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 ...
I warned everyone about cryptos at the start of this fad. Too easy to make the value in cryptos disappear from its legitimate owner, and this is only one of quite a few ways to do that.
...and my toilet paper, ammo, booze, and food storage.
I’m sure the people that bought at $20,000 earlier this year are so happy with the current market conditions.
No, they are wanting to reduce the risk of currency exchange which comes from the three days of the current settlement system. That is accomplished by reducing the time down to five to ten minutes.
Well they do it with U.S. bank accounts all the time:
Only MB is physical currency.
The first cut was when the founder stashed the first million bitcoins.
Dang, my dog ate my bitcoin!
mine too right next to all my guns i lost in a boating incident
‘first cut’ was probably inaccurate. The con artists have probably been skimming all along...
“”Bitcoin Cash is a scam, a means to launder money, conduct illegal transactions, avoid taxes and report.”
There, fixed that for you. Ready to give up cash on the same grounds?”
+++++++++++++++++++++
Buy something online with cash.
Didn’t think so.
There will always be a cash paper trail back to Y-O-U.
Selling at the top is the hardest thing in investing to do.
“I hate to break it to you, but no one uses video cards to mine Bitcoin these days...”
Then who is buying those rigs?
Just one of the dangers in investing in a Ponzi scheme. Physical precious metal give peace of mind.
If your gold is under your personal lock and key, then yes, it’s there but you have to protect it. And if you have a substantial amount, the security you’ll need to pay for will be a major expense.
This bitcoin hack news says the ‘WEBSITE’ was hacked. That’s not news as that’s expected. It has nothing to do with bitcoin technology.
Bitcoin and other cryptocurrencies are based on Block Chain Technology (BCT) which is a process and pedigree algorithm. It cannot be hacked.
But accountholders under a bitcoin website can have accounts hacked. But it has nothing to do with bitcoin. It could be any account with valuables including title to gold.
> “Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday ...”
The problem they had was with website security, not BCT.
The financial press works for the banks which in turn bow before the central banks. The central banks are running scared of anything to do with BCT. They see BCT as an existential threat. And BCT is indeed an existential threat to banks.
The banks are so concerned about BCT rendering banks obsolete that any news of BCT failure will be amplified, exaggerated, twisted to create bad press for the technology.
Banks want to control BCT because if they don’t bankers will find themselves out of a job.
Note here what they are after:
> “The latest attack highlights the lack of security and ***weak regulation*** of global cryptocurrency markets.
Banks want regulation of BCT to control it so they keep their jobs. In this case the problem is not BCT, it is website security. Note that the financial writer is not posting that the attack highlights ***weak regulation*** of internet websites, the writer is pushing regulation of cryptocurrencies.
The Bitcoin “CONrail” goes exactly the path I foresaw - straight off the tracks. Bitcoin is nothing but a virtual Ponzi scheme. And the entire idea of cryptocurrency is a setup for exactly what happened here. Stupid is as stupid does
bitcoin prices go up wildly ... bitcoin prices go down wildly ... bitcoin prices go up wildly ... bitcoin prices go down wildly ... bitcoin prices go up wildly ... bitcoin prices go down wildly ... bitcoin prices go up wildly ... bitcoin prices go down wildly ... bitcoin prices go up wildly ... bitcoin prices go down wildly ...
I’ve read multiple times, trying to understand how bitcoin mining works. I still do not get it at all.
In the current economy we exchange a good or service for money.
“Bitcoins are earned by using computers to solve math equations.”
This is incredibly vague and makes no sense to me.
Who decides what equations need to be solved? How do the groups who are operating a bitcoin mining operation find out which equations need to be solved?
What is the intrinsic value of one of these “solved equations?” Do any of these equations have the ability to solve a real world problem, i.e. cure cancer?
Was it a "hack" or did BC leave the door wide open?
Isn’t the “mining” cost somewhere around $6,000 ??
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