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$300 Million In Crypto Currency Lost FOREVER Thanks To A Bug In A Digital Wallet
SHTFplan.com ^ | November 8th, 2017 | Mac Slavo

Posted on 11/08/2017 5:25:56 PM PST by 1_Inch_Group

Unlike most cryptocurrency hacks, however, the money wasn’t deliberately taken: it was effectively destroyed by accident. According to the Daily Mail, the lost money was in the form of Ether, the tradable currency that fuels the Ethereum distributed app platform, and was kept in digital multi-signature wallets built by a developer called Parity. These wallets require more than one user to enter their key before funds can be transferred.

On Tuesday, Parity revealed that, while fixing a bug that let hackers steal $32m out of few multi-signature wallets, it had inadvertently left the second flaw in its systems that allowed one user to become the sole owner of every single multi-signature wallet.

(Excerpt) Read more at shtfplan.com ...


TOPICS: Chit/Chat; Computers/Internet; Conspiracy; Humor
KEYWORDS: bitcoin; cryptocurrency; etherium
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Wasn't deliberately taken. That'd be my story if I was the fortunate new owner of 300 million.

Ouch...that's gotta hurt tho. Locked themselves outta the money truck.

1 posted on 11/08/2017 5:25:56 PM PST by 1_Inch_Group
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To: 1_Inch_Group

Today, 1 bitcoin = $7357.06


2 posted on 11/08/2017 5:30:23 PM PST by aquila48
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To: 1_Inch_Group
I am a cryptocurrency newbie, and I have been searching for stories such as this. I am even as yet undecided (I'm still in the learning and research phase) which wallet to use because I feared something such as this could happen. Happily, my mentor, through Udemy, has given me good advice, and I am taking it slow and easy.

Shame about this. I hope no one took a huge hit, though there is this: if one is funding cryptocurrency activity through a simple side business, then one is not taking a hit on income or asset, but only currency.
3 posted on 11/08/2017 5:31:27 PM PST by righttackle44 (Take scalps. Leave the bodies as a warning.)
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To: 1_Inch_Group

And this is why a yellowish metal only made in exploding stars will outlive hard to factor large integers.


4 posted on 11/08/2017 5:33:33 PM PST by SpaceBar
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To: 1_Inch_Group
ooops...
5 posted on 11/08/2017 5:33:40 PM PST by Chode (You have all of the resources you are going to have. Abandon your illusions and plan accordingly.)
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To: righttackle44

I never understood about Bitcoin or other crypto currency.

It seems to me that Bitcoin only has value because people decided to believe that it has value.

Everybody participating decided that Bitcoin miners would be rewarded with Bitcoin for their efforts. What productive work are they doing besides solving some sort of equations on a computer? How does this activity Warrant them getting more Bitcoin, except that everyone decided that this is how it should be? But the vast majority of the world does not use Bitcoin so why should it have value?


6 posted on 11/08/2017 5:38:45 PM PST by Dilbert San Diego
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To: 1_Inch_Group

Yes lets get rid of physical money.

When the glitches happen....

When power goes out...

Oh I am being negative. Open up a safe space quick!


7 posted on 11/08/2017 5:42:57 PM PST by Secret Agent Man ( Gone Galt; Not averse to Going Bronson.)
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To: Secret Agent Man

Not to mention that they can make you go from billionaire to pauper with a single key stroke.


8 posted on 11/08/2017 5:45:49 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: 1_Inch_Group

The reality is that this will happen at smaller levels all the time. A wallet will get destroyed and the contents will be vaporized, regardless of the value.

Bitcoin and all those cryptocurrencies are all about crime and avoiding taxes. You can pay off someone without ever being found out. You can move money out of a country. You can make money without paying taxes. Its laundered money by definition.

No longer do you have to hide gold or diamonds. You just need a thumb drive You can secure the drive with encryption. Or you can just send a bitcoin across the internet to yourself in another country. Think how great this is for thieves. A ransom can get paid without a drop sight. No wonder the value of Bitcoin is going through the roof. Crime is everywhere. And cash means there is a trail that police can follow. But there is no trail with bitcoin.


9 posted on 11/08/2017 5:47:32 PM PST by poinq
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To: 1_Inch_Group

It didn’t seem to effect the price at all....odd.


10 posted on 11/08/2017 5:49:36 PM PST by Husker24
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To: Dilbert San Diego

I don’t know much about crypto currency either, but it is my guess that you have hit on the main reason it has value...people decide to believe that it has value. At the root of it though, it wouldn’t surprise me too much if these crypto currencies are really some kind of Bernie Madoff house of cards propped up by an ongoing source of new speculators who want in on the action, which maintains or increases the value.


11 posted on 11/08/2017 5:53:13 PM PST by Texan Tory (Laissez rouler les bons temps!)
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To: Dilbert San Diego

Sounds like a great way to lose money. Might be safer to invest in pokemon cards


12 posted on 11/08/2017 5:53:24 PM PST by xzins (Retired US Army chaplain. Support our troops by praying for their victory. L)
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To: Dilbert San Diego

And your dollar has value because someone said it did.

Same thing. Except your dollar is backed by $20 Trillion in debt.


13 posted on 11/08/2017 5:54:38 PM PST by Vermont Lt (Burn. It. Down.)
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To: righttackle44
I am a cryptocurrency newbie, and I have been searching for stories such as this.

I don't know about the other cryptocurrencies, but if you decide to purchase bitcoin, create a private wallet with a private key (a coded sequence, or password, that you and only you know) and hold the bitcoins yourself. NEVER LET A THIRD PARTY HOLD YOUR BITCOINS FOR YOU. Look up the Mt. Gox debacle. As Elvis Costello sang, "Accidents will happen..."
14 posted on 11/08/2017 5:56:10 PM PST by Right_Wing_Madman
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To: Dilbert San Diego
It seems to me that Bitcoin only has value because people decided to believe that it has value.

Just like the monopoly money printed and sold to us daily by Fed ex, er the Fed. The Fed is just as federal as Fed ex, why cant Fed Ex print money too?

15 posted on 11/08/2017 5:56:52 PM PST by rawcatslyentist (TETELESTI Read em and weep Lucy! Yer times almost up.)
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To: poinq

“Bitcoin and all those cryptocurrencies are all about crime and avoiding taxes.

Bitcoin is a hedge against government, BUT it is NOT private.


16 posted on 11/08/2017 5:58:29 PM PST by aMorePerfectUnion
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To: poinq

You don’t even need a thumb drive.

If you can memorize 24 words you just need your brain.


17 posted on 11/08/2017 5:58:58 PM PST by Vermont Lt (Burn. It. Down.)
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To: Texan Tory

You are correct. You know nothing about crypto currencies or bitcoin.


18 posted on 11/08/2017 6:00:26 PM PST by Vermont Lt (Burn. It. Down.)
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To: Husker24

Crypto people are gonna crypto....lol


19 posted on 11/08/2017 6:12:52 PM PST by 1_Inch_Group (Country Before Party)
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To: Vermont Lt

“You are correct. You know nothing about crypto currencies or bitcoin.”

Well, I did say I was guessing regarding the source of the value. If you have a good explanation, I’d be glad to know it.


20 posted on 11/08/2017 6:26:33 PM PST by Texan Tory (Laissez rouler les bons temps!)
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