FARK.com: (7682340) All your bitcoin are belong to somebody else

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		All your bitcoin are belong to somebody else (finance.yahoo.com)		66
		More: Obvious, hacking attacks, Best & Co.

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4812 clicks; posted to Geek » on 04 Apr 2013 at 9:10 AM | Favorite | share:

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Honest Bender		2013-04-04 09:13:40 AM

A "hacking attack?" Really? Come over here so I can strangle the stupid out of you. A DDOS != hacking.

fluffy2097		2013-04-04 09:16:13 AM

lol

No, it's not a ponzi scheme.

Just give an exchange all your bitcoins and they'll give you interest back!

Or just steal it all for themselves, considering there is no legal recourse for the theft of a currency that is not real.

aintnuttintofarkwith		2013-04-04 09:16:24 AM

Now I can only afford ONE oz/week

wejash		2013-04-04 09:20:58 AM

Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.

fluffy2097		2013-04-04 09:22:15 AM

wejash: Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.

He could only aspire to such a brilliant scam.

LazarusLong42		2013-04-04 09:28:50 AM

That's fine, I have a huge stack of Flooz and Beenz that I can use instead.

cefm		2013-04-04 09:50:11 AM

Until bitcoins are valued at zero (or "imaginary") they will continue to be over-valued.

doctorguilty		2013-04-04 09:57:31 AM

What's the exchange rate from bitcoins to quatloos?

ex0du5		2013-04-04 10:00:19 AM

When you decentralise the production, anyone can manipulate the market. YAY FREEDOM!

LesserEvil		2013-04-04 10:03:15 AM

Well, it sounds like no bitcoins were stolen as a result of this "hacking attack" - it's just a scheme to destabilize the system to drop the price and buy up the bitcoins at a cheaper price.

That said, this scheme will be around for a while, only because it offers some people a way to access goods and services that would otherwise be tracked by law enforcement agents around the world using traditional currency systems. It's basically just a money laundering system for the people who make the most use out of it, outside of a few "information should be free" type crusaders.

MindStalker		2013-04-04 10:37:39 AM

doctorguilty: What's the exchange rate from bitcoins to quatloos?

I don't know, but 1 bitcoin is 10000000 satoshis

Disposable Rob		2013-04-04 10:38:19 AM

fluffy2097: lol

No, it's not a ponzi scheme.

Nah, if it were an actual ponzi scheme the price fluctuations could probably be more accurately predicted and it would be less susceptible to DDOSes.

js34603		2013-04-04 10:39:12 AM

BitCoins? Freaking fake currency. I'll stick with all this paper and scrap metal in my pockets thanks. That's real currency.

untaken_name		2013-04-04 10:41:41 AM

Gee, bitcoins are only worth $130 each now. I wonder, is that an indictment of the dollar or a paen to the bitcoin?

Ned Stark		2013-04-04 10:58:07 AM

I mined about 90 bitcoins way back near the start. Uninstalled and deleted everything because I decided it was stupid and they would never be worth anything.

I need a drink.

you have pee hands		2013-04-04 11:12:16 AM

fluffy2097: wejash: Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.

He could only aspire to such a brilliant scam.

Until Bitcoin literally manipulates the IRS into declaring them a tax exempt religion, all other scam artists must continue looking up to L Ron Hubbard.

rogue49		2013-04-04 11:14:48 AM

only a matter of time...

fluffy2097		2013-04-04 11:30:05 AM

you have pee hands: fluffy2097: wejash: Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.

He could only aspire to such a brilliant scam.

Until Bitcoin literally manipulates the IRS into declaring them a tax exempt religion, all other scam artists must continue looking up to L Ron Hubbard.

Bitcoin isn't recognized as money. It's Tax exempt.

