So thief puts coins on CryptoXchange to sell. The price is driven down as buyers flock over to get some cheap coins - arbitrage. Then they hear that the coins are coming from the theft and start to avoid because they're worried they'll be held up and don't want the hassle. So the volume dries up and CryptoXchange realizes that to stay liquid and competitive with other exchanges they need to watch for stolen coins like MtGox.
this. |
|
|
|
It's also a feature of Bitcoin that you cannot reliably link a transaction to a person once there is a hoop in between you and him.
You can make all guesses you want but encouraging the confiscation of coins based on conjectures looks criminal to me.
I agree with you, it's a pain in the ass and it hinders Bitcoin, I'm just saying it's inevitable. I don't even know if that kind of thing can be improved in the protocol.. |
|
|
|
I'm going to say some things that you might not like - I definitely don't like this idea but...
As time passes by - more and more people get interested in Bitcoins, more and more thefts will happen. If we start marking Bitcoins as 'dirty' - some time later we will have almost 99% of the coins being marked as bad.
What should an average Bitcoin user do if 99% if his income is 'dirty'? Is he actually responsible for some event that had happened long before he even got to know what Bitcoin is?
Tracing stolen coins and returning them back to the owner is good at first or second step of transacting those coins. And only if you are 100% sure that previous owner lost them and current owner have stolen them.
As it have been said previously - money is money. Community should try to block theives but we shouldn't go absolutely crazy about it. And I think that community should accept this concept as default. This will be hard to do - exactly as it is hard for someone to accept Bitcoin as the completely new paradigm. But if we don't do this now - we will arrive to that point anyway: Bitcoin stands for new opportunities but it also brings new problems. And people will have to learn to live with them.
money is money, but bitcoins are not like coins or bank notes, they're bank wire transfers it's up to you if you accept bitcoins of unknown origin, just remember the risks.. |
|
|
|
Bitcoin is already hard for the common folk to understand and now we are adding an extra layer of complication when we all need to know how to track the origins of every transaction.
This only makes BTC less attractive for casual usage and impedes its adoption.
But it's a feature of Bitcoin. Bitcoins are highly traceable. You're implying that people should ignore it but it's not gonna happen. |
|
|
|
|
I don't think they have a choice.
They can't resell stolen goods.
This is a very interesting new development in the young history of Bitcoin.
|
|
|
|
HAHA, the CIA is now after you, you're a dead man, son!  |
|
|
|
|
are you going to refund Zhoutong too?
|
|
|
|
|
yeah.
maybe in the future, there will be a cryptocurrency that is legal and traceable like that. maybe Bitcoin itself.
and then there will be unofficial cryptocurrencies, like Bitcoin today
|
|
|
|
How would you check them?
I suppose they go through all the parent transactions. If these stolen coins go through an anonymizer, or other stolen coins from another hack, Mtgox will ban every transaction that are child transactions of bitcoins that come out of that anonymizer. I don't blame them. > Banning coins is much more detrimental to Bitcoin as a whole. It destroys confidence in the system. Seems to me like the system is evolving. Nothing you can do about it, except starting a different cryptocurency. In the end, if it regulates itself, Bitcoin might end up looking just like the current banking system and that would be logical, since this is a deterministic system after all. |
|
|
|
There is no way to ban hacker's address. He can move them around thru different bitcoin services, then sell them OTC or use them to buy something, then what? Someday you will get some of the coins that came from his address and mtgox will blame you. This is stupid, but completely expected from mtgox.
no it's not stupid, it's ethical and it is the bitcoin community regulating itself ( buying/selling drugs? cool Stealing bitcoins? not cool) those bitcoin services will have to check if these bitcoins are suspicious before accepting them, otherwise they might have worthless bitcoins in their hands |
|
|
|
For those about to rock and are on a boat..  |
|
|
|
There is no solid floor in bitcoin. It's risk all the way down.
only if a glitch is discovered like they are now, bitcoins are useful and have a commodity value, so there is some sort of floor |
|
|
|
|
I don't think charity is a good niche for bitcoin. Except for charities that seem on the edge of legality like Wikileaks or Sea Shepherd.
Offshore gambling on the other hand.. sportsbook, poker..
|
|
|
|
|
I think the floor is pretty solid between 2$ and 4$, with plenty of people ready to buy all the cheap coins, and that won't change with the reward drop. So if there's big fluctuations it will be between that and 10$.
Can anyone come up with a theory of how the 50% reward drop could lower the prices?
|
|
|
|
At the end of this year there will be huge bubble.
Why ? we're assuming there will be more demand because of the 50% drop in the rate of bitcoin production (not too sure about wording here), on top of which there could easily be a speculative bubble |
|
|
|
|
Yeah that's what I'm saying.
Somehow both the publisher and the advertiser should be able to chose the niche they think will be more profitable to them. Then how your algorithm takes this information into account is up to you, you can still throw some randomness in the mix since it is your original idea.
|
|
|
|
|
the difference with martingale is that with martingale you can lose everything, but with that system, there is a floor: 1BTC = 0.01$ , if you have enough money to go down to 0$, then there is no risk, am I wrong?
|
|
|
|
i wonder what site the people that got it are all a member of
That's the real question. What membership are they drawing from and how did they get that access? When MTGox was hacked months ago, the user database was leaked. I'm sure it's still from that database. nope, I haven't receive any phishing attempt |
|
|
|
|
Show Posts
