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A comment on Ottawa Bitcoin exchange defrauded of $100,000 in cyber currency. Parent comment

Re:Ottawa Bitcoin exchange defrauded of $100,000 in cyber cu... by sharpneli on Tuesday March 18, 2014 @12:37PM (#7422951)
I simply meant that the bitcoin as a protocol and the standard client implementation right now pretty much ignores everything else. Some can be fixed on the client but it is not there yet. As an example the wallet is unencrypted by default.

In addition one of the biggest problems with bitcoin stems from the problem it solves. Transactions cannot be reversed, thus making thefts extremely lucrative.

Normal banks simply reverse transactions if they are fraudulent. As an example someone hacked Nordea (Bank operating in Nordic countries) last spring and got away with 600 000 euros. All of the transactions except one were reverted and the missing one was compensated by the bank.

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Re:Ottawa Bitcoin exchange defrauded of $100,000 in cyber cu... by lhgaghl on Tuesday March 18, 2014 @12:58PM (#7423152)
> Normal banks simply reverse transactions if they are fraudulent.

That's not a feature.

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Re:Ottawa Bitcoin exchange defrauded of $100,000 in cyber cu... by svenkatesh on Tuesday March 18, 2014 @09:21PM (#7426259)
Right, fraudsters should be allowed to keep their ill-gotten gains.
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Re:Ottawa Bitcoin exchange defrauded of $100,000 in cyber cu... by lhgaghl on Wednesday March 19, 2014 @01:12PM (#7430185)
Rephrased: it is a feature, but it implies a tradeoff: people who are considered more important than you control your money. One which I don't consider worth it. I've never had a problem with stolen assets of any kind other than in the physical world, and I consider my physical assets that were stolen fair, I would not want a God government who can see every single thing that happens in any place and any time so they can recover my physical assets.
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