Hacker News

points by layerv-ai-qurl 7 hours ago | 0 comments

This is a really insane hack in comparison to the other ones we've seen. Genuinely Binance was so big that this is a real big wtf moment for crypto. If they can get hacked then what about all the other exchanges?!

[–] wolvoleo 7 hours ago

So was Mt Gox. No lessons were learned. No lessons will be learned this time.

[–] janalsncm 6 hours ago

People got out of crypto after the Mt Gox thing. The ones who stayed accepted the risk.

There is selection bias in play now. The remaining people are naturally more risk tolerant. So I agree this second time around, no lessons will be learned.

[–] wmf 6 hours ago

Most people in crypto are noobs, not hardened veterans of previous hacks.

[–] Waterluvian 6 hours ago

By definition maybe they’re more risk tolerant. But I’m not sure they consciously identify as that.

[–] clippyplz 5 hours ago

The difference is that Bittance loses only a few percent of their reserves and the dance continues. Gdox did ~70% of the daily volume for crypto and wrecked the entire ecosystem when they got 100% pwned. Maybe they've learned something!

[–] hangrybear666 6 hours ago

Well I've learnt my lesson after having lost 3 bitcoins as a student on Mt gox I finished writing my thesis on blockchain technology and then never touched crypto again.

[–] yreg 6 hours ago

What's the supposed lesson? To close the shop?

[–] driverdan 4 hours ago

Never use someone else's wallet to hold your money.

[–] AlienRobot 5 hours ago

To put things in perspective, I used to dunk on crypto because of how dysfunctional and how people kept losing money in scams, hacks, or even by accident.

I no longer dunk on crypto.

Not because crypto got better, but because the joke got old. I got tired of dunking on it.