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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 could also set up a mirror on a planet 25 light years away, send out the chain, and wait 50 years for it bounce back.
LOL
I endorse this idea.
I think, however, if I could set up a mirror on a planet 25 light years away, then I wouldn't need silly things like Bitcoin, gold or anything resembling wealth.
I would likely not return from my newfound land and forget that Central Banking, Keynes, the NSA and Ukraine ever existed.
So when the going gets tough you run away without your Bitcoins?
It depends. If it takes me 50 years per transaction, I'd say it makes sense to leave them behind. Although, it's basically free to transport them so they might make the trip.
If I'm fleeing to Cyprus, I'd take them. But then, I've never said I had Bitcoins. Like many here, I'm using a borrowed computer to post and am unfortunately a terrible sailor.
What is this, amateur hour? I'm aiming mine at the event-horizon of a black hole so the beam curves around on gravity itself for the return path.
O.O
as if it were TEOTWAWKI"
I think you meant: TEOBTCAWKI
"People should never have deposited money in a money exchanger unless they were about to trade it."
Yeah, like that canoe I put all my silver coins in, Damn it!
What's with all this talk of proper storage? I thought it was supposed to be a medium of exchange? Too funny. If you want to do commerce with bitcrap, then you need secure storage. Apparently, the only secure storage is "cold storage" where it is unavailable to exchange for the purpose of conducting commerce. As much as the bitcultists try to put on a happy face, this trend is the death knell for bitcrap and their cult. The original intent of bitcrap may have been virtuous (unlikely), but if so, it has been transformed into a beautiful scam by the most cowardly of thieves - the internet cellar dwellers. Bitcultists have become virtual Jonestown residents. Would you care for some refreshing kool-aide?
Hardware wallet devices are in the works to allow bitcoins to be securely and easily stored and used by the average individual. This is way early in the game and anyone onboard at this point better have some idea of what they are doing when it comes to security. Many gold bugs like to point out this cold storage issue as well and I find it quite funny that they are complaining about people not spending their bitcoins when gold has died as a transactional currency long ago.
You could sew some flash drives it into your clothes. (what every invaded population has on their "to collect list")
You could divy it up amoungst several flash drives for smaller purchases of say eggs and milk. (what every fleeing pleb should be carring around their necks...)
You could store some flash drives for yrs to pass down to your children. (even they will be dumbfounded)
Thats right, bitcoin,, totally uncrackable, unhackable, and untrackable (we promise)
Just avoid the actual exchanges.
Yeah, just avoid the one thing that is required for bitcoins to be used for day-to-day commerce on a wide scale. I'm sure merchants (and those standing in line behind you) are going to love having you present your memory stick, pull the bitcoin off it, validate the blockchain, etc., etc.
Precisely. If it was only a matter of in-transit credits produced on the spot matching what others, peer to peer, think you're good for, especially if that's based elsewhere on signed vouching (web of trust) by others of the income + goods you have yourself, no blockchain is needed.
Merchants have shown they will happily use devices that tap a cell phone or card and transfer credit, taking payment of digits, to give up hard-earned goods from inventory.
This means bitcoin's failure isn't being digital, it's being digiFail.
At no point is an exchange involved in a day to day bitcoin transaction. The seller gives you the product and you give them the bitcoin, that's about as peer to peer as you can get.
Now that is some funny shit. If I ever get my act together, you can be one of my writers.
Fish Gone Bad
I'm on it bro, if I don't starve to death first.
"WTF do you do with bitcoin in that situation?"
Wave bye bye.
You can print out your privatekey (bitcoin) and store it using whatever method you like, including burying it in your back yard. I might also suggest protecting that printed privatekey by encoding it with a passphrase just incase anyone happens to stumble upon your burial site. Can't get that extra protection with gold, as you know, finders keepers.
Gold is already at that level of security & never drops below it. Bitcoin only attempts to match that level of security by software but it's never matched.
No matter how secure your digits are, even if no one steals them the market can decide they have no trade value & then you don't need someone to find them to hurt you - you lose it all.
In the end BTC = ponzi lottery, not money, not an investment, not currency, not safe.
Really? I was completely unaware that you could password protect your gold. Why is everyone locking it away in safes and putting armed guards in front of it then? I mean if someone else takes your gold bar it's worthless to them because they don't know the passcode right? WTF are you talking about man. Next you will be telling me that the market value of gold can't drop. Oh wait, you actually just said that shit, rofl.
That's because you're an idiot: security, not password protect.
A bitcoin wallet with password protection gains security but not exceeding that of gold atoms which don't need password protection.
