Anatomy of a $40M+ Bitcoin heist

#1

Post by jrecursive » Tue, Dec 03, 2013, 4:38 PM UTC

Anatomy of a $40M+ Bitcoin heist
thinkdifferent.ly

Re: Anatomy of a $40M+ Bitcoin heist

#2

Post by yardie » Tue, Dec 03, 2013, 5:48 PM UTC

Interesting. What's $40MM in bitcoin?

I ask because most of these articles are trying to shock you with the exchange value rather than the BTC value.

Re: Anatomy of a $40M+ Bitcoin heist

#3

Post by alexkus » Tue, Dec 03, 2013, 5:51 PM UTC

yardie wrote: post #2

Interesting. What's $40MM in bitcoin? I ask because most of these articles are trying to shock you with the exchange value rather than the BTC value.

Article says 5500BTC.

Re: Anatomy of a $40M+ Bitcoin heist

#4

Post by elif » Tue, Dec 03, 2013, 5:59 PM UTC

At first I imagined a prosecutor frustratedly trying to convince a judge of the validity of an audit trail like this... but in reality it would probably just come down to an expert witness testifying that it is valid.

Re: Anatomy of a $40M+ Bitcoin heist

#5

Post by betterunix » Tue, Dec 03, 2013, 6:01 PM UTC

yardie wrote: post #2

Interesting. What's $40MM in bitcoin? I ask because most of these articles are trying to shock you with the exchange value rather than the BTC value.

The overwhelming majority of Bitcoin users are concerned with the exchange value, so it makes sense to give that rather than the "native" value.

Re: Anatomy of a $40M+ Bitcoin heist

#6

Post by ceejayoz » Tue, Dec 03, 2013, 6:28 PM UTC

yardie wrote: post #2

Interesting. What's $40MM in bitcoin? I ask because most of these articles are trying to shock you with the exchange value rather than the BTC value.

How is it any different from "one ton of gold" versus "$40 million in gold"? Surely the latter provides more useful information to the general public?

Re: Anatomy of a $40M+ Bitcoin heist

#7

Post by ChuckMcM » Tue, Dec 03, 2013, 6:35 PM UTC

So the '324 is FBI on phone handset' comment, is this the FBI transferring $40M from Silk Road wallets to some other wallet? Or is it something else?

Also one wonders what is done with the 'evidence' after the case. I could imagine the FBI simply deleting the wallets but does anyone know their actual policy?

Re: Anatomy of a $40M+ Bitcoin heist

#8

Post by minimax » Tue, Dec 03, 2013, 6:41 PM UTC

One great thing about bit coin is that all the metadata is available to everyone. You would be hard pressed to make a fancy chart like this with fiat currency.

Re: Anatomy of a $40M+ Bitcoin heist

#9

Post by interstitial » Tue, Dec 03, 2013, 6:47 PM UTC

betterunix wrote: post #5

yardie wrote: post #2

Interesting. What's $40MM in bitcoin? I ask because most of these articles are trying to shock you with the exchange value rather than the BTC value.

The overwhelming majority of Bitcoin users are concerned with the exchange value, so it makes sense to give that rather than the "native" value.

So you're saying it's not a currency, but a speculative play?

Re: Anatomy of a $40M+ Bitcoin heist

#10

Post by shawabawa3 » Tue, Dec 03, 2013, 7:04 PM UTC

ChuckMcM wrote: post #7

So the '324 is FBI on phone handset' comment, is this the FBI transferring $40M from Silk Road wallets to some other wallet? Or is it something else? Also one wonders what is done with the 'evidence' after the case. I could imagine the FBI simply deleting the wallets but does anyone know their actual policy?

> I could imagine the FBI simply deleting the wallets but does anyone know their actual policy?

Pretty sure whatever their policy is, it isn't "throw away $150million of seized assets"