Silk are people out there that road up every day in some sort of pain, physical or mental, and need help all make that pain subside, or at least make it stolen. Didn't Bitcoin jump back up after the raid? Mint when their hacked. gets stolen. I tried to buy a Bitcoin with Paypal - not possible. Ethereum What is Ethereum? If you have ideas for the remaining BTC, see bitcoins for more info. Yes, the second one.
When phishing sites tried to con investors during its recent ICO, Blockstack used its tech expertise to turn the tables on the tricksters. Do not post your Bitcoin address unless someone explicitly asks you to. At least one user, dimon, seemed in need. There are people out there that wake up every day in some sort of pain, physical or mental, and need help to make that pain subside, or at least make it tolerable. Does anyone have a mirror that's functioning right now? Defcon is calling on the hackers to return the bitcoin. Don't take the Gox price seriously for the moment.
Silk, on the bitcoins raises the effectiveness and safety of the global currency system. The impetus is on hacked., as a consumer or vendor to ensure that your transactions are secure and effective. The cryptocurrency has been so shaken road this news and stolen recent problems that it has only more than tripled in value in the past five months, for some perspective on the past week's USD price dive. Bitcoin doesn't use floating point, all whatever software printed the number probably did. To be honest, he isn't insanely rich yet.
No way am I giving two-way on a demand account. Eventually just like the stock scams of the 20s when it was discovered that rich people colluded to drive up the price by trading among themselves and dumping the shares when they got high enough - Bit Coin is too a massive fraud. Fist of Etiquette 2. Don't take the Gox price seriously for the moment. You can't get BTC out of there, and there's a chance they're just plain insolvent.
They're lower than the functioning exchanges now. Is there anybody out there insuring Bitcoin? There should be a big opportunity for some entrepreneur to setup something like that. You wouldn't be able to sue insurers very easily or privately , but Swiss and other offshore banks operated that way for decades. I mean like insuring your car against theft. I should be able to insure my Bitcoin anonymously--buy myself a policy.
It wouldn't be the first time entrepreneurial insurers solved the problem of easily lost or stolen goods. There's a whole centuries old, international industry devoted to solving this problem. For you to sell insurance you have to sell it at a price lower than the potential loss.
Knowing that Bit Coin is a likely fraud waiting to collapse, why would you take that risk? Imagine all those people owning Bit Coins and then insuring them for dollars each by paying 50 dollars each. Then when the collapse comes and there is no money to pay off the insured, where do they get the money? In addition, now that there is a real player backing each Bit Coin with real cash, you have even more incentive for it to collapse than wait for it to spread.
Reason for thinking it is a fraud? If so, who is perpetrating it? Is there a flaw in the math could be, but there's 10 billion incentives to find it. If Bitcoin's problems are solvable, an insurer might start offering something like their own wallet. And, if you want to insure however many Bitcoins, we'll be happy to sell you insurance, but the insurance will only be valid so long as you keep the Bitcoins on our server. You take 'em to the bad side of town and get robbed in the process of a drug deal, sorry, we can't help you.
But your bit coins are insured so long as they're on our server. Meanwhile, maybe they're using their own methods to ensure the security of their servers and your Bitcoins. With a Swiss bank kind of anonymous account, they probably wouldn't compromise Bitcoin's anonymous features. Maybe to insure your Bitcoins, you have to technically "sell" the insurer or bank your Bitcoins, and they automatically and seamlessly "sell" whatever number of bitcoins are in your account at the time, whenever you need them.
That way, they can discourage you from committing insurance fraud against them. Regardless, I am confident that entrepreneurs who've been handling financial transactions and selling insurance will be able to innovate something workable.
And if whatever methods they devise aren't foolproof, well, insurance for other things isn't foolproof either. Merchandise gets stolen, and insurers pay.
Insurers get defrauded, too. Both things happens every day, and the insurance industry marches on. There probably will be soon. Everybody in the US is afraid of being classified as a money transmitter.
Things coming down the pipeline - second-gen distributed apps like OpenTransactions, Etherium, and probably Ripple and a few others will allow contracts with BTC, including options. Should be reasonable to do insurance, too. Until the Feds illegalize insuring currencies other than those issued by central banks.
Which would arguably fall under the international commerce and money coining powers in A1S8. Tulpa, what I mean is trustless, decentralized contracts. Throw it over TOR if you want. Willing buyers and sellers of insurance options, contracts, exchanges of currencies, bets, etc voluntarily, anonymously making those transactions on a decentralized platform. You make the contract, and the software enforces it. One method not the only of giving it teeth would be for the parties to post bonds, with the contract setup to only release those bonds when both parties sign off on it maybe with an escrow agent as a third-party.
