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bitcoins...what the heck


Roger

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  • 4 months later...
  • Hash Fellow

NYTimes article on recent Russian indictments kind of buries what seems to me rather big news.

 

I always wondered how the bitcoin electronic transactions could ever be truly anonymous with no identifying trail.

 

Turns out, they are not...

 

American investigators were able to use the blockchain to go back and identify some of the transactions that Russian agents made.

 

 

It's not as easy as knowing who used a credit card to buy something but they were still able to figure out who was spending money and on what.

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  • 1 month later...
  • *A:M User*

More funny-money news:

 

https://news.slashdot.org/story/18/08/22/0147214/as-value-of-cryptocurrencies-falls-a-lot-of-new-and-risk-taking-investors-are-suffering-immensely

 

I am so glad I did not "invest" anything in cryptocurrency. Between the fraudulent companies selling the mining ASICS, the exchanges getting hacked, and the sheer volatility of the different crypto currencies, I'm positive I'd have lost everything even if I got in early.

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  • 3 months later...
  • *A:M User*

In current digital funny-money news, Bitcoin has cratered to around $3000 per coin.   

General Francisco Franco is still dead. 

 

This search page on Slashdot would have anyone wondering "people thought this was a good idea...why?" in minutes: 

https://slashdot.org/index2.pl?fhfilter=bitcoin

 

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Re: Bitcoin Options Purchased for Millions Will Soon Be Worthless

Quote

 

Ari Paul, a cryptocurrency fund manager at BlockTower Capital, has indicated that he bought the options while simultaneously selling some of his fund's Bitcoin holdings... He later tweeted that the trade -- selling some of his Bitcoin holdings while buying the call options -- was profitable.

 

 

 

Which likely means some poor suckers are about to lose a ton of money.

In other words, he is only losing other peoples money.

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  • 3 months later...
  • Hash Fellow

yesterday's news...

Majority of bitcoin trading is a hoax, new study finds

 

 
Quote


 
The analysis showed that "substantially all of the volume" reported on 71 out of the 81 exchanges was wash trading, a term that describes a person simultaneously selling and buying the same stock, or bitcoin in this case, to create the appearance of activity in the market. In other words, it's not real.

Those exchanges report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate.

"The idea that there's fake volume has been rumored for a long time; we were just the first people to systematically look at which exchanges were delivering real volume," Hougan told CNBC.

 

 

 

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  • 1 year later...
  • 1 month later...
  • Hash Fellow

 

NY Times:

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes

Quote

 

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

“I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

 

 

D'oh!

I recall at Nortel we avoided this problem entirely be putting our passwords on a post-it under our mouse pad.

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  • 8 months later...
  • 1 year later...
  • *A:M User*

The thing about these Bitcoin miners...if they weren't using GPUs for mining then whatever hardware they are trying to sell is likely completely useless, because it can only be used to mine Bitcoin.

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