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(BBC)   MtGox seems to have found $116m of their lost bitcoins. Maybe they should check under the cushions of their sofa next?   (bbc.co.uk) divider line 52
    More: Amusing, bitcoins  
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3739 clicks; posted to Main » on 21 Mar 2014 at 9:25 AM (18 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
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2014-03-21 10:27:27 AM
5 votes:

hardinparamedic: MelGoesOnTour: When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".

Most people who are into BitCoins as more than a side hobby are die-hard libertarians who believe it's going to be the BIG THING as soon as the Dollar, Yen, Euro, Pound Sterling, Franc, Deusche Mark, Ruble, and Lira completely collapse on the international market.


It's been hilarious watching the drama, particularly on r/bitcoin, as all these libertarians and anarcho-capitalists start screaming that some authority needs to step in and police the entities that scammed them.  It's like they're learning how financial regulations work, one mistake at a time.
2014-03-21 11:03:31 AM
4 votes:
Ah, bitcoin. Where internet libertarians go to re-learn why we have financial regulations in the real world.
2014-03-21 10:41:04 AM
3 votes:

packman_jon: Which is funny considering how many of them love BitCoin because it's not backed by any authority.  And (somehow) it will bring down feminism.  Seriously.


There is absolutely nothing mentally unstable or irrational about someone who holds that opinion. No siree bob.
2014-03-21 09:37:23 AM
3 votes:
When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".
2014-03-21 09:30:08 AM
3 votes:

Incontinent_dog_and_monkey_rodeo: That's probably enough to put most of their investors back to where they were in October or whenever it was before bitcoin soared in price.  They may have been screwed out of their gains, but maybe most of them will not be completely boned.


They "lost" a total of 409 Million dollars worth of bitcoins, and are being sued by multiple people in the US, Canada, and the UK. 119 million is not going to put "most of their investors" back to where they were. The only reason he's backtracking now is because more than one person caught on to the shady, pyramid nature of MtGOX,and are calling him out over this.
2014-03-21 12:11:14 PM
2 votes:

Gothnet: LasersHurt: I'm doing it literally right now.

Profitably? Unless you have an ASIC or access to free electricity I doubt that.


I have only the GPUs mining that I have available, and mine altcoins based on exchange rate. At current market conditions I make about $6 dollars a day after power costs (which are low here).

It's nothing more than a hobby, I'll never get rich doing it, and don't intend to. But for now it's a slightly profitable hobby which has already paid back the Video Cards I am using and gotten me some clippers. It's exposed me to a lot of fascinating technology (like namecoin, for example).

I suppose I should have mentioned I was mining altcoins on exchange rate, not Bitcoin directly, earlier. Mea culpa.
2014-03-21 12:10:00 PM
2 votes:

impaler: spawn73: aswell as risking having your money arbritarely seized ie. as is the case with Paypal

Said honestly in a thread about MtGox.


There is literally nothing that Bitcoin does as a currency that every other type of currency can't do. And, as evidenced by the exchange collapses, has all of the same downsides as any other type of currency (plus no fraud protection like a credit card has or FDIC insurance like your bank has).

Aside from saving small amounts on transaction costs (and that savings gets eaten by the amount of work you have to do), The only reason to use Bitcoin is to hang out with other technolibertarians who sneer at people who don't use Bitcoin.
2014-03-21 11:55:07 AM
2 votes:

LasersHurt: I don't know why you think that's a relevant comment. But yes I know that. Most people don't do most things. I just happened to already have hardware available that I use for other things, and could leverage.


You said you mined and turned 5 bucks worth of electricity into a $40 buck item. This is no longer possible due to the amount of hardware investment needed to make mining a net positive activity. It's not that most people don't do it, it's that you no longer *can* do that. I'm just saying it's not exactly a selling point for people who don't currently hold bitcoin.
2014-03-21 11:53:22 AM
2 votes:

LasersHurt: I don't know why you think that's a relevant comment. But yes I know that. Most people don't do most things. I just happened to already have hardware available that I use for other things, and could leverage.


And for everyone else, it's just a grand+ buy-in for an entry level miner - and that's a jumble of graphics cards running Application Specific software, not a true ASIC, and a nice jump in their monthly electric bill for all the convenience of an unregulated, not-as-anonymous-as-promised unprotected currency which is not even recognized by national laws in almost every country.

