Bitcoin Forum

https://i.imgur.com/64FnhtZ.jpg



-Citibank-

it sounds like a bunch of silly no-sense( i really like this line), they basically said, nothing,, i've read it two times and they really said nothing

also they are not aware about the impossibility to hack a 2^256 key

Is he talking about the thefts, MTGox, Cryptsy, Bitcoinica, ...?

He must be talking about the fundamentals as he says bitcoin itself is a complete failure.

The hacks of exchanges are not bitcoin failures, it is people failures.

That article basically also says, by their logic, that their own systems are a complete failure as anything that is programmed can be hacked..

Citigroup’s Mexico Unit Faces Widening U.S. Money-Laundering Probe

http://www.bloomberg.com/news/articles/2015-07-24/citigroup-s-mexico-unit-faces-widening-u-s-laundering-probe

just a quick search of the last months.

he should say the truth that he has no idea wat hes talking about

Some people are really stupid for writing that bunch of shit, and even more stupid people is the one that think it's true. What makes Bitcoin different from PayPal? I heard of people being hacked and couldn't recover their money because it was made via their own IP (using a botnet for example).

But their only reason to think it's bad it's to attack it's security, while they have no idea about hashes and stuff. "Anything can be hackable" yet we shouldn't be using computers nor mobiles just because they can be hacked.

The amount of recent announcements and declarations about Bitcoin makes me think that something's up and there's a hidden agenda of some sorts. Too many it is obvious but I've never been that type of person with conspiracy theories and such but the evidence so far it's too much, they seem to be strategically targeting Bitcoin and attacking it without mercy. Doesn't matter if it's truth or not, for the general public this is just more bad news about Bitcoin. If this continues I don't know where we would end up in terms of price/value.

Meanwhile in the real world people are saying.  " That's interesting, we really should consider how unsafe bank software is. But hey, do you know where I can get some bitcoins?"

Absolute stupidity and lack of knowledge being shown by that idiot. If you hacked Bitcoin at it's protocol level, which have never happened before, you would automatically be

able to hack all credit card services and SECURE websites. These idiots see sites like Cryptsy and MtGox being hacked and then they think that was a vulnerability in the

Bitcoin code. These sites security has nothing to do with the decentralized Bitcoin network, running on thousands of computers all over the world. 

But what does it all mean Basil?

if someone steals your money from a debit card, you get the money back. if this happens with your BTC, you are fucked. :)  There is no customer protection.

The guy from CITI is not so dumb, so chill. Remember, that in this world are living many people(old or young) who doesn't know to protect their computers and even so, you can be hacked.

BTC is not for everybody. It is a niche which is mainly used for shitty things(black market). This is the truth. In the past it was E-gold then Liberty Reserve and now, Bitcoin.

Anything that can be programmed can be hacked, Much like any normal bank account then? I dont see the argument here, Bitcoin isn't any less secure than traditional banking systems, if anything its many times more secure.

That is too bad that he did not mention about how easy it is apparently to hack and steal from bank itself. I found interesting info about this:
 
A hacking ring has stolen up to $1 billion from banks around the world in what would be one of the biggest banking breaches known.
The hackers have been active since at least the end of 2013 and infiltrated more than 100 banks in 30 countries, according to Russian security company Kaspersky Lab.
More at: http://www.huffingtonpost.com/2015/02/15/bank-hack_n_6688268.html (http://www.huffingtonpost.com/2015/02/15/bank-hack_n_6688268.html)

This is the way they deal with fear of bitcoin taking over the banking industry one day, to deem it as a failure so no more heed will come to it. They are the failures for not accepting it as a currency to be used in their system.

right but you, as customer are protected. show me the BTC protection ! :)

ok. a bank can be hacked, a card can be hacked and you get the money back without any problem.  it didn't happen and it WON'T happen with Bitcoin

Anything that can be programmed can be hacked? Oh well banks too are providing internet banking facilities, what to say about those then? Also, he the chief economist isn't clearn on what he means when he says Bitcoin programmatically being hacked. To be honest it isn't that simple to do than to say.

Here we have another one ... "big specialist". I don't know if it is a "specialist" before the Mike Hearn era or after the Mike Hearn era. Are born to many like this kind after his historical bitcoin testament. Cannot be a devs or specialist in this field make me to not be able to explain to it technically if has right or if has wrong. But as an almost old user and follower of it can tell to him that cannot be possible that such scratch product be live again after hundred of all such kind attacks made to him since the firsts day of its born. It would be enough to be only one of this kind that this "failure product" be destroyed and be forgotten. Seeing bitcoin only simply as a currency is a child conception of it. Bitcoin is much more. Is the beginning of a new era. If this "important" and "intellectual" (who knows maybe even "Harvard boy" like he of Washington Post) person cannot understand this it is more than 6 years late with all this world where we all live.

Exactly, it won't happen with bitcoin, because bitcoin can't be hacked :)

You can trust a third party with your btc and pay an insurance to be sure you will not lose your coins in the case of default if you want, that's what actually banks do.

But bitcoin wallets are way more easy and safe than banks (IF you can safely store multiple copies of your keys), that's just a fact.

It's funny how what he said here, could and would be against him when someone questions banking system security as well as the part that he said: "So nothing is completely secure," that's true but it's also the case for every banking system out there, including his. There's not a single thing in the world that is 100% secure, some are just more secure than the others but none are 100% safe on this matter.

