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Unread 2013-12-23, 01:42 PM   #76
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The dollar is backed by the US Government. You're good until the Zombie Apocalypse at which point you'll need DeMar Dollars.
Actually, I believe the dollar is only backed by the Federal Reserve.
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Unread 2013-12-23, 02:18 PM   #77
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Actually, I believe the dollar is only backed by the Federal Reserve.
Backed by the assets of the Federal Reserve Banks, but are obligations of the United States.
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Unread 2013-12-23, 02:21 PM   #78
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Backed by the assets of the Federal Reserve Banks, but are obligations of the United States.
And this is where it all starts getting murky for me, and my lack of financial understanding starts to show...

Carry on
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Unread 2013-12-23, 03:06 PM   #79
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And this is where it all starts getting murky for me, and my lack of financial understanding starts to show...

Carry on
This is why you need DeMar Dollars. Trade in your US dollars and let me worry about the financial stuff.
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Unread 2013-12-23, 04:17 PM   #80
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Back to using gold/silver!

http://www.apmex.com/product/74946/5...ssay-9999-fine
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Unread 2013-12-24, 04:32 PM   #81
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Yup. Hashco.ws

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Hashcows was hacked today. Double check your payout address.
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Unread 2013-12-24, 05:32 PM   #82
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Hashcows was hacked today. Double check your payout address.
Great. Thanks!

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Unread 2013-12-25, 04:42 PM   #83
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Great. Thanks!

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Don't know if you have a doge wallet as well from dogewallet.com but it got hacked as well. 21 million doge stolen. Been out all day, need to get home so I can encrypt my wallet and back it up.
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Unread 2013-12-25, 05:28 PM   #84
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Don't know if you have a doge wallet as well from dogewallet.com but it got hacked as well. 21 million doge stolen. Been out all day, need to get home so I can encrypt my wallet and back it up.
I don't do Dogecoin. Only Hashco.ws and CEX.IO
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Unread 2013-12-25, 06:00 PM   #85
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I don't do Dogecoin. Only Hashco.ws and CEX.IO
Yeah, I have seen hashcows mining dogecoin because they mine whatever is the most profitable though? Maybe not, didn't know if you had mined any or had a wallet. I am sitting on around 60k that I would really not like stolen. Might be worth some serious money in the next few years.
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Unread 2013-12-25, 07:50 PM   #86
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Yeah, I have seen hashcows mining dogecoin because they mine whatever is the most profitable though? Maybe not, didn't know if you had mined any or had a wallet. I am sitting on around 60k that I would really not like stolen. Might be worth some serious money in the next few years.
I like hashcows simply because it automatically converts to btc and deposits into my CEX account.

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Unread 2014-01-21, 11:09 PM   #87
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Why Bitcoin Matters


Keith Bedford/Reuters Marc Andreessen, a co-founder of the venture capital firm Andreessen Horowitz.


