€100 of Bitcoin in 2010 = €70m today

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The Sun God
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Re: €100 of Bitcoin in 2010 = €70m today

Post by The Sun God »

sorCrer wrote:
The Sun God wrote:
sorCrer wrote:
The Sun God wrote:Nice little half a yard NEM hack last night on the Coin check exchange in Tokyo........someone is a happy little hacker this morning.
No they're not. If you knew what was going on you would know why. But you don't and yet you commented.
I actually typed that comment on Saturday afternoon from my French phone. No idea how it only appeared this morning.
So anyway......tell me what I should know about what's going on. I know the assets were jacked from a hot wallet and have been traced to a dozen anonymous accounts and I also know how you could launder a certain percentage of them . Not being an IT expert the laundering element gets a bit technical for me when the amounts are so large. I also know there have been over 3 dozen of these hacks in the past 5 or 6 years.... So tell me , what else should I know ?
1) The exchange was lax in security and also kept this value in a hot wallet
2) The exchange is paying back the customers who were affected
3) The NEM team could have hard forked the code base to stop the spend but rightfully didn't
4) The NEM team have added an automated tagging feature to warn exchange if the stolen funds are used
5) Up until a short while ago you could look at the address and see the funds in their hadn't been used yet. I suspect the explorer is down

But mostly we have discussed this for the last 2-3 days.
Fair enough...only catching up now. No need to be so dismissive as it only leads to a skeptic attitude from non crypto heads like myself who are trying to understand how it works.
NickC
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Re: €100 of Bitcoin in 2010 = €70m today

Post by NickC »

Big question is how the f*ck can these exchanges afford to pay out - in this case Coincheck and around $450 million!!!

It's a bloody gold mine and these guys haven't made the mine safe.
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The Sun God
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Re: €100 of Bitcoin in 2010 = €70m today

Post by The Sun God »

NickC wrote:Big question is how the f*ck can these exchanges afford to pay out - in this case Coincheck and around $450 million!!!

It's a bloody gold mine and these guys haven't made the mine safe.
I had a similar thought until I remembered the revenues of Coin base last year which were off the charts.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

The Sun God wrote:
sorCrer wrote:
The Sun God wrote:
sorCrer wrote:
The Sun God wrote:Nice little half a yard NEM hack last night on the Coin check exchange in Tokyo........someone is a happy little hacker this morning.
No they're not. If you knew what was going on you would know why. But you don't and yet you commented.
I actually typed that comment on Saturday afternoon from my French phone. No idea how it only appeared this morning.
So anyway......tell me what I should know about what's going on. I know the assets were jacked from a hot wallet and have been traced to a dozen anonymous accounts and I also know how you could launder a certain percentage of them . Not being an IT expert the laundering element gets a bit technical for me when the amounts are so large. I also know there have been over 3 dozen of these hacks in the past 5 or 6 years.... So tell me , what else should I know ?
1) The exchange was lax in security and also kept this value in a hot wallet
2) The exchange is paying back the customers who were affected
3) The NEM team could have hard forked the code base to stop the spend but rightfully didn't
4) The NEM team have added an automated tagging feature to warn exchange if the stolen funds are used
5) Up until a short while ago you could look at the address and see the funds in their hadn't been used yet. I suspect the explorer is down

But mostly we have discussed this for the last 2-3 days.
Fair enough...only catching up now. No need to be so dismissive as it only leads to a skeptic attitude from non crypto heads like myself who are trying to understand how it works.
Yeah sorry mate. The continual negativity (which I've had to listen to for 5 years) from people who don't get that crypto is here to stay is bewildering. You'd think that people will embrace the change.
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The Sun God
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Re: €100 of Bitcoin in 2010 = €70m today

Post by The Sun God »

sorCrer wrote:
The Sun God wrote:
The Sun God wrote:
sorCrer wrote:
The Sun God wrote:Nice little half a yard NEM hack last night on the Coin check exchange in Tokyo........someone is a happy little hacker this morning.


I actually typed that comment on Saturday afternoon from my French phone. No idea how it only appeared this morning.
So anyway......tell me what I should know about what's going on. I know the assets were jacked from a hot wallet and have been traced to a dozen anonymous accounts and I also know how you could launder a certain percentage of them . Not being an IT expert the laundering element gets a bit technical for me when the amounts are so large. I also know there have been over 3 dozen of these hacks in the past 5 or 6 years.... So tell me , what else should I know ?
1) The exchange was lax in security and also kept this value in a hot wallet
2) The exchange is paying back the customers who were affected
3) The NEM team could have hard forked the code base to stop the spend but rightfully didn't
4) The NEM team have added an automated tagging feature to warn exchange if the stolen funds are used
5) Up until a short while ago you could look at the address and see the funds in their hadn't been used yet. I suspect the explorer is down

But mostly we have discussed this for the last 2-3 days.
Fair enough...only catching up now. No need to be so dismissive as it only leads to a skeptic attitude from non crypto heads like myself who are trying to understand how it works.
Yeah sorry mate. The continual negativity (which I've had to listen to for 5 years) from people who don't get that crypto is here to stay is bewildering. You'd think that people will embrace the change.
:thumbup: No problem at all sir.
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FairWeather_Aussie
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Re: €100 of Bitcoin in 2010 = €70m today

Post by FairWeather_Aussie »

Out of interested, since this thread seems to have just whittled down to a couple of crypto-currency owners, can I ask how effective have you found them when paying for things over the internet?
Rumham
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rumham »

The Sun God wrote:
NickC wrote:Big question is how the f*ck can these exchanges afford to pay out - in this case Coincheck and around $450 million!!!

