Bitcoin is in trouble

[knowhow]

Hackers terrorists ,bad people used force to take fiat money,and keeps happening banks being stolen,ask money  to let a parent alive and return,the thing is being asked in bitcoin or fiat we are all in risk.

[monsanto]

After this...I think congress is going to come down on bitcoin in the US

http://www.bitcoinvalues.net/hollywood-hospital-pays-hackers-40-bitcoin-worth-17000-release-computers.html

It's going to take more than that... but there doesn't seem to be any reason to think this is going to stop. People will get better at backing up data, but there will be large targets for a long time to come. And regular people will continue to be victimized. In the short run, ironically, it probably has helped bitcoin by increasing demand. But I agree that it is likely at some point congress will come down hard on bitcoin. Of course it can't eliminate bitcoin from the planet, but they can make it difficult enough for the average person to use that the price crashes and it is pushed mostly underground. People always think some aspect is outside of the governments reach but the gov't usually surprises people by eventually going after these things and damaging them severely.

And lets be honest, if bitcoin wasn't available these kinds of widespread ransom attacks would be much, much more difficult to pull off on this scale. Bitcoin isn't just some add on but an integral aspect of the hacker's strategy.

[Watercooler]

Bitcoin is absolutely not in trouble, it will only get bigger and more accepted.

[Facultid]

Bitcoin is absolutely not in trouble, it will only get bigger and more accepted.

That is my thoughts as well. There are more positive coverage of bitcoin at present in the main stream media.

[AliceWonderMiscreations]

After this...I think congress is going to come down on bitcoin in the US

http://www.bitcoinvalues.net/hollywood-hospital-pays-hackers-40-bitcoin-worth-17000-release-computers.html

Did you hear?

Someone used a gun to shoot up a school. Damnit, now congress is going to ban guns...

...oh wait.

[monsanto]

After this...I think congress is going to come down on bitcoin in the US

http://www.bitcoinvalues.net/hollywood-hospital-pays-hackers-40-bitcoin-worth-17000-release-computers.html

Did you hear?

Someone used a gun to shoot up a school. Damnit, now congress is going to ban guns...

...oh wait.

Small difference is guns have the NRA, the most powerful lobby in the US, while bitcoin lobby is... ummm.. 

[mrflibblehat]

And this is how a group of idiots is going to make all of our lives harder.

[eternalgloom]

I do not see how this specific news item should indicate that Bitcoin is in trouble. There have been mentions of Bitcoin in similar articles about ransomware before.
Granted, maybe not on this scale, but this will not have a significant negative effect on Bitcoin.

[AliceWonderMiscreations]

After this...I think congress is going to come down on bitcoin in the US

http://www.bitcoinvalues.net/hollywood-hospital-pays-hackers-40-bitcoin-worth-17000-release-computers.html

Did you hear?

Someone used a gun to shoot up a school. Damnit, now congress is going to ban guns...

...oh wait.

Small difference is guns have the NRA, the most powerful lobby in the US, while bitcoin lobby is... ummm.. 

Bitcoin has decentralization meaning it will continue even if banned in some countries.

You can't stop the signal, Mal

[monsanto]

After this...I think congress is going to come down on bitcoin in the US

http://www.bitcoinvalues.net/hollywood-hospital-pays-hackers-40-bitcoin-worth-17000-release-computers.html

Did you hear?

Someone used a gun to shoot up a school. Damnit, now congress is going to ban guns...

...oh wait.

Small difference is guns have the NRA, the most powerful lobby in the US, while bitcoin lobby is... ummm.. 

Bitcoin has decentralization meaning it will continue even if banned in some countries.

You can't stop the signal, Mal

It will continue but price would crash and it would never reach wide adoption.  Other countries would follow US lead and go after fiat->crypto->fiat exchange points.  Would be effectively dead in terms of Satoshi's vision.

[AliceWonderMiscreations]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

[monsanto]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

I didn't say congress would make it illegal because of what has taken place so far, but things could get worse. Also, the terrorist angle could come into play if it is connected to an ISIS attack for example.

Ransomware predates bitcoin but it could never take place on this scale without it. If this hospital payed by any other means it would be easier to track.

And saying congress won't do something because it is an "absurd proposition" is pretty much the definition of what the gov't often does.  Most americans thought it was an absurd proposition before 9/11 that the gov't would torture prisoners, and not only did they do it, but now the leading republican candidate is pro torture.

And to say the US isn't important in global finance is naive. If they can get enough countries to comply to shut down the economy of Iran they can make it difficult enough to exchange fiat->crypto that wide spread adoption never occurs.

[AliceWonderMiscreations]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

I didn't say congress would make it illegal because of what has taken place so far, but things could get worse. Also, the terrorist angle could come into play if it is connected to an ISIS attack for example.

Ransomware predates bitcoin but it could never take place on this scale without it. If this hospital payed by any other means it would be easier to track.

Oh there's a good chance it will be tracked.

Sure a mixer will likely be used, but don't trust that mixers haven't been compromised. The NSA for example has a lot of compromised machines it allows to run for that purpose, and a collection of 0 day exploits that would blow your mind.

