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(Yahoo)   All your bitcoin are belong to somebody else   (finance.yahoo.com) divider line 20
    More: Obvious, hacking attacks, Best & Co.  
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4895 clicks; posted to Geek » on 04 Apr 2013 at 9:10 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-04-04 07:15:31 PM  
2 votes:

Popcorn Johnny: I just read a thread on reddit about a guy who took out a $30,000 loan, invested it all in bitcoins, and has a couple hundred grand a few months later.


He doesn't have a couple hundred grand until he actually manages to sell them.  And human nature being what it is, people like that usually get greedy and continue to "let it ride."

Now, if he was smart, he would sell off 300 bitcoins today so that he can at least break even and pay off his loans.  Then the rest of the economy could crash to zero, and he would still come out ahead.

Or, he can keep getting greedy and go "double or nothing."
2013-04-04 01:04:30 PM  
2 votes:

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.
2013-04-04 09:50:11 AM  
2 votes:
Until bitcoins are valued at zero (or "imaginary") they will continue to be over-valued.
2013-04-04 10:31:33 PM  
1 votes:
Buying normal goods with Bitcoins is easy!  (Yes, that is correct, there are at least five separate transaction fees to get through the process)i.imgur.com
2013-04-04 10:18:40 PM  
1 votes:

schrodinger: He doesn't have a couple hundred grand until he actually manages to sell them


That is why people want banks in on the act. There is no easy out to cash to pay your bills with.

Of course, getting a bank involved defeats the purpose of bitcoin which is to avoid banks.
2013-04-04 03:39:14 PM  
1 votes:
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.
2013-04-04 02:03:44 PM  
1 votes:

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.
2013-04-04 01:38:21 PM  
1 votes:
Not that i trust the banks much, but i trust the FDIC more than a bunch of libertarian crypto nerds.
2013-04-04 01:13:30 PM  
1 votes:

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.
2013-04-04 01:07:50 PM  
1 votes:

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.
2013-04-04 12:56:11 PM  
1 votes:
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
2013-04-04 12:40:41 PM  
1 votes:

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.
2013-04-04 11:54:53 AM  
1 votes:

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.
2013-04-04 11:43:17 AM  
1 votes:
THREAD CLOSED DUE TO LACK OF INTEREST
2013-04-04 11:39:07 AM  
1 votes:
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
2013-04-04 10:41:41 AM  
1 votes:
Gee, bitcoins are only worth $130 each now. I wonder, is that an indictment of the dollar or a paen to the bitcoin?
2013-04-04 10:37:39 AM  
1 votes:

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


I don't know, but 1 bitcoin is 10000000 satoshis
2013-04-04 09:22:15 AM  
1 votes:

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.
2013-04-04 09:20:58 AM  
1 votes:
Was Bitcoin set up by L Ron Hubbard? Just seems like his kind of thing.
2013-04-04 09:16:13 AM  
1 votes:
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.
 
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