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and the victims are chasing the people who did it around the internet as I type.
Fascinating how the technology not only helps the thief but also those trying to track them down.
[url= http://www.newstatesman.com/future-proof/2013/12/theres-%C2%A360m-bitcoin-heist-going-down-right-now-and-you-can-watch-real-time ]http://www.newstatesman.com/future-proof/2013/12/theres-%C2%A360m-bitcoin-heist-going-down-right-now-and-you-can-watch-real-time[/url]
Keeping them in a landfill site in Newport seems quite a sensible move...
my head hurts.
who did what now?
not a clue what that article was going on about.
one thing that confused me about silk road, and sheep. say you bought some drugs, surely you'd give the seller your address and he'd post the drugs? wouldn't mail carriers realise, I assume they employ measures to stop drug dealers using their service?
[i]my head hurts.
who did what now? [/i]
In summary:
Someone hacked a database (possibly one of the site owners).
They've been trying to launder the stolen bit coins through various exchange sites to hide their tracks.
The problem is that the size of the transactions means that they can be easily traced.
reading that link, you have people who have got entire life savings in bitcoins stolen, and I must agree with posters on the "Hah you idiot" side.. Fools the lot of them..
I like the way you can "watch it in progress" gripping stuff.
f359518b3da0f433b2c84c1c4ec35d442ae09ad83dfb7b21f7fb317a05096e50 FTW.
That's not how I interpreted the posts, just sounds like eBegging to me! Is that what we're going to have to put up with now on the internet? Loads of people posting wallet IDs and saying "spare a fraction mister?"reading that link, you have people who have got entire life savings in bitcoins stolen,
Are the majority of transactions on Sheepmarketplace narcotics or other contraband-related a la SilkRoad of old? Why would anyone innocently store their savings there?
It's funny who modern tech makes "theft" easier because you are "stealing" an entirely virtual artifact stored in the bitstream of an electronic device! In fact, is it even "theft"?
(back, in the day, you needed a few mates, a couple of sawnoffs, and at least a transit van to steal any meaningful sum of money! 😉
The comments are people asking for money. The codes are, effectively, their account numbers.
Good. No sympathy with anyone in the Bitcoin movement; the ones with the most deserve to lose the most.
No sympathy with anyone in the Bitcoin movement
Well speaking as someone who has seen a 10000% increase in their investment in the last 18 months, I really think I will do okay without your sympathy.
ne thing that confused me about silk road, and sheep. say you bought some drugs, surely you'd give the seller your address and he'd post the drugs? wouldn't mail carriers realise, I assume they employ measures to stop drug dealers using their service?
Sheer amount being sent I guess. And the size of the goods involved. You could hide six acid tabs behind a postage stamp for example.
Allegedly
One question...
What's a bit coin?
This whole bitcoin story from the start is completely brilliant. It'll be a put onto film one day for sure.
Have they caught him yet 😉
Back in the day it was all cockney's, Jan's and bags of schwag.
They were the days.
+1This whole bitcoin story from the start is completely brilliant. It'll be a put onto film one day for sure.
The whole thing is utterly fascinating to follow. I have no idea how they would cast Satoshi Nakamoto though...
It's funny who modern tech makes "theft" easier because you are "stealing" an entirely virtual artifact stored in the bitstream of an electronic device! In fact, is it even "theft"?
Not entirely true. Think of bitcoins as credit (or even debit). They just have to be withdrawn to make 'real' money out of them. They can be sold to other users in exchange for real money...
But surely that^^ is what all "Money" is. It simply allows the owner of it to exchange it for goods or services? But when it was real, and often big and heavy physically, it was harder to steal! 😉
It's funny who modern tech makes "theft" easier because you are "stealing" an entirely virtual artifact stored in the bitstream of an electronic device! In fact, is it even "theft"?
Well, if I hacked your online bank account, transferred the 'contents' via various convoluted means into another account, withdrew the contents through a meatspace facilitator, (bank) and legged it, would you consider that theft?
