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Another Bitcoin Bank "Loses" Its Deposits
Just six days after proudly proclaiming that it was unscathed by the Mt.Gox debacle, another Bitcoin bank - Flexcoin - has admitted that it will be forced to close after hackers stole 896 bitcoin, worth around $600,000, in an attack on Sunday. As The Guardian reports, the company shut its website and posted a statement on Tuesday morning detailing the loss..."as Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately."
Six days ago:
We hold zero coins in other companies, exchanges etc. While the MtGox closure is unfortunate, we at Flexcoin have not lost anything.
— flexcoin (@flexcoin) February 25, 2014
And today:
Flexcoin will be shutting its doors.
http://t.co/SoigZa3WtS
— flexcoin (@flexcoin) March 4, 2014
“On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet,” the statement read. “As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately.”
Not all of the company’s assets were stolen. In line with best practices for running a bitcoin financial service, Flexcoin held some bitcoins in “cold storage”, keeping them on devices not connected to the internet. Those bitcoins are safe, but only users who explicitly requested their bitcoins be held in cold storage (and paid a 0.5% fee) benefit.
“Users who put their coins into cold storage will be contacted by Flexcoin and asked to verify their identity,” the statement continues. “Once identified, cold storage coins will be transferred out free of charge. Cold storage coins were held offline and not within reach of the attacker. Flexcoin will attempt to work with law enforcement to trace the source of the hack.”
...
Flexcoin’s closure follows that of MtGox’s, blamed on hackers stealing 750,000 bitcoins by exploiting a bug known as “transaction malleability”. Several other bitcoin businesses, both high- and low-profile, have gone under. Services including Bitcoinica, Inputs.io and MyBitcoin have all been hacked, each losing thousands of bitcoins.
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You must have reading comprehension problems. The first quote literally says the word "internet" in it. The rest were mostly for fun.
Is this you fonestar?
Yes it is, the "trusted" factor was just recently added to localbitcoins recently as was two-form authentication. Apparently localbitcoins.com took note of all the hacking and didn't want to become another victim. That's why fonestar uses them.
That is really funny. I had no idea such a site existed.
uh... yeah, I doubt most of you have any clue what goes on in the cryptosphere.
we don't care either
...because you're morons is why.
i am going to where there is no inernet availability soon...no cel service either
5 weeks and counting
Happy journey John. BTC is so technology dependent and so many people want to own the whole world.
Who would want to go to a place like that? It sounds like hell.
Sounds like security to me.
I will take much longer to get there but it's going to happen.
no new tricks for a dog with bad breath? We'll really miss you.
Exactly. I sure wouldn't trust my abilities to securely hold and use bitcoins. I think that goes for the majority as well.
Don't worry, by the time most of the haters on ZH are using bitcoins, with or without knowing it, it will be relatively fool proof.
Seems to be the reason so many trust banks these days too: they don't trust themselves to hold cash in hand. And RRSP's for (CDN) retirement: huge penalty to take the money on-demand, various other penalties including loss of purchasing power to convert to RRIF (CDN) to get 'income' from it (which is taxable) and yet people would rather do this, even knowing of bailouts & legislation permitting the act.
The sheeple are afraid of what their own hands would do without being tied by someone else.
Sheeple are sheeple. Nothing can be done but get the mint sauce & a handy recipe.
There will be mutton.
"uh... yeah, I doubt most of you have any clue what goes on in the cryptosphere."
I find it quite amusing that you would make such a comment after revealing soooooo much info about yourself to the internet community. You really are rather unintelligent aren't you?
Someone called Fone Star commented on my Hitler video. This is from his account... https://www.youtube.com/watch?v=P7wvyqVCwdQ&list=UUd8cUls2Ml2UxcbiC-sfVy...
Yes, that is a video fonestar did while his PAL was out of town. Unfortunately, some shyster poached the "fonestar" name on Youtube so had to settle for "Fone Star".
