Will you be shorting the mega-tulip-mania-bubble, max? Good luck with your short, please let us know what price you got your short btc at? Thanks!
no. It is still not the mother-of-all-mega- tulip mania. The waiting continues ...... and continues .....
h.....m when was the last time a major stock exchange got hacked and people lost the record of their Shares! ( true thet some regulated brokers in Futures space had fraud example MF global) but exchange itself getting hacked? any body remembers ?
"For all crypto users, this hack simply isn't a problem" How? if you are one of the person whose "Asset " at this exchange gets stolen? or if the entire exchange goes belly up like so many other?
"But it's the fact that there is really no need to hack a financial institution because you wouldn't get away with it" in other words by hacking "Crypto exchanges " one CAN get away LOL
This world's second biggest Crypto exchange seems to be regulated by this mob.. OMG woudl you trust you real hard earned money with such an "Exchange" https://www.bybit.com/en/promo/global/aboutus/ The National Bank of Georgia Astana Financial Services Authority, Kazakhstan
It is important to differentiate between breaches of a financial institution -- and exploits strictly involving the customer. The two are totally different in terms of regulatory requirements and reporting (at least in regards to mainstream financial institutions). Customers can get exploited and have someone steal their credentials to access their accounts via two primary avenues. Exploits which effectively target their home computer and allow a criminal to either take it over or obtain login information. Or via social engineering which typically tricking the user in some manner when contacting them ("Hello, this is your bank. We need your information"). Add to this the issue of SIM Swapping for cell phones so authentication codes can be intercepted. Many times all the methods are used in combination. However these exploits of an individual customer are not the financial institutions problem. These events are not reportable. The banks to not have to fix anything in their technology or governance to address the issue. Breaches of a financial institutions technology or failure in security governance are reportable -- whether they impact a single account or many. Normally you will see news articles anytime a breach occurs. These news reports about crypto exchanges being hacked are breaches -- they are reportable (in many countries with crypto regulations) and occurred on the financial company's side, not the customers. I will note that these breaches of crypto exchanges are widely discussed in security technology forums. The crypto industry is still in its infancy -- especially when it comes to their technology, governance and security. Many of the crypto exchange servers are not regularly updated with the latest software updates to prevents exploits and hacks. There are a host of significant security governance issues in the way they operate. Basically it seems the proper expression is "two men and a server" is useful in describing the current maturity of their technology and processes. As a side note -- crypto exchanges could do themselves a favor and place their technology on well-known cloud infrastructures such as Amazon which have very good security protection by default rather than setting up their own servers. However many are afraid that governments may shut down their operations in the cloud and/or force regulations on them via cloud providers. Improvements to crypto exchange security and governance will occur over time. After all -- will customers continue to trust crypto exchanges which regularly get hacked or will they be able to draw in more customers? However at this point it is still like the Wild West.
It's amazing that so many don't realize this is not by accident. Traditional banking is designed to be resistant to bad actors. It's a system that has been subjected to every imaginable attack for hundreds of years. There are defenses on top of defenses. In contrast, crypto was designed to end run around governments and enable criminal behavior. The whole design of the system is like a teenager arrogantly screaming "you can't tell me what to do" It's a dead end design with built-in major security issues. If it lose my debt card, they can't instantly and irrevocably drain every cent to an overseas account. There are common sense safeguards in place.