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Started By
Message
re: 4,400BTC (~$2.7M) stolen from Silk Road 2.0 escrow account
Posted on 2/13/14 at 3:57 pm to Kingpenm3
Posted on 2/13/14 at 3:57 pm to Kingpenm3
quote:
Can someone give me some before and after bitcoin values because of this news?
The price varies by exchange I think, but doing some quick research it looks to have to dropped 10% today across the varying exchanges.
1
Posted on 2/13/14 at 4:06 pm to StinkBait72
Correct, averaging between $50-$65/btc over the last 2 hours.
Posted on 2/13/14 at 4:10 pm to LSURussian
quote:
Correct, averaging between $50-$65/btc over the last 2 hours.
Wasn't it over $800 like last month?
Posted on 2/13/14 at 4:13 pm to JayDeerTay84
Yes, the 30 day high was $850 on bitstamp which is the latest preferred exchange by josh and wiki, I believe. It hit $601 on that exchange about an hour ago.
On MtGox the 30 day high is $1,038 and it is at $460 right now.
On MtGox the 30 day high is $1,038 and it is at $460 right now.
This post was edited on 2/13/14 at 4:15 pm
Posted on 2/13/14 at 4:19 pm to LSURussian
Good grief...
Posted on 2/13/14 at 4:20 pm to LSURussian
quote:
On MtGox the 30 day high is $1,038 and it is at $460 right now.
Sounds like a buy-right opportunity.
Posted on 2/13/14 at 4:21 pm to LSURussian
The price is almost irrelevant. Regardless of what one may think about the future of bitcoin, one must concede that, at present, the price is almost completely an article of faith.
I can believe that bitcoin will be below 100 next week. I can equally believe that it will be back over 1,000. That's not normal.
I can believe that bitcoin will be below 100 next week. I can equally believe that it will be back over 1,000. That's not normal.
This post was edited on 2/13/14 at 4:24 pm
Posted on 2/13/14 at 4:30 pm to Walking the Earth
quote:
I can believe that bitcoin will be below 100 next week. I can equally believe that it will be back over 1,000. That's not normal.
Scary thing is people actually purchase goods with these things. Hell, that one idiot wanted to sell his house for them. I don't know if he did, but he lost a lot of $$$ the last few weeks if he didn't exchange them. While I see the possibilities, BTC have a long way to go to be accepted by the mainstream just due to their volatility alone. This could take decades.
This post was edited on 2/13/14 at 4:33 pm
Posted on 2/13/14 at 4:35 pm to joshnorris14
quote:Such noble sentiments from someone who rents stalls in a centralized virtual marketplace. By definition a market is a centralized location where buyers and sellers can get together to trade. Decentralization to him is just a fancy way of saying outside the law.
From the Dread Pirate Roberts: No marketplace is perfect. Expect any centralized market to fail at some point. This is precisely why we must unite in the decision to decentralize.
Posted on 2/13/14 at 4:43 pm to Poodlebrain
quote:
Such noble sentiments from someone who rents stalls in a centralized virtual marketplace. By definition a market is a centralized location where buyers and sellers can get together to trade. Decentralization to him is just a fancy way of saying outside the law.
Well said.
Posted on 2/13/14 at 4:52 pm to Broke
What I don't get is that if bitcoin is a "ledger" then how could fraud even take place?
Reference:
Well triple entry obviously doesn't mean anything here.. Or else, how could this even happen?
So the "ledger" has a record which allows for validity...
So, why did it fail? It is referenced as a protocol, so what I fail to understand is if the protocol was run on the Silk Road, how does fraud happen? Is validation not apart of the protocol?
Reference:
quote:
What is transaction malleability?
It’s an attack that lets someone change the unique ID of a bitcoin transaction before it is confirmed on the bitcoin network. The change makes it possible for someone to pretend that a transaction didn’t happen, if all the right conditions are in place.
quote:
What is Bitcoin?
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Well triple entry obviously doesn't mean anything here.. Or else, how could this even happen?
quote:
How does Bitcoin work?
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.
So the "ledger" has a record which allows for validity...
So, why did it fail? It is referenced as a protocol, so what I fail to understand is if the protocol was run on the Silk Road, how does fraud happen? Is validation not apart of the protocol?
This post was edited on 2/13/14 at 5:24 pm
Posted on 2/13/14 at 5:19 pm to JayDeerTay84
It failed because the system isn't perfect. But don't ask Josh or Wiki about its defects. Those are technical issues beyond the comprehension of anyone who has doubts about Bitcoins.
This is ultimately a case of hackers are going to hack. Even into Bitcoins. The more people claim some system is foolproof, the more hackers will want to find exploits.
This is ultimately a case of hackers are going to hack. Even into Bitcoins. The more people claim some system is foolproof, the more hackers will want to find exploits.
This post was edited on 2/13/14 at 5:25 pm
Posted on 2/13/14 at 7:01 pm to joshnorris14
quote:
joshnorris14
You make the rest of us look bad, and I feel bad.
Posted on 2/13/14 at 7:02 pm to brucevilanch
Posted on 2/13/14 at 9:11 pm to LSURussian
This is a spectacular buying opportunity. It is time to back the truck up and load up on bitcoin. It will be back between $800-$1000 within thirty days, guaranteed.
Russian, hope you are paying attention.
This counts as #2.
Russian, hope you are paying attention.
This counts as #2.
This post was edited on 2/13/14 at 9:14 pm
Posted on 2/14/14 at 4:21 am to Tiger n Miami AU83
How can MtGox have BTC at $369 right now, while Coinbase has it as $642 and Coin Cafe at $877?
Are there different types of BTC?
Are there different types of BTC?
This post was edited on 2/14/14 at 4:22 am
Posted on 2/14/14 at 5:27 am to Sho Nuff
quote:
How can MtGox have BTC at $369 right now, while Coinbase has it as $642 and Coin Cafe at $877?
Decentralized currency for the motherfricking win
Posted on 2/14/14 at 7:31 am to Sho Nuff
quote:Yes, of course.
Are there different types of BTC?
You have your basic, quick, fast, easy and free to transfer but not really anonymous bitcoins that wiki has written about.
Then you have your complex, special technical skills required, and you'll pay a fee to transfer but really, really anonymous bitcoins that wiki has described.
You don't expect to pay the same thing for different features do you, you Luddite you!?!
Posted on 2/14/14 at 7:35 am to LSURussian
quote:
Then you have your complex, special technical skills required, and you'll pay a fee to transfer but really, really anonymous bitcoins that wiki has described.
You also have the kind "that you purchase and then they get frozen and you can't get them back" apparently.
Posted on 2/14/14 at 7:37 am to htownjeep
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