In light of our recent hackings...

[Anonymous]

http://www.youtube.com/watch?v=sDffgHUuHd4

...is it really all a coincidence?

[1715441046]

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[trentzb]

I didn't even realize until this post, you have hair again.

[BitcoinPorn]

Most anything is possible.

I like this guy on /r/Bitcoin who promotes the RoBoTs theory pretty heavily http://www.reddit.com/user/porkchips , which has the goal to eliminate exchanges.

[netrin]

Atlas, your sincerity is... admirable? Anyway, yes, I've also suspected as much. I don't think it has to be any huge conspiracy. $100 M is pocket change to any entity mildly threatened by bitcoin. The US government (for example) has a precedent for manipulating markets orders of orders of magnitude greater than bitcoin. But it could be little guys like paypal, dwolla, visa or sure kiddies for the lulz.

[BkkCoins]

You should put the web cam at eye level because with you looking down like that you come across as a bit... crazy. Not saying you are but it reminds me of some movie I can't quite place now.

I doubt the govt would bother with hacking sites like this. They might manipulate the market, sure, like a toy really.

But I think the reason the sites get hacked is because there is a combination of inexperienced upstart coders along with strong incentive. Most small sites don't get hacked because there isn't much to gain. But throw some untraceable money into the mix and suddenly it's very attractive to spend your free time attacking poorly secured sites. What this really shows is that most web sites have holes but they go unnoticed due to lack of incentive.

[giszmo]

whoever it is, if the value 1000-folds, the incentive to hack does so, too so there doesn't need to be a bilderberg somewhat to go for it. the reward is within the hack.
nice thing is that bitcoin itself didn't get hacked so far. maybe bitcoin will drive the quantum computer research by undercover scientist institutions in a world that has one common currency, the bitcoin

[netrin]

President Reagan's 1988 Executive Order 12631 established the Working Group on Financial Markets

I buy the USD protection theory. I believe for example that Strauss-Kahn, MD of the IMF was arrested this summer in New York to prevent the SDR from replacing UST. And I believe if bitcoin became the ideal hedge against inflation a few governments would actively tank it.

[BkkCoins]

President Reagan's 1988 Executive Order 12631 established the Working Group on Financial Markets

I buy the USD protection theory. I believe for example that Strauss-Kahn, MD of the IMF was arrested this summer in New York to prevent the SDR from replacing UST. And I believe if bitcoin became the ideal hedge against inflation a few governments would actively tank it.

And the BJB of the GHT caught the FRE red handed shutting down the BYT and the HUG. SHT!

Actually I got all your acronyms except the SDR and UST... what are they? THX.

[netrin]

GIYF

https://www.google.com/search?q=strauss-kahn+dollar+sdr

DSK = Dominique Gaston André Strauss-Kahn
IMF = International Monetary Fund
MD = Managing Director (or CEO)
PPT = Plunge Protection Team
SDR = Special Drawing Rights
USD = United States Dollar
UST = United States Treasury bonds

Anything else you couldn't have looked up yourself?

[BkkCoins]

GIYF

https://www.google.com/search?q=strauss-kahn+dollar+sdr

DSK = Dominique Gaston André Strauss-Kahn
IMF = International Monetary Fund
MD = Managing Director (or CEO)
PPT = Plunge Protection Team
SDR = Special Drawing Rights
USD = United States Dollar
UST = United States Treasury bonds

Anything else you couldn't have looked up yourself?

Ah, should have guessed but then I'm not the one trying to communicate a message.
79 meanings for SDR alone.
I was going to go with "Surface Duct Receiver" but it just didn't seem quite right.
Nor "Strange Dave Rosenberg"... 

[netrin]

That's funny. It comes up as the first two hits on Google. Throw IMF, DSK, or USD in the mix and you're guaranteed to hit the bullseye.

Sarcasm aside, the dots aren't difficult to connect, and the picture drawn is compelling. Choose any article you like.

[BkkCoins]

That's funny. It comes up as the first two hits on Google. Throw IMF, DSK, or USD in the mix and you're guaranteed to hit the bullseye.

Sarcasm aside, the dots aren't difficult to connect, and the picture drawn is compelling. Choose any article you like.

I don't doubt it at all. I'm sure the PTB in USA will do anything they can to maintain their hegemony. Every time someone messes with the established monetary order curious things happen.

[elggawf]

"Do you really think there is a determined group of [hackers] out there that is really able to instigate this much damage?"

Yes.

Call 'em script kiddies all you want, they're getting shit done. Pissing them off isn't exactly what you want to do, you don't want to get into a battle of egos with someone who is driven to committing crime because of their ego. Particularly if anything ever becomes of Woolong: never underestimate the amount of time and determination someone with a little computer knowledge, lots of time, and a bruised ego can dedicate to fucking you over for little tangible benefit.

Who says they're doing it unprofitably? Flying leap of judgment there - for all you know they could be eastern european. Assuming Bitcoin7 didn't just, you know, run off with the cash themselves, someone in eastern Europe, some parts of Asia, the south pacific etc... for all these people, whatever the hell was in Bitcoin7's wallet, whatever the hell was in MyBitcoin - I guaran-damn-tee you it was not an insignificant amount of money for these people. And thanks to the magic that is Bitcoin, they'll very likely have gotten away with it scot-bloody-free too.

What part of that doesn't sound appealing to you? What part of that sounds less plausible (even if we disregard the possibility that these entities are simply building up fat wallets then running off with them because there's very little way to prove they didn't) than some "entity" that's doing this purely to trash Bitcoin?

