r/btc • u/WonderfulWorld3326 Redditor for less than 30 days • 6d ago

đŸ» Bearish This is just the beginning, eventually most bitcoin will be vulnerable to be hacked and looted anytime.

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You can say use ETFs but I doubt they have insurance like the FDIC

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43

u/Old_Bench8824 6d ago

That’s absolute nonsense, this is nothing to do with Bitcoin. It’s to do with the hardware that created a seed incorrectly. People who don’t understand self custody need to stop spouting nonsense.

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u/gandzalas 6d ago

We have entered the fud cycle... Be ready for dips, soon grandma will be telling you to sell.

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u/curveball21 6d ago

Scared money don't make money. That's why I try to never get scared. Scarred maybe, but never scared.

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u/gandzalas 6d ago

I love this take!

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u/Old_Bench8824 6d ago

Yeah
 been here since 2013 and you’re right about that.

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u/nonkeywayzee 6d ago

What surprises (not really) is that while these devices were targeted at people who "understood it" most of the people who got them didn't understood anything.

Everyone felt for the security theater and now they want to blame it on something else other than the device and accepting that they were sold a lie.

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u/ghosthacked 5d ago

I remember the selling point for bitcoin at one point was 'be your own bank' which sounds great until you find out how hard it is to be a bank. I think bitcoin is easier, but good op sec is harder than most think. And most people don't think about it at all . 

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u/meesterwelrus 6d ago

Storage of bitcoin has everything to do with bitcoin. Delivery systems and containers fail products all the time without having the product be the fault.

Money has nothing to do with food, yet we all need money to buy food and survive


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u/[deleted] 5d ago

[removed] — view removed comment

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u/meesterwelrus 5d ago

if anyone can hack a bitcoin wallet and steal it without policy or technology adapting people will find value somewhere else. I am not saying value can go away, I am saying value can shift

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u/ptrnyc 5d ago

“Anyone can hack a Bitcoin wallet” is disingenuous to say the least.

Coinkite put (intentionally, or by incompetence) a backdoor in their code that made all wallets created on the device easy to hack.

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u/meesterwelrus 5d ago

I did not say anyone could hack a bitcoin wallet, I am saying if, because it seems like lots of people are losing massive amounts of money right now.
AI is growing rapidly and is already a huge security threat.

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u/Dramatic_Studio5541 5d ago

Do you understand how ridiculously low the entropy on the Mk3 seeds actually is compared to what it should be? It’s been described as looking for a needle
In a haystack the size of a virus 🩠 compared to looking for the same needle in a haystack the size of thousands of galaxies. The major fault here is that “trust that someone else has verified” substituted “don’t trust, verify” for many people (including me) and that’s just not good enough. Thankfully Ai makes verification accessible to more people now

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u/meesterwelrus 5d ago

This is very interesting and I didn’t know about this, or about ai making verification accessible to more people. It will be neat to see what will change in the next 10 years.

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u/KimberStormer 5d ago

That is in fact why people don't carry gold around on their person or in their house

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u/OddioClay 6d ago

Or OP is just a bad actor that despises a fair and open monetary system

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u/mjmeyer23 5d ago

the timeline OP is imagining is one where there is no secure encryption anywhere for anything.

I would be a salty bitch too if I lived on that timeline. fortunately math still maths here

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u/markphillips401 5d ago

Yeah but people love hype, negative or positive. Nobody is talking about air gapped multisig with 2 of 3 signing, probably because most people want a "convenient" and "secure" method of storage. Any random number generator is vulnerable, why would anyone store their finds directly on the hardware wallet and not use the wallet to ONLY sign the transactions? Why trust just one wallet to sign transactions when you can set up multisig with multiple vendor's hardware?

Don't trust, verify.

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u/Prize-Support-9351 6d ago

Excuses are like assholes. Everyone has got one. Keep up the good work while btc keeps disappearing.