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Bitcoin Price Crashes After Exchange Admits Security Breach, Over $60 Million Stolen

Discussion in 'Digital Currencies' started by platinumdude, Aug 2, 2016.



  1. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    But if I lose my toe, some people will hear about it, lol.
     
  2. SilverCity

    SilverCity Gold Member Gold Chaser

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    I would rather buy mining stocks...but I won't do that either.

    staying the course with gold, silver, cash (little bit), preps

    SC
     
  3. Mujahideen

    Mujahideen Black Member Midas Member

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    The main thing that is attractive about Bitcoin is that it can be hidden from the government.

    I view is sort of like a digital version of a gold currency.
     
  4. solarion

    solarion Gold Member Gold Chaser

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    What do you mean "if"? Bitcoin could be obtained for a single penny as late as August of 2010. It has gone up to $1150 and currently sits at $580ish. This has been the best investment in the world since 2010. A single dollar invested in 2010 would have grown to 58,000 today...that's +57,999%. If you'd sold and bought back in 2013 your return would be many times that. Bitcoin is a revolutionary product, the world is still struggling to properly value blockchain technology.
     
  5. Joe King

    Joe King Gold Member Gold Chaser

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    I totally agree. I was referring to the possibilities from this level.
     
  6. Mujahideen

    Mujahideen Black Member Midas Member

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    Bitcoin is a currency, not a wise investment.
     
  7. southfork

    southfork Mother Lode Found Mother Lode

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  8. Mujahideen

    Mujahideen Black Member Midas Member

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    You do realize that you are talking about a private exchange and not Bitcoin itself?

    That's just like a privately owned bank that got robbed and is charging it's customers. That would have nothing to do with whatever central bank or government that controls that currency.

    Like others have said, take your Bitcoin and hold it yourself offline.
     
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  9. Poorman

    Poorman Seeker

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    Won't stop them from trying:
    https://www.cryptocoinsnews.com/eu-central-database-bitcoin-users/

    I use to share your sentiment about BTC being a digital version of gold.

    Then I realized that the same techniques used to run the Gold/Silver paper game are the same ones building the BTC ecosystem.

    No thanks.

    More often than not when you try to change something from within it ends up changing you.

    As for your "420"

    [​IMG]
     
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  10. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    If I can hold it I don't own it. The government will get into taxing BTC too eventually. Even still, I don't trust anything I can't see and feel. It's the old bastard in me I guess. That position has served me well so I'm sticking to it
     
  11. Mujahideen

    Mujahideen Black Member Midas Member

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    The difference between Bitcoin and paper gold is fraud and privacy.

    They can't inflate the number of bits arbitrarily. And the currency's value is based on supply and demand, not manipulation. And there is a high amount of anonymity.

    IMO it has its place in the digital world, physical gold can not exist digitally.
     
    Last edited: Aug 6, 2016
  12. Poorman

    Poorman Seeker

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    Hold on a second.....i have to stop laughing......

    Have you ever actually traded Bitcoin or any of it's alternative counterparts?
     
  13. Mujahideen

    Mujahideen Black Member Midas Member

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    Nope.

    But what's so funny?
     
  14. Poorman

    Poorman Seeker

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    I spent about 2 years learning the ropes on that side of the isle and I can assure you that there is nothing but manipulation over there.

    Trading bots, fake news, and insider trading right inside exchange troll boxes to say the least.

    It is basically a jr Wall St training camp.

    I too had the feeling that it was infact aiming to be "digital gold".

    I found out instead that it is a cesspool.

    A "den of thieves" sums it up just about right.
     
  15. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Not at all surprised. One needs to be very diligent these days. If it looks too good to be true, it probably is. Again,...old school philosophy which gets a bad rap these days but; no matter what the times bring, the basics are always buried where you can find them (if you bother to look).
     
  16. Mujahideen

    Mujahideen Black Member Midas Member

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    Trading bots, fake news and insider trading apply to all exchanges, even physical gold.

    So long as it is known how Bitcoins are created and how many exist I think it's solid for the digital world.
     
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  17. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Why do I care how many FRN's are tied to an ounce of gold? You're missing the point about owning physical metals for long tern investment. If you're a speculator (buy low, sell high) then you're subject to all those manipulative issues. On the other hand, many, if not most people who invest in physical metals are in it for a very different reason...to preserve wealth and keep it out of the system erregardless of how the system views physical metals. That's my viewpoint anyway....your milage may vary
     
  18. Mujahideen

    Mujahideen Black Member Midas Member

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    What are you talking about? I never said don't own gold lol.
     
  19. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I didn't say you did. I'm simply offering my viewpoint. Any system where I depends on others or can't shield myself from manipulation in some form or fashion is not where I would invest my wealth. I didn't say don't buy BTC either.
     
  20. Mujahideen

    Mujahideen Black Member Midas Member

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    You quoted me and greatly inferred that I was missing a point.