Finally, some meta-critique: when you go to record a video, swap your chair out for one with four legs. Seriously, go read most any article on interviewing someone, and one of the first things they'll tell you is no swivel chairs. If you can swivel, you will, when you're thinking or nervous or whatever.

[Phinnaeus Gage]

Let's review.

The next video we want to see is you setting on a four legged chair and looking into the camera. We'll worry about the content at a later date. Let's get this now Pat, as Nixon would say.

[Ayo_4_Yayo]

Let's review.

The next video we want to see is you setting on a four legged chair and looking into the camera. We'll worry about the content at a later date. Let's get this now Pat, as Nixon would say.

What does Pat Benatar have to do with this???

[jwzguy]

It's not a coincidence - there's a strong financial incentive for criminals and apparently, ample opportunity. This is the natural consequence.

[Phinnaeus Gage]

Let's review.

The next video we want to see is you setting on a four legged chair and looking into the camera. We'll worry about the content at a later date. Let's get this now Pat, as Nixon would say.

What does Pat Benatar have to do with this???

Allow me to help you: Ben - a - Tar

See the relationship now?

[fivebells]

I have essentially no experience with hardware design but I gather you could make a custom sha256 ASIC for under $500K.  If that's the case, I estimate it would take less than $1M to dominate the bitcoin network's hashing power.  If I was working for a government agency trying to disrupt bitcoin, I would start there.

On the other hand, the way the MtGOX hackers drove the USD exchange rate to approximately zero did seem extremely inefficient, and a perfect way to discredit bitcoin as a secure store of value.

[astana]

very much agree, the script kiddies are one thing they are small time, but if you get the hardcore dark side hacking community after you... well watch out. these guys would most likely work in the  I.T security industry and are with out a doubt geniuses in their own way and super intelligent.

the ethical ones just like to mess and poke around and see how far they can go, the unethical ones will fuck you over.

[Mageant]

Do people really believe the government/controllers/bankers would give up their money monopoly without a fight?
Do people realize how important control of the money system is?

[bulanula]

I have essentially no experience with hardware design but I gather you could make a custom sha256 ASIC for under $500K.  If that's the case, I estimate it would take less than $1M to dominate the bitcoin network's hashing power.  If I was working for a government agency trying to disrupt bitcoin, I would start there.

On the other hand, the way the MtGOX hackers drove the USD exchange rate to approximately zero did seem extremely inefficient, and a perfect way to discredit bitcoin as a secure store of value.

They are driving price down so miners leave and hashing power falls and they can attack the system with just a couple of farms they already have etc.

Government is being smart and trying to save $$$ - no point getting billions of ATI cards to attack the system. "Control a country's economy and you control the people too".

[astana]

Do people really believe the government/controllers/bankers would give up their money monopoly without a fight?

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.

but it's limited,  it needs 1,000,000coins in circulation not 21 million

[ElectricMucus]

...
Assuming Bitcoin7 didn't just, you know, run off with the cash themselves, someone in eastern Europe, some parts of Asia, the south pacific etc... for all these people, whatever the hell was in Bitcoin7's wallet, whatever the hell was in MyBitcoin - I guaran-damn-tee you it was not an insignificant amount of money for these people. And thanks to the magic that is Bitcoin, they'll very likely have gotten away with it scot-bloody-free too.

But exactly this is my assumption.

Also a possible conspiracy would be much closer than most think, I can't see why the mtgox hack couldn't have been an inside job either - but as for former cases I think it is clear that it was 'self inflicted'

[astana]

that's why I don't trust exchanges to a degree except tradehill, they seem to have their shit in order. in my country they comply with banking regulations,  and we have some of the strictest in the world.

[netrin]

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.

IFF a government/corporation is actively destroying bitcoin, they will win. period.

[astana]

they can fight but they will never win, this is just the start. it has begun, there is no turning back this is the way of the future. just like paypal, ebay, napster set a revolution in motion bitcoin will do the same.

IFF a government/corporation is actively destroying bitcoin, they will win. period.

That could be true, but it's started. If bitcoin fails another one will step up, bitcoin just opened pandora's box.

[netrin]

I'm starting to agree with the grumpy old Austrians who believe a currency must have value in and of itself -- the same argument applies to fiat backed by debt or "In god we trust".

The PPT could push the price of gold as low as they want, but ultimately, regardless of what the markets say, I'll definitely buy a chunk of gold for a few dollars, no matter what I can sell it for. Bitcoin price (irrespective of the value of the protocol) is entirely based on speculation. If the user base is great enough and the price low enough, the velocity of exchange will simply increase (inflation) and that's actually where bitcoins are ideal, high velocity trade. Bitcoin can actually continue to depreciate if people buy it only long enough to make a trade and sell. Billions of people could use it every day, yet the price could be suppressed if no one believes the coin itself has value.

Anyway, as far as the price of bitcoin this minute, if bitcoin crosses under $4.05 it will crash again.

[BkkCoins]

Anyway, as far as the price of bitcoin this minute, if bitcoin crosses under $4.05 it will crash again.

Famous last words @ 4.03531
That big block of 1100 btc @ $4.05 vanished.
If only it were so easy to predict.

[netrin]

my money is still counting on my last words.

[BitVapes]

Do people really believe the government/controllers/bankers would give up their money monopoly without a fight?
Do people realize how important control of the money system is?

Permit me to issue and control the money of the nation and I care not who makes its laws. — Mayer Amsched Rothchild