What convenience. What innovation. I'm sold.
2014-03-21 11:43:34 AM
2 votes:

LasersHurt: Yes, and which Overstock could have paid larger fees for. But I mined the Bitcoin, I didn't buy it. I turned maybe 5 dollars worth of electricity into a 40 dollar kit. The transaction took seconds.


You realise mining is no longer practical or profitable for many people, right?
2014-03-21 11:32:55 AM
2 votes:

LasersHurt: The authorization is based on nothing but the very first confirmation, which can be done with Bitcoin as well. Then the final happens much faster. Ergo, it's faster to actually receive and own the currency.



It's not faster to transact safely though, which is the point. You're not waiting on the settlement to know that the transaction is good.
I know with BTC it's not an easy thing to (for instance) double-spend, but you need a few blocks processed to be sure. With credit cards you're sure immediately.

It's not a great payment method for consumers anyway - they have no rights and no capability for chargeback. I'm well aware that internet libertarians (TM) think that chargeback is evil, but it's a very consumer-friendly feature of traditional payment methods. It's basically what enables e-commerce. Without chargeback I have to trust the people I'm transacting with absolutely, and we've seen over and over in the bitcoin world that this is not possible.
2014-03-21 11:23:07 AM
2 votes:

LasersHurt: It's faster and less expensive to transact, and the public ledger allows the network to verify any given transactions.


I just 1-click ordered a 5 ton car jack from Amazon.  It will be here tomorrow morning.  Are you telling me that converting my real money into fake money and then searching for a dealer that accepts said fake money is faster and less expensive than what I just accomplished in literally 4 seconds?

...?
2014-03-21 11:08:08 AM
2 votes:

Quinzy: Wow are you out of touch.  The Mark, Lira, Belgium and French Franc have not existed in fourteen years.   Plus the fed currently has 1.3 trillion in currency outstanding.  They are not unfounded fears.

http://www.federalreserve.gov/paymentsystems/coin_data.htm


Wikipedia entries for all state they have a fixed exchange rate with the Euro since 2002. So yes, they still exist. However, this doesn't invalidate my point.

And it's not a fear founded in reality. Unless you honestly believe that the US is on the verge of total collapse soon(TM).

So, the funny thing is, bitcoin is a currency completely dependent on a functioning, high-tech society to use. The kind of society not found in a country where power and stability of communications are questionable - you know, a society in economic collapse?

That wallet file isn't much use if you don't have the power to turn on your computer, is it?
2014-03-21 11:03:07 AM
2 votes:

BeesNuts: T Baggins: Khellendros: I wonder what they're going to do with their "found" $100M in bitcoins?  I mean, $85M in bitcoins is a lot of money.  I think they should return their found $60M in bitcoins to their rightful owner.  I'm sure they'll be quite happy when you say "here you go, I found your $15M in lost bitcoins!"

This wasn't a regulated bank, or a storage service where you get back the same bitcoins you deposited. Gox distinguished bitcoins that were theirs versus their customers, not which coins belonged to which customers.

Gox is in bankruptcy in Japan and abroad, and assets will probably be distributed to creditors by the courts after a few years of international lawsuits (less than 1% of creditors are in Japan). I'll be curious what they do with bitcoins that Gox was holding in escrow from another failed Bitcoin exchange, pending US court rulings deciding who should get what. It seems kind of insane that a court would have given them to another exchange for safe keeping, when half of them wind up with a pseudonymous owner saying "got hacked, coins gone, kthxbye!".

Can somebody explain why people gave their fake money to somebody else?  Was it too hard to hold all that digital currency in a digital wallet?  What did Gox promise?

None of this makes any sense to me at all.


Two main reasons: (1) Some people feel giving their bitcoins to third-party website (even if it's anonymously-run) is more secure/convenient than safely storing bitcoin info on their own, where hackers, malware, a hard drive crash, a housefire, or other accidents may cause it to be lost. (2) Some people leave bitcoins with an exchange as a matter of convenience, so they can trade them immediately when they want, like a stock trader selling stock but leaving the proceeds in a money market fund in their investment account, until they reinvest in something else. They may even have standing stop-loss orders with an exchange, which requires leaving the bitcoins with them.