It's a bloody gold mine and these guys haven't made the mine safe.
I had a similar thought until I remembered the revenues of Coin base last year which were off the charts.
They can't pay the full amount and this can only be one off. Another one and they are farked you would imagine.

It's not like paying these refunds is a sustainable option. I'm sure they are locking things down now but still, it's not a great way to go about business.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

FairWeather_Aussie wrote:Out of interested, since this thread seems to have just whittled down to a couple of crypto-currency owners, can I ask how effective have you found them when paying for things over the internet?
Too merchants, fairly much the same as paying with a credit card. Much easier than a credit card if I'm paying someone direct i.e. all I need is their address.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Rumham wrote:
The Sun God wrote:
NickC wrote:Big question is how the f*ck can these exchanges afford to pay out - in this case Coincheck and around $450 million!!!

It's a bloody gold mine and these guys haven't made the mine safe.
I had a similar thought until I remembered the revenues of Coin base last year which were off the charts.
They can't pay the full amount and this can only be one off. Another one and they are farked you would imagine.

It's not like paying these refunds is a sustainable option. I'm sure they are locking things down now but still, it's not a great way to go about business.
Damned stupid. Unfortunately there has been a lot of wild west stuff but regulation will help lock this down.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Interesting analysis of Tether here: http://www.tetherreport.com/
What could all of this imply? The price data suggests that Tether may not be minted independently of Bitcoin price and may be created when Bitcoin is falling; it also rejects the notion that Tether is not having a great influence on the Bitcoin price. One interpretation of the data suggests that Tether could account for nearly half of Bitcoin’s price rise, not even allowing for follow-on effects and the psychological effects of rallying the market repeatedly. The transaction data could trigger extreme scrutiny and audits due to a questionable pattern of transactions. One might question the very appearance of these transactions (Are they contrived? Are they irregular?) and, in turn, the legitimacy of the circumstances surrounding Tether’s creation and distribution through the exchange ecosystem.
One could argue that the market has mostly baked this in after falling ~50% from its all time high, though.
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Harveys
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Harveys »

Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
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Leinster in London
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Leinster in London »

Harveys wrote:Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
Have the alts moved when priced in BTC ?
If not, it is inevitable that if the purchase of the alts is done by leveraging BTC, then the alts will fall too against USD.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Harveys wrote:Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
More FUD. This time from the Indian budget speech.
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Harveys
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Harveys »

Leinster in London wrote:
Harveys wrote:Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
Have the alts moved when priced in BTC ?
If not, it is inevitable that if the purchase of the alts is done by leveraging BTC, then the alts will fall too against USD.
There is a lot more green when priced in BTC but still a lot of red.
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Harveys
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Harveys »

sorCrer wrote:
Harveys wrote:Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
More FUD. This time from the Indian budget speech.
Good news, bad news, FUD, it don’t matter, shits been heading in one direction consistently and it all moves together for the most part. We are looking at a 50% drop in MC from the ATH. Granted a soft landing after such a dramatic rise may have been wishful thinking.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Harveys wrote:
sorCrer wrote:
Harveys wrote:Shits getting ugly again, BTC might be tested at 8k soon.

Ether looks to not be as tied to BTC like the other coins. With all the positive news recently I’m annoyed XRP is still getting dragged down with it, surely it has to break free at some stage.

A good shake out, while painful in the short term, should be beneficial in the long. If BTC tanks a lot of alts are going to be worthless.
More FUD. This time from the Indian budget speech.
Good news, bad news, FUD, it don’t matter, shits been heading in one direction consistently and it all moves together for the most part. We are looking at a 50% drop in MC from the ATH. Granted a soft landing after such a dramatic rise may have been wishful thinking.
Curious to see if the US market picks this up. I moved several BTC into ETH this AM before the drop so have done quite well.
Bowens
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Bowens »

Bitcoin near 9k, which means half its peak of about six weeks ago.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Bowens wrote:Bitcoin near 9k, which means half its peak of about six weeks ago.
And double what it was 12 weeks ago.
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paddyor
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Re: €100 of Bitcoin in 2010 = €70m today

Post by paddyor »

