BitCoin: Should I Sign Up?

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Re: BitCoin: Should I Sign Up?

Postby Witness » Wed Sep 13, 2017 9:10 pm

Business Insider wrote:Bitcoin's insane value makes it an attractive hacking target for cash-strapped North Korea

North Korea, facing a wide range of UN sanctions on exports and trade, has turned to another asset class to try to keep the money flowing: cryptocurrencies.

According to a report by the security researcher FireEye, North Korean hackers have shown increasing interest in carrying out bitcoin attacks.

Cryptocurrency attacks linked to North Korea started in 2016, and they "marked a departure from previously observed activity of North Korean actors employing cyber espionage for traditional nation state activities," FireEye said. In other words, North Korea's hackers had swapped their usual cyberspying for theft.

Specifically, the hackers began targeting South Korean cryptocurrency exchanges. Since May this year, FireEye wrote, there have been three attacks alone, one of which has been successful. FireEye didn't name the exchange.

The hackers also compromised an English-language bitcoin news website in 2016, though again FireEye didn't say which.

And in April, hackers compromised four cryptocurrency wallets on Yapizon, a South Korean exchange, though FireEye said there wasn't a clear link to North Korea.
http://uk.businessinsider.com/north-korea-hackers-more-bitcoin-attacks-2017-9

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Re: BitCoin: Should I Sign Up?

Postby Abdul Alhazred » Wed Sep 13, 2017 11:45 pm

... invent a currency out of thin air and think that people who are buying it are really smart ...


Governments do that all the time.

I think Lister is right. The guy is about to short a lot of Bitcoin.
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Re: BitCoin: Should I Sign Up?

Postby Grammatron » Wed Sep 13, 2017 11:53 pm

Abdul Alhazred wrote:
... invent a currency out of thin air and think that people who are buying it are really smart ...


Governments do that all the time.

I think Lister is right. The guy is about to short a lot of Bitcoin.


I've looked into it and it's insanely expensive to short Bitcoin.
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Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Thu Nov 02, 2017 8:36 am

Bitcoin Surges Past $7,000 to Extend Record Rally :notsure:

Man, if only we had been true believers and not skeptics when this thing started. We could have all been millionaires. :De_Bunk:

When Rob started this thread, what was it, a few pennies? About $10 or something like that? Even if you bought at the beginning of this year you could have made a 700% profit.

I still think it will all end in tears eventually, but I guess I could be wrong. Still not going to risk my money though.

Anyone can start a new "cryptocurrency" and indeed there are many others. Why is a bitcoin inherently more valuable than the others? Because it was first?
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Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Thu Nov 02, 2017 9:38 am

Cryptoshuffler Proves Bitcoin Owners Susceptible to Malware, Steals $150,000

The modus operandi of CryptoShuffler is very simple - It strikes when a user copies a Bitcoin address onto the clipboard, presumably to paste it in the destination address of his wallet and send across Bitcoins. Cryptoshuffler then replaces the address in the clipboard with an address owned by the malware creator. Unless a user notices that the address he has pasted is different, the funds will be transferred to the malware creator. Given Bitcoin transactions' irrevocable nature, the user has no way to retrieve his Bitcoins once the transaction is confirmed.
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Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Wed Nov 29, 2017 1:01 pm

10,000 and climbing

http://preev.com
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Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Thu Dec 07, 2017 1:58 pm

$16,000.
Irrationally.
Why irrationally? Because trading volume is tiny. There is practically no trading compared with a year ago.

https://data.bitcoinity.org/markets/volume/2y?c=e&t=b

So those with coin are just not letting go.

Image

Sources say it is because there is much speculation that Wall Street is about to get in on the game.

The Verge reports that a crash is imminent and so ...
Some traders figure we’re getting close, and are preparing to short Bitcoin

But doesn't say how that short takes place; I know of no mechanism to short bitcoin. Well, other than selling it.

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Re: BitCoin: Should I Sign Up?

Postby Mentat » Thu Dec 07, 2017 2:52 pm

That volume data doesn't look right; cutting off at the start of 2017? In USDT, cryptocurrency trading volume has been going up.
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Re: BitCoin: Should I Sign Up?

Postby RCC: Act II » Thu Dec 07, 2017 5:19 pm

Mentat wrote:That volume data doesn't look right; cutting off at the start of 2017? In USDT, cryptocurrency trading volume has been going up.


My guess is that it has to do with people giving up on the idea of using bitcoin as a medium of exchange for now, which is usually the fate of deflating currencies. Other cryptos are probably driving the volume bus. There are a lot of iffy things going on in that sector...
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Re: BitCoin: Should I Sign Up?

Postby Rob Lister » Thu Dec 07, 2017 5:27 pm

Mentat wrote:That volume data doesn't look right; cutting off at the start of 2017? In USDT, cryptocurrency trading volume has been going up.


Yea, it's a bug in their charting. Other sites confirm volume is up.

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Re: BitCoin: Should I Sign Up?

Postby Mentat » Thu Dec 07, 2017 5:28 pm

Ah, figured it out. It's CNY throwing the charts off.

Try: https://data.bitcoinity.org/markets/vol ... SD?c=e&t=b

ETA: in usdt: https://data.bitcoinity.org/markets/vol ... =b&vu=curr
It's "pea-can", man.

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Re: BitCoin: Should I Sign Up?

Postby Anaxagoras » Fri Dec 08, 2017 3:59 am

I am still skeptical of bitcoin. This seems like a greed-based bubble or something.

I will admit that so far my skepticism has not been proven right and maybe I just don't get it.

Anyway, I see it as gambling on something I don't understand, and since I didn't get in early when you could buy bitcoins for a couple bucks and laugh it off as the price of a couple coffees at Starbucks if it turned out to be nothing, I don't think it's really a gamble worth taking at this point. Maybe another cryptocurrency that's still cheap?

Why bitcoin though? Just because it was the first one? Why does that make it more valuable than other copycat cryptocurrencies?
It is valuable because people think it is valuable. But what if people stop thinking it's valuable? I guess you could say the same thing about dollars or gold or diamonds too. But those have a longer track record and the price doesn't double in a month.
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Re: BitCoin: Should I Sign Up?

Postby Mentat » Fri Dec 08, 2017 4:17 am

I got into bitcoin because creating trading bots is quite fun. But the community really needs to shed its shittier members.

Now, keep in mind that we live in liberal democracies with stable currencies. Most of the benefits aren't for us, and bitcoin is crappy compared to the likes of the dollar or euro. That, and our governments are comparatively lazy faire when it comes to any kind of business transaction compared to a more totalitarian state. Bitcoin has value for people with access to technology but live in places with high corruption, excessive regulation, bad banking systems, extreme inflation, etc. To somebody not in that situation it seems like a gold rush, because that is what it effectively the major distinguishing feature in a developed world.
It's "pea-can", man.

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