MASSIVE Australian Bitcoin Robbery...

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Your site got hacked and one million in bitcoin stolen... riiiight....

AM - Massive bitcoin robbery hits Australian website, raises questions over regulations 08/11/2013

I'm surprised the media are so easily tricked....

but then again this will hurt the sites credibility, big risk doing this if you ask me.
#australian #bitcoin #massive #robbery
  • Profile picture of the author joseph7384
    My answer to that is that if you don't walk the straight and narrow, you deserve everything you get.

    To better explain my statement, people use bitcoins because they want to hide something, Bitcoins are known to be used for money laundering purposes because it's untraceable.
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    • Profile picture of the author goindeep
      Originally Posted by joseph7384 View Post

      My answer to that is that if you don't walk the straight and narrow, you deserve everything you get.

      To better explain my statement, people use bitcoins because they want to hide something, Bitcoins are known to be used for money laundering purposes because it's untraceable.
      You seem like a smart person, why on Earth would you believe that bitcoins are used solely for the purpose bad s**t like money laundering?

      So really what you are saying is that people don't do bad s**t with traditional currencies?

      This is just a bizarrely silly statement.

      While your scratching your butt wondering what this whole bitcoin thing is and when you cant work it out you assume it must all be illegal - there are people that are legally using it to make millions.

      Not only that but your assumption that bitcoin is untraceable is incorrect.

      Bitcoin it is more correct to say that it is pseudonymous. One you exchange it, it is logged and traced, once you buy something or sell something it is also traceable or once you swap it for your domestic currency to buy things which you cannot buy with bitcoin again it is traceable. The only time it is not traceable is if you for example give someone some of it the same way as a parent giving their child $20 to go to the movies, does that mean that the parent and child are now terrorists or drug dealers? It's ridiculous.
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      • Profile picture of the author joseph7384
        Originally Posted by goindeep View Post


        when you cant work it out you assume it must all be illegal - there are people that are legally using it to make millions.
        I never said that they were illegal but do you honestly think that these bitcoin users are going to pay taxes, I think not.

        I think that this whole bitcoin idea is just silly! Bitcoins have no real value just as the US dollar has little value since the brilliant Franklin D. Roosevelt took us off the gold standard, our money dropped significantly in value.

        For a currency to work, it has to have some external value. Digital currency, no matter how cute it is, or how you spin it, it has no value.
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        • Profile picture of the author seasoned
          Originally Posted by joseph7384 View Post

          I never said that they were illegal but do you honestly think that these bitcoin users are going to pay taxes, I think not.

          I think that this whole bitcoin idea is just silly! Bitcoins have no real value just as the US dollar has little value since the brilliant Franklin D. Roosevelt took us off the gold standard, our money dropped significantly in value.

          For a currency to work, it has to have some external value. Digital currency, no matter how cute it is, or how you spin it, it has no value.
          MOST bitcoin users HAVE paid taxes! It is POST TAX money!

          Steve
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        • Profile picture of the author goindeep
          Originally Posted by joseph7384 View Post


          I think that this whole bitcoin idea is just silly! Bitcoins have no real value just as the US dollar has little value since the brilliant Franklin D. Roosevelt took us off the gold standard, our money dropped significantly in value.

          For a currency to work, it has to have some external value. Digital currency, no matter how cute it is, or how you spin it, it has no value.
          You know how mining works right?

          They use paid and bought machines to mine data. That uses energy. IN fact in the early days the energy companies and machine makers where making a killing, it's an economy within itself.

          Now when you talk value, not only is there intrinsic value because of mining but also humans place value on things all of the time.

          For example what is the value of your life? What is the value of the coffee you drank this morning and that the central American's traded long ago or the value of an education at University?

          Value is really a natural concept.

          For millenia we have had a value on the sun, it has shone down and grown our planet, has given us energy for our plants, sea life and for us to grow now we sell solar cells that directly use the suns value...

          Think about it, c'mon you cant be that ignorant...