He is also known by the name Fontas http://www.reddit.com/r/litecoin/comments/1s34hr/fontas_admitting_his_pumps_are_scams/ http://www.reddit.com/r/litecoin/comments/1tt0jn/fontas_banned_from_btce/
fonestar has never used the name Fontas. fonestar is always fonestar.
I will bet all that is dear to me, including my life, that I will never, ever have a network security issue with my gold and silver. I'll bet you $1,000,000 that another batch of bitcoin holders will lose their bitcoins before I lose a single 1/10 ounce coin out of my hidden safe.
In theory bitcoin is, for some purposes, the most fantastic monetary concept ever. I thought very hard about dropping some cash on some just because of the volatility...it looked like nearly a sure thing to increase in value at SOME point. But I think I'll just stand pat with what I've got. Gold stands an excellent chance of going parabolic sooner or later as well, and it's apparently much, MUCH safer. Yes, I know it's the exchange. Or the network. Or my aunt Bonnie's unfortunate habit of farting in church. Or whatever. Lots of excuses. Gold doesn't need them.
Guess I just crossed over to being a gold bug. Ah, well. There are worse things.
I fail to understand why so many ZHers seem to think that men with guns taking your gold by force is somehow less probable than someone building a supercomputer capable of tapping into more energy than will be provided by the sun in it's lifetime and then using it to steal your properly stored bitcoins.
Easy: #1 those men with guns are outnumbered by us a million to one
#2 the supercomputer you think won't be built already was built and because it's optical it requires far less energy than you think and can crack your wallets in half while you sleep.
I'm willing to bet you aren't prepared to fend off a full SWAT team busting your door down at night while you are asleep, but I'm sure you are to hear you tell it. You are a troll in the purest form. Many here seem to think phonestar is a troll but a troll doesn't speak the truth. A troll spews forth bullshit as fast as his keyboard will allow.
What is this supercomputer that is millions of times more powerfull than all other computing devices on earth doing right now? Sitting idle waiting for the oppurtune time to steal everyones bitcoins and hack all bank accounts globally and decrypt all communications? Not doing it yet, just lying in wait for that special moment? Where is it stored? I suppose these dark forces also have access to unlimited energy as well and are just letting the energy crises go on for the lulz? Oh you have no proof of any of this because you made it up? Well then stfu. Go belive in gods elsewhere. I am sure you can find a local church with plenty of peers that think just like you.
that supercomputer is called optical VLSI. It uses millionths of the power you think it needs. No cooling required, just photon waveguides.
SWAT, doors?
#1 I can build any boobytrap I need to keep SWAT out
#2 I can relocate faster than any SWAT can find me
#3 lakes don't have doors so when that's the residing place of precious metals, there's no door to bust down. Gonna have to swim for it, the hard way.
I am the quintessential counter-troll.
Ignoring almost all bitcoin wallets ever made and hacking just the biggest 10 would end bitcoin completely. With an optical VLSI computer this would be finished probably in 90 to 300 days.
Is english not your native language? I will quote from the image directly to make it easier for you. "Until computers are built from something other than matter and occupy something other than space" it is strongly implied that brute force attacks against 256 bit keys will be infeasible. Sorry counter trolls don't make up bullshit and tout it as facts. Your imaginary optical computer is likely not even good for a 2x magnitude increase in performance and thats pathetic going up against these numbers. Humans aren't even prepared to fathom the level of understanding it would take to master computing at this scale. Time travel and teleportation are about as likely, probably even more likely.
And again the image is wrong, and you are, because b1tcoyne haff maffs doesn't cut it here.
You're eliminating the time domain. A much smaller machine using much less energy, all photons too, can get the job done. It's only a matter of time & there is no real time limit here. 90 days and one 256 bit pattern will be cracked easily. Feed the machine the top 10 bitcoin wallets & wait 90 days and you'll bust 'em.
That will shake enough faith in bitcoin no one would use it.
PGP is far, far above this. I use 8192 bit keys but in theory I could use 10x that size, 100x, 1 million times bigger.
There's no reason to defend a smaller key size when the software & hardware of today will easily handle giant sizes larger. Bitcoin iz fail.
