Funny how I used to laugh at those people who called gold the "barbarous relic" but since I've discovered Bitcoin I'm beginning to feel the same way. As a former precious metals dealer I appreciate how Bitcoin is so darn easy to use and precious metals are such a chore to deal with.
Me too. I was preparing for a sale of some silver recently when the full impact of this hit me: man this stuff is heavy! Moving forward, I see gold as a hedge against a security fault in bitcoin and something that central banks may cling to in a final effort to save fiat. The concept of silver as money I now see as essentially pointless. queue heavy man pic  |
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The emigration out of gold continues:
Considering the similarities between gold and Bitcoin, many expect Bitcoin and other cryptocurrencies to take some of the market share of gold and other precious metals due to its superiority in ease of transport and a more convenient means of transfer. This new rush of gold companies into Bitcoin seems to validate these views."http://www.cryptocoinsnews.com/news/gold-companies-rushing-bitcoin/2014/07/11 |
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Electrum password alone isn't sufficient (assuming the attacker got it through your dropbox plain text file), he'd also need a copy of the electrum wallet file. Any idea how that was accessed?
If I understand the OP correctly, both the wallet file and a plaintext txt with the password were on a dropbox volume. I don't use electrum but the way I understand it is the wallet is constructed from the 12 word seed. That's why I asked Klee for kleerification... (*snort* sorry) There's a password that secures your wallet file, and there's the master seed. With the seed, you're able to access the funds all by itself, but with the electrum password alone, you still need the wallet. But just so everyone here understands, all you need to reconstruct the entire electrum wallet is to memorize the 12 word seed. That's why its called a brain wallet. |
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Electrum password alone isn't sufficient (assuming the attacker got it through your dropbox plain text file), he'd also need a copy of the electrum wallet file. Any idea how that was accessed?
If I understand the OP correctly, both the wallet file and a plaintext txt with the password were on a dropbox volume. I don't use electrum but the way I understand it is the wallet is constructed from the 12 word seed. |
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Ghash still down:  Everything is ok now that they are pointing their miners at other pools! well that's the thing. It's the open source ethos. Transparency and accountability. You gotta be an optimist at some point in your life. |
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How do you access drop box ? if you are serious and I have my doubts. Please clone your personal machine that you access drop box from and send it to me .. I would suspect that it was the machine that you access drop box from that is compromised . It does no good to even attempt to track this down via the block chain, the only hope is to identify the point of entry they used . I doubt you would pay up, but thats the only way your alleged crook would be found .
I don't know klee personally, but I have followed him before on the forums. I do know he has given away huge amounts of NXT before for bounties. One time a person's NXT account was hacked and I think it was klee that donated a pretty big chunk to the guy in the spirit of good will. My guess is that he is indeed seriously about a 500btc reward. that may be… and I hope for the sake of the community you are correct .. but my point remains, and it rings true with what another person pointed out.. It was someone close / or had access to his habits via his personal machine.. I'm all for helping in any way I can, and I was trying to point out that whatever machine he uses to access his stuff more then likely was the eyes for the attacker . Just trying to put out there different ways for people to investigate this theft .. I doubt I can find the person, but with proper investigation the key would be to find the "how did he do it" and did he leave any tracks.. I am active in IRC and I see these script kiddies come in all day long talking about building wallet grabbers and back doors.. Its pathetic … It reminds me every day, why BTC needs over site of some sort .. Criminals need to be held accountable and addresses need ways to be black listed in some way.. I know this is a fire storm topic, but theft on this level with the amount of money involved will NEVER be good for BTC in the long run .. blacklists are way overboard and would destroy bitcoin. He needs better security habits period. |
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Funny how I used to laugh at those people who called gold the "barbarous relic" but since I've discovered Bitcoin I'm beginning to feel the same way. As a former precious metals dealer I appreciate how Bitcoin is so darn easy to use and precious metals are such a chore to deal with. I'm excited to see what the future will continue to bring. Maybe Open Transactions anonymous digital cash secured by bitcoin? Now that would be cool...
For me it is helpful to break the problem into 2 possibilities: 1. Satoshi achieved perfect security with the pow block chain. If he did, then there is no question that bitcoin is a more efficient form of money. And if it is then gold should return to its industrial value of 250 at the most and bitcoin goes to the moon. 2. If he didn't achieve that security, then you're left weighing risk benefit ratios to bitcoin. In this scenario, it is still worth it to me to slant my portfolio more heavily to bitcoin versus gold because gold already had its run to its peak, imo. And this is what I've done, just way more heavily than most. |
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Ghash still down: |
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I wonder where we will be in a year from now.  No one has a crystal ball. High price in bitcoin will invite more competition. Actually the competition is going on right now and the alts are losing. If bitcoin takes off to the upside alts are likely to die as everyone rushes to get on the Bitcoin train. |
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yeah, that last article just adds fuel to the fire. personally, i'm sick and tired of all these pathetic central banks banning Bitcoin b/c of the 4 horsemen of child porn, drugs and cartels, ML, and terrorism. excuse me, but give me one example please Mr. Central Bankster. yes, Shrem and Ulbricht do NOT count. other than that, they are just preventing their citizens from engaging in free private tx. |
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Hahaha
You might as well post ripple, ltc, dogecoin and all other crap exact BTC copies. The reality is it's BTC vs everyone else. Kinda like the dollar was after WWII. All trade will go through BTC so NXT is really in competition with Alts not bitcoin and it's done pretty good so far there.
that's been my point all along but it doesn't hurt highlighting the individual pain. |
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whoops:  |
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Multi-sig + BIP32 + BIP70 + automated accounting systems would make embezzlement difficult and accountants obsolete.
I'm not sure, but I think there might be some caveats with using BIP-32 in such a context. Say you give extended private keys (subtrees) to divisions of you company and say you also give the extended public root key to an accountant or auditor, I think the two could collude to derive all private keys. I read this and it might've been FUD. Not sure. Would be happy if someone could clear that up. you can securely hand out child private keys with no risk to the parent private key, and you can hand out master public keys with no risk to the master private key, you cannot do both at the same time. |
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