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Bitcoin: $64m in cryptocurrency stolen in 'sophisticated' hack, exchange says

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posted on Dec, 7 2017 @ 09:29 AM
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a reply to: TrueBrit

And yet it still is 100% dependant on electricity and the internet to even exists.




posted on Dec, 7 2017 @ 09:33 AM
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originally posted by: SR1TX

Bitcoin is here to stay.


That's obliviously optimistic.

Questions: Can you destroy physical gold or silver? Are they network dependent? Are physical gold and silver created out of thin air??



posted on Dec, 7 2017 @ 09:38 AM
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Bitcoin current price is over $16k.

It's never been more profitable to mine it.

and it's never been more profitable to steal it.




posted on Dec, 7 2017 @ 09:42 AM
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originally posted by: strongfp
a reply to: TrueBrit

And yet it still is 100% dependant on electricity and the internet to even exists.


And if you lost electricity you wouldn’t be able to use your credit cards

And if the gov or fed goes into a crisis mode, they can stop you from pulling mone out of the bank, just ask Greece



posted on Dec, 7 2017 @ 09:44 AM
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originally posted by: ManBehindTheMask

originally posted by: strongfp
a reply to: TrueBrit

And yet it still is 100% dependant on electricity and the internet to even exists.


And if you lost electricity you wouldn’t be able to use your credit cards

And if the gov or fed goes into a crisis mode, they can stop you from pulling mone out of the bank, just ask Greece



And how does crypto currency save the day again? smh



posted on Dec, 7 2017 @ 09:46 AM
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Here's my thing:

I was discussing bitcoin with someone recently, and its become glaringly obvious that there are some major players buying up bitcoin, driving a valuation bubble that is enormous and growing exponentially.



If you look at the growth chart on BC valuation...its insane. The majority of people who deal in bitcoin have very miniscule amounts ("dust"). How do you achieve valuation growth that is that steep without major investments?

Who can afford those type of investments? Its not like BC is really a safe bet for 100mil investment. Who can afford to put that kind of capital into bitcoin?
edit on 12/7/2017 by bigfatfurrytexan because: (no reason given)



posted on Dec, 7 2017 @ 09:47 AM
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a reply to: EternalShadow


It doesn't save the day, its not like the govt couldn't shut people off from the internet if they chose to.


Anything that is not physically in your possession can be stolen, fairly easily by someone that has the skills.



posted on Dec, 7 2017 @ 09:47 AM
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a reply to: neo96

Those hard working bitcoin miners deserve a pay raise, along with all the profits made by the manufacturers of their mining gear.

If these bitcoin block chains can be reused for an infinite number of transactions the laws of supply and demand will eventually cause a price collapse. News such as Steam no longer accepting bitcoin due to volatility doesn't help that cause.



posted on Dec, 7 2017 @ 09:51 AM
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a reply to: bigfatfurrytexan




Who can afford those type of investments?


Practically anyone.

You can start buying for as little as $5 bucks.

People don't have to buy the whole kitten caboddle.



posted on Dec, 7 2017 @ 09:52 AM
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originally posted by: EternalShadow

originally posted by: ManBehindTheMask

originally posted by: strongfp
a reply to: TrueBrit

And yet it still is 100% dependant on electricity and the internet to even exists.


And if you lost electricity you wouldn’t be able to use your credit cards

And if the gov or fed goes into a crisis mode, they can stop you from pulling mone out of the bank, just ask Greece



And how does crypto currency save the day again? smh


I never claimed it saved the day, but I can tell you many of the arguments on this thread against it are not only terribly uninformed, but some completely ludacris....

And I can also tell you the 10k I’ve cashed out so far this year on my initial relatively small investment pretty much proves it’s not useless, and I still left half of it in to keep gaining .....I’ve already well covered my initial buy in and from here on out it’s all profit.....so for me if it crashes so what, I made my money back plus considerably more....

Seems like a lot of people don’t understand how investments , or stocks or bonds or any of that works ....cause that’s basically what it is, with high risk high yield ....



posted on Dec, 7 2017 @ 09:54 AM
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originally posted by: EternalShadow

originally posted by: Bluntone22

originally posted by: EternalShadow

originally posted by: Bluntone22
Bit coin is pixie dust money.

At least our pixie dust dollar bill is backed to provide stable ish value.

