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(The New Republic)   The awesome thing about Bitcoin is you can watch bank heists live, in realtime. With paper money you have to wait for the movie   (newrepublic.com) divider line 38
    More: Cool, Silk Road  
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5894 clicks; posted to Main » on 04 Dec 2013 at 12:39 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



38 Comments   (+0 »)
   
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2013-12-04 12:41:29 PM
lol I can't believe people used a site called sheep marketplace for financial transactions.

That sounds as wise as walking up to the van that has free candy spray painted on the outside.
 
2013-12-04 12:47:21 PM
Tracing bitcoins is made by sending the thief more bitcoins? That sounds like a good system
 
2013-12-04 12:48:45 PM
Yeah, bitcoin troo-beeleavers are dumb.  Bitcoins are overvalued.

But I really wish I had just stolen that $100MM
 
2013-12-04 12:51:07 PM
Suckers.  I keep all my Flooz under my mattress.
 
2013-12-04 12:51:30 PM

ikanreed: Yeah, bitcoin troo-beeleavers are dumb.  Bitcoins are overvalued.

But I really wish I had just stolen that $100MM



Good luck cashing it out into real world currency...
 
2013-12-04 12:52:46 PM
https://blockchain.info/address/1CbR8da9YPZqXJJKm9ze1GYf67eKAUfXwP

lot's o people begging the thief for some donations...
amazing how many people are ok with taking other peoples money, as long as they are not the original thief...
 
2013-12-04 12:56:23 PM
bahahhahahaahahahaahaaa
*deep breath
bahahahhahahahahahaahhhhhahah
 
2013-12-04 12:57:20 PM

TheDirtyNacho: ikanreed: Yeah, bitcoin troo-beeleavers are dumb.  Bitcoins are overvalued.

But I really wish I had just stolen that $100MM


Good luck cashing it out into real world currency...


I'm not an expert, but as long as they cash out before the Bitcoin market crashes (and that is definitely going to happen), they should be golden.  The whole point of Bitcoin is for it to be untraceable and payable to bearer.
 
2013-12-04 01:04:30 PM

KAVORKA: TheDirtyNacho: ikanreed: Yeah, bitcoin troo-beeleavers are dumb.  Bitcoins are overvalued.

But I really wish I had just stolen that $100MM


Good luck cashing it out into real world currency...

I'm not an expert, but as long as they cash out before the Bitcoin market crashes (and that is definitely going to happen), they should be golden.  The whole point of Bitcoin is for it to be untraceable and payable to bearer.


---

I think original farker was referring to the *coin exchanges happy to take deposits in cash, but taking months to honour withdrawals. MTGOX comes to mind, but there have been recent problems with BTCe and Bitstamp as well. BTCChina has a whole slew of other problems as it is based in China and there are capital controls on RMB,
 
2013-12-04 01:05:54 PM
I just make bitcoins with my 3D printer.
/Welcome to the Geek tab
 
2013-12-04 01:06:24 PM
KAVORKA:
I'm not an expert, but as long as they cash out before the Bitcoin market crashes (and that is definitely going to happen), they should be golden.  The whole point of Bitcoin is for it to be untraceable and payable to bearer.

No, that's actually quite the opposite. The entire blockchain is viewable by the public, so you can trace where a given bitcoin came from, from original mining to the present holder. You have to take several steps to anonymize a bitcoin.
 
2013-12-04 01:07:38 PM
... I have no clue wtf...
 
2013-12-04 01:08:29 PM
I tried watching the heist but all I see are long strings of hex characters.  Not very exciting.

/But more riveting than Hannity
 
2013-12-04 01:09:49 PM
ertai_lapis:

No, that's actually quite the opposite. The entire blockchain is viewable by the public, so you can trace where a given bitcoin came from, from original mining to the present holder. You have to take several steps to anonymize a bitcoin.

Yes but that is essentially anonymous info, correct?  You can't easily trace it to a person.  That would defeat the entire purpose of Bitcoin.
 
2013-12-04 01:13:25 PM

Trid_Kicker: I tried watching the heist but all I see are long strings of hex characters.  Not very exciting.



You get used to it. I don't even see the code. All I see is blonde, brunette, redhead.
 
2013-12-04 01:26:47 PM

TheDirtyNacho: Good luck cashing it out into real world currency...


Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.
 
2013-12-04 01:27:31 PM
The premier marketplace for Bitcoins is hacked and/or robbed by the most likely suspect, the owner.  The same premier marketplace that is almost entirely made up of very thinly veiled drug and illicit goods sales between "vendors" and "clients."

Yeah, I'm not shedding any tears for any involved.
 
2013-12-04 01:27:45 PM

gambitsgirl: ... I have no clue wtf...


denver.mylittlefacewhen.com
 
2013-12-04 01:33:04 PM

eas81: gambitsgirl: ... I have no clue wtf...


