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SilkRoad V2 "hacked" all bitcoin gone.

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2

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    #32
    geeky
    Registered Users Posts: 2,380 ✭✭✭geeky


    Organisers of an an illegal market using a made-up currency turn out to be crooks. It's a disgrace Joe.


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    #33
    AnonoBoy
    Closed Accounts Posts: 22,559 ✭✭✭✭AnonoBoy


    So people are shocked that somebody stole money from a site being used for illegal activity?

    Oh heavens can't you trust anybody anymore?


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    #34
    MadsL
    Registered Users Posts: 20,299 ✭✭✭✭MadsL


    Itsdacraic wrote: »
    What's 2.7 million bitcoins worth in real money?

    Now?

    About tree fiddy


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    #35
    Tiddlypeeps
    Closed Accounts Posts: 2,103 ✭✭✭Tiddlypeeps


    After reading the comments on Reddit this totally looks like a set up. The site has apparently been setting up a resolution centre that was supposed to go live this Monday for dealing with disputed transactions. This means that any disputed claims would have been building up since the site went live with dealers and buyers unable to claim their Bitcoins back when something went wrong.


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    #36
    alb
    Registered Users Posts: 1,259 ✭✭✭alb


    KyussBishop wrote: »
    "Hmm, nobodies ever stolen Bitcoins from an online wallet before, guess I can trust a website dedicated to trading illegal merchandise, to hold my Bitcoins - not likely to be run by criminals/fraudsters or anything"

    The main mystery here, is why so many people haven't copped yet, that the Bitcoin economy is a massive playground for financial fraudsters, looking to practice various different means of defrauding idiots who they can con into trusting them - it's not even hidden either; the main news stories about Bitcoin lately, have been about how its turned into a gigantic speculative Ponzi-like bubble, with multiple booms and busts in a short amount of time, and how various governments around the world are cracking down on it, citing its use for criminality/fraud.

    The funny part is that one of the whole points of Bitcoin is that it's designed so you don't have to trust anyone. Since it's programmable money you can even use it to do neat escrow style transactions where the escrow cannot steal the funds they can only either validate the transaction giving the coins to the recipient, or return the coins to the sender. Of course, this is advanced usage, not many people know about it yet and not many clients even allow you to create these types of transactions yet.


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    #37
    Doctor Strange
    Closed Accounts Posts: 965 ✭✭✭Doctor Strange


    Hey, no honour amongst thieves. How about that?


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    #38
    B.A._Baracus
    Registered Users Posts: 11,188 ✭✭✭✭B.A._Baracus


    So how do you turn 4000+ bitcoins into real world currency?


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    #39
    Jonny7
    Registered Users Posts: 6,696 ✭✭✭Jonny7


    Ray Palmer wrote: »
    There is a strong belief that bit coin is actually a creation of the US government. It is plausible too and it is also plausible they set up Silk Road 2. Good way to fund covert ops the same way direct drug dealing has been used by the CIA in the past.

    There is a strong belief that the US/CIA/Illuminati are in fact behind everything, including that post you just made .. special agent "Ray Palmer"..


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    #40
    Jonny7
    Registered Users Posts: 6,696 ✭✭✭Jonny7


    B.A._Baracus wrote: »
    So how do you turn 4000+ bitcoins into real world currency?

    Slowly

    They are quite illiquid - but depends on the exchange


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    #41
    Rough Sleeper
    Registered Users Posts: 803 ✭✭✭Rough Sleeper


    The Diabolical Monocle wrote: »
    Well it would seem that silk road is now going to have a lot of trouble, and probably die off for many reasons.

    Perhaps it will collapse fully this time, rather than being shut down by the law and simply restarting as silk-road 3.
    Silk Road was the biggest and best-known of these sites but it was just one of many. Silk Road was sort of a generic term for online drug bazaars, kinda like how everyone refers to vacuum cleaners as hoovers.


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    #42
    Rough Sleeper
    Registered Users Posts: 803 ✭✭✭Rough Sleeper


    anncoates wrote: »
    Not everybody has to do that?

