Bitcoin debacle: 850,000 bitcoins gone or half a billions dollars

Kramodlog · Mar 5, 2014

Janx said:
Why do you assume it's the banks that need to be kept in check in this case (not talking about all the other shenanigans they may be up to)?

It's cyber-criminals.

Mt. Gox fell because of hackers attacking it.

The only thing keeping your bank balance safe is the IT staff of your bank. Heck, even the goverment would be happy to have a security system that means they don't have to actually insure your money because nobody could steal it.

I'm simply saying, there are potentially useful components to this crypto-currency stuff that somebody (a government/bank) looking to stop printing paper might be interested in.

Otherwise, it is a matter of time before an attack occurs at a bank that involves changing balances in the records, instead of stealing paper or DoS. The mess might be just complicated enough that it will be less about stealing money, more about damaging money. And it will be hard to prove how much was in each account.

I supposed I could just ask the guy on my team who worked reasonably high up at one of those banks...

Damaging currency is already thanks to the markets. Soros and the bank of England comes to mind. No one seems to care about that.

Kramodlog · Mar 5, 2014

Some want to launch the Goxcoin. Bet on the possibility that people who lots bitcoins on mtgox will get them back somehow.

Flexcoin, another exchange site, closes because of 600,000$ bitcoin theft.

Amazingly, the price has risen by 100$ since yesterday.

ggroy · Mar 5, 2014

goldomark said:
Bet on the possibility that people who lots bitcoins on mtgox will get them back somehow.

Sounds similar to the people who invest in already defaulted debt securities. IIRC, they're better known as "vulture investors". :devil:

Kramodlog · Mar 5, 2014

ggroy said:
Sounds similar to the people who invest in already defaulted debt securities. IIRC, they're better known as "vulture investors".

Putting it all on black seems a better investment.

ggroy · Mar 5, 2014

goldomark said:
Putting it all on black seems a better investment.

Or buying put options on the bitcoin/USD (or bitcoin/EU) exchange rate. (Assuming somebody is willing to write such put options).

Kramodlog · Mar 5, 2014

Just wait.

Arduin's · Mar 14, 2014

Derren said:
Except that gold is real and also has industrial applications (including jewelry).
Bitcoins are a complete fantasy product.

Yep. And Krugman is an idiot. 99% of what he spews is nothing but econ practice that has been empirically proven to be tripe.

Kramodlog · Mar 14, 2014

Philipjones866 said:
This best explains that bitcoin’s third party services aren’t safe nowadays. The bitcoin hacking buzz pushes more bitcoiners to stash crypto coin in bitcoin casino like betcoin.tm. I never tried it, but my friend’s experiences seem that it looks promising. You can even double your bitcoins in a single spin. Or hit the jackpot when you get a value closer to 21 points in Blackjack. I guess bitcoin gambling is one great avenue to generate more bitcoins. Not merely for profit, but for entertainment as well.

Is this spam?

Kramodlog · Mar 14, 2014

Arduin's said:
Yep. And Krugman is an idiot. 99% of what he spews is nothing but econ practice that has been empirically proven to be tripe.

Interesting. How many economic Nobel prizes have you won?

Janx · Mar 14, 2014

goldomark said:
Is this spam?

It kind of feels that way. One of the better attempts. The post is actually about the topic. The link is buried in the middle.

I don't see how a BitCoin Casino web site is any safer than a BitCoin bank. They both have servers and IT guys and firewalls. The methods to secure either are the same from an IT perspective as the threats are virtually identical.

additional foolishness is that a casino is somehow a good place to keep your money. Las Vegas isn't called Lost Wages for nothing.

Any chance you have to win money implies a chance to lose money (usually at inverse odds).

If you put money in and win, that money came from somewhere, presumably the guy who lost. Which means, at some point, it'll be your turn in the barrel.

Bitcoin debacle: 850,000 bitcoins gone or half a billions dollars

Kramodlog

Naked and living in a barrel

Kramodlog

Naked and living in a barrel

ggroy

First Post

Kramodlog

Naked and living in a barrel

ggroy

First Post

Kramodlog

Naked and living in a barrel

Arduin's

First Post

Kramodlog

Naked and living in a barrel

Kramodlog

Naked and living in a barrel

Janx

Hero

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