Czech bitcoin exchange Bitcash.cz hacked, up to 4,000 user wallets emptied

Post by atmosx » Tue, Nov 12, 2013, 10:34 PM UTC

dragontamer wrote: post #31

cs702 wrote: post #17

Every new day seems to bring another new Bitcoin scandal -- whether it's a hacked exchange, stolen wallets, frozen funds, collapsed Ponzi schemes, arrested illegal-market operators, or who knows what else. Yet, despite all this, Bitcoin keeps appreciating, recently reaching an all-time high.[1] -- [1] https://blockchain.info/charts/market-price?timespan=all

Because you're not looking at the important metric. The _price_ of BTC is completely irrelevant to its "success". The only people who care about BTC price are speculators who are simply "day-trading" with the newest penny-stock. The real measurement is whether or not people are actually using BTC as a mechanism to transfer wealth between each other. https://blockchain.info/charts/n-transactions Notice: the number of…

Post by XorNot » Tue, Nov 12, 2013, 10:37 PM UTC

atmosx wrote: post #32

dragontamer wrote: post #31

Earlier quoted context omitted.

Because you're not looking at the important metric. The _price_ of BTC is completely irrelevant to its "success". The only people who care about BTC price are speculators who are simply "day-trading" with the newest penny-stock. The real measurement is whether or not people are actually using BTC as a mechanism to transfer wealth between each other. https://blockchain.info/charts/n-transactions Notice: the number of…

And you know that people are actually doing transactions how? As far as I can tell a big whale is keeping the volume of transactions steady moving coins from one portfoglio to another. There you go, transactions steady.

Post by zachlatta » Tue, Nov 12, 2013, 10:52 PM UTC

aianus wrote: post #26

smtddr wrote: post #24

Earlier quoted context omitted.

These stories of hacks & scandals and your link showing increasing-value only increases my desire to buy bitcoin. Also, this wild story[1] makes me want bitcoin too. What if I just want to buy $500 USD worth of bitcoin and just sit on it? Maybe 10 years from now it'll be worth close to a million, or maybe bitcoin will be shutdown and it'll be worth nothing. I think I can risk it. Who's trust-worthy these days if I wa…

Coinbase.com is a YC company that's trustworthy and convenient if you have a US bank account

Post by BlackDeath3 » Tue, Nov 12, 2013, 11:06 PM UTC

gibybo wrote: post #20

GigabyteCoin wrote: post #16

Earlier quoted context omitted.

Brainwallets are never a good idea. See here: https://www.google.com/search?q=brainwallet+(stolen+OR+hacke...

100 randomly generated characters (a-z, A-Z, 0-9) would be 595 bits of entropy. You will not be brute forcing it. Although 100 characters is pretty excessive, since a Bitcoin address only has 160 bits of entropy.

Post by BlackDeath3 » Tue, Nov 12, 2013, 11:09 PM UTC

fembot__ wrote: post #13

disdev wrote: post #9

I'd love to say there's some more nefarious work going on, like governments trying to quash Bitcoin and executing these hacks... But my guess is it comes down to poor security.

I couldn't agree more. I took a cool seminar in college about web security, in which a former senior security specialist for a government agency said that there is no such thing as full security, just varying levels of insecurity. Scary thought...