More bitcoin trauma!

[tifosi]

Crikey!

http://www.bbc.co.uk/news/technology-26187725

 

[websaway]

Crikey!

http://www.bbc.co.uk/news/technology-26187725

Because the currency is not physical, you would think each unit was identifiable and therefore traceable.

Perhaps not though.

 

[Retired_Member38]

There is no hack... the money has just been pinched by the site owners.

Each unit is identifiable but not necessarily traceable. They can be bought anonymously, or given away, or used to sell things so there might not be any way to track any specific bitcoin. Plus its not like Paypal where they could be reversed anyway.

 

[anthony]

There is no hack... the money has just been pinched by the site owners.

Each unit is identifiable but not necessarily traceable. They can be bought anonymously, or given away, or used to sell things so there might not be any way to track any specific bitcoin. Plus its not like Paypal where they could be reversed anyway.

Be interesting to see if a Court would recognise a theft of Bitcoins. I doubt they'd be prepared to give it any recognition. It's all well and good for oddball organisations to accept it, but without the support of the major central banks, it'll be nothing but a fad.

 

[grantw]

Was watching it all kick off yesterday, some very angry very heavy people about. Those named by the Admin as being responsible are in a bad place, particularly if they've not actually done it!!

Grant

 

[Retired_Member38]

Be interesting to see if a Court would recognise a theft of Bitcoins. I doubt they'd be prepared to give it any recognition. It's all well and good for oddball organisations to accept it, but without the support of the major central banks, it'll be nothing but a fad.

They won't have any choice but to recognise it as theft. But who is going to come forward and say "I was trying to buy drugs online and got ripped off?"

Was watching it all kick off yesterday, some very angry very heavy people about. Those named by the Admin as being responsible are in a bad place, particularly if they've not actually done it!!

Grant

There is no way there was a theft here by anyone other than the site admins/staff/owners

 

[Skinner]

Lots of "heavy" as grant calls them people, I call them f'ing psychotic gangsters who like getting choppy with axes and pinchy with pliers who trade on silk road # will be looking for blood.

Its basically a criminal underground so lots of suspect people.

 

[Retired_Member38]

Lots of "heavy" as grant calls them people, I call them f'ing psychotic gangsters who like getting choppy with axes and pinchy with pliers who trade on silk road # will be looking for blood.

Its basically a criminal underground so lots of suspect people.

Surely most of the stolen money will just belong to a bunch of nerds trying to buy weed or pills online?

I assume the actual dealers on there would be withdrawing everything they were making quickly, as they'd have had some sense. I bet its maybe 10% dealer money, 90% nerd pocket money.

 

[Skinner]

If I was the operators of the site, I'd be hoping it was closer to 1% dealers and 99% nerds. On balance of value and volume of transactions (with made up numbers), say 100,000 nerds buying off 100 dealers is a lot of money flowing towards dealers any given time, meaning 1-2 days worth of sales could be 1000s of orders.

Surely most of the stolen money will just belong to a bunch of nerds trying to buy weed or pills online?

I assume the actual dealers on there would be withdrawing everything they were making quickly, as they'd have had some sense. I bet its maybe 10% dealer money, 90% nerd pocket money.

 

[grantw]

Surely most of the stolen money will just belong to a bunch of nerds trying to buy weed or pills online?

I've seen vendors reporting 5 figure+ losses. The admins removed the auto finalise feature a while ago, which meant that any coins in escrow where the buyer didn't manually release the payment were stuck there building up with the vendors being unable to withdraw. I'm guessing that pot was way more than 10% of the total stolen.

Grant

 

[Retired_Member38]

So what are they going to do about it... they can't do a thing. If their identities were known they'd have been arrested already. They haven't.... so all we have is a lot of pissed off drug takers / sellers, with nobody to vent their anger at.

 

[scooter]

This is classic.
Even if it was a 3rd party back door thing, "Defcon" will not be sleeping at night. ........ ever




.

 

[grantw]

So what are they going to do about it... they can't do a thing. If their identities were known they'd have been arrested already. They haven't.... so all we have is a lot of pissed off drug takers / sellers, with nobody to vent their anger at.

Give a bunch of angry drug dealers the username of the main culprit, who as well as being a vendor has also purchased items from other vendors, giving them his details and they may just find somewhere to vent their anger whether he's guilty or not....hence, the people on the list are in a bad place which is all I was originally saying!

Grant

 

[tifosi]

we'll wait for the body parts to start showing up!

 

[Skinner]

That's a little naive, drug dealers are not sane or normal.

They operate on fear and threats, you must be insane if you think they will let word get out that someone took them for 5 figures and is now laughing on a bahamian beach. They will spend 6 figures putting people in concrete boots, to make sure no one tries it again.

If they let it slide it would be like blood in the water, the sharks would be coming.

Even small time dealers have this mentality, and all it takes is a dozen smaller dealers to want answers and the hunt money gets big.

So what are they going to do about it... they can't do a thing. If their identities were known they'd have been arrested already. They haven't.... so all we have is a lot of pissed off drug takers / sellers, with nobody to vent their anger at.

 

[Murray]

That's a little naive, drug dealers are not sane or normal. .

Yes, they must crush their head with a safe.

 

[jasman]

I wouldn't be surprised if the CIA or some other establishment-controlled group pulled this off to undermine confidence in a new currency. The biggest threat to the monopoly on money enjoyed by the privately owned central banks and the families that own them is for alternative currencies to grow into a commonly accepted form of payment.

 

[bonusmedia]

That's a little naive, drug dealers are not sane or normal.

They operate on fear and threats, you must be insane if you think they will let word get out that someone took them for 5 figures and is now laughing on a bahamian beach. They will spend 6 figures putting people in concrete boots, to make sure no one tries it again.

If they let it slide it would be like blood in the water, the sharks would be coming.

Even small time dealers have this mentality, and all it takes is a dozen smaller dealers to want answers and the hunt money gets big.

You've seen one too many gangster movies methinks

 

[Skinner]

I added movie dramatisation for effect to keep it light hearted but if you think there wont be consequences your nuts.

Bottom line is if your a criminal, and operating in a ruthless game like drugs, your not going to worry about causing harm to someone whose potentially robbed you and made a fool out of you, remember the dealers will have suppliers who will want their money too, and so on.

Would you let someone take you for 10k and do nothing about it ? As a law abiding citizen maybe you'd go to the police, but as a criminal?

 

[jasman]

I added movie dramatisation for effect to keep it light hearted but if you think there wont be consequences your nuts.

Bottom line is if your a criminal, and operating in a ruthless game like drugs, your not going to worry about causing harm to someone whose potentially robbed you and made a fool out of you, remember the dealers will have suppliers who will want their money too, and so on.

Would you let someone take you for 10k and do nothing about it ? As a law abiding citizen maybe you'd go to the police, but as a criminal?

Yes, all major criminal gangs have 'enforcers' whose full time job is to go round inflicting pain on those who have caused a problem for the gang, be it harming someone in the gang, owing the gang money etc. The gang leadership would not use up some of their profits paying these guys if they were just sitting around doing nothing.