Bloomberg TV Anchor's Bitcoin Stolen On Primetime TV

Tyler Durden's picture

Over the past two weeks, Bloomberg anchor Matt Miller has been on a crusade to popularize Bitcoin, which intuitively makes sense: having risen ten-fold in the past year, the mainstream financial media is now paying attention and furthermore, is providing its audience the desired information about the hot meme du jour. To be sure, it is quite possible that his interest is sincere instead of merely the latest pageview-generating gimmick used by a majority of the other Series X preferred stock round media outlets.

Which is why it was ironic (and humorous) that in his quest to demonstrate just how "accessible" Bitcoin is on live TV, the anchor was "robbed" in broad daylight by an enterprising Reddit hacker named "milkywaymasta" who screengrabbed the QR code shown by Miller and promptly confiscated the $20 equivalent.

Later, said user was kind enough to offer it back, noting that a "segment on Bitcoin security and the importance of NOT showing the private key and also BIP0038 (Password Encrypted Private keys) will be more than enough compensation."

The Blockchain confirmation of the Bitcoin wealth redistribution in question can be found here.

And the Public key of where the Bitcoin was sent:

In short: when pitching the utility of Bitcoin, do not show its QR code in HDTV.

Below is a clip of what not to do when presenting the functionality (and security) of Bitcoin:

And here is Miller explaining what happened afterward:

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fake_nation's picture

Old news. The kids are now trading Dogecoin while mom and dad chase the Dow...

http://www.fakenation.info/please/the-generational-comment-war

Dear Infinity's picture

Can you people please stop spreading that Dogecoin crap.

fonestar's picture

With a supreme social engineering name like Bloomberg, you know you can trust....

knukles's picture

Didn't say his mother's maiden name, social security number, list all his passwords, bank account, credit and debit card numbers, give out copies of all his house and car keys or even show us his tattoo.

Stingy little arrogant fucker, isn't he.
Plus, he didn't even offer to donate huge sums from his after tax pay to some Kenyan Relief Charitable Organization to feed the "It's for the chillen'" given all the money he makes expousing the administrations evil party line.

wee-weed up's picture

Yep, serves him right! What a hoot!!

Never One Roach's picture

People are desperate to find alternatives to the paper fiat stuff. However, the ancient maxim holds true: "If you don't hold it, you don't own it."

markmotive's picture

Bitcoin is a classic bubble.

Straight up nonsense 'asset' that can be deemed valueless by 1) lack of electricity, 2) government intervention, 3) inability to pay taxes using bitcoin, 4) algorithm going haywire.

http://www.planbeconomics.com/2013/12/bitcoin-is-classic-bubble.html

Skateboarder's picture

These people are fucking losers (in the video that is).

Almost Solvent's picture

Trust no one with a little red thingy sewen into a velvet blue suit jacket while wearing a purple/white stripe shirt with a small knot tie on a wide collar.

 

Also, don't show your private QR code on HDTV.

Deo vindice's picture

Prime time TV has robbed millions of far more than a bitcoin.

They have been robbbed of that priceless comodity - 'time'.

Pseudonymous's picture

It has happened: mainstream media now literally gives money away hoping to attract viewers and inflate ratings.

malikai's picture

You mean like, game shows?

GetZeeGold's picture

 

 

Still working the kinks out of this crap.

 

The problem with fancy money.....is ya gotta watch it like a hawk.

malikai's picture

Or accept and manage your risk properly.

Only an all-in strategy requires watching it like a hawk. And that's still usually a loser because it encourages you to become emotional and impulsive.

I let my machines watch it like a hawk. They're better at it than I am. They may not get it right all the time, but they get it right a whole lot more than I do.

GetZeeGold's picture

 

 

 

Can I be sure my transactions are not being monitored by the NSA?

 

I don't care if the CFTC sees it......just not the NSA.

The CIA already knows as does Eric Snowden....not sure if those two are related.

malikai's picture

No, as all of your 'transactions', including this one with me right now, are in fact recorded.

Not sure who promised you that. Or what made you even think it a possibility considering the present state of the world.

GetZeeGold's picture

 

 

I live in America....supposidly our Constitution says you can't do that.

 

Of course our President writes law on a daily basis.....and our Constitution really frowns about that.

Pseudonymous's picture

Apparently game shows are not as easy and direct enough anymore. They've done it in an almost provably honest and very low risk way.

