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Hackers Steal $70 Million in Bitcoin

6.1k comments
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Everytime I read about Bitcoin, I know less about Bitcoin.

Same here buddy

Bitcoin....USD...block chain technology... well that pretty much sums it up. GOT IT!

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Reminds me of an old quotation about quantum mechanics:

If you think you understand quantum mechanics, you don't understand quantum mechanics.

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Part if it is poor reporting on the issue, and this stems even from the bitcoin community assuming the general public has any clue what the jargon they use means.

Every time you see the word "wallet" in an article on bitcoin, just mentally replace it with the word "password." (This is a simplification, but a better one). To spend bitcoin, you create a transaction in which you say your account number, what account number you want to send the bitcoin to, and how much to send. Then you sign the transaction by computing something that you can only do if you have that password, but anyone who can see your account number can verify.

So what happened in this case? A bunch of people stored their passwords with a company so they didn't have to keep track of it themselves. That company claimed they got hacked, and someone took all the passwords. So now, if you stored your password there, you can't use it anymore, and the "hackers" can.

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If you have 42 minutes to kill, I find this video does a good job at exploring bitcoin from zero experience. The information starts coming in 5 minutes in.

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"I’m just talking about fractions of a penny here, okay? But we do it from a much bigger tray and we do it a couple a million times. So, what’s wrong with that?"

"You know, the Nazis had pieces of flair that they made the Jews wear"

My favorite line in a movie full of great lines.

870 points·5 months ago

"So I was sitting in my cubicle today, and I realized, ever since I started working, every single day of my life has been worse than the day before it. So that means that every single day that you see me, that's on the worst day of my life."

Is today the worst day of your life?

246 points·5 months ago

Yeah.

Wow that's messed up.

Deeper and deeper...

... 3 .. Deeper and deeper .. 2 ... ghhghgngnnn

slam

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Sounds like you have a case of the Mondays..

 A case of the Mondays? No. No, man. Shit, no, man. I believe you'd get your ass kicked sayin' something like that.

You don't need a million dollars to do nothin man, look at my cousin, he's broke don't do shit.

You know what I'd do with a million dollars, man? Two chicks at the same time.

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Yeah, well, at least your name isn't Michael Bolton.

Why should I changed my name? he's the one who sucks!

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PC Load Letter? What the fuck does that mean?

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Oh. Okay. So you’re gonna be making a lot of money, right?

278 points·5 months ago

Yeah...

That's not yours?

It becomes ours.

How is that not stealing?

I don't think I'm explaining this very well... Umm, the 7-11, you take a penny from the tray, right?

From the crippled children?!

No that's the jar. I'm talking about the tray. You know the pennies that are for everybody?

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I love that movie so much lol

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Note to self: Spend a couple thousand dollars to start an internet bitcoin mining front, so that I can claim hackers stole $100M after enough people make their deposits.

As they say, the best way to rob a bank is to own one.

Still my favorite bit of theirs

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762 points·5 months ago·edited 5 months ago

Way too much work. Just fork ETH or something and start scammy ICO and then pay small fine.

I don't know what any of this means but I'd like some money too.

You never heard of the ol' fork and scammy?

Isn’t that a dish at Denny’s?

You mean whammy?

Isn't that a sexual favor performed by a woman of the night?

You're thinking of the ol' Moon over my hammy.

Moons over my scammy.

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I see you've played forky-scammy before

Sounds like a British meal.

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Basically there’s been an explosion of crypto currencies of late, everyone wants to have their own. You can build one on top of etherium (kik has done this, for example), and sell it in an initial auction which from what I understand is just people buying money you created out of nothing.

I could have my own coin and sell it, if I make it look legit people might be dumb enough to buy it. It’s purely on speculation that it will go up

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Yeah. If people are stealing bitcoin, it must be worthy of my consumer lust. I wanna use bitcoin now!

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102 points·5 months ago·edited 5 months ago

You can make your own version of bitcoin, and other people will buy it. This has been done successfully hundreds of times.

By successfully I mean, generating over a million USD each.

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19 points·5 months ago

By successfully I mean, generating over a million USD each.

Just a caveat, most ICO's fail. There have a been a few very successful ICO's but for the most part ICO's fail to meet any tangible funding amount.