Your brain doesn't actually work, does it?
The total effort required to find a gold bar to steal it far, far exceeds the total effort required to crack open a bitcoin wallet since 256 bits is so incredibly small & most bitcoin users are on windoze virOS compromised hardware & software platforms.
So if your designated level of security for all of bitcoin is "windoze virOS" user I guess I get to set my own level of security that I refer to for all gold holdings right? How about people who just leave their gold on display behind a glass window?
If someone finds your gold and takes it that is it, you just lost your gold. What do you even mean by gold atoms providing security from theft, you're getting to the point of not even making sense. If someone finds your encrypted private key and takes it, well they don't have shit without knowing the password.
"256 bits is so incredibly small"... Out of all the wrong shit you have said on this forum this is probably the most wrong out of all of it.
"So when I tell you that there are 2^160 possible Bitcoin addresses, unless you’ve got a very specific educational background to overcome these limitations, you probably don’t have any concept of how big that is.
If we express 2^160 in proper scientific notation it’s about 1.46e+48. That’s still way too big for most people to comprehend, even folks who understand the scientific notation. It’s estimated, for example, that there are 10^21 grains of sand on the entire planet, which is about the biggest “everyday” comparison number I could come up with but you’d need 1.46e+27 Earths worth of sand to have a number of sand grains equal to the number of Bitcoin addresses. In other words, if every grain of sand were actually its own entire planet just like Earth with its own 10^21 grains of sand, you’d still come up short. 1.46e+27 is a really big number!"
Still think theres more places to hide your gold stash than there are bitcoin addresses?
I'm not sure how many times I have to keep telling you this but idk what else to do at this point to try and get it into your head.
"AES 256-bit key lengths. This is far longer than needed for the foreseeable future. In fact, we cannot even imagine a world where 256-bit brute force searches are possible. It requires some fundamental breakthroughs in physics and our understanding of the universe.
One of the consequences of the second law of thermodynamics is that a certain amount of energy is necessary to represent information. To record a single bit by changing the state of a system requires an amount of energy no less than kT, where T is the absolute temperature of the system and k is the Boltzman constant. (Stick with me; the physics lesson is almost over.)
Given that k = 1.38 × 10?16 erg/K, and that the ambient temperature of the universe is 3.2 Kelvin, an ideal computer running at 3.2 K would consume 4.4 × 10?16 ergs every time it set or cleared a bit. To run a computer any colder than the cosmic background radiation would require extra energy to run a heat pump.
Now, the annual energy output of our sun is about 1.21 × 1041 ergs. This is enough to power about 2.7 × 1056 single bit changes on our ideal computer; enough state changes to put a 187-bit counter through all its values. If we built a Dyson sphere around the sun and captured all its energy for 32 years, without any loss, we could power a computer to count up to 2192. Of course, it wouldn't have the energy left over to perform any useful calculations with this counter.
But that's just one star, and a measly one at that. A typical supernova releases something like 1051ergs. (About a hundred times as much energy would be released in the form of neutrinos, but let them go for now.) If all of this energy could be channeled into a single orgy of computation, a 219-bit counter could be cycled through all of its states.
These numbers have nothing to do with the technology of the devices; they are the maximums that thermodynamics will allow. And they strongly imply that brute-force attacks against 256-bit keys will be infeasible until computers are built from something other than matter and occupy something other than space."
How your tiny brain seems to think that scenario is more likely than someone stumbling upon your gold stash is absolutely beyond me. But I am sure you will find some retarded way to justify it to yourself as opposed to just doing the couple hours of research to educate yourself. So are you ready to jump on the crazy train and start touting that the NSA has otherworldy tech hidden from us or possibly an unlimited energy source, or what? I am sorry man I am starting to feel bad for harassing you like I am making fun of a child or something.
gold atoms are rare & hard to locate once already hidden anywhere.
Electrons aren't rare & bitcoins on a network won't be hard to find at all.
Devices to store bitcoins offline won't be hard to find either.
paper-printed bitcoins, that could be a bit harder, but it comes with a cost: now you can't actually use them for anything until you put them back on the network.
"If we express 2^160 in proper scientific notation it’s about 1.46e+48. That’s still way too big for most people to comprehend"
But it's not too big for an optical VLSI board to crack. Within 90 days I'd expect any single 256-bit pattern to be brute-forced. Easily.
"Still think theres more places to hide your gold stash than there are bitcoin addresses?"
Yes, because time & difficulty of access is a factor.
I assure you, you can't keep that 256-bit pattern more secure than 90-days bruteforcing.
