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| Show HN: Bitcoinica - Advanced Bitcoin Trading Platform (bitcoinica.com) | ||
| recommended by 2 users | 2011 | 129 points by zhoutong | crypto | original thread | | ||
| 2 users recommended this thread. What they said: |
| aparadja Aug 16, 2012 | on: Bitcoinica sued for $460,000 by 'out-of-pocket' punters | context |
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apsec112 May 26, 2012 | on: Bitcoinica lost customer database, has no up to date record… | context
From HN thread announcing Bitcoinica's launch, some months ago (http://news.ycombinator.com/item?id=2973301): "I'm going to pitch a different take than a few others: Yes, great initiative, please keep trying things and building things, but end this project now. There are no probable outcomes where you do not end up having to explain where thousands of dollars of other people's money went to some angry people. There's also very nontrivial odds of being on the wrong end of armed Federal agents, based on some of the other comments you've made here. This is a horrible, horrible first-project sort of project." "Doing your best probably isn't enough. To have any hope you'll have to hire expensive security people and buy lots of insurance. All you need in order to be exploited is to be using software with 0day exploits. Many known exploits are not public. In a very real sense, you are only protected to the extent that you are a small target. As the potential payoff of a hacker approaches $1 million, the likelihood of being hacked approaches 90%. Software really is THAT insecure and bitcoin thefts are not prosecuted making it basically risk-free to steal bitcoins." "-- spectacular failure is your destiny if you don't work very hard to prevent it -- spectacular failure may be your destiny even if you do work very hard to prevent it" |
Reading the original "Show HN" thread about Bitcoinica is still haunting. So many predictions that came true. http://news.ycombinator.com/item?id=2973301