Cryptohacks: It Was About Time

[Marina Schwarz + 1,576]

Cryptocurrency Markets Are Juicy Targets for Hackers

I will immediately admit to my cryptocurrency ignorance but weren't cryptocurrencies tied somehow to blockchain, which is being praised for its security? 

 

[Rodent + 1,424]

Yeah, I don't get that either, Marina. It was my understanding of the blockchain that the blocks, which contain unique hash codes in each block, which refer to the previous block, would make it nearly impossible to hack. 

[TraderTate + 186]

The blockchain itself is a much bigger thing than just cryptocurrency. We're talking about two different things here. The blockchain is a secure and transparent ledger. It's the backbone of cryptocurrency, it's not cryptocurrency itself. Once the crypto coin is owned and stored, it's vulnerable to hacking. 

[Vlad Kovalenko + 115]

Although the cryptocurrency is the future cases like this don't provide much confidence in them. They need much more to safeguard the assets. 

[Adam Varga + 123]

Wait, this latest hack in Japan, doesn't it involve only NEM? Why would it affect BTC?  

[Selva + 252]

Because all alt coins are based on the prices of bitcoin, ethereum,... Only the main coins have a fiat pairing. Everything else is a price fluctuates with it's paired main coin. 

[Marina Schwarz + 1,576]

6 hours ago, Adam Varga said:

Wait, this latest hack in Japan, doesn't it involve only NEM? Why would it affect BTC?  

No one's saying it would. They're just warning that there will be more such attacks, not confined to one cryptocurrency. So, it's a matter of time, basically, the message goes.