Bitcoin exchange hacked via Rails exploit, funds stolen

That is an absolutely terrible lesson to draw from this episode.First and most importantly, Airbnb and Uber are not disrupting industries burdened primarily by consumer safety regulations; they are disrupting industries burdened primarily by barriers to entrance that are designed to direct economic rents to politically favored actors. Huge difference. There is no plausible 'consumer protection' story for preventing licensed livery cab drivers from picking up curb hails, whether on the iphone or otherwise. The law is there to protect the incomes of people who buy cab licences. There is no plausible 'consumer protection' story that would explain why building codes for permanent residence are not good enough for temporary residence as well. The law is there to protect hotel operators from vacation rental competition. So let's not compare Bitcoin with Uber and Airbnb, because ...

Full article: http://news.ycombinator.com/item?id=5043122

Tweets

@bitrific » 11 Jan '13, 6pm
Bitcoin exchange hacked via Rails exploit, funds stolen [link] HN
@RoozbehK » 11 Jan '13, 6pm
Bitcoin Exchange hacked. [link] Please update all of your RoR applications. 2.x, 3.x.
@alphadevx » 11 Jan '13, 5pm
Oh dear "Bitcoin exchange hacked via Rails exploit, funds stolen" [link] #security
@lawfully » 11 Jan '13, 4pm
RT @HNTweets: Bitcoin exchange hacked via Rails exploit, funds stolen: https://t.co/ZNBNWuAp Comments: [link]
@HNTweets » 11 Jan '13, 3pm
Bitcoin exchange hacked via Rails exploit, funds stolen: https://t.co/ZNBNWuAp Comments: [link]
@HackerNewsFP » 11 Jan '13, 3pm
Bitcoin exchange hacked via Rails exploit, funds stolen [link]
@HNComments » 11 Jan '13, 4pm
Bitcoin exchange hacked via Rails exploit, funds stolen [link]