          1 bitoin is now over $300 USD, that is value because someone somewhere swapped their time, energy and MONEY for it. That is value.
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          • Profile picture of the author seasoned
            Originally Posted by goindeep View Post

            1 bitoin is now over $300 USD, that is value because someone somewhere swapped their time, energy and MONEY for it. That is value.
            GOT CYA! So a COUNTERFEIT bill is worth MORE than a regular dollar because a person spent more time with it. A used piece of tissue paper has value because someone CREATED IT! MEANWHILE, a tree has NO value! If a fish hops into your hand, THROW IT BACK! You can't eat it, because it has NO value!

            OH YEAH! A incompetent person building a junkheap for acar built something worth MORE than a rolls royce that may have simply rolled off of an assembly line.

            NO! Time, energy, and even MONEY don't dictate value.

            Steve
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            • Profile picture of the author goindeep
              Originally Posted by seasoned View Post

              GOT CYA! So a COUNTERFEIT bill is worth MORE than a regular dollar because a person spent more time with it. A used piece of tissue paper has value because someone CREATED IT! MEANWHILE, a tree has NO value! If a fish hops into your hand, THROW IT BACK! You can't eat it, because it has NO value!

              OH YEAH! A incompetent person building a junkheap for acar built something worth MORE than a rolls royce that may have simply rolled off of an assembly line.

              NO! Time, energy, and even MONEY don't dictate value.

              Steve
              Here is the thing while you are trying to prove a point and arguing what value is or is not. There are people out there that have real tangible US dollars which they got from or out of bitcoin. It really is as simple as that.

              As we evolve and as does our technology which is currently doubling at a rate you can not even begin to comprehend people are going to have to start getting used to the fact that grass roots movements like this are naturally going to pop up and cause a stir.

              It might not be perfect, what is? But I see bitcoin as something much larger than simply a way for people to exchange money peer to peer, I see it as larger that a new way for people to make money.

              You have to think about it like this, people are using machines to hack away at code and hence break cryptographic code in order to mine these bits and blocks.

              Think about what is really happening behind this, someone associated a monetary dollar value to a task and lots of people went and took up the offer. Just think about what else this discovery can be used for... :rolleyes:
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              • Profile picture of the author seasoned
                Originally Posted by goindeep View Post

                Here is the thing while you are trying to prove a point and arguing what value is or is not. There are people out there that have real tangible US dollars which they got from or out of bitcoin. It really is as simple as that.
                So NOW you are saying it has value because you can convert it to DOLLARS!?!?!? MOST DON'T want to pay that much! WHY? Because they don't feel that they will get VALUE! Even BULL EXCREMENT will sell for something! To most of the world, most of the time, it is WORTHLESS, and they will literally pay to GET RID OF IT!

                Bitcoins have value ONLY for those wanting to exploit it, not wanting refunds, and wanting secrecy, and for those buying products they want where they have no choice. At the moment, that is not all that many items.

                As we evolve and as does our technology which is currently doubling at a rate you can not even begin to comprehend
                I have been watching it for over 40 years!!!!!!!

                people are going to have to start getting used to the fact that grass roots movements like this are naturally going to pop up and cause a stir.
                I ONLY said that NOBODY CARES how long it took someone! Is a dollar that a person worked HARD at earning for 50 years worh a PENNY more than one earned by a worker at mcdonalds that just flipped his first burger? NOPE!

                It might not be perfect, what is? But I see bitcoin as something much larger than simply a way for people to exchange money peer to peer, I see it as larger that a new way for people to make money.
                SO is shoveling the bull excrement!!!! LITERALLY! SO WHAT?

                You have to think about it like this, people are using machines to hack away at code and hence break cryptographic code in order to mine these bits and blocks.
                American greed had a show about a guy that did a LOT of research and worked HARD to counterfeit US dollars. He got to be successful at it. Sounds similar!

                Think about what is really happening behind this, someone associated a monetary dollar value to a task and lots of people went and took up the offer. Just think about what else this discovery can be used for... :rolleyes:
                What DISCOVERY? It used a KNOWN method in a KNOWN way to create a file that they pass off as money. And it WASN'T lots of people. OH, it has been increasing. Will it die out first? Will people tire of it, or lose any trust? Frankly, an electronic only currency is the LAST thing we need.

