Alitin Mint Adam Smith Coins compromised! - page 2.

FFrankie

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Quote from: BurtW on March 07, 2017, 08:20:00 AM

Quote from: wheelz1200 on March 07, 2017, 07:56:54 AM

Quote from: BurtW on March 07, 2017, 12:41:48 AM

This is strange. I bought two coins. The first one is an Adam Smith number 60/600.

https://blockchain.info/address/1QLQDk2KotPqqBjQQK9atEqmmmjBZySPwc

It was swept 2017-02-26 02:31:26, so I lost 2 BTC on that deal.

My second coin is a Joan of Arc number 17/600. But when I went to check on it I found that it had never been funded! Were we supposed to fund these ourselves? Check it out:

https://blockchain.info/address/1KzvorTcd6W497eYdk7Jc9U1YLNTF1A6LK

When I bought it I assumed it was funded. I am sure I paid more than 1 BTC for the thing. What is the deal with that?

Oh my. So a second breach of trust now? Im sorry for your loss really. Is there anyone else who's 1btc coin was never funded?

I am very interested in this also. Does anyone else have an unfunded coin?

BTW: I would keep your unfunded coin intact and not sell it! You have no reason to peal it and an intact unfunded coin is a good thing to have for a proof of claim.

ALSO: You should also keep your swept coins!!! We do not know what their procedure will be for getting your BTC back once they either catch the thief or start paying everyone back. You may need the swept coin as proof of claim.

I think that is your own fault for not checking the balance of the coin. I also think it is impossible for alitin mint to refund all of its customers because these coins where sold what 3? years ago in 2014 and they are just saying they will to avoid more questions and so on

BurtW

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All paid signature campaigns should be banned.

Quote from: wheelz1200 on March 07, 2017, 07:56:54 AM

Quote from: BurtW on March 07, 2017, 12:41:48 AM

This is strange. I bought two coins. The first one is an Adam Smith number 60/600.

https://blockchain.info/address/1QLQDk2KotPqqBjQQK9atEqmmmjBZySPwc

It was swept 2017-02-26 02:31:26, so I lost 2 BTC on that deal.

My second coin is a Joan of Arc number 17/600. But when I went to check on it I found that it had never been funded! Were we supposed to fund these ourselves? Check it out:

https://blockchain.info/address/1KzvorTcd6W497eYdk7Jc9U1YLNTF1A6LK

When I bought it I assumed it was funded. I am sure I paid more than 1 BTC for the thing. What is the deal with that?

Oh my. So a second breach of trust now? Im sorry for your loss really. Is there anyone else who's 1btc coin was never funded?

I am very interested in this also. Does anyone else have an unfunded coin?

BTW: I would keep your unfunded coin intact and not sell it! You have no reason to peal it and an intact unfunded coin is a good thing to have for a proof of claim.

ALSO: You should also keep your swept coins!!! We do not know what their procedure will be for getting your BTC back once they either catch the thief or start paying everyone back. You may need the swept coin as proof of claim.

wheelz1200

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Quote from: BurtW on March 07, 2017, 12:41:48 AM

This is strange. I bought two coins. The first one is an Adam Smith number 60/600.

https://blockchain.info/address/1QLQDk2KotPqqBjQQK9atEqmmmjBZySPwc

It was swept 2017-02-26 02:31:26, so I lost 2 BTC on that deal.

My second coin is a Joan of Arc number 17/600. But when I went to check on it I found that it had never been funded! Were we supposed to fund these ourselves? Check it out:

https://blockchain.info/address/1KzvorTcd6W497eYdk7Jc9U1YLNTF1A6LK

When I bought it I assumed it was funded. I am sure I paid more than 1 BTC for the thing. What is the deal with that?

Oh my. So a second breach of trust now? Im sorry for your loss really. Is there anyone else who's 1btc coin was never funded?

TheAnalogKid

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Activity: 322

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Man, this just sucks for everyone involved - everyone has lost when something like this happens. As an owner of several physicals every time I read something like this it sends a chill.

I hope the source is found, and that Alitin honors their pledge to offer refunds. If you can find proof of when your coin was swept, and the value at that time, it is worth trying to go through something like renters or homeowners insurance and see what they say. Sometimes you do need an extra rider on your policy to cover these things, sometimes not, depends but at least worth a try.

I know it won't really replace what was lost, but add me to the list of interested parties for any resale of these, peeled or still intact but de-funded. PM me your asking price, for either series and/or multiple coins.

AT101ET

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If anyone wants to sell one of their peeled coins, send me a PM with an asking price. I may be interested in picking one up. Thanks

Maicol792

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Quote from: buckrogers on March 07, 2017, 02:56:43 AM

Honestly peel your coins, save your BTC if it is still there for god's sake.

Sell the redeemed or stolen coins to anyone who will buy them for the silver value alone.

This is not going to get better.

Refunds, maybe a long shot, but if your coin has BTC on it, are you really not going to peel it at this point?

thanks!

Yes, this is the best and logic solution at this point ... # PEEL YOUR COINS AND SAVE BTC #

buckrogers

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Activity: 2746

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Honestly peel your coins, save your BTC if it is still there for god's sake.

Sell the redeemed or stolen coins to anyone who will buy them for the silver value alone.

