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Old 02-25-2014, 06:08 PM   #951
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Snape and Ron Weasley?
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Old 02-25-2014, 06:10 PM   #952
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Old 02-25-2014, 06:15 PM   #953
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That was a sarcastic comment and Krugman said as much in the same editorial.
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Old 02-25-2014, 06:26 PM   #954
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You're not missing anything.

It's an inherently stupid currency because it encourages hoarding over using. Bitcoin demonstrates why successful currencies need a constantly expanding supply/inflation.
Just like baseball cards!
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Old 02-26-2014, 02:58 AM   #955
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Mt. Gox reportedly subpoenaed by the feds, CEO confirms leaked proposal was legit
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The strange days of (former?) Bitcoin exchange Mt. Gox continue. In a conversation with an industry consultant posted by Fox Business, its CEO Mark Karpeles confirmed that a PDF leaked by The Two Bit Idiot is "more or less" legitimate. According to Karpeles, it was a "bunch of proposals to deal with the issue at hand, not things that are actually planned and/or done." The Wall Street Journal reports its sources confirm that federal prosecutors sent a subpoena to Mt. Gox earlier this month, requiring it to preserve documents. Since the exchange turned out the lights last night, the price of Bitcoin has actually risen again, and is currently showing a buy price of $581 on Coinbase. While the digital currency itself seems to be moving on, what's next for Mt. Gox is unclear. Karpeles sent an email to Reuters indicating an official statement will come "soonish," -- not too soon, we expect, for those waiting to find out what's happened to their funds.

SOURCE: Fox Business, Coindesk, Wall Street Journal, Reuters
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Old 02-26-2014, 04:06 PM   #956
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i mean its like an online exchange of magic! abracadabra poof its gone.

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Little known fact, Mt. Gox stands for "Magic: The Gathering, Online Exchange"

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Old 02-28-2014, 12:31 PM   #957
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So did you bitcoiners lose your millions now that Mt. Gox filed for bankruptcy?
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Old 02-28-2014, 12:49 PM   #958
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Nope, I was always in a different exchange (btc-e).
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Old 02-28-2014, 01:10 PM   #959
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The 6 Biggest Bitcoin Heists in History

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6. Pony Botnet: $220,000The most recent Bitcoin heist also happens to be the least severe, at least in terms of heists over the $100,000 mark. This week, researchers at the security firm Trustwave uncovered a massive attack involving the Pony botnet, a particularly nasty piece of malware that has been used to steal two million login credentials for websites like Facebook and Twitter.
This time around, the botnet infected over 700,000 accounts of varying types between September 2013 and January 2014, including the login information for 100,000 email accounts. It also compromised 85 Bitcoin wallets. That doesn't sound like much, but it actually amounted in $220,000 worth of cryptocurrency going missing. And there's no reason to believe the Pony botnet won't strike again.

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5. Mt. Gox: $500,000Mt. Gox was the OG Bitcoin heist. Back in 2011, pretty much anybody who knew about Bitcoin was either a big nerd or a tech blogger (read: even bigger nerd). While the specific details of how the hacker broke in to Mt. Gox—one of the biggests exchanges around, even that early on—remain vague, the heist was a major event in early Bitcoin history. It raised lots of questions about Bitcoin's stability and security. Go figure.
The story goes that an unknown user account managed to hack into Mt. Gox and make off with about 25,000 Bitcoin. At the time, that was half a million dollars worth of the stuff. A lot, but that amount of 'coin would be worth $14.4 million with current exchange rates.
After the plunder, the hacker sold the bitcoin and bought them back in a pitiful attempt at money laundering before then exchanging them for U.S. dollars. Still, he never got caught, though Mt. Gox users did manage to trace his account to an IP address in Hong Kong, where he is probably now living pretty large.

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4. Silk Road 2: $2.7 millionNumber four is a funny one. Not long after the Feds shut down the deep web's most famous black market, Silk Road, some buccaneer fired up a site that looked and worked exactly like the original Silk Road. And since everybody knew how much money was involved in the original Silk Road, a hacker soon set his sights on breaking in and cleaning out Silk Road the Sequel. He pulled it off.
You might say these users had this coming. After all, Silk Road 2 was a very obviously illegal site that sold things like meth and heroin, and the cavalier founder—who actually named himself after the Silk Road founder that ended up in jail—didn't exactly inspire much confidence. He ultimately blamed the breach on a "transaction malleability" bug in the Bitcoin architecture that shut down several exchanges around the same time. The founder later promised to refund everybody's money.