    Plus you can't guarantee who you with online either. Or the postage interception risk. Or indeed whose site you trade through by the looks of it.
    I don't know what the environment's like now but the original Silk Road was pretty "reputable," if you could the word to describe such things. It's kinda like eBay, it's potentially abusable but it works on reputation and you'll most likely get what you're looking for. You're taking a bit of a risk with postage but Irish customs isn't exactly watertight and once you're talking about grams rather than kilos you'll probably get away with it.

    I'd never bought anything off it , but being a curious sort I was compelled to check it out. It was a bit surreal seeing all these pretty pictures of crack and black-tar heroin with ratings and enthusiastic reviews beneath, like you were looking to buy a Kindle or something.


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    #43
    Says I To Bridey
    Closed Accounts Posts: 140 ✭✭Says I To Bridey


    Rough Sleeper wrote: »
    Silk Road was the biggest and best-known of these sites but it was just one of many. Silk Road was sort of a generic term for online drug bazaars, kinda like how everyone refers to vacuum cleaners as hoovers.

    Yeah but people are going to be even more wary than ever now. Alot would have been wary enough after the first one went down, but this will hurt more, especially if it turns out the admin stole people money


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    #44
    Arthur Beesley
    Closed Accounts Posts: 2,537 ✭✭✭Arthur Beesley


    Itsdacraic wrote: »
    What's 2.7 million bitcoins worth in real money?

    Half what it was a few months ago, but also twice what it was a few months ago.


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    #45
    Arthur Beesley
    Closed Accounts Posts: 2,537 ✭✭✭Arthur Beesley


    kjl wrote: »
    Guy on reddit says now that he is f&*ked as he was on tic with real life drug dealers for a consignment and can now not pay them.

    Oh noes.


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    #46
    kjl
    Registered Users Posts: 3,127 ✭✭✭kjl


    GenieOz wrote: »
    I think it's too convenient and too accessible to ever fully go away. It makes a lot of money for drug dealers in a relatively safe manner, save for the unpredictability of bitcoin.

    are you kidding? most of them are millionaire now thanks to bitcoin.


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    #47
    EGriff
    Registered Users Posts: 1,906 ✭✭✭EGriff


    I don't think this site had any relation to the original silk road, they were just cashing in on the name afaik.

    The exact same thing happened with sheep marketplace, withdrawals stopped for a while letting money build up, then the site is shut down, money gone and the owner posts a sob story about hacks.


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    #48
    AndonHandon
    Closed Accounts Posts: 1,382 ✭✭✭AndonHandon


    "Bitcoin is a scam" shocker.


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    #49
    Tiddlypeeps
    Closed Accounts Posts: 2,103 ✭✭✭Tiddlypeeps


    AndonHandon wrote: »
    "Bitcoin is a scam" shocker.

    Not entirely sure how you came to that conclusion :confused:

    That's like saying Euro is a scam because someone gets scammed on ebay :confused:


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    #50
    Swan Curry
    Registered Users Posts: 1,805 ✭✭✭Swan Curry


    Bitcoin users have been scammed time and time again,but they're far too stupid to ever stop using it.


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    #51
    kjl
    Registered Users Posts: 3,127 ✭✭✭kjl


    Swan Curry wrote: »
    Bitcoin users have been scammed time and time again,but they're far too stupid to ever stop using it.

    no offence but this just shows how little you know.


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    #52
    AndonHandon
    Closed Accounts Posts: 1,382 ✭✭✭AndonHandon


    Tiddlypeeps wrote: »
    Not entirely sure how you came to that conclusion :confused:

    That's like saying Euro is a scam because someone gets scammed on ebay :confused:

    Bitcoin is a pyramid scheme.


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    #53
    Greenmachine
    Registered Users Posts: 5,063 ✭✭✭Greenmachine


    AndonHandon wrote: »
    Bitcoin is a pyramid scheme.

    Hardly. Nothing there insist on you recruiting new people to come to the site.


