About 50,000 Ether Has Been Lost

in cryptocurrency •  14 days ago

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With the price of Ether (ethereum) going back up to new highs as some money comes back out of bitcoin and into alt coins I decided to do some snooping around for news on Ethereum.

Last time I ran and update news on Ethereum we had hit the Byzantium hard fork and all went successful! No 2nd coin created and the update to the block chain was a huge success.
However did that change the price? Nope! Which was a total shock to me and others.

As of yesterday a wallet for Ethereum called Parity ended up accidentally locking out $150 Million dollars worth of Ethereum or about 50,000 Ethereum coins that simply can never be accessed again!

But when you look at the bigger picture it honestly does not seem like a lot. Currently there are 95.5 million ETH coins in circulating supply. (Minus the 50,000 now)

The only way known to try to recover these lots coins from a mistake Parity made is to hard fork. However I honestly believe that wont happen and other solutions will be looked into.

Also this is not the first time Parity has had issues, earlier this year another exploit was found which could have caused the loss of $30 million more ether to be lost however this was a white hat hacker. (Makes you think twice about using Parity or other sites like it)

This also brings up an important note to be VERY careful where you store your coins as any business, exchange or software wallet could go offline at any time or screw something up.

A hardware wallet, or software wallet on your own machine or hard drive might be the best bet and remember to have your keys!


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I would never trust any online wallet that holds private keys! That is just ticking timebomb.

MyEtherWallet doesn't hold any keys, it's just a viewer, so that one should be safe for most people, but then you also have to watch out for impostor sites.

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Yes, you are so right, I even think about investing in Ether, because it seems promising these days, but I hope they won't make any hard fork right now!

good post

yes, we need to be careful. trust no one. a hardware or software wallets are great as well as paper wallets

i really like paper wallets. nothing to entrust to anyone or anything.

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locking such a huge amount of money is a concern for crypto world.

The earlier Parity exploit you referred to was definitely NOT the work of a "white hat" hacker. There were, however, "white hat" hackers who intervened to prevent event greater amounts of ETH being stolen.

i store my ETH at https://www.myetherwallet.com/ , online by storing json file on my local machine with password encrypted. is it ok??