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Author Topic: Bitcoin  (Read 79275 times)

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LTKoblinsky

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Re: Bitcoin
« Reply #135 on: June 21, 2011, 07:13:52 AM »

And if cash gets stolen, is there a way to trace it back to the original owner once it's passed through a few hands? It seems like a similar level of difficulty to return bitcoins. Still, simple encryption and watching what links you click should keep your precious bitcoins safe.

disclaimer: I do not have any bitcoins to steal.
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blackie

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Re: Bitcoin
« Reply #136 on: June 21, 2011, 08:03:25 AM »

I'm not into bitcoins, but if I had any, I wouldn't store them on my hard drive.
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freeAgent

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Re: Bitcoin
« Reply #137 on: June 21, 2011, 08:50:09 AM »

I'm not into bitcoins, but if I had any, I wouldn't store them on my hard drive.

Agreed.  I'd at least put my "wallet" on a USB flash drive and lock it up with my other important documents.  It also seems prudent to use something like TrueCrypt on it.  It doesn't add much hassle, but adds a ton of security.
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Sam Gunn (since nobody got Admiral Naismith)

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Re: Bitcoin
« Reply #138 on: June 21, 2011, 10:54:22 AM »

I'm not into bitcoins, but if I had any, I wouldn't store them on my hard drive.

Agreed.  I'd at least put my "wallet" on a USB flash drive and lock it up with my other important documents.  It also seems prudent to use something like TrueCrypt on it.  It doesn't add much hassle, but adds a ton of security.
Ok so what happens when you decrypt it to send the "coins" to someone for a transaction and you have a hidden malware that automatically grabs all your shit?
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blackie

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Re: Bitcoin
« Reply #139 on: June 21, 2011, 11:32:54 AM »

I'm not into bitcoins, but if I had any, I wouldn't store them on my hard drive.

Agreed.  I'd at least put my "wallet" on a USB flash drive and lock it up with my other important documents.  It also seems prudent to use something like TrueCrypt on it.  It doesn't add much hassle, but adds a ton of security.
Ok so what happens when you decrypt it to send the "coins" to someone for a transaction and you have a hidden malware that automatically grabs all your shit?
Call the police. Tell your mom.
« Last Edit: June 21, 2011, 11:57:21 AM by blackie »
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phonon

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Bitcoins are now "worthless"
« Reply #140 on: June 21, 2011, 07:12:16 PM »

http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/

Bitcoin Exchange Scam – Bitcoins Are Now Worthless

http://nerdr.com/shutting-down-bitcoin-really-taking-down-the-bitcoin-network/

Shutting Down Bitcoin – Taking Down The Bitcoin Network

But it's not as bad as it sounds:

http://www.infosecurity-us.com/view/18796/online-currency-bitcoin-loses-most-of-its-value-due-to-exchange-hack/

The exchange said that once it is back online, trading on Bitcoins will revert to the level before the breach, that is, $17.50 per Bitcoin. The value of the currency had plunged to pennies as a result of the hack. Users will be required to enter a new password once trading resumes.
« Last Edit: June 21, 2011, 07:17:06 PM by phonon »
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freeAgent

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Re: Bitcoin
« Reply #141 on: June 21, 2011, 07:26:31 PM »

I'm not into bitcoins, but if I had any, I wouldn't store them on my hard drive.

Agreed.  I'd at least put my "wallet" on a USB flash drive and lock it up with my other important documents.  It also seems prudent to use something like TrueCrypt on it.  It doesn't add much hassle, but adds a ton of security.
Ok so what happens when you decrypt it to send the "coins" to someone for a transaction and you have a hidden malware that automatically grabs all your shit?

That is still a problem, but you would at least give yourself (or your antivirus software) some time to detect the infection.  I'm not a bitcoin user and I posted earlier about how I think it's a bad idea to invest in them right now.  However, if someone is going to invest in some bitcoins, they should at least attempt to protect themselves.
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Wayne

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Re: Bitcoin
« Reply #142 on: June 22, 2011, 03:37:55 AM »

Bitcoin would be a bad idea even if it were implemented well.
Unfortunately, however....


http://it.slashdot.org/story/11/06/17/141228/Trojan-Goes-After-Bitcoins

http://it.slashdot.org/comments.pl?sid=2247736&cid=36474542
Quote
I always thought that the actual money file was encrypted, and could have an arbitrary name. You know, like a truecrypt volume file. Then I find out it's by default a text file hanging out on your computer. Fine and dandy if you have 100% control over your computer at all times, but we all know that's never the case. And judging by the passwords people use, it will be easy to brute force most passwords.

Somehow, I think bitcoin is going to flame out in a rash of digital thievery when criminals realize that it is easier to steal someone's bitcoin file than it is to mine it or even look for credit card info.