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    #54
    Tiddlypeeps
    Closed Accounts Posts: 2,103 ✭✭✭Tiddlypeeps


    Swan Curry wrote: »
    Bitcoin users have been scammed time and time again,but they're far too stupid to ever stop using it.

    When has someone been scammed because of Bitcoin, as apposed where they choose to spend it?


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    #55
    AndonHandon
    Closed Accounts Posts: 1,382 ✭✭✭AndonHandon


    Greenmachine wrote: »
    Hardly. Nothing there insist on you recruiting new people to come to the site.

    https://en.bitcoin.it/wiki/Myths#It.27s_a_giant_ponzi_scheme From a Bitcoin promoting website explaining how it is not a Ponzi scheme;
    In a Ponzi Scheme, the founders persuade investors that they’ll profit. Bitcoin does not make such a guarantee. There is no central entity, just individuals building an economy.
    A ponzi scheme is a zero sum game. In a ponzi scheme, early adopters can only profit at the expense of late adopters, and the late adopters always lose. Bitcoin has an expected win-win outcome. Early and present adopters profit from the rise in value as Bitcoins become better understood and in turn demanded by the public at large. All adopters benefit from the usefulness of a reliable and widely-accepted decentralized peer-to-peer currency.

    The two parts in bold appear to be the same sentence phrased differently as the early adopters of Bitcoin profit as more get involved in Bitcoin and demand it. There is no guarantee that Bitcoin demand will go up.


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    #56
    wendell borton
    Closed Accounts Posts: 3,336 ✭✭✭wendell borton


    What is needed is a darknet adverts.ie.


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    #57
    KyussBishop
    Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    Bitcoin isn't a Ponzi-scheme, but it is similar to one - saying 'is', is very different to saying 'similar':
    Wiki page for Ponzi Scheme wrote:
    An economic bubble: A bubble is similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant (until inevitable collapse). A bubble involves ever-rising prices in an open market (for example stock, housing, or tulip bulbs) where prices rise because buyers bid more because prices are rising. Bubbles are often said to be based on the "greater fool" theory. As with the Ponzi scheme, the price exceeds the intrinsic value of the item, but unlike the Ponzi scheme, there is no single person misrepresenting the intrinsic value.
    https://en.wikipedia.org/wiki/Ponzi_scheme#Similar_schemes

    Bitcoin is only ever going to be dominated by speculators/fraudsters, the smarter/more-powerful ones will look to hyperinflate bubbles that they can profit from, and the lesser/more-petty criminals among them, will settle with simple conman tricks, like fooling idiots people into trusting them, to 'mind' their Bitcoin wallets.

    Maybe Bitcoin could be something more than this, but the criminals/fraudsters are going to get it banned in most major economies, before the Bitcoin economy ever has the chance to evolve past this.


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    #58
    sawdoubters
    Banned (with Prison Access) Posts: 1,289 ✭✭✭sawdoubters


    how much do 2.7 million bitcoins weigh -zero


    how much are 2.7 million bitcoins really worth -zero


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    #59
    B_Rabbit
    Registered Users Posts: 1,364 ✭✭✭B_Rabbit


    sawdoubters wrote: »
    how much do 2.7 million bitcoins weigh -zero


    how much are 2.7 million bitcoins really worth -zero

    How much is 2.7 million in cash really worth? -zero


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    #60
    Spunge
    Registered Users Posts: 2,779 ✭✭✭Spunge


    Hobbes wrote: »
    Exchange rate is whatever people will take for them. Bitcoins collapsed to $100 a coin (vs $800) a few days ago, but only for an hour. Someone offloading a large amount and wanted the cash fast.

    that $100 was coz some retard sold coins at the wrong price.

    the actual price on most exchanges has been like 650 average in the lastweek.

    THe media is posting that bitcoin hit $300 which is just wrong, they are only referring to 1 exchange that is completely iirelevant nowadays


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    #61
    B.A._Baracus
    Registered Users Posts: 11,188 ✭✭✭✭B.A._Baracus


    B_Rabbit wrote: »
    How much is 2.7 million in cash really worth? -zero


    I can buy a big mac with cash. I can't with bitcoin ;)


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