26 Sep '12, 9pm

Coinbase (YC S12), First Crowd Funded Bitcoin Company, Raises Over $600K

All the incidents to date except the first Bitcoinica heist were due to bad security practices one way or another. Even that one could be considered bad security practices by trusting that Linode was secure.That said, I expect we will see some really hardcore Bitcoin security incidents in the future that rival state sponsored hacking. Stealing Bitcoin requires no additional effort to profit. Since Bitcoin is money and easily made anonymous, stealing Bitcoin == profit. Therefore there exists an arbitrage opportunity between the cost of buying 0-day exploits and the Bitcoins that can be stolen by use of those exploits. I expect as Bitcoin goes up in value so will the cost of a certain class of exploit. What kind of software stack would you run if you were operating a Bitcoin bank that held a large amount of funds?

Full article: http://news.ycombinator.com/item?id=4578030

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