$18 Million in Bitcoin Gold Stolen from Exchanges

How hard is it really to not keep your coins in an Exchange? The purpose of an Exchange is to change your money into Coins and then get them out. Not to store them long term. A whole lot of people found that out when a Miner acquired control of the system by attaining more than 50% of the hashing power of Bitcoin Gold. This allows them to change the ledger and erase the fact that deposits were even made, therefore allowing them to deposit again.

On 18 May, a blog post came out on Bitcoin Gold stating the following:

An unknown party with access to very large amounts of hashpower is trying to use “51% attacks” to perform “double spend” attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits.
But no fear a possible solution has been decided. It is recommended that the exchanges increase the required confirmations to over 50. That more than doubles the current requirement. It already takes quite a bit to complete a transaction. Do you think that Bitcoin Gold is destined to be worth anything in any Commerce or even E-commerce if one has to wait so long for a transaction? DO you want to stand in line behind that guy while he pays using Bitcoin Gold?

Bitcoin was the godfather of Crypto but its days are over. The real determined value of a Bitcoin is a little over $1000. Right now it is highly inflated. Transactions take way too long. Most of the children take too long also. Bitcoin has a long history of being hacked and stolen. Why? Why do people continue to hype this dinosaur tech and why do they continue to buy? Its all about use case scenarios.

None the less, the only true security for your coins is a cold wallet. Exchanges can not use cold wallets because of transaction volumes and speed. As long as your wallets are connected to the internet, you are at risk. If you are not sure what you are doing, asking us is free :)

Bitcoin Gold # Hack # Exchanges #
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