    Well what point am I missing about gold?
     
  21. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Perhaps my wording was faulty, and for that I apologize. My point was that I don't favor BTC because of a lack of control over that system and your point (if I understood it correctly) was that physical metals are just as vulnerable to manipulation as any other currency. I think that's when I went off the rails and made an incorrect inference that you don't support buying gold. That wasn't my intention but I take responsibility for not articulating my points properly.
     
  22. Mujahideen

    Mujahideen Black Member Midas Member

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    Bitcoin itself isn't arbitrarily manipulated. The market surrounding it is. The same exact thing applies to gold and for that matter nearly everything else.

    That was in response to Poorman saying there was manipulation with Bitcoin. I was just pointing out that there in fact actually isn't, but the markets and what surrounds it are.

    You can talk shit about gold all day, it's price can go up or down, but it's still gold. Same with Bitcoin. It's not being created arbitrarily.
     
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  23. Poorman

    Poorman Seeker

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    Once upon a time $20.00 USD was worth one ounce of gold.

    I think you know the rest of the story.

    Bitcoin is an extension of the fiat currency world.

    Like paper FRNs and their digital counterpart it was created out of thin air.

    Bitcoin is the FRN rebranded acting as a sidechain of Wall St.

    I guess I just never had a thing for arranged marriages.

    I tried but she looks, acts, and smells just like her mama.
     
  24. Mujahideen

    Mujahideen Black Member Midas Member

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    If there were to be a fiat currency, IMO, this is the way to go. No arbitrary inflation. You can figure out the exact number of bitcoins in circulation and figure out how many will be out in the future on a given date. This is not the case with FRNs. There is no honestly or transparency in central bank fiat currency.

    If you want something to move digitally, it has to exist only in concept, or thin air. You can't do that with gold... At least not yet.

    It's a good digital currency. It's not a replacement for hard physical gold.

    You can't buy things instantaneously with gold from the other side of the planet. And with gold you don't have to worry about it not being there if you hold it.
     
    Last edited: Aug 6, 2016
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  25. Malus

    Malus Gold Chaser Platinum Bling

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    Still trying to sell the mark of the beast. Governments/banks can't touch it. LOL!
     
  26. Poorman

    Poorman Seeker

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    I guess you can't have "tick" without "tock".

    What would Kronos do without them?
     
  27. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Do you really believe that the major governments haven't cracked the bitcoin block chain when they can crack even the most complicated espionage and military ciphers if they want to?

    Don't get me wrong I like the idea of crypto currencies but the ability to utilize it for circumventing currency controls and paying off crooked politicians is such a lure and threat to governments that they would want at least the ability to monitor the traffic, just to see who is double crossing them alone is worth the cost and effort.

    Crypto currencies are allowed to exist because they serve as back door transfer mechanisms for governments and shady politicians. No videos of $400 million dollars in cash on a pallet in Iran to embarrass someone.

    I wonder one day if Wikileaks or Anonymous will post the bitcoin transaction record of the Clinton Foundation. That would certainly be good reading! Hillary may not know how to lock down an email server but I am sure as Hell certain that the foundation has a very capable cryto currency maven moving money around the world for them.
     
  28. Mujahideen

    Mujahideen Black Member Midas Member

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    My understanding of Block chain technology is pretty much this video.



    I'm sure the government knows how to hack this in theory, but the practicality of hacking that is a different question.
     
  29. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    One thing I learned from working in computer security is that if one node is compromised it is only a matter of time before all of them get compromised. Then again we don't know if a government has inserted a back door into any code via a compromised coder or just by legal order too. Just like when it was revealed that all of the networking manufacturers (Cisco, Juniper, Dell, etc.) have back doors in their firmware for governments to utilize. I would not be surprised if the capability to peer under the hood of any crypto currency is already in place.

    No crypto currency is developed in a vacuum. As soon as a currency becomes attractive I am sure some government shill programmer volunteers to add to the code base to insert some code that benefits his masters. Many of the hacking organizations do the same thing. Black hat programmer gets himself hired at a company that makes widely used software and inserts hidden code or purposefully codes that can be exploited by a hacker into the code base. That is why companies use Veracode, Insight, Sentinel, etc. and other source code analysis tools and usually more than one since these tools too have been compromised in the past by the very hackers they aim to stop.

    Software is not salvation. Even the most rigorously checked and verified application software can be compromised just by adding a operating system level update.
     
  30. solarion

    solarion Gold Member Gold Chaser

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    Good luck trying to get people to understand the difference. When it comes to bitcoin everything bad that happens in the space = bitcoin dunnit. It's truly bizarre.

    We don't blame dollars or gold when some bad actor steals them...but when bitcoins are stolen, well obviously it's because bitcoin is untrustworthy. This disconnect exists because people don't know what the hell they're talking about.

