Opinion: Ban Cryptocurrency to Fight Ransomware · Page 2

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Whistlebritches
Herf-A-Holic

5 years ago

#21

I've banked a schit ton off Dogecoin.................and still own a nice amount of their stock

ZRX1200
Herf-A-Holic

5 years ago

#22

Crypto bad! It’s lost 30%!!!!

(Doesn’t want to talk about the US dollar being worth 13% of what it once was .

opelmanta1900
Herf-A-Holic

5 years ago

#23

Crypto bad, regardless of worth...

Date: Feb 2014

Crypto amount stolen: 850,000 BTC

Fiat equivalent at the time: ~ $470 million USD

Although this hack comes in second on our list, it is only because of the value that Bitcoin had at the time of the hack when it was valued at less than 1,000 USD. At the time of writing this article, Bitcoin is valued at over $9,000 USD and that amount would stand at close to $8 Billion USD. It was the first large scale hack on an exchange and the amount was also the most Bitcoins ever stolen from an exchange. It was also the most renowned attack as leading up to the time, users were reporting difficulties withdrawing their funds and speculation was rife on social media and the press before the eventual collapse.

Although the hack was uncovered in February of 2014, the exchange had been leaking funds since 2011, something that the exchange operators had kept secret until they were no longer solvent. 750,000 were their customer’s Bitcoins and 100,000 of them were their own. At the time of the collapse, the MT Gox exchange covered 70% of the active Bitcoin trading at the time.

https://www.comparitech.com/crypto/biggest-cryptocurrency-heists/

Edited by user 5 years ago | Reason: Not specified

opelmanta1900
Herf-A-Holic

5 years ago

#24

^this is what comes to my mind when people talk about the security of the block chain... I agree, it's really secure... until it isn't... and when it isn't, no one is responsible...

teedubbya
Herf-A-Holic

5 years ago

#25

The devil is in the detail.

If I remember right (haven’t looked at it forever) that had more to do with stolen keys and exchanges rather than blockchain itself. I don’t remember but it may have gotten solved a few years later.

The risk with crypto is high. You lose your key or your crypto wallet etc and it’s gone. There is no insurance or central responsibility with backed up info on you.

teedubbya
Herf-A-Holic

5 years ago

#26

Sort of like if you broke in to my glove compartment in my car and stole the combo to my safe then broke in to my house and used the combo to get at the cash in my safe. The safe wasn’t the issue, my stupidity was. And the cash in the safe was not insured because the safe was in my house rather than a central bank.

DrMaddVibe
Herf-A-Holic

5 years ago

#27

End the Fed

RayR
Herf-A-Holic

5 years ago

#28

End the Fed

DrMaddVibe wrote:

👍 Yup, the biggest thief of them all.

opelmanta1900
Herf-A-Holic

5 years ago

#29

teedubbya wrote:

You should get homeowners insurance... or just a better place to hide your safe key...

Seriously, this is exactly the problem with viewing crypto as a currency instead of seeing it for the trinket it is... there's no insurance, no safety net... if your bank got robbed and they called to tell you all your money was gone and you were now broke, you'd never use a bank again... if Elon musk could tweet and halve the value of the dollar, you'd transfer all your wealth to physical possessions...

bgz
Herf-A-Holic

5 years ago

#30

I for one like the eb and flow of Elon's tweets. I need him to say something bad now... point on the doll where bitcoin touched you Elon.

Speyside
Herf-A-Holic

5 years ago

#31

Bitcoin currency has greater long term stability than Fiat currency. There will only ever be 21M Bitcoins. Fiat currency is infinite. Plus the potential to make money is real. If BGZ speculated on Fiat currency and was correct his ROI would be very small. If BGZ speculates on Bitcoin currency and was correct his ROI would be nice. Note, I did not say Cryptocurrency.

ZRX1200
Herf-A-Holic

5 years ago

#32

And nobody has ever faked paper bills.....or used cash for nefarious purposes.....so there’s that.

izonfire
Herf-A-Holic

5 years ago

#33

teedubbya wrote:

Spectacular analogy...

teedubbya
Herf-A-Holic

5 years ago

#34

Opie I agree although to some that’s actually the strength.

My point is only that the blockchain programming piece is and will prove to be more valuable than the currency. And the “hack” was not in to the block chain but rather the exchanges.

Blockchain is a very secure way to conduct certain business without a centralized player/government. Very useful for keeping the integrity of contracts, food chain, water, medicine and supplies of any sort etc. all kept honest collectively rather than through a central scrutinizer.

As for the currency you have it or you don’t. You are right. No insurance but also no strings.

Edited by user 5 years ago | Reason: Not specified

bgz
Herf-A-Holic

5 years ago

#35

Speyside wrote:

Lol, this guy acts like he watches the charts or something...

Technical analysis and volume reign supreme with crypto.

Everything else is noise and sometimes results in having something to blame the results of the event on even though the same result would have happenned regardless.

Edited by user 5 years ago | Reason: Not specified

BuckyB93
Herf-A-Holic

5 years ago

#36

Elon musk could tweet and halve the value of the dollar, you'd transfer all your wealth to physical possessions...

opelmanta1900 wrote:

Ever watch the stock market take a dump or jump when the government or the Fed announces a policy change? Kinda like that?

opelmanta1900
Herf-A-Holic

5 years ago

#37

Can't say I've ever experienced a situation where the American currency in my pocket halved in value over night...

I have an Armenian friend who, when the Armenian currency was reset, had to burn hundreds of thousands of dollars in currency or risk going to prison... I don't think that's the same thing though...

HockeyDad
Herf-A-Holic

5 years ago

#38

The US Dollar is backed by the largest military in the world.

Cryptocurrency is backed by…..NERDS!

teedubbya
Herf-A-Holic

5 years ago

#39

opelmanta1900 wrote:

Must not have been alive during Carter lol

I keed I keed

The nerds are wearing guy faulks masks

BuckyB93
Herf-A-Holic

5 years ago

#40

Haved over night? You must be referring to some of the meme crypto stuff that whistle and bgz play with. T

The more stable crypto coins are becoming a legitimate sector of investing. A volatile sector and one I wouldn't put my life savings on but still legitimate at this time. There are many investment sectors that are equally volatile.

Look at how fast some of the genome biotech companies have fared in the past 9 months. They blew up during the race for a COVID cure. Once the winners were crowned the losers crashed. Crisper Therapeutics was trading around $60 last year, reached an all time high of about $220 in Dec and now sits around $120. That's just one of many example in one specific area.

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