Can we PLEASE stop feeding the foney bitcoin troll?
come on he's like the local ZH chia pet
Fonestar bought my collection of Chia Obamas...every last one of them, he said "Serious" Obama was worth more than "Happy" Obama, at the Mount Cox Exchange......
Troll or otherwise, Fonestar is droll, intelligent and great to have around.
If he is an AI bot, we're in trouble.
ori
Intelligent? He's an idiot. He thinks he is an expert on computers, the Internet, etc., but he has absolutely no wisdom and hasn't got a fucking clue about how the world really works.
For instance, the recent hacking into bitcoin exchanges and stealing the coins is entirely predictable, because hackers always catch up to and penetrate any security measures that are used. The theft of bitcoins will be a recurring news story, until the hackers realize they can't do anything useful with the bitcoin and then they will stop.
Fact is properly stored bitcoins can not be stolen. It has never happend and I assure you there are many smart people trying to do so at all times. Those exchanges who claimed to have been "hacked" were either not properly storing their bitcoins or they stole them themselves and the users of that exchange were not doing their due diligence because they shouldnt have given their bitcoin to a 3rd party for holding to begin with. I hate to tell you but from almost any perspective it would seem that fonestar has more knowledge about computers and the internet than the average ZH user.
No.
He's no foney troll....he's the reel deal!
Can you spell "FLAWED" Gold?
"Bankers stole the gold out of the vaults, therefore gold is flawed and terrible and will never amount to anything."
BTC is 679, you should wish your Ag was so "flawed". Don't talk about that which you have no clue, or do and look like an idiot. Of course you have lots of company in this thread. Is that BaBa part referring to sheep-like?
Silly fool. Still measuring btc in US dollars you reveal your true goals.
Bitcoin is fiat because your use of it is only to get fiat.
You think $700 will be the price of 1 btc but not for 10 btc would you get even one single troy oz of .9999 fine silver from my hands.
and kudos to them!
So do you want my vintage beanie baby collection or not?
How much?
Do you accept hacked Bit-Coins?
No, I only accept real money.
You mean Federal Reserve Notes moron?
Nice one.
Bitcoin rule #1: always store your bitcoins on your own cold storage computer. It cost a few hundred dollars to buy a simple desktop pc that will never go on the internet and is unplugged off your network except when updating the wallet's blockchain or transferring bitcoins in and out of it
On top of that you can double encrypt your cold storage bitcoin wallet with a program called Armour.
The whole point of bitcoin is to be your own bank. Storing coins in a 3rd party server defeats the whole purpose
Bitcoin rule #2: don't own bitcoin
Still using typewriters and fax machines too eh ?
very narrow view of the potential bitcoin has.
bitcoin is not gold
bitcoin will not replace the Federal Reserve Note
Bitcoin does have the potential to compete with and supplement the current banking and money transfer system though. And if it does it could easily reach a market cap of $1+ trillion and eventually $15+ trillion.
Still has a B&W TV, waiting for them to perfect Color.
Your method is flawed.
Use real offline transactions with armory to make big transactions.
Pocket change can be put in hot wallets like android wallets.
I said "store" not "spend"
Store you BTC in coldstorage offline pc
Transfer small amounts as need to spend either directly or immediately transferred into fiat at an exchange
You said "except when updating the wallet's blockchain or transferring bitcoins in and out of it "
Please explain the non spending
"always store your bitcoins on your own cold storage computer."
http://www.tgdaily.com/security-features/37210-nsa-spills-its-guts-on-te...
Of course the airgap doesn't help. Especially when the CPU has 3G built right in and runs off standby power...
So make sure you go vPro
http://www.intel.com/content/www/us/en/processors/vpro/core-processors-w...
http://news.techeye.net/chips/intel-responds-to-always-on-3g-processor-c...
You can use a fucking 1970s zilog z80 if you'd like to generate and store your private keys. Or you could take it to the next level and literally roll your own with some dungeons and dragons dice. Bitcoins allow any level of security you would like, yet another benefit of being open source. Personally I am comfortable using an early 2000s laptop with linux and no internet connection. But to each his own.
