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I was talking with a friend who told me that another digital currency exchange got hacked and looted. Anyone have the particulars on that one?
 
And there you have it nicely distilled down to a single sentence.

"As Flexcoin does not have the resources, assets, or otherwise to come back from this loss, we are closing our doors immediately,"

This is precisely why I had so many reservations about this digital currency thing. If the power goes out, you go from millionaire to broke as a joke at the speed of light.
 
I like to play poker with a little of my fun money, but I am sure not going to put good investment money into something so vacuous as a cyber currency with no backing recognizable by any standard most people are used to. Maybe someday, but I just don't think we're there yet.
 
Okay a guy on CNBC today was saying basically the same thing I said in my previous post. I seem to see that a lot where someone posts something here, and a couple days later, I'll see someone on TV saying it. I hope you start getting credit for having a site that all the talking heads are getting many of their talking points from.
 
The mainscream media is five to eight years behind us when it comes to "finding Jesus" moments.
 
ancona said:
The mainscream media is five to eight years behind us when it comes to "finding Jesus" moments.
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They are in the business of selling infotainment, for the average Joe, so I guess we should expect from them to be similarly tuned in as your average neighbor..

Sent from my SM-N9005 using Tapatalk
 
Either the NSA is doing the coin-jacking or they know who is and aren't stopping it. They admit they've mostly broken through TORs anonymity, which is one of the main things you need to 'jack coins.

The question I'd like to see them asked, loudly and repeatedly, is if they intercept everything and are as good as they claim - why haven't they stopped this kind of thing, nigerian scams, spam and a bunch of other things that would make them *popular*? You can't have this both ways. If they know and don't stop it - they are complicit. If they don't know, admit it, and we'll all breathe a bit freer.
Oh, but if they stop all the child pron, they'll lose an excuse for their voyeurism. I didn't think that all the way though - gotta keep that "think of the children" line intact or it all falls apart, eh?
 
This man was just too far ahead for his time.

[ame]http://youtu.be/7YvAYIJSSZY[/ame]

I also found this and figured a bitcoin thread on a pm site was as good as anywhere to post it.
Morgan_1896-Front_2_Sept11_Poster_Snap.jpg
 
Bitcoin is way down because it scared the banksters so much they did everything they could to destroy it. Imagine their fear. Someone or a small group of someone's develop a way to have "money" that doesn't exist in the existential sense, can't really be taxed because the government doesn't know who has it, and becomes wildly successful as a result of the decay in the faith of the general population with the fiat they currently use. Banks would necessarily become irrelevant, just like the fiat money they control.

Just like they did to Bernard VonNothaus, they hacked in to Mt. Gox and stole all the cryptocurrency, probably using the NSA Geek Army [they actually have a group called that] and sparing no expense to "show the weakness" of Bitcoin, to destroy peoples confidence in it. Bitcoin and all others that followed it or will follow it, are likely to suffer the same fate, since the thing all governments fear the very most is the total loss of the confidence of their respective peoples in their fiat currencies. Lose that, and you will lose the ability to control those people.
 
take that chart over 2 years swissaustrian and it looks a bit like the gold chart for the last 10 years .....

well it did until today :pffftt: :wave:

Ancona, theyve shafted the p.m.s just as hard as bitcoin and will be looking for ways to keep gold down.

Relying on Putin to see off Uncle Sam to put things right is possibly a bit hopeful but its our best hope.
 
Unfortunately Bitcoin's problem imo is volatility. Businesses have to sell immediately for fiat as BTC is way too volatile and their expenses are in USD/Local Currency.

2014 was a great year for Bitcoin in terms of adoption, utility, investment and exposure unfortunately it clearly trended down the whole year. I believe now the more utility Bitcoin gains the worse it does because businesses can't hold it.

I think somewhere in this thread I recommended NXT, which turned out to not do very well.

I'm currently into BitShares as they offer currency and gold stable decentralized assets. Nothing as good as phyzz because these are only backed by 300% collateral in a volatile crypto-currency but a good way to store stable value without any counterparty risk.

So my pick for 2015 is BitShares because of things like their BitUSD

http://whatisbitusd.com/
 
no_wonder_2.png


Another bitcoin exchange hacked, Andrei?

After suffering a crippling hack earlier this week, Hong Kong-based bitcoin exchange Bitfinex said it may spread the loss among its users, including ones not directly impacted by the hack.

“We are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions,” the exchange wrote in a blog post Friday. Bitfinex is still “settling positions and balances,” and will provide more details soon, it said.