Editor’s note: Marc Andreessen’s venture capital firm, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin.
A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.
Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.
On the other hand, technologists – nerds – are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.
Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.
What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.
One can hardly accuse Bitcoin of being an uncovered topic, yet the gulf between what the press and many regular people believe Bitcoin is, and what a growing critical mass of technologists believe Bitcoin is, remains enormous. In this post, I will explain why Bitcoin has so many Silicon Valley programmers and entrepreneurs all lathered up, and what I think Bitcoin’s future potential is.
First, Bitcoin at its most fundamental level is a breakthrough in computer science – one that builds on 20 years of research into cryptographic currency, and 40 years of research in cryptography, by thousands of researchers around the world.
Bitcoin is the first practical solution to a longstanding problem in computer science called the Byzantine Generals Problem. To quote from the original paper defining the B.G.P.: “[Imagine] a group of generals of the Byzantine army camped with their troops around an enemy city. Communicating only by messenger, the generals must agree upon a common battle plan. However, one or more of them may be traitors who will try to confuse the others. The problem is to find an algorithm to ensure that the loyal generals will reach agreement.”
More generally, the B.G.P. poses the question of how to establish trust between otherwise unrelated parties over an untrusted network like the Internet.
The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.
What kinds of digital property might be transferred in this way? Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds … and digital money.
All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want.
How does this work?
Bitcoin is an Internet-wide distributed ledger. You buy into the ledger by purchasing one of a fixed number of slots, either with cash or by selling a product and service for Bitcoin. You sell out of the ledger by trading your Bitcoin to someone else who wants to buy into the ledger. Anyone in the world can buy into or sell out of the ledger any time they want – with no approval needed, and with no or very low fees. The Bitcoin “coins” themselves are simply slots in the ledger, analogous in some ways to seats on a stock exchange, except much more broadly applicable to real world transactions.
The Bitcoin ledger is a new kind of payment system. Anyone in the world can pay anyone else in the world any amount of value of Bitcoin by simply transferring ownership of the corresponding slot in the ledger. Put value in, transfer it, the recipient gets value out, no authorization required, and in many cases, no fees.
That last part is enormously important. Bitcoin is the first Internetwide payment system where transactions either happen with no fees or very low fees (down to fractions of pennies). Existing payment systems charge fees of about 2 to 3 percent – and that’s in the developed world. In lots of other places, there either are no modern payment systems or the rates are significantly higher. We’ll come back to that.
Bitcoin is a digital bearer instrument. It is a way to exchange money or assets between parties with no pre-existing trust: A string of numbers is sent over email or text message in the simplest case. The sender doesn’t need to know or trust the receiver or vice versa. Related, there are no chargebacks – this is the part that is literally like cash – if you have the money or the asset, you can pay with it; if you don’t, you can’t. This is brand new. This has never existed in digital form before.
Bitcoin is a digital currency, whose value is based directly on two things: use of the payment system today – volume and velocity of payments running through the ledger – and speculation on future use of the payment system. This is one part that is confusing people. It’s not as much that the Bitcoin currency has some arbitrary value and then people are trading with it; it’s more that people can trade with Bitcoin (anywhere, everywhere, with no fraud and no or very low fees) and as a result it has value.
It is perhaps true right at this moment that the value of Bitcoin currency is based more on speculation than actual payment volume, but it is equally true that that speculation is establishing a sufficiently high price for the currency that payments have become practically possible. The Bitcoin currency had to be worth something before it could bear any amount of real-world payment volume. This is the classic “chicken and egg” problem with new technology: new technology is not worth much until it’s worth a lot. And so the fact that Bitcoin has risen in value in part because of speculation is making the reality of its usefulness arrive much faster than it would have otherwise.
Critics of Bitcoin point to limited usage by ordinary consumers and merchants, but that same criticism was leveled against PCs and the Internet at the same stage. Every day, more and more consumers and merchants are buying, using and selling Bitcoin, all around the world. The overall numbers are still small, but they are growing quickly. And ease of use for all participants is rapidly increasing as Bitcoin tools and technologies are improved. Remember, it used to be technically challenging to even get on the Internet. Now it’s not.
The criticism that merchants will not accept Bitcoin because of its volatility is also incorrect. Bitcoin can be used entirely as a payment system; merchants do not need to hold any Bitcoin currency or be exposed to Bitcoin volatility at any time. Any consumer or merchant can trade in and out of Bitcoin and other currencies any time they want.
