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Gedusa comments on General Bitcoin discussion thread (June 2011) - Less Wrong Discussion
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Would anyone care to comment on the recent Mt Gox hack n' crash?
Personally, I'm thinking that this very bad. The currency won't look as good the mainstream, and I'm anticipating panic sells as soon as the exchanges get up and running again. I'm agnostic as to whether Bitcoin will die or not though...
I have a comment. It's bad, like unbending paperclips.
I had set up a Mt Gox account so I could finally have access to the USD-based part of the financial system. I received an internet email telling me that my account was compromised. Before even seeing that internet email, "Google" made me switch to a more secure password because of "suspcious activity" on my internet email account. The Mt Gox email said to change and strengthen my passwords, so I did so on the internet websites that I have accounts for, including this one.
Fortunately, I didn't have any USD or bitcoins in Mt Gox because I have been saving them to trade to User:Kevin near par for completion of our deal.
In any case, I have devoted more cognition to protecting bitcoin resources, such as by encrypting my wallet.dat file with GPG. I'm also not giving away the private key needed to decrypt it.
Ingenious! Why didn't I think of that?
Probably you would have thought of it if you knew more about the workings of public key cryptography, so don't deem your current inference algorithm deficient; such an incident does not indicate that you were using suboptimal heuristics.
Yup. If anyone isn't encrypting their wallet.dat file, please do so right away.
But how do you use the Bitcoin client while your wallet.dat file is encrypted??? You won't be able to send bitcoins, or even see your balance!!!