Oh Noes! Bitcoin has been hacked!

[Joe_Bauers]

http://finance.yahoo.com/news/bitcoin-hacked-price-stumbles-buying-103848677.html

Online currency bitcoin had 20 percent knocked off its price overnight on Thursday as one of its major exchanges became the victim of a hacking attack leading to a sell-off in the virtual currency after reaching an all-time high.
Uncertainty over other currencies, turmoil in Cyprus and media interest are just some of the reasons commentators are citing for the 360 percent rise in bitcoin prices over the last month. The frenzied interest in bitcoins piled over onto the social media site Twitter and led to a spike in Google searches on the topic.


 

[RaTTuS]

http://www.bbc.co.uk/news/technology-22026961
that one is better

[hazek]

Yellow "journalism" FTW!!11

[empoweoqwj]

There's only one thing worse than being talked about and that's not being talked about.

[Piper67]

We stumbled all the way down to $40 above the price at the start of the week... my kind of stumble, really.

[Lethn]

At least the BBC had the decency to say it was the exchange rates that had been affected by the hacking and not Bitcoin itself, I give them credit for that, people even on this forum don't know the difference.

[Anth0n]

In other news, the internet has been hacked.

[Gabi]

Where are these cheap bitcoins? I can't seem to find them!!!!! Ehi Yahoo, i want to buy bitcoins at a 20% lower price, where are these bitcoins???

[mai77]

"Attackers wait until the price of bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit," Mt.Gox said.

[Nancarrow]

I was particularly struck by what was NOT in the BBC article - namely, a patronising introduction explaining what bitcoins ARE.

We've come a long way!

[nikkisnowe]

I was particularly struck by what was NOT in the BBC article - namely, a patronising introduction explaining what bitcoins ARE.

We've come a long way!

It was only buried further down the article.  Still, there wasn't a reference to silk road drug dealers and terrorists.

[mai77]

matter of fact, which so-called "terrorists" have adopted BTC so far ?


Palestinian Liberation Organization PLO?

any factoids known?

[BTCisthefuture]

As of right now it looks like mtgox is suffering another DDOS attack.  Also Seals with Clubs (the largest bitcoin poker site) is suffering a DDOS attack as well and appears to be down.  Kinda sucks because I was down to the last two people in a poker tournament on SWC , will be interesting to see if they just take my buy in money, if i get refunded, or i get the prize money since im already in the prize money.

[alexeft]

What particularly bothers me is the "Bitcoin hacked" title.

Only mtgox was "hacked", if one calls DDOSing a hack. Not bitcoin. What a bunch of liars.

[BTCisthefuture]

imo this is still one of the major risks with BTC.  seems like DDOS's on various sites happen way too often, and actual hacks/theft also happens way to often. 

It takes time to build up trust, if things like this continue to happen it's hard to build up trust amongst most people.  BTC has had an amazing run lately but the entire industry needs a serious overhaul on security before BTC ever goes more "mainstream"

[VforVictory]

matter of fact, which so-called "terrorists" have adopted BTC so far ?


Palestinian Liberation Organization PLO?

any factoids known?

It's only a matter of time.  

[BTCisthefuture]

matter of fact, which so-called "terrorists" have adopted BTC so far ?


Palestinian Liberation Organization PLO?

any factoids known?

it's only going to take one case/story of a terrorist or terrorist group using BTC to transfer funds in order for some politican out there to trump up the war on terror card and try to get stricter rules imposed on BTC. 

[mai77]

well I was just about to call my friend in Tehran, Persia about financial issues...


 

[alexeft]

imo this is still one of the major risks with BTC.  seems like DDOS's on various sites happen way too often, and actual hacks/theft also happens way to often. 

It takes time to build up trust, if things like this continue to happen it's hard to build up trust amongst most people.  BTC has had an amazing run lately but the entire industry needs a serious overhaul on security before BTC ever goes more "mainstream"

That's one of the reason why bitcoin still needs a lot of time to mature. Until then, I think that such volatility will be common place, but the long term trend will be up and up.

[MarlboroMan]

As Bitcoin expands more exchanges will pop up this wont be a problem in the near future.