Bitcoin Forum

Good morning!

http://www.bloomberg.com/news/2014-08-27/fbi-said-to-be-probing-whether-russia-tied-to-jpmorgan-hacking.html

"Russian hackers attacked the U.S. financial system in mid-August, infiltrating and stealing data from JPMorgan Chase & Co. (JPM) and at least one other bank, an incident the FBI is investigating as a possible retaliation for government-sponsored sanctions, according to two people familiar with the probe.

The attack resulted in the loss of gigabytes of sensitive data, said the people, who asked not to be identified because the probe is still preliminary. Authorities are investigating whether recent infiltrations of major European banks using a similar vulnerability are also linked to the attack, one of the people said. "

According to this report, Russians have been attacking and hacking American banks. We all know every country has hackers that work for the government, thanks to Snowden we know, and that they do target banks and businesses in other countries.

As more and more companies are hacked using exploits and security loopholes in security software, it just makes me see more and more that Bitcoin is going to be needed at some level(or some other type of encrypted type of currency). If Bitcoin still isn't used as an everyday type of currency where people spend it on everyday purchases, then maybe, just maybe it can be used on securing wealth storage on a large scale safely. Obviously exchanges get hacked and so do banks.  But what if the US government stored 10% of all US wealth in Bitcoin or something else? Something that is secure and at this point almost impossible to hack cold storage type of thing. I say almost impossible because there is always a chance, even though it might be a 0.00000000000000000000000000000000000000000000000000000000000000000000000000000 000000000000000000000000000001% chance of getting the exact details for a random cold wallet.


How should governments take advantage of the benefits of Bitcoin?

Fixed the title sorry for that!

reserved for future post if needed.

Your post comes off as very biased, it can be argued that banks are getting hacked because of technology, BTC is a technology therefore implying the same can happen but more effectively as we wouldn't only be losing information....

Yes, and I bet you there are have been far more bitcoin-related hacks where bitcoins were lost, than hacks at banks.

how do you propose the US storing 10% of all US wealth in Bitcoin?  do you even know how many bitcoin that would require at current value?

The sheer buying power that a government can throw behind buying up Bitcoins or altcoins to store some wealth would 1.) Legitimize Bitcoin to the highest level it has ever been at and 2.) Drive the price up due intense buying pressure(if done all at once) and 3.) The pure fact that an announcement would be made in advance because a bill would most likely need to be signed for authorization to buy BTC would also give major credence to it.


You are a hero member and I am a senior member and should know I am obviously not advocating current value.

Aww shit, should have used Bitcoin Mr Morgan.

I legitimately have no idea what you are saying. Sorry, I can't understand it. Is English your primary language?


I am not sure why you are saying my post is biased, of course it is, it is advocating bitcoin, so I am biased towards bitcoin, why are you pointing out something obvious?


Obviously banks are getting hacked because of technology... If they had no technology they couldn't be hacked, only physically robbed or check fraud...

Why?
The issue is loss of data, not of money.
How would it have made a blind bit of difference?

We don't really know how often banks are hacked, but they sure as hell spend a lot more on security and are usually larger companies compared to places where bitcoins are hacked from. Someone using some 3rd party server and they have 1 coder to protect an exchange is way different than JP Morgan Chase getting hacked.

Mtgox was the biggest and had like 15 employees and they lost 700k bitcoins due to incompetence or lying or stealign it themselves or whatever.

JP Morgan Chase being hacked and having tons of data stolen is a big deal, it might not be straight money, but information sells well and there could be info in there that can be used for identity theft and all sorts of things. Obviously some hackers are not going to steal something for no monetary gain.

I wonder what the equivalent in BTC that would be

Hackers with good hacking skills will hack financial data regardless if they are Russian or not.

They are motivated by money and not politic.

This isn't even about losing money. It's an attack of one government against another. If a government decided to attack Bitcoin we'd be fucked.

wrong
i guess you have not known about the 200 years of pick pocketting.
i guess you have not known about the 200 years of bank heists.
i guess you have not known about the decade of card cloning.
i guess you have not known about the years of chargeback scamming.

good luck adding up all the FIAT theft

You seem to have misread the original post.

I heard that the Russians hacked J P Morgans nose - it was a personal attack and nothing to do with the Bank.

since the nose separated from J P Morgans body and became the ruler of the world, its not under corporate jurisdiction.

this was pretty brazen from the evil Russian hackers, we need to find the evil doers and bring them to justice   


HAIL THE NOSE !

Too bad, I was just thinking of using their service.

Wrong. We are talking about today, the Internet, and internet-related hacks.

where is the evidence that it was russia? its called "propaganda"

Remember

Russian hackers could be hiding anywhere,just ready to take down our reasonably price and normal leveraged stock and equity markets, also our conservatively leverage and well managed banking and financial institutions.

if they take these down they could ruin our economy.

WE KNOW WHO IT WILL BE OK.

Russian Hackers... probably lead by the President himself, he will be carrying an SAM with a missing missile, something he does all the time now as an warning to others.

realistically there is noting our close to full reserve banking and financially stable, high reputation institutions will be able to do the protect from the onslaught, the torrent of evil that will flow from these Russian hackers that are planning to steal from US taxpayers.

If only we had a Bitcoin Global ID and Central authority, we could maybe protect ourselves from these madmen.

HA HA HA HA!

its just the beginning; the Russian hackers are everywhere, they will cause a crash of the reasonably priced and healthy stock-market.

US taxpayers will pay the ultimate price of slavery due to these Russians.

if only they would just leave us alone.

No wonder, Russians are very intelligent, look at Vitalik, he must be swiming on dat BTC as we speak  ;D

Russia is known to be home to a lot of hackers because of Russia's lax stance on enforcing hacking related laws when the hacking victim is not an ally of Russia. Also when the country of origin can be determined of a particular hack/attack it is almost always either russia or china.

Russian and chinese hackers are notorious these days...a bit lack of security and they will steal away everything they can...

Sucks for JP Morgan chase banks..

Russian hacker threaten our utopian centrally planned Bank managed society.

we have to strike first.

Who actually believes that they are Russia backed? LOL

Chinese hackers broke in to the blockchain, and now multiple copies are laid bare all over the place!