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(Bidness Etc)   And this is how you get rich   (bidnessetc.com ) divider line
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4977 clicks; posted to Business » on 10 Aug 2014 at 12:26 AM (1 year ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-08-10 12:00:05 AM  
May I ask how one goes about "mining" these things?
 
2014-08-10 12:37:13 AM  
In other news, there is a website titled "Bidness Etc."
 
2014-08-10 12:37:22 AM  

bluorangefyre: May I ask how one goes about "mining" these things?


The quick and over simplified version:
Bitcoins are created when your computer solves a math problem.  "Mining" is having your computer run a program to solve the math problem.
 
2014-08-10 12:58:27 AM  
"The hacker also stole 8,000 Dogecoins back in March, which were worth $1.39."

L
O
L
 
2014-08-10 01:14:55 AM  

RogermcAllen: bluorangefyre: May I ask how one goes about "mining" these things?

The quick and over simplified version:
Bitcoins are created when your computer solves a math problem.  "Mining" is having your computer run a program to solve the math problem.


The "math problem" is finding a block of data which has a certain cryptographic hash, so it's closer to cracking passwords than it is to finding a new prime number. Whoever finds one of these blocks gets a quantity of coins, e.g. 25 bitcoins (but this amount decreases over time as more blocks are found).

As more computing power is thrown at the problem, the algorithm becomes progressively more difficult. These days a standard computer is pretty much useless because companies have developed external ASIC hardware which is much more efficient at these algorithms than a CPU or GPU.

If a regular user tries to mine at home, he/she has a very small chance of finding a block. Many people choose to join "mining pools" where they cooperate with other users. Whenever anyone in the pool finds a block, the payout is shared among all of the pool users proportional to the amount of computing power they have contributed. This attack redirected mining clients to a fake pool which diverted all profits to the hackers.
 
2014-08-10 04:49:09 AM  
83k isn't "rich"
 
2014-08-10 06:09:37 AM  
Dude, I could like, totally retire if I had $83,000. That's some sweet cash right there. I might even put a new roof on the double wide. It's been leaking lately, but since the leak is right over the toilet, as long as we leave the lid up, it's not a big deal.
 
2014-08-10 06:15:07 AM  
Fake? Someone hacked at least one router (and probably more) to do this. You don't just broadcast a fake BGP route from a cable modem.
 
2014-08-10 06:23:32 AM  

Wake Up Sheeple: Fake? Someone hacked at least one router (and probably more) to do this. You don't just broadcast a fake BGP route from a cable modem.


Forgot to add:

"The hacker used a fake Border Gateway Protocol (BGP) broadcast in order to penetrate the networks of some of the renowned names in the bitcoin arena between the months of February and May this year. The famous names comprise of Amazon.com, Inc., cloud server provider Digital Ocean and OVH, which is French-based, web hosting company. The cyber intelligence company revealed that at least 51 networks were compromised from 19 different ISPs... "

A hack of this magnitude and only for crypto currency? No matter what it was for, this was an epic hack. This was probably the tip of the iceberg. Anything could be redirected for phishing, malware, etc. Expect banks to be issuing new credit cards soon.
 
2014-08-10 08:26:40 AM  

Wake Up Sheeple: Forgot to add:

"The hacker used a fake Border Gateway Protocol (BGP) broadcast in order to penetrate the networks of some of the renowned names in the bitcoin arena between the months of February and May this year. The famous names comprise of Amazon.com, Inc., cloud server provider Digital Ocean and OVH, which is French-based, web hosting company. The cyber intelligence company revealed that at least 51 networks were compromised from 19 different ISPs... "

A hack of this magnitude and only for crypto currency? No matter what it was for, this was an epic hack. This was probably the tip of the iceberg. Anything could be redirected for phishing, malware, etc. Expect banks to be issuing new credit cards soon.


Makes you wonder if this was the dry run... That said, it could've been an inside job or just a stupid person on the other end. The network guy probably used hunter2 for the admin password to the router itself, making it a simple script tweak.
 
2014-08-10 08:39:37 AM  

H31N0US: Dude, I could like, totally retire if I had $83,000. That's some sweet cash right there. I might even put a new roof on the double wide. It's been leaking lately, but since the leak is right over the toilet, as long as we leave the lid up, it's not a big deal.


You laugh, but in some places that is VERY rich. It wouldn't make me rich, but it's in the ball park of paying off my mortgage, which would be really nice, and it's enough of a nest egg to get your own business started and so forth.

Plus I bet this is just what they've uncovered so far.
 
2014-08-10 09:00:55 AM  

lordargent: 83k isn't "rich"


It's kinda sad, but being debt free would make me feel rich. 83k would just about do it.
 
