News for hackers. Stuff that matters.

A comment on Coinbase (YC S12), First Crowd Funded Bitcoin Company, Raises Over $600K. Parent comment

Re:Coinbase (YC S12), First Crowd Funded Bitcoin Company, Ra... by rmc on Wednesday September 26, 2012 @06:23PM (#4578338)
Agreed. Aside from the obvious "companies dealing with money need much better security", bitcoin itself has a bad rep, being security amateur hour. They need to fight this head on, and show they aren't idiots.
[ Parent | on HN ]
Re:Coinbase (YC S12), First Crowd Funded Bitcoin Company, Ra... by waterlesscloud on Wednesday September 26, 2012 @06:52PM (#4578434)
Their Security page offers some hope in that direction.

http://support.coinbase.com/customer/portal/articles/628970-...

[ Parent | on HN ]
Re:Coinbase (YC S12), First Crowd Funded Bitcoin Company, Ra... by jboggan on Wednesday September 26, 2012 @08:36PM (#4578746)
Yes but the big problem really boils down to "What % of the total bitcoin deposits are in the hot wallet at any given time?" To me bitcoin security should first be concerned with minimizing this number in any way possible. Hacks will happen; the companies involved need to make sure it's never worth their time.
[ Parent | on HN ]
Re:Coinbase (YC S12), First Crowd Funded Bitcoin Company, Ra... by trotsky on Wednesday September 26, 2012 @09:37PM (#4578907)
If you want to be taken seriously as an online wallet then do what every other currency depository does - tell the public about your 3rd party deposit insurance, and tell your insurer about your security. Anyone unable or unwilling to secure insurance has essentially made their advertising slogan "we might as well rob you ourselves"
[ Parent | on HN ]
Re:Coinbase (YC S12), First Crowd Funded Bitcoin Company, Ra... by toomim on Wednesday September 26, 2012 @09:05PM (#4578823)
...and last I heard, coinbase keeps most coins hot! They need to fix this. Brian (ceo) doesn't recommend keeping lots of money there yet for this reason.
[ Parent | on HN ]