chase Lopez
>I started out with 50k and it grew, added more so about 100k was in it. now i only have 10k in regular banks. not smart on my part i guess but i didnt think this could happen Are you young, or are you an oldfag? Because if you're under 40 you can easily get back to $100k-$1m.
John Davis
Sorry, leaf :(
Luke Scott
just put your earned cash in the bank of your choice. and not a savings account, either. no interest for you!
Brandon Peterson
Its like chinese gold farmers selling willow logs on the grand exchange, and the farmer accidentally drop trades onto an account that he forgot the password to. The gold still exists but there is no way to access it.
James Ramirez
It's going to keep going up as it's used more. Its value as a medium of exchange has incredible lengths to go.
Kevin Adams
>im debating it... idk what my wife is gonna say. shes home in an hour Pic related: Your bank account
Brayden Anderson
you should probably kill her first to save yourself the shame of suicide. any kids too while you're at it
Thomas Kelly
And that's why something non-corporeal that can suddenly cease to exist shouldn't be used as currency.
Charles Price
Until you know, when a government steps in and makes their own crypto
>yfw
Charles Butler
Nobody forced them to use that wallet service. They could have just as easily held their own ethereum. Meanwhile how many people have lost their life's savings via various means using regular currency? Fuck, all you have to do to lose half the value of your US dollars is hold onto it for a couple decades. And that's not a chance, its a promise.
Mason Martinez
>Its value as a medium of exchange has incredible lengths to go. >What is cost of transaction? >What is speed of transaction?
>That'll be $2.5 for the coffee, sir. >Wait for half a day and spend $25 in transaction fees to get your coffee Great medium of exchange retard
Since it would have none of the benefits of Bitcoin I don't see why anyone would care.
Xavier Bennett
Leaf, maybe put all your money you have left in some random shitcoins and hope they will blow up in value. Like NEO (antshares)
Luke Foster
>investing in Ethereum HAHAHAHAAHA, goddamn are you dumb. Maybe it's just a programmer thing to be able to look at things that and say "Wow, that's just bad design. I'd never touch that." Anything that requires development, upkeep, federation, etc. is a fucked system. All proper designs should require no or little moderation and function by incentive of the user, and do so effectively following adherence transparent and absolute rules. Governments should be run like that IMO.
Oliver Lopez
Transaction times are in seconds and the fees are pennies though?
Robert Anderson
It worked out so well the first time, surely it will work in his favor again.
Daniel Clark
i honestly think my wife is going to shoot me dead
Carson Russell
keep us updated
I want to know if she kills you yourself or if she's understanding and supportive
Jayden Lopez
Absolutely Swedish
Angel Allen
>when you're this jewish Clearly an attempt to discredit crypto
Evan Ross
>Make mistake.
>Show everyone some kike cant just print more and arbitrarily hand it out to fellow tribesmen
Crypto currency btfo?
Luis Butler
I agree, coinfags should be genocided.
Alexander Myers
ITT: people that confuse crypto with bitcoin
Elijah Gray
...
Carson Fisher
Bitcoin is crypto. Not all crypto is Bitcoin.
Transactions =/= confirmations.
John Sanders
Oh boy. Well at least you're not a virgin. That'os already better than 95% of the men visiting this site. If you die, you'll at least wont die a wizard. The only advise I can give you, is to look into Novo Resources, which may have found the largest gold deposit in the world. That 10k might turn into 100k-500k in the next few years. Good luck with everything
Aaron Jackson
Kys ancap nigger
Blake Thomas
fork is just splitting the block chain into two parts
why would you want to do that? well, to improve the protocol, make it more secure, etc.
what's the downside? no backwards compatibility.
Nolan Barnes
>"Why do you want to leave me alone and let me keep my money? FUCKING NIGGER" wew
Matthew White
...
Henry Cooper
The point is that the network is getting slower and more expensive over time. This is what the NO2X war was being fought over. The NO2X crowd is expecting that the lightning network will solve their transaction problems, but that will take a year or two before it is activated. Until then its rising costs and slower networks
Justin Flores
It's just money, in fact it's not even money, it's fake money.
Whatever, life moves on.
Lincoln Adams
>why would you want to do that? And free cash
William Barnes
>it's fake money. Marxist detected
Hudson Morales
>Go to buy something with bitcoin >Send 1 bitcoin via transaction to John >Transaction doesn't go through for hours due to how blockchain technology is and it needs to be confirmed
topkek namefag kys
Lucas Baker
Can you spend it in a store?
John Carter
That sucks. I've had many well-intentioned folks urge me to invest in Ether instead of bitcoin. I never got around to it, but I know a lot of folks who just lost all their Ether...
Depending on congestion, he can be correct at times. Segwit2X was just canned and LN still long away. I'm moving to BCH.
Gabriel Miller
>Honestly dude they will probably fix it during upcoming hardfork. At what point will the hardforks end?
Jeremiah Wilson
FORZA SHORTING
Samuel Robinson
>online wallet service so in other words he destroyed 300m of his own money
Colton Lee
That's because cliches are boring and by extension automatically wrong. Until they aren't.
Levi Lee
Its an official protocol upgrade. People itt talking shit about eth dont understand what happened. Eth did not fail, a poorly coded contract did. All they have to do is place the multisig library contract (with bug fixed ofcourse) back at the address it was originally, so the wallets can contact it again.
Jack Rogers
It was't destroyed they just don't have any way to acess them
Luke Cooper
>It was't destroyed they just don't have any way to acess them My paper wallet got burned >It wasn't destroyed mom, it's just temporarily unavailable until we get supercomputers that can crack ether
