ooops...
Posted on 11/08/2017 5:25:56 PM PST by 1_Inch_Group
Unlike most cryptocurrency hacks, however, the money wasn’t deliberately taken: it was effectively destroyed by accident. According to the Daily Mail, the lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred.
On Tuesday, Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left the second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.
(Excerpt) Read more at shtfplan.com ...
Ouch...that's gotta hurt tho. Locked themselves outta the money truck.
Today, 1 bitcoin = $7357.06
And this is why a yellowish metal only made in exploding stars will outlive hard to factor large integers.
ooops...
I never understood about Bitcoin or other crypto currency.
It seems to me that Bitcoin only has value because people decided to believe that it has value.
Everybody participating decided that Bitcoin miners would be rewarded with Bitcoin for their efforts. What productive work are they doing besides solving some sort of equations on a computer? How does this activity Warrant them getting more Bitcoin, except that everyone decided that this is how it should be? But the vast majority of the world does not use Bitcoin so why should it have value?
Yes lets get rid of physical money.
When the glitches happen....
When power goes out...
Oh I am being negative. Open up a safe space quick!
Not to mention that they can make you go from billionaire to pauper with a single key stroke.
The reality is that this will happen at smaller levels all the time. A wallet will get destroyed and the contents will be vaporized, regardless of the value.
Bitcoin and all those cryptocurrencies are all about crime and avoiding taxes. You can pay off someone without ever being found out. You can move money out of a country. You can make money without paying taxes. Its laundered money by definition.
No longer do you have to hide gold or diamonds. You just need a thumb drive You can secure the drive with encryption. Or you can just send a bitcoin across the internet to yourself in another country. Think how great this is for thieves. A ransom can get paid without a drop sight. No wonder the value of Bitcoin is going through the roof. Crime is everywhere. And cash means there is a trail that police can follow. But there is no trail with bitcoin.
It didn’t seem to effect the price at all....odd.
I don’t know much about crypto currency either, but it is my guess that you have hit on the main reason it has value...people decide to believe that it has value. At the root of it though, it wouldn’t surprise me too much if these crypto currencies are really some kind of Bernie Madoff house of cards propped up by an ongoing source of new speculators who want in on the action, which maintains or increases the value.
Sounds like a great way to lose money. Might be safer to invest in pokemon cards
And your dollar has value because someone said it did.
Same thing. Except your dollar is backed by $20 Trillion in debt.
Just like the monopoly money printed and sold to us daily by Fed ex, er the Fed. The Fed is just as federal as Fed ex, why cant Fed Ex print money too?
“Bitcoin and all those cryptocurrencies are all about crime and avoiding taxes.
Bitcoin is a hedge against government, BUT it is NOT private.
You don’t even need a thumb drive.
If you can memorize 24 words you just need your brain.
You are correct. You know nothing about crypto currencies or bitcoin.
Crypto people are gonna crypto....lol
“You are correct. You know nothing about crypto currencies or bitcoin.”
Well, I did say I was guessing regarding the source of the value. If you have a good explanation, I’d be glad to know it.
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