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Bitcoins! Cargo Cult Economy of the Future!
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Pineapple



Joined: 01 Jan 2015
Posts: 349

PostPosted: Sat May 02, 2015 7:14 pm    Post subject: Reply with quote

"just as" would have been more applicable in early 2014 when it was first transitioning out of a superficial state of increasing value


sorry, I'll stop quibbling
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mouse



Joined: 10 Jul 2006
Posts: 21315
Location: under the bed

PostPosted: Mon May 04, 2015 11:44 am    Post subject: Reply with quote

i will admit, all my knowledge of bitcoin has pretty much come from this thread - but as i recall, the rand paul thing happened like a day or two after the bankruptcy thing. in my primitive financial understanding, bankrupt=collapsed. although admittedly, it doesn't seem to hamper banks and things like that.
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Pineapple



Joined: 01 Jan 2015
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PostPosted: Mon May 04, 2015 4:36 pm    Post subject: Reply with quote

As far as I can tell, `Bitcoin Foundation` being announced "effectively bankrupt" had no more of an effect on bitcoin than any of the other five dozen forces acting against it.

`Bitcoin Foundation` is not Bitcoin. They just promote development and pay for lobbyists.

Mt Gox's problems were far bigger news. Before Mt Gox closed in 2014, they had "lost" (stolen?) more than 100 times as many bitcoins as `Bitcoin Foundation` has ever even officially touched.
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KillAllMen



Joined: 23 Mar 2014
Posts: 763
Location: A happy place.

PostPosted: Mon May 04, 2015 7:09 pm    Post subject: Reply with quote

I'm shocked, SHOCKED that a very little, if any, regulated 'currency' wound up screwing over investors.
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Sam



Joined: 09 Jul 2006
Posts: 11364

PostPosted: Sat May 30, 2015 9:17 am    Post subject: Reply with quote

http://www.wired.com/2015/04/silk-road-1/

The Silk Road story is absolutely destined to become a movie. Absolutely. No question. It's such a drama. Ulbricht was an obsessive libertarian ideologue all about liberating us from oppressive governments, then once he's got money and power he goes all Walter White and doesn't take long before he's trying to use Bitcoin to assassinate people via hired hitmen.

Except that in his case the hitmen he's hiring to murder people were always either (1) undercover law enforcement agents or (2) catfishers with multiple accounts pretending to be both the hitmen and the target at once to scam Ulbricht out of hundreds of thousands of dollars in Bitcoin. Which makes this event pretty much the most tellingly "libertarianism in practice" story ever.

Then at the same time some of the agents pursuing his case are also siphoning tons of money off of him in Bitcoin and they're laundering it and planning on keeping it and they get caught too.

And there's at least four dramatic raids, one in which Ulbricht's computer is snatched away from him, open and unencrypted and logged in as the administrator of Silk Road, in the middle of a library.

I give it two years before we at least have a director announced.
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Sam



Joined: 09 Jul 2006
Posts: 11364

PostPosted: Sun May 31, 2015 11:37 am    Post subject: Reply with quote

Quote:
He ordered a total of six separate hits—two individually, and then a group of four more on another occasion. Three of that final group of four were only added to the contract because they were supposed roommates of the actual targeted individual, and it would be 'safer to prevent possible witnesses'. The first two hits and the main target of the group of four were all supposedly blackmailing Ulbricht for money with the threat of informing to government officials.

It was disclosed later that the last five hits, all of which were negotiated with who Ulbricht believed were the Hell's Angels, never occurred*, and were part of a scam pulled on Ulbricht. He paid roughly $650k in bitcoins for the hits, according to email transcripts. None of the targets were real individuals, and in the transcript Ulbricht even comments on how he can't find any web evidence of the existence of one, but agrees to paying for the assassination anyway.


wau
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WheelsOfConfusion



Joined: 09 Jul 2006
Posts: 14414
Location: Unknown Kaddath

PostPosted: Sun May 31, 2015 11:41 am    Post subject: Reply with quote

But free markets and privacy! Down with drug laws! It should be the government who gets life in prison here!

Last edited by WheelsOfConfusion on Sun May 31, 2015 11:45 am; edited 1 time in total
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Drooling Fan Grrl



Joined: 02 Feb 2015
Posts: 561

PostPosted: Sun May 31, 2015 11:42 am    Post subject: Reply with quote

Another incompetant crook is off the streets!

Didn't one of the investigators get caught stealing cookies from the cookie jar...?
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ShadowCell



Joined: 02 Aug 2008
Posts: 7395
Location: California

PostPosted: Sun May 31, 2015 12:17 pm    Post subject: Reply with quote

Drooling Fan Grrl wrote:
Another incompetant crook is off the streets!

Didn't one of the investigators get caught stealing cookies from the cookie jar...?


yep, the DEA agent who faked his first hit against the Mormon grandpa dude
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Drooling Fan Grrl



Joined: 02 Feb 2015
Posts: 561

PostPosted: Sun May 31, 2015 12:33 pm    Post subject: Reply with quote

Yeah and the courts are slamming down on this guy to make an "example" of him. I just think that there will be some other mook who just takes it as an example of what not to do, and how not to get caught.
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fritterdonut



Joined: 24 Jul 2012
Posts: 1463

PostPosted: Sun May 31, 2015 3:00 pm    Post subject: Reply with quote

I was somewhat surprised by the kingpin charge against DPR. I was under the impression that the SR itself didn't sell drugs, and I thought the kingpin laws required that you actively be handling importation and distribution rather than just acting as a middleman. Guess taking a commission is enough for it though.

Honestly amazed SR ran for as long as it did without getting busted. Especially with DPR apparently being the world's least competent crook.
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Sam



Joined: 09 Jul 2006
Posts: 11364

PostPosted: Sat Aug 01, 2015 7:56 am    Post subject: Reply with quote

Quote:
Japanese police have arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390m worth of the virtual currency.

The global virtual currency community was shaken by the closure of MtGox, which froze withdrawals in February 2014 because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them.

Karpeles is suspected of having accessed the exchange's computer system to falsify data on its outstanding balance, Kyodo News and public broadcaster NHK said on Saturday.

Police did not immediately confirm Karpeles' arrest but local television footage showed authorities taking him into custody.

MtGox, which once boasted of handling about 80 percent of global Bitcoin transactions, filed for bankruptcy protection soon after the cyber-money went missing, admitting it had lost 850,000 coins worth $387m.

Karpeles later said he had found about 200,000 of the lost Bitcoins in a "cold wallet" - a storage device such as a memory stick that is not connected to other computers.
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mouse



Joined: 10 Jul 2006
Posts: 21315
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PostPosted: Mon Aug 03, 2015 1:21 pm    Post subject: Reply with quote

i love that image...there was this wallet just sorta lying around in cyberspace...that had like 1/4 of the missing money. oops! can't believe i just left that lying around!
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Sam



Joined: 09 Jul 2006
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PostPosted: Wed Aug 05, 2015 3:33 pm    Post subject: Reply with quote

Stranger things have happened in the world of bitcoin, and it has less to do with the competence or incompetence of various individuals so much as it has to do with that wallet files are such a ridiculous thing in this world of unregulated cryptocurrency.

I mean I recall the story of that poor person who was digging through a fucking dump day in and day out because they had thrown out a hard drive that, because of the phenomenon of bitcoin, was worth millions and millions of dollars.
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Pineapple



Joined: 01 Jan 2015
Posts: 349

PostPosted: Thu Aug 06, 2015 1:29 am    Post subject: Reply with quote

if you have a small data file that's worth any money at all it's insane to only have it on one hard drive
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