Why would any merchant – online or in the real world – want to accept Bitcoin as payment, given the currently small number of consumers who want to pay with it? My partner Chris Dixon recently gave this example:
“Let’s say you sell electronics online. Profit margins in those businesses are usually under 5 percent, which means conventional 2.5 percent payment fees consume half the margin. That’s money that could be reinvested in the business, passed back to consumers or taxed by the government. Of all of those choices, handing 2.5 percent to banks to move bits around the Internet is the worst possible choice. Another challenge merchants have with payments is accepting international payments. If you are wondering why your favorite product or service isn’t available in your country, the answer is often payments.”
In addition, merchants are highly attracted to Bitcoin because it eliminates the risk of credit card fraud. This is the form of fraud that motivates so many criminals to put so much work into stealing personal customer information and credit card numbers.
Since Bitcoin is a digital bearer instrument, the receiver of a payment does not get any information from the sender that can be used to steal money from the sender in the future, either by that merchant or by a criminal who steals that information from the merchant.
Credit card fraud is such a big deal for merchants, credit card processors and banks that online fraud detection systems are hair-trigger wired to stop transactions that look even slightly suspicious, whether or not they are actually fraudulent. As a result, many online merchants are forced to turn away 5 to 10 percent of incoming orders that they could take without fear if the customers were paying with Bitcoin, where such fraud would not be possible. Since these are orders that were coming in already, they are inherently the highest margin orders a merchant can get, and so being able to take them will drastically increase many merchants’ profit margins.
Bitcoin’s antifraud properties even extend into the physical world of retail stores and shoppers.
For example, with Bitcoin, the huge hack that recently stole 70 million consumers’ credit card information from the Target department store chain would not have been possible. Here’s how that would work:
You fill your cart and go to the checkout station like you do now. But instead of handing over your credit card to pay, you pull out your smartphone and take a snapshot of a QR code displayed by the cash register. The QR code contains all the information required for you to send Bitcoin to Target, including the amount. You click “Confirm” on your phone and the transaction is done (including converting dollars from your account into Bitcoin, if you did not own any Bitcoin).
Target is happy because it has the money in the form of Bitcoin, which it can immediately turn into dollars if it wants, and it paid no or very low payment processing fees; you are happy because there is no way for hackers to steal any of your personal information; and organized crime is unhappy. (Well, maybe criminals are still happy: They can try to steal money directly from poorly-secured merchant computer systems. But even if they succeed, consumers bear no risk of loss, fraud or identity theft.)
Finally, I’d like to address the claim made by some critics that Bitcoin is a haven for bad behavior, for criminals and terrorists to transfer money anonymously with impunity. This is a myth, fostered mostly by sensationalistic press coverage and an incomplete understanding of the technology. Much like email, which is quite traceable, Bitcoin is pseudonymous, not anonymous. Further, every transaction in the Bitcoin network is tracked and logged forever in the Bitcoin blockchain, or permanent record, available for all to see. As a result, Bitcoin is considerably easier for law enforcement to trace than cash, gold or diamonds.
What’s the future of Bitcoin?
Bitcoin is a classic network effect, a positive feedback loop. The more people who use Bitcoin, the more valuable Bitcoin is for everyone who uses it, and the higher the incentive for the next user to start using the technology. Bitcoin shares this network effect property with the telephone system, the web, and popular Internet services like eBay and Facebook.
In fact, Bitcoin is a four-sided network effect. There are four constituencies that participate in expanding the value of Bitcoin as a consequence of their own self-interested participation. Those constituencies are (1) consumers who pay with Bitcoin, (2) merchants who accept Bitcoin, (3) “miners” who run the computers that process and validate all the transactions and enable the distributed trust network to exist, and (4) developers and entrepreneurs who are building new products and services with and on top of Bitcoin.
All four sides of the network effect are playing a valuable part in expanding the value of the overall system, but the fourth is particularly important.
All over Silicon Valley and around the world, many thousands of programmers are using Bitcoin as a building block for a kaleidoscope of new product and service ideas that were not possible before. And at our venture capital firm, Andreessen Horowitz, we are seeing a rapidly increasing number of outstanding entrepreneurs – not a few with highly respected track records in the financial industry – building companies on top of Bitcoin.
For this reason alone, new challengers to Bitcoin face a hard uphill battle. If something is to displace Bitcoin now, it will have to have sizable improvements and it will have to happen quickly. Otherwise, this network effect will carry Bitcoin to dominance.
