Posted on 06/11/2018 6:58:01 AM PDT by NRx
There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.
A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.
The world’s best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.
The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.
Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but local news outlet Yonhap News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.
(Excerpt) Read more at theguardian.com ...
How does one steal what is not there?......................
This cuts to the heart of why people like it. Just sayin’.
Bitcoin has always been a pyramid con job. Looks like the con artists just took their first cut...
...dropping to $6,627...
A few months ago, overheard a guy at the gym bragging how he bought BTC at 12k and it was already up to 16K.
Oops!
When will all those used video cards hit the market ,LOL
Not hard if it is an inside job...
Oops!
So since BitCoin is cryptocurrency, will he be jumping out of a cryptowindow?
Bitcoin is a scam, a means to launder money, conduct illegal transactions, avoid taxes and report. It is for illegal activities so no wonder the people involved steal from each other. Fitting really.
It’s not a currency.
And I’m chuckling over my “I told you so.”
This is not the first time. If you lost real money, I have no sympathy.
News estimated that about 40 billion won (£27.8m) worth of virtual coins was stolen.That translates to somewhere under $38 million. Still a chunk of change though.
Bitcoin's market cap is currently at just under $116 billion.
There is a completely safe method to store bitcoin, called a "paper wallet". I recommend using that instead of any exchange for a large quantity of BTC or other cryptocurrency.
A piece of paper is a lot easier to store or move than a quantity of precious metal. Right now $1 million in gold is about 52 lb... The piece of paper doesn't change no matter how much you have in BTC or other cryptocurrency.
Granted, it's nice to have both... :-)
Well, if he sold at 16k... :)
Seriously!
It took me weeks to find a used one that was almost 5 years old, that wasn’t over 100 dollars.
There, fixed that for you. Ready to give up cash on the same grounds?
Several large banks are either using or planning to use, crypto currencies as a means of rapid settlement between banks.
I hate to break it to you, but no one uses video cards to mine Bitcoin these days...
Sorry, not the same.
Ack... I misread the figure. Good catch. If a MOD happens to see this post I’m fine with their correcting the title.
They just want in on the racket.
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