So, if I have this right, someone cracked into someones "wallet" got
their encryption key and used it to generate a new "transaction" that
creates a new owner of the sum of bitcoin with a new encryption key and
that act is added to the blockchain distributed database?
On 12/7/17 6:59 AM, Steve Jones wrote:
Not the same. You can identify that money in one way or another
sonetimes, all the time if its cash and you wrote down the serials. Fdic
doesnt insure your money. It insures the value of your money in its
jurisdictional institutuions in exchange for you letting them use that
value. They just choose the risk level theyre willing to take. Take 100
dollar bill to the bank, write down the serial. Come back the next day
and withdraw it. Different serial, not your money, your moneys value.
The decentralized nature of cryptocurrency means there is nowhere to
turn. There is no serial only transactions. Coinage aside thats where
one of the many failures of cryptocurrency falls. The dark nature of it
ensures there will never be anything about it that makes one bitcoin
identifiable from another, if that were to happen, it would collapse.
Just wait until the bug is found that answers the initial question, and
a duplicated and indiscernable wallet hits. Thats a matter of time.
Then, noone even has to steal, they just invalidate your entire wallet
with one transaction. With counterfeit money, you can identify it,
destroy it, remove it from circulation without invalidating someone
elses money.
Thats why fiat and precious metal backed currencies have an accompanying
authoritative enforcement agency.
On Dec 7, 2017 8:42 AM, "Josh Reynolds" <[email protected]
<mailto:[email protected]>> wrote:
Same as if somebody punches you and takes your wallet, or takes more
than the 250,000K the FDIC insures out of your $20mil bank account.
On Dec 7, 2017 8:26 AM, "Steve Jones" <[email protected]
<mailto:[email protected]>> wrote:
Recreating it is the same as counterfitting. If i lose 100 bucks
while im out. I cant wake up and when the hangover cures, just
print a new bill. Crypto currency is by nature "anonymous"
whoever posseses it owns it, not like a stock or bond thats got
a trail of identifiable ownership.
This is why it will never function as an actual currency, its
just a digital commodity with no inherent safety net. Even a
gold bar you can stamp. One bitcoin is theoretically
indiscernable from another, so even if you tracked it, you
couldnt prove ownership. With no central backing, even if you
could, theres no enforcement body to make anyone give it
back.... aside from a hard fork
On Dec 7, 2017 8:17 AM, "Gino A. Villarini" <[email protected]
<mailto:[email protected]>> wrote:
Right.. Same idea
From: Af <[email protected]
<mailto:[email protected]>> on behalf of Matt Hoppes
<[email protected]
<mailto:[email protected]>>
Reply-To: "[email protected] <mailto:[email protected]>" <[email protected]
<mailto:[email protected]>>
Date: Thursday, December 7, 2017 at 9:38 AM
To: "[email protected] <mailto:[email protected]>" <[email protected]
<mailto:[email protected]>>
Subject: Re: [AFMUG] Bitcoin Worth Millions Stolen Days
Before US Exchange Opens | Business News | US News
Right. But this is digital.
On Dec 7, 2017, at 08:24, Gino A. Villarini
<[email protected] <mailto:[email protected]>> wrote:
Same as you steal paper money, you can’t deactivate the
stolen notes and draw yourself new ones …
From: Af <[email protected]
<mailto:[email protected]>> on behalf of Matt Hoppes
<[email protected]
<mailto:[email protected]>>
Reply-To: "[email protected] <mailto:[email protected]>"
<[email protected] <mailto:[email protected]>>
Date: Thursday, December 7, 2017 at 9:09 AM
To: "[email protected] <mailto:[email protected]>" <[email protected]
<mailto:[email protected]>>
Subject: Re: [AFMUG] Bitcoin Worth Millions Stolen Days
Before US Exchange Opens | Business News | US News
How do you steal bit coin it's digital currency. Can't you
just deactivate whatever was "stolen", and re-create it,
this digital currency is completely foreign to me.
On Dec 7, 2017, at 08:07, Jaime Solorza
<[email protected]
<mailto:[email protected]>> wrote:
https://www.usnews.com/news/business/articles/2017-12-07/bitcoin-miner-nicehash-reports-hack-theft-of-its-wallet
<https://www.usnews.com/news/business/articles/2017-12-07/bitcoin-miner-nicehash-reports-hack-theft-of-its-wallet>
Jaime Solorza
