Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen • Hacker News Board

Re: Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen

#61

Post by veemjeem » Mon, Nov 25, 2013, 9:21 PM UTC

clarkmoody wrote: post #50

peteretep wrote: post #47

Earlier quoted context omitted.

Why do you wish that? Every news source on the planet localizes currency amounts to their audience. Are you actually making some weird political point about BTC value, or are you surprised that a news source is localizing currency values?

1) When large amount of BTC are stolen or moved, the fiat value would be far less if the coins were sold on the open exchange. 2) The article title becomes immediately obsolete due to exchange rate fluctuations. On the day of the theft for instance, the BTC/USD rate was hugely volatile, fluctuating between $522 and $788. We could go dig up the old Bitcoin Forum posts about people losing 25k coins and mark-to-market t…

Well, it's a news article. The goal of the journalist is to get people to read it. It would be a less interesting headline if it forced people to do the conversion since many people still do not yet understand BTC. Putting both values (BTC & USD) into the headlines would make it redundant.

Re: Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen

#62

Post by dmix » Mon, Nov 25, 2013, 9:50 PM UTC

ori_b wrote: post #36

I'm not a bitcoin expert, so I may end up off base, but... The US government seemed surprisingly warm to bitcoin in the senate hearing. I suspect that if governments end up getting involved in bitcoin, each merchant will require some form of ID for each wallet that they interact with. This will mean that tracking down crimes like this will be fairly easy, since there's a record of each transaction. Trace down the cha…

ID'ing hasn't stopped stolen guns from being used by criminals, I highly doubt it will stop hackers from being able to use Bitcoin. Harder maybe. But there will be thousands of markets that exist outside of USA regulation (or black markets within the USA). Especially by the time the USA would be capable of implementing some sort of ID system.

There is also factoring in the complexity added to associating any form of ID to a particular coin, if CoinJoin or similar trustless anonymizing mixing services reach widespread adoption.

This is all assuming Bitcoin continues it's mainstream course.

Re: Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen

#63

Post by fat0wl » Mon, Nov 25, 2013, 10:36 PM UTC

VMG wrote: post #27

fat0wl wrote: post #15

Earlier quoted context omitted.

heh they DO hate that ;) my point was simpler tho which is just that the real numbers being applied to these amounts rely on ecosystem stability and the market cap (a term a trader helpfully pointed me to in order to understand their favorite stat, which these "multiply by exchange rate" figures are an extension of) really doesn't represent the real world value of assets in Bitcoin since the value declines as money i…

Why would early adopter cash out instead of keeping their savings in a deflationary currency that is gaining value? They didn't in the April crash.

eh cuz its just too good to be true. why not sneak out a few $700 now and then just in case tomorrow its worthless? keep enough for a large fortune but just take like 100 coins out every year. that would be what now, $70k/year? Just for selling off something that 2 years ago was worthless and in 2 years may be worthless? At a certain point you gotta just take the money & run.