Iraqi miliatants stole 400 million $, could have been saved with bitcoin!

[TheButterZone]

No. I don't think so. The militants would have taken the bank officials hostage, and they would have then demanded the private keys them. And if that happens, the money is gone for ever. I could never be recovered.

2 of 3, only have 1 of the 3 at the bank, the other 2 at locations that the 1 doesn't know.

[Este Nuno]

ak-47 to the head by some Isis fanatic...oh I'd be giving up the private keys with a quickness.

I think, if it was for bitcoin, it would have been transferred out of the region before they were even close. I mean, bitcoin has that power after all: you can send money from Iraq to Australia within a few minutes. But I'm not sure about Iraq's internet connectivity?

Bitcoins are everywhere there is internet though. You can't transfer the bitcoins to Australia. As long as they can get the public and private keys they can take the coins.

[MichaelBliss]

The terrorist group islamic state of iraq and syria just stole 400 million USD just few days ago to become the world's richest terrorist group.

With all these money they are going to make the world a even more dangerous place.The cash they stole is difficult to trace if they are old cash notes.

But this would have not happened if the banks have converted all the money into bitcoin and had the private keys encrypted..even if stolen money is super traceable with blockchain.

Just one more reason of how bitcoin could truly help the world become a better place.

Is there a link to back this statement up? plz post if so

http://www.washingtonpost.com/news/morning-mix/wp/2014/06/12/isis-just-stole-425-million-and-became-the-worlds-richest-terrorist-group/

[rext]

Wow, and I thought al qaeda was the first.

[bryant.coleman]

I think, if it was for bitcoin, it would have been transferred out of the region before they were even close. I mean, bitcoin has that power after all: you can send money from Iraq to Australia within a few minutes. But I'm not sure about Iraq's internet connectivity?

Broadband is not working in Mosul right now and most of the mobile towers were damaged in the fighting. But still, taking the coins requires only 10-20 KB of net connection. Is it possible to use internet via Satelite Phone?

[InwardContour]

Bitcoin would have actually made it easier to steal that large sum of money (assuming the thief understood how Bitcoin works)

It would actually be easier to get away with the money as bitcoin can have BTC transferred instantly (0/unconfirmed) and the amount of coins being transferred does not affect the time it takes to transfer BTC (assuming the appropriate TX fee is attached to the transaction as applicable). On the other hand the more cash you need to transfer the more effort you need to put into moving it.

Even if the private keys were encrypted all they would need to gain access to the private keys would be the password, and the threat of harm would all they would need to give to the holder of the password (or other decryption tool).

[cuddaloreappu]

For those who think the terrorist would easily obtain private keys by use of force, realize this..for a bank to store its major fund in cryptocurrency would have ensured no one in the bank, not even the manager has any access to private keys or it could be stored in multi signature wallets where another party from europe or elsewhere also have to agree in order to open the wallet.

[jaberwock]

For those who think the terrorist would easily obtain private keys by use of force, realize this..for a bank to store its major fund in cryptocurrency would have ensured no one in the bank, not even the manager has any access to private keys or it could be stored in multi signature wallets where another party from europe or elsewhere also have to agree in order to open the wallet.

What if the terrorist hostage the bank employers or any western foreigners and wants the bitcoin keys or else they kill 1 every hour.

[rext]

For those who think the terrorist would easily obtain private keys by use of force, realize this..for a bank to store its major fund in cryptocurrency would have ensured no one in the bank, not even the manager has any access to private keys or it could be stored in multi signature wallets where another party from europe or elsewhere also have to agree in order to open the wallet.

What if the terrorist hostage the bank employers or any western foreigners and wants the bitcoin keys or else they kill 1 every hour.

Wow that will be like a heist, 2014 style, can you imagine how much security will be placed around the key holder.

[InwardContour]

For those who think the terrorist would easily obtain private keys by use of force, realize this..for a bank to store its major fund in cryptocurrency would have ensured no one in the bank, not even the manager has any access to private keys or it could be stored in multi signature wallets where another party from europe or elsewhere also have to agree in order to open the wallet.

What if the terrorist hostage the bank employers or any western foreigners and wants the bitcoin keys or else they kill 1 every hour.

When physical harm is threatened it is generally understood that the demands would be met.

Assets can be replaced/traced but lives cannot be replaced.

[bryant.coleman]

Assets can be replaced/traced but lives cannot be replaced.

Now here is another problem with Bitcoin. If the terrorists steal $400 million worth of fiat, then they will find it extremely hard to spend that much money. And it could be tracked as well. But the same can't be said if they steal $400 million worth of Bitcoin.

[jaberwock]

Assets can be replaced/traced but lives cannot be replaced.

Now here is another problem with Bitcoin. If the terrorists steal $400 million worth of fiat, then they will find it extremely hard to spend that much money. And it could be tracked as well. But the same can't be said if they steal $400 million worth of Bitcoin.

I can agree with you on this. Karpales stole more or less $400 million worth of bitcoin and nobody can trace where it goes.

[ThomasCrowne]

I don't suppose any of you old time bitcoiners setup a bitcoin ATM in Mosul did ya?!

Kidding actually, that would be all the negative publicity bitcoin needed now that I actually think about it.

[jaberwock]

I don't suppose any of you old time bitcoiners setup a bitcoin ATM in Mosul did ya?!

Kidding actually, that would be all the negative publicity bitcoin needed now that I actually think about it.

But there are hundreds of Bitcoin ATM in Dubai which is 1 camel ride from Mosul. 

[bryant.coleman]

But there are hundreds of Bitcoin ATM in Dubai which is 1 camel ride from Mosul. 

There is only one working Bitcoin ATM in the United Arab Emirates, and it is located in Dubai. The only other Bitcoin ATM in the Middle-East is located at Tel Aviv-Yaffo, Israel.

[jaberwock]

But there are hundreds of Bitcoin ATM in Dubai which is 1 camel ride from Mosul.  

There is only one working Bitcoin ATM in the United Arab Emirates, and it is located in Dubai. The only other Bitcoin ATM in the Middle-East is located at Tel Aviv-Yaffo, Israel.

I read it somewhere before that Dubai would have 400 Bitcoin ATM.

Edit: I found the source.
http://www.cryptocoinsnews.com/news/dubai-400-bitcoin-atms/2014/03/23

[bryant.coleman]

I read it somewhere before that Dubai would have 400 Bitcoin ATM.

Edit: I found the source.
http://www.cryptocoinsnews.com/news/dubai-400-bitcoin-atms/2014/03/23

This is from the article:

Sergey Yusupov posted on twitter that he has imported 400 Bitcoin ATMs in Dubai. These ATMs could be operational within two weeks. Yusupov plans to have them operating in April all around the city.

The article is from March 2014. Almost 3 months have passed and there is no news about those ATMs. Another fake news.