Exactly
 
2013-12-04 01:39:33 PM

KAVORKA: ertai_lapis:

No, that's actually quite the opposite. The entire blockchain is viewable by the public, so you can trace where a given bitcoin came from, from original mining to the present holder. You have to take several steps to anonymize a bitcoin.

Yes but that is essentially anonymous info, correct?  You can't easily trace it to a person.  That would defeat the entire purpose of Bitcoin.


Apparently they can be made almost untraceable if you're trying to launder a couple of coins at a time along with a bunch of other people, but sending 96,000 for laundering all at once makes the process less effective.
 
2013-12-04 01:49:53 PM
Bitcoin is an interesting concept but in the end is just another fiat currency that has no basis in reality.  It's sickening to see the amount of hardware and electricity wasted in the "mining" process.  Just another sign that the Web 2.0 bubble is about to pop spectacularly.  Wall Street has taken notice and is manipulating the market, hence the recent run-up.  Ain't nobody that knows how to pump and dump like Goldman, JPM, etc.  These nerds won't know what hit them.
 
2013-12-04 01:55:46 PM
That sounded like it could be interesting if my brain could hold all the words of the article them and process them correctly.
 
2013-12-04 02:09:47 PM

Giltric: lol I can't believe people used a site called sheep marketplace for financial transactions.

That sounds as wise as walking up to the van that has free candy spray painted on the outside.


www.freeladders.com
 
2013-12-04 02:10:32 PM

IamAwake: TheDirtyNacho: Good luck cashing it out into real world currency...

Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.



I have read the article twice now and don't see this.  Cashing out bitcoins ain't easy.  Moving that kind of money in real currency is difficult as significant paper trails are created with amounts over $10k.
 
2013-12-04 02:12:03 PM

MylesHeartVodak: The premier marketplace for Bitcoins is hacked and/or robbed by the most likely suspect, the owner.  The same premier marketplace that is almost entirely made up of very thinly veiled drug and illicit goods sales between "vendors" and "clients."

Yeah, I'm not shedding any tears for any involved.


Just think of how many ideologues are not paying taxes on the returns on their investments that they feel the 1% should pay more on.
 
2013-12-04 02:23:47 PM

Giltric: MylesHeartVodak: The premier marketplace for Bitcoins is hacked and/or robbed by the most likely suspect, the owner.  The same premier marketplace that is almost entirely made up of very thinly veiled drug and illicit goods sales between "vendors" and "clients."

Yeah, I'm not shedding any tears for any involved.

Just think of how many ideologues are not paying taxes on the returns on their investments that they feel the 1% should pay more on.


Why should they?  It levels the playing field since the 1% don't pay taxes either.
 
2013-12-04 02:27:47 PM

cirrhosis_and_halitosis: Giltric: MylesHeartVodak: The premier marketplace for Bitcoins is hacked and/or robbed by the most likely suspect, the owner.  The same premier marketplace that is almost entirely made up of very thinly veiled drug and illicit goods sales between "vendors" and "clients."

Yeah, I'm not shedding any tears for any involved.

Just think of how many ideologues are not paying taxes on the returns on their investments that they feel the 1% should pay more on.

Why should they?  It levels the playing field since the 1% don't pay taxes either.



I just wanted to hear the hypocrisy from an ideologues mouth.

Thanks.
 
2013-12-04 02:32:59 PM

Giltric: cirrhosis_and_halitosis: Giltric: MylesHeartVodak: The premier marketplace for Bitcoins is hacked and/or robbed by the most likely suspect, the owner.  The same premier marketplace that is almost entirely made up of very thinly veiled drug and illicit goods sales between "vendors" and "clients."

Yeah, I'm not shedding any tears for any involved.

Just think of how many ideologues are not paying taxes on the returns on their investments that they feel the 1% should pay more on.

Why should they?  It levels the playing field since the 1% don't pay taxes either.


I just wanted to hear the hypocrisy from an ideologues mouth.

Thanks.


I'm not sure if I qualify as an ideologue, it's just common sense.
 
2013-12-04 02:33:59 PM
This is why I've invested everything I have into sandwiches.
i1.ytimg.com
 
2013-12-04 02:40:36 PM
if its really from the silkroad 2, then this person has pissed off some dangerous people.

People who won't hesitate to kill.
 
2013-12-04 03:14:26 PM

TheDirtyNacho: IamAwake: TheDirtyNacho: Good luck cashing it out into real world currency...

Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.


I have read the article twice now and don't see this.  Cashing out bitcoins ain't easy.  Moving that kind of money in real currency is difficult as significant paper trails are created with amounts over $10k.


eh, I guess I misread it.  But the trace is now down to 90k, and that will continue to dwindle.  Check back in a week and see how much is still being tracked.  At that point, the person can pull out whatever amount and say they put $5000 in back in July, and seeing it worth almost 18x more, they pulled out.  Or hey, they built an amazon cluster and were mining coins.  Or whatever.  They can pull out 9k a week for a very long time, while also doing some very large transactions here and there.  Or maybe they can put the money back in to silk road 2 from whence it came, and buy assassinations on the 40 people who came closest to catching him, and still have plenty left over.
 