Maybe we should start a bit coin religion because it's all based on faith.


Backed by what exactly?


Uh, the feds.
And you will notice I said stable "ish"


The feds?

What does that mean?



You want me to explain money to You?

How about this simple answer.

What's the value of the bit coin theft?

64 million "United States dollars"

Not chickens.
Not ounces of gold.

If you need more than that try Google



posted on Dec, 7 2017 @ 09:58 AM
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a reply to: midnightstar

That was so very hard to read.

Even worse that I did.



posted on Dec, 7 2017 @ 09:59 AM
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a reply to: bigfatfurrytexan

I can’t speak doe everywhere but I can tell you that many cities are starting to look at using bitcoin for some of their work....and Here in my town many large businesses are starting to take it...

But when you have local gov entities starting to consider using crypto for funding projects, you’re going to see a rise

Now like I said this could crash at any time.....and I do expect it to fall pretty sharp and then level out, but it’s def becoming more mainstream than people realize...

Expedia, virgin, Microsoft , overstock. Large companies are starting to accept it, that’s going to start driving up its viability and its value.



posted on Dec, 7 2017 @ 10:02 AM
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originally posted by: EternalShadow

originally posted by: SR1TX

Bitcoin is here to stay.


That's obliviously optimistic.

Questions: Can you destroy physical gold or silver? Are they network dependent? Are physical gold and silver created out of thin air??


What gives gold and silver their value to the average person?

Can I eat gold or silver? Do I want gold or silver in exchange for food?

Face it, if any thing changed that we relied on, we'd be up the creek without a paddle.



posted on Dec, 7 2017 @ 10:03 AM
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originally posted by: bigfatfurrytexan


I'll see your graph and raise you a housing bubble chart:



Look familiar?



posted on Dec, 7 2017 @ 10:03 AM
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a reply to: ManBehindTheMask

The many variables that can have negative outcomes with crypto severely outweigh the ones with physical money or money backed by physical goods of labor. It's why Warren Buffest and all those big times investors don't touch it, sure they might have a couple million into it, just to see where it goes as a side gig, but it's extremely fragile.

Just look at how it has exponentially risen in the last 6 months, but why!? No - one really knows.



posted on Dec, 7 2017 @ 10:04 AM
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originally posted by: Bluntone22

originally posted by: EternalShadow

originally posted by: Bluntone22

originally posted by: EternalShadow

originally posted by: Bluntone22
Bit coin is pixie dust money.

At least our pixie dust dollar bill is backed to provide stable ish value.

Maybe we should start a bit coin religion because it's all based on faith.


Backed by what exactly?


Uh, the feds.
And you will notice I said stable "ish"


The feds?

What does that mean?



You want me to explain money to You?

How about this simple answer.

What's the value of the bit coin theft?

64 million "United States dollars"

Not chickens.
Not ounces of gold.

If you need more than that try Google


No, those are not United States Dollars, they are Federal Reserve Notes. So, since Nixon took us off the gold standard in 1971, how are those notes backed? Saying by the Fed is not an answer....well it is, but not the right one.



posted on Dec, 7 2017 @ 10:04 AM
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originally posted by: Cauliflower
a reply to: neo96

Those hard working bitcoin miners deserve a pay raise, along with all the profits made by the manufacturers of their mining gear.

If these bitcoin block chains can be reused for an infinite number of transactions the laws of supply and demand will eventually cause a price collapse. News such as Steam no longer accepting bitcoin due to volatility doesn't help that cause.



They can’t be used infinitely, there is only a certain amount of bitcoin that will or can ever be mined, they put a cap on it....

But there again goes to my point of researching crypto currencies and understanding them...



posted on Dec, 7 2017 @ 10:06 AM
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This bubble has been getting bigger and bigger for years now. Surely it will burst soon and all you suckers will be broke hahaha I laugh in glee at your empty pocket fluff. or am I sad that I didn't get in sooner.

Oh no, I'm just hungry. *eats a candy cane*



posted on Dec, 7 2017 @ 10:06 AM
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a reply to: strongfp




Just look at how it has exponentially risen in the last 6 months, but why!? No - one really knows.


They don't know ?

Demand versus a dwindling supply.

Bitcoin currency isn't like fiat currency.

The supply is finite.

Sure speculation plays a part of it, but not the only part.



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