In the case of Gox, it wasn't all voluntary; many people had been unsuccessfully trying to withdraw their money for half a year prior to its meltdown. More money would keep pouring in, from wanna-be arbitrage traders who didn't realize it was a one-way money trap. The extent of those withdrawal difficulties weren't publicized until Gox's closure and meltdown were well underway.
2014-03-21 10:58:09 AM
2 votes:

LasersHurt: It's faster and less expensive to transact,


It's actually slower than credit card payments.
2014-03-21 10:24:05 AM
2 votes:

spawn73: MelGoesOnTour: When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".

When are people like you going to give up?


As soon as people like you grow up and stop living in your techno-fantasyland.
2014-03-21 10:08:52 AM
2 votes:

incendi: Put the bastards to work in the mines until they can pay their debts, I say.


They actually make dedicated bitcoin mining computer hardware (which generates a hell of a lot of heat).
Toiling in the bitcoin mines sound like a hot and expensive hobby.
2014-03-21 09:42:04 AM
2 votes:

MelGoesOnTour: When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".


Most people who are into BitCoins as more than a side hobby are die-hard libertarians who believe it's going to be the BIG THING as soon as the Dollar, Yen, Euro, Pound Sterling, Franc, Deusche Mark, Ruble, and Lira completely collapse on the international market.
2014-03-21 09:41:34 AM
2 votes:

iheartscotch: I'm sorry; but, why didn't they give each coin a unique serial number; so they could track it? That's like the first thing you'd do when creating a new currency. The second? HASH ALL THE THINGS!


They do, and it's actually a hash.   The biatchain is used not only to identify the bitcoin but to track every transaction it's ever used in.   For anonymous currency, it's not really that anonymous.
2014-03-21 09:39:01 AM
2 votes:
How do you "Find" something that doesn't exist??

Oh, yeah, I "found" "Jesus".


/he was out pulling weeds in my garden.
2014-03-21 09:30:54 AM
2 votes:
I wonder what they're going to do with their "found" $100M in bitcoins?  I mean, $85M in bitcoins is a lot of money.  I think they should return their found $60M in bitcoins to their rightful owner.  I'm sure they'll be quite happy when you say "here you go, I found your $15M in lost bitcoins!"
2014-03-21 09:28:17 AM
2 votes:
So now they are also grossly incompetent at backups and servers as well as networking and security? Good to know.
2014-03-21 04:45:19 PM
1 votes:

MelGoesOnTour: Ultraviolet Catastrophe: MelGoesOnTour: When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".

Hej!  Kial vi volas feki sur Esperanto?

I wasn't shiatting on English, my dear Esperantoian.


Er---ment to say "on Esperanto".  *cough*
2014-03-21 04:05:17 PM
1 votes:

PunGent: BeesNuts: PunGent: hardinparamedic: PunGent: Which means the defendant (ie, you, in this hypothetical case) has the burden of proving it...and proving stuff can be HUGELY expensive in a lawsuit against an international corporation.  I'd charge at least U.S. $50k just to start looking at the suit, frankly.

About that:  A public figure must show "actual malice"-that you published with either knowledge of falsity or in reckless disregard for the truth. This is a difficult standard for a plaintiff to meet.From your link.

Whether Mark Karples likes it or not, Mark Karples is a public figure because of the exposure of his exchange, and the events occurring at this present time. I'm simply stating my opinion of the whole situation without any malice intended.

It's wrong.

Hardin, fyi, I like your posts in general, I'm not trying to be a dick here, or scare you, or shut you up.  I'm certainly not trying to defend MtGox.  I'm just giving you what I think is the state of the law.

You're wrong.

You may not INTEND malice, but I believe it can be legally inferred if you say some guy's running a Ponzi scheme when he isn't.

Malice isn't what's important here.  "ACTUAL MALICE" is.

The old case of Carol Burnett vs the National Enquirer comes to mind.  Just because she was a public figure, she didn't lose her reputation rights, and NE's specific allegation that she was an alcoholic cost them big bucks.

And this is because Actual Malice in California law is slightly different and requires "that state of mind arising from hatred or ill will toward the plaintiff; provided, however, that such a state of mind occasioned by a good faith belief on the part of the defendant in the truth of the libelous publication or broadcast at the time it is published or broadcast shall not constitute actual malice."

/been ages since I looked at the case law, admittedly.

It shows.

//if I were in MtGox's shoes, I'd be looking around REAL hard for any conceivable straws, including suing random st ...


