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Attacks/Breaches

Bitcoin Thefts Surge, DDoS Hackers Take Millions

Cryptographic currency's massive rise in value leads to a corresponding increase in online heists by criminals seeking easy paydays.

(Source: zcopley)
(Source: zcopley)

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Joe Stanganelli
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Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:46:32 PM
Bitcoin Banking
It is absolutely ridiculous to me that people would entrust their wealth to these companies without any meaningful vetting, security, insurance, qualifications, etc..

I mean, I get that the whole movement behind Bitcoin is to have a decentralized anti-establishment monetary system, but this is the reason why other monetary systems are "establishment."

Until digital currency has a real, trustworthy, effective banking system, this is going to continue to happen, and Bitcoin and its brethren will continue to be fringe monies.
Joe Stanganelli
100%
0%
Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:49:27 PM
Re: Virtual Highway Robbery
Actually, the US dollar isn't really backed by anything other than trust and faith.  (This is why some people want to return to a gold or silver standard.)  It's earned a lot more trust and faith than Bitcoin has, but the value of the US dollar can (and, sometimes, does) easily plummet.

I remember when we Americans used to joke about the value of Canadian dollars because they were worth so much less.  Now we are eating crow.
Joe Stanganelli
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50%
Joe Stanganelli,
User Rank: Ninja
11/27/2013 | 9:50:38 PM
Re: Technical chops needed on both sides of currency
@cbabcock: Reminds me of a saying my dad has: "It's easy to make the money; the hard part is keeping it."

In Bitcoin's case, that seems to be literally true.
Shepy
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50%
Shepy,
User Rank: Apprentice
11/28/2013 | 7:07:17 AM
Re: Virtual Highway Robbery
"Bitcoin's volatility and insecurity are big turn offs. I'll stick with the dollar. When, if ever, will bitcoin be ready for primetime?"

Yeah, remember when you read that article about 4 million of actual money being accidentally thrown in the skip, like some guy who did so with a bitchain wallet recently in the news...
RachelB318
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50%
RachelB318,
User Rank: Apprentice
11/28/2013 | 10:14:49 AM
How spend Bitcoin anywhere
Spend bitcoin anywhere in the world. https://www.plazacoin.com/?aff=529451ba4a49d
Brian.Dean
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50%
Brian.Dean,
User Rank: Apprentice
11/28/2013 | 5:24:54 PM
Re: Virtual Highway Robbery
Actually, yes you are right, the dollar too is only backed by a belief that everyone will accept it when a transaction needs to be made, and that the reserve bank will not over produce it. That is the case with any economy with a central bank, and gold also has the same assumptions. If more people use the dollar and it gains mass then it will be more stable.
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
11/28/2013 | 5:48:58 PM
Re: Virtual Highway Robbery
Indeed, if your Bitcoins are stolen or lost, it's a lot harder to prove they were yours -- or that you even owned them to begin with!

Some governments are entertaining converting their currencies to entirely digital systems, getting rid of physical cash, so it will be interesting to see how the two systems compare against and evolve with each other.
samicksha
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50%
samicksha,
User Rank: Apprentice
11/29/2013 | 4:33:01 AM
Re: Virtual Highway Robbery
Bitcoin is currently more of a asset than a currency. And a crash is not the only risk Bitcoin users face. As the price rises, Bitcoin theft is increasing, both from individuals and from online exchanges.
vitorleur
50%
50%
vitorleur,
User Rank: Apprentice
11/29/2013 | 1:39:37 PM
Re: Virtual Highway Robbery
As long as the user base will grow so will grow the value of bitcoin. The number of bitcoin wallets on blockchain.info went up from 50 thousands in Jan 2013 to almost 700 thousands now and the growth is accelerating exponentially. The number of users might well grow from 700000 now to over one billion users in 10 years or even before that. At that time everyone will be accepting bitcoins as currency. Since the max number of bitcoins is limited I can only guess what price of bitcoins will be in dollars if dollar will survive by then.
Li Tan
50%
50%
Li Tan,
User Rank: Apprentice
12/1/2013 | 8:55:04 PM
Re: Bitcoin Banking
The bitcoin is something new but the concept is not. In Internet world there is this kind of inventions. For example, in China a company named Tencent has so-called "Q coin", which you can use for online transaction but it's not equivalent to bitcoin - you cannot use it in exchange for cash. I believe the trend will continue and in the long run the security will be the biggest concern.
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