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Author Topic: How to use your brain  (Read 965 times)
bitcoinminer
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June 20, 2011, 03:15:46 AM
 #1

In summation this week...

1.) Don't use the same password on a bunch of places
2.) Don't trade a decentralized currency in one central place
3.) Don't leave a pile of cash or BTC in an account at a website that everybody uses, but nobody really knows anything about
4.) Don't put 25,000 BTC in one wallet
5.) If you walk into a room full of cocks with a lubed up ass, consider the possibility you may get fucked.

Too many people here can tell you every technical detail about a block chain, and read transactions, but do the stupidest, common-sense-avoidable shit, and throw a tantrum.

If somebody lost 400k BTC in one transaction, in my mind, it's Satoshi or Mt. Gox's main account.  There are probably people behind the scenes working on this now, and when the market opens, there is blood in the water, and there will be sharks.  Don't sell your fucking bitcoins.  Seriously.  You're going to lose your ass.  Wait a couple of weeks for all the drama to die down.  Or sell them all, and we will buy them all up.  But don't come in here crying a week from now saying you wish you'd held on to it.

There are very very few people here, all with small BTC amounts, claiming to have their Mt. Gox funds stolen.  Whomever those 400k belonged to, they are who is going to take the hit.  Mt. Gox will more than likely go out of business because of this, as they probably should.

Somebody should have noticed these vulnerabilities before it was compromised.  People also need to keep in mind that a key feature of this whole thing is that the transactions are designed to not be reversible.  Obviously this is a special case, but in general, if you have a lot of $BTC lying around someplace stupid, you should keep in mind if you lose it, that it is GONE.  If it's a significant, or complete, chunk of your portfolio, you shouldn't leave it lying around on the equivalent of a park bench.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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June 20, 2011, 03:17:26 AM
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5.) If you walk into a room full of cocks with a lubed up ass, consider the possibility you may get fucked.

I found this to be the most useful advice!  Wink

bitcoinminer
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June 20, 2011, 03:19:11 AM
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5.) If you walk into a room full of cocks with a lubed up ass, consider the possibility you may get fucked.

I found this to be the most useful advice!  Wink

Wink Please to enjoy!

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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June 20, 2011, 03:22:52 AM
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mtgox admitted on the bitcoin show the 400k tx was them moving funds to an offline wallet.
bitcoinminer
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June 20, 2011, 03:24:40 AM
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mtgox admitted on the bitcoin show the 400k tx was them moving funds to an offline wallet.

So at $15/BTC they're sitting on 6 million profit... nice.

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
srb123
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June 20, 2011, 03:28:57 AM
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The 400k BTC was just Mt. Gox moving the coin from the Exchange Site to a backend server to protect them, nothin' sus.

Only about 3000 BTC were removed from MT. Gox by the hacker, so I think Mt. Gox can wear that.
bitcoinminer
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June 20, 2011, 03:33:06 AM
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To me, giving any kind of auditor access to an exchange site's server is suspicious.  That they could be that careless shows me they aren't taking their shitpiles of money and investing it in any kind of improvement... like I don't know, maybe a "Home" button that lets you see the exchange rates?  Putting aside the current security clusterfuck...

Be fearful when others are greedy, and greedy when others are fearful.

-Warren Buffett
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