SilverDoge wrote: b4/Vj()z wrote:
"Unfortunately, there has been a security breach involving NiceHash website... our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen"
Only $50 million stolen; what's the big upset over? Place your bets, suckers
Actually it was $62 million stolen. This is a lesson (yet again) about not controlling your own crypto & private keys. It the PM world, it would be equivalent to giving your alcoholic neighbor your gold stack and asking him to invest it for you for some solid returns each year. Getting ripped off is a great lesson in life though. People either learn from their mistakes or go broke.
Just getting caught up on this. You know, when an exchange or wallet provider claims they were hacked and millions of dollars in Bitcoin or other crypto is missing, I am immediately suspicious. Missing, or moved to another untraceable location? Aside from the real danger of hackers, there is also the real danger of fraud. This is very much an honor system. Whether the hack is real or staged, there is no recourse for customers if the service covers the loss by reducing their balances. With the exception of U.S.-based Coinbase/GDAX, there is no federal insurance (and I'm not even sure if it covers the exchange side).
I have cashed out the BTC I held on GDAX, all of it, and moved the cash to my bank account. Until recently that would mean a delay of several days in getting the money back to where I could react to a price drop. But now bank transfers are credited instantly, which means (I have not tried this yet) I can essentially buy Bitcoin (or Ether or Litecoin) direct from my federally insured bank account. That offers some peace of mind for the money I still regard as being "Bitcoin money." I even have a subdivided account for it, to keep it separate from other money.
Even more peace of mind is the wallet that guards my reserve offline holdings. It isn't much, but with Bitcoin suddenly over $16,000, "not much" has quickly become "much" for a little fish like me. I need to keep that safe.