bitcoin

Bitcoin gets hacked everyday and there is noway to recover your losses once they have been stolen. That is one thing people never bring up when they hype bitcoin. At least with banks your money is covered for up to 100K with bitcoin there is no security to protect the owner.

 

Just like the US Dollar!

 

I like the business model for Ripple, I think they may be the first to make mainstream blockchain currency. They have the some big names behind them, like JP morgan and Amex. They are using it as a safer, cheaper and faster way to move large sums of money across accounts. At .23 a coin, I buy some every now and then to keep sitting on in case it really takes off. Some predictions show it reaching a dollar or two next year. Prices don't really move enough on it to try and "day trade" like people do with Bitcoin.

 

Bitcoin was not hacked. A provider of mining bitcoin and other coins was hacked and bitcoin was stolen.

 

No.. This isn't really correct at all.

This thread shows that most people have a very poor understanding of what BTC or cryptocurrencies in general are.

Actually, EVERY SINGLE BTC transaction is tracked and is available to the public

Yeah. Basically, some individual was compromised and his wallet stolen. Literally his ewallet stolen. It's the digital equivalent of someone breaking into your car and stealing your jacket.

I'm killing it in the ETH market right now. =D

 

Ripple has amex and jpmorgen using their technology but that has no effect on the coin. Unlike etherum you don't have to use their public coin to use the technology. Be careful with ripple. It is one of the first coins that newer people get into because of what you said and then it goes nowhere but down. Im still waiting for my USD level to be the same as when i bought it when i first started. I have no hopes of the bitcoin price getting to that level again so while i might make some USD if it ever gets back up there again it will really be a losing trade. Bought at a us value of a total of $192. its worth $157. If i just kept my bitcoin and did not buy ripple my bitcoin would be worth $307 as of right now.

 

All correct. Technical terms get very confusing when you first start out. If you just want to get your foot in the door, keep it simple. A Coinbase account is all you need to start. Once you are more comfortable in the space, proceed with other options. Follow the link to open an account and both of us get $10

https://www.coinbase.com/join/593592a00b8e899741fd9dec

 

I think you got the url wrong. This is the one that they should be using. https://www.coinbase.com/join/591f41b5a4c41503ade619b1

 

Usually hackers exploit vendors equipment (software vulnerabilities) that protect the environment or from within said environment. In this case, the miner was exploited. However, you want to word what happened, something was stolen.

 

Yup. Anyone who watches Mr Robot knew it was only a matter of time before someone walked with over $70,000,000 in Bitcoin. Also it was from a "compromised computer" meaning inside job to me. But guess what? FDIC insured? Negative. Can you call the cops and report it? Nope. Nothing can be done about it.

 

So if I was to buy some BTC, then a few months decide to cash out, how is the USD collected?

 

Bitcoins are now like stocks....Buy low...sell high..Think...Bitcoin bubble is going to burst.

 

Just withdraw from your coinbase account. Pretty simple

 

Nicehash was hacked not bitcoin itself. This would not effect most users. Nicehash rents space for people to mine coins. Their computers where compromised which allowed the hacker to transfer funds to their account from the nicehash account. It was taken from a corporate account but it also might have been taken from some accounts of users that had mined the coins. Most miners do not keep their coins on nicehash. Every x amount of coins they are automatically transferred to the users wallet be it offline or an online exchange. There is a chance that nicehash will get at least some of the coins back. They can track where they where sent to and the hacker will have to cash them out at some time so that is not easy when the account is flagged. Even if they don't they could repay their users for the loss if the users had any. They most likely have insurance for this reason and it would be bad optics for them and maybe put them out of business.

Bitcoin is or any crypto is a commodity. Like gold or cash for that matter if it is stolen you are sol so it is up to you to keep them safe. Any cash you have in coinbase (GDAX) is FDIC insured but the coins are not. Nicehash is not an exchange but just so you know if you buy coins on an exchange and keep them there you dont really own them. Coinbase should be safe but some of the less liquid exchanges if you keep your coins there and they go belly up you have no recourse to get your coins because you don't own the private keys. Unless your coins are in a wallet that you own the private keys to you are at the mercy of the exchange.

There are software wallets which you own the keys to which are ok but if your computer gets a virus your coins can be stolen. There are also hardware wallets which are like usb dongles that store your private keys and can not be hacked.

