Re:Excoin exchange's Bitcoins stolen, will be shutting down
by furyofantares on Sunday February 15, 2015 @03:30PM
(#9053972)
Customers just paid an extreme price by choosing not to demand better practices and pay a premium for them. (As did the exchange, assuming honesty: they lost their whole business.)
This will undoubtedly have the effect that some number of them will stop using services like this until their confidence is restored -- this has undoubtedly been the case with previous attacks as well. And it will prevent future customers who have heard about these types of attacks, or who hear less hype about bitcoin as a result of these types of attacks, from choosing to participate in exchanges until confidence is restored.
Unfortunately it takes time and it takes people getting hurt. And people do get fooled multiple times when there is "get rich quick" hype. But eventually they stop getting fooled or run out of money.
This will undoubtedly have the effect that some number of them will stop using services like this until their confidence is restored -- this has undoubtedly been the case with previous attacks as well. And it will prevent future customers who have heard about these types of attacks, or who hear less hype about bitcoin as a result of these types of attacks, from choosing to participate in exchanges until confidence is restored.
Unfortunately it takes time and it takes people getting hurt. And people do get fooled multiple times when there is "get rich quick" hype. But eventually they stop getting fooled or run out of money.