Take the money and run is the Bitcoin way!

[Nagle]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

(Kipcoin just shut down, but they were clearly a Ponzi; not even going to list them.)

[DannyHamilton]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

Just so that I can get a fair comparison, please now list every theft and scam that has happened with U.S. dollars in the past month.

Is it accurate to say that "take the money and run" is "the bitcoin way"?

Wouldn't it be more accurate to say that take the money and run is the criminal way, and that criminals will take any thing of value that they can get their hands on regardless of whether it is U.S. dollars, bitcoins, cars, artwork, jewelry, or children?

[LiteCoinGuy]

more will follow. there will be alot drama with our new "internet-money".

for exchanges, maybe this will help a bit:

http://www.coindesk.com/security-standard-proposed-bitcoin-exchanges-wallets/

[oblivi]

The Bitcoin's way is be your own bank on a fair system
The fiat's way is get your money bailed out of banks at random and elites creating random money whenever.

If you put your coins in an exchange they are not your coins anymore, period.

[Madness]

What's happening is not that Bitcoin is going down or Bitcoin is dying .
It's simply that 2015 is not the Year of Bitcoin as some people predicted , Let's give it two years as Andreas said and let's see  
Still .. wondering how the price is still stable with all those exchangers going down one after other . kinda weird if you ask me

~ Madness

[gargantuar]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

Just so that I can get a fair comparison, please now list every theft and scam that has happened with U.S. dollars in the past month.

Is it accurate to say that "take the money and run" is "the bitcoin way"?

Wouldn't it be more accurate to say that take the money and run is the criminal way, and that criminals will take any thing of value that they can get their hands on regardless of whether it is U.S. dollars, bitcoins, cars, artwork, jewelry, or children?

Once again, dannyhamilton nails it.  Nagle's post is overly emotional as well as intellectually dishonest.  He even lists something that he says he will not list.  So strange for someone with so many posts...

[ChuckBuck]

I'm sorry, but with the amount of thefts and hacks this month alone, only regulation and compliance is the real way:

https://blog.gemini.com/welcome-to-gemini/

Basically we tried to it do it our way in our playground, but there's no one in charge to put anyone in timeout for the bad kid that continues to give all the good kids titty twisters and indian rope burns.

It's inevitable and indisputable, gotta regulate, yo!  Not sure how Decentralized Exchanges like Coinffeine or BitSquare will turn out, but doesn't look like they have the resources to compete with the scope and scale Gemini is going for.

[fcmatt]

Percentage wise bitcoin websites have a very high failure/theft/loss rate. It is a concern. What is the answer? I guess the creme rises to the top.

[pedrog]

Not all of those ran away with the money.

But with the "trend" we've seen over the years it seems way to easy for people to do that and get away with it...

[kendog77]

I think a lot of these "hacks" were inside jobs where the owners or employees just took the money and ran. How can a cold wallet get "hacked"? Really? I don't believe it for a second.

Anyway, all of these hacks combined pale in comparison to this 1 billion dollar fiat hack:
http://www.usatoday.com/story/tech/2015/02/15/hackers-steal-billion-in-banking-breach/23464913/

At least a lot of these really poorly run businesses will cease to exist. Bitcoin companies that don't take security seriously and adhere to best practices will not last long in this environment.

[mayax]

I'm sorry, but with the amount of thefts and hacks this month alone, only regulation and compliance is the real way:

https://blog.gemini.com/welcome-to-gemini/

Basically we tried to it do it our way in our playground, but there's no one in charge to put anyone in timeout for the bad kid that continues to give all the good kids titty twisters and indian rope burns.

It's inevitable and indisputable, gotta regulate, yo!  Not sure how Decentralized Exchanges like Coinffeine or BitSquare will turn out, but doesn't look like they have the resources to compete with the scope and scale Gemini is going for.

Bitcoin is all about NON regulation, no GOV did you forget?

[ChuckBuck]

I'm sorry, but with the amount of thefts and hacks this month alone, only regulation and compliance is the real way:

https://blog.gemini.com/welcome-to-gemini/

Basically we tried to it do it our way in our playground, but there's no one in charge to put anyone in timeout for the bad kid that continues to give all the good kids titty twisters and indian rope burns.

It's inevitable and indisputable, gotta regulate, yo!  Not sure how Decentralized Exchanges like Coinffeine or BitSquare will turn out, but doesn't look like they have the resources to compete with the scope and scale Gemini is going for.

Bitcoin is all about NON regulation, no GOV did you forget?

Things change. 

Money is about government and banks and fiat, did you forget? (Takes a look at Greece, hmm maybe not) 

[mayax]

I think a lot of these "hacks" were inside jobs where the owners or employees just took the money and ran. How can a cold wallet get "hacked"? Really? I don't believe it for a second.

