Bitcoin Hijacking event

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[youtube]http://www.youtube.com/watch?v=4FZldY-ZBBE[/youtube]

If you can't hold it people, you don't own it.

This is a timely reminder.
 
John comments as well :

[youtube]http://www.youtube.com/watch?v=O0gBcjMAgUk[/youtube]
 
Auspm

Can you give us a detailed summary in your own words,for those like myself technologically impairedprobably the only one!

Cheers mate

REDBACK
 
Erm, I'm not really sure what to make of this, I think anyone using these services for anything more than token amounts of bitcoins is silly.

This really has nothing to do with bitcoin and everything to do with some one trusting in a random stranger to guard their wealth...
 
Redback said:
Auspm

Can you give us a detailed summary in your own words,for those like myself technologically impairedprobably the only one!

Cheers mate

REDBACK
Click to expand...


A bunch of people run what are essentially banking services for bitcoins, without all the checks and balances around a traditional bank.
 
Haven't watched the whole thing, but

"I lost 25,000 bitcoins, you do the math" covers a bit of ground
 
2ds said:
Redback said:
Auspm

Can you give us a detailed summary in your own words,for those like myself technologically impairedprobably the only one!

Cheers mate

REDBACK
Click to expand...


A bunch of people run what are essentially banking services for bitcoins, without all the checks and balances around a traditional bank.
Click to expand...

Correct,

Basically bitcoin not scam, but mybitcoin.com is allegedly a scam/hacked. So these dudes deposit their bitcoin with mybitcoin.com and now the bitcoins are gone.

Total loss .... millions.

25000 bitcoins ~ 500k usd. depending on bitcoin exchange rate.
 
Thanks 2ds and jpanggy got it in a nut shell
Whaoh!! Thats a lot of Doe,i couldn't work out why he looked so depressed!

Cheers guys

REDBACK
 
Sorry, I was out to dinner. Looks like the others have replied to cover what you asked.

You have to be careful of these sorts of things though.

Fortunately there's smart Bitcoin investors out there like Stella, who don't leave their Bitcoin stack in other people's hands, ensuring they always take delivery.

[youtube]http://www.youtube.com/watch?v=ND-soQW63DA[/youtube]

Very smart play that one I think.
 
Redback said:
Thanks 2ds and jpanggy got it in a nut shell
Whaoh!! Thats a lot of Doe,i couldn't work out why he looked so depressed!

Cheers guys

REDBACK
Click to expand...

The guy is either hopelessly naieve or stupid take your pick, as auspm said "a fool and his money are soon parted"

If nothign else he should have had his coins spread accross a couple of exchanges...
 
2ds said:
Redback said:
Thanks 2ds and jpanggy got it in a nut shell
Whaoh!! Thats a lot of Doe,i couldn't work out why he looked so depressed!

Cheers guys

REDBACK
Click to expand...

The guy is either hopelessly naieve or stupid take your pick, as auspm said "a fool and his money are soon parted"

If nothign else he should have had his coins spread accross a couple of exchanges...
Click to expand...

Bitcoin has some merit,

However, the cause of this event is actually misplaced trust.

You should not laugh at them because their community is similar to ours.

In every community, members built trust within their ecosystem, it only takes one person to abuse that trust to bring the community down.

Hopefully, it never happens here. But in the past I have seen it happen and was burnt as well.
 
jpanggy said:
Bitcoin has some merit,

However, the cause of this event is actually misplaced trust.

You should not laugh at them because their community is similar to ours.

In every community, members built trust within their ecosystem, it only takes one person to abuse that trust to bring the community down.

Hopefully, it never happens here. But in the past I have seen it happen and was burnt as well.
Click to expand...
Although still a bit skeptical I see merit in bitcoin. If I could replace it for credit card transactions I'd be willing to try it out. I can't imagine ever putting half a million dollars into it, particularly with a third party!
 
Maybe I don't 'get it' but isn't the whole idea of bitcoin the fact that they are not 'deposited' anywhere? that each bitcoin is tied to its owner through algorithms and a traceable history of owners? the size of the network and the large number of independents is what makes it robust? Can someone elaborate on this, it appears i have completely missed how bitcoins work..
 
euphoria said:
Maybe I don't 'get it' but isn't the whole idea of bitcoin the fact that they are not 'deposited' anywhere? that each bitcoin is tied to its owner through algorithms and a traceable history of owners? the size of the network and the large number of independents is what makes it robust? Can someone elaborate on this, it appears i have completely missed how bitcoins work..
Click to expand...

They are stored in "wallet" file. This file can be on user machine or stored on 3rd party site like mybitcoin.com

mybitcoin.com settles transactions for the customers with their wallet file in the server.

In Essence, mybitcoin.com collects and disburses bitcoins on behalf of customers (they signed up for it).

But, when a massive theft happens or mybitcoin.com runs away, you have this incident.
 
The guy looks like he's about to cry, although I would too if I lost $500k + the immense guilt of losing ur friends and family's money. I mean...dang :(

Then again, having two Geelong-based finance companies collapse within my 25yr lifetime (Chartwell in 2007 - Graeme Hoy ran a Ponzi scheme & got 13yrs jail for it, and Pyramid Building Society in 1990-91) makes me tread lightly who I entrust my money with
 
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