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[gizmodo.com]
Crypto Exchange Says It Can't Repay $190 Million to Clients After Founder Dies With Only Password
Well, I guess they can take comfort in knowing that their money is secure

By chalupacabre8
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8 comments

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1

This seems really bizarre as surely it was not necessary for the CEO to manually input a password anytime someone wanted to make a withdrawal from a cold storage account. Long-term storage is always slower, like using Amazon's AWS Glacier storage services. But by design, Bitcoin is accessed by a user's password and password phrases which, if lost, can never be retrieved. But I do not see how it would work that way at the exchange. Unless this was the WORST cryptocurrency exchange in existence.

I see many folks in this thread do not understand cryptocurrencies. That's OK, I'm not going to get into it but I will say that Block Chain technology will be used in MANY other areas. It already is.

DeStijl Level 7 Feb 6, 2019
1

$190M is a big incentive for a hacker.

toxdoc Level 5 Feb 4, 2019
1

Sorry but this is what happens when "currency" isn't backed by any type government body or regulations. Currency in concept is just an agreed representation of credit, if the majority of society doesn't agree, it's not fucking money.

JoeVZ Level 4 Feb 4, 2019
1

Interesting...sounds suspect...definitely not the norm for other bitcoin exhanges...

1

This reads very similar to that stupid guy from Indiana that crashed his own plane and drove his new motorcycle to a campground to commit a fake suicide. Except that whole India, Chrohn's Disease part.

1

Interesting. The only reason one would use that is if they are doing illegal shit.

I know a guy that bought into it and tried to tell me how great it was, but he couldn't explain to me what the value was based on in any way that boosted my confidence.

@chalupacabre It's really a mystery as to how it works. It's like the stock market and it goes up and down. The only reason why you would use things like this is for anonymity.

I invested in Bitcoin, Litecoin and Ethereum and not doing anything shady.

@Lucy_Fehr HORSE SHIT! Look at the companies that accept it...

@TheGreatShadow Do you have proof that I am doing something shady other than the fact that I bought cyrptocurrency?

1

Big whoopsi.

Dietl Level 7 Feb 4, 2019
1

Sounds a bit dodgy to me. Is he really dead or is he living under an assumed name in Bognor

Moravian Level 7 Feb 4, 2019

There's just a whole lotta stink coming off this one. Hundreds of millions of dollars locked behind a single password, in a company with prior legal issues, and no business records? Yeah, good luck getting blood from that stone!

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