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When I first bought bitcoin I was following a guide on how to do it properly and not get scammed. The site linked to a fake tumbling site. I got scammed. Lesson learned though.

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Just fork ETH

You don't need to fork ETH to make an ICO, you make the ICO on ETH, it's even easier. They have a website to do it for you, although I'm having trouble locating it right now.

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A lot of people are saying that this might have been an inside job from somebody working for NiceHash. I would like to say well no fucking shit Sherlock.

Comment deleted5 months ago(56 children)

9 out of 11 times atleast

really wish I didn't get my bitcoin stolen so I could give you gold for this

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I was dumb enough to leave my shit on nicehash's wallet. I knew something was up with the lower barrier to deposit on their own wallet.

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Yeah "hackers"...

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19.3k points·5 months ago

You can just imagine the headline writer. Now it's $80m... no wait now it's $55m... now $2bn... no back to $70m...

Hackers steal [please click link to find current price of Bitcoin] in Bitcoin.

Same goes for "Person lost [insert insane amount of dollars] in Bitcoin 5years ago "

Or killed themselves because of it ... :(

That really makes me hurt to read. I only lost 50 in mtgox but even though i can feel it, Bitcoin come and go, it wouldnt be worth anything if people didnt use it

I still have some dogecoins somewhere. Most of them were given to me by fellow redditors in some Dogecoin subreddit that I can't remember anymore. But if Dogecoin becomes a thing again (most probably not going to happen), I hope reddit still keeps that information.

1 million dogecoins is about 1/5 the price of a bitcoin. So about $3k as of now. So 1000 is about $3

Doge coin value is not measured in dollars but in friendship so please apologies.

Doge coin value is measured in doge coins. 1 DOGE = 1 DOGE.

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1 million dogecoins = 1 million dogecoins.

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874 points·5 months ago

Better to just mention the number of Bitcoins stolen

Apparently 4958.676 Bitcoins stolen isn't a very good headline.

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300 points·5 months ago·edited 5 months ago

Hackers steal 5 billion nBTC

429 points·5 months ago·edited 5 months ago

About 26 billion dogecoins howled out in appaws

or one Battlefront 2 Season Pass

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Readers need to know the "street value".

I'd prefer the units to be kg/cocaine

How much does a cocaine weigh now?

180 points·5 months ago

One kg per kg

That's a big change from when it was one kg per 1000g. I think I should sell my stash!

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This guy here.......

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It's like when you invite the downloads guy to a party. "I'll be there in an hour. No, 10 minutes. No, 30 minutes. No, 4 hours. No, I'm already at the party."

Or he drives 90 mph to get to your house in two minutes, only to sit at the edge of your driveway for an hour.

99% there.... (Est completion time: 5 minutes)

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That's insanely relevant.

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You wouldn't download a party guest.

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143 points·5 months ago·edited 5 months ago

In the same vein, Malaysia has a law where all monetary values in new articles need to also be translated to local currency. What makes it hilarious is every time there is an article about the rapper 50 Cent (1.6 RM).

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7.1k points·5 months ago·edited 5 months ago

man, that's got to be like a whole bitcoin. I'd love to get my hands on one of those.

Comment deleted5 months ago(1788 children)

I cashed out my 10 bitcoins when it hit $100. I don’t regret it all, because at the time I used th money to buy a laptop that I needed.

Hind sight is 20/20.

I regret not buying Bitcoin like I regret not guessing the lotto numbers correctly: not one bit.

No one can predict what happens.

119 points·5 months ago

All of my friends keep saying how they should've bought in from the beginning. Well no duh. Had I known Apple was going to take off 15 years ago, I would've dumped a ton of money in their stock too. Nobody can predict the future.

Yeah I just told my mom I bought $90 worth 6-7 months ago and she said 'I wish you told me! I would have given you more money to invest'. No mom, you wouldn't have.

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My great grandfather’s friends tried to convince him to buy some dirt cheap land in Orlando to build a country club. He replied with “Who would want to go to something in the middle of some damn swamp?”

That piece of land was worth almost $3,000,000 by the time Disney World was finished.

