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    Thread: How safe is Cryptocurrency -Parity Bug freeze wallet

    1. #1
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      Thumbs down How safe is Cryptocurrency -Parity Bug freeze wallet

      CNBC reported a parity bug that froze $280 million worth of ethereum. It happened because someone decided to change the code as the result trigger the freeze on the wallet.

      This also exposes the vulnerability in the code. So do you think it is still safe to have these wallets? What is your threshold to keep in these cyber wallets?

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      Interesting but what it means for ethereum market? There are many projects that raise funds on ethereum. Will they suffer too? And what happened to price on this instrument? I see its frozen in my demo account since august

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      Quote Originally Posted by Dixie View Post
      CNBC reported a parity bug that froze $280 million worth of ethereum. It happened because someone decided to change the code as the result trigger the freeze on the wallet.

      This also exposes the vulnerability in the code. So do you think it is still safe to have these wallets? What is your threshold to keep in these cyber wallets?
      This is a scary news indeed! I have read it all over the forex forum on the net. Although it does not affect me, I feel sorry for the ones who lose their ethereum. Can it also happen to Bitcoin and other popular cryptocurrency out there?
      No Guts No Glory!


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      Quote Originally Posted by Warren Bafett View Post
      This is a scary news indeed! I have read it all over the forex forum on the net. Although it does not affect me, I feel sorry for the ones who lose their ethereum. Can it also happen to Bitcoin and other popular cryptocurrency out there?
      Even if there was a chance of it occurring in bitcoin and other popular cryptocurrencies, they will probably learn from this mistake and put in more fail-safes for such a situation.The ethereum incident was a great shock and it shows that we still need to be somewhat careful regarding cryptocurrencies.

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      Quote Originally Posted by time void View Post
      Even if there was a chance of it occurring in bitcoin and other popular cryptocurrencies, they will probably learn from this mistake and put in more fail-safes for such a situation.The ethereum incident was a great shock and it shows that we still need to be somewhat careful regarding cryptocurrencies.
      Well, it's a big money though, big lose. So all cryptocurrency lovers make sure your account is safe, do not make stupid silly mistakes, I have once read an article of how a bitcoin holder unable to open his bitcoin purse because he forgot his password...but after many months he finally able to unlock his purse by the help of a hacker who ask fees from him in bitcoin also as return for his help, but his stress is way too much. I don't want it to happen to me.
      No Guts No Glory!


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      normarster it does not seem to have any effect at all on the price of Ethereum. the price still went up. However. the latest report seems like the bug is fixed.

      Warren Bafett It is indeed something that I worry about. No matter how safe it claims to be. There is nothing to stop hackers from trying as it would be profitable or just to prove a point.

      time void The point is if the manage to succeed, the reward is great, therefore, many money would try.

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      With what i am seeing nowadays about the Bitcoin, i hope it will not cause many unsuspecting issues later. Because it has climbed above $10,000, meaning that it moved about $9800 in just a year, this is just unrealistic to me. I have never seen a dangerous thing like this before and i think that all trader will have to be careful with it. In both the safe issue for transaction and for online trading, i do not think it is safe.

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      I tend to avoid talking too much on the subject of cryptos because i do not like to take sides. If you look hard, you can see there are 2 camps right now.

      1. Cryptocurrency supporters
      People who are vocal and constantly show their support are people with interest. They have everything to gain from it and will most definitely suffer the most if it fails.

      2. Doubters
      Most who are against it or show doubt wont be affected if cryptocurrency gain or fail.


      Its the public then im concerned. They tend to be sucked in with all the hypes without even knowing the whole truth about it, thanks to all the promoters.

      I tend to ramble much right?

      Now regarding cryptocurrency safety, overall i think it's safe. Even if there is a bug or hacks going on, im sure the supporters will find ways to solve it.

      I wonder, what are they gonna do with all their cryptocurrency if one day electronic or electricity fails

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      I wonder, what are they gonna do with all their cryptocurrency if one day electronic or electricity fails

      Will the cryptocurrency experienced massive failure if there is no electricity?
      I heard that it requires really massive electricity, well, they can store electricity by solar panels through big batteries though, here in my place the cost of electricity is very expensive.
      So it wont be wise to do mining, maybe trading

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      Yes Nikita you right , for mining a bitcoin you really need a massive electricity and fast super computer with a heavy operating system which is very costly for a average earning person like us but we can earn through trading a cryptocurrency like Forex it moves really fast as comparing to the currency pairs

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