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Bitcoin Thefts Surge, DDoS Hackers Take Millions
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WKash
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WKash,
User Rank: Apprentice
11/27/2013 | 1:46:56 PM
Virtual Highway Robbery
Knowing..."That rise in value has driven hackers to attack online wallet services that store bitcoins," it's hard to get excited about jumping on the virtual currency wagon trail...too many outlaws out there.

 
coalminds.com
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coalminds.com,
User Rank: Apprentice
11/27/2013 | 2:17:31 PM
Re: Virtual Highway Robbery
"According to the complaint, Hunczak designed malware that infected about 14,000 computers that subscribed to the company's service, and which mined their PCs for bitcoins, which the perpetrators then sold for about $3,500. Under the terms of the state's $1 million settlement agreement, the company will pay a fine of $325,000, but the rest will be vacated, providing the company complies with a 10-year compliance program."

So breaking into someone's property 14,000 times just leads to a settlement? Shouldn't he be doing hard time the way he would be if he were a black person let's say... possessing a pound of marijuana?
danielcawrey
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danielcawrey,
User Rank: Apprentice
11/27/2013 | 2:53:09 PM
Re: Virtual Highway Robbery
There are indeed too many outlaws out there. It isn't the bitcoin network in and of itself that is the problem, its bad people trying to steal money from ususpecting users.

Companies providing bitcoin services should not be so unsuspecting; they shold implictly undertstand the risks of getting involved in bitcoin-based businesses and understand that security should be of paramount importance. 
Tom Murphy
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Tom Murphy,
User Rank: Apprentice
11/27/2013 | 2:54:44 PM
Re: Virtual Highway Robbery
Off-the-wall ideas are the seeds of innovation, but Bitcoin is just the kind of project that really should die an early death for many, many reasons. I'll cite three: 1) crime. (Read the article. As Bitcoin grows, crime problems will grow exponentially.) 2) Valuation. Do you really want to accept a currency that might be worth $800 today and $3 tomorrow? You might as well accept Cabbage Patch Dolls as currency.  3) Government. We (and I'm speaking for almost the entire human race here) actually want governments to control currencies instead of some enterprise. It's one of the main reasons we HAVE governments.

I say: Render unto Caesar what is Caesar's, and that includes coin of the realm.
David F. Carr
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David F. Carr,
User Rank: Strategist
11/27/2013 | 3:36:38 PM
Re: Virtual Highway Robbery
This is why I'm sticking with Monopoly money as my currency of choice.
cbabcock
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cbabcock,
User Rank: Apprentice
11/27/2013 | 3:59:55 PM
Technical chops needed on both sides of currency
BitCoin had the technical chops to generate a credible currency. But BitCoin vaults and wallets haven't had the technical chops to store it safely. A rapid gain in value lead to too many  rapid and successful cyber assaults 
ChawChaw
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ChawChaw,
User Rank: Apprentice
11/27/2013 | 4:05:55 PM
Bitcoin is bad
The author mentions MtGox as a source for the valuation of a Bitcoin, but fails to mention that in 2011 MtGox was hacked and Email addresses and un-encrypted passwords were posted on the net.

Bitcoins compete with the dollar. Why would any American want more competition in their lives?
Brian.Dean
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Brian.Dean,
User Rank: Apprentice
11/27/2013 | 4:29:14 PM
Re: Virtual Highway Robbery
Agreed, governments or the population of the world should be controlling money. Bitcoin is not safe because its value is speculative, never mind organized crime getting to wallets, what happens if they reach the blockchain? And never mind personal computers needlessly solving algorithms to mint new money, what happens if a large Big data Cloud deployment decides to quit real business and gets into the mint business?

Some benefits are there in developing economies to rely on bitcoin, if bitcoin gains mass, bitcoin can be used to safeguard from inflation, having said that, first technology would have to be available throughout the economy.

Basically, I like the old paper form, at least that way I will be able to use it as fire fuel, or maybe we can go back to the barter system.
Shane M. O'Neill
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Shane M. O'Neill,
User Rank: Apprentice
11/27/2013 | 4:43:24 PM
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?
Brian.Dean
75%
25%
Brian.Dean,
User Rank: Apprentice
11/27/2013 | 5:23:29 PM
Re: Virtual Highway Robbery
Bitcoin is too small, it has $5 billion of bubble wealth however, and the dollar is backed by $15.5 trillion of real wealth, not mentioning all the foreign economies that treat the dollar as gold. If bitcoin ever gets $15+ trillion of wealth under its name, I guess we could call it primetime.
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