121–130 of 193 posts
These coins were stored on a VPS? On Linode? All it took to steal 1 million USD was to hack an email account ? Insanity.
This should have been pointed out long ago. It's a terrible thing that people get away with this. Arrogant developers who think they can do without sysadmin skills when building crucial software.
Earlier quoted context omitted.
If the owner is either incapable or unwilling to refund everybody's money then it doesn't even matter whether it was an inside job or not. It's pretty telling that he's posting a screenshot that essentially says nothing instead of being open about whether or not he'll be able to fully reimburse the people who lost money. I don't think it was explicitly stated, but it seems like people are just getting whatever percen…
If that guy did not have some kind of insurance like banks do, how can he refund anyone? ( that's a question ). And would insurances insure this kind of business ? Now are bitcoin wallets banks ? and are they subject to the same regulations ? Is that guy a US citizen ? can he be sued by his clients ?
Earlier quoted context omitted.
> untraceable This is wrong. Every single transaction is saved, by everyone. It's the core of how the protocol works. That doesn't mean there aren't ways to obscure who controls the wallets, but it's not untraceable, and 'distributed' has nothing to do with privacy.
I find this point a very interesting one. Everyone insists that transactions are saved and traceable (which of course they are), but I've never heard of anyone finding out who stole their coins and getting them back. People just seem to accept after a break-in that the money is gone and there's nothing they can do about it. That's not acceptable to me in a currency, particularly not one that people use as a store of…
About the lack of regulation and verifiable identities - that's the allure of it :) It's not just the lack of inflation, it's the whole "Wild Wild West" atmosphere :) Like, remember the Internet before the old people and politicians found out about it?
4100 BTC = 1.1 mil USD at current prices. These Bitcoins were stolen from website's "hot wallet" (every shared wallet has to operate one to process current withdrawals). This hot wallet was probably too hot though, as it seems that they had most of their coins online, and only about one third offline (other services claim to store 80-90% offline). According to postings on Bitcointalk.org forums people are getting bac…
I don't know what you expected, Bitcoin enthusiasts. You bought into a system where coins could be permanently lost because you forgot a password. You bought into a system where the government cheerfully gained control of a large share of the market by simple confiscation. You have recreated money . But you aren't even good at it! You still think that simple cryptography will excuse you from the fact that you're gree…
However I think your dismissal of Bitcoin is wrong. Not because it doesn't have flaws, and not even because it's guaranteed to succeed—there's no telling when a crypto breakthrough could cause Bitcoin to crash and burn faster than tulip bulbs—but rather because Bitcoin is the most interesting development in currency of the past millennium. There's simply no denying it has unique properties of considerable interest, regardless of ideology or affiliation.
1.1 Million US$ is a strong incentive to fake a theft. How can they prove it was someone else?
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They're likely moving the Bitcoins to their own cryptowallet. At that point they could spend on sources that accept Bitcoin for payment (Silk Road and the like, Reddit Gold, the small but growing set of real-world places that take Bitcoin, etc) or could transfer to an exchange to cash out. tl;dr - both.
Problem is that the coins can be traced, so they need to spend them anonymously.
Earlier quoted context omitted.
If the owner is either incapable or unwilling to refund everybody's money then it doesn't even matter whether it was an inside job or not. It's pretty telling that he's posting a screenshot that essentially says nothing instead of being open about whether or not he'll be able to fully reimburse the people who lost money. I don't think it was explicitly stated, but it seems like people are just getting whatever percen…
If that guy did not have some kind of insurance like banks do, how can he refund anyone? ( that's a question ). And would insurances insure this kind of business ? Now are bitcoin wallets banks ? and are they subject to the same regulations ? Is that guy a US citizen ? can he be sued by his clients ?
Earlier quoted context omitted.
If the owner is either incapable or unwilling to refund everybody's money then it doesn't even matter whether it was an inside job or not. It's pretty telling that he's posting a screenshot that essentially says nothing instead of being open about whether or not he'll be able to fully reimburse the people who lost money. I don't think it was explicitly stated, but it seems like people are just getting whatever percen…
If that guy did not have some kind of insurance like banks do, how can he refund anyone? ( that's a question ). And would insurances insure this kind of business ? Now are bitcoin wallets banks ? and are they subject to the same regulations ? Is that guy a US citizen ? can he be sued by his clients ?
Bitcoin is a relatively new thing, would not be surprised to start seeing bitcoin insurance for these types of services.
> Is that guy a US citizen ? can he be sued by his clients ?
I think it would depend if his clients have contracts, otherwise its a caveat emptor deal, especially when dealing with bitcoin.