Bowens wrote:Bitcoin near 9k, which means half its peak of about six weeks ago.
Seems like no one bought the fiddy album story.
Flyin Ryan
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Flyin Ryan »

sorCrer wrote:
Bowens wrote:Bitcoin near 9k, which means half its peak of about six weeks ago.
And double what it was 12 weeks ago.
Any real currency subjugated to such swings would've seen a minimum of one government fall due to outcries for the citizenry (more than one if we're in Argentina).
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Flyin Ryan wrote:
sorCrer wrote:
Bowens wrote:Bitcoin near 9k, which means half its peak of about six weeks ago.
And double what it was 12 weeks ago.
Any real currency subjugated to such swings would've seen a minimum of one government fall due to outcries for the citizenry (more than one if we're in Argentina).
Maybe stop thinking of it as a currency. Eventually the volatility will abate.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Seneca of the Night wrote:
sorCrer wrote:
Bowens wrote:Bitcoin near 9k, which means half its peak of about six weeks ago.
And double what it was 12 weeks ago.
So return to mean is about 4,750?
I'm banking on 7500 - 7200 level over the next few weeks. Although I wouldn't at all be surprised if it's around 10000 by tomorrow morning. On Bitstamp the buy book is now double the size of the sell.
pontifex
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Re: €100 of Bitcoin in 2010 = €70m today

Post by pontifex »

Again, I hope what we're seeing is the slow failure of Bitcoin, with a flippening to be the result.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

pontifex wrote:Again, I hope what we're seeing is the slow failure of Bitcoin, with a flippening to be the result.
Think it's too early. In fact, I bought 2.7 BTC at 8900 a short while ago.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

Flippening to Ethereum is what it feels like. Not ready to call the death of Bitcoin, though, especially with Lightning on the near horizon.

In other news Nano, fka RaiBlocks, got added to Okex. Binance should be very soon, too. Should be bigger than for your average crypto, as it's the perfect arbitrage coin, since it's fast and free.
pontifex
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Re: €100 of Bitcoin in 2010 = €70m today

Post by pontifex »

The problem with a flippening to Ethereum (1.0-2.0) is that I think we'd have to have a flippening from 2.0-3.0 soon after, since Ethereum will not, IMO, be first to market with a genuinely functional product. I'd rather see a bit of a flattening out, with no single currency dominating like Bitcoin has, thus a gentler shift when something real does actually emerge. Of course, I'm not in charge.
goeagles
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Re: €100 of Bitcoin in 2010 = €70m today

Post by goeagles »

pontifex wrote:The problem with a flippening to Ethereum (1.0-2.0) is that I think we'd have to have a flippening from 2.0-3.0 soon after, since Ethereum will not, IMO, be first to market with a genuinely functional product. I'd rather see a bit of a flattening out, with no single currency dominating like Bitcoin has, thus a gentler shift when something real does actually emerge. Of course, I'm not in charge.
Possibly. Still need something to act as the reserve currency of the crypto-trading ecosystem, though.
pontifex
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Re: €100 of Bitcoin in 2010 = €70m today

Post by pontifex »

goeagles wrote:
pontifex wrote:The problem with a flippening to Ethereum (1.0-2.0) is that I think we'd have to have a flippening from 2.0-3.0 soon after, since Ethereum will not, IMO, be first to market with a genuinely functional product. I'd rather see a bit of a flattening out, with no single currency dominating like Bitcoin has, thus a gentler shift when something real does actually emerge. Of course, I'm not in charge.
Possibly. Still need something to act as the reserve currency of the crypto-trading ecosystem, though.
Good point. Bitshares? I understand it is better backed than Tether. Anyway, I think there's a platform which will be rolled out this year which will stand out as a working solution. Won't shill it (again).
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J Man
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Re: €100 of Bitcoin in 2010 = €70m today

Post by J Man »

It's plummeting!
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TranceNRG »

:x
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TranceNRG
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TranceNRG »

Still plummeting. My losses are more than a grand now :( Won't sell though.
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paddyor
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Re: €100 of Bitcoin in 2010 = €70m today

Post by paddyor »

How much did fiddy get for his album now?
Rumham
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rumham »

Seneca of the Night wrote:
paddyor wrote:How much did fiddy get for his album now?
That guy gets dragged backwards through money. What's the bet he sold out at 20k and his accountant bought some obscure tech stock that turns out to be the next facebook.
Didn't he file for bankruptcy?
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Cartman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Cartman »

Bought some Ripple again just now :D
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Cartman wrote:Bought some Ripple again just now :D
:thumbup: you'll make a packet off that. Ridiculous price currently.
NickC
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Re: €100 of Bitcoin in 2010 = €70m today

Post by NickC »

NEM down 35% to $0.46...bet them hackers are a tad p*ssed off.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

My 7200 - 7500 may well be tested here.
NickC
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Re: €100 of Bitcoin in 2010 = €70m today

Post by NickC »

sorCrer wrote:My 7200 - 7500 may well be tested here.
BTC back down to $5600.....or lower
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Cartman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Cartman »

Hulk just got a boner
Rumham
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Rumham »

TranceNRG wrote:Still plummeting. My losses are more than a grand now :( Won't sell though.
What was your motivation for buying when you did btw. Did you think it could sustain those massive gains?
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