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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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so this exchange comes out and tells everyone that everything is just fine, then steals everything and closes a week later.
Flash back to Cyprus: The president of Cyprus tells the citizens that everything is fine...the banks are solid, etc. etc., nothing at all to worry about. The next weekend the banks shut down and over 60% of the people's money is stolen while the insiders like the president and his family and friends, and the Russians all secretly got their shit outta the banks before hand.
Flash back to MF Global: John Corzine tells everybody their money is safe and they have nothing to worry about...a week later over a weekend before a holiday he steals everything they've got, over 1 billion dollars. Many lost everything...John Corzine walks the streets a free man today.
Just sayin'...this is how it always happens throughout history. The people are told everything is fine, "stay calm...and carry on.", and that there's nothing to worry about. That's just before they get fleeced.
Keep this shit in mind, bitchez...because this is exactly what's been happening to us in America by way of the lies from this criminal mafia Marxist government and their state-run progpaganda "media" lap dogs. They will continue to lie until they wipe everything we have out completely.
They're doing it slowly while instituting capital controls to try and limit us from closing accounts and withdrawing our funds from their criminal banking system.
Start getting out now, folks. Whatever amounts you have in the banking system now are severly at risk of getting Corzined, Goxed, and Cyprused in the very near future.
If you have many thousands in the banking system, start withdrawing it little by little on a daily or weekly basis. Stop your deposits and begin withdrawing the maximum you can that your criminal bank will allow per day/week and that they won't report to the fucking DHS, etc.
Only leave in the minimal you might need on a monthly basis to cover any bills or checks. I know...some people's financial lives are much more complicated than others. But the more you have in the system the more you are going to lose and chances are you're not going to be adequately prepared to last very long if you lose everything in the banking system.
I've simplified my financial life drastically over the last 6 years and I sleep much better at night knowing that if they shut down the system this weekend I won't have to worry about fighting the stampede of violent and desperate sheeple to try and get 50 or 100 lowsy bucks out of fucking ATM.
But one day this shit's going to get very real, folks. These stupid fucking bitcoin exchange frauds, the banking fraud, the Trillions in fiat printing, the tyrannical capital controls, etc., etc. are only going to continue and are only going to get worse.
And once this really starts to snowball out of control you are not going to want to be sitting in your car or at home thinking what a dumb fuck you were for not having gotten everything you could out of the system ahead of time and now you're totally fucking screwed.
Because there will be no going back or fixing things once the shit hits the fan nation-wide. At that point it's going to get very ugly very fast and that shit could last for several months before it even comes close to getting a little better. You will not be able to make it very long if you fucked up and let them steal everything you had in the banking system because you didn't do one simple thing by getting it out now.
These are warning signs for those who are awake and pro-active about doing everything they need to do to prepare now to save their asses once the shit hits the fan.
You have nothing to lose by getting as much out of the system as you can now. But you have everything to lose if you don't begin to prepare now...right away.
Silver's on sale...STILL!!! Get that extra cash out of the system and fucking trade it in for some phyzz silver IN YOUR HANDS and stash it away. Think of every single 1 ounce round of silver as a tiny little bank account that you hold on to outside of the banking system.
Each little silver bank account holds whatever you put into it...say 23 dollars. Well fuck, people...it's not like that shit is getting any cheaper, right? Are you making any fucking interest on your cash by leaving in the fucking bank or a fucking CD or whatever else? Barely, if any.
But we know silver is going to give you great returns in the future and they can't fucking steal it if you hold it and hide it from them. But those zeros and ones that you think is your "money" sitting in some banking computer are not yours...you don't own them...and they aren't obligated to give them to you anytime you want, especially after the shit hits the fan.
That's when you'll find out that what you thought was yours and thought was "insured"...hahahahahahaha...well, that was all just a fantasy and a fucking lie.
Well, if you've read this much then you have no excuse in the fucking world not to do what I recommend and get your shit out of the system and into phyzz assets that you hold in your possession. If you don't do it then I hope you have nightmares about it every night until you take action. If you've read this and you don't do anything about it as soon as possible, well then you're most definitely going to get what you deserve, and the banksters, the government, the legal system, and the rest of the sheeple who did and did not prepare for this aren't going to do one fucking thing to help you out. You're on your own then and it'll be entirely your fault for letting yourself get fucked over after having read all of this today.