I assure you I can definitely put gold atoms where you can't get them that fast, if ever, because you can't just upgrade CPU speed to make it easier to sift through other matter, change gravity, make the gold more obvious to find amongst other atoms, etc.
The physical world puts difficulty on a search the digital world can not.
"In fact, we cannot even imagine a world where 256-bit brute force searches are possible. "
This is easily performed with optical VLSI. Once you take out all the electronics and deal directly with photons it's a total ballbuster for such small keys.
I can't believe you're trying to defend small key sizes, despite knowing bigger key sizes have better security! It's only because you're married to bitcoin & you know it can't be fixed. it's stuck at 256. Inferior.
It's not like there's just one VLSI chip. Lots of chips, 1 board.
No matter how hard you argue, 2^8192 is far bigger than 2^256. Period.
PGP / GPG can keep using bigger keys, bitcoin doesn't.
"One of the consequences of the second law of thermodynamics is that a certain amount of energy is necessary to represent information. To record a single bit by changing the state of a system requires an amount of energy no less than kT, where T is the absolute "
Incorrect.
Flat out. Incorrect. Even looking at quantum entanglement encoding of bit-states automatically invalidates that theory of yours.
This is not a part of how the Laws of Thermodynamics works.
All that matters is that the VLSI board has enough units on it to break their portion of the key.
Also it's unlikely one full brute force attack requires every bit pattern to be hit.
Each chip will do its range & one of them will come up a winner & the others can just stop there.
The key you're missing is how many will simultaneously be cracked.
bottom line: you have mis-stated what are the laws of physics to fit your narrative. It isn't so and that's why you're wrong.
"gold atoms are rare & hard to locate once already hidden anywhere."
No they aren't because I say they aren't, there exists magical machines that can detect gold from space no matter where it is stored on earth, it only takes up to 90 days. But multiple satellites exists so you are probably fucked faster than that. They don't have to abide by the laws of physics either because quarks or something. Source... straight out of my ass. That seems to be where you get the majority of your information so mine should be reasonably credible for you as well right?
Your sci-fi fantasy computer sounds great and all, so perhaps you would like to share some links with us simpletons so we can learn who has one, how fast it is, what it looks like, how it manages to defy the laws of physics, and all that good stuff. I am sure everyone here would appreciate it very much. But, you know, we understand if it is top secret info not to be released from your anus.
"I assure you, you can't keep that 256-bit pattern more secure than 90-days bruteforcing."
Absolute bullshit, absolute I assure you. You are the one making outlandish claims here, feel free to back them up with even an iota of real evidence. The majority of the encryption running on this planet is based on 256 bit hashing. The reason being is that you seem to be the only person who can't comprehend that it is beyond overkill.
"No matter how hard you argue, 2^8192 is far bigger than 2^256. Period.
PGP / GPG can keep using bigger keys, bitcoin doesn't."
At what point did I argue that 2^8192 < 2^256? Are you breaking away from reality again? Bitcoin is an open source protocol and can be changed whenever the community agrees that a change is needed. But once again it seems you are the lone expert on the subject and everyone else out there doing the actual coding and writing the actual research papers are wrong.
"Incorrect.
Flat out. Incorrect. Even looking at quantum entanglement encoding of bit-states automatically invalidates that theory of yours.
This is not a part of how the Laws of Thermodynamics works."
So you're magic space computer is now going to provide us with limitless energy in the same fashion as the good old perpetual motion machines of yore, all while it cracks those weak ass bitcoin keys in a matter of weeks? That's really convenient. Notice the quotaions around my post, those are not my words, they are the words of one of the guys in the fucking trenches actually building quantum computers and developing cryptographic algorithms. Maybe you should send them an email or something and tell them they are doing it all wrong instead of arguing about it with a luddite like me here on ZH.
You come off like a small child trying to tell a senior F1 mechanic how he should be working on the car differently. It's cute when you are 3ft tall but a grown man behaving in the same way is quite disconcerting. TLDR, you have no idea wtf you are talking about and it is beyond obvious to anyone with even the most minute of bullshit detectiong skills. Please for the sake of humanity just stop letting this utter trash flow from your brain on to the internet.
Pictures or it didn't happen.
Time-domain: learn it, you excluded it from all your "physics" calculations.
You don't have to give up, until it's Impossibru
Optical FPGA
Gold - accept no substitutes!
Sad....Bitscam was an amazingly successful con while it lasted.
Why? What happened to Bitcoin dipshit??
Will someone PLEASE tell me what happened to Bitcoin? fonestar just fired up the QT client and all is fine.
