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[Tech Crunch] A major vulnerability has frozen hundreds of millions of dollars of Ethereum

post #1 of 53
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Today is not a good news day for Ethereum. A vulnerability found within a popular wallet has frozen potentially hundreds of millions of dollars of the crypto currency in a second setback in recent months.

Parity Technologies, the company behind widely used wallet service Parity, today disclosed an issue that could enable the contents of a wallet to be wiped.

The issue affects multi-sig wallets — a technology that uses the consent of multiple parties for additional security on transactions — that were deployed after July 20. In other words, ICOs that were held since then may be impacted.

Glad I got out when I did...
post #2 of 53
And this is why people will never accept Cryptocurrency. Fiat or not, people will always know, "cash is king". A click of a button, and your wallet is gone... now that is scary, especially if you use these services to hold your wallet.
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post #3 of 53
Quote:
Originally Posted by bucdan View Post

And this is why people will never accept Cryptocurrency. Fiat or not, people will always know, "cash is king". A click of a button, and your wallet is gone... now that is scary, especially if you use these services to hold your wallet.

Tell that to the people whose lives were saved in Venezuela because they had a few BTC's stashed when the country's currency became moot.
     
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post #4 of 53
Quote:
Originally Posted by bucdan View Post

And this is why people will never accept Cryptocurrency. Fiat or not, people will always know, "cash is king". A click of a button, and your wallet is gone... now that is scary, especially if you use these services to hold your wallet.

 

Gold is king. Cash can fall any any time.

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post #5 of 53
Quote:
Originally Posted by nvidiaftw12 View Post

Gold is king. Cash can fall any any time.
Especially when you realize that the only reason cash is worth anything is because we all agree it is. If the US dollar loses it's place as the global currency (which can happen) then all that safe, secure cash in your bank = 0.
     
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post #6 of 53
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Originally Posted by venom55520 View Post

Especially when you realize that the only reason cash is worth anything is because we all agree it is. If the US dollar loses it's place as the global currency (which can happen) then all that safe, secure cash in your bank = 0.

This is precisely the thing crypto claims it can do better...then this occurred.
post #7 of 53
This is why I keep a stash of iPhone bars in the safe. Can trade them for jewelry, turtlenecks and social status if the dire need arises.
post #8 of 53
Quote:
Originally Posted by bucdan View Post

And this is why people will never accept Cryptocurrency. Fiat or not, people will always know, "cash is king". A click of a button, and your wallet is gone... now that is scary, especially if you use these services to hold your wallet.

Maybe you should learn how to use it then. Cryptocurrency isn't about savings but operating with it.

Bitcoin has been around for almost a decade. It's time you learn a bit about them.
post #9 of 53
Quote:
Originally Posted by lombardsoup View Post

This is precisely the thing crypto claims it can do better...then this occurred.

Crypto is still far from being able to replace cash, much needs to be solved yet, but it will happen in our lifetime. We just have to overcome such things and look forward.
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post #10 of 53
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Quote:
Originally Posted by Mirotvorez113 View Post

Crypto is still far from being able to replace cash, much needs to be solved yet, but it will happen in our lifetime. We just have to overcome such things and look forward.

When considering the other smart contracts could have a similar vulnerability?
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