I have recordings proving Coinbase knew about breach months before disclosure

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.

This doesn’t surprise me at all.

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

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.

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

It is not beyond imagination that the most popular Bitcoin blockchain (and thus, the label of being the "real" Bitcoin) could change at some point in the future.

"Bitcoin" is not immune from the implications of political fuckery.

By what mechanism? The whole point of bitcoin is that you can’t force a consensus change. This is enforced by the algorithm and the laws of thermodynamics.

If, for whatever reason, all the mining power switches to the other chain, it will become the de facto "Bitcoin".

I don't know what the specific mechanism would be, but I would bet that it relates to the billions of dollars backing the current ecosystem, and the interests of the people behind them. If the right event or crisis comes along, then people could be compelled to switch over to something else.

I'm sure there's someone out there still mining blocks on that chain with the exploit from 2010, but that's not where the mining power is. If the right series of events occurs, the miners will switch.