7 votes

The Great Bitcoin Heist

Million-dollar robbery rocks Bitcoin exchange

Digital currency stolen from Denmark-based exchange

Read all about it:

Why didn't Bernie Madoff think of this?

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Nothing like the blind leading the blind.

"Bitcoin is a free open source peer-to-peer electronic cash system that
is completely decentralized, without the need for a central server or
trusted parties. Users hold the crypto keys to their own money and
transact directly with each other, with the help of a P2P network to
check for double-spending."


So why blame Bitcoin for the errors of it's users? Why not blame the dollar after someone gets robbed?

This has little to do with Bitcoin?

"In the latest incident, BIPS was apparently targeted by a distributed denial-of-service attack earlier this month. A follow-up attack, according to bitcoin news site Coindesk, subsequently knocked out key security systems and allowed the thieves to make off with 1,295 BTC. "

If what is quoted is true then BIPS failed it's customers by not following standard security protocols that apply to all banking servers. This was either an inside job or gross negligence on behalf of BIP.

Another issue is with the users of Bitcoins leaving their BC in someone else's wallet? It's like buying gold or depositing a check and then leaving the gold at the store and the money in the bank? I guess some people learned an expensive lesson?

I keep most of my LC & BC above $1000 in paper stored safely and "the change" is inside a TrueCrypt container and stored online. Online wallets should be used like escrow accounts. (Tit for Tat.)

ONLY Five(5) UpVotes??

This is HUGE!

"BIPS customers aren’t happy with the exchange’s response to the incident. Many have taken to the Bitcointalk forums to accuse BIPS’ leadership of carelessness – and, in several cases, hinted at actual malfeasance."

BIPS LEADERSHIP; I wonder how many of these "leaders" are the ones constantly flooding this forum with "Bitcoin Propaganda".

If you can't hold "it" in your hands, or see it, feel it...it's BS.

Thanks for posting this

"Beyond the blackened skyline, beyond the smoky rain, dreams never turned to ashes up until.........
...Everything CHANGED !!

If you want a physical note

If you want a physical note then print it? A Bitcoin is just a number. Write that number on a Greenback and you will have a Greenbit worth more then the paper it was printed on.

Bitcoin is just another method of exchange. Back before Central Banking when money was Constitutional there were many banks and people stamping there own legal tender. And while theft and fraud was rampant it pails in comparison to what the World Bank does today when they starve or bomb millions of people at a time.

I wonder the same...

I wonder why the DP has turned into BTC BUY! BUY! BUY! in the last few weeks.

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Thefts sponsored in part by

you're friendly local NSA office. The NSA where you use what currency we tell you to use. other funding provided by JP Morgan Chase, Chase because we can and we own your house and car.


How is this any Worse?

Governments and private persons steal billions in stocks, bonds, fiat currencies, and precious metals (yes even gold and silver) every year.

Someone steals a single Bitcoin, or money off of an exchange (which has nothing to do with the safety of bitcoins themselves) and everyone focuses in on it.

Everyone here is being stolen from due to fractional reserve lending making our dollars worth less. That matters infinitely more.

Priorities, people.

ChristianAnarchist's picture

Bitcoins worry me. I have an

Bitcoins worry me. I have an account at MtGox and at Bitstamp and my biggest concern is a total collapse of the value. I see several ways that are likely to cause this kind of collapse. One is more of these breaches of security and more outright scams like the exchange in China just up and disappearing with the accounts they are entrusted with. Another is someone or some group cracking the encryption. For these reasons I don't intend to keep much money in my bitcoin accounts and will probably try to transfer out most of the money I have in MtGox right now (although they make that VERY hard to do).

Beware the cult of "government"...

If you hold Bitcoins, you

If you hold Bitcoins, you should NOT hold them in an online wallet. Paper wallet ONLY unless you are trading, then move your Bitcoins into a new paper wallet when you're done.


get a wallet like armory which allows you to put as much encryption as your computer can handle before exploding.


I think "bitcoin heist" is redundant...

...like "scam con" or "criminal thief."

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

MAybe we need the government to regulate it.

just kidding ;)

Protect your assets and profit from the greatest wealth transfer in history.

only if

we get to "regulate" it :), hey the governments been "regulating" for years lets get our slice too.