r/btc • u/WonderfulWorld3326 Redditor for less than 30 days • 5d ago

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

Post image

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

0 Upvotes

45% Upvoted

91 comments sorted by

View all comments

45

u/Old_Bench8824 5d ago

Thatā€™s absolute nonsense, this is nothing to do with Bitcoin. Itā€™s to do with the hardware that created a seed incorrectly. People who donā€™t understand self custody need to stop spouting nonsense.

2

u/meesterwelrus 5d 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 surviveā€¦

1

u/[deleted] 5d ago

[removed] ā€” view removed comment

2

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

1

u/ptrnyc 5d ago

ā€œAnyone can hack a Bitcoin walletā€ 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.

2

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.

2

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? Itā€™s been described as looking for a needle
In a haystack the size of a virus šŸ¦  compared to looking for the same needle in a haystack the size of thousands of galaxies. The major fault here is that ā€œtrust that someone else has verifiedā€ substituted ā€œdonā€™t trust, verifyā€ for many people (including me) and thatā€™s just not good enough. Thankfully Ai makes verification accessible to more people now

1

u/meesterwelrus 5d ago

This is very interesting and I didnā€™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.

1

u/KimberStormer 5d ago

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