Libel's pretty straightforward.  Lie in writing about a public figure when it can be proven that you knew the truth, and that you did it for malicious reasons?  Libel.  Lie in writing about a non-public figure when it can be proven that you knew the truth?  Also Libel.

Anything else.  Not libel.

Can you or anyone else prove that hardin knows, for a fact, that Gox wasn't running a ponzi scheme?

You're as guilty of libel as you're claiming he is, by suggesting that he's potentially guilty in libel!  gasp!  You should get a lawyer!
2014-03-21 02:19:15 PM
1 votes:
Yes, they found THEIR bitcoins, not YOUR bitcoins.
2014-03-21 12:19:04 PM
1 votes:

spawn73: OK, fees exist, but you don't have to pay them, and most don't.

That's not comparable to using a credit card, Paypal, Western Union etc. where fees aren't optional. And certaintly, any fee you do include to expedite the transfer isn't in the order of what you'd pay at these places, and doesn't incur as a percentage of the money you transfer.


For now. That's all I'm saying.


LasersHurt: I suppose I should have mentioned I was mining altcoins on exchange rate, not Bitcoin directly, earlier. Mea culpa.


Ah right, OK. Some of the altcoins are indeed still worthwhile.
2014-03-21 12:07:42 PM
1 votes:

LasersHurt: If you're not interested in Bitcoin, feel free to not care, instead of shiatting up threads.


On the contrary, I'm very interested in bitcoins. The idea of a digital, universal currency I find very intriguing.

Bitcoin, on the other hand, is a novel idea - but not that. I'm sorry you feel me pointing that out is "shiatting on the thread"
2014-03-21 12:01:14 PM
1 votes:

LasersHurt: Nobody is trying to sell you anything, whatsoever. You're flailing at ghosts of your own making


No, I'm being cynical of your talking points about BitCoin.

LasersHurt: I'm doing it literally right now.


Yeah. Funny thing about the not having to pay for equipment thing. Heat and intensive use of the GPUs on your computer tend to cause them to fail prematurely. Hope you spent some of those bitcoins on a water rig.

And BTC mining equipment manufacturers are already being taken to court over false claims on their hardware.
2014-03-21 11:49:09 AM
1 votes:

LasersHurt: They gladly offer customer support and refunds, should that happen, because Overstock is an established company with a reputation to maintain.


Yes, but this is a new barrier that entrants into the market have to overcome, something that other payment methods already have a fix for. Well anyway, it doesn't seem like we disagree - it's not a good consumer payment method.


LasersHurt: My point, however, was that you are simply wrong about how long it takes for Merchants to use Bitcoin for transactions.


If they want to be as sure as they are with a credit card then they have to wait. That's all.


LasersHurt: But the decentralized, public transaction system at the core is valuable, novel, and growing.


It's novel. I don't really think it's valuable in its current incarnation though. Too much incentive to hoard and create deflation. Obviously a lot of people disagree with me or BTC wouldn't be worth anything though.
2014-03-21 11:39:59 AM
1 votes:

LasersHurt: Not currently. You'll note that such protections did not exist for US dollars a few decades ago. Now they do. Bitcoin will need that level of backup to make consumers happy, yes. Or whatever takes Bitcoin's place if it fails.


The bitcoin community is very much against any sort of chargeback facility. It will never be put into the protocol. What is always suggested are third party escrow companies. These then begin layering on fees and inconvenience again.

LasersHurt: You're wrong about credit cards though, it's no more verified. It just has those protections when things go wrong. It's still slower, just with more protections for the problems that might cause.


I work in credit cards. I make the computer systems they run on. I'm not wrong here.


LasersHurt: As someone else pointed out though, this isn't theoretical. There are many merchants accepting Bitcoin right now. I bought hair clippers from Overstock, worked fine.


I'm sure it did. And if they hadn't sent you any hair clippers and blanked you on customer service then you would have had to try taking them to court to get the money back. It's not a good system for most people.
2014-03-21 11:38:31 AM
1 votes:

LasersHurt: There are many merchants accepting Bitcoin right now. I bought hair clippers from Overstock, worked fine.


The clippers you could have used Euros, US Dollars, and so on for?
2014-03-21 11:23:29 AM
1 votes:

Gothnet: Ah, bitcoin. Where internet libertarians go to re-learn why we have financial regulations in the real world.