I hope I'm just preaching to the choir on here and that most of you have already taken care of what you need to do. But if there are any newbies who have just recently found ZH then I hope you people are paying attention now and getting yourselves prepared.
Take this advice and get to it...you'll sleep much better!!!
Listen to the man people. If you blindly just do what he says, and you and your family will be fine for the next 100 years, if not more. Get some gold too while you're at it.
We have 7 billion people in this world. That is about 5-6 billion more than can be sustained without cheap energy inputs and mounds of ponzi debt and the just-in-time (extremely efficient and thus fragile) inventory systems. Gaze upon the achievements of man, and marvel at the greatest global empire ever constructed ... but don't blink, because it is subject to the same entropic imperatives as stars and galaxies. And when it destabilizes -- and it surely will -- those 5-6 billion extras on the stage won't have any worries at all.
You can't save them all, nor should you want to.
It is my strong suspicion that the companies themselves stole the customers bitcoins and then claimed to have been "robbed". You see, these shitty little "companies" had NO WAY IN HELL of ever making as much money being bought out as they did stealing their own customer's bitcoins. The MORONS who trusted these thieves with their money are getting what they deserve. I shed no tears for nature doing it's survival of the fittest thing.
Absolutely correct - they are thieves. Highly likely they thought the price would go to near zero and they could buy back and re-imburse their customers without them knowing. Only trouble was the price never went down as they - and so many others have anticipated. I am sure this is just the first wave of exchange defaults. If anybody reading this owns bitcoin on an exchange , pull them out right now into your own personal wallet until the dust settles.
Flash to mT-gox,... AIPAC karpeles
Flash to SHREM, the black-market overlord of BITCOIN ... AIPAC
Flash to every exchange on earth and it takes you to ISRAEL
Flash to the MINING operations, and it takes you to the ZIO-UKRAINE
Just saying ...
Once its a crime to steal virtual currency AIPAC will get out, but while its legal, AIPAC ZIO- will get ALL the loot, 100%
The purpose is to make exchanges irrelevant. Just like cash and physical banks will become irrelevant as soon as "they" make the necessary economic moves in this grand game of chess. The outcome will be a cashless NWO where the cloud becomes the virtual beast that controls the buying and selling through a very tight knit few.
Your biometric ID gives you access through your phone into this cloud that will receive your virtual wages into your virtual bank account held in deposit waiting for you to make a purchase or pay a bill via your virtual ID :o)
Funny how things seem so coincidental but are not:
Revelation 13:17 and that no man should be able to buy or to sell, save he that hath the mark, even the name of the beast or the number of his name.
Flexcoin will be shutting its doors.
What "doors"? Are these doors in virtual land or the one to your room in Mom's basement?
http://www.youtube.com/watch?v=gX3uHkNF6KA
DOORS BUD! DOORS!
http://www.youtube.com/watch?v=gX3uHkNF6KA
http://www.youtube.com/watch?v=gX3uHkNF6KA
http://www.youtube.com/watch?v=gX3uHkNF6KA
Hey ISN"T THIS TYLER?
in disquise?
I'll give you a hint. A lot of backdoors were involved. A lot.
Does losing your Bitcoin count as a tax deduction for a donation to the NSA?
I love it!
Where's that FONESTAR guy???
WHO THE FUCK WOULD EVER INVEST IN a PILE OF SHIT [COIN] ...like this???
hahahahahahahaha!!!
BITCHCOIN SHITCOIN IDIOTCOIN
CORZINECOIN MFCOINS
DOWUPNEVRDOWNCOIN
I have to go back to my part-time minimum wage job now...what a great break to my day.
Please John Kerry make Silver go lower so I can scrap up a few more $ in change out of my couch to buy a cheap once or two...
http://www.youtube.com/watch?v=wbXciBKcfQ8
Is that a list of new Alt-Coins ? I must say I never heard of any of them. Where can their sourcecodes be downloaded?
Here I though Barry Minkow had a great scam.