                Steve
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                • Profile picture of the author CallmeAbe
                  The Bitcoin Blcokchain has given rise to a new form of currency..yes, but the real value comes in the functionality which can be supported with the blockchain. Think of it as a data transfer protocol for information, a platform on top of which other layers of functionality can run. The internet itself is a protocol (TCI-IP) The real value lies in the higher level protocols on top of TCI-IP Email, (smtp) Websites (http) File Transfer (ftp)... Bitcoin as a protocol would allow other decentralized applications. The critical mass threshold has been reached effectively the network has now begun to power itself.
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                  • Profile picture of the author goindeep
                    Without being rude and all due respect Steve - I got bitcoin sitting in my wallet and if I go to MT Gox and exchange that Ill get around $300 USD (more at current rate) for one bitcoin.

                    I also know that my authentic, audit-able and government regulated cloud hasher company that I have invested in is depositing daily which tells me its not just some scam or short term economic gimmick.

                    I'm sorry but I can only see your point as an ideology that you subscribe too.
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                    • Profile picture of the author seasoned
                      Originally Posted by goindeep View Post

                      Without being rude and all due respect Steve - I got bitcoin sitting in my wallet and if I go to MT Gox and exchange that Ill get around $300 USD (more at current rate) for one bitcoin.

                      I also know that my authentic, audit-able and government regulated cloud hasher company that I have invested in is depositing daily which tells me its not just some scam or short term economic gimmick.

                      I'm sorry but I can only see your point as an ideology that you subscribe too.
                      OK, WHICH government is regulating bitcoins? A guy that ran a bitcoin exchange once wanted more money, and tweaked the exchange rate, and he got more money. OTHERS overpaid! That can happen in REVERSE! It happens ALL THE TIME with various stocks. THAT is why, around 1933, they passed a TON of new laws, and eventually networks were created to limit problems. And then there are the classic ponzi schemes.

                      Even the bigger FIAT currencies have things in place to limit a lot of this garbage!

                      Call them idiotic ideas, but they are based on logic and history. At least ONE case was with BITCOINS!!!!!!!

                      Steve
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                      • Profile picture of the author goindeep
                        The cloud hashing company I use is a UK/Wales based LTD they are regulated Steve, they are audit-able and they must comply with UK law...
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                        • Profile picture of the author seasoned
                          Originally Posted by goindeep View Post

                          The cloud hashing company I use is a UK/Wales based LTD they are regulated Steve, they are audit-able and they must comply with UK law...
                          Well, one UK company of that nature doesn't make it any better. It would be interesting to see what the UK actually does.

                          Steve
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    • Profile picture of the author Brian John
      Originally Posted by joseph7384 View Post

      people use bitcoins because they want to hide something
      joe, i agree with the above poster, think u made a bit of a blanket statement.

      yes, they're very attractive to the unscrupulous who would use them for laundering purposes, but they're also purchased solely as an investment, with the latter almost certainly being the predominant use. the article mentioned that their valuation has jumped from $30 to $275 just this year...that's going to attract legit investors.
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      • Profile picture of the author joseph7384
        @Brian John

        I see that you retracted your Nixon post, there is a lot of mis-information on the topic but it was FDR that removed the gold standard
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        • Profile picture of the author Brian John
          Originally Posted by joseph7384 View Post

          @Brian John
          I see that you retracted your Nixon post, there is a lot of mis-information on the topic but it was FDR that removed the gold standard
          i did...didn't really want to derail the discussion lol. fdr did it first, no question, but an argument can be made that nixon's actions have had an equally significant impact, if not more so, in terms of what we're experiencing today. anyway, back on topic.
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  • Profile picture of the author seasoned
    There WAS a time, not too long ago AT ALL, when CASH was used to "hide things".

    Steve
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  • Profile picture of the author teknetz
    hahaha wow joe... You're worried about bitcoin users paying taxes? Tax money that murders innocent children and destroys lives right? Or were you just referring to the tax money that is being sent to foreign countries under the guise of "foreign aid"?

    As far as value is concerned, GOLD would have no value if people didn't accept it. Bitcoin is at $322 right now because that's what someone is WILLING TO PAY for it...
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    • Profile picture of the author joseph7384
      Originally Posted by teknetz View Post

      hahaha wow joe... You're worried about bitcoin users paying taxes? Tax money that murders innocent children and destroys lives right? Or were you just referring to the tax money that is being sent to foreign countries under the guise of "foreign aid"?
      Yes what you have mentioned is terrible but Bit-coins also is creating a false sub economy and there has to be some taxes to pay for roads and other necessities.

