Originally posted on 09/08/2016:

Quote Originally Posted by brainfreeze View Post
Coinbase does that to everyone for verification... Was going to look more into bitcoin and ethers...but it's just not reliable .. This guy hacked coinbase twice lol https://www.reddit.com/r/Bitcoin/com...em_fix_major/?

and there's numerous reports of them being hacked...and it's already proven they can hack exchanges like nothing...and there's nothing anyone can do about it..it's unregulated, then you think the gov. can just ok, enough is enough, no one can own any crypto currencies we are shutting it down...and just like that, there will be nothing anyone can do...

etherum is having the same problems, being hacked and some want to " fork " and go a different road with the database..being regulated while that defeats the purpose of the intended reason for having it to begin with...

There will be a future in crypto but it won't be bitcoin...it will be something that the gov and bankers want to do business with...a " bitcoin 2.0 " so to speak .. I see bitcoin hitting zero in the next five years... Could happen tomorrow, could happen in 5 years ..only a few (that has tons of money already) will know the rest will be stuck out.. None of it's going " to da moon " ....

just my opinion ...
this is from the reddit link you posted. he didn't hack shit...

"This is Charlie Lee, Director of Engineering at Coinbase

I won't comment on the account ban for privacy or regulatory reasons. But I can say that the ban has nothing to do with this person's hackerone reporting. And unfortunately, we cannot be more lenient on him just because he has previously helped us. The 2 issues are independent. And plus, the team that works with banning has no access or knowledge of the hackerone cases. This separation protects our customers' privacy.
As for the hackerone reports, we've looked into it more. Here's the summary of the exploit:

  1. User has a vault with 2 BTC and a wallet with 0 BTC.
  2. User withdraws 2 BTC from his vault to his wallet.
  3. Withdrawal clears. (vault: 0 BTC, wallet: 2 BTC)
  4. User withdraws 2 BTC from wallet to an external address. (vault: 0 BTC, wallet: 0 BTC)
  5. Bug allowed user to cancel the previously cleared vault withdrawal. (vault: 2 BTC, wallet: -2 BTC)
  6. User can now withdraw 2 BTC from vault to a 2nd wallet. (vault: 0 BTC, wallet: -2 BTC, wallet-b: 2 BTC)

On the surface, it looks like an infinite btc withdrawal bug. In reality, we have protection in place to prevent us from losing money due to all bugs similar to this one. I actually coded this myself years ago when we started allowing multiple accounts per user. The protection is such that if user has ANY account that has a negative value, we will block ANY external sends. So from this point on with a negative wallet balance, he's not able to send any money off site from any other of his accounts. Hence he thought he had a "secret ban" put on his account. In reality, he triggered a protection we put in place to prevent us from losing money.
The other thing to note is that, at no point, was the user able to withdraw externally more coins than he actually owned. The sum of all his account balances is never negative for this exploit. He was able to withdraw his own coins. It's true that he now still had a positive balance in an account, but there was no way he could have withdrawn those coins externally. He had to first deposit coins to set his negative wallet balance positive first.
To be honest, awarding this exploit $5000 was more than fair, if you ask me.
P.S. Apparently, the best time to throw mud at Coinbase is on a Sunday when everyone is not working. :P"




for future reference, you might actually want to read the link you post instead of reading the headlines only. so some broke dick kid thought he found something and wanted to be rewarded tons of money. he's lucky to even get $5000 from coinbase.

c'mon man. bitcoin is the future. stop trying to mislead people into another of your skepticism.

bitcoin hitting zero in the next five years...