Keeping it on exchange is the easiest but the least secure. No matter what make sure you turn on 2 factor authentication for your trading accounts. You install google authentication on your phone and then every time you log in you have to type a 6 digit code that changes every 30 seconds. This is the only way to secure your account. Passwords can be hacked and Text message codes are easy to get by. Dont go on facebook and tell everyone about how much money you are making with crypto. It makes you an easy target. You are responsible for the level of security you have set for your coins.

Here is a good article on how to secure your accounts. https://steemit.com/bitcoin/@notsof...t-tokens-whatever-a-notsofast-security-primer

 

@smooosh I just had to read that a couple of times and still don't get it. I will keep trying lol

Thank you for that info.

 

Believe it or not some people still actually think the USD is backed by gold.

 

There are bitcoin ATM's around the U.S. bitcoin atm location

I really don't know anything about bitcoin, but I imagine it to be like PayPal. You put digital cash in an account to buy stuff digitally. When you want to cash out you transfer back to your bank account (digitally)

 

Make sure you watch fees. they do matter. looking at this https://coinatmradar.com/bitcoin_atm/1905/bitcoin-atm-lamassu-cary-tobacco-and-vapes/ you are paying 8.5% in fees to buy. That means if you bought it right now for $15,790 the price would have to go up to $17132.15 for you to break even.

You can buy it from GDAX for no fees or as much as .25%. at .25% it has to go up to 15829.48 for you to break even.

 

Don't be worried. Like Smoosh said, you can get SOME of it back. It's only several thousand of your hard-earned cash. It's ok, BTC wasn't hacked directly, they just exploited one of their miners (which is what usually happens). This will not be the last time. Hackers will continue to get in and take whatever they want!

 

That’s not what I said or what happens but ok. If you don’t want to learn enough to know what nicehash is I guess I can’t help you. If you learn what nicehash is (hint it’s not an exchange) you would know you would not have any of your “hard earned money” in it. At worse some of your coins that the computers mined while you where sleeping got taken. Nicehash most likely would give you more server time to create more coins. No loss to you.

 

I'm taking my 15,000 and investing it all in Tuncoin. It's a new one where you take your actual dollar and spend it on a Tundra and Tundra parts. Then you go online to a forum where other people help you with what to exchange for your Tuncoin and in return you receive great applause and internal zen like happiness.
Exchange rate for Dec 9 2017: 2018 Cremax Platinum 4x4=4 Tuncoins.

 

Yeah I’m a little low on Tuncoin, my 6112s will be here Wednesday

 

I must've have misunderstood what you were saying. It does read like you meant some of the coins will be returned.

If I don't use my hard-earned money, how would I go about acquiring this crypto commodity (currency)?

Show me evidence from a reputable source or any instance that my bitcoin will be recovered if it is ever lost while being mined while I was sleeping. I don't like terms like "chance" and "most likely".

Why would bitcoin consumers need insurance? In your words, it's air-tight.

 

Coins you buy are not mined at the time you buy them. They where already mined by someone else and given to the miner as a payment for doing the mining. They then sold them to you for your hard earned money. Like I said it’s not an exchange. It’s not someplace that you go to buy coins.

I never Said bitcoin users need insurance I’m sorry if it seamed that way. Nicehash most likely has insurance to cover loses from issues with their system that would effect miners. Not you.

Your bitcoin is not mined while your sleeping unless you are mining (creating) bitcoin. If you go and buy it you have it at the time of purchase. How you secure it after that point is up to you. Nobody here is going to use nicehash except me and the couple other people in this thread that are more into it then just buying a little bitcoin to see what happens.

It can be stolen just like your wallet can be stolen but the nicehash hacked is not bitcoin getting hacked. Bitcoin getting hacked would mean the encryption of bitcoin getting beat so you can create you own coins with no work like printing fake money.

 

@froggy78 Froggy, the technology behind Bitcoin and other cryptocurrency, to date, has been very good. It's once the currency is mined and put into wallets that it gets scary.

You aren't wrong about the risks. It can get stolen, and it's not insured. But it's also yielding higher gains than anything else in existence.

It's not for everyone. If your appetite for risk is low, then just keep playing it safe!

 

I just bit the bullet and spent a couple hundred. Guess we will see where this rollercoaster ends up. ‍♂️

 

Could be a neat time to have done it, with the futures launch starting about 30 mins ago.

 

Just put some cash into XRP, XEM, and XLM..

 

Where and how did you buy XRP?

I figured it out. Had to exchange from coinbase to make the purchase on another site.

 

theres a good documentary on bitcoin called "Banking on Bitcoin"... you can watch it on Netflix