Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen

#1

Post by qwertzlcoatl » Mon, Nov 25, 2013, 1:51 PM UTC

Bitcoin Payment Processor BIPS Attacked, Over $1M Stolen
coindesk.com

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

#2

Post by aw3c2 » Mon, Nov 25, 2013, 2:25 PM UTC

Misleading. 1295 BTC were stolen, no USD.

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

#3

Post by jzwinck » Mon, Nov 25, 2013, 2:33 PM UTC

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

Well thank goodness for that. At least this way there is no chance of recovery.

I enjoyed the bit at the end about a potential lawsuit to get the BTC back. Sounds awfully familiar to the legal posturing after some other BTC heists--none of which got anywhere AFAIK.

Do people still think the irrevocability of BTC transactions is a good thing?

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

#4

Post by pallandt » Mon, Nov 25, 2013, 2:33 PM UTC

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

They seem to be currently worth more than $1 million USD though. Maybe the USD equivalent was chosen for the title because more people would be able to immediately relate to it as a value.

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

#5

Post by [deleted] » Mon, Nov 25, 2013, 2:40 PM UTC

pallandt wrote: post #4

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

They seem to be currently worth more than $1 million USD though. Maybe the USD equivalent was chosen for the title because more people would be able to immediately relate to it as a value.

[deleted]

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

#6

Post by executive » Mon, Nov 25, 2013, 2:46 PM UTC

jzwinck wrote: post #3

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

Well thank goodness for that. At least this way there is no chance of recovery. I enjoyed the bit at the end about a potential lawsuit to get the BTC back. Sounds awfully familiar to the legal posturing after some other BTC heists--none of which got anywhere AFAIK. Do people still think the irrevocability of BTC transactions is a good thing?

yes. events like this encourage better security.

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

#7

Post by ogig » Mon, Nov 25, 2013, 2:48 PM UTC

jzwinck wrote: post #3

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

Well thank goodness for that. At least this way there is no chance of recovery. I enjoyed the bit at the end about a potential lawsuit to get the BTC back. Sounds awfully familiar to the legal posturing after some other BTC heists--none of which got anywhere AFAIK. Do people still think the irrevocability of BTC transactions is a good thing?

>Do people still think the irrevocability of BTC transactions is a good thing?

Yes. Third parties will provide escrow/insurance services if there is demand for them. Transactions been irreversible "by default" is a core benefit of bitcoin and merchants may preffer that over chargebacks at 18€.

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

#8

Post by fat0wl » Mon, Nov 25, 2013, 2:53 PM UTC

pallandt wrote: post #4

aw3c2 wrote: post #2

Misleading. 1295 BTC were stolen, no USD.

They seem to be currently worth more than $1 million USD though. Maybe the USD equivalent was chosen for the title because more people would be able to immediately relate to it as a value.

this is common linkbait tactic now. They take the current high trading value of BTC & multiply by the number of BTC involved to get some crazy-high-looking USD price. It's not money in hand, the reality of getting that money out of BTC can be pricey.

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

#9

Post by fat0wl » Mon, Nov 25, 2013, 2:54 PM UTC

ogig wrote: post #7

jzwinck wrote: post #3

Earlier quoted context omitted.

Well thank goodness for that. At least this way there is no chance of recovery. I enjoyed the bit at the end about a potential lawsuit to get the BTC back. Sounds awfully familiar to the legal posturing after some other BTC heists--none of which got anywhere AFAIK. Do people still think the irrevocability of BTC transactions is a good thing?

>Do people still think the irrevocability of BTC transactions is a good thing? Yes. Third parties will provide escrow/insurance services if there is demand for them. Transactions been irreversible "by default" is a core benefit of bitcoin and merchants may preffer that over chargebacks at 18€.

I've heard that this type of insurance is expensive and a large part of banks' transaction fees. I can only imagine how expensive an insurance service like that for Bitcoin would be.

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

#10

Post by pistle » Mon, Nov 25, 2013, 3:03 PM UTC

fat0wl wrote: post #8

pallandt wrote: post #4

Earlier quoted context omitted.

They seem to be currently worth more than $1 million USD though. Maybe the USD equivalent was chosen for the title because more people would be able to immediately relate to it as a value.

this is common linkbait tactic now. They take the current high trading value of BTC & multiply by the number of BTC involved to get some crazy-high-looking USD price. It's not money in hand, the reality of getting that money out of BTC can be pricey.

Which is why bitcoin is secure and liquid - great as a utility currency.

So you're saying the transaction costs of converting from bitcoin to any useful currency is really high and that we should see the unattractiveness of money-servicing costs as a security-assurance since script-kiddie criminals don't like seeing any portion of their free "money" siphoned away by the money-changers in the temple.