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3. Sheep Marketplace: $56.4 MillionLike Silk Road 2, Sheep Marketplace opened up in October 2013 after the original black market shut down, and like Silk Road 2, it was an obvious target for hackers. The site became kind of popular and even earned its own subreddit. But that just made it an even juicer target.
In December, some cyberthieves broke into Sheep Marketplace and managed to steal 96,000 Bitcoins worth about $56.4 million while simultaneously manipulating the users account balances so that it looked like nothing happened. People eventually noticed that their money was gone and started trying to track down the hackers; the sheer size of the heist made it easy to notice when so many Bitcoins were suddenly being laundered. Some Redditors actually think they found the thief, though it's unclear if anyone was brought to justice. And in Bitcoin heists, few people are.

--------------------------------------------------------------------------------

2. Silk Road: $127.4 million*Though while Bitcoin purists and pseudoanarchists would call this one a heist, some of us might just call it justice. As previously mentioned, the FBI shut down the Silk Road marketplace last October. In doing so, they seized 29,655 Bitcoins from the website itself and an additional 144,000 from Silk Road's founder, Ross Ulbricht. The Feds still has them which means that the FBI has $127.4 million worth of cryptocurrency. That means that the FBI now has the single largest Bitcoin wallet in the world.
But the U.S. government probably doesn't want to get into Bitcoin speculation does it? Probably not. That's why the FBI announced in January that it would be offloading the near 30,000 Bitcoins it seized from Silk Road. Meanwhile, Ulbricht filed claim for civil forfeiture action saying that he owned his 144,000 Bitcoin fair and square. Good luck winning that lawsuit, Ross.

--------------------------------------------------------------------------------

1. Mt. Gox (Again): $436 millionAnd now we're into the big sums. Like, half a billion dollars big. According to a leaked "crisis strategy draft" document, a years-long hacking effort to get (back) into Mt. Gox culminated in the loss of 744,408 Bitcoins. The heist hasn't been completely confirmed, but real or not, it was enough to make Mt. Gox to shut down soon thereafter. Unsurprisingly, the value of Bitcoin promptly dropped to a three-month low.
What's the lesson here? Don't use Mt. Gox (should the opportunity ever pop up again). This is the same organization that had to shut down earlier this month due to a glitch that allowed users to withdraw the same Bitcoin multiple times. It's also the same site that got in trouble with U.S. authorities for operating without the proper money transmission permits. Feds ended up seizing $5 million in assets from Mt. Gox. If you haven't already sold all your Bitcoins, just take away this one piece of advice: Never trust Mt. Gox.

--------------------------------------------------------------------------------
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Old 02-28-2014, 01:22 PM   #960
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Daily Show bit on bitcoins from last night.

http://www.huffingtonpost.com/2014/0...n_4873512.html
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Old 03-01-2014, 09:52 PM   #961
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Old 03-04-2014, 05:13 PM   #962
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Anyone here uses Flexcoin?

http://www.engadget.com/2014/03/04/a...ge-shuts-down/

Quote:
It's been one big roller coaster ride for Bitcoin these past few weeks, with the Mt. Gox exchange shutting down and filing for bankruptcy following a large-scale hack, not to mention questions about the legality of the virtual currency. Just a week after Mt. Gox went dark, another exchange called Flexcoin is also shuttering, apparently due to hackers who robbed more than $600,000 in bitcoins. That amount pales in comparison to the $425 million stolen from Gox, but it points to ongoing security issues that fall outside of the Federal Reserve's regulation.

