BTC Stolen, what happens next

[michaelbinary]

ok, so MTGox got hacked and 700000 BTC were stolen.
So are the stolen BTC actually worth anything ?.
Can they be spent like any other BTC ?
If so what a bloody daft thing to do, storing coins online. You are then at the mercy of the exchange.

I can understand that online wallets are encrypted, BUT why aren't the individual BTC protected by the owners own separate encryption methods.
That way when BTC are stolen they are worthless without the decryption key to open them and make them spendable.

That way holding coins in an online wallet becomes a lot safer and the owner has the final level of security.
Stealing BTC then becomes pointless and of no value to the hacker. Because you haven't actually stolen anything, just a series of random bits. (no pun intended).

Michael

[porcupine87]

ok, so MTGox got hacked and 700000 BTC were stolen.
So are the stolen BTC actually worth anything ?.

Bitcoin is digital cash. Are stolen Dollar Bills worth anything? AFAIK the coins were stolen a long time ago and already in circulation. Maybe you have a few of the stolen coins...

[mezzomix]

ok, so MTGox got hacked and 700000 BTC were stolen.

Using the blockchain and starting with the known MtGox addresses it seems that large amounts of BTC were not "stolen". At least not stolen from MtGox - maybe stolen by MtGox.

[cozytrade]

Using the blockchain and starting with the known MtGox addresses it seems that large amounts of BTC were not "stolen". At least not stolen from MtGox - maybe stolen by MtGox.

Then, is the official announcement from them on Feb28 regarding civil rehabilitation false? Is so, that should be multiple crimes. They declared they lost 850,000 BTCs and which is nearly all of the client and proprietary asset. And there should be no room for additional chunk of BTCs for them. However, they could be simply lost/missing rather than stolen. It is their responsibility.

[RaTTuS]

regarding goxcoins...
we [the public] have no idea what has happened to any of them - not having an address we cannot see if they have moved
if the keys where lost or stolen
or anything

they are still in the blockchain - all coins are - but some are not recoverable

[98koshop]

Average people don't understand where their coins have gone...By the way if lots of stolen coins are in circulation already how can I recognize maybe I also use the stolen one?

[roslinpl]

They try to steal all bitcoin

hehehe I think - nooo

it they will steal all bitcoins we all will know where to search for them

[Predatorian]

Average people don't understand where their coins have gone...By the way if lots of stolen coins are in circulation already how can I recognize maybe I also use the stolen one?

It's possible i guess hackers gonna sell that stolen btc from fresh account's or so, but maybe enforcement agencies will catch them before sell out.

[roslinpl]

Average people don't understand where their coins have gone...By the way if lots of stolen coins are in circulation already how can I recognize maybe I also use the stolen one?

Maybe this is not possible to recon.

[aztecminer]

no problem here guys. just send all bitcoins that u suspect are stolen to me and i will take care of the problems for you.

[tanil]

In my opinion It has stolen by Mark Karpeles and his team. It is the biggest game that I have ever seen. It has planned 1 year ago.

[got2bereal]

You guys wanted deregulation and decentralized currency.  This the result.  Bernie Madoff is sitting in prison because all money transactions can be accounted for but in the bitcoin world once your money goes to another person that's it you can only pray the person delivers.

[Coins4life]

Most likely anyone who owns Bitcoin has some "stolen" coin.

[tanil]

I really do not understand people still trust bitcoin and buy bitcoin.  Nobody shows reaction.

First of full we need to fix MtGox problem.  Bitstamp,BTC-E,Coinbase and others will be able to have same problem (theft) Who can promise me  that it cannot be happen ?

[cr1776]

You guys wanted deregulation and decentralized currency.  This the result.  Bernie Madoff is sitting in prison because all money transactions can be accounted for but in the bitcoin world once your money goes to another person that's it you can only pray the person delivers.

This has nothing to do with the currency.  That is like saying "The dollar is doomed because Lehman failed," "The Euro is doomed because a bank was robbed," "The Euro is doomed because Cyprus did a bail in," or "Gold is doomed because pirates have stolen Spanish gold".  If you do not own the private keys, the coins are not yours.  Just like if you hand twenty Euros to the bum on the corner and ask him to hold it - you have to trust the bum.  

If you are dealing with someone you do not trust, you use this really new idea called "escrow".  /sarcasm

[mgburks77]

Read the terms of service

If you deposit you no longer own that currency. You have an entry in their ledger, but they own the coin.

[cryptos-net]

We have launched a new project whose aim is to compensate victims of Mtgox and restore confidence in the bitcoin. More information on the website http://www.cryptos.net

[QuestionAuthority]

You guys wanted deregulation and decentralized currency.  This the result.

Yeah, I do want those things, and I've never lost a single satoshi.

The thing about freedom is that it requires responsibility. People need to learn to protect themselves.

You don't count though because you're notoriously safe and frugal. The rest of us want to live life on the razors edge. lol