Re:Binance exchange hackers steal bitcoins worth $41m
by nickpsecurity on Wednesday May 08, 2019 @09:33AM
(#19858635)
"The effect you’re seeing currently is due to an immature currency market which has never been held to the same standard as our fiat currency market."
I don't think immature is the right word even though you're right about other point. The regular system has a lot of regulations, security, and so on to reduce repeating and some big risks. The cryptocurrency community lacks most of that. The reason they do is philosophical: they believe their own decentralized protocols and individual activities are better than [de-]centralized, government-regulated, traditional activities. The hacks are a logical consequence of people with that false belief doing things that logically follow from it. And don't work.
They'd have been better off making a multinational, public-benefit corps with charters and contracts having tons of protections built in.
I don't think immature is the right word even though you're right about other point. The regular system has a lot of regulations, security, and so on to reduce repeating and some big risks. The cryptocurrency community lacks most of that. The reason they do is philosophical: they believe their own decentralized protocols and individual activities are better than [de-]centralized, government-regulated, traditional activities. The hacks are a logical consequence of people with that false belief doing things that logically follow from it. And don't work.
They'd have been better off making a multinational, public-benefit corps with charters and contracts having tons of protections built in.