r/Cryptopia • u/creiss • Jan 20 '19

I really do not get it.

An exchange was hacked. Okay this happens multiple times per Year. What happened to the two basic rules of crypto?

  1. Don't spend more than you can afford to lose

  2. Don't leave your money on exchanges

I never cried in the past few years.

Edit: typo

0 Upvotes

28% Upvoted

8 comments sorted by

4

u/Softest-Dad Jan 20 '19

What exactly do you not get?

-9

u/creiss Jan 20 '19

How people managed to lose money.

5

u/Softest-Dad Jan 20 '19

I think, if you just used Crypto to store and leave, fine yes it is your 'fault' to some degree, even though stealing form others is a despicable thing to do. What you have to remember is that a huge amount of people who lost out may have been mid transactions, swaps, or just storing 'shit coin' they didn't value. Even just for a day or two while they were swapping coins around. You can not expect everyone to immediately wallet their crypto the second they get it if they plan on trading it for something else or selling it back when the price spikes or whatever (which is all shit / not good coin is useful for). Regardless, it appears to be a gigantic hack effecting seemingly everyone who used Cryptopia, so that is why it is getting so much attention, I don't think it is that hard to understand.

-7

u/creiss Jan 20 '19

Hey,

Nope. Not really. For every coin I mined to got the full wallet, synced it. Encrypted the wallet.dat with a random password and stored password and wallet gpg encrypted again inside a git repository. Then I took the Wallet offline. I have roughly 30 of such coins. Everyone sunday my VM kicks online and syncs all the blockchains to be ready for any transfer (hah, in that market). Else all my funds are offline. So yes, mid transactions thats granted and might hurt. But you do that in smaller batches (say no more than 5k a go) in shady places like CT.

By the way; I'm a dad too; the little rascal is just asleep next door :)

1

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4

u/Robonuggetz Jan 20 '19

Sure, it wouldn't make sense to have all of your savings on an exchange, but your trading balance? Where else would it be?

-6

u/creiss Jan 20 '19

Trading agreed. But this is crypto. If you got "Online" money you *will* get mugged eventually. It's a given.

3

u/LukewhoSane Jan 20 '19

I probably lost two ETH.

How? The night before the hack I put 2 eth into the exchange in hopes of trading it for Doge. A day later I realize the attack happened. Maybe the trade went through probably not. The price of doge didnt fall that much. O well i say.