For those of us around since the phreaking days (and yes, I am one of them1) tempest shielding has been understood & the information disseminated to us early.
A bonus: since new monitors aren't CRT's the tempest sensing of how CRT's print to the screen doesn't work anymore.
Extra bonus: not every wire is a good antenna & flat graphite circuits aren't nearly as helpful as thick copper ones, and all the new keyboards use cheaply layered graphite inside keyboards.
1extra special bonus one-time mention. My BBS got mention in Phrack issue # 39.
You forgot to mention that the NSA is god and they know which testicle hangs lower on every citizen because they have magic alien computers that us mere mortals can't even comprehend. Oh, no worries though, you reminded us in that other post further down the page.
What happens when I break into your house and steal your computer?
Or hard drive crash, windows shits itself, virus on USB keys or any number of other possible problems. Backup? Redundancy? Then issues with potential theft are increased.
The truth is that you can never 100% secure an asset, digital or physical. Storing and spending precious metals has similar problems. This gets to the heart of why we have banks in the first place. It is all about "acceptable risk".
This is why I am a bit dubious of Bitcoin and any other virtual currency though : to secure it to an acceptable level of risk requires quite a high IT knowledge - which most people do not have or want to know about. To secure PM's is simpler - find a secret place and hide it. There are still risks, eg theft or you may have a stroke and not be able to tell anyone where it is, forget exactly where it is, boats etc.
I assure you with ecryptfs & Linux I could store bitconz securely on my system with ease.
However, that's not the point.
Bitconz have no real value & the same work-hours I could put into real silver atoms would then be wasted on silly electron-patterns that can't do more than beg another Internet user for real tangibles when perhaps that day no one has any on offer for the digits. The integrity of the digits isn't the problem, the problem is digits are an empty claim on real, needed goods.
Which is why my 'coyne(tm) of choice is stamped .9999 fine, passes weighing & volume displacement, magnetic testing and such.
I hate to break it to you but value comes from what everyone else on planet earth agrees that it does. Not by default shiny rocks, unless you are living in a time period when that is what everyone has agreed on. Newsflash, for the past couple hundred years people have been exchanging real goods and services for pieces of paper with pictures of dead men on them printed and controlled by and elite group of friends. To sit here and attempt to argue that an asset ledger controlled by no single man is not a better candidate and atleast somewhat likely as a medium of exchange, you must be living in a different reality.
hate to break it to you - but no, I actually enjoy it - value comes from chemistry & physics. Value is not defined by any faith, will, emotions, belief or market offerings.
Value is intrinsic & absolute no matter if zero humans even existed.
You are mistaking value for price. They are diametric opposites.
A price requires a trade: a price is bitcoin in units of dollars or a loaf of bread in units of silver, or a barrel of oil in units of copper.
A value is not a price. It's what the raw chemical & atomic properties can do regardless of trades planned or recorded or happening at a given moment.
Value comes from a valuer or evaluater. Without atleast one living being there can be no value. A gold brick has no value to a monkey, a tree full of bannanas has value to a monkey. There exists no such thing as intrinsic value. I know that is going to be hard for you to swallow much like a child who has been told their whole life santa claus is real or a religious zealot who grew up believing in god. But these are the facts. Sure gold has many uses due to it's physical properties, the majority of humans once decided that the best use was as a monetary unit. The monkeys were not so easily convinced and continued to trade in banannas. Goods are only usefull relative to a situation. A lone individual without a world of people to trade with would valule gold much less than someone who lived in a large community that thrived off of trade.
Imagine oneself on a desert island with a thousand gold bricks and no water. If, in those conditions, someone were to offer you a glass of water (~$0.00001 in modern society) in exchange for all the bricks (~$shitton), chances are eventually you would take it.
You have no idea what other species will do when we're not around anymore.
Your assertion is conjecture. It may remain true but in the future it may not.
Already several animals, even crows, have been spotted using objects as tools & that's something 100 years ago people would say is impossible. That again highlights real intrinsic value in those objects, though they are sticks & rocks.
