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[ARS]“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down - Page 2

post #11 of 52
Quote:
Originally Posted by TurboMach1 View Post

nothing at all hence the reason its happened 3 times in the last few months that i can recall. silk road, mt gox and now this. and those are only the ones i can recall from news articles.

Well silk road sold drugs so I'm not surprised they got shut down.
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post #12 of 52
Quote:
Originally Posted by Deadboy90 View Post

Well silk road sold drugs so I'm not surprised they got shut down.

the second one didnt get shut down, they got "hacked" for like 2.7m worth of bitcoins rolleyes.gif
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post #13 of 52
im loving the recent news about bitcoin. i would love to see a miner with 20 290x have to sell them all at cheaper then he bought them.
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post #14 of 52
Quote:
Originally Posted by Zaid View Post

im loving the recent news about bitcoin. i would love to see a miner with 20 290x have to sell them all at cheaper then he bought them.

No one mines BTC with GPUs.
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post #15 of 52
Quote:
Originally Posted by Blameless View Post

No one mines BTC with GPUs.

So what do they use?
    
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post #16 of 52
Quote:
Originally Posted by hertz9753 View Post

So what do they use?


special ASICs designed only for mining and nothing else.

http://www.anandtech.com/show/7246/the-rush-to-bitcoin-asics-ravi-iyengar-launches-cointerra
     
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post #17 of 52
Quote:
Originally Posted by Blameless View Post

Nothing except a legally enforceable agreement stipulating repayment in such an event, and either funds held in escrow to cover such an eventuality or an insurance policy from a 3rd party.
.

Well one of the issues that cryptos are going to have to figure out is that no, not even that would help. Even if you had such an agreement, the agreement would be with a corporation not a person; in an event such as this where the company simply ceases to exist you would then have a claim with a company that doesn't exist. Meanwhile the people involved would carry on with your money.
Escrow\insurance brings it's own set of problems.
Quote:
Originally Posted by Blameless View Post

This is because BTC isn't the problem.
People being careless, and others waiting to prey on that carelessness, are.

The thing is this is always the answer when something like this happens with cryptos. BTC wasn't the problem, GOX was. BTC wasn't the problem, Fexcoin was. BTC wasn't the problem, Bitcoin 7 was. BTC wasn't the problem, WBE was, etc etc.. It's always someone else' fault because of course we can't dare question if maybe there is an underlying problem with having an anonymous, completely unregulated virtual "currency".
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post #18 of 52
Quote:
Originally Posted by Blameless View Post

No one mines BTC with GPUs.

i meant the people who mine other coins like LTC and trade it for bitcoin.
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post #19 of 52
The issues we are seeing with Bitcoin however are the same issues we can see with every form of digital currency.
post #20 of 52
After reading this posts title lachen.gif
Quote:
Originally Posted by Mopar63 View Post

The issues we are seeing with Bitcoin however are the same issues we can see with every form of digital currency.

What's the difference between the thievery and scams with real cash, stocks, bonds??... This is much smaller.
Edited by Ghoxt - 3/5/14 at 5:26am
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