This is not going to get better.

Refunds, maybe a long shot, but if your coin has BTC on it, are you really not going to peel it at this point?

thanks!

BurtW

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Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

This is strange. I bought two coins. The first one is an Adam Smith number 60/600.

https://blockchain.info/address/1QLQDk2KotPqqBjQQK9atEqmmmjBZySPwc

It was swept 2017-02-26 02:31:26, so I lost 2 BTC on that deal.

My second coin is a Joan of Arc number 17/600. But when I went to check on it I found that it had never been funded! Were we supposed to fund these ourselves? Check it out:

https://blockchain.info/address/1KzvorTcd6W497eYdk7Jc9U1YLNTF1A6LK

When I bought it I assumed it was funded. I am sure I paid more than 1 BTC for the thing. What is the deal with that?

zanzibar

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Quote from: eddie13 on March 06, 2017, 10:49:30 PM

I wonder if it is possible for the key to be read right through the packaging with heat imaging like a thermal camera or something similar..

Perhaps, but that's not why these were swept, most of the compromised coins were sent directly from Alitin.

zanzibar

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Quote from: BitcoinNewsMagazine on March 06, 2017, 12:21:56 PM

Physical bitcoins in coin form are a novelty for bitcoin geeks (like me) and never had a chance of going mainstream. OpenDime has no collector appeal.

Yes of course, however if there was a way to incorporate the opendime security model with a collector coin, that would be trustless

eddie13

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BTC or BUST

As if the physical market isn't already bad enough..

Quote from: digicoinuser on March 05, 2017, 10:05:54 PM

It looks like the coins had the private key physically engraved on the side of them

I wonder if it is possible for the key to be read right through the packaging with heat imaging like a thermal camera or something similar..

Blazed

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Quote from: bithalo on March 06, 2017, 11:39:04 AM

J.R. replied back to my email today saying they would repay the BTC value.

If they follow through on that then color me impressed.

I am also interested in buying one of these unloaded coins if anyone is selling.

BurtW

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All paid signature campaigns should be banned.

SEE:

https://bitcointalksearch.org/topic/alitin-mint-coin-breach-1815933

For a response from the manufacture.

BitcoinNewsMagazine

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Quote from: zanzibar on March 06, 2017, 12:14:53 PM

Quote from: BitcoinNewsMagazine on March 06, 2017, 11:55:42 AM

SilverWallets has the right idea. Sell the coin unfunded with hologram provided and let the buyer generate the key pair and assemble the coin themselves. Likewise Polymerbit.

I would have to disagree with you. The whole point of physical bitcoins is that they are easily exchanged from one person to another, knowing that if the hologram or whatever is intact, they contain the face value of Bitcoin. If you let the "buyer" generate the private key, then later sell the physical coin, you have to trust the initial buyer didn't copy the private key. If this was the model from the get go, I believe you would see widespread individual sweeping of coins. You have to put trust in one entity, like Casascius.

Edit; in my opinion, the only "truly" trusted physicals at this point is OpenDime. Where the person loading the BTC never sees the private key.

Physical bitcoins in coin form are a novelty for bitcoin geeks (like me) and never had a chance of going mainstream. OpenDime has no collector appeal.

zanzibar

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Quote from: BitcoinNewsMagazine on March 06, 2017, 11:55:42 AM

SilverWallets has the right idea. Sell the coin unfunded with hologram provided and let the buyer generate the key pair and assemble the coin themselves. Likewise Polymerbit.

I would have to disagree with you. The whole point of physical bitcoins is that they are easily exchanged from one person to another, knowing that if the hologram or whatever is intact, they contain the face value of Bitcoin. If you let the "buyer" generate the private key, then later sell the physical coin, you have to trust the initial buyer didn't copy the private key. If this was the model from the get go, I believe you would see widespread individual sweeping of coins. You have to put trust in one entity, like Casascius.

Edit; in my opinion, the only "truly" trusted physicals at this point is OpenDime. Where the person loading the BTC never sees the private key.

BitcoinNewsMagazine

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SilverWallets has the right idea. Sell the coin unfunded with hologram provided and let the buyer generate the key pair and assemble the coin themselves. Likewise Polymerbit.

zanzibar

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Quote from: hybridsole on March 06, 2017, 11:43:40 AM

Quote from: zanzibar on March 06, 2017, 11:31:49 AM

This has me worried about the physical coin market in general. I know Casascius is known to be trusted here, I'm wondering did Mike mainly work alone and did he personally address what was done with private keys, assuming he destroyed them. I've never heard of issues with Casascius.

Honestly, I am surprised this hasn't happened more often. Other than Alitin, the only other maker is Coinographic who performed a mass sweep of private keys, and in the case of Coinographic it was only Litecoin, so the damages were not as severe. This case with Alitin is by far the biggest incident I'm aware of.

The fact it hasn't happened very much leads me to believe the community has done a decent job vetting and/or only buying funded coins from people who they trust. The biggest deterrent to doing something like this would be knowing exactly who is making the coins and where they are located. It's unlikely someone is willing to ruin their name and go "on the run" if they have spent years building up a reputation in the community.

In the case of Alitin, I have no idea whether these Forsyth guys are real people, or assumed