??? I said living beings. Not humans. Of course animals can value things. That was specifically my example. The stick has no value without the bird to value it. Sticks do not have intrinsic value because intrinsic value does not exist.
intrinsic value doesn't require living things. It exists because it's physics.
It's password protected with quite a lengthy passphrase. So you would have a sizeable paper weight on your hands. Not to mention your private key doesn't have to be on a computer or in your house. It could be on a 5x5mm sd card stuffed in the couch at your grannies, or you could just memorize the key in your own mind. Good luck doing that with your entire gold stash.
nope.
Remove hard disk. Screwdriver.
Place in non-password protected computer.
Problem solved.
See, I know ecryptfs or pgpdisk would stop this but I also know you're not bright enough to use them so I know that's not what we're up against.
I was referring to the private key file not the login to the computer dipshit. Don't worry though I'll be sticking around to disprove any of your bullshit claims that you have any idea wtf you are talking about.
So far I've been disproving you handily, not the other way around. My knowledge far exceeds yours, both on computing & finance.
I think digi kicked yer ass because you sound like a braggart and a poser.
Poser : One who pretends to be someone they aren't.
Like pretending to be a cutting edge computer science expert, sounds like a pretty apt description there Ralph.
Well I'm not pretending, I'm certainly far ahead of you, but being bombastic is just part of the counter-troll-schtick so meh.
WELL! I nevah!
(well now, I guess I have)
spoken like a true believer
Does that mean that you are part of "the herd?"
Is Coinbase safe in your opinion?
Nothing is safe.
None are "safe". Any 3rd party exchange can be hacked with enough effort. The key is to limit your exposure to their risk. That is very easy to do
Safer than most in that like localbitcoin, Coinbase keeps most BTC stored offline. I use Coinbase myself and that's one of the main reasons. They also have the resources to have the best security currently available.
LOL you poor, dumb bastard!
@fonestar
I see the ZH retards are still equating an exchange fucking up to Bitcoin failing. No surprise there, they probably can't walk and chew at the same time either. Of course Tyler doesn't mention that there's ZERO reaction from the other markets, because that would invalidate his whole thesis of Bitcoin not "shaking it off".
What a sad little advertising-clickbait these articles have become. At least he's getting his money's worth out of the Ukraine clusterfuck.
Anyway, just so you know the Daily looks like it is finally at a point where it will start to work its way out of the base we've been sitting in. Not looking for anything too dramatic, just that the shift is definitely bullish and should develop over the next coming weeks.
Have a good one, don't let the two-braincell retards get to you.
As foretold by Queen...
OH NO!! ANOTHER BITCOIN BUSINESS GOES BUST?
THIS MUST REALLY BE THE END OF BITCOIN NOW!
bonestar this is where you follow the russians lead and fire a warning shot with your nerf gun over the gathering crowd
He just might end up holding the last bitcoin....Then he can sell it on Ebay as a relic of a failed currency, along with Confederate Dollars.....
I would use Bit-Coin for what is intended for:
International money transactions that are cheaper than bank wires.
Anonymous online mischeif.
I would not use it as a "store of wealth", a speculative investment or any kind of get rich quick scheme.
But since it appears that it is neither anonymous or secure anymore, it willl have come and gone without gleaning a single $ from me.
Yup, my failed currency is currently worth $677 per. It just sucks, sucks I tell you to get 100 baggers on this failed crap.
Btw- - how's your doin' Ag today?
So is that $677 a fiat rate peg and what is the price per during a currency collapse or inflation scenario?
With no psychical backing and nothing to peg to and left to stand on it's own cold storage device, where does the value come from and how is the price determined?
zee equazhuns ahhh very compleekated but zees ees 'ow eet appears:
price(BTC) = f(x) { {suckerz|nerds} for which suckerzi = allowancei + EBT + parental_tolerance0.8i
and zair yoo 'ave eet.
I would rather have one ounce of .999 fine silver in my hand than all of your bitcoins put together.