One immediately obvious and enormous area for Bitcoin-based innovation is international remittance. Every day, hundreds of millions of low-income people go to work in hard jobs in foreign countries to make money to send back to their families in their home countries – over $400 billion in total annually, according to the World Bank. Every day, banks and payment companies extract mind-boggling fees, up to 10 percent and sometimes even higher, to send this money.
Switching to Bitcoin, which charges no or very low fees, for these remittance payments will therefore raise the quality of life of migrant workers and their families significantly. In fact, it is hard to think of any one thing that would have a faster and more positive effect on so many people in the world’s poorest countries.
Moreover, Bitcoin generally can be a powerful force to bring a much larger number of people around the world into the modern economic system. Only about 20 countries around the world have what we would consider to be fully modern banking and payment systems; the other roughly 175 have a long way to go. As a result, many people in many countries are excluded from products and services that we in the West take for granted. Even Netflix, a completely virtual service, is only available in about 40 countries. Bitcoin, as a global payment system anyone can use from anywhere at any time, can be a powerful catalyst to extend the benefits of the modern economic system to virtually everyone on the planet.
And even here in the United States, a long-recognized problem is the extremely high fees that the “unbanked” — people without conventional bank accounts – pay for even basic financial services. Bitcoin can be used to go straight at that problem, by making it easy to offer extremely low-fee services to people outside of the traditional financial system.
A third fascinating use case for Bitcoin is micropayments, or ultrasmall payments. Micropayments have never been feasible, despite 20 years of attempts, because it is not cost effective to run small payments (think $1 and below, down to pennies or fractions of a penny) through the existing credit/debit and banking systems. The fee structure of those systems makes that nonviable.
All of a sudden, with Bitcoin, that’s trivially easy. Bitcoins have the nifty property of infinite divisibility: currently down to eight decimal places after the dot, but more in the future. So you can specify an arbitrarily small amount of money, like a thousandth of a penny, and send it to anyone in the world for free or near-free.
Think about content monetization, for example. One reason media businesses such as newspapers struggle to charge for content is because they need to charge either all (pay the entire subscription fee for all the content) or nothing (which then results in all those terrible banner ads everywhere on the web). All of a sudden, with Bitcoin, there is an economically viable way to charge arbitrarily small amounts of money per article, or per section, or per hour, or per video play, or per archive access, or per news alert.
Another potential use of Bitcoin micropayments is to fight spam. Future email systems and social networks could refuse to accept incoming messages unless they were accompanied with tiny amounts of Bitcoin – tiny enough to not matter to the sender, but large enough to deter spammers, who today can send uncounted billions of spam messages for free with impunity.
Finally, a fourth interesting use case is public payments. This idea first came to my attention in a news article a few months ago. A random spectator at a televised sports event held up a placard with a QR code and the text “Send me Bitcoin!” He received $25,000 in Bitcoin in the first 24 hours, all from people he had never met. This was the first time in history that you could see someone holding up a sign, in person or on TV or in a photo, and then send them money with two clicks on your smartphone: take the photo of the QR code on the sign, and click to send the money.
Think about the implications for protest movements. Today protesters want to get on TV so people learn about their cause. Tomorrow they’ll want to get on TV because that’s how they’ll raise money, by literally holding up signs that let people anywhere in the world who sympathize with them send them money on the spot. Bitcoin is a financial technology dream come true for even the most hardened anticapitalist political organizer.
The coming years will be a period of great drama and excitement revolving around this new technology.
For example, some prominent economists are deeply skeptical of Bitcoin, even though Ben S. Bernanke, formerly Federal Reserve chairman, recently wrote that digital currencies like Bitcoin “may hold long-term promise, particularly if they promote a faster, more secure and more efficient payment system.” And in 1999, the legendary economist Milton Friedman said: “One thing that’s missing but will soon be developed is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A – the way I can take a $20 bill and hand it over to you, and you may get that without knowing who I am.”
Economists who attack Bitcoin today might be correct, but I’m with Ben and Milton.
Further, there is no shortage of regulatory topics and issues that will have to be addressed, since almost no country’s regulatory framework for banking and payments anticipated a technology like Bitcoin.
But I hope that I have given you a sense of the enormous promise of Bitcoin. Far from a mere libertarian fairy tale or a simple Silicon Valley exercise in hype, Bitcoin offers a sweeping vista of opportunity to reimagine how the financial system can and should work in the Internet era, and a catalyst to reshape that system in ways that are more powerful for individuals and businesses alike.
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Unread 2014-01-27, 12:00 PM   #88
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Winklevoss-Backed Bitcoin Startup Busted by Feds