Could you imagine if we got a milibit everytime someone predicted the demise of BTC? Additionaly, have you ever heard of these guys Fonestar? I am heavily involved in the space and I am completely unfamiliar with them, but the media has latched on like they were a major player.
fonestar heard of them before but doesn't know much about them, never used them. All they have is FUD which has a much lesser effect and half-life then it does with the fake metals markets. Back at $700s and we rally from here to bitsalvation!
Hmm, still 3-digit bitcoin prices. When was that 5- or 6-figure bitcoin price going to happen again?
To be fair both fonestar and myself were here "pumping" as you call it back at 100$. The fact that you are attempting to badmouth a +5x return is probably the epitome of desperation. I called $1000 here on these very forums shortly before it was realized. The liquidity just isn't there yet with such a small market cap and so there will be what some inexperienced in pre-IPO valuations might call "extreme volatility". But by any metric bitcoin is growing not shrinking. Short of some unforseen disaster I would fully expect to see bitcoin in the 5 figures within the decade, thats pessimistically mind you. Even if every government across the world decides to ban it into oblivion the black markets alone should be worth 100Billion minimum.
Y U MAD DOOO
Yup, my con is worth $679 per at the moment. How's your Ag doing? So glad I own both.
What's that, $5.76 you say?
If you like your fiat cryptofuck currency, you can keep your crypotofuck currency
^^^^^Boatmisser
Your argument iz fail.
Not every boat ride is one you should be on.
It's all fine & good if it's just to lose some .9999 fine ballast, not fine if the ony cargo at risk is your personal well-being.
I'm a keeper, Obama don't mess with 'em.
Are we sure the owners are not just emptying the bitcoins into their own Swiss bank account and calling it a day?
Possibly, but the moral of the story is to never leave coins on exchanges for any length of time. Always keep them on your wallet.
the real lesson learned is these exchanges need not exist at all.
If a person truly wanted to trade bitcoins for other electronic credits, in a game or real FX market, one need only arrange for the transfer of each & synchronize it.
The security of each transfer, because of the fatal flaw that bitcoin is irreversibly transferred, does no more than harm ONE transaction, worst-case scenario, at a time.
An exchange with exchange-wallets & exchange-bank-accounts is an invitation for robbery.
William K Black already showed everyone the best way to rob a bank is to own one, he didn't say a "dollar" bank, it's any kind of bank.
This is no different.
Maybe I should make my own cryptocurrency & call it BarnumCoins subdivided from 1 Barnum unit into 1000ths called PT's.
I mean seriously, these people already are so dumb, surely this would get takers.
"Are we sure the owners are not just emptying the bitcoins into their own Swiss bank account and calling it a day?"
Ya think?
Fonestar assures me b1tcoynez has tha inVuln3rables.
Those who use it, on the other hand...
If you can't hold it......... On another note, I just took delivery of another stack of silver to add to my collection.
First Meta bitcoin trading platform CEO "commits suicide"
http://thebitcoinnews.co.uk/2014/02/28/r-i-p-autumn-radtke-28-years-old-ceo-of-first-meta-a-singapore-based-bitcoin-trading-platform-suicide-last-night/
Hey Reggie what about my bitcoin derivatives are they still safe? I'm starting to worry.
Reggie sure has been quiet lately hasn't he. I guess he is too embarassed to show his face. That humungous ego of his must be hurting big time. Especially after his ultracrap crowdfunding effort failed spectacularly. I thought he was smarter than that. I guess I was wrong.
last reply I can see
http://www.zerohedge.com/contributed/2014-02-13/theres-something-fishy-h...
the one right before it was his reply to me, "how can you say I made a bad call". I did reply again but he did not. I got a -1 and it sat like that until I gave myself a +1.
Under normal conditions it's bad form to give yourself a +1 but if I feel like it's a middle finger that prompts an actual reply - fuck'em, this is fight club.
Prayers to the Satoshi-God remain unanswered.
Bit Coin is a Brinks truck made from dixie cups and bubblegum.
And all the guards are wearing uniforms with chrome-plated words on the back inscribed "Kick Me"
A 0.5 % fee for "cold storage" for bits?
Damn....
"A 0.5 % fee for "cold storage" for bits?"
A 0.5% fee is better than a 100% fee for "warm storage."
The nice thing about PM's is that the hacker that comes to my house is going to have to be able to digest lead.
There's never anyone with a bigger stick right?
rarely, not the hunter looking for a stash. Usually those who know they can't get a bigger stick won't have a stash to raid so your own bigger stick would be of no use. Nothing to take. Keep mobile & out of reach.