This week’s attack is potentially the second-largest on an exchange since Japan’s Mt. Gox, and could further erode confidence in the virtual currency. Bitfinex was the largest exchange for U.S. dollar-denominated transactions over the past month, according to bitcoincharts.com, and the attack sent bitcoin’s price plunging more than 20 percent.
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On Tuesday, Bitfinex disclosed that hackers stole 119,756 bitcoin, or about $68 million at current values, from the exchange. It closed down trading, withdrawals and deposits and said it was cooperating with law enforcement and would update the public after its investigation. Bitcoin has recovered some of its decline earlier this week, and traded at $572 per dollar as of 5:25 p.m. in Tokyo, down 13 percent for the week.
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http://www.bloomberg.com/news/artic...change-says-it-will-spread-losses-among-users

Bail-ins aren't just for banks.
 
I've heard good things about bicoin

I was recently turned onto bitcoin. With the dollar bill soon to be collapsing, bitcoin might take over as a possible currency. I haven't gotten involved with bitcoin but I plan to in the future. Any advice?
 
Maxibillion said:
... I haven't gotten involved with bitcoin but I plan to in the future. Any advice?
Click to expand...

Learn about it first. There are several threads around here where DCRB shared his experience buying and using bitcoins. It's not an easy process.
 
* bump *

Related to tax day, perhaps?

The price of bitcoin took a dive Tuesday, falling by more than $200 in under 20 minutes, a move that could have been the result of a single seller unloading a sizeable amount of the digital currency.

The balance of wallet 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r — an anonymous digital account which is valued at $1.49 billion — fell by 6,500 bitcoin Tuesday, with the average sale price sale being $8,146.70, a total value of just over $50 million, according to bitinfocharts.

The sale comes a day after the third-largest wallet, which famously purchased over $400 million in bitcoin in February, let go of 6,600 bitcoin at an average price of $8,026. All told, the two whales dumped over $100 million of bitcoin within 24 hours.
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https://www.marketwatch.com/story/b...on-of-digital-currency-in-24-hours-2018-04-17
 
So you might recall the ghash.io 51% problem with bitcoin a few years ago (post #150 on page 8 of this thread)...

Coinbase has frozen trading of Ethereum Classic (ETC) as developers continue to clarify reports that the coin’s network suffered a blockchain reorganization attack.
...
Vertcoin and Bitcoin Gold have also suffered 51 percent attacks in 2018, proving that market capitalization is a poor metric for measuring network security.
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https://bitcoinist.com/ethereum-classic-51-percent-attack/
 
If you harbored any doubts that the crypto industry is going through troubled times, then doubt no more. And if you thought we had heard the last of large-scale crypto exchange hack schemes like the infamous long-defunct Mt. Gox—the Lehman Brothers of crypto--brace yourself for a nasty surprise. Binance, one of the world’s biggest and most reputable digital token exchanges, has just reported what appears to be its largest hack to date.

In a post on the company’s site on Tuesday, CEO Changpeng Zhao, fondly known as CZ, has revealed how hackers targeted a single account and spirited off 7,000 bitcoin, worth ~$40.8 million at the current price of $5,828.
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More: https://safehaven.com/cryptocurrenc...-Million-In-Record-Breaking-Crypto-Heist.html
 
Lost among the current bout of cryptocurrency euphoria is the fact that capital outflows are exceeding inflows on some of the biggest digital-asset exchanges.

While that may sound counter intuitive to the basic laws of supply and demand with prices of Bitcoin and other tokens surging, it’s not that rare an occurrence in a market that has been dogged by allegations of fraud and manipulation over its decade long existence. TokenAnalyst, a London-based provider of blockchain data, estimates that withdrawals from trading platforms including Bitfinex, BitMEX, Binance and Kraken have exceeded inflows by about $622 million over the past 5 days.

Bitcoin’s more than 30% price rise since last week may have been exaggerated by capital flight from the controversial exchange Bitfinex and its affiliated stablecoin Tether in the wake of allegations that the companies that control both co-mingled client and corporate funds to hide losses. As in past periods of turmoil, investors are seen seeking the safety of Bitcoin because it’s the largest and most liquid token.

“Since Tether is insufficiently backed, it means that some of the reserves backing customer assets on exchanges are likely insufficient,” John Griffin, a finance professor at University of Texas at Austin who had examined cryptocurrency market manipulation, said in an email. “So smart customers will not custody their funds on exchanges and pull their crypto off exchanges. This could put further upward pressure on Bitcoin prices as one would rather take fake money and exchange it to Bitcoin.”
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More: https://www.bloomberg.com/news/arti...-masking-capital-flight-from-crypto-exchanges
 
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