Bitcoin thread anyone?

Discussion in 'Crypto Assets' started by COB, Jun 8, 2011.

  1. gnode


    You don't know how to read, or divide, or multiply. You don't understand supply and demand and the impact on exchange rates.

    Good luck in your future endeavors!
    #81     Jun 15, 2011
  2. Pekelo


    The advantage of bitcoins is that you can be wiped out by a hacker much easier than using a credit card. And no bank will back your loses:

    "Wiped out

    The user known as "allinvain" is a long-time contributor to the Bitcoin forums. He says he's been mining Bitcoins for over a year, and had amassed a fortune of 25,000 BTC. This was a modest sum a few months ago, when Bitcoins were worth pennies, but over the last two months the value of a Bitcoin skyrocketed to around $20, which means 25,000 BTC would have been worth half a million dollars. "I remember watching the price like a hawk," he wrote.

    And then disaster struck. "I just woke up to see a very large chunk of my bitcoin balance gone," he wrote. "Needless to say I feel like I have lost faith in bitcoin." He speculated that a Windows security flaw may have allowed the culprit to gain access to his digital wallet. "I feel like killing myself now," he said."
    #82     Jun 15, 2011
  3. gnode


    I lol'd so hard when I saw that.
    #83     Jun 15, 2011
  4. this theft is an interesting development. explains the precipitous drop on monday. definitely exposes some glaring weaknesses in the current implementation. LeeD and others may be right about weaknesses in the security level of BTC architecture

    i'm wondering...

    why is the price sustained around 20 USD/BTC following this incident if the concept is fundamentally flawed?

    is there an obvious and generally safe way to protect a wallet file (for an ordinary, non-airtight windows user)?
    #84     Jun 15, 2011
  5. Pekelo


    Encryption. But I don't think you can back them up. So if your computer gets lost or physically destroyed, there goes your bitcoins.
    #85     Jun 15, 2011
  6. gnode


    First off, we have no idea of knowing if the story is even true. It could just be a funny story.

    Second, bitcoins are like cash. If you lose your cash, its lost. This guy basically left his door open to his house and thief came in and took it.
    #86     Jun 15, 2011
  7. On this note a major flaw that has crossed my mind is this: A holder of large amounts of bitcoins is a prime target for real criminals. The kind that put on cop clothes and raid your home.
    #87     Jun 16, 2011
  8. You cant fix stupid. Bitcoin's wallet file has no encryption by default, it's designed to be just like paper cash, whoever has it, owns the coins. If you lose it, you lose the coins. There are so many ways you can protect it, simply put it on a usb or offline laptop and only go online when need to make a trade is more than enough to protect your bitcoins. If paranoid you can also google and encrypt the file just in case under 10 mins. So this guy decide to leave half a mil worth of bitcoins just sitting there on his connected computer, that's not different than leaving half a mil cash by the window in your house.

    The idiot deserves to get taken to the cleaners, although it's most likely a hoax. Noone is that stupid.
    #88     Jun 16, 2011
  9. what does this has to do with anything? i just called your bullshit and proved what a fucking idiot you are with your $280k a week wetdream, just admit you are full of shit and move on.
    #89     Jun 16, 2011
  10. LeeD


    I understand you can easily backup bitcoins by encryting and saving elsewhere file wallet.dat.
    #90     Jun 16, 2011