Taking the bitcoins from a private key they present you with live on TV involves no risks other than potentially losing a minute of your life (not saying that that's a low enough risk to make people want to watch their channel though).

I think a protocol can be devised whereby the TV channel (or other traditional media) can prove to viewers in advance that a certain amount of bitcoins will be given away within a certain amount of time and that any viewer has a fair chance of winning it - gotta think about that one...

malikai's picture

Not only time.

They have been robbed of some other priceless commodities - common sense, intelligent self-thought, personal identity, community identity, and of course, ability to experience empathy.

Balvan's picture

I agree, proof it is a bubble there's no big infrastructure behing it, therefore no reason to be so expensive. Bitcoin could go to $0.01 and it would be equally convenient for trade, nothing would change in terms of BTC being a currency. What's backing three or four digits price except pure speculation and bubble?

malikai's picture

No infrastructure. Right.

Somebody better tell the developers, miners, and exchanges.

Balvan's picture

Are you saying development costs, mining, creating and maintaining exchanges are worth $10 billion? Are you serious?

Every day there are new cryptocurrencies, it takes one nerd and one afternoon to create a cryptocurrency, development cost lol.

tmosley's picture

I think you forgot the one fucking selling point of bitcoin--the fact that you are able to transfer purchasing power from anywhere in the world to anywhere in the world, circumventing currency controls like they aren't even there.

It takes a government an afternoon to print up a new fiat currency, but I bet you still pay for shit with dollars.

chemystical's picture

"I think you forgot the one fucking selling point of bitcoin"

Bollocks.  The poster did not forget a fecking thing.  EVERY other cc has the exact same offering, and for the reading-imparied: that was the poster's point.

The ONLY thing that Btc has to offer relative to the innumerable other cc's, is its current position as public opinion leader.  That then affords other values, but as those values ride on the singullar coattail of that opinion, they come to a screeching halt when it does.

Worsening that current position is that it doesn't cost the end users and intermediates a damn thing to drop Btc and pickup litecoin, yourcoin, mycoin, facecoin, iCoin, fuckyoucoin.  Oh, boy, there's some value to jump into headfirst!  No intellectual property (neither patent, trademark, nor copyright), no contracts; nothing but reliance on finding a "bigger idiot" (meant not pejoratively but as an investment expression).

Refute that and I'll jump on the believer bandwagon.  Failing that, just click on the down arrow as usual.

There's a reason that your bottle of Pepsi doesn't cost $50.  Coke, Sprite, generic, water, juice, ad infinitum have seen to that.  And the myriad of Btc imitators will do the same for you.  At least Coke and Sprite had significant barrier to entry to join in the fray.  Fuckyoucoin doesn't have a single fecking thing...except overcoming fleeting hype.  What you're touting is then hype. 

 

 

TheHound73's picture

3 factors that I watch and should give warning if Bitcoin were to lose it's lead position: Hashpower, merchant acceptance and market cap.

Hashpower protects the currency network from malicious attack.  The current mining power for bitcoin is equivalent to thousands of supercomputers distributed around the globe.  If miners start switching their equipment over to a different network in the hopes of acquiring a different currency I will jump up and try to figure out why.  Merchants only want to expend resources for the new currency that has the widest user base and most liquidity.  If businesses wish to use a CC they will use the currency with a market capitalization that can actually support their level of commerce and has the most liquidity.  These 3 things tend to reinforce each other and Bitcoin is about 50 times ahead of the nearest competitor in each category.

TheHound73's picture

Not a whole lot of trade can happen with a limited stack of 12 million "pennies".

One Bitcoin startup, Bitpay, has processed over $100m in bitcoin transactions this year.

chemystical's picture

Aye, so they have.   Let's have a read of their terms of service.

"If we reasonably suspect that your BitPay account has been used for an illegal purpose, you authorize us to share information about you, your BitPay account, and your account activity with law enforcement."

"In order to provide the Services, we may share information about you and your BitPay account with third parties, including but not limited to your bank and purchasers"

https://bitpay.com/terms

"Hurray, hurry, hurray, step right up and buy some anonymous currency to conduct anonymous tranactions".  Wasn't that part of the spiel?

It is less expensive than some alternatives but the touted anonymity in this instance is nil.  (Some proposed solutions to the imminent scalability problem apparently require the veil to be lifted as well).

