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  1. W. Rabbit is offline
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    insight combined with intel, fuse, and dynamite

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    Posted On:
    4/05/2013 12:19am

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    --
    Hell yeah! Hell no!
    Two things: first the price of a Bitcoin is currently well over a $100 only as of this week. It almost hit $150 Wednesday.

    But two weeks ago it was under $50. Talk about volatile.



    Secondly beward of bitcoins, as the exchanges are being pilfered as we speak and hackers might even be manipulating the price.

    http://money.cnn.com/2013/04/04/tech...cyber-attacks/

    "Remember that Bitcoin, despite being designed to have its value increase over time, will always be the victim of people trying to abuse the system, or even the value of Bitcoin decreasing occasionally," the exchange said.
    Last edited by W. Rabbit; 4/05/2013 12:25am at .
  2. W. Rabbit is offline
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    insight combined with intel, fuse, and dynamite

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    Posted On:
    4/05/2013 12:29am

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    --
    Hell yeah! Hell no!
    Perhaps more concerning is this Instawallet site warning.

    INSTAWALLET SERVICE NOTICE

    The Instawallet service is suspended indefinitely until we are able to develop an alternative architecture.

    Our database was fraudulently accessed, due to the very nature of Instawallet it is impossible to reopen the service as-is.


    In the next few days we are going to open the claim process for Instawallet balance holders to claim the funds they had stored before the service interruption.

    Important information on claims submission:

    For the first 90 days we will accept claims for individual Instawallets. Your wallet's URL and key will be used to pre-populate a form to file the claim.
    After 90 days, if no other claim has been received for the same url, your Instawallet balance under 50 BTC will be refunded. If several claims have been filed for the same url, we will process those claims on a case by case basis, under the presumption that the claim we received first belongs to the legitimate balance holder.
    Claims for wallets that hold a balance greater than 50 BTC will be processed on a case by case and best efforts basis.
  3. Rivington is offline
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    Posted On:
    4/05/2013 12:35am

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     Style: Taijiquan/Shuai-Chiao/BJJ

    --
    Hell yeah! Hell no!
    Quote Originally Posted by W. Rabbit View Post
    Two things: first the price of a Bitcoin is currently well over a $100 only as of this week. It almost hit $150 Wednesday.

    But two weeks ago it was under $50. Talk about volatile.



    Secondly beward of bitcoins, as the exchanges are being pilfered as we speak and hackers might even be manipulating the price.

    http://money.cnn.com/2013/04/04/tech...cyber-attacks/
    Of course, there are so few bitcoins that anyone with invest-in-mutual-fund money could move the market 5% as a lone investor, so 133+ hacking isn't required, nor is any chicanery outside of the usual perfectly legitimate trades.
  4. W. Rabbit is offline
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    insight combined with intel, fuse, and dynamite

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    Posted On:
    4/05/2013 12:49am

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    Hell yeah! Hell no!
    The drop Wednesday was 147 to 115...more like 20% in a single day of trading after reports of the attacks. The theory is hackers may be trying to lower the price then buying later on. That's not my theory, it's MtGox's:

    http://www.bbc.co.uk/news/technology-22026961

    The attacks could be the work of malicious hackers who were trying to "game" the exchange and manipulate the value of Bitcoins so they could cash in, MTGox said in an interview with ComputerWorld.

    Attackers are thought to be working to a cycle in which they sell Bitcoins when values are high, then mount an attack that forces prices to crash, buy up the cheaper coins and then let the value climb again.
  5. W. Rabbit is offline
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    insight combined with intel, fuse, and dynamite

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    Posted On:
    4/05/2013 1:00am

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    --
    Hell yeah! Hell no!
    I know Rivington will like these. Fun, questionable protocols from mysterious sources are up both our alleys, eh?

    https://en.bitcoin.it/wiki/Weaknesses
    https://en.bitcoin.it/wiki/Anonymity
  6. elipson is offline
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    Ad Hominem rocks.

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    Posted On:
    4/05/2013 10:06am

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     Style: BJJ, mma

    --
    Hell yeah! Hell no!
    bubblesayswhat?


    This is hilarious. I'm glad you can't lose any real money on this Phrost (you cant right?)

    So who pays you out when you try to cash in and get out? This sounds more like you're earning stocks that are unconnected to anything in real life, and are valuable only as long as nerds around the world think they are valuable (dotcom?). When something new and shiny comes along, the exchange rate will collapse. Or, you'll start seeing people who trade real items for these bitcoins start going out of business when they can't afford to pay the rent because their landlords don't accept bitcoins.

    You're also putting a lot of faith in the monetary policy of "some guy" who for some reason you believe is too legit to abuse his self-given power. Let me know how that works.
  7. Permalost is offline
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    pro nonsense self defense

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    Posted On:
    4/05/2013 11:48am

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     Style: FMA, dumbek, Indian clubs

    --
    Hell yeah! Hell no!
    Anyone remember Beenz? Or Flooz? Or Internetcash?
  8. franginho is offline

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    Posted On:
    4/05/2013 11:59am


     Style: JiuJistu

    2
    Hell yeah! Hell no!
    Well, so much for the proof of concept.
    Oh and for all those ney-sayers, What do you think will happen if banks, your country who ever stops using your currency of choice?
    Money always is a contract of society, and you are betting your livelihood on people honoring it. think about it.
  9. W. Rabbit is offline
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    insight combined with intel, fuse, and dynamite

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    Posted On:
    4/05/2013 12:13pm

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    --
    Hell yeah! Hell no!
    Quote Originally Posted by franginho View Post
    Money always is a contract of society, and you are betting your livelihood on people honoring it. think about it.
    No it's not. Gold isn't paper. Silver isn't paper. For this reason anyone who is ever concerned about a paper or virtual currency can always just put their money in gold and silver. Or for that matter, pork bellies.

    As far as assurances....

    Bitcoin investments are not insured (as in FDIC), so if you lose your bitcoins, you might as well be burning cash.
    Last edited by W. Rabbit; 4/05/2013 12:17pm at .
  10. franginho is offline

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    Posted On:
    4/05/2013 12:16pm


     Style: JiuJistu

    -1
    Hell yeah! Hell no!
    And who the **** tells you that anybody will take your gold? Seriously... think that one to the end.
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