Luckily for cryptocurrency exchanges, recent decreases in market prices for tokens mean that …http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/ doesn't need an update due to:https://www.wsj.com/articles/cryptocurrency-exchange-hacked-again-about-60-million-swiped-1537425682 …
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The Bitcoin community's sole compensating control, the hot wallet / cold wallet distinction, is clownshoes. If it actually worked …http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/ would not need to be a domain name. It's easy to eff up and the SUCCESSFUL case is that you lose only 5~20% of all AUM.
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The exchanges are clownshoes. Probably one in the world has the security team required to secure a Bitcoin exchange. I had previously estimated that at $10 million a year but that actually might not get you there, particularly since market pressure is expanding attack surface.
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Regulators are clownshoes. In what functioning regulated market is it OK for retail to lose hundreds of millions of dollars to operational error multiple times per year?!
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"People knew about the risk." See that's the thing about regulated markets: you're allowed to sell *products* which are risky but the *system* risk should be close to zero. Do you know when the last time a bank or brokerage has lost $50 million in customer money was?
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End of conversation
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That's the advantage of most of the alternative cryptocoins. They're already not worth anything, so you don't have to feel bad about not getting your "investment" back when the exchange is mysteriously haxxored by unknown people who were probably wearing black hoodies.
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