I hear you can't even buy drugs on the internet without having to get up from your chair with Ag.
All atoms still accounted for & still working according to the laws of physics. No change. Didn't magically revert back to useless fiat and certainly didn't turn into useless bitconz.
I don't think that you appreciate the impact. These thefts could cause problems for secondary market purchasers of Bitcoin. Since all bitcoin can be traced, when someone comes to you and says you bought stolen Bitcoin, guess what? It's theirs, not yours. Just like buying a stolen item from a pawn shop. If the cops show up and check the serial number on the stolen item, they take it from you. You're fucked. You are probably a miner who liquidates into fiat right away, so you aren't concerned about buying stolen Bitcoin. But anyone else who wants to buy Bitcoin on the secondary market might want to pause.
No that's not correct. Because of Bitcoin's ultimate divisiblity and fungibility, everyone on the Bitcoin network will own "stolen" Bitcoin in a few years time. Remember, your antiquated legalese does not scale well to the global internet.
fonestar got his toothpaste confused with his "Preparation H"... now his gums don't bleed and his hemorrhoids are sparkling white...
Ha! I almost choked on my toast! This is like shooting fish in a barrel.
Well at least he has teeth. Tell us, how do 2 do on toast?
Which is why the global internet is about to be borg-ed.
Goodbye privacy, goodbye secrecy, goodbye free news, content, etc., goodbye freedom (as we have known it and have defined it.....time for another paradigm of much lower expectations but perhaps closer to truth).
In other words.....once the freeway has been determined by the Global Cabal to be a conduit for "illegal" activity and that they can't get an adequate cut of the action, then the freeway becomes an onerous toll road with frequent stops and cameras all about.
The death of net neutrality and various spy agencies such as the NSA are showing you this to be true.
Running private, dark fiber is the new frontier. Once that happens en masse though...and the Global Cabal finds out about that....then it will truly be game over.
And geektards with their digital wampum like Bitcoin are helping to stoke the flames of this coming conflagration by trying to be little geektard versions of central bankers.....making money from nothing.
They are going to teach you and all of us that...."It's a BIG CLUB.....and YOU AIN'T IN IT !"
I up-arrowed you for the George Carlin reference....
I up-arrowed you for the George Carlin reference....
No fonestar, there is never any end to hemorrhoids, ticks, fleas, leaches, viruses, bankers and new forms of fiat money.
The key here is that these are banks going under. Bitcoin itself is still safe. If people are dumb enough to trust third parties with their money, they are suceptible to losing it. MFGox was a fractional-reserve bank run and Flexcoin obviously had substandard security. DO NOT use hot wallets unless it is Blockchain or Armory, and even then ensure that you have two factor authentication enabled. If you have any significant amount of coin, it should be in cold storage. PERIOD. I have little sympathy for these people (especially considering I am unfamiliar with Flexcoin) but they are inevitable victims of growing pains in a maturing market.
another tard in denial
And another swine, clueless about the pearls cast before them. How's that Black and White TV workin for ya? Is your slide rule holding up?
Yes and why have Tyler's chosen to run with this non-story instead of Bitcoin's amazing resiliance rallying back to $700s levels?
$700
how much did you guys make yesterday ? I made 28% on bitcoin in one fucking day !
I love bitcoin
Where did you sell them, liar?
Trading right now on bitstamp.net for $673. High of $710 this morning. USD withdrawals working fine.
Or you can trade for gold at Agora Commodities.
Exactly. If he hasn't sold his bitcoin for something, then he hasn't "made" shit.
$700
how much did you guys make yesterday ? I made 28% on bitcoin in one fucking day !
I love bitcoin
and Bitcoin loves you too!
blah blah blah, and make your TCIP firewall and BIND command have astro protect wah foo chung mung. Oh look over there is that a real silver coin?:
This flexcoin news is a joke anyways. There are plenty of bitcoin users out there with more coins in their own personal wallets than were lost on this 2bit exchange.
Hahaha, I see the Bonestar moniker stuck.