What's really going to be fun is when bitcoin reaches its limit (there are a finite number of bitcoins that can be generated), and they learn the value of having a flexible money supply.
2014-03-21 11:08:59 AM
1 votes:

PunGent: Hardin, fyi, I like your posts in general, I'm not trying to be a dick here, or scare you, or shut you up.  I'm certainly not trying to defend MtGox.  I'm just giving you what I think is the state of the law.


No, no. I get what you're saying. I don't think any malice is intended.
2014-03-21 11:04:45 AM
1 votes:

LasersHurt: BeesNuts: Why is it better than, say, money?

It's faster and less expensive to transact, and the public ledger allows the network to verify any given transactions.


How is it faster? The couple of times I played with it it took hours for the required 6 confirmations per transaction. Fine for transferring money, but useless from a store's perspective. Or is this a "pay more for useful speed" deal?
2014-03-21 11:00:41 AM
1 votes:

BeesNuts: LasersHurt: and the public ledger allows the network to verify any given transactions.

Then how were hundreds of thousands of these things "lost"?

Is it faster than using Paypal?  This whole idea struck me as strange when I first heard about it.  The huge explosion in value made even less sense, and the idea that these things are "anonymous" but that they are "tracked publicly" just throws me for a damned loop.  Maybe some reading is in order.  Reading that wasn't written by someone who has spent the last 4 years mining, living, and breathing the system and who talks a completely different language.


Not sure it's really worth your time, honestly. BitCoin holds no value to regular folk.
2014-03-21 10:55:58 AM
1 votes:

BeesNuts: I don't think its a fantasy that Bitcoin is an exellent way to make online payments or transferring money.

Though of course, it might be that particular aspect you're objecting too.


Why is it better than, say, money?


Because it's INTERNET MONEY. The internet makes everything better - like pets.com.

Oh, and it saves merchants (not buyers) about 2 to 3% on transactions vs credit cards. Credit cards that protect buyers from fraudulent transactions.

Yet bitcoiners are surprised people don't scream "sign me up" after hearing this.
2014-03-21 10:49:31 AM
1 votes:

spawn73: MelGoesOnTour: spawn73: MelGoesOnTour: When are fans of bitcoins finally going to give it up and agree that the test failed. Bitcoin enthusiasts probably still speak Esperanto, too, and are trying to get everyone else "on board".

When are people like you going to give up?

As soon as people like you grow up and stop living in your techno-fantasyland.

I don't think its a fantasy that Bitcoin is an exellent way to make online payments or transferring money.

Though of course, it might be that particular aspect you're objecting too.


Why is it better than, say, money?
2014-03-21 10:47:25 AM
1 votes:
There are going to be a lot of upset and broke nerds when this ultimately fails spectacularly.

/works with a lot of miners
//no rage like nerd rage
2014-03-21 10:47:14 AM
1 votes:

iheartscotch: I'm sorry; but, why didn't they give each coin a unique serial number; so they could track it? That's like the first thing you'd do when creating a new currency. The second? HASH ALL THE THINGS!


They didn't WANT bitcoins tracked, that was the entire point.

That said, truly this is the currency of the future.
2014-03-21 10:45:59 AM
1 votes:
Yup.  Because they say so.  This is the most Fiat-Y currency this side of Italy.


encrypted-tbn1.gstatic.com
Pictured: Bitcoins.
2014-03-21 10:38:24 AM
1 votes:

PunGent: Which means the defendant (ie, you, in this hypothetical case) has the burden of proving it...and proving stuff can be HUGELY expensive in a lawsuit against an international corporation.  I'd charge at least U.S. $50k just to start looking at the suit, frankly.


About that:  A public figure must show "actual malice"-that you published with either knowledge of falsity or in reckless disregard for the truth. This is a difficult standard for a plaintiff to meet.From your link.

Whether Mark Karples likes it or not, Mark Karples is a public figure because of the exposure of his exchange, and the events occurring at this present time. I'm simply stating my opinion of the whole situation without any malice intended.
2014-03-21 10:38:01 AM
1 votes:

iheartscotch: If it's hashed and it has a serial number; there's no way to use the stolen ones. Just depreciate the missing serial numbers and issue new coins in the place of the old.

/ or, would that be too easy?


My guess would be that if there's really a thief (as opposed to the owner making it up - this is a big if), they laundered it and cashed out as they stole it, and are sitting on roughly a billion dollars in real money.

