i keep coin and cash on the exchange, but just enough to do some trading.
"the exchange"?? There's more than one. Best bet is to spread them around. I have some offline. Some encrypted in various hiding places online. At least a handful in every exchange. Some on GLBSE. Spread your risk and diversify. |
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Of course the CIA/Freemasons are here. They are some of the key players.
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Nice! I'm glad Rob Gray explained to Ron Paul that we don't need his legislation to allow for competing currencies.
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All money is a commodity.
(...)
Something that is "fiat" is inherently NOT a commodity.
I am not following you. Something that is fiat is given value by a government. Commodities are valuable because people want them. There is no actual demand for little pieces of green paper with magic symbols on them to satisfy needs or wants, they're demand in dependent on their FIAT status. Commodities are things that need no government intervention to be desired by people. People want sugar, coffee, and bitcoins NOT because the government said they were valuable, but because of their own utility. |
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Thread title should be changed to "Does SAVING hurt bitcoin"
"Hoarding" is a term used by commies to justify stealing from people. It implies that anyone who saves money is a greedy bastard.
That's right: the word "hoarding" is commonly used to justify non-sense meant to prevent it, like the "demurrage" gloobiboolga. However, "saving" is just to vague. Hoarding applies nicely to "commodity" money. So , for lack of a better word... All money is a commodity. Commodities are simply goods demanded by the market. Money are commodities with wide enough demand to be used as a medium of exchange. That's right only because some crooks have commoditized fiat money. Today 4000 billion USD worth of fiat money is traded DAILY on global forex markets (I know, it's hard to believe). Some people get rich just trading on the forex. How pathetic. This kind of volume only shows the extent to which fiat money has been hijacked by banksters and speculators for their own profits to the detriment of creative, productive people. Bitcoin is a digital commodity that can be used as money. So the term "commodity" money is a short cut. In fact, I am referring to "inelastic" money vs elastic money. However "inelastic" for most people will signal something cumbersome and hardly adaptive. Hence the term "commodity money", again for lack of a better word... I think you are using some bastardized definition of "commodity". Something that is "fiat" is inherently NOT a commodity. The definition: In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs"Fiat" means its not marketable or produced to satisfy wants or needs because its only value is imposed by the government. Bitcoin DOES fit the definition of "Commodity". |
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Thread title should be changed to "Does SAVING hurt bitcoin"
"Hoarding" is a term used by commies to justify stealing from people. It implies that anyone who saves money is a greedy bastard.
That's right: the word "hoarding" is commonly used to justify non-sense meant to prevent it, like the "demurrage" gloobiboolga. However, "saving" is just to vague. Hoarding applies nicely to "commodity" money. So , for lack of a better word... All money is a commodity. Commodities are simply goods demanded by the market. Money are commodities with wide enough demand to be used as a medium of exchange. |
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Thread title should be changed to "Does SAVING hurt bitcoin"
"Hoarding" is a term used by commies to justify stealing from people. It implies that anyone who saves money is a greedy bastard.
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I hope they will at least honour the 40 BTC deposit. I highly doubt they will honour the sells at the high price yesterday.
Having trouble buying this. |
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I think a web-library should be made to help assist those who want to integrate Bitcoin into their website but don't know what kind of security measures needed to be taken.
Something like that has been brought up before: https://bitcointalk.org/index.php?topic=93115.0 |
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I'm guessing there's a timing attack on LR's end.
Oh that brings back memories from the old embedded system days. Interesting hypothesis - I wouldn't be surprised to see Internet services not realizing such attacks very well can be performed over Internet-distances if you get enough tries. Posting additional information for those who plan on making their own password-validation code not having heard about this class of attacks before: http://www.computerworld.com/s/article/9179224/Researchers_Authentication_crack_could_affect_millions(However, if there is such an information leak on LR's side we would surely see other services accepting LR to be affected as well) Interesting stuff. If that's the case... the fix is simple: Program the system to take the same amount of time to return both correct and incorrect passwords. This can be done in about six lines of code, Lawson said. |
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I'm shocked at how well this has been handled (so far). So well, in fact, that we may start seeing conspiracies crop up about how btc-e hacked their own site to show how well they handled it.  HA! Even if that was the case, that would just prove they were savvy marketers to boot. BTCe has demonstrated to people how things are supposed to get done. |
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Cool site! I look forward to doing some shopping on there soon.  |
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To be fair, Bitcoinica was never hacked due to a coding error. It seemed to be management and VPS on every occasion.
Probably bitcoinica was never hacked altogether, bitcoinica to me looks like a scam (especially after the "no backup" and the last "money that was on mtgox lost" news)  Yeah, their story is about as fake as the Colorado shooting. Someday, soon hopefully, it will come out that all the Bitcoinica/InterSango guys are establishment cronies (freemasons).  LMAO... |
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To be fair, Bitcoinica was never hacked due to a coding error. It seemed to be management and VPS on every occasion.
Probably bitcoinica was never hacked altogether, bitcoinica to me looks like a scam (especially after the "no backup" and the last "money that was on mtgox lost" news) Yeah, their story is about as fake as the Colorado shooting. Someday, soon hopefully, it will come out that all the Bitcoinica/InterSango guys are establishment cronies (freemasons). |
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No reason we cant have financial insurance with bitcoin, put in perspective of the East India Company, Lloyds insurance and pirates on the high seas there isn't a whole lot in the difference.
The only way someone could insure bitcoins would be to collect enough in premiums to cover a certain amount - which would be the premiums MINUS the insurers operating costs. Each company would be better off using their money for their own reserves rather than paying premiums to an insurer. Sounds like BTCe had it right, and kept a small enough percentage of their holdings in their hot wallet to prevent catastrophe. |
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The only way I'd care about my credit score is if every time it got really bad I got a bailout from the government.  |
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This worries me.
Have they figure out how the password leaked?
It definitely was not brute-forced. In the best case, it was "guessed" or "dictionary attacked" if it was not random enough, and then changing it should be enough. But if it has leaked (what I find most likely), and BTC-e doesn't know how it leaked, then the same thing may just happen again.
The platform should not resume its operations before understanding what happened and taking measures for it not to happen again. At least Liberty Reserves deposits and withdraws should be temporarily closed, since that's what leaked.
I'm no expert, but I don't think it was "guessed" or "dictionary attacked" because it wasn't that kind of password. An API key would just be a random string, like a btc address. (like "wE7rtGvs19EImfY5") |
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There is no such infrastructure in place for bitcoin, and there likely will never be.
Why do you say so? I see a demand for deposit insurance in bitcoin world. If nobody has offered that yet is probably because nobody has the skills and money to start one, or those who eventually have the skills (and money) are not aware, or do not believe in, such demand. In any case, this may change. Modern day deposit insurance is a moral hazard that only exists because the ability to print fiat from nothing exists. Since bitcoins can't just be created out of thin air, I think it would be very difficult to insure them. |
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How do you figure it has nothing to do with being greedy? The second people saw a problem, they ran and tried to sell coins.. How is that not greedy?
I disagreed with the statement that people deserved to have their trades rolled back because they should have known the price is wrong - they got rolled back because they weren't real trades. I didn't say it wasn't "greedy". We all operate in our own self interest (greed). There's nothing wrong with wanting to make more money. Now if by "greed" you mean being fraudulent, that's a different story. |
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Don't forget the worlds most powerful brute force cracking machine is being built, it's hard to know what is safe from some of the mining rigs out there now and there is custom hardware on the way...
Brute Force a 16 character password? I don't think so. Somehow the hacker found it. |
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