EDIT: Thanks for the down vote Bonestar. I wear it as a badge of honor.
Press Release - For Immediate Release
From: Flexcoin management team
To: All Bitcoin depositors
Subject: Bitcoin deposits
Oops!
paying somebody to hold your bitcoins looks about as wise as paying a bankster to hold your PMs for you, ya know, just for....safe keeping
That is a good analogy.
Red letter day! I just gave fonestar an upvote!
Looks like someone gets it. You mean to tell me that 3rd parties stealing/losing bitcoins does not invalidate bitcoins as a whole? The insanity.
Problem with bitcoin: it has no other use for 99.99% of anyone who ever did touch it or ever will.
Bitcoin iz fail.
"it has no other use for 99.99% of anyone"
Sounds like computers in the 70's, am I right?
no, it sounds like Beanie Babies.
I must have forgotten how beanie babies were transactable across the globe in seconds, not issued by a single entity, divisilbe, fungible, and touted by cryptographers globally as a breakthrough in computer science. Or maybe you are just spewing some of that bullshit of yours again?
the speed of transaction is immaterial: the transaction is no more useful or posing a new form of money no matter how fast or slow it's moving. The goods don't get delivered any faster regardless.
Bitcoin is divisible & fungible but its total of all units still has no real value so no real value for the fungible subunits, same as beaniebabies being compared to the smallest subunit of bitcoin.
I suppose the internet has no real value then, or any software for that matter? I think you don't hold a grasp on the very base idea that money is information, nothing more, nothing less. Try and let that idea sink in for a bit before you completely dismiss it.
The internet's value is the content, not the speed.
The software has value only if I can keep changing it to meet my changing needs. That which is closed-source has no value to me.
That which is opensource but poorly maintained also has no value to me unless I can adjust it myself.
Money is atoms. Money is not information.
Information can never be money because you can't make food or tools out of it. Money is what food & tools are made of, by definition, de facto, from the original source. Money's never been anything else.
Your religious fervor is in error.
Yep you should always keep your bitcoin on a memory stick or on paper or in your memory. Nothing on the Internet is safe
It appears someone has Madoff with them.
Geeze, the Geeks at the NSA are good. Can hack anything I suppose.
Ruh Roh
Paging fonefart....
Fuck Bitcoin.
No fuck you, reject!
got capital loss?
No dipshit, Bitcoin has rallied back to $683 as we speak.
Fonestar is getting a bit testy.
It's from all the testicles he eats.
http://flic.kr/p/kyKgtF
Hit 5.76 recently
just wait till it's 0.0576.
got clue?
good, good. Let the butthurt flow through you, young fonewalker.
Where's McMolotov?
self immolation
Well, I don't know, if I had any gold, and I don't, and I kept it in a bank safe deposit box, and I don't, and gold in safe deposit boxes started disappearing, I think I'd take the gold that I don't have out of the safe deposit box, that I don't have, and burry it in the yard, that I don't have. WTF do you do with bitcoin in that situation?
1. dont ever keep your gold in a banks safe deposit box.
2. dont keep all your gold in one place
3. dig a hole in Mine Craft and put your bitcoins in there.
awesome
Weird, I buried all my bitcoins in a geocache location in World of Warcraft. Hope I can find them again. At least I know "kinda" where my boat capsized with my PMs.
Colonel, what's the story bro? Did Nakamoto kick you in the 'nads when you were kids or something?
3. dig a hole in Mine Craft and put your bitcoins in there.
Strangely enough, I think this is actually possible. Minecraft has books, so you could record your Bitcoin private key in that, then put it in a chest and bury it somewhere.
People should never have deposited money in a money exchanger unless they were about to trade it. There is no reason to use long term storage.
Bitcoin can be more secure than any asset if stored properly. Given, it cannot be protected against media hyperbole printing every possible loss as if it were TEOTWAWKI.
As an answer to your question, among other ways, you could print out a 2 of 3 (or 4 of 5 key) and seal them in envelopes and keep them with separate family members or secure areas. When needed, you can assemble the minimum keys and do a transfer.