I mean, there was nothing 'real' involved, it was all 'virtual', up to the point the 'virtual' was turned into 'real', pretty much the same as Bitcoin.
You lot will be telling you're real next.
Well you're not, and that's that.
MODS !!
I think piemonster is becoming self-aware
I really dont understand this 😕
http://en.m.wikipedia.org/wiki/Bitcoin -> still haven't got a ****in clue
the only difference between Bitcoins and 'real' money is that Bitcoins don;t have a government behind them and that there is a finite number of Bitcoins available - you can't just create more to satisfy demand and devalue them.
I think piemonster is becoming self-aware
Put like this, it doesn't seem likely.
I feel old.
Or stupid.
Perhaps both.
Nope none the wiser, so "if" I wanted to buy a Bitcoin what do I do?
Find some one selling bitcoins and buy one.
You have am online wallet/bank account to store them in.
Do they take bitcoins at Nando's?
If not, I'm out.
Think of it like PayPal you have top transfer money to a real bank account to spend it in a restaurant
Can you not just mine them?
Well you can mine coal too but it's not the easiest way to get hold of it.
Depends how much you want. Up the mountain by my Nan's you can pick it out of streams 🙂
This is the first time I've felt like I'm turning into my dad. WTF is this all about?
1) A Bitcoin is an electronic token that has a unique key. You can create them (aka mine them) by creating the key, but it takes a lot of computing power a bit like finding a big prime number.
2) There is a finite number of them so they can't inflate, in theory.
3) They aren't controlled by any government, and transactions are untraceable.
Now here's what I don't understand:
1) As computing power improves, won't it be easier to find new ones?
2) If there's a finite supply it must surely deflate. Which rewards people hoarding them, and enourages people not to spend them...?
3) The exchange rate seems far more volatile than most real currencies which kind of defeats the object of using it as a real currency. I don't want my savings to be that volatile ta.
The cynic in me imagines that it's a big fat scam that made a lot of money for the creators.
1) As computing power improves, won't it be easier to find new ones?
The key gets harder as the rate of success in mining increases. Currently it would cost most home users more in electricity to keep their computer processing than they would earn with the bit coin
Dunno about the rest - thems economics questions...
So someone has nicked a load of unique numbers, but to make any money out of it they need to sell them to someone else for real money, at which point the new owner pays dolars/pounds and this will presumably go into a real bank account?
Yes. If there were a place where only bitcoins were used for everything then it'd be fine. But as they can be traded with other currencies their exchange rate varies massively, and the price is going to go through the roof.
Still can't see how this is an advantage to anyone except speculators.
Oh and if I held a lot of them I'd be keeping a close eye on quantum computing developments...
If they are just codes, how can there only be a finite amount. As has been said as processing power increases someone will figure out how to make more, it's always the case..
if they are "Unique" numbers, why can't they just be voided?
I think that the keys are based on prime numbers.... so you have to test each number to see if it's a match, but the numbers get fewer and further between. And presumably there's a highest number...?
Flaperon - Member
Good. No sympathy with anyone in the Bitcoin movement; the ones with the most deserve to lose the most.
Why?
And why is the criminal not detectable at the point of transfer between virtual and real currency?
Because anyone can trade bitcoins with normal money. There's no way of telling where my bitcoin came from.
Bit coin on bit of a rollercoaster!
Down 50% for a short time.
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The whole bitcoin idea is brilliant, but as we've seen it's vulnerable.
I'm starting up a competitor called ActualCoin using small copper bronze tokens that are cunningly disguised to conceal their value.
They will be £1 each to start, but if bitcoin is a guide their value will rise dramatically.
Here's a pic - their resemblance to existing currency is purely coincidental.
[img] 
[/img]
For a limited time, buy one and get another free.
Cool, I've got some of those Actual Coins, if I send them to you can I have their value in pounds please.
sobriety - Member
Cool, I've got some of those Actual Coins, if I send them to you can I have their value in pounds please.
Alastair Darling is my agent for that sort of exchange. 🙂