If it costs more to conduct the transactions but kills the squid et al, then I'm in.  I'll even donate to the cause.  But which cc to jump into?  Btc, litecoin, Facecoin, iCoin, yourcoin, mycoin, myriadcoin....?   Ah, those pesky details.

 

 

TheHound73's picture

Following the shenanigans with China, all of the alt-coins's value has been shown to be tied to Bitcoin.  They each rise and fall with bitcoin at fairly stable ratios.  They have no choice.  Bitcoin is the 1000 pound gorilla in the room and if bitcoin traders believe they can arbitrage a temporarily out-of-whack ratio with an alt coin in the hopes of acquiring more bitcoin, they will without mercy.

tmosley's picture

For the thousandth time, replace "bitcoin" with "gold" and then ponder your hypocrisy.

malikai's picture

It's no use.

You can't fix stupid.

midtowng's picture

If you want an alternative to fiat currency there is always precious metals.

Bitcoin is a bad joke for libertarian techno geeks.

Grosvenor Pkwy's picture

Dogecoin is already at number 11 on the charts and moving up fast.

so crypto

rich very currency

wow much coin

FredFlintstone's picture

I am working with a team of programmers on the Paleocoin cryptocurrency. Barney and I are doing the chiseling of the public and private keys on limestone coins in the evenings when we get back from the stone quarry. The programmers are doing the rest. We should be ready for market in about 2 million years once the interweb is developed.

Stackers's picture

lol, yes dont post the password to bitcoin wallet on TV, or to your online bank account, credit card number and many others ..... as Bugs would say - what a maroon

J S Bach's picture

What a gulla-bull.   What a nin-cowpoop.  

Spigot's picture

What's really funny about this is that he inadvertantly or otherwise has demonstrated a lesson in security. Now that this is on the 'net it acts as an ongoing tutorial on security, which will give people more confidence in working this securely for their advantage...so even if this was a made for TeeVee "proff" that BTC is insecure, it really does just the opposite.

Jumbotron's picture

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!

Merry Christmas !!!!!!!    That was the BEST Christmas present ever !!!!   

Hey fonestar !!!!    How's that FREEDOM TECH coming.....or should I say.....WHERE'S that Freedom Tech ?????????

 

LOLOLOLOLOLOLOL !!!!!!!     HO HO HO !!!!!

Skateboarder's picture

This is a sad day for fonestar. But a happy day for me. I'll drink to that. Prost!

edit: thanks for the downvote, but I know fone's just riding the wave for fun. He's a homie dawg.

GetZeeGold's picture

 

 

.....word is he's secretly busting a move to corner the market on tulips.

Prisoners_dilemna's picture

Aww  last christmas we were giving away whole bitcoins here on ZH.  

That was the best Xmas present ever since it returned 9000%.

 

LOLOLOLOLOLOLO!!!

 

 

malikai's picture

Seriously.

Meanwhile, all the fools are busy congradulating themselves again that bitcoin is a (insert favorite moronic label) and is (dead).

GetZeeGold's picture

 

 

 

You did cash that out at the window.........right?

void_ptr's picture

I'll type this real slow so you can follow along.

If you have a safe with a combination lock, and you announce the combination publicly to world, then anyone who wrote it down could then open the safe. And they could then steal your stuff.

If there isn't a combination that opens the lock, you couldn't get your own stuff out of the safe. See? See how that works? Of course Bitcoin has a private key that allows you to access your bitcoins. If there weren't, you wouldn't be able to spend your own bitcoins. It's called a "private key" for a reason.

I chuckled when I saw the story, thinking there might be a bitcoin detractor who lept to the conclusion this was a flaw in Bitcoin protocol. Little did I know the discussion thread would be filled with the misconception. For chrimony sake, is anyone capable of reasoning any more?

 

ebworthen's picture

Mom is chasing the Mailman.

uranian's picture

Dogecoin FTW! And how about catcoin? I shit you not! On a more serious note, there's a new cryptocurrency called Nextcoin which is actually different from anything that came before, in that it's proof of stake.

cnmcdee's picture

All digital currencies are a fraud on another fraud.  There is so much fraud they should call them friat currency..

http://www.scribd.com/doc/193675362/Crypto-Currencies-Bitcoin-Litecoin-F...

Colonel Klink's picture

Couldn't have happened to a nicer group....the MSM!

Just goes to prove you don't need to be smart, just be able to read off the teleprompter.  Just like our "king"!

BuggyPilot's picture

Only in America! I'm into pips!