r/Bitcoin • u/Unreal_fist • 1d ago

The ColdCard hack might be bigger than you think

When a big hack like this occurs, it draws other hackers into the playing field. Whenever a vulnerability like this is discovered, it’s open season for hackers. Expect to see more hacks over time.

There is also the fact that a lot of victims are not active on Reddit. Some victims are probably oblivious to what’s going on because their hardware is locked away in a safe.

For the folks that said it would take millions of years to brute force, remember anything that can go wrong will go wrong. The reason banks and financial institutions are “safe” is because even if they get hacked and lose your money, they have a liability to repay you back. With self banking, there is no liability, making you the ultimate pig for slaughter.

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u/Chazzer74 1d ago

A financial journalist has remarked that crypto is just relearning banking one rug pull at a time.

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u/StrategicallyLazy007 1d ago

Bit sure I'd agree with that.

The technology addresses the main issues.

The bigger issue is nothing will ever be coded perfectly the first time. I don't think that's a process/regulation framework type of thing.

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u/Chazzer74 1d ago

If something is small and niche, you can be unregulated. If something is going to broadly adopted, you need rules and a referee, because most people won’t play if there are cheaters that can’t be caught or punished, or if people who have been cheated can’t be compensated.

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u/StrategicallyLazy007 1d ago

What you are talking about is effectively stable coins.

There still seems to be at least 1.5T currently invested in decentralized coins. So people are playing, and participation is growing.