    Bitcoin is an open source algorithm. It doesn't steal, it doesn't negotiate, it doesn't cheat, it just ensures that 12.5 btc are produced approximately every 10 mins. That's it, nothing more, nothing less and when 21m bitcoin exist it won't even be doing that. Blaming bitcoin because an exchange in hong kong robbed itself is like blaming gold because someone ripped out your gold tooth at gun point. That exchange btw now seems to favor looting people that had assets there(btc, altcoins, and dollars) to the tune of 36% following the bail-in model. Meanwhile the directors of said exchange have not explained how the theft was accomplished, what steps have been taken to prevent future thefts, or set up a cohesive plan to repay creditors who were harmed by THEIR incompetence. Their focus seems to be geared toward getting their obviously vulnerable exchange back in operation ASAP rather than figuring out what happened.

    While those that were stupid enough to send their precious bitcoin, altcoins, and USDs to an uninsured centralized exchange are begging for some of their own money to be returned, those of us with common sense are watching bitcoin rally sharply vs fiat while our own bitcoins reside safely in our own privately secured offline wallets.
     
    Last edited: Aug 7, 2016
  31. Joe King

    Joe King Gold Member Gold Chaser

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    For decades, people bitch about the centraly controlled inflationary "money" we are forced to use, but when presented with a deflationary currency not in centralized control, they rail against it.

    Go figure.

    Personally speaking, I love the idea of currency that tends to gain value as opposed to one where I'm encouraged to spend every dime I can get my hands on because they'll only lose value over time.
    ....but then I'm savings-minded as opposed to debt-minded like most people are.
     
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  32. solarion

    solarion Gold Member Gold Chaser

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    Friggin incredible ain't it? The lamestream media told me bitcoin is only used by drugs dealers, hitmen, terrists, and degenerate gamblers. I've no use for any of those things and I use bitcoin all the time...go figure.
     
  33. Poorman

    Poorman Seeker

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    Fixed...
     
  34. Poorman

    Poorman Seeker

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    I see the divide that you have created here.

    Unfortunately, Bitcoin is itself and everything created that falls under its umbrella.

    You should not separate the two because Bitcoin does not exist in a vacuum.

    Sure some people are assholes and do terrible things and I agree that Bitcoin is not responsible directly for that behavior all the time.

    On the other hand greed seems to be the driver of things gaining value sharply.

    What say you about Kim dotcom?

    A known criminal boasting that he will boost the value of Bitcoin by January 2017 with his latest claims.

    Are you going to support the gain in value when each one of these scammers increase the fiat value of Bitcoin by standing on the sidelines in your wallet and saying the Bitcoin space is innocent?
     
  35. Mujahideen

    Mujahideen Black Member Midas Member

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    I heard Isis is making their own gold coins.
     
  36. Poorman

    Poorman Seeker

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    I hear terrorist use smart phones and computers with gold contacts inside as well.

    I also hear that terrorists breathe the same air as all the other humans on planet Earth.

    What is your point?

    That criminals run the entire global monetary system whether it be Bitcoins, fiat, gold, hedge funds, stock markets......?

    Since the dawn of time right?

    13 coin is not novel.

    It is the same scam re branded.

    It operates off the backs of the ignorant and is based off a universal cypher.

    Enough is enough.

    Ever look at the global population chart?

    If I where a pyramid schemer I would say it was over bought.
     
  37. SilverCity

    SilverCity Gold Member Gold Chaser

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    I wanna see bitammo first before I commit...

    SC
     
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  38. Poorman

    Poorman Seeker

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    [​IMG]
     
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  39. Joe King

    Joe King Gold Member Gold Chaser

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    The way you "fixed" my post doesn't jive.

    How, exactly, is it a scam when it's the exact opposite of what the Fed peddles?
    95% of our current problems stem from having an inflationary monetary system foisted upon us. BTC is deflationary.

    I'm beginning to think that perhaps you don't even understand the difference between an inflationary currency and a deflationary currency.
     
  40. Poorman

    Poorman Seeker

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    Exact opposite?

    Fiat = thin air
    BTC = thin air

    Fiat = moneychangers
    BTC = moneychangers

    Fiat = backed by the technology of it's time (printing presses) run by men
    BTC = backed by the technology of it's time (computing) run by men

    Fiat = created (as in invented) by a centralized authority running on the backs of the masses
    BTC = created (as in invented) by a centralized authority attempting to run on the backs of the masses

    Fiat = derived from gold
    BTC = backed by the gold used in the technological hardware used to keep the system running (derived from gold monetarily by the 2011 peak followed by a dump. Where did the profits go?)

    Fiat = once married to gold
    BTC = engineered to also be married to gold

    Fiat goes on and on and on and BTC is an extension of the created out of nothing.

    Inflation and deflation is an illusionary cycle created by men based off a universal cypher.

    I can't help that I don't believe in idolatry.
     
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