Digital Exchange Loses $137 Million As Founder Takes Passwords To The Grave

Discussion in 'Money & Finances' started by Ken Anderson, Feb 4, 2019.

  1. Ken Anderson

    Ken Anderson Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    25,379
    Likes Received:
    45,396
    -- ARS Technica

    Maybe it sounded like a good investment.
     
    #1
  2. Martin Alonzo

    Martin Alonzo Supreme Member
    Registered

    Joined:
    Mar 7, 2015
    Messages:
    6,536
    Likes Received:
    6,851
    cryptocurrency: Has always made me nervous having money that is not in your hand and relays on the internet. Internet goes down so does your money. Relaying on the health or memory of another to safeguard your money.
     
    #2
  3. Ken Anderson

    Ken Anderson Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    25,379
    Likes Received:
    45,396
    When I was a BBS Sysop in the 1980s, we had a form of cryptocurrency, although I don't think it was called that at the time. Banks didn't like dealing with BBS's so setting up a shopping cart on a BBS was expensive and difficult to put together. There was a form of BBS currency - it might be the same one that is known as BBSCoin - that could be used for BBS registrations, to buy BBS software, and so on. A few companies would accept BBS currency for modems and, in some cases, even computers, but it wasn't thought to be reimbursable in actual money.
     
    #3
  4. Don Alaska

    Don Alaska Supreme Member
    Task Force Registered

    Joined:
    Mar 6, 2018
    Messages:
    12,709
    Likes Received:
    23,806
    Cryptocurrency,like Bitcoin, is simply another fiat currency. In this case, it is kinda like having your savings in a thief-proof vault the key/combination to which has been lost.
     
    #4
    Ken Anderson likes this.
  5. Babs Hunt

    Babs Hunt Supreme Member
    Registered

    Joined:
    Feb 12, 2016
    Messages:
    8,565
    Likes Received:
    12,089
    I'm sure someone will end up hacking and getting those passwords...but we may never hear the truth about that either.
     
    #5

Share This Page