Hackers rob $70m worth of Bitcoin

can the stolen bitcoins not be traced through the blockchain
Yes, to a certain degree at least. I suspect they're going to need to go to a lot of effort to hide the trail. Maybe they'll manage it, maybe they'll be caught, it might depend on who is actually hunting them down, is it just the Slovenian police? they might not be the most motivated or tech savy (EDIT: didn't mean this a knock on Slovenians specifically in any way, just saying that they're not going to have the resources of something like the FBI).
 
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1. the Bigshort is nonstop repeating the nonsense that Bitcoin is a new financial system replacing the evil rotten banks

That's not true, and when you resort to making stuff up then it exposes a weakness in your argument.
I have been consistent in my view that I really don't know what bitcoin is. I am open to the suggestion that it is an alternative monetary system. I have a very small stake in bitcoin, not as an investment but as a means to try understand it's worth (if any).
At this juncture I believe it has huge potential ,notwithstanding moments where I consider that it doesn't have much value at all.
As for 'rotten banks', yep for sure, 100%!
 
That's not true, and when you resort to making stuff up then it exposes a weakness in your argument.

In defence of Merowig, that is the impression I got also.

One of the biggest advantages claimed for Bitcoin is that it allows people who don't like authority to have a currency which is not controlled by governments or central banks. You seem to be a proponent of this. Or that is the impression you give.

Brendan
 
It is not a question of 'not liking authority', it is a question of do you believe authority, as it is currently practised, is in a manner that is accountable, verifiable with equal access and opportunity for all?
I dont.

For staters, the financial sector.

The extent that the labelling of bitcoin being a vehicle for criminals and money laundering is somewhat laughable when you consider the bare-faced corruption that is has been exposed, and continues to be exposed, in the international financial system.
Money laundering, money printing, tax evasion, mortgage theft, false accounts, false accounting, deception, cooked books, etc...etc...

And yet, through our subservient governments and complicit media, we accept that all of this is just par for course, that it is not damaging to the integrity, and in turn, the value of our wealth.
 
Just listening to marian finucane. Even she recognises that our currency is 'magic money'.
IT editor for Independent is on referencing bitcoin as a hedge against fiat.
 
this theft points to a weakness in my view. How secure are the wallets and when a theft happens there is no law authority to turn to for help.
 
this theft points to a weakness in my view. How secure are the wallets and when a theft happens there is no law authority to turn to for help.
Wallet are as secure as you make them to be. If you use a desktop wallet on the local internet cafe, with the hundreds on key-loggers, your coins go 'poof'.

Thefts are always rumoured to be inside jobs to run with all the money.

If someone robs the local bank of all its cash it is not a weakness of the Euro or the ECB.
 
yes but you can take your money out of a bank and keep it in your mattress. My point is as this is completely an I. T. based money then it' a hackers playground
 
If someone robs the local bank of all its cash it is not a weakness of the Euro or the ECB.

Correct, but it does not affect me. My deposit in Bank of Ireland is still safe.

If they rob my Bitcoin through hacking or robbing my wallet or whatever, there is no one to give it back to me.

The equivalent would be the scammers who call people and manage to persuade them to transfer money from their bank account to some other bank account. That is rare enough and most people would not be caught by it. If the person realises quickly enough that they have been scammed, their bank can sometimes get the money back.



Brendan
 
yes but you can take your money out of a bank and keep it in your mattress. My point is as this is completely an I. T. based money then it' a hackers playground

Most financial institutions and government authorities would strongly advise you not to keep your money under your mattress.
 
Correct, but it does not affect me. My deposit in Bank of Ireland is still safe.

If they rob my Bitcoin through hacking or robbing my wallet or whatever, there is no one to give it back to me.

The equivalent would be the scammers who call people and manage to persuade them to transfer money from their bank account to some other bank account. That is rare enough and most people would not be caught by it. If the person realises quickly enough that they have been scammed, their bank can sometimes get the money back.



Brendan
Yes Brendan that is all correct.

I just wanted to make the difference clear between
- a personal local bitcoin wallet ( your own BANK, you have the keys and you have the responsibility to keep everything safe, it not very hard to be very very secure )
- an account at a custodial service, like an online bitcoin wallet, like an account at coinbase or nicehash holding your bitcoin for you ( basically a BANK ACCOUNT with the institution you choose)

There is no insurance in the second category, unless someone decides to offer it. They get hacked robbed whatever you don't get your money back.
 
Gee, those north koreans surely picked a bad time to decide to become the international cyber crimelords?

They certainly didn't just start, North Korea have one of the most advanced cyber-warfare capabilities in the world. They've been increasingly targeting crypto currencies in the face of increasing sanctions.
 
They certainly didn't just start, North Korea have one of the most advanced cyber-warfare capabilities in the world. They've been increasingly targeting crypto currencies in the face of increasing sanctions.

I don't doubt it, I take your word for it. But don't you think their are Russian, Iranian, Chinese, US, UK, hackers, and probably dozens more at the same thing?
The point I'm making is that US-NK relations are tense at the moment, is it any surprise that the incidence of news reporting on NK and its corrupt and threatening ways is increasing?
It's just my observation.
 
Actually you can opt for more secure custodial services if you want.
That security concern is driving innovation and new businesses in that area.
 
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