Re:Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen
by apalmer on Monday November 25, 2013 @12:59PM
(#6795634)
Uhhh let me get this right:
$10,000,000 spent to secure a bitcoin exchange to within 99.999% secure via "automation"
$100,000 spent to secure a bitcoin exchange to within 99.999% secure via physical air gap...
which makes more sense
Re:Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen
by michaelt on Monday November 25, 2013 @02:40PM
(#6796378)
You can still do automated transactions from your hot wallet - human intervention is only required for transactions that exceed the size of the hot wallet.
And merchants who don't make enough profit to pay $20-$30 an hour to put a human in the loop can have a payment processing company do it.
Don't get me wrong, if you think bitcoin websites have done a superb job at securing their hot wallets [1,2], you're welcome to keep all your money in a hot wallet where it can be 100% cleaned out without a human lifting a finger. Good luck with that.
[1] https://bitcointalk.org/index.php?topic=83794.0 [2] http://fc13.ifca.ai/proc/1-2.pdf
The future of modern banking is to return to physical transfer of funds. Instead of relying on modern networking, technology, automation, or websites... we will manually move money over a physical medium.
</sarcasm>
Without automation, how the hell is BTC supposed to be any better than cash?