Anyway, all of these hacks combined pale in comparison to this 1 billion dollar fiat hack:
http://www.usatoday.com/story/tech/2015/02/15/hackers-steal-billion-in-banking-breach/23464913/

At least a lot of these really poorly run businesses will cease to exist. Bitcoin companies that don't take security seriously and adhere to best practices will not last long in this environment.

the security costs a LOT. Imagine that a bank can spend tens of millions and they can be hacked. How can a small-medium exchange business to hire very good programmers? impossible.

even you take the security very serious, they don't have the resources to do it.  

a small-medium exchange is earning around of 5-7K per month, maybe less. a very good programmer cost around 90-100 USD/hour.
a good server administrator is the same.

the initial website costs a lot too.

[pawel7777]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

(Kipcoin just shut down, but they were clearly a Ponzi; not even going to list them.)

You should remove Mycoin, that info is plain bullshit, not to mention they did scam mostly fiat investors who didn't have much clue of what Bitcoin is. They used BTC as a con to justify ridiculously high ROI they promised.
That $387m is based on the exaggerated number of investors provided by MyCoin themselves to attract new victims.

[mayax]

I'm sorry, but with the amount of thefts and hacks this month alone, only regulation and compliance is the real way:

https://blog.gemini.com/welcome-to-gemini/

Basically we tried to it do it our way in our playground, but there's no one in charge to put anyone in timeout for the bad kid that continues to give all the good kids titty twisters and indian rope burns.

It's inevitable and indisputable, gotta regulate, yo!  Not sure how Decentralized Exchanges like Coinffeine or BitSquare will turn out, but doesn't look like they have the resources to compete with the scope and scale Gemini is going for.

Bitcoin is all about NON regulation, no GOV did you forget?

Things change. 

Money is about government and banks and fiat, did you forget? (Takes a look at Greece, hmm maybe not) 

I know that very well but then Bitcoin is useless. Why would somone use Bitcoin when we have normal payment processors already?
Just to wait for an hour a transaction confirmation? don't think so  

[ChuckBuck]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

(Kipcoin just shut down, but they were clearly a Ponzi; not even going to list them.)

You have to change the Mycoin URL and headline, it's wrong:

http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/

Huge difference with $387mill and $8.1mill.

[ChuckBuck]

I'm sorry, but with the amount of thefts and hacks this month alone, only regulation and compliance is the real way:

https://blog.gemini.com/welcome-to-gemini/

Basically we tried to it do it our way in our playground, but there's no one in charge to put anyone in timeout for the bad kid that continues to give all the good kids titty twisters and indian rope burns.

It's inevitable and indisputable, gotta regulate, yo!  Not sure how Decentralized Exchanges like Coinffeine or BitSquare will turn out, but doesn't look like they have the resources to compete with the scope and scale Gemini is going for.

Bitcoin is all about NON regulation, no GOV did you forget?

Things change. 

Money is about government and banks and fiat, did you forget? (Takes a look at Greece, hmm maybe not) 

I know that very well but then Bitcoin is useless. Why would somone use Bitcoin when we have normal payment processors already?
Just to wait for an hour a transaction confirmation? don't think so  

Actually it's not, and I'm not talking about regulating Bitcoin, I'm talking about regulating Bitcoin exchanges.

It's why I mentioned Coinffeine(decentralized), BitSquare(decentralized), and Gemini(fully regulated) in the same post.

Reading comprehension, my friend.

[GonnaGrinditout]

So far this month:

• Feb. 3, 2014: CryptoTrade - Another Bitcoin Exchange Shuts With Little Warning
• Feb. 10, 2015: MYCoin closes its doors, $387 million in investor funds vanishes
• Feb. 11, 2015: BTCXChange - Bitcoin Exchange Closes after Lead Programmer Holds Servers Hostage
• Feb. 15, 2015: Chinese Bitcoin Exchange BTER hacked
• Feb. 18, 2015: Canada’s largest Bitcoin exchange is shutting down after a suspected hack

Who's next?

(Kipcoin just shut down, but they were clearly a Ponzi; not even going to list them.)

thefts and hacks are done by humans, Bitcoin is not at fault!

[kendog77]

I think a lot of these "hacks" were inside jobs where the owners or employees just took the money and ran. How can a cold wallet get "hacked"? Really? I don't believe it for a second.

Anyway, all of these hacks combined pale in comparison to this 1 billion dollar fiat hack:
http://www.usatoday.com/story/tech/2015/02/15/hackers-steal-billion-in-banking-breach/23464913/

At least a lot of these really poorly run businesses will cease to exist. Bitcoin companies that don't take security seriously and adhere to best practices will not last long in this environment.

the security costs a LOT. Imagine that a bank can spend tens of millions and they can be hacked. How can a small-medium exchange business to hire very good programmers? impossible.

even you take the security very serious, they don't have the resources to do it.  

a small-medium exchange is earning around of 5-7K per month, maybe less. a very good programmer cost around 90-100 USD/hour.
a good server administrator is the same.

the initial website costs a lot too.

Agreed, but all that means is that a lot of these fly by night, undercapitalized exchanges are in over their head and have no business trying to run an exchange.

Handling other peoples money is serious business and should not be done by amateurs.

I can't wait until amateur hour is over and we get some real exchanges that actually know what they are doing.

[unamis76]

Actually nowadays this is not "the Bitcoin way", it's really "the people's way"