It's worked for nature for eons. There's always a predator & some of them get their kill & meal but most of the prey-species still get away.
Anyone else feel the 1 after another Bitcoin exchanges are being picked off by Cartel/CIA/NSA sponsored hackers.. to ensure Rothschild Central Bank mechanisms, seize control of the Crypto Dollar alternatives.
They would do that to us? Really?
Why should they? This is just libertarian reality happening all the time throughout history. The libertarian paradise: No evil control by the government, no evil state and no evil legislation and no executive power and no one responsible - just freedom. Pure freedom. Long live the jungle!
Just look what this libertarian Bitcoin-hype does to the savings of the sheeple that have fallen victim to the Austrian Economics propaganda. Here in small scale happens when markets are globalized, regulation is destroyed, governemnts corrupted by the money masters and the markets unleashed on cultures, their people and their societies.
The attempted legit use of bitcoin is not even closed to Austrian economics, & what you're seeing here isn't close to either.
In the real world no matter what, the Stupids will die.
In the government-adjusted world the death & suffering is diffused into the population but nature did it right the first time around. The Stupid kill themselves & everyone is is stronger for not being pulled down with them.
Those dumb enough to use bitcoin get what they deserve for they have been warned a million times & are just as dumb as someone declaring cyanide to be super-man potion and drinking it after everyone screaming at the fuckmonkey that it's poison.
If one day we see a legit attempted use for digital currencies in an Austrian-economics type of manner, it will look like people developing their own with no ties to fiat, directly tied to something else made by the people or people in contact with those who make it, services & goods, and none will be the same, some will evolve better than others, and collapses will be tied to local failures & local groups.
These failures are all ONE. One singular flaw. Bitcoin is tied to fiat bank exchanges & people are tied to them, wanting the benefits of fiat & hoping to magnify them at the expense of others by any means, and one of those means is bitcoin.
You can't make people use a legit cryptocurrency, if one can even exist, if the very demand of the people is to have an illegitimate tool for robbing others and call it by any name at all - derivative, contracts, bitcoin, bonds, taxes, fines - whatever. It doesn't matter the name nor the specific means so long as the goals are met of amplified benefit to a few with massage damage to everyone else.
That's how bitcoin is being used not because of how bitcoin is made but because of how people's minds are made: weak, ashamed, hungry with desperation, lacking in forethought.
Gold's benefit is that it doesn't work any differently in these conditions than without them. That's the thing about intrinsic value. It has no change up or down, no restructuring of its nature by any means, based on the faith, emotions or morality of those who have it or want it.
You can't just pretend gold is money & use it to rob people. You either have no gold & none of the monetary benefits or if you are nefarious you need to get a real gun and do a real robbery and all pretense is gone. Intentions are made clear.
Gold doesn't make people honest but it makes the situation clear as day and that's another kind of honesty, one you can't escape & one that bitcoin can't offer.
Culling weak players is great news for BTC. You should wish Comex gets taken out for PMs to benefit similarly
His name was Fonestar, and he said the plane was fine, it was gravity that was fucked up.
Blame the Ruskies for this perfect scam? They are getting blamed for everything else so why not pin BItcoin on them? they invented it, ramped it, and stole all the dollers from it......
I guess only the NSA servers are secure enough to host an exchange....
heh...more like "I guess NSA servers are the only servers that the NSA doesnt hack"
BitCoin = Roach Motel
I take it you're an expert, at least on the second part. Do you actually pay $680 per roach trap, if so you might want to shop around?
You're confusing who controls the trap & who's in it.
If you paid $680 you're in the trap, not owner of it.
BitCon Translation: "We stole your money, idiots." "But that's okay, we know you are going to continue to gamble that a "medium of exchange" (that's how we sell it) whose quantity can arbitrarily adjusted has value."
BitCon is supposed to be a medium of exchange? How in the hell to engage in commerce with a medium of exchange that is constantly fluctuating up and down 10%. I have $1,000 USD in my pocket need to convert it into EU dollars, I check the current rate of exchange on the EUR/USD find some guy standing in front of a butcher shop in some shit Euro City and exchange it for usually what its trading at.
And the defence in any court, if any of this virtual stupidity makes it to court, will be, "the Hackers did it". you wouldn't even need a lawyer, other that to enter the not guilty plea..
Where's the picture that goes with these articles that show bitcoins as physical coins made out of gold?
Digital Tulips
Can you also please note (in a shrill maniacal voice) all and any regular bank failures too?
I have to say, so fuckin what if people lost some of their coins here on this site I have never heard of?