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4.6k points·5 months ago·edited 5 months ago

You did the right thing, Bitcoin is supposed to be a currency, void of any government intervention and free to operate 24h anywhere. Now it turned into a shithole of get rich quick schemes full of people who do not know how decentralized currency works. Plus, you probably would have sold at 2K or 5K. Thank you for using Bitcoin the way it was supposed to be. Also thanks to people like him BTC is where is now

Edit: for those who are interested in a merchant/currency oriented decentralized currency: http://bitcoincash.org | http://litecoin.org

Don't the fees and long confirmation times kind of make it useless as a general medium of exchange though? You don't have to wait for an hour at a shop when you hand over a $100 note.

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892 points·5 months ago

Bitcoin is supposed to be a currency,

Except it will never be at this rate, simply due to inability to meet scalability.

Steam stopped taking it for this reason. Crazy high tx fees (10-20$/ transaction, basically as much as a domestic bank wire), high volatility, and ~5-20 hours waiting for confirmation (the unconfirmed list hit over 200k tx’s yday).

Bitcoin as a concept may supposed to be a currency, but in practice they have yet to develop any of the elements that make it so.

558 points·5 months ago·edited 5 months ago

Don't forget the immense amount of energy it takes to mine Bitcoin. At this point I would even call it immoral.

edit: If Bitcoin was a country, it would rank at place 62 in energy consumption

and: "Bitcoin’s biggest problem is not even its massive energy consumption, but that the network is mostly fueled by coal-fired power plants in China"

172 points·5 months ago

Ethereum at least has a pipeline to fix that with Proof of Stake.

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311 points·5 months ago

See, I think the bastardisation of BTC is a serious issue because no one is going to approach other cool projects like ETH with the right mindset because all they care about is making a quick buck.

I really hope the idea of a cryptocurrency comes back, because I'm sick of crypto stocks.

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91 points·5 months ago·edited 5 months ago

Nevermind the fact that the only reason BTC has any realized value at all is because of people like him who valued it as a currency rather than an investment.

Kinda silly really. I get the appeal of buying 500 coins at $.25 and forgetting about them on your hard drive until now, but you might as well just fantasize about the lottery instead of beating yourself up about it.

Yes. If everyone just bought BTC and put them under the bed BTC will not be where it is now.

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Shithole or not, people are demonstrating the natural tendency to identify and exploit loopholes for their personal gain. Same as any other financial system. Expect it to stay the same until they get proper controls in place. In the meantime, if you can get away with x million, with minimal risk of getting caught, would you expect anyone to do anything less?

What amazes me is that people do not see the big picture, they are buying a currency asset that is not controlled by a government and is totally decentralized. I think Bitcoin is just a side gift, Blockchain technology is the real revolution

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It's so weird how without government intervention financial systems become overrun by predators driving the systems into unsustainable bubbles.

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3.2k points·5 months ago·edited 5 months ago

That is the thing that gets me. Lots of people saying, I wish I bought low. Yeh...and you might have sold at $500 or $2000.

The people selling at $20K might be losing out on $150K next month but the thing about a pyramid scheme is you never know if you are the last row of bricks in the pyramid.

Edit: Keep downvoting but right now BTC is a pyramid scheme and not a currency. Who the fuck in their right mind would spend BTC on anything? If you bought a coffee with BTC at 11am the coffee would be worth $29 a few hours later.

The transactions we are seeing are people converting it to fiat to 'cash out'. Take a wander over to R/Bitcoin and look at people buying cars and houses, posting photos of new Mercedes etc. How in the fuck are you gonna tell people that is a currency when the mantra is HODL (hold on for dear life).

No one ever told me to HODL my £ or my $...mainly because I spend it as it was designed and put some away for various purposes; not in the hopes people will buy my dollars from me in the future for more dollars than I paid.

TL;DR if BTC wants to be a currency then people need to stop expecting to be able to sell it at a profit otherwise it is a pyramid scheme.

As my professor said and in wall street people know: when average people start to take high interest in things like this, it is best to sell before all of it collapses, it is like the big sign to sell

117 points·5 months ago

So r/memeeconomy makes sense afterall.

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It’s like Joe Kennedy exiting the stock market after a shoeshine boy gave him stock tips. He figured that when the shoeshine boys have tips, the market is too popular for its own good.

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Yep, when nobody wants to buy the general market that is the sign to start buying. When your neighbor who never invests in anything starts hopping on the BTC train, the crash is right around the corner.