When Sheep Marketplace's anonymous owner said someone stole $100 million of peoples' bitcoins, Redditors traced the coins through transaction ledgers day and night, as they were shuffled and reshuffled to different wallets. It took about a week for them to realize the coins were laundered into a Bitcoin exchange (BTC-E) before they even started looking for them, and what they took to be a thief trying to launder the coins was simply the normal internal workings of a large bitcoin exchange.
2014-03-21 10:25:14 AM
1 votes:

PunGent: I'd be hesitant to call MtGOX a pyramid scam...could get you into legal trouble, no


i.imgur.com

That would not be a good idea. Because for them to get me into "legal trouble", they would have to objectively demonstrate I was libeling them. Which would open their business practices and finances up to a discovery. Which would, more than likely, indicate Mark Karples is a damn thief.
2014-03-21 10:04:51 AM
1 votes:

Publikwerks: Wow, so they just misplaced 200,000 BitCoins? No wonder they went under when you can just misplace $100 million.


More accurately, I think they "misplaced" it, as in "I hope nobody thinks to check for them after I steal them so I can keep them when it all blows over."
2014-03-21 09:55:19 AM
1 votes:

hardinparamedic: Incontinent_dog_and_monkey_rodeo: That's probably enough to put most of their investors back to where they were in October or whenever it was before bitcoin soared in price.  They may have been screwed out of their gains, but maybe most of them will not be completely boned.

They "lost" a total of 409 Million dollars worth of bitcoins, and are being sued by multiple people in the US, Canada, and the UK. 119 million is not going to put "most of their investors" back to where they were. The only reason he's backtracking now is because more than one person caught on to the shady, pyramid nature of MtGOX  BITCOINS,and are calling him out over this.

2014-03-21 09:54:01 AM
1 votes:

Gunny Highway: They put a BitCoin ATM machine (for lack of a better term) at South Station in Boston last month.  The first few weeks, there were teams of young guys flagging people down and trying to sell them on the benefits and trying to get them to stop and check out the machine.

I walked past it yesterday and the thing wasnt on.  I dont really know anything about BitCoins but I did not take that as a good sign.



The public ledger, the block chain,  that keeps bitcoin working, and records every transaction is now upwards of 30gb, and the only thing people are using it for is a speculative investment.  The idea this is going to scale for every cup of coffee bought and sold on a daily basis all over the world as a currency is a bit insane.
2014-03-21 09:49:34 AM
1 votes:

iheartscotch: If it's hashed and it has a serial number; there's no way to use the stolen ones. Just depreciate the missing serial numbers and issue new coins in the place of the old.

/ or, would that be too easy?


As I understand the BitCoin system, you can't actually duplicate those coins. Anyone can still trade those coins as long as the person receiving it would be willing to accept them. The only way to ensure they would not be used would be to block every single hash code from all 850,000 stolen coins from the BitCoin system and transactions.
2014-03-21 09:47:38 AM
1 votes:
That's why I use 'letstradepogs.org' for all of my space dollar banking.
2014-03-21 09:47:09 AM
1 votes:

DoBeDoBeDo: iheartscotch: I'm sorry; but, why didn't they give each coin a unique serial number; so they could track it? That's like the first thing you'd do when creating a new currency. The second? HASH ALL THE THINGS!

They do, and it's actually a hash.   The biatchain is used not only to identify the bitcoin but to track every transaction it's ever used in.   For anonymous currency, it's not really that anonymous.


If it's hashed and it has a serial number; there's no way to use the stolen ones. Just depreciate the missing serial numbers and issue new coins in the place of the old.

/ or, would that be too easy?
2014-03-21 09:45:35 AM
1 votes:
They put a BitCoin ATM machine (for lack of a better term) at South Station in Boston last month.  The first few weeks, there were teams of young guys flagging people down and trying to sell them on the benefits and trying to get them to stop and check out the machine.

I walked past it yesterday and the thing wasnt on.  I dont really know anything about BitCoins but I did not take that as a good sign.
2014-03-21 09:27:31 AM
1 votes:
That's probably enough to put most of their investors back to where they were in October or whenever it was before bitcoin soared in price.  They may have been screwed out of their gains, but maybe most of them will not be completely boned.
2014-03-21 09:12:08 AM
1 votes:
Sure they have.
 
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