This guy is an absolute moron, and is known for some embarrassing quotes which are false claims about a variety of stuff not only involving Bitcoin but other topics.

http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash
Ban cash

http://www.telegraph.co.uk/finance/economics/11831426/Citigroup-braces-for-world-recession-calls-for-Corbynomics-QE-in-China.html
Helicopter money

http://davidstockmanscontracorner.com/why-citi-bank-chief-economist-willem-buiters-attack-on-the-swiss-gold-vote-is-gibberish/
Hates gold too

A clear enemy that's scared of Bitcoin, just like Jamie Dimon and the rest of JP Morgan pigs.

They think that Bitcoins can be hacked???
Don't they know about their own security that they provide to their users???
At least we possess our own coins, so we are responsible if our coins are stolen and not them...
But if our money gets stolen from a bank, who the heck should we blame responsible for the same???

"Hurr durr computers equals hackers and criminals"
I wonder, how ignoramus like this guy, could get job as the chief-of-anything?

So, the citi banking system, that with no doubt relies almost only on huge computer system, can also be easily hacked?
Indeed, it can. Far easier than SHA-256 Blockchain.

LiteCoinGuy

where you find this news?
I can't see this hacked chain, where is? ::)

Not really a big fan of Mr. Robot but "hacking" is not some savant bypassing all security with math skills. It's more close to deceit and infiltrating ability, if you can get a script inside then you are done, it's not as simple as in 80s movies...someone login into the FBI services with absolutely no information. So I doubt Bitcoin itself can be hacked, but the exchanges, banks and other companies are exposed of course because humans work there and they are easy to fool or corrupt.

If it was a failure... I doubt so many banks would start to think on the blockchain technology. They say it's bad because they want to develop their own.

What ever a banker is saying about Bitcoin can be ignored.
That guy is a joke! I read somewhere that he also hates gold, speaking of 6000 year old bubble!! :D

This is just FUD with the banks agenda behind it. Of course they are going to smack talk there rivals, especially those that could possibly be disruptive to there entire business ecosystem.

your computer can be hacked and your BTC can be stolen. it happened for so many times. it happened to exchangers (Bitstamp lost 5 millions USD a year ago, right? :)  So,  if a company from BTC industry is hacked, which it's supposed to take extra measures but a normal user? :)

it can happen with your debit card BUT you will get the money back. do you notice the difference? :)

the BTC user is not protected against anything. I am not talking about cyber guys, I am talking about the normal Joe

he just mad cause we trying to replace him.

Banks can be hacked, that is a fact. Bitcoin has not been hacked yet, although a lot of sites holding Bitcoin have been.

I find it strange that the guy associates BTC with the blockchain since banks are investigating blockchain technology for their own private use. And his idea that anything programmed can be hacked! I wouldn't feel confident if I had an account in his bank. Banks run everything on software these days...

It's a valid point, to reduce the risk of it being hacked, the design and code must be extremely clean and simple. It is much easier to compromise complex system than a simple system

The problem with BitCoin being hacked would be if a Dev were to somehow insert a piece of code into the wallet's software, or indeed if there became three, or four or more wallets on top of CORE and X and they became incompatible.

But in saying that, as long as the underlying code can be reviewed by GitHub and the like such hidden codes should (I theory at least) by found out - unless people get sloppy and just assume those creating the wallet can be trusted.

It's the decentralized ledger system that should be pushed to the media, the fact you can have 20, 30 even a hundred (or more!) nodes to instantly connect to and broadcast your transaction to for confirmation.

How blockchain tech could change the way we do business - http://www.bbc.com/news/business-35370304

Thefts from Mt Gox, Cryptsy or where ever are just that - thefts.  BitCoin lacks Public Relations representatives who can explain these thefts as little more than the equivalent of a half dozen 70 year olds drilling into a vault over a week-end and making off with Jewels and cash. ie

http://www.westerndailypress.co.uk/Hatton-Garden-8203-men-guilty-14-milllion-raid/story-28529544-detail/story.html

He is typical guy with  mind washed by big corporation
One day people will say ,high cost Citi Bank transactions,forget,citi is complete failure

The same time R3 begin to test blockchain systems with tokens the same guys that want to create Blockchain systems without tokens

http://www.ibtimes.co.uk/r3-connects-11-banks-distributed-ledger-using-ethereum-microsoft-azure-1539044


The bank still cant understand how blockchain technology works and i think many ppl will get easy money for them because simple they are fools.

I guessed he missed to buy bitcoin when it was still worth a cents and is now trying to spread fud to able to buy some cheap coins.

If Bitcoin was a failure, wouldn't people know about it and stop using it. They would would know and clearly they haven't stopped using it.

technical advice from an glorified accountant. lol

i dare any accountant to explain SHA256 in detail (to debunk the underlying security of blocks)
i dare any accountant to explain where hacking 1 computer affects every computer.. (to debunk the point of decentralizational ledger)
i dare any accountant to write suck a hacktool that will cripple the entire network in one swoop.

or...
i dare any accountantt to just admit they dont know much about computers and simply go back to counting pennies

Improper use.
I don't know that Bitcoin itself is a complete failure.

HaHa this is funny. Bitcoin is a "complete failure" . . . why not just a failure?  This is getting interesting with all of these giants coming out to declare it dead.  I feel these are tactics by those that are scared of something rather than being secure knowing they have their own solution.

"Anything that can be programmed can be hacked"

Is he talking about 51% attack?

Because so far Bitcoin hasn't been hacked, sure people's wallets have been hacked, exchanges have been ostensibly hacked but that doesn't say anything about Bitcoin itself getting hacked.

Anything that can be programmed can be hacked...unless its properly coded. Bitcoin code isn't very large so it is easy to fix bugs, and these bugs have mostly been discovered and patched.