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1.0k points·5 months ago·edited 5 months ago

Right now it's like a stock, and once this stock crashes a lot of people are going to be disappointed.

Edit: By stock I mean people are treating it like stocks. They're buying it up hoping the value will go up so they can sell at a future time.

It's more like Beanie Babies minus the toy. Speculators are selling to speculators creating phantom trade volume while the small handful of actual users buy 10$ worth of a small fraction of a bitcoin and thus create phantom value.

On paper, the sum total of all bitcoin in existence is in the tens of billions. Who's going to pay that?

515 points·5 months ago·edited 5 months ago

On paper, the sum total of all bitcoin in existence is in the tens of billions.

Current Bitcoin market cap is over 250 billion dollars:

https://coinmarketcap.com/

All the crypto currencies are over 400 billion. Point out that nowhere near that amount of actual wealth has been created by blockchains and you'll get a bunch of enraged responses in forums about how this is the most important thing to happen to wealth and value since stellar fusion created gold. And I'm only very slightly exaggerating.

I'd like to mention that this market cap also includes all bitcoins that have already been lost forever, and is therefore considerably misleading.

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Let them lose it all in the crash, anyone with a brain would cash out when they see something rising astronomically with no real reason besides speculative value.

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Yeah exactly, it's disingenuous to compare it to stocks as stocks represent a share of a company, which has value from the revenue/profit it generated or is expected to generate. A bitcoin in contrast isn't backed by anything, the only thing that gives it value is the expectation that someone else will buy it at a higher price.

It's essentially commodified scarcity. That's it.

(and yes, that's basically how all other currencies work too, the main difference is those currencies are exchanged much more frequently than BC. The problem with BC is right now it's being treated as a commodity, not a currency)

In a way that's true, but there's one big difference between bitcoins and national currencies (apart from the crazy volatility that prevents btc from functioning as a currency), that is that national currencies naturally generate demand as taxes have to be paid in the national currency (dollars in the US, euros in Germany, etc). So unlike btc, national currencies will always have a minimal demand from citizens and companies paying local taxes in the local currency.

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100 points·5 months ago

And real currencies are backed up by real countries with real militaries to enforce things like tax policy.

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55 points·5 months ago·edited 5 months ago

Stocks aren't pure speculation and are linked to if the company is/will make a profit.

Edit: a word

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The people selling at $20K might be losing out on $150K next month but the thing about a pyramid scheme is you never know if you are the last row of bricks in the pyramid.

While true, there are strategies to hedge against this.

For example: Sell 25% of your total holdings every time it doubles. That way you always have some.

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Those who made the most money during the gold rush are those who sold the pickaxes. I should have gotten into selling mining hardware

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A pyramid scheme is where people promise unsustainable returns. Nobody is promising anything with bitcoin. Its just a bubble.

188 points·5 months ago

Correct. Like the housing bubble or the .com bubble. Speculators are selling to speculators until such a point that nobody will buy anymore and the whole thing will break down...

While it's going up is the time to cash out. Sure you may not have made that extra 100k if you waited a week but you will still have money if in a week and a day everything goes through the floor. Money in the pocket is never a loss even if the value of the item you sold goes up later.

People seem to forget, every fucking time, that timing the markets is zero-sum.

That money has to come from somewhere. Either someone loses by buying your product above true value, or you lose by selling it below true value. The market collapses when trading price is significantly above true value.

Speculators (read: professional market gamblers) have driven the price to extreme levels, and young people on the internet are joining in because of the news coverage and the fact that it's trendy.

It's like a bunch of fresh-21 year olds jumping into a game with the world poker tournament champs and all their buddies. Yes, it's technically luck and no one knows who will win - except that's not how it happens.

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Right now the fees are so high unless you're buying something expensive you will literally not be able to buy it.

I have 10$ in a BTC wallet, tried to send 5$ to another wallet, not possible. (Using economy setting). Blame the small blockers and blockstream people !

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123 points·5 months ago

WTF, it is $19 to conduct a transaction using BTC?

That is insane.

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69 points·5 months ago

I didn't realise, bought £30 worth of btc and then couldn't make a £15 purchase with it

Transaction fees were 0.004 cents about two years ago. The inflation of it has become insane.

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108 points·5 months ago

That is why Steam announced they don't take bitcoin any more.

