Bitcoin site is hacked, with $1million of the virtual currency stolen

The whole bitcoin concept inherently leaves it vulnerable, at any given day.

The twins own the most and they have the most involved in its evolution.
And the most to lose, but the markup up to the last little while has been exponential.

Its own popularity will be its own downfall in the end.

Another digital pipe-dream will be up in smoke.

PhoenixOD
reply to post by ChuckNasty

 

BTC is worthless, let us keep it that way.

If anyone is willing to swap anything for bitcoin then it has value / worth. Its the very definition of worth.

On the other hand worth is not dependent on taxation.

Must keep it a fad - if you make a profit from buying/selling bit coins, it is taxed? If it is just a fad...govts won't have a legal leg to stand on. No tax forms when trading BTC right? You pay taxes in capital gains with stocks-n-stuff. Won't get that with BTC. You are supposed to claim it (Coin Profits)...but really, I won't.

This is pretty damn amusing to me, while I've never used "bitcoins" for anything. Ironically, I just found out about them for the first time last night while reading the Nov 11th issue of Time, which talks about the so-called "secret web"

I remember a few months ago when a bunch of people on here were talking about TOR and I was saying how TOR was actually just a government tool - (because all of the IP's are routed through servers running the client). The article itself states that over 60% of it is funded by them... but it gives the impression that they are having a really hard time tracking people down who use it - somehow I personally find that pretty hard to believe. Now, suprise, this bitcoin thing gets hacked? Lol.

Perhaps after the FBI brought in "dread pirate roberts" for questioning, they sat down and made a "little deal"? Seems pretty damn possible to me.

Wonder how long it will be before everyone's running IPv6,12,24,etc / creating their own, brand new protocols - I sure as hell don't know how to do it

Anyone else wondering how a 'not much older than 18 year old' managed to acquire $1.1 million in the first place? I realize there are some very rich, very young people out there, but they are hardly the norm.

rigel4

stormcell

rigel4
Bitcoin are only 0's & 1's and therefore have no real value..
they exist in the twilight world of computer code, stored in
magnetic non volatile drives or some other device.

Without electric power Bitcoin cease to exist, if anyone thinks this will ever replace
hard currency, then they are living in fantasy land..

For now Bitcoin is being used only for speculative profit and nothing more.

It will fade into history..

Only 6% of all financial transactions worldwide are performed using real-world metal and paper currency.
Everything else is digital bits like Bitcoin. The main difference is that the financial institions record all transactions and can rollback them in the exact same order that they were made.

Yes .. I am well aware of that . but Bitcoin is not backed up by anything else...like gold, or oil,or even the Green back... Bitcoin has nothing of value was my point. it is born and lives as computer generated Hash algorithm.

so at it's most basic ... simply 0's and 1's in digital format..

What is gold backed by? Nothing. Why? Because it is money. BTC is money. Money allows us to convert the products of our labor into something that is durable, easy to store and can be later exchanged for stuff we want. BTC additionally allows remote electronic payments with low fee's. It also allows trades that can avoid taxes, capital controls and other nasty stuff - which could result is great savings.

Money is valuable because it does a job, how well it does its job determines how much demand there is for it - BTC has a limited supply, so increasing demand will push up the price.

reply to post by Time2Think


TOR was designed for agents in foreign nations, even the CIA cant hack it - its the way its designed.

rigel4
Governments aren’t going to allow this to happen. Nor should they. While the libertarian streak in me makes me sympathetic to bitcoin’s objectives, the fact of the matter is that bitcoin, if it is allowed to continue and grow, will promote a massive global expansion of very bad stuff: from child pornography to hard drugs to terrorism to contract killings.

This guy is about as libertarian as Karl Marx. Oh noes - don't give people liberty - they will abuse it!! The people can't be trusted - we need the govt spying on them, invading their property, their lives and their minds.

If people break laws (real laws, not the crap they make up in govt) then law enforcement will have to find them through the usual ways, instead of spying on the personal details of everyone. Taking drugs, or selling them - or weapons for that matter are none of the govts business. People have a right to be armed, and I mean with anything, at all times - and people own their bodies, so whatever junk they want to put into themselves - it is their own business. Likewise, if people use the weapons to initiate force, to steal or threaten - then that is a matter for law enforcement. If people go crazy and do bad stuff on drugs, that is a matter for law enforcement, and they should be held 100% accountable - because they chose to use the drugs in the first place.

All taxation is theft, with the threat of violence or imprisonment - the govt takes from those who produce, and delivers it to those who do not. In the case of the bank bailouts, they steal from the workers and give to the criminal bankers. Stop paying tax, or continue to be a slave - thats your choices.

BTC is very resistant to being controlled by govt - they have been trying to shutdown Piratebay for yrs - but its still there.

Fiat money is counterfeit - it is theft, and BTC offers a truly remarkable solution to govt tyranny. A solution that will be very hard for the govt and bankers to stop.

Never forget who our enemies are, they are handsome sociopaths with good teeth. They smile, and lie - they subject you to theft, to invasion of your person and property, they may imprison you with no trial or recourse, they destroy nations, killing millions of innocents in wars based on lies to secure their fortunes - they are pure evil.

BTC is a weapon, it is the gun they have used against us for centuries - and we can use it to defend our liberty.

The writer of your crap propaganda piece claims to be a libertarian? Either he has no idea what liberty is, or he is simply a lying sack of crap - I think the latter.

I see a lot of the conversation geared towards the inflation of bit coin and how this may have been an inside job. I'm just curious what makes this any different from the Fed has done?

The only people who put down Bitcoins are the people who missed out on the opportunity.
They're the people who listened to the naysayers and didn't take the risk of a couple of pounds.
I didn't, I thought it was quirky and revolutionary. I now have a new house + car because I spend a few quid to mine them.
It took a few years (4 infact) but in the end it paid off more than a pension and my 9-5 job.

reply to post by PhoenixOD


Maybe they are taking a hint from the banking industry!
If big banks get away with robbing then why can't the
rest of the currency clowns?

Million-dollar robbery rocks Bitcoin exchange

Latest BTC security breach affects major European exchange, which shuts down personal wallet service

It doesn't matter who's behind this string of negative press regarding bitcoin... the currency is toast.

Either crypto-currencies go dark for a bit in the public's eye, else a superior one which takes care of BC's vulnerabilities, and takes the lead.

Be on the look out for the latter. You'll bank.