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Posted on 04/03/2014 5:54:47 PM PDT by Up Yours Marxists
Bitcoin is making news again. Angry investors in the virtual currency are joining a class action to recover nearly US$500 million “lost” when Mt. Gox, a Tokyo-based Bitcoin exchange, crashed at the end of February 2014.
The collapse of the exchange is reported to be the result of theft by hackers. In another recent story, US magazine Newsweek claims to have tracked down the mysterious founder of the “crypto-currency”, a Mr Nakamoto in California. Bitcoin’s website names “Satoshi Nakamoto” as the currency’s founder but many believe that is a pseudonym.
Bitcoin is associated with some high profile criminal investigations, including the shutting down of the underground trading website, Silk Road, late last year – in a US investigation into drug trafficking, money laundering and other alleged crimes.
(Excerpt) Read more at dynamicbusiness.com.au ...
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Quit whining, it’s the price of gambling.
I thought about trying to invest at some point. Glad I did some in depth research first. This was predicted. The more complicated the algorithms became, the higher the value went, the more motivation to hack the algorithm with another algorithm.
The algorithm that secures Bitcoin and it’s underlying technology has never been compromised. It is functioning as designed and rock solid. The hacking is happening at the stacks, not at the blockchain.
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