I may not be a genius like most of you here have declared yourselves to be and I also lack the "ZH street cred" that apparently comes with posting here 9,000 times/day but I can provide an analysis (I know, I know charts are all bullshit) of what the market is thinking here. If we take a little looksie at a logarithmic daily chart of Bitcoin I'm not here to say it's in great shape. However, all things considered it does not look all that bad. Looks to me like it's trying to repair some recent damage and going through an extended period of consolidation. It doesn't suggest it will explode higher anytime soon but it sure doesn't look like it's headed to $0.00 as many of you here seemingly imply.
The ole weekly chart frankly looks like it's in fine condition while also consolidating.
Bottom Line: despite being bashed repeatedly and clearly in the cross hairs of some very powerful interests this motherfucker is resilient and keeps on trucking. That's a fact and not an opinion.
Given that the world so desperately needs a new financiancial system I guess we'll just have to see how this enormous game of chess and poker shakes out over time.
Problem is The Flat Earth Society here on ZH cannot see past their stack of silver. They cannot see how value can be shoved down an ethernet cable and pop out on the other side of the planet a few seconds later. Until they get this , they are fucked when it comes to understanding bitcoin and will get on board very late in the game , suckers.
I've said all along I'm just trying to be realistic and reasonable. I'm not a techie nor do I desire to be.
Almost 3 Billion people in the world DO have mobile internet access but they do NOT have access to banking/financial services. Hello, ding, ding, ding anybody home in there????
I won't even get into the issues related to politicians/bankers controlling the printing presses.
I got on board very late in the game with the Dollar, too... and it still functions as a medium of exchange. When Bitcoin becomes ubiquitous, I'll start using it.
So I guess the structural problems in bitcoin don't exist. Everything in the digital world is secure right? Nothing to see here, move on.
bitcoin is the flat-earth society. "b1tcon haz maths and is smrt an we aer l33t!!"
You have no idea how banking actually works as it interacts with bitcoin, nor do you understand bitcoin itself.
Those of us who are against it are actually much smarter than you about finance AND COMPUTING.
$6 bitcoin fail http://flic.kr/p/kyKgtF
How long are you going to continue posting that private troll transaction between friends? How about I go make a crailgslist post to sell all my gold coins at their $50 fiat face value but immediately after posting the ad put SOLD at the end of the title. Guess gold just dropped 98% for everyone, right? Come off it you fucking tool.
It's a real transaction as good as any other: someone wasn't willing to pay more than $5.76 and someone else felt that was the best offer they could get and it was done.
Much butthurt I sense in you.
Okay what is your point then? Do you see anyone showing up in every gold thread posting about how his friend traded another one of his friends a gold eagle for $50? And surely this must prove that gold is of little value because it was a totally legit transaction between peers? No because it's beyond retarded.
if it ever happens (it doesn't) it's legit & should be disclosed.
"It doesn't suggest it will explode higher anytime soon but it sure doesn't look like it's headed to $0.00 as many of you here seemingly imply. "
It is not necesssary for the chart to go to zero for the average chump "investor" to lose the money he puts into the system.
The average chump is buying Bitcoins, and then some proportion of those coins are getting stolen, lost, or mismanaged, resulting in his loss of input funds. That money is going somewhere, whether to crooks, insiders, or clever speculators, it doesn't matter, since he loses it.
Some proportion of "investors" do not lose their initial investment, but betting on a continued dramatic rise in Bitcoin value is highly risky. When the value rises, the incentive for thieves and scalpers increases, leading to more scams and scandals, and a lowered chart value. This could go on for a long time.
You are right in that plenty of people buy at the wrong time because they think they are a genius with FA and they ignore TA.
Crime? Scams? Those don't take place already with USD or any other currency? The internet isn't already loaded with scams?
You are right in that plenty of people buy at the wrong time because they think they are a genius with FA and they ignore TA.
Crime? Scams? Those don't take place already with USD or any other currency? The internet isn't already loaded with scams?
It looks real bad.