In the midst of this bad news, online retailer Overstock announced that it's processed more than $1 million in purchases made with bitcoins. One of the first major companies to embrace the currency, the site has accepted Bitcoin since early January, and it reports that more than 4,000 -- mostly new -- customers have chosen this form of payment. Overstock CEO Patrick Byrne told The Wall Street Journal he expects purchases made with bitcoins to top $10 million this year, but the Mt. Gox (and, now, Flexcoin) hacking will likely have some customers and would-be Bitcoin users second-guessing the currency's safety. Bitcoin is a saga if there ever was one, so expect more news in the coming weeks.
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Old 03-04-2014, 06:22 PM   #963
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Justin80, failing since Jun 2005

So, on another note, have people figured out that bitcoins are worthless and a dumb idea yet?
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Old 03-04-2014, 11:46 PM   #964
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I don't think bitcoins are a worthless and dumb idea...they're an awesome idea.

I think that internet security doesn't really exist in the same sense that most people believe that it does. For some people, those locks are just suggestions rather than barriers.

You place enough value behind this perceived sense of security and someone is going to work very hard to snatch it. Because it's worth it.

Or maybe the NSA is debasing the public opinion of bitcoin before it gains any more steam (vending machines, more online retailers accepting bitcoin, etc)?

I wonder if another exchange is going to fall?

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Old 03-05-2014, 06:11 AM   #965
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Real currencies have value because there is a large and stable organization (e.g. a government, a casino) that takes responsibility for its security and use. You only trust a currency as far as you trust the organization or government that backs it. If you have $1000 worth of casino chip you know you can always trade them in a that casino for the face value. If that casino goes bankrupt then the coins lose their value as well and are only worth what you can get for them as a novelty item on the open market. Bitcoins have no large and stable organization backing it. The built-in security has already been breached. Until some a large and stable organization or government takes "ownership" of the entire Bitcoin system it will remain a novelty.
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Old 03-05-2014, 09:44 AM   #966
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Originally Posted by Star*Child View Post
I don't think bitcoins are a worthless and dumb idea...they're an awesome idea.

I think that internet security doesn't really exist in the same sense that most people believe that it does. For some people, those locks are just suggestions rather than barriers.

You place enough value behind this perceived sense of security and someone is going to work very hard to snatch it. Because it's worth it.

Or maybe the NSA is debasing the public opinion of bitcoin before it gains any more steam (vending machines, more online retailers accepting bitcoin, etc)?

I wonder if another exchange is going to fall?

-*
Any exchange with enough funds to make it worth hacking will be hacked at some point. People saying it's silly to put money in Mt Gox....whatever exchange you're funds are in are not safer than Mt Gox, they just haven't been targeted by the right people yet. Maybe there's not enough money there to make it worthwhile.

And yes, virtual currencies are a dumb idea. If the lack of security around them so far hasn't convinced you, I don't know what will.
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Old 03-05-2014, 10:05 AM   #967
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People saying it's silly to put money in Mt Gox....whatever exchange you're funds are in are not safer than Mt Gox, they just haven't been targeted by the right people yet. Maybe there's not enough money there to make it worthwhile.
My 401k is managed by a company with $4 trillion in assets.

My bank account is from a company with $115 billion in assets.

You were saying?
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Old 03-05-2014, 10:17 AM   #968
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That's exactly what I'm saying, cwb...the currency itself is just fine. It's the security of the internet that's not really there. Stealing from a traditional bank leaves a wire transfer trail behind you could follow and figure out where it went. Then you have Pound-Me-In-The-Ass prison waiting as a reward.

With bitcoins, the security of the entire internet infrastructure isn't strong enough to hold back a determined hacker or team of hackers from breaking in and stealing bitcoins...which amount to a bunch of digital certs. Since it's not federally backed, that threat of FBI tracking you down for the rest of you life isn't quite as strong.

You combine the weak security, weak threat of penalty, high reward and relatively low risk...what do you think is going to happen?

You should separate out the currency from the infrastructure that surrounds it. It's not as if bitcoins have been compromised...the Internet sites that manage the transfer was compromised.

Is the answer more walls? I dunno, but I think that everyone should be concerned about the lack of security on the Internet rather than eagerly waiting for bitcoins to fall from existence.

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Old 03-05-2014, 10:20 AM   #969
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Originally Posted by FightingFalcon View Post
My 401k is managed by a company with $4 trillion in assets.

My bank account is from a company with $115 billion in assets.