2013-12-04 04:21:07 PM

IamAwake: TheDirtyNacho: IamAwake: TheDirtyNacho: Good luck cashing it out into real world currency...

Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.


I have read the article twice now and don't see this.  Cashing out bitcoins ain't easy.  Moving that kind of money in real currency is difficult as significant paper trails are created with amounts over $10k.

eh, I guess I misread it.  But the trace is now down to 90k, and that will continue to dwindle.  Check back in a week and see how much is still being tracked.  At that point, the person can pull out whatever amount and say they put $5000 in back in July, and seeing it worth almost 18x more, they pulled out.  Or hey, they built an amazon cluster and were mining coins.  Or whatever.  They can pull out 9k a week for a very long time, while also doing some very large transactions here and there.  Or maybe they can put the money back in to silk road 2 from whence it came, and buy assassinations on the 40 people who came closest to catching him, and still have plenty left over.


Not an expert, but the way the account read it sounds like the person could (somewhat easily) screw up and be found out. As viscountalpha pointed out, a lot of the people who were robbed are the types of people you DO NOT fark with, and they only need one mistake. I'm also guessing they won't be too worried about confirmation either...

Granted, the person who pulled the heist may never be found out, or they're backed by equally dangerous people.
 
2013-12-04 04:32:36 PM

YoungLochinvar: Granted, the person who pulled the heist may never be found out, or they're backed by equally dangerous people.


The heist only worked due to incompetence of the site administrators.  Could be that the site administrators saw they had $100m in bitcoins under their control, and could easily - since presumably they're experts at it - foil attempts to find it.  Maybe the "dangerous people" are - as you allude to - the ones that did it.
 
2013-12-04 05:44:57 PM
It's likely that this person will be arrested by Czech authorities in the near, near future.
 
2013-12-04 06:31:53 PM
It never gets old.
 
2013-12-04 10:57:20 PM

IamAwake: TheDirtyNacho: IamAwake: TheDirtyNacho: Good luck cashing it out into real world currency...

Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.


I have read the article twice now and don't see this.  Cashing out bitcoins ain't easy.  Moving that kind of money in real currency is difficult as significant paper trails are created with amounts over $10k.

eh, I guess I misread it.  But the trace is now down to 90k, and that will continue to dwindle.  Check back in a week and see how much is still being tracked.  At that point, the person can pull out whatever amount and say they put $5000 in back in July, and seeing it worth almost 18x more, they pulled out.  Or hey, they built an amazon cluster and were mining coins.  Or whatever.  They can pull out 9k a week for a very long time, while also doing some very large transactions here and there.  Or maybe they can put the money back in to silk road 2 from whence it came, and buy assassinations on the 40 people who came closest to catching him, and still have plenty left over.


YoungLochinvar: IamAwake: TheDirtyNacho: IamAwake: TheDirtyNacho: Good luck cashing it out into real world currency...

Did you read the article?  he already cashed out $4m, and will continue to do so just a bit (pun intended) at a time.  The "currency" is made for this sort of thing.  There's a reason it works so well for places like silk road.


I have read the article twice now and don't see this.  Cashing out bitcoins ain't easy.  Moving that kind of money in real currency is difficult as significant paper trails are created with amounts over $10k.

eh, I guess I misread it.  But the trace is now down to 90k, and that will continue to dwindle.  Check back in a week and see how much is still being tracked.  At that point, the person can pull out whatever amount and say they put $5000 in back in July, and seeing it worth almost 18x more, they pulled out.  Or hey, they built an amazon cluster and were mining coins.  Or whatever.  They can pull out 9k a week for a very long time, while also doing some very large transactions here and there.  Or maybe they can put the money back in to silk road 2 from whence it came, and buy assassinations on the 40 people who came closest to catching him, and still have plenty left over.

Not an expert, but the way the account read it sounds like the person could (somewhat easily) screw up and be found out. As viscountalpha pointed out, a lot of the people who were robbed are the types of people you DO NOT fark with, and they only need one mistake. I'm also guessing they won't be too worried about confirmation either...

Granted, the person who pulled the heist may never be found out, or they're backed by equally dangerous people.


I see where IamAwake is coming from. Maybe the thief realized the mistake in trying to tumble the whole lot in one go and is now doing so in smaller quantities with more diffuse destinations.
 
2013-12-05 09:34:36 AM
Yeah, bitcoin troo-beeleavers are dumb.  Bitcoins are overvalued.

But I really wish I had just stolen that $100MM


Good luck cashing it out into real world currency...


and that whole "internet" thing is just a fad and will be gone soon...
 
2013-12-05 06:18:54 PM
"I just wanted to hear it from an ideologues mouth". Did anyone else read that like a fat man talking through a mouth full of marshmallows? What a toolbag...
 
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