      Don't bring what ever agenda or gripe you may have about murdering innocent children because that is totally off topic.


      Originally Posted by teknetz View Post

      As far as value is concerned, GOLD would have no value if people didn't accept it. Bitcoin is at $322 right now because that's what someone is WILLING TO PAY for it...

      Gold is a precious metal and it is a physical object whereas bit-coins are nothing more than encrypted codes.
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    • Profile picture of the author seasoned
      Originally Posted by teknetz View Post

      As far as value is concerned, GOLD would have no value if people didn't accept it. Bitcoin is at $322 right now because that's what someone is WILLING TO PAY for it...
      Actually, gold has had some functional and aesthetic value for MILLENIA! It has had even MORE functional value within the past few hundred years. Do you realize that gold is about the ONLY material that is so malleable and usable? It is the ONLY material that is nearly as conductive and non corrosive. It is INTERNATIONALLY recognized as having value.

      Steve
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  • Profile picture of the author teknetz
    haha Taxes to pay for roads? Who pays for roads? The federal government? Not quite.. Most road monies come from state sales tax. Maybe if they weren't spending trillions on illegal wars or bank bailouts or healthcare reform that nobody wants there would be more than enough money to "pay for roads".. You really think taxes are the reason we are so far in debt? In the last few years the government has taken in more taxes than ever before in history. And what has it gotten us? More freedom? More liberty? More roads? No, its gotten us into endless wars, gestapo like police forces, and has gone to pay for the spying on of all of us. Personally, I think that if we stop spending trillions on militarism and foreign aid, we could build enough roads to cover every inch of the planet.. without a dime in new taxes. But then aww,, those poor rich guys in the military industrial complex couldn't afford a new mega yacht.. We cant have that now can we?

    And what makes gold a "precious" metal? Because its pretty and shiny? Does it keep you warm at night? No.. It's a "precious" metal because people are willing to pay for it, and even though bitcoins are digital, they are still a thing people are willing to pay for. If there were no one willing to pay for them, they would not exist. Its called the Free Enterprise System. They are also a great tool to protect your assets from confiscation(think Cypress, and yes it will happen here. more a matter of when, not if.) and to transfer money cheaply.
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  • Profile picture of the author garyv
    The whole value in Bitcoins is that no one can really regulate it. That makes it very similar to gold. Gold really has no value but what people are paying for it - same with bitcoins. Right now people are paying quite a bit for them, so they retain value. So long as people can freely exchange them for goods, services, and actual paper currency - then they'll be worth something.

    And the attraction to bitcoins is not entirely about hiding transactions. A lot of the attraction, especially here in the united states, is that it is immune from the same problems that our dollar will soon be facing. - Right now we're printing at a much faster pace then we're borrowing, which historically has been a recipe for Hyperinflation. Bit coins will retain their value because they are a global currency.

    Hopefully our FBI will keep their meddling hands off of it, because it would actually be a great way to hedge your funds against an inevitable collapse.
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    • Profile picture of the author seasoned
      Originally Posted by garyv View Post

      The whole value in Bitcoins is that no one can really regulate it. That makes it very similar to gold. Gold really has no value but what people are paying for it - same with bitcoins. Right now people are paying quite a bit for them, so they retain value. So long as people can freely exchange them for goods, services, and actual paper currency - then they'll be worth something.

      And the attraction to bitcoins is not entirely about hiding transactions. A lot of the attraction, especially here in the united states, is that it is immune from the same problems that our dollar will soon be facing. - Right now we're printing at a much faster pace then we're borrowing, which historically has been a recipe for Hyperinflation. Bit coins will retain their value because they are a global currency.

      Hopefully our FBI will keep their meddling hands off of it, because it would actually be a great way to hedge your funds against an inevitable collapse.
      GOLD has exchanges that list it and are used everywhere. Somehow, I trust it more than bitcoins.

      Steve
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  • Profile picture of the author AffiliateBob
    Banned
    This is why you should NEVER keep any significant amount of BITCOINS ONLINE!
    Keep your stash on a paper wallet, or VERY secure ENCRYPTED PC!!
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  • 1 Bitcoin is now worth over $1000. Things are getting interesting now.
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