I was trading an hour ago, finished, and 30 seconds later my coins were back in MY wallet, not on some dodgy exchange/site like this? Are people so stupid?
OF COURSE YOU WILL LOSE OUT IF YOU GIVE YOUR CASH (or BTC) TO STRANGERS!!
fucking idiots.
As a tribute, Tyler needs to mock up a jpg of a "Fonestar in the headlights" everytime a Bitcoin exchange folds, or when Bitcoins disappear faster than bankers working for JPM.
Turn William Banzai loose on fonestar...
Even though Fonestar has been calling for a Mt. Gox collapse for as long as I can remember?
Why do you feel the need to lie about what other people said?
You remember fantasy stories that aren't logged anywhere?
The entire comment-stream for fonestar is visible to zh members & no such comment ever, ever, ever called for MtGox to have problems, ever.
Everrrr.
You're a fucking fraud. just like bitcon.
Weird thing is, nobody has ever heard of this company before. But I don't don't know 896 whole bitcoins gone seems a mortal blow has been struck. That's a whole 1/4 day of mining production right there.
Another one bites the GOX.....
Got Gox'd?
(fucking dungeons and dragons shit man)
Stealing something that has no long term value. There is a certain irony in that.
I'm guessing these are not long term "steal and hold" thieves. LOL
No long term value LOL
There are hackers who stole bitcoins years ago who are now sitting on 13,000% their original score.
BTC still over $680 haters, please send all worthless bitcoins to
12P58fNMuE3BhotBRfGQiUeftTJ54Cx17X
Also haters, so funny to see that you have missed, and continue to miss the boat, thanks for the laughs.
"BTC still over $680 haters"
$680 is the going rate for chumps to buy Bitcoins.
If you want to redeem your Bitcoins for dollars, the going rate is $0, unless you are a well-connected insider, computer nerd, drug lord or money laundry gangster.
I'm all four, and just unloaded some at $700.
Wrong, bad info
Coinbase.com converts easy to US bank accounts
They were $6 on Feb 28 http://flic.kr/p/kyKgtF
You sure you wanna ride this train? choo choo
Geez. Who has the capability to digitally rob the key institutions that trade/hold bit coins? Who has a motive to take out a fledgling, competing, monetary system?
Call in inspector gadget.........
You mean those guys that don't spy on us who were watching every key stroke while you were secretly mining your bitcoins? Nah, we trust those guys totally!
If by key institutions you mean teenagers setting up bitcoin exchanges using their parents internet connections, I guess the answer would be damn near everyone.
shitcoin
nice try. please come again.
Yep, your probably never wrong about anything
oh yeah? well the jerkstore called - they're running out of you.
+1 for you, I love Seinfeld
giddy up!!!
This shit is like my kids playing Pokemon!
fucking pokemon cards for christ sake!
come back to reality once you lose your ass......
Maybe the e*trade baby should look into bitcoinz, he's PRO!
There's a "Fonestar" born every minute!
Just make sure you bitches dont die prematurely and miss the glory of Satoshi realized
Glory is always reserved for those first in on the pyramid scheme.
One just needs to be careful; if one had PMs, one would not leave them on a window sill, no matter how secure the window lock may be.....
Secret footage revealed. Here we have Tyler and Marla and the other assorted ZH staffers dropping another bitcoin article into the ZH publishing platform and the resulting dialogue about it's readership.
http://www.youtube.com/watch?v=DwAOHVBKTwg
Obama just announce "MyCoin"...a complete, safe, secure cyber currency which can safey be stored as any NSA site near you!
Havn't the people who operate these exchanges ever heard of an ENCRYPTED wallet ?
For fucks sake are these dumbasses leaving their wallet files unencrypted ?
That is a case of clear negligence - these exchange operators should be prosecuted.
You are missing the point. Bitcoin is by the thieves and for the thieves. It's a small club.......and you ain't in it. Sucker.
Tool, you think and act like a peasant slave. Please pull your head out of your ass. I thought you said Bitcoin was to continue to go down last week? Since you came to that conclusion, I rushed out to buy more at 500 bucks per. I'm really hurting today as we break through 680 bucks per Bitcoin. Another slave who has to follow his dying leaders in USA government. Enjoy the ride to the bottom.
Don't forget to put the eggs in a separate grocery bag next time. If you keep doing that I'll talk to the manager and you'll be stocking shelves at midnight again.
Hey asshat, I have never made any predictions of future bitcoin value. Well, aside from the fact that, like all currencies throughout history, it will be worthless sooner or later. Most likely sooner. What that means is, you really need to improve your skills of deception. Loser.
