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Another lesson on “avoiding key man dependency “: thanks for sharing @meno

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I thought it was fishy when I first heard the story. This type of exchange shouldn't be allowed as one person controlling everything is just way too risky. Keep forgetting about the halving next year.

I really pity for those who lost their funds in that exchange. Had it been they have seen the future earlier

@meno, Every situation and incident brings a lesson and we should pursue the lesson so that we can stay away from the mistakes which can prove as an big loss in future. Stay blessed.

If one wants to trade one should only keep a small % of his portfolio on the exchange to trade! Not ur keys not ur coins, that's basic crypto knowledge!! And only keep on the exchange what one is willing to lose!

It's the first time I'm hearing about the india story, it all sounds way to fishy...

Haha yeah i did hear about this.  Unbelievable.   If this is part of a conspiracy to steal coins that weak excuse can at least only be used once.  In addition, I'm sure there will be someone who keeps permanent tabs on those wallets to make sure they don't go anywhere.  Best thing about transparency. 


This is also the best thing about steem.  My experience here is that controlling your own keys is easier.  Having 4 levels with the master never seeing the light of day is very nice.  Account names as public keys is icing on the cake

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I think that many will closely be following those addresses for sure as the story is as unbelievable as it could be.  Having seen this repeat many times, it continues to surprise me to see so many customers leaving funds on exchanges!  A tough lesson to learn.

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This anti bitcoin bitch on reddiit r/bitcoin was a fuckin bitch so i tore him apart with my comment that i have to post HERE cuz reddit.com/r/bitcoin banned me for talking about steem, fucking (((them))) always shutting me down
https://www.reddit.com/r/Bitcoin/comments/ao7egw/cleansing_of_the_temple_jan_3_2009_colorized/efz69m2/


>What? Anyone who had money in quadrigaCX deserved to have it lost! For Months people had been WARNING people to hold their own coins! This was even the special month DESIGNATED to take coins off exchanges, Not your keys, not your coins, and LOOK AT what happens!  BITCOIN is still perfectly safe, its only those who didnt hold their own coins who lost them...and everyone ELSE will end up receiving the value of those coins after the mnarket sees they are confirmed to have been burned, meaning that value MUST go into the OTHER coins, so soprry it only HELPS when you loose coins.  Of course temporarily it might scare some people but over time  it will balance out mathematically and the market will be stuck with a SMALLER amount of coins to trade, and thus the prices will go up... all those hundreds of thousands of bitcoins lost to Canadians means everyone else receives that value bro.. its like when you BURN coins???? DOnt be irationally selfish and act like this is Bitcoins fault.... this has nothing to do with bitcoin and everything to do with bad business practices... and dont tell me some shit about regulation which never would have stopped this from happening....the free market solves these problems, people now will think twice and we just wont ever see people holding that many bitcoins now without backups.... trust me this was the wakeup call the industry needed and never again will THIS happen... people will be responsible and there are PLENTY of ways to hide keys split up into multiple pieces and given to people who dont even know they have it... Also there are people like Lawyers and others who are WAY too entrenched into the legal system to even think about stealing the Bitcoin keys... and yeah yeah I Know this is STILL a VERY unique problem and very catastrophic risk that can allow one person to steal ALL the money of a bank, which no one experiences in any other business, WHICH IS WHY projects like EOS and even other bitcoin forks will have these Long term TIME locks which make it IMPOSSIBLE to withdrawl the majority of the crypto, which can be staked on a blockchain, similar to how STEEM lets you LOCK your money in in Steempower so you will need 13 week Power down period 1 week at a time receiving 1/13th of your money in sgements, so yeah, gfreat way to make sur rethat even if someone steals ur keys u can still do a password change and befor ete first pwoer down get yoru password changed by yoru backup account.

So on DPOS systems and future bitcoin Improvemnet Proticals for BTC, Lighteningnetwork and other forks, we can se waysto LOCK the bitcoin but ALSO give other users backup privalwges so if theres NO activity for 6 monrths or 1 or 2 years someoen else can reset teh account... if you8 want...

This is GREAT for Bitcoin! it burns the coins and no one gets them! It teaches people not to let someone ELSE hold their money! Banks would have experienced the SAME fucking problem on a MUCH bigger scale during the 2008 financial crisis and your ignorance on this proves to me youre just too young to even understand what actually happened, and how if there was no bailout the banks would have collapsed in a way that would have made people WISH they had some digital money algorythm since the 90s or even 80s and honestly IBM and DARPA/Military INQTEL etc had been discussing a decentralized cryptographicaly protected money system, with people in the past trading keys which early computers would have been able to actually check on early 80s level dial up internet, which would have had servers solely for the purpose of checking a public key to see if there was money in it, and then someone would spend their private key and transfer the money to their wallet, and exchanges would exist in real life with pen and paper, and a money algorythm should have existed a long time ago.... anyway......I just love the idea of pre bitcoin blockchain like the one with the New York Times news papers...