If I owned any Bitcoin I would be worried of that. If they become less accepted it might cause total crash. Of course looking past it might just make Bitcoin 1000 times more expensive.

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Bro get on my level.. Got 120 BTC stolen from the exchange.. *sobs*

Comment deleted5 months ago(0 children)

Yup got goxed. Still waiting for the lawsuit to finish.

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Tfw I spent 5 btc buying video games and gift cards when it was like $100 feelsbadman

You could say the same thing about any missed investment.

I wish I invested in Apple before they launched the iPhone. Or took that job at a questionable startup where my stock options offer would now be worth $5m. Or thousands of other opportunities.

But all of them are only a good idea in hindsight.

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1.3k points·5 months ago·edited 5 months ago

Short version: NiceHash - a marketplace for miners to sell and buy hashrate got hacked. They're out about 4.5k BTC, you can see their main wallet and the wallet the BTC ended up here.

As it seems now everyone that had BTC on their platform lost those. This has nothing to do with the security of BTC itself, it just shows once more that the only safe way to store your BTC is by yourself. You don't own the BTC unless you have the private key.

Anyhow, NiceHash did seriously screw up somewhere, it's not good practice to store all funds on a hot wallet.

Some users speculate it may be an exit scam from the owners of the site - we don't know if it's true or not.

EDIT:

As this has sparked up some questions let me give you a short FAQ:

  • What is a private key, how do I get one and why do I need one?

Every Bitcoin (and other cryptocurrencies) belongs to a certain address. Every address is public and you can see all transactions from and to that address with a block explorer (just google, there are plenty of them). Now in order to have control about the coins stored on that address you need a "password" - the private key. This key is secret and only you are the one who should know it. The only thing you need to have full access to the funds on a wallet is that key - if you happen to lose your key, there is no way to restore it (read below for more on that).

Now, how do I get that private key? You have to get some kind of wallet. A wallet is a software that manages one or several addresses and private keys for you. You can go to the offical BTC websiste and select one. I for myself use electrum - it's an so called light wallet which means you don't have to download the whole blockchain (all transactions ever made) and is easy to set up.

As soon as you run the wallet it will ask you to create a wallet and to encrypt it. This is very important so if someone would gain access to your wallet they can't open it without the password. A wallet is nothing else than a text file with encrypted private keys.

After you have your wallet created, you have your own BTC address as well as private key.

  • But what if I lose my HDD?

Make backups! Seriously. Back up your encryped wallet on several devices and most importatly print (or copy it by hand if you're paranoid) your unencryped private key on paper (yes, this works) and store it somewhere safe

  • I have BTC on an exchange - how do I get them from there to my personal wallet?

As you already have an address by now, it is an easy task to go to the exchange and click withdraw to send your coins to your address. Make sure you're sending the right currency to the right address (eg. don't send Bitcoin to a Bitcoin Cash address, your coins will be lost in the nether!). Maybe try to send a small amount first before you send everything if you're unsure.

  • How could someone get away with theft if every transaction is on public record?

Well they could for example send them to an exchange (maybe through some other addresses first so the exchange can't react fast enough to filter that address/trigger an alarm), exchange that for some other coins and then withdraw that. You could do that several times to make sure it's safe. You could also buy goods with the stolen BTC or have a fake store to which you send them which then would report it as regular income.

Don't own Bitcoin, but why don't these people just store their bitcoin on a flash drive, or an old laptop not connected to the internet?

Probably because they a) are day trading it and want to keep it on the exchange to avoid the time it takes to send btc to the exchange wallet or b) they don't realize the vulnerability of using a wallet stored remotely

Also because there are fees involved with getting paid by NiceHash that incentivize waiting longer between payouts.

If there was zero fee to get your bitcoin out, most people would probably take their earnings daily or hourly, rather than waiting sometimes a month between withdrawls.

The real insanity is how NiceHash had $70 million in bitcoin sitting in hot storage which could be accessed using the credentials of a single employee, with no apparent limit to how much or how fast the bitcoin could be moved out.

I don't think anyone knows a good reason why 3/4 of that money wasn't sitting in offline cold-storage with multiple-factor authentication from multiple people required to access it.

Sounds like it was a master scam all along. BTC would be the easiest currency to launder and still make millions.

