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50 million NXT stolen from Bter

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• cyrusfx

  

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  Location: Honolulu, HI

  So the latest is bter decided to pay a ransom of several BTC (I forget the exact number), but it wasn't cheap. I think its a good thing they didn't do the rollback; that would only help foster a "too big to fail" mentality for bter.

  Posted on August 16, 2014 at 12:29 AM
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• npongratz

  

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  @cryrusfx: "I think its a good thing they didn't do the rollback; that would only help foster a "too big to fail" mentality for bter."

  I'm also glad the NXT stakeholders didn't roll back the blockchain; I'm open to other views on this, but at first glance, rollbacks seem to me like a way to break integrity, and provide an easy "out" for centralized entities in the future to have lax security.

  What does everyone think about how Bter handled the hostage situation? I might have missed something (and please correct me if I'm wrong), but it seems to me like they gave the perp 100 BTC before they had any leverage. Maybe they had no chance of having any leverage, or maybe they had more extensive plans for nailing the thief, but seems to me that they were just trusting the thief's word.

  To put my personal biases out there: I own a few NXT tokens I received from a faucet. Before this I was looking at moving into a position in NXT. Now, I'm holding off. I'm still quite bullish on the currency/asset, but I don't trust the centralized altcoin exchanges, am now planning to wait for Multigateway to get into production.

  Posted on August 16, 2014 at 1:30 PM
  Last Edited: August 16, 2014 at 1:30 PM
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• mdw

  

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  If they had rolled back to before the incident I would sell out my small stake.

  Their tech seems good, but if the crypto can be governed so arbitrarily by a central group then the advantage as a decentralized asset has been lost. Don't let the core dev team become the central bankers if you want to keep me on board.

  Posted on August 16, 2014 at 1:38 PM
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• bitsol

  

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  SAD

  Posted on August 16, 2014 at 4:18 PM
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• dpc

  

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  The fact that "they" could roll back and fork nxt is the problem. Just because "they" decided not to fork in order to keep up appearances should not be a point of comfort for anyone. This is a real problem. Your currency is not decentralized just because "they" are acting in your interests. This goes for most other cryptos where a few people can make decisions like this.

  Nothing against nxt, I hold some myself. But we should not stop being critical just because we are invested in something. Quite the opposite.

  Posted on August 16, 2014 at 10:55 PM
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• xuminjf

  

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  and the story is really funny,biter is still talking with the hacker

  Posted on August 17, 2014 at 2:17 AM
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• nicojuritz

  

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  @adam We talked about this on todays recording session, and i'm editing it now for tomorrows show.

  I am trading NXT at BTER i can't wait for the session tomorrow.

  Posted on August 20, 2014 at 8:49 AM
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• montello

  

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  Nxt has small value,why would anyone steal it.

  Posted on August 20, 2014 at 9:50 AM
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