[monsanto]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

I didn't say congress would make it illegal because of what has taken place so far, but things could get worse. Also, the terrorist angle could come into play if it is connected to an ISIS attack for example.

Ransomware predates bitcoin but it could never take place on this scale without it. If this hospital payed by any other means it would be easier to track.

Oh there's a good chance it will be tracked.

Sure a mixer will likely be used, but don't trust that mixers haven't been compromised. The NSA for example has a lot of compromised machines it allows to run for that purpose, and a collection of 0 day exploits that would blow your mind.

I agree.  They probably are developing impressive blockchain tracking.  Although the people who received the bitcoin can mix away for a long time at many places.  And send it to exchanges like btc-e for washing as well (plot twist -- btc-e is NSA  )

[Jet Cash]

And to say the US isn't important in global finance is naive. If they can get enough countries to comply to shut down the economy of Iran they can make it difficult enough to exchange fiat->crypto that wide spread adoption never occurs.

All of this economic pressure by the US does more to damage the US rather than other countries. Iran is a case in point, they are now dumping dollars, and switching to the Euro.
http://www.huffingtonpost.com/majid-rafizadeh/iran-plays-and-backstabs_b_9229384.html

Their control of the IMF and refusal to admit China led to the creation of the AIIB. Their banking sanctions against Russia led to another flight from the dollar, and the strengthening of the Russian banking system. imho, if the US tries to ban Bitcoin, then history seems to indicate that this will strengthen Bitcoin, and accelerate world adoption.

[AliceWonderMiscreations]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

I didn't say congress would make it illegal because of what has taken place so far, but things could get worse. Also, the terrorist angle could come into play if it is connected to an ISIS attack for example.

Ransomware predates bitcoin but it could never take place on this scale without it. If this hospital payed by any other means it would be easier to track.

Oh there's a good chance it will be tracked.

Sure a mixer will likely be used, but don't trust that mixers haven't been compromised. The NSA for example has a lot of compromised machines it allows to run for that purpose, and a collection of 0 day exploits that would blow your mind.

I agree.  They probably are developing impressive blockchain tracking.  Although the people who received the bitcoin can mix away for a long time at many places.  And send it to exchanges like btc-e for washing as well (plot twist -- btc-e is NSA  )

If I ever stole major amounts of bitcoin, I would send them directly to a cold wallet and just leave them until the statute of limitations for my crime had expired. With the growth rate of bitcoin, that could be very profitable.

If that was too long, I'd let them age for several years and then sell them on the black market at below market value in a country where the buyer could not be prosecuted for using them.

But most criminals aren't that wise, and those who are that wise aren't often criminals.

[monsanto]

Sorry, but as a US citizen I have to say the US really isn't that important.

Yes there would be a price dip, but no, the vision would not die.

And no, congress won't make it illegal because of this anyway - that's an absurd proposition.

ransomware predates bitcoin.

What congress might do is create laws requiring adequate backup of medical databases and fine hospitals that don't do it.

I didn't say congress would make it illegal because of what has taken place so far, but things could get worse. Also, the terrorist angle could come into play if it is connected to an ISIS attack for example.

Ransomware predates bitcoin but it could never take place on this scale without it. If this hospital payed by any other means it would be easier to track.

Oh there's a good chance it will be tracked.

Sure a mixer will likely be used, but don't trust that mixers haven't been compromised. The NSA for example has a lot of compromised machines it allows to run for that purpose, and a collection of 0 day exploits that would blow your mind.

I agree.  They probably are developing impressive blockchain tracking.  Although the people who received the bitcoin can mix away for a long time at many places.  And send it to exchanges like btc-e for washing as well (plot twist -- btc-e is NSA  )

If I ever stole major amounts of bitcoin, I would send them directly to a cold wallet and just leave them until the statute of limitations for my crime had expired. With the growth rate of bitcoin, that could be very profitable.

If that was too long, I'd let them age for several years and then sell them on the black market at below market value in a country where the buyer could not be prosecuted for using them.

But most criminals aren't that wise, and those who are that wise aren't often criminals.

Yeah, waiting is the safest thing to do. If it was me though, I'd probably mix them, then buy some LTC on btc-e, then send that LTC to another exchange, then buy btc... wash, rince, and repeat. ETH has enough volume to be useful for a slow launder through places like polo and kraken.  Of course for truly huge amounts of btc, this would become more difficult. But with other amounts I think it would be almost impossible to track this way.

[AliceWonderMiscreations]

One of the issues with using a mixer, they can get you for money laundering even if they can't prove the original funds were stolen. At least in the US.

I think waiting for the address you sent the funds to to become old news and then traveling, importing private address into fresh never used wallet, and selling in a country where the crime didn't happen is easiest way to avoid prosecution.

[RealBitcoin]

Just fuck with this negative stuff. Ignore them, focus on the positive side of bitcoin. Like the tons of bitcoin charities that are around

[romero121]

These are very minor issues which can be fixed once the developers keep focusing of the future growth, But if such scenario's were left unnoticed then it would have a great impact on the future of bitcoin.