You can only buy drugs, child porn, and webhosting with it, but it IS tax exempt, The same way your collection of wooden nickles is.

jfarkinB		2013-04-04 11:38:17 AM

I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

Lt. Cheese Weasel		2013-04-04 11:39:07 AM

Phew...Quatloos are still safe......

i15.photobucket.com

When in doubt, go with the blue chips..

www.technovelgy.com

And the drill thralls wearing tin foil bikinis

rjakobi		2013-04-04 11:43:17 AM

THREAD CLOSED DUE TO LACK OF INTEREST

you have pee hands		2013-04-04 11:54:53 AM

fluffy2097: You can only buy drugs, child porn, and webhosting with it, but it IS tax exempt, The same way your collection of wooden nickles is.

If I made $10k selling wooden nickels, I'd have to declare that, right? I wouldn't be taxed as long as I could keep my transactions denominated in wooden nickels, but as soon as I tried to cash out for anything else I'm in trouble if they notice. Maybe a MMO gold farmer could answer if they weren't all in 3rd world sweatshops.

fluffy2097		2013-04-04 12:06:37 PM

you have pee hands: If I made $10k selling wooden nickels, I'd have to declare that, right? I wouldn't be taxed as long as I could keep my transactions denominated in wooden nickels, but as soon as I tried to cash out for anything else I'm in trouble if they notice. Maybe a MMO gold farmer could answer if they weren't all in 3rd world sweatshops.

Yes, because dollars are real money.

You don't pay taxes on a painting valued at a million dollars, and if you trade that painting for a child sex slave, you don't have to declare it because real money was never involved.

Now just replace painting with bitcoin.

StrikitRich		2013-04-04 12:15:05 PM

Bitcoins lose 20% due to hacking attack, drop from $147.......??!!

Back up to the $130s? Are the hedge funds buying?

you have pee hands		2013-04-04 12:31:41 PM

fluffy2097:Yes, because dollars are real money.

You don't pay taxes on a painting valued at a million dollars, and if you trade that painting for a child sex slave, you don't have to declare it because real money was never involved.

Now just replace painting with bitcoin.

Actually now that I look at bitcoin denominated transactions for goods/services aren't exempt, though as long as they're relatively small they'll probably go unnoticed like most bartering does.

Smackledorfer		2013-04-04 12:40:41 PM

fluffy2097: Yes, because dollars are real money.

Dollars are real money, and for all the crying and pants pissing people like you do over inflation zomg, the US dollar off the gold standard with nothing but the full faith and credit of the US has never fluctuated like this stupid bitcoin.

iawai		2013-04-04 12:44:39 PM

fluffy2097: you have pee hands: fluffy2097: wejash: Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.

He could only aspire to such a brilliant scam.

Until Bitcoin literally manipulates the IRS into declaring them a tax exempt religion, all other scam artists must continue looking up to L Ron Hubbard.

Bitcoin isn't recognized as money. It's Tax exempt.

You can only buy drugs, child porn, and webhosting with it, but it IS tax exempt, The same way your collection of wooden nickles is.

It's considered a capital investment. If you buy in with $100,000 in bitcoin and cash out at $190,000, you have $90k in capital gains to report.

You can also buy electronics with zero markup, and anything you can trade for from anyone willing to sell.

iawai		2013-04-04 12:45:43 PM

cefm: Until bitcoins are valued at zero (or "imaginary") they will continue to be over-valued.

Put your money where your mouth is. Buy a bunch of shorts on the market and laugh your ass to the bank if you're right.

iawai		2013-04-04 12:46:29 PM

Smackledorfer: fluffy2097: Yes, because dollars are real money.

Dollars are real money, and for all the crying and pants pissing people like you do over inflation zomg, the US dollar off the gold standard with nothing but the full faith and credit of the US has never fluctuated like this stupid bitcoin.

Anything that can be traded as a medium of exchange is money.

iawai		2013-04-04 12:49:35 PM

jfarkinB: I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

So if a bank robbery happened, you'd stop taking the US dollar seriously, too?

Flash_NYC		2013-04-04 12:56:11 PM

FTFA: "Another bitcoin associated company Instawallet - an online storage service - was hacked earlier this week and its service was suspended indefinitely.
"Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is," it said on its website."