It looks like this: http://flic.kr/p/kyKgtF
and this http://media.heavy.com/media/2013/12/doge-bears.png
0hhz b1tconz is r3al moneez! http://youtu.be/zcuIPLq9iV4
and... http://youtu.be/4TlPo0yCSa4 it's gone
I hate fonestar not because he has a strong opinion in favor of Bitcoin, or that he's right/wrong about Bitcoin. I hate fonestar because he hijacks every Bitcoin thread to the point no one discusses the article.
"no one discusses the article"
Many crypto exchanges are going bankrupt all the time. We are just hearing about the highlights. If you read Reddit, you will see every day people complaining about getting scammed, and these are not ignorant people, they are miners with substantial computer skills and equipment.
Since plenty of people who are smarter than me are losing out, why should I get involved?
Their involvement shows them, to me, to be ignorant people.
http://en.wikipedia.org/wiki/Liberty_Dollar
http://www.couriermail.com.au/news/queensland/thieves-steal-75kg-of-gold...
http://abcnews.go.com/blogs/headlines/2012/02/thieves-steal-3-million-in...
Just sayin...
how can they steel coins that don't exist ?
Bitcoin is easy money for the NSA. They've already fleeced the people for over 700K digital coins valued at $0... or $300 mil... however you want to look at it. No qualms from the masses. A few tools sat outside Mt Gox's office. That's it. If they pulled a Corzine and took fiat money straight from your bank account, people might get upset, however. People can obviously stomach being robbed slowly through inflation and taxes and egregious fees or fines, but to have your fiat holdings taken from you with one fell swoop like bitcoins have, well... that would be a different story. Start small they must. Con a group of computer nerds, trendies and bandwagoners to dump some of their fiat into a crypto currency and POOF. It's gone. What's next? How will they con the rest of us?
BTC is easy money for CIA/MOSSAD,
Be careful here every exchange player to date is dual-citizen
SHREM dual, KARPELES DUAL, and today "AUTUMN" was also a zio-game player.
No doubt the NSA did the work, but AIPAC got the $$$.
If the server storing bitcoins is connected to the internet, it will always be susceptible to hacking, by individuals and governments (and their secret groups). I like the idea of crypto currencys, but the crypto coins are not acting like currencys in regards to volitilty and no protection like the FDIC would bring. Also they are not private, cash is private, gold and silver are private. Every crypto transaction is traceable, you better believe that. And folks like fonestar who bow at the alter of crypto are only begging to be slaves. Yeah cypto is cool, it has its place, but on a global scale as a currency will bring positive ID for every person accessing the network. Precrime aside the world will be like "Minority Report". There will be no privacy or freedom unless you live in the shadows.
Every crypto transaction is traceable,
What doesn't compute here?
BitCoins come into being by wasting electricity in exchange for some magic number. BitCoins have a widely replicated ledger that knows everything. So if you steal a BitCoin, how do you go about spending it?
If it's worth wasting electricy to create BitCoins, isn't it worth wasting electricity to look for the stolen ones and collect rewards? Is a theft not a transaction that shows up in the ledger?
btc am gey
There are various methods to launder bitcoins in an attempt to cover your tracks by mixing up the transactions to the point of extreme obscurity. Currently none of them are bulletproof but depending on the resources of the person you ripped off they might be sufficient. If bitcoin is to survive these laundering methods will have to advance. Plenty of people are working on it as we speak.
Beannie Babies.....
Pet rocks.....
Bitcoin.....
Do any of you actually believe that TPTB would countenance anything other than a nuisance from a crytpo currency?
You think they would allow the circumevention of taxes and a threat to fiat?
Seriously?
This shit is gambling, pure and simple. Look at the fucking charts and tell me it isn't.
Oh yeah...this time is different. I forgot.
If bitcoin ever got past the nuisance stage to the fed....anyone that partakes in them will be declared a criminal and Gitmo'd.
This bitcoin technical analysis chart says it all
http://media.heavy.com/media/2013/12/doge-bears.png
bhut tha b1tcoynez haz tha st@biliteez!
That's why everyone touching 'em keeps folding faster than a trousers-tent in the face of the gaping Yellen-maw about to do something you'll never unburn from your memories.
http://flic.kr/p/kyKgtF bitcoins for under $6 BTFD!