If there's anything the Winklevoss ubermenschen love more than Harvard and revenge, it's Bitcoin, everyone's favorite speculative funny money. They've been investing in Bitcoin-related startups, and it's already going south: one of their CEOs just got arrested at the airport.

The FBI says it's unmasked the man behind the notorious underground online drug market Silk Road. 29-year-old Ross William Ulbricht has been… Read…



Right now the brothers probably look cranky, as seen above in a still from The Social Network. Business Insider reports Charlie Shrem, CEO of Bitinstant, is in federal custody on money laundering charges. The Justice Department says his company Bitinstant, which allowed people to buy and sell Bitcoin, was turning a buck via Silk Road, the notorious online drug bazaar. When news of the Winks' investment first popped up, one of the brothers had nothing but glowing words for Shrem:
"Charlie has been in the space for a very long time, and he has an impeccable reputation among Bitcoiners. He knows everyone in the space and everyone in the space knows him."
A Justice Department press release says the following:
Manhattan U.S. Attorney Preet Bharara said: "As alleged, Robert Faiella and Charlie Shrem schemed to sell over $1 million in Bitcoins to criminals bent on trafficking narcotics on the dark web drug site, Silk Road. Truly innovative business models don't need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act. We will aggressively pursue those who would coopt new forms of currency for illicit purposes."
Shrem was also a personal fan of the Silk Road:
SHREM, who personally bought drugs on Silk Road, was fully aware that Silk Road was a drug-trafficking website.
Bitinstant—which the Winklevosses pumped $1.5 million into—is now offline.
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Unread 2014-02-18, 10:03 AM   #89
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The First Bitcoin ATMs Are Headed to the U.S.

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Robocoin has announced that the first Bitcoin ATMs in the U.S. will be installed later this month in Seattle, and Austin, Texas.
The teller machines will allow users to buy and sell Bitcoin, by swapping the currency for cash or depositing money in exchange for more of the stuff. Accessing Bitcoin held in a virtual wallet on users' smartphones, the machines will also read government-issued identification—like a driver's license or a passport—to confirm identity.
Robocoin already has an ATM in Vancouver, but this news marks the arrival of the devices in the U.S.. There are plans to roll them out to Asia and Europe in the coming months, too. Will you be using them?
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Unread 2014-02-26, 08:54 AM   #90
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So did anybody here lose access to funds at Mt. Gox?
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Unread 2014-02-26, 10:17 AM   #91
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I think everyone who had funds with MT. Gox lost their funds. They seem to have vansihed over night.
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Unread 2014-02-26, 10:42 AM   #92
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I think everyone who had funds with MT. Gox lost their funds. They seem to have vansihed over night.


Not really.
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Unread 2014-02-26, 10:44 AM   #93
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Bitcoin Exchange Mt. Gox Goes Offline Amid Allegations of $350 Million Hack



The building that houses the Mt. Gox offices in Tokyo. Photo: Ariel Zambelich/WIRED

