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To: Errant

Found. As if they existed to begin with. They can ‘find’ all that was looted from them with the stroke of a key. People gave real currency to buy into this. It doesn’t make it worth anything at all. Just means someone thought it was.


4 posted on 03/22/2014 12:36:17 PM PDT by wiggen (The teacher card. When the racism card just won't work.)
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To: wiggen
What a bitcoin owner owns is the private key corresponding to one or more unspent amounts on the chain that lets him transact those amounts. It is possible to lose the private key with poor practices which it sounds like they had. Likewise it is possible to find a copy of the private key stashed away in a backup file or (more rarely) printed onto a piece of paper.

As for "looting", it's seems very likely that someone transacted some (or most) of the still-missing bitcoins from Mt Gox to other parties. It is possible to trace those transactions to others in the chain, but there are mixer sites that will take stolen coins and honestly obtained coins (they don't know the difference) and produce new coins to give back to the contributing parties (for a fee of course). So stolen money can be laundered to some extent.

As for the value of bitcoins, they remain in demand throughout the media blitz against them, so it looks like they will keep long term value as they shrug off each incident.

9 posted on 03/22/2014 12:52:53 PM PDT by palmer (There's someone in my lead but it's not me)
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