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[ARS]“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down - Page 3

post #21 of 52
[conspiracytime] Anyone else wonder about the sudden large increase in very bad propaganda about Bitcoin and how every major piece of news on it is trying to show how unsafe it is to use? [/conspiracytime]
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post #22 of 52
Quote:
Originally Posted by EniGma1987 View Post

[conspiracytime] Anyone else wonder about the sudden large increase in very bad propaganda about Bitcoin and how every major piece of news on it is trying to show how unsafe it is to use? [/conspiracytime]

It's not a sudden increase in propaganda it's a sudden increase of exploitation of how unsafe it actually is. The entire premise of bit coin is based on an honor system. Yay for unregulation
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post #23 of 52
So easily everyone forgets about the banks housing scam. And does anyone remember Bernie Madoff. Lets not for get the great credit card companys regulated so they can only charge you 30% intrest instead or 100 or 200% Thank god for regulation. Scams and stealing happen with every currency Some if it is just government backed stealing.

In the last 8 months the cryptocurrency market has been flooded with new money from people trying to make it rich quick. The problem is they have little or no knowledge of how it works,how to keep it safe or who to trust with it .

They google bitcoin and click on the first site they see. Look how many poeple on this tech forums still think you mine bitcoin with gpus and were the smart ones.
Worse than crack.
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Worse than crack.
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post #24 of 52
Quote:
Originally Posted by conzilla View Post

So easily everyone forgets about the banks housing scam. And does anyone remember Bernie Madoff. Lets not for get the great credit card companys regulated so they can only charge you 30% intrest instead or 100 or 200% Thank god for regulation. Scams and stealing happen with every currency Some if it is just government backed stealing.

In the last 8 months the cryptocurrency market has been flooded with new money from people trying to make it rich quick. The problem is they have little or no knowledge of how it works,how to keep it safe or who to trust with it .

They google bitcoin and click on the first site they see. Look how many poeple on this tech forums still think you mine bitcoin with gpus and were the smart ones.

I came here to say that.

As long as people aren't educated on how to handle and protect their money (in any form), there will be all sorts of scam attempts. In this case, it ranges from simple brute force attacks, to social engineering and larger scale operations.
The safest way to protect it will be down by the individual. However, this requires a certain amount of knowledge.

We've been in the Information Era for long enough to start expanding our knowledge on information security. And I am speaking from the masses' point of view, not just the cherry-picked technically literate members taking part in communities such as this one, or experts in the professional aspect of it.
With more complex means of transfer of information, a much greater volume of information in circulation and a tremendously higher value of the information, it is only natural to become the target of malicious attacks.

The world of digital information expands orders of magnitude faster and little entities would respond to the challenge of protecting illiterate people's information and providing a guarantee that their information will remain safe from harm, theft, and corruption.
Edited by fragamemnon - 3/5/14 at 6:59am
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post #25 of 52
Quote:
Originally Posted by Ghoxt View Post

What's the difference between the thievery and scams with real cash, stocks, bonds??... This is much smaller.

Real banks are insured... as are thefts from your bank.

Financial markets are regulated and can be financed/bailed out by Government banks etc...

Crypto banks are not regulated, not insured etc... so no one has any protection.
post #26 of 52
What is the reason to keep bitcoins in a bank online? Can you not store it somewhere like a USB stick or a computer not hooked into the internet for safety?
post #27 of 52
Quote:
Originally Posted by EniGma1987 View Post

[conspiracytime] Anyone else wonder about the sudden large increase in very bad propaganda about Bitcoin and how every major piece of news on it is trying to show how unsafe it is to use? [/conspiracytime]

I did, lots of guys crying for regulation, not the smartest move imho.
P2P is the future and people should embrace that and auto regulation of social contracts (something which invictus innovations, the guys behind bitshares are working on). Trusting a centralized government is more of a tradition than anything else, eventually people might realize how much power they've given to institutions, and that they are corrupt.
Quote:
Originally Posted by kiznilian View Post

What is the reason to keep bitcoins in a bank online? Can you not store it somewhere like a USB stick or a computer not hooked into the internet for safety?

Yup, you can but people are lazy...
post #28 of 52
Quote:
Originally Posted by kiznilian View Post

What is the reason to keep bitcoins in a bank online? Can you not store it somewhere like a USB stick or a computer not hooked into the internet for safety?

Your house burns down? You burn down and your fortune is left to your family who have no idea ha.

People use banks for good reasons... safety, insurance should you be robbed etc...
post #29 of 52
Quote:
Originally Posted by Zaid View Post

i meant the people who mine other coins like LTC and trade it for bitcoin.

Most miners don't watch BTC prices that much. Even if BTC prices go down, alt coins will just trade for more BTC. To most miners, BTC is just the way to convert it to USD because it's an established system already in place. Miners will always get their 6$ Day per MH/s because of the varying exchange rates between BTC and Altcoins. Should an altcoin exchange rate drop below that, we'll just move on to the next coin to mine. And trust me, there's more than enough altcoins out there to move onto.

For the most part. wink.gif
Edited by Syan48306 - 3/5/14 at 8:58am
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post #30 of 52
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Overclock.net › Forums › Industry News › Technology and Science News › [ARS]“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down