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Hackers steal Bitcoin funds from Bithumb exchange traders

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http://www.bbc.co.uk/news/technology-40506609 

Security on bitcoin is no better than the weakest security in the exchange houses. So much for bitcoin being invulnerable. This went four months before discovery.

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Mt Gox, another exchange, collapsed years ago due to fraud of this sort. I'm not surprised by this considering the massive incentive hackers have to do so.

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nsdp said:   Security on bitcoin is no better than the weakest security in the exchange houses. So much for bitcoin being invulnerable.
 

  
Security on your money is no better than the bank you keep it in.

You're confusing bitcoin with an exchange. Bitcoin was not hacked, the exchange was.

Keep your bitcoins in your own wallet.

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Well, hacked data on the exchange and that from this. Bitkoyny on the spot, you need to worry only unclean people who used this money as payment for illegal transactions.

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Only if you keep your money on exchanges like an idiot...

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ensignlee said:   Only if you keep your money on exchanges like an idiot...
  You're going to have to exchange BTC for USD at some point, or else your BTC is practically worth $0.

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Crazytree said:   
ensignlee said:   Only if you keep your money on exchanges like an idiot...
  You're going to have to exchange BTC for USD at some point, or else your BTC is practically worth $0.

  
Yes but you don't need to keep it in an exchange.  Your odds of the exchange getting hacked in the ~24 hours between the time they receive your BTC and send out a wire/ach are almost nil. 

Exchanges have also evolved security quite a bit so it's unlikely an exchange would be totally wiped out.  Much more likely they lose ~20% or so - or whatever is in their hot wallet. 

For bitcoin you are holding you should ALWAYS keep it in your own wallet.  Preferably a secure hardware/paper offline wallet. 

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AbbaZabba said:   
Crazytree said:   
ensignlee said:   Only if you keep your money on exchanges like an idiot...
  You're going to have to exchange BTC for USD at some point, or else your BTC is practically worth $0.

  
Yes but you don't need to keep it in an exchange.  Your odds of the exchange getting hacked in the ~24 hours between the time they receive your BTC and send out a wire/ach are almost nil. 

Exchanges have also evolved security quite a bit so it's unlikely an exchange would be totally wiped out.  Much more likely they lose ~20% or so - or whatever is in their hot wallet. 

For bitcoin you are holding you should ALWAYS keep it in your own wallet.  Preferably a secure hardware/paper offline wallet. 

  The odds of losing your BTC in the ~24 hours between the time they receive your BTC and send out a wire/ACH are 100% if the exchange gets hacked during this period of time.

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