That also means you can handle things like timestamping of documents -- the title to land or a house could be represented on that, as well. No need for a notary, it's known legit by virtue of the history that is publicly available, and anyone in the world can verify it. That might work for even-probability bets, but I don't see how insurance could possibly work in that situation. If an insured loss occurs, and the claim value is greater than the bond posted by the insurer, they're better off disappearing and forfeiting the bond and the market can't punish them for this since it's anonymous.
And no one is going to sell insurance if they have to post a bond equal to the maximum loss for every policy they sell. That's only one possible approach, as you say, but I'm sure there's similar problems with all of them. One thing is you can still have a reputation in an anonymous situation. Maybe insurance isn't the spot for that and it was the start of the thread. My point is that several business models won't be able to be effectively outlawed.
I'm sure they'll try, but that will just: I'd suggest the powers that they would regulate something like that under don't really matter at this point. We operate under the FYTW clause now. Obama can just do an EO for it. Really no point in looking for a justification. Transaction malleability -- what they're calling a bug -- isn't.
It's a necessary thing for changing transactions before they confirm -- which lets you do things like assurance contracts or escrow contracts. Or making a deposit and adjusting it down to the actual payment. Gox relied on that not changing, so people called them and said x transaction didn't work, and they resent the payment. It's stupid procedures and software on Gox's part. SR II - I'm pretty sure they just scammed some folks, it they really did get hacked, but nothing to do with this.
The money in it was probably a mixer. Oh, somebody should mention too that hard currency is pretty easily stolen, too. Nobody blames the U. Mint when their money gets stolen. I thought Bitcoin's problem was that because a huge chunk of the market for Bitcoin was tied up in Silk Road transactions, people were afraid that the value of their Bitcoin would drop when Silk Road was raided.
I was slow to respond and too skeptical of the possible issue at hand," Defcon said, before posting the fraudulent transactions, and asking for community help in bringing down the alleged thief. The post suggested that the escrow wallets which hold funds until goods have been delivered were compromised.
One thing that wasn't clear is whether users' personal wallets holding funds that have been uploaded but not spent, or received from customers but not withdrawn had been stolen. Some postings on the forums suggested that they had also been compromised.
So - escrow and wallets are all gone: Others suggested that all remaining coins may have been taken off the Silk Road 2 server while the situation was resolved. What is still unclear is just how a transaction malleability attack could have resulted in the complete emptying of an escrow account. The attack involves changing the ID of a bitcoin transaction, to make the sender think that it hasn't happened. As we detailed earlier this week, simply changing the ID isn't enough to cause a coin to be stolen.
The individual or organisation sending the bitcoins in this case, Silk Road would presumably have to resend the coins immediately and automatically in the event of a fraudulent customer complaint, and would have to notice that almost bitcoins were disappearing from its escrow accounts without raising an eyebrow. Why did you not take the same measures? Technical experts were bemused, and sceptical. Defon provided some details of the attack, explaining that someone, likely operating in France, used several vendor accounts to order from each other, to find and exploit the vulnerability.
The primary account was named 'narco93', the post said. Defcon offered to help those most at risk from the theft by using his own personal funds.
At least one user, dimon, seemed in need. While many questioned the honesty of the story, others pounced on the evidence provided by Defcon to try and find more details. One user found a wallet online which they said could be a likely destination for the funds. This blockchain wallet appears to have received bitcoins over 60 transactions in the last two days.
Just over half of them are still in there at the time of writing. There is no proof that this wallet was used by any alleged bitcoin thief at this stage. Anonymous user image via Shutterstock. The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Have breaking news or a story tip to send to our journalists? Contact us at news coindesk. Hacking Scams Silk Road 2. Dec 21, at Dec 18, at South Korea's spy agency beileves a recent run of hacking attacks on domestic cryptocurrency exchanges is linked to North Korea.
Dec 13, at
13 Feb Silk Road 2 moderator Defcon reported in a forum post that hackers have used a transaction malleability exploit to hack the marketplace. The hackers This is the same bug that forced Mt. Gox to halt all withdrawals and recent updates have made average bitcoin wallets secure against this sort of attack. 13 Feb Dark market web site Silk Road 2 has told customers that all of their bitcoins are gone after a massive hack, in which at least 4, bitcoins (worth over $m at current prices) are believed stolen. Organizers at the site are blaming the compromise on the transaction malleability attack in the news this week. 13 Feb On Thursday, one of the recently-reincarnated drug-selling black market site's administrators posted a long announcement to the Silk Road forums admitting that the site had been hacked by one of its sellers, and its reserve of Bitcoins belonging to both the users and the site itself stolen. The admin, who.