In other words, we didn't bother to hire a competent DBA, or listen to them when they said the database needed to be backed up properly. We went with the "just back everything up to tape, which worked on my laptop and desktop, so it should work on a busy, multi-user, database system, right? RIGHT!!! By the way fire the DBA, it's too much of a hassle to hear them complain about no backups, what do you think the TAPE DRIVES are for?!!!!!"

/ too many IT people believe this
// too many IT managers believe this

fluffy2097		2013-04-04 01:04:30 PM

Flash_NYC: FTFA: "Another bitcoin associated company Instawallet - an online storage service - was hacked earlier this week and its service was suspended indefinitely.
"Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is," it said on its website."

In other words, we didn't bother to hire a competent DBA, or listen to them when they said the database needed to be backed up properly. We went with the "just back everything up to tape, which worked on my laptop and desktop, so it should work on a busy, multi-user, database system, right? RIGHT!!! By the way fire the DBA, it's too much of a hassle to hear them complain about no backups, what do you think the TAPE DRIVES are for?!!!!!"

/ too many IT people believe this
// too many IT managers believe this

That is a corporate way of thinking.

This was a small operation. There was no hack. There was no DB crash. Admin took the money and ran, and there's no legal recourse. He's set for life on ordering experimental research chemicals from third world countries.

jfarkinB		2013-04-04 01:07:50 PM

iawai: jfarkinB: I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

So if a bank robbery happened, you'd stop taking the US dollar seriously, too?

If a single bank robbery meant that all my dollars lost 20% of their value overnight, yes, yes, I would.

Supes		2013-04-04 01:13:30 PM

Ned Stark: I mined about 90 bitcoins way back near the start. Uninstalled and deleted everything because I decided it was stupid and they would never be worth anything.

I need a drink.

At least you didn't spend 10,000 bitcoins to get a pizza delivered from Papa Johns.

Smackledorfer		2013-04-04 01:36:12 PM

iawai: Smackledorfer: fluffy2097: Yes, because dollars are real money.

Dollars are real money, and for all the crying and pants pissing people like you do over inflation zomg, the US dollar off the gold standard with nothing but the full faith and credit of the US has never fluctuated like this stupid bitcoin.

Anything that can be traded as a medium of exchange is money.

So then world of warcraft gold is just as real a currency as the US dollar. Some goods and services are exchanged for wow gold, and you can buy it with the dollar.

And what would make something NOT-currency?

That is a very useful definition you have there, and oh so relevant to my post.

Cyno01		2013-04-04 01:38:21 PM

Not that i trust the banks much, but i trust the FDIC more than a bunch of libertarian crypto nerds.

MadSkillz		2013-04-04 01:51:23 PM

iawai: You can also buy electronics with zero markup, and anything you can trade for from anyone willing to sell.

Yes, because noone likes to generate any sort of profit on the things they sell.

/time = money.

Disposable Rob		2013-04-04 01:59:37 PM

jfarkinB: iawai: jfarkinB: I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

So if a bank robbery happened, you'd stop taking the US dollar seriously, too?

If a single bank robbery meant that all my dollars lost 20% of their value overnight, yes, yes, I would.

A bank robbery of that magnitude would dwarf anything Auric Goldfinger ever came up with.

untaken_name		2013-04-04 02:03:44 PM

jfarkinB: iawai: jfarkinB: I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

So if a bank robbery happened, you'd stop taking the US dollar seriously, too?

If a single bank robbery meant that all my dollars lost 20% of their value overnight, yes, yes, I would.

Have you seen the rate of inflation over the past 10 years? If the dollar had only lost 20% of its value, we'd be in decent shape.

iawai		2013-04-04 02:15:18 PM

MadSkillz: iawai: You can also buy electronics with zero markup, and anything you can trade for from anyone willing to sell.

Yes, because noone likes to generate any sort of profit on the things they sell.

/time = money.