Hark - The sound of Sour Grapes - fucking Tool
You are a fucking idiot - I am in the club you fucking Tool ,
"You are a fucking idiot - I am in the club you fucking Tool ,"
LOL!! You are a laugh riot!!! You are the very epitomy of the guy at the poker table who doesn't know who the sucker is. Bwaaahaaahaaa!!!!!
You really don't have a fucking clue do you.
Good luck in your ignorance , I wish you well.
There are 100's of services online that will crack a wallet for 10% of contents, its fucking easy to crack a wallet, using a rainbow table.
He who holds the private keys makes the rules. - Trace Mayer
Is there anyone who can help fonestar? He's doing all the heavy lifting here.
Man, he must have posted like 22 times already.
Bet the banks are stealing Bitcoin, they hate it almost as much as Gold.
It's a bird, no it's a plane, no it's BITMAN to the recue!
Yeah, This is how the bitcoin funds are making their aquisitions.
Might as well throw your money into a pit.
I am going to see an Alfa Romeo V6 Spider today (that I am buying with Litecoins if I like it).
Now THAT is throwing money into a pit.
Sure you are. I'm buying the Pemberley estate in Darbyshire, England later this afternoon with my bitcoin.
I am sure there are state actors behind these thefts. The central banks, even if they didn't orchestrate it, are still smiling about it.
Anyone been keeping an eye on Auroracoin "made" for Iceland?
They have made 10.5 million of them, so 31.8 coins per Icelander (there are 330,000 of them) and are "airdropping" them on March 28th to any Icelander who wants them.
Should be fun.
The weather today calls for sunny skies, light winds and scattered bits falling on your heads.
Thats funny stuff - people rob bitcoins and with that crush the value of the very thing they stole. Justice served I guess...
That thought occurred to me too.
Why would Bitcoin believers rob an exchange, and so doing hurt the real and perceived value?
Doesn't add up, especially not hitting flexcoin right after Mt Gox collapsed.
I don't see how it has affected "real value", and I can definitely tell you that the theft (Flexcoin) has not affected my perception of bitcoin's value.
Hint: a collapse of a large fractional reserve fraud (Mt. Gox) is actually highly bullish for the asset involved. It means that a huge notional amount "vaporizes" and is no longer available for trade. It's just that the market hasn't realized this yet or isn't 100% sure that this is what actually happened. Watch how this develops as the same thing will eventually come to the paper gold and silver fractional reserve frauds.
It could also mean the NSA is saying all your sh@t coins are belong to **POOF**
The flipside of that argument is the only way for bitcoin to survive and become a true world currency (rather than a fad) is if more and more people start using it, and for that to happen people must have confidence in it. These bitcoin exchange collapses do not improve public confidence in bitcoin.
That would be the case with an actual attack on the bitcoin protocol, not with theft, fraud or mistakes. Perhaps this is why we are seeing very little of that.
Buttcoin bitchezzz
Oh they must wish they could sit on them!
These Bitmorons would be well advised to convert all your Bitcoin into Beanie Babies. Those puppies are much safer from hackers!
Try this:
http://letstalkbitcoin.com/bitcoin-and-the-three-laws-of-robotics/
unless this is more your standard:
http://www.beano.com/
They are both the same. Two fairy tales.
With ANY fiat there are winners. So go pick them, the banksters or the hackers.
Ooooohhh, the FBI was SO embarrassed they could only access a few million $ worth of the Dread Pirate's bitcoins.
It looks like they're getting better at it.
The one essential thing any currency needs is faith.
Bitcoin is losing it. Fast.
For BTC ever to be used by the asses and masses.....it must be simple and safe to use.
Looks like the pump and dump might be coming to an end.
*Yawn*. You imbeciles keep hating Bitcoin, but it keeps going up. Even after the Gox issue, this one is another non-issue. Stupid peasants. Bitcoin continues to thrive and will prevail as always. None of these stories has anything to do with Bitcoin, rather it points out that most people are too lazy and stupid to actually read and do their homework.
Thank god you haters allowed me to purchase more Bitcoin at an affordable price last week. I'm doing very well, thanks.
A fool and their money are easily parted.
-Anonymous Hackers
If you don't hold it, you do not own it.
-Me
GOLD! - Everywhere you want to be (TM)
I do hold my private keys.
Bitcoins themselves appear to work pretty well, but the surrounding technology put together by less-than-competent security experts are proving highly vulnerable. This will remain a serious issue until sovled.