This is just another example of why most folks shouldn't be dumping tons of money into bitcoins. The technology is still pretty new. For now, going to a local exchanger to send money should be enough for most folks. Anyone wanting to keep a few bitcoins should consider the free "online wallets" like https://instawallet.org or http://mybitcoin.com
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Wayne

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Re: Bitcoin
« Reply #143 on: June 22, 2011, 04:22:41 AM »

On the Peter Schiff interview the Bitcoing guy (Donald Norman) kept saying over & over that he wanted more regulation for Bitcoins.

You people using these things are going to get screwed in every possible way.

I heard this too. He's not the first bitcoin promoter begging for regulation, which is weird... these folks should know it's decentralized, and that regulating it will work as well as regulating torrents. I have to imagine most of these advocates are being deliberately misleading, in the hopes of making bitcoin go mainstream more quickly or something. Or perhaps some are just statists who bought in early and now want the govn't to somehow help protect their gains.

As far as dealing with thefts....

The entire bitcoin transaction chain is public, but it's not as "trackable" as that sounds. The way it works, even if you could follow "a bitcoin" through a hundred transactions and finally find an address that ties to a public identity, could you really go to just THAT person and demand compensation? And since the reality is that any given "single bitcoin" will get fractured and reassembled (with other coins) dozens of times through the course of those transactions, you'd likely be looking at dozens, if not hundreds of "recipients" of any stolen bitcoin.

Whether this is all a good thing or a bad thing is subjective. But considering one of the points of bitcoin is to have a near-cash-like level of anonymity, I think most in the bitcoin community aren't going to be too concerned about it. People lose cash. Thieves steal it. Same with bitcoins.

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"Buy low, sell high." Are YOU stocking up on silver yet?

Wayne

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Re: Bitcoins are now "worthless"
« Reply #144 on: June 22, 2011, 04:36:45 AM »

http://nerdr.com/bitcoin-exchange-scam-bitcoins-are-worthless/

Bitcoin Exchange Scam – Bitcoins Are Now Worthless

http://nerdr.com/shutting-down-bitcoin-really-taking-down-the-bitcoin-network/

Shutting Down Bitcoin – Taking Down The Bitcoin Network

But it's not as bad as it sounds:

http://www.infosecurity-us.com/view/18796/online-currency-bitcoin-loses-most-of-its-value-due-to-exchange-hack/

The exchange said that once it is back online, trading on Bitcoins will revert to the level before the breach, that is, $17.50 per Bitcoin. The value of the currency had plunged to pennies as a result of the hack. Users will be required to enter a new password once trading resumes.

Fortunately, Mt. Gox isn't the only exchange. Even if it was, it isn't the final authority on how much a bitcoin costs; there are ways to determine prices apart from any central exchange.

I'm a little tempted to scold the folks who are seriously upset over this. Bitcoins are decentralized. Having so many people (including a lot of speculators, I'm sure) depend on Mt. Gox as a central hub for trade is convenient, but it introduces a focal point for abuse. Seriously, what did they expect?
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sillyperson

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Re: Bitcoin
« Reply #145 on: June 22, 2011, 06:33:53 AM »

People lose cash. Thieves steal it. Same with bitcoins.
But cash is universally accepted. And if instead of FRNs you use Silver (or convenient Shire Silver cards) as cash, you also have a store of value, which Bitcoint ain't.

Bitcoin: many downsides, no upside

Wayne

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Re: Bitcoin
« Reply #146 on: June 22, 2011, 08:10:24 AM »

People lose cash. Thieves steal it. Same with bitcoins.
But cash is universally accepted. And if instead of FRNs you use Silver (or convenient Shire Silver cards) as cash, you also have a store of value, which Bitcoint ain't.

Yes, cash is universally accepted. But that doesn't mean we shouldn't try to use alternative means of exchange, like silver, which aren't. In fact, I would think that for liberty-minded folk, local trade in silver and gold would be ideal. Unfortunately, the fed is cracking down pretty hard on means of digitally transferring precious metals beyond your local community (I was really hoping eLibertyDollars would have become the standard for that.)

A non-FRN alternative for online exchange would be nice, wouldn't it?


Quote
Bitcoin: many downsides, no upside

Seriously? You can't see a single upside?
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"Buy low, sell high." Are YOU stocking up on silver yet?

Turd Ferguson

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Re: Bitcoin
« Reply #147 on: June 22, 2011, 11:11:37 AM »

Seriously? You can't see a single upside?



* They wont tarnish

* They dont weigh much

* If the government wants to steal them, they have to hire a 14 yr old hacker-boy to do it for them.


Theres 3 pluses right there, off the top of my head.
« Last Edit: June 22, 2011, 11:17:57 AM by quickmike »
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Evil Muppet

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Re: Bitcoin
« Reply #148 on: June 22, 2011, 11:26:13 AM »

Bitcoin just seems to be someone's attempt to be clever at complicating something which is already being done. 
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Turd Ferguson

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Re: Bitcoin
« Reply #149 on: June 22, 2011, 11:48:20 AM »

yup
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