2014-08-10 09:20:00 AM  

ajgeek: Wake Up Sheeple: Forgot to add:

"The hacker used a fake Border Gateway Protocol (BGP) broadcast in order to penetrate the networks of some of the renowned names in the bitcoin arena between the months of February and May this year. The famous names comprise of Amazon.com, Inc., cloud server provider Digital Ocean and OVH, which is French-based, web hosting company. The cyber intelligence company revealed that at least 51 networks were compromised from 19 different ISPs... "

A hack of this magnitude and only for crypto currency? No matter what it was for, this was an epic hack. This was probably the tip of the iceberg. Anything could be redirected for phishing, malware, etc. Expect banks to be issuing new credit cards soon.

Makes you wonder if this was the dry run... That said, it could've been an inside job or just a stupid person on the other end. The network guy probably used hunter2 for the admin password to the router itself, making it a simple script tweak.


Log on is admin, password is root, cause that seems to be the way lazy hardware manufacturers do things
 
2014-08-10 10:21:03 AM  

lordargent: 83k isn't "rich"


You sound correct.
 
2014-08-10 10:47:29 AM  

ajgeek: Makes you wonder if this was the dry run... That said, it could've been an inside job or just a stupid person on the other end. The network guy probably used hunter2 for the admin password to the router itself, making it a simple script tweak.


wait, how do you know my pw?
 
2014-08-10 11:51:15 AM  
wow, that's about the only way you could make money with this ponzi scheme.
 
2014-08-10 12:00:42 PM  
Step 1: Be born into an already ultra-rich family
Step 2: ???????
Step 3: PROFIT
 
2014-08-10 01:43:42 PM  

ghare: You laugh, but in some places that is VERY rich.


What's your watermark for "rich".

83k combined with the money I have in the bank would mean I could finally feel secure in buying a house and moving out of my condo. But I have this weird stigma about borrowing money.

However, $83k isn't going to buy me a yacht or a jet or a Bugatti or a house in the caribbean.

// in fact, 83k won't even buy you a decent condo in southern california.

// funny how things are, when I was growing up in the ghetto, if I got $50 for my birthday, it felt like a shiatload of money.
 
2014-08-10 01:45:50 PM  
I read the article. Then I had to read the Fark comments to figure out what the article was about.

That's how much of a hep cat I am, Daddy-O.
 
2014-08-10 02:07:45 PM  

Ivo Shandor: RogermcAllen: bluorangefyre: May I ask how one goes about "mining" these things?

The quick and over simplified version:
Bitcoins are created when your computer solves a math problem.  "Mining" is having your computer run a program to solve the math problem.

The "math problem" is finding a block of data which has a certain cryptographic hash, so it's closer to cracking passwords than it is to finding a new prime number. Whoever finds one of these blocks gets a quantity of coins, e.g. 25 bitcoins (but this amount decreases over time as more blocks are found).

As more computing power is thrown at the problem, the algorithm becomes progressively more difficult. These days a standard computer is pretty much useless because companies have developed external ASIC hardware which is much more efficient at these algorithms than a CPU or GPU.

If a regular user tries to mine at home, he/she has a very small chance of finding a block. Many people choose to join "mining pools" where they cooperate with other users. Whenever anyone in the pool finds a block, the payout is shared among all of the pool users proportional to the amount of computing power they have contributed. This attack redirected mining clients to a fake pool which diverted all profits to the hackers.


What is preventing someone from merely creating this block of data from scratch?
 
2014-08-10 02:28:58 PM  

dave2198: What is preventing someone from merely creating this block of data from scratch?


No one else would take it seriously. Same as scribbling up your own Ameribucks with some paper and a green marker.
 
2014-08-10 02:30:11 PM  

Fark like a Barsoomian: dave2198: What is preventing someone from merely creating this block of data from scratch?

No one else would take it seriously. Same as scribbling up your own Ameribucks with some paper and a green marker.


By which I mean, you can tell the difference between the real thing and fake. It's another math problem your computer will do for you.
 
2014-08-10 02:57:00 PM  

dave2198: What is preventing someone from merely creating this block of data from scratch?


Each block is numbered sequentially and contains the hash of the previous block. Every client can verify the chain of hashes back to the starting block to confirm that it's valid.

There's nothing stopping you from creating your own chain of blocks from scratch using a modified client (and lots of people have already done this), but it's a different coin and will only have value if you can convince enough other people to use it.
 
2014-08-10 07:07:50 PM  
Hobonickels?
 
2014-08-10 07:54:34 PM  

ricochet4: Hobonickels?


Ass-pennies
 
2014-08-11 03:28:13 AM  

Ivo Shandor: There's nothing stopping you from creating your own chain of blocks from scratch using a modified client (and lots of people have already done this), but it's a different coin and will only have value if you can convince enough other people to use it.


unless you can pull-off a 51% attack
http://blogs.wsj.com/moneybeat/2014/06/16/bitbeat-a-51-attack-what-i s- it-and-could-it-happen/
 
2014-08-11 08:11:15 AM  
Guy holds onto it for long enough, it'll be worth a lot more than $83,000.

Or if he uses it to buy up a bunch of altcoins and holds onto the right ones, he could end up a multimillionare.

It is how you get rich. Just not today.
 
2014-08-11 10:29:33 AM  
* - For small values of rich.
 
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