However, bitcoin's biggest problem is that it is not backed by anything. We read a lot noise here about how fiat currencies are not backed anything either. But the US government owns a collossal amount of real estate, has authority to levy taxes which result in substantial cash flows, and has military and policing authority (FBI, NSA, CIA etc.). The treasury owns 8,113 tons fo gold, and the dollar is the reserve currency. All these facts give the dollar undeniable value at this moment in time.
Although our government is perfectly capable of F*ing up all those advantages, they haven't succeeded yet. When they do, only then will the warnings about fiat currency have some bite in reality. Bitcoins lack of government sponsorship, while philosophically attractive, means the intrinsic value of a bitcoin is always exactly zero. It is utterly dependent on people making the leap of faith in its value as a medium of exchange or store of value.
Any money that is based on a record of transactions will not be annonymous. Cash trasnactions are annonymous because paper money does not record it's own movements; it's cybernetically inert. Likewise gold carries no government backing (it's the other way around) and no record of transactions. Conceptually, there is nothing stopping people from creating millions of different digital currencies. But unlike bitcoin, gold will never have a competitor. There can only ever be ONE aboveground hoard of gold.
A few hours worth of research to become your own bank seems like a fair trade to me. Don't rely on others who may prove to be incompetent at a later date.
The only thing that gives the dollar value is the widespread social acceptance of it. All of the things you listed are presented after the fact. No amount of military force is going to create a successful currency. When the government eventually resorts to printing infinitum as it seems they are already leaning to, the masses will wise up and refuse to continue its use as an acceptable exchange of credit. This has happened before in history and is nothing new. You seem to be hung up on this idea of inherent value. This does not exist as value is quite obviously subjective to the individual. There are many people today who see no value in a gold coin because of the social accpeptance around it during their lifespan. Water is of no value to a man stranded in the middle of a large lake. You even contradict yourself. "value of a bitcoin is always exactly zero" then "its value as a medium of exchange", both of these can not be true.
"Any money that is based on a record of transactions will not be annonymous." This might prove to be true, it might not, experiments are ongoing, a short 5 years ago and many would have said the same thing about digital money being impossible, it sure seemed that way at the time before bitcoin. Cash transaction are not anonymous in the sense that you must know the other party involved in the transaction usually, with bitcoin neither party has to know the other, only their address. There is nothing stopping every individual from creating their own fiat currencies. But this is not the way the psychology of it all works. It's a system of credit, you put in effort and you get an allocated return, if you just show up with your own new system that no one else is involved in, no one wil care. You might could say bitcoin is golds competitor, if bitcoin proves to work into the future, gold as a monetary unit will have taken a backseat of the #1 position due to bitcoins many benefits.
duplicate
You imbeciles keep hating Bitcoin, but it keeps going up
Huh, seems like a couple of months ago it was $1200 and now it's $700. You have a strange concept of "going up".
I'd gladly bet you some of your gold that bitcoin is higher this time next year than it is today, but I don't know of any way for you to anonymously send me your gold over the internet, how unfortunate.
http://flic.kr/p/kyKgtF all the way up to $5.76? Is this like the same 'cooling' where global temperatures keep making larger numbers on the thermometer?
(B)et you're
(I)n
(T)rouble
(C)hoking
(O)n
(I)nsecure
(N)oncurrencies
If you can't hold it, you do not own it.
GOLD! - Everywhere you want to be (TM)
Out of curiosity I want to know so exactly *how* did they manage to fark it up?
Unencrypted wallet, I see mentioned here.
Or maybe it doesn't even matter? Well, it matters *if* it was a technical hack that others might not know about. If it was good old-fashioned fraud and theft, well, um, well.
If their wallet file was encypted that means a thief has no access to the coins , the owner should keep several backups of their wallet , a thief can steal as many bitcoins wallets as they want , but if the wallet is encypted they cannot send the coins to a new address. The genuine owner of the backup wallet can move them to a fresh wallet. A clear case of negligence - or more likely outright fraud.
Uh, the "exchange" itself stole its own customer's bitcoins. Simple as that.
Calling Trace Mayer....Hellloooo....anybody home?
Who was this Autumn Radtke anyway? A pretty 28 y.o. girl kills herself??? Doesn't make any sense.
If "follow the money" is too confusing, then what about "follow the suicides"???
She was running the mt-gox front for AIPAC in Singapore, KARPELES got out of JAPAN before the YAKUZA could catch him,
Autumn not so lucky,
Autumn was running the black-market currency for the virtual-worlds not unlike SHREM, but for SE asia.
Why, cuz it was legal, had these done this in the USA they would be in JAIL like SHREM ( AIPAC custodial service ).