You were saying?
Wow, did richde hack your account? This might be your dumbest post in PP history.
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Old 03-05-2014, 10:22 AM   #970
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Originally Posted by Star*Child View Post
That's exactly what I'm saying, cwb...the currency itself is just fine. It's the security of the internet that's not really there. Stealing from a traditional bank leaves a wire transfer trail behind you could follow and figure out where it went. Then you have Pound-Me-In-The-Ass prison waiting as a reward.

With bitcoins, the security of the entire internet infrastructure isn't strong enough to hold back a determined hacker or team of hackers from breaking in and stealing bitcoins...which amount to a bunch of digital certs. Since it's not federally backed, that threat of FBI tracking you down for the rest of you life isn't quite as strong.

You combine the weak security, weak threat of penalty, high reward and relatively low risk...what do you think is going to happen?

You should separate out the currency from the infrastructure that surrounds it. It's not as if bitcoins have been compromised...the Internet sites that manage the transfer was compromised.

Is the answer more walls? I dunno, but I think that everyone should be concerned about the lack of security on the Internet rather than eagerly waiting for bitcoins to fall from existence.

-*
How can you separate an intangible DIGITAL currency from the infrastructure that is required to operate it? Without the infrastructure, you have no currency.
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Old 03-05-2014, 10:23 AM   #971
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Wow, did richde hack your account? This might be your dumbest post in PP history.
No, arguing that hackers only focus on institutions with significant assets (rather than vulnerability) is the dumbest post in OT history.

P.S. We aren't in PP.

Quote:
Maybe there's not enough money there to make it worthwhile.
Yes, that's why hackers picked Mt. Gox over Black Rock
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Old 03-05-2014, 10:32 AM   #972
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No, arguing that hackers only focus on institutions with significant assets (rather than vulnerability) is the dumbest post in OT history.
Let me know if you can hack Bank of America for $450 mil and walk away without any single legal authority giving a rat's ass. I figured that was implied, but I'll slow things down just for you.


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Originally Posted by FightingFalcon View Post
Yes, that's why hackers picked Mt. Gox over Black Rock
What is black rock? At the time, Mt Gox was the top bitcoin exchange with the highest daily volume.

http://www.techradar.com/news/intern...-coins-1231004

2 more exchanges got hacked in the last 2 days. It's easy money for hackers, and no legal ramifications. ALL of the exchanges are vulnerable, because there's no authority that cares if they get ripped off.
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Old 03-05-2014, 10:47 AM   #973
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Originally Posted by cwb124 View Post
Let me know if you can hack Bank of America for $450 mil and walk away without any single legal authority giving a rat's ass. I figured that was implied, but I'll slow things down just for you.



What is black rock? At the time, Mt Gox was the top bitcoin exchange with the highest daily volume.

http://www.techradar.com/news/intern...-coins-1231004

2 more exchanges got hacked in the last 2 days. It's easy money for hackers, and no legal ramifications. ALL of the exchanges are vulnerable, because there's no authority that cares if they get ripped off.
Right, they targeted the bitcoin exchanges because of their vulnerability, not their assets.

When you said this

Quote:
whatever exchange you're funds are in are not safer than Mt Gox, they just haven't been targeted by the right people yet
I took it to mean that all financial institutions are just as unsafe as Mt Gox, but ours weren't targeted because there wasn't enough money in there. If you were referring to only bitcoin exchanges, then I misinterpreted what you meant and I apologize.
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Old 03-05-2014, 10:56 AM   #974
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Let me know if you can hack Bank of America for $450 mil and walk away without any single legal authority giving a rat's ass. I figured that was implied, but I'll slow things down just for you.
They did not steal a single dollar, they stole bitcoins, the US government doesn't give a rats ass about bitcoins. That is a significant security difference between robing a BC exchange an an actual bank.



Quote:
2 more exchanges got hacked in the last 2 days. It's easy money for hackers, and no legal ramifications. ALL of the exchanges are vulnerable, because there's no authority that cares if they get ripped off.
Ding! It is why bitcoins are or soon will be worthless.
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Old 03-05-2014, 11:04 AM   #975
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The point that I am making is that this same electronic infrastructure surrounds your regular dollars. The only thing keeping people from making off with your real dollars is the threat of the FBI on your ass for the rest of your life.

Electronic security doesn't exist in the sense that the majority of people think that it does.

-*
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