It's a bitcoin enthusiast trying to generate name recognition and interest in the bitcoin. He had $500,000 worth of sales in one of his first months in business by offering this loss-leader.

He, as a particular actor on the market, preferred to profit psychologically and with the intangibles in his business rather than in US dollars.

My point was only that there are non-black-market uses for bitcoin, and they are growing. A property management company in Memphis, TN has announced they will accept bitcoin for rent. Bitmit.net (NSFW) is trying to emulate the ebay model.

seniorgato		2013-04-04 02:58:46 PM

There was another topic here that got me interested in bitcoin. So I started looking around, trying to find who accepts it.
Basically... Nobody.
Mining gives you free money!
Actually, it'll cost more in electricity and wear and tear on the computer than you'll ever recover.
But no taxes on income! Well, if you are going to hide money in bitcoin, you can hide cash in a safe.

So what is it good for? It's a ghetto stock market. You buy low, sell high. Ride the waves.

It's a game. It's what I used to do in World of Warcraft on the auction site. Just don't be the guy holding all the cool stuff pre-patch. You find yourself with a lot of useless crap.

I also didn't like that there was a 10 page explanation I ran across about whether it was legal or not.

Aexia		2013-04-04 03:00:12 PM

fluffy2097: This was a small operation. There was no hack. There was no DB crash. Admin took the money and ran, and there's no legal recourse. He's set for life on ordering experimental research chemicals from third world countries.

Ding ding ding ding ding ding

schrodinger		2013-04-04 03:31:56 PM

schrodinger		2013-04-04 03:35:40 PM

untaken_name: jfarkinB: iawai: jfarkinB: I understand some of the philosophical ideas behind Bitcoin, but in light of news like this, it's really, really hard for me to take it seriously.

So if a bank robbery happened, you'd stop taking the US dollar seriously, too?

If a single bank robbery meant that all my dollars lost 20% of their value overnight, yes, yes, I would.

Have you seen the rate of inflation over the past 10 years? If the dollar had only lost 20% of its value, we'd be in decent shape.

Nice change of goal post.

10 years is roughly 730000% of "overnight."

Also, how would we be in decent shape if the rate of inflation was lower? Do you think that the main reason the economy crashed in 2008 is because there was too much currency and not enough people defaulting on loans or something?

Ray_Peranus		2013-04-04 03:39:14 PM

Store bitcoins on a thumb drive and then stick it up your butt. Then you can only get raped on them by actually being raped.

BarkingUnicorn		2013-04-04 04:54:37 PM

BarkingUnicorn		2013-04-04 05:05:52 PM

Just for fun, I downloaded a Bitcoin client and started it up to get a Bitcoin address yesterday. It immediately started "syncing" and 24 hours later it's only 88% done. The counter suggests it's going through every transaction since the first Bitcoin was created.

Perhaps this is supposed to dampen demand, as the mining process is supposed to dampen supply.

downstairs		2013-04-04 05:26:17 PM

BarkingUnicorn: Just for fun, I downloaded a Bitcoin client and started it up to get a Bitcoin address yesterday. It immediately started "syncing" and 24 hours later it's only 88% done. The counter suggests it's going through every transaction since the first Bitcoin was created.

Perhaps this is supposed to dampen demand, as the mining process is supposed to dampen supply.

Can you explain what "mining" means? Serious question (for you or anyone). In layman's terms.

MadSkillz		2013-04-04 05:30:33 PM

BarkingUnicorn: Just for fun, I downloaded a Bitcoin client and started it up to get a Bitcoin address yesterday. It immediately started "syncing" and 24 hours later it's only 88% done. The counter suggests it's going through every transaction since the first Bitcoin was created.

Perhaps this is supposed to dampen demand, as the mining process is supposed to dampen supply.

I could have been making free money all this time and noone said anything?

Cerebral Knievel		2013-04-04 05:56:14 PM

its a tit for tat type of thing... but.. what the hell is tat, where do i get it, and how do i trade it for the other thing?

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