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You wouldn't download a bitcoin

You're right, but I would mine it.

At 15 TH/s you still wouldn't have a whole BTC after 1 year of mining.

Why are people so obsessed with getting full coins? At 14 TH/s you'll make about $1140 a month. If you pay $0.12 per KW/h that's ~$900 profit a month.

Who cares about getting 1 full coin. It's still almost a grand per month for basically doing nothing.

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But would you shoot a policeman and steal his helmet?

And then go to the toilet in his helmet?

You wouldn't deliver it to his grieving widow

And then steal it again

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I'm always saying nah.. it's too late to buy b/c, it's only for suckers, and then it keeps going up..

1.2k points·5 months ago

You would likely have cashed in when it hit $500 and be upset about letting that go.

493 points·5 months ago·edited 5 months ago

I specifically remember someone tipping me a bitcoin years ago on an abandoned Reddit account I found in my emails just the other day.

How would I even go about finding out where that comment is that links the bitcoin?

Also, I have been tipped dogecoin before. Is dogecoin worth anything?

edit: Followed the steps that some of you recommended I take in order to recover the account and check the Bitcoin tip. I went through Google's pain in the ass email recovery process and was able to use my main email to recover the old one. I reset the password to my account and checked it. I was 'tipped' .5 bitcoin or something. How much is that worth? I know nothing about bitcoin. Literally nothing.

edit 2: Being told various amounts - 7500 to 10,000. Idk I'm just going to follow the steps to set up a wallet and get the bitcoins for whatever they are worth. Ill check back in a little.

Well you'd have to find the seed for the bitcoins. Otherwise you're out of luck.

159 points·5 months ago

The seed? Do you mean the private key? I believe the bot have instructions for that. I wonder if that bit had any long term plans of skimming any forgotten coin.

194 points·5 months ago·edited 5 months ago

That bitcoin reddit tiping thing is long time gone. I remember I had 1 month to cash out all BTC from my account before they shut down

EDIT: found it! https://www.changetip.com/

I have 15 or so from Reddit that I transferred to a bit coin account years ago, I can not find the account and I assume someone took it all anyway.

I gave up on it when bc was at 3k.

15 btc is worth the effort of reading through every single reddit comment you ever made, and digging through all your old files to find the keys for that wallet...

Unless you're rich ofc. :P

Nah, a quarter million just isn't worth the effort.

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Nobody can take them, they're probably still sitting in whatever wallet you left them ( I assumed that's what you meant by 'bitcoin account')

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97 points·5 months ago·edited 5 months ago

There is nothing to support bitcoin except the hope that you will sell it to someone for more than you paid for it.

  • Jack Bogle, Vanguard founder

At the moment it's a stock commodity speculative asset, not a currency. People primarily use it as an investment instead of a currency.

 

Edit: It's like u/MutantFit said:

If you bought a coffee with BTC at 11am the coffee would be worth $29 a few hours later.

Why would you pay for things using Bitcoin, when there is a chance to make more when you keep it. So, it becomes more of an investment than a currency.

It's not a stock because it's not a share in anything. It's a speculative asset.

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141 points·5 months ago

Hindsight is always 20/20, and if you were to invest in everything on the chance that it becomes big you'd be broke by the end of the day. Most things don't get big. Most things fade away quietly to nothing. For every amazingly well performing stock there's a lot of literally worthless stock options.

This frenzy is unsustainable, thats a fact. It may burst tomorrow, next week, next month, or 5 minutes from now. Anyone who claims to know when the bubble pops is a liar, but the bubble will pop.

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247 points·5 months ago·edited 5 months ago

Are we any closer to Bitcoin being an actual currency, or are people still just treating it as a speculative investment? If it's the latter, there's still a good chance the entire scheme will eventually collapse, and Bitcoin will join the Tulip Mania and South Sea Bubble in the history books, as an example of human greed gone hilariously wrong.

If anything we’re further from it being a currency. Steam stopped accepting it due to the high fees and volatility. I’d expect others to follow, but there really aren’t many major players who accept it anyway.

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When it's going up and down by 60% (or even 5%) per day, there is zero chance of it being realistically used as any kind of official currency.