Mt. Gox, once the world’s largest bitcoin exchange, has gone offline, apparently after losing hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.
The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger (see below). According to the document, the exchange is insolvent after losing 744,408 bitcoins — worth about $350 million at Monday’s trading prices. The plan paints a bleak picture of the exchange’s finances and outlines an arbitrage scheme to restore the exchange to solvency. “The reality is that Mt. Gox can go bankrupt at any moment, and certainly deserves to as a company,” the document states.
WIRED couldn’t confirm the authenticity of the document. Reached Monday night, a Gox representative declined to comment on the document and referred us to the company’s webpage, before abruptly hanging up. But the website went offline a few hours after the company suspended trading on its exchange, and if the document is indeed authentic, the situation it described could reverberate across the world of bitcoin and possibly hamper the future of the digital currency.
Bitcoin insiders had been bracing for the worst from Mt. Gox for weeks, but the magnitude of the apparent theft — which would be the largest bitcoin heist ever — and the company’s alleged plan to replenish its stock of bitcoins took even seasoned bitcoiners by surprise. “Gox is the worst-run business in the history of the world,” said Roger Ver, in an instant message interview. Ver is a bitcoin advocate who lives across the street from Mt. Gox’s Tokyo offices and tried to help out the troubled exchange the last time it was hacked, back in 2011.
“Gox is the worst-run business in the history of the world”
–Roger Ver, bitcoin advocate
A coalition of bitcoin businesses — including bitcoin wallet-makers Coinbase and Blockchain — quickly put out a statement as news of the hack spread. “This tragic violation of the trust of users of Mt. Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and the digital currency industry,” they said. “There are hundreds of trustworthy and responsible companies involved in bitcoin.”
As WIRED reported earlier, Gox has been in trouble since U.S. authorities seized $5 million of the company’s U.S. assets last year. Gox had been operating in the U.S. without the proper money transmission permits. Since that seizure, customers had reported months-long delays in receiving cash for their bitcoins, and earlier this month, Gox suspended all withdrawals, blaming a bug in its bitcoin wallet software.
Now, according to the alleged leaked document, it looks like hackers had been exploiting that bug for two years, and even removing bitcoins from supposedly secure “cold” wallets that the company had stored offline. Typically, cold wallets are disconnected from the internet and cannot be emptied by online attackers. However, the “cold storage has been wiped out due to a leak in the hot wallet,” the document states.
Gox’s collapse is another black eye to a virtual currency that’s been struggling to go legit. Last month, Charlie Shrem, the CEO of U.S. bitcoin exchanger Bitinstant, was arrested on money laundering charges. Both Shrem and Gox CEO Mark Karpeles had been board members with the Bitcoin Foundation, the digital currency’s lobbying and software development group. Both have now stepped down. But according to the alleged Mt. Gox document, the bitcoin world faces even bigger problems that the loss of these two men. “This could be the end of bitcoin,” the document reads, “at least for most of the public.”
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Unread 2014-02-26, 11:50 AM   #94
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I was going to make a comment to the effect of "well just keep everything in an offline wallet" but the bit about the cold / hot bug seems to poke a hole in that.

Talk about the wild west! Damn...

edit: here is the link to that "crisis strategy draft":
http://www.scribd.com/doc/209050732/...Strategy-Draft
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Unread 2014-02-28, 11:56 AM   #95
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Bankruptcy!

http://in.reuters.com/article/2014/0...A1R0FX20140228

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(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system.
The collapse caps a tumultuous few weeks in which the company has remained virtually silent after halting trades of the crypto-currency, shaking the nascent but burgeoning bitcoin community.
Wearing a suit instead of his customary T-shirt, Mt. Gox's French CEO Mark Karpeles bowed in contrition and apologized in Japanese at a news conference at the Tokyo District Court, blaming his firm's collapse on a "weakness in our system", but predicting that bitcoin would continue to grow.
"First of all, I'm very sorry," he said. "The bitcoin industry is healthy and it is growing. It will continue, and reducing the impact is the most important point."
Angry investors have been seeking answers for what happened to their holdings of cash and bitcoins on the unregulated Tokyo-based exchange.
Mt. Gox said the exchange, used overwhelmingly by foreigners, had lost 750,000 of its users' bitcoins and 100,000 of its own. At the current bitcoin price of about $565, that would total some $480 million - representing about 7 percent of the estimated global total of bitcoins.
It also said there was a discrepancy of 2.8 billion yen ($27.4 million) in its bank accounts when it checked on Monday. Junko Suetomi, a lawyer with Baker & MacKenzie, said she could not comment on the balances of foreign bank accounts held by the company.
PROBLEM WITH EXCHANGE, NOT BITCOIN
Many bitcoin market participants have said Mt. Gox's problems were specific to the company and were caused by what they said was a lax attitude by Karpeles, while bitcoin itself - free of any central bank control - was still a noble venture.
"If we could agree on legal regulation, we should let (bitcoin and regulators) co-exist," said Keiichi Hida, a bitcoin investor and member of the Japan Digital Money Association. He lost about 100,000 yen worth of bitcoins, but seemed unconcerned as he became interested in the virtual currency as a form of "study".
"We should make it a national project to have bitcoin used nationwide at the time of the 2020 Tokyo Olympics," he said.
Mt. Gox deleted its website on Tuesday after freezing withdrawals earlier this month in the wake of a series of technical difficulties.
The exchange had liabilities of 6.5 billion yen ($63.67 million), dwarfing its total assets of 3.84 billion yen, the company said. It had 127,000 creditors in bankruptcy, just over 1,000 of whom are Japanese.
The company and Karpeles have said little in the days before Friday's court filing, which is similar to Chapter 11 bankruptcy in the United States, except that they were working with others to resolve their problems.
Another lawyer, Akio Shinomiya at Yodoyabashi and Yamagami, said Mt. Gox wanted to file a criminal complaint against what he said was a hacking attack, but had no specific means of doing so.
"Bitcoin has always been volatile and speculative, said bitcoin user Ken Shishido, who had about a tenth of his bitcoin holdings at Mt. Gox, but has seen the rest of his bitcoins soar tenfold since he began trading 18 months ago.
"It's too bad that this happened, but we have to let it go. And then we'll buy more."
($1 = 102.0850 Japanese yen)
(Additional reporting by Nathan Layne and Emi Emoto; Writing by William Mallard; Editing by Ian Geoghegan)
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Unread 2014-03-04, 10:59 AM   #96
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Bitcoin Bank Flexcoin Shuts Down After $620,000 Heist

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Flexcoin, famous for making bitcoin banking as easy as regular banking, is no more. The company shut its doors on Tuesday morning after hackers stole 896 bitcoins (nearly $620,000) from its vault on Sunday. And the most unsettling thing? That wasn't even the only bitcoin heist last weekend.
To Flexcoin's credit, it wasn't completely cleaned out by hackers. Hackers did clean out Flexcoin's hot wallet, but an undisclosed number of bitcoins in cold storage were untouched. "Cold storage" simply means that the bitcoins were kept in computers not connected to the internet, an extra level of security for which customers pay an extra 0.5 percent. Flexcoin will give those bitcoins back to customers. Those whose bitcoins were stolen are, well, they're shit out of luck because bitcoins aren't insured like good ol' greenbacks are in most banks.

If this sounds like a familiar story, that's because it is. On Tuesday, another bitcoin firm called Polonix also admitted that hackers broke in and stole 12.5 percent of its reserves, though it plans on replenishing the lost 'coin itself. And who could forget the infamous implosion of Mt.Gox, the Japan-based bitcoin exchange that filed for bankruptcy last week and announced that $424 million worth of cryptocurrency was lost and gone forever. Those just a couple of the major heists and boondoggles on a growing list of heists and boondoggles.
But what do you expect. The burgeoning bitcoin industry is famously unstable and vulnerable. Sure, it's an exciting idea for the sake of liberty and anarchy and whatever! It's just not the safest way to store your money right now, is all.
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Unread 2014-03-04, 01:13 PM   #97
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Sounds like a gigantic money pit.
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Unread 2014-03-04, 02:14 PM   #98
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It's like the wild west, a lot of money can be made or lost at any time.
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Unread 2014-03-04, 06:25 PM   #99
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People gotta fuck up a good thing. If everyone wasn't a greedy jackass, bitcoin could have been really cool.
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Unread 2014-03-05, 01:55 AM   #100
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Anyone watch auroracoin this past few days at all? Shit went from $6 to $80 in the last week or so and is now sitting at $40. Looks like this pump and dump is on the way back down.
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