Decred aims to build a community-directed cryptocurrency whose security, adaptability, and sustainability make it a superior long-term store of value. It is achieving this aim by building the world's first truly decentralized autonomous organization.
Binance suffered a large scale security breach of over 7000 BTC, ~$40 million. Hackers were able to obtain a large number of user API keys, 2FA codes, and bypassed existing security checks: https://buff.ly/2H4QsPQ #binance #security #bitcoin
@cz_binance: Again, not #bitcoin's fault, but as we inevitably evolve into a more digital civilization, all businesses new and old will need to revamp their security practices. #SAFU https://t.co/OTdJZvbU9i
@binance: What Is Proof of Work (PoW)? Proof of Work was the original solution to the double-spend problem and has proven to be reliable and secure. #Bitcoin proved that we don’t need centralized entities to prevent the same funds from being spent twice. More ⬇️ https://t.co/2unf5rKtX7
@cz_binance: #bitcoin mining energy costs are nothing compared to the costs needed to secure fiat. Think: military budget + bank expenses, all around the world, combined. Not all, but any portion of it you wish. https://t.co/n3A6mh1V6o
@cz_binance: These guys will end up in crypto sooner or later. Just a matter of time. Bitcoin is easier to carry. We need to make wallet back ups easier to use. @CRYPTO_TAG is probably a good choice for this guys who like to secure physical items. https://t.co/pQAtcZ6LTM
A question regarding Yubikey 2FA security after Binance recent 40 million dollars Bitcoin hack?
I just wanted to see this community's thought regarding best way to secure your coins on exchanges on the light of the recent Binance hack of 7000 bitcoins. From the Binance announcement, it seems like a lot of 2FA accounts were compromised too. We know 2FA based on texting is usually very vulnerable, so I was wondering would this have been avoided if everyone was using Yubikey type of verification for their 2FA? If yes, how would that be possible? If no, I think exchanges like Binance should place certain restrictions on accounts that doesn't meet 100% security requirements; like delayed withdrawal, additional verification for trades, withdrawals etc. What do you guys think of this? I'm especially interested in knowing the limitations of 2FA protected by cutting-edge security like Yubikey. I will crosspost this on Bitcoin subreddit as well.
10-23 00:44 - 'Bitcoin as a currency is unsustainable... / Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few. / We may have solve...' by /u/jucoin2000 removed from /r/Bitcoin within 264-274min
''' Bitcoin as a currency is unsustainable... Security and Trust: Millions of dollars worth of bitcoin lost by hacks, lost passwords and mismanagement. Mt. Gox, Coincheck, Binance, Bitconnect to name few. We may have solved the problem with trust through block chain...We just don’t know if trust is a problem that technology can ever truly solve as long as humans are the ones using it. Cost effectiveness: Blockchain is very expensive for its functionality, computers working around the clock to maintain distributed ledgers using more energy than many entire country’s put together. Efficiency: Bitcoin has painfully slow transactions times. Visa’s payment network can deal with 24,000 transactions per second and bitcoin just a measly 7. So even though giant centralised organisations sometimes abuse our trust they are also fast, typically safe and convenient. Bitcoin is a currency experiment that will inevitably fail for its intended use, but before that time and due to its erratic changes in value there will be potential money and profit to be made from the instability. Its possible that “Blockchain” will revolutionise a lot more than just money, although as yet i am not clear as to what that will be. Conclusion: Make your money before the bitcoin bubble bursts...and it will..... ''' Context Link Go1dfish undelete link unreddit undelete link Author: jucoin2000
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