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From what I understand of BTC is it's running into a fundamental problem of scaling to demand and because of that the prices are increasing widely which also makes it's use as a currency less than optimal because why would you give BTC when it's going up 15-25% a day? And to compound the issue, because of the demand and scaling problems the fees to use BTC is going up too.

So, at this point the only reason to invest in BTC is the speculation of increasing prices. It's a feedback loop that will eventually break when the big holders decide to take their profits.

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40 points·5 months ago

You have not lost anything. And that is value in itself.

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whenever bitcoin comes up, i realize how little i know about fucking basic finances

Don't worry most people investing in BTC don't understand it either and think its this magical money machine that will keep gaining 2-10x over short periods of time indefinitely. I just hope they don't have anything in BTC that they can't afford to lose.

712 points·5 months ago

I just hope they don't have anything in BTC that they can't afford to lose.

Expect to hear about bitcoin-related suicides after the crash.

475 points·5 months ago

Expect to hear about bitcoin-related suicides after the crash.

Again

and a shit load of cheap stuff to hit the market... one persons loss is another persons gain

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I'm on this boat. I'm waiting for 1 BTC = 1mil usd or I'm waiting for it to go back to pennies. I don't really care that much if I lose this investment because that's the mindset I had when I bought it. High risk high reward

At $1 million per Bitcoin it would be worth more than the annual GDP of the United States.

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180 points·5 months ago

that's sorta the problem though. The whole idea is that bitcoin is a -currency- not a stock. Everyone treating it like a stock is going to cause some major issues down the line when the value drops again

Because it's shit at being a currency as design.

Yeah, but it also doesn't have a lot of acceptance as a currency, the goal of people who actually care about bitcoin as a currency are pushing for more places to accept it as a cyber currency. Wild swings like what's going on now are terrible for that.

The scaling issues are terrible for that. The transaction fees necessary to keep the network running are terrible for that. The infinitely growing size of the blockchain is terrible for that. The ability to lose it all by forgetting your password is terrible for that. The lack of inflation is terrible for that. The amount of computing power necessary to make mining profitable is terrible for that.

There is almost nothing about Bitcoin that makes it actually good as a currency.

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41 points·5 months ago

If you have some dump it now. Even if you only have 2 or 3 bitcoins thats a down payment on a house and that alone would be life changing for most people.

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Come join r/personalfinance and r/financialindependence/ I'm 30 and I'm really only learning about finances now. But now is always the best time to learn! =)

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95 points·5 months ago

Come join r/wallstreetbets for the best advice, no bamboozles

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224 points·5 months ago

Just now on the front page? This happened like 3 days ago (which is 5 years in bitcoin-time)

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Cant they be caught if they ever try to "spend" them?

Possibly, however they could tumble them and spread them across multiple different wallets so it would be harder to track. For all intents and purposes they are gone forever.

Harder but no where near impossible.

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If they spend them, its quite hard to link a person to them. They would have to spend it on some way that it compromised their identity.

On the other hand, it is actually quite hard of proving they dont own the btc. There are many ways they can protect themselves.

Its one of the risks of mining and using btc. And clearly its cause by nicehash big error of having all of it on the same wallet :facepalm:

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This is good for Bitcoin.

I was scrolling down to find out if this was still good for bitcoin, thanks for the answer

Random reddit user releases five word statement. Where do I buy bitcoin from? I'm in!

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NiceHash has always been a shady thing and people trusted it..also this happened on monday I think! The market already knows, didnt change a thing.

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Forget Bitcoin, Paddy's Pub dollars are the way to go. Self sustaining economy...

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Can someone hack sallie mae and cancel some student loan debt?

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70 million, 85 million, 117 milion, $5.45.
Somebody stole my lunch money.

Now gimme them sneakers too

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I feel like no matter how simply it's dumbed down for me I will never truly understand all this Bitcoin shit.

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Worth 72 mil as of 8:54 am EST. edit:Worth 74 mil as of 8:55 am

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So just 700 coins

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71 points·5 months ago·edited 5 months ago

Wow, how did they carry them? WTH

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Don't worry the FDIC covers bank robbery.

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Why don't rich people store their crypto-currencies in cold storages ?

Then those would be Cyro-Currencies

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100% this was an inside job.

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FDIC insurance is looking pretty good right now... I’m a bitcoin millionaire!! Oh wait I forgot my password... oh no! Looks like actually flat broke instead :(

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