←back to thread

I have recordings proving Coinbase knew about breach months before disclosure

(jonathanclark.com)
685 points jclarkcom | 1 comments | 16 Nov 25 20:18 UTC | HN request time: 0.001s | source
Show context
chaps ◴[16 Nov 25 20:59 UTC] No.45948347[source]▶
Once did some programming/networking work for a company that did the networking of a office sharing building that Coinbase was running out of. Early in my work there I noticed that the company had its admin passwords written on a whiteboard -- visible from the hallway because they had glass for walls. So I sent them an email to ask that they remove it (I billed them for it).

Their fix was to put a piece of paper over the passwords.

What a time.

replies(4): >>45948409 #>>45948413 #>>45950978 #>>45970370 #
650REDHAIR ◴[16 Nov 25 21:08 UTC] No.45948413[source]▶
This doesn’t surprise me at all.

Bitcoin, and really fintech as a whole, are beyond reckless.

replies(5): >>45948422 #>>45948453 #>>45948644 #>>45952637 #>>45953031 #
KetoManx64 ◴[16 Nov 25 21:16 UTC] No.45948453[source]▶
Bitcoin is a crypto-currency/blockchain. Coinbase is a corporation that allows users to buy/trade crypto-currencies.

With Bitcoin you do not get government bailouts like what happened with the beyond reckless banks in 2008.

replies(4): >>45948733 #>>45948881 #>>45948941 #>>45950620 #
dahinds ◴[16 Nov 25 22:09 UTC] No.45948881[source]▶
"With Bitcoin you do not get government bailouts" -- yeah maybe not yet? Is it beyond belief that a government with leadership deeply invested in crypto currencies might take action if something super disruptive happens?
replies(1): >>45948937 #
KetoManx64 ◴[16 Nov 25 22:15 UTC] No.45948937[source]▶
Possible. But Bitcoin is hard capped at 21 million coins. The government can peint more paper money to bail a company out if it makes stupid decisions, but they cannot print more Bitcoin. This will devalue the paper currency even more and also increase the value of Bitcoin. Bitcoin is called a hedge against inflation for a reason.
replies(4): >>45949012 #>>45949015 #>>45950718 #>>45951419 #
kibwen ◴[16 Nov 25 22:25 UTC] No.45949015[source]▶
> But Bitcoin is hard capped at 21 million coins

Bitcoin is not an immutable law of nature. If the coin minting cap is reached, all that needs to happen is for miners to start running a fork with a higher cap. Tada, more coins conjured out of the ether, just like all the previous ones. If you want enforced scarcity, you need to be tied to something physically scarce.

replies(3): >>45949357 #>>45949359 #>>45949382 #
KetoManx64 ◴[16 Nov 25 23:20 UTC] No.45949359{3}[source]▶
The miners can totally start mining a fork, in fact they can start doing so today, but it doesn't matter because nobody will use their fork and then they will have lost out on their hundreds of millions of dollars of investments into mining equipment.

The node operators play just as critical of a role in Bitcoin as the miners.

replies(3): >>45949378 #>>45950527 #>>45950653 #
mindcandy ◴[17 Nov 25 03:05 UTC] No.45950527{4}[source]▶
> in fact they can start doing so today

In fact they already have. There are 10s of thousands of forks of Bitcoin. Only a handful ever got significant attention. And, the original is still much larger than all of the forks combined.

replies(2): >>45951595 #>>45953040 #
1. ab5tract ◴[17 Nov 25 07:40 UTC] No.45951595{5}[source]▶
Right, but a counter point is the etherium fork. Only a handful of people stayed on the “classic” chain after that first DAO turned out to have a massive extraction bug in it.