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Close to US$500k stolen in first major Bitcoin theft

In the first Bitcoin theft of its size, a user has lost 25,000 BTC — or nearly $487,749 at today’s market rates — to an unknown thief.

While the Bitcoin community has always been quick to point out that it’s harder to forge a Bitcoin than to forge a dollar, it’s quite easy to take someone else’s Bitcoins: all you have to do is gain access to their computer’s hard drive. Once you’re in, stealing Bitcoins is easier than taking a wallet in the real world, and there’s no recourse for getting them back.


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money should never be

money should never be digital... It just won't work.

What kind of moron would buy $500,000 worth of electrons?

Bitcoins, as I have said before, are for suckers of the highest order.

What Will Collapse First, Bitcoin or the Dollar?


Thursday, June 9, 2011
Silver Shield
Don't Tread On Me

I have been inundated with all of this talk about Bitcoin. I first stumbled upon it a few months ago and made a snap judgement that is smells like BS and looked no further into it. Now that I have been asked by multiple sources to either endorse it or ask my opinion on it, I looked into it further. What I found makes me believe this is another Elite concoction designed to fool people.

When Wikileaks first came on the scene, I immediately fell for it hook, line and sinker. In theory it sounded awesome. Secretive hackers created a site that allow secrets to be revealed while keeping the whistle blower’s identity safe. It had a multilayer protection that would prevent it from being shut down. It even had a cool James Bond character in Julian Assange, that made the story so intriguing. The longer the story played out, the more I became concerned that this was an elaborate scam. (Read: Beware of Patriot Pied Pipers) After a while, my suspicions we confirmed. (Read: Wikileaks: CoIntelPro PsyOp) Now that I look into Bitcoin, the same suspicions arise again. It has all of the elements of a great freedom idea. It has decentralization, open source, peer to peer, privacy, and debt free money. The more I look into it, the more it reeks like a high level scam. In this hour long YouTube video there is an interview with two leaders of Bitcoin, Gavin Andresen and Amir Taaki.


"Give a man a gun, and he could rob a bank. Give a man a bank, and he could rob the world."

The other problem with no

The other problem with no middle man,no protection from theft.

The other problem with no

The other problem with no middle man,no protection from theft.

Wow, glad

I didn't get sucked into that. I have enough trouble just keeping my computer on line.

"We can see with our eyes, hear with our ears and feel with our touch, but we understand with our hearts."

There has, throughout

There has, throughout history, been robberies where much more than this has been stolen in Gold. Which is no reason not to hold gold.

ghjoe7t7i423fdf9 stealing $500k from dgsdjfgsfkg7883642784 is a pretty easy claim to make, for anyone who wants to discredit Bitcoin. I'm not saying that's what is happening here, but sowing fear about the safety of people's bitcoin holdings is a great way to either drive down the price in the short term for profit, to "combat drug dealing" or simply to reduce BTC like currencies' threat to central bank money.

In other words, who knows what is really the truth behind this report.

Now, all the attention Bitcoin is getting, has gotten the attention of all the sharpest minds in cryptography, as well as in other fields related to the BTC economy. Which makes it very likely that wallets will become hardened, making such theft less likely in the future.

I'm by no means advocating you go out and buy Bitcoins for all your savings (although the more people use them, the harder it becomes to either shut down or track down individual users), but compared to physical currencies, purely digital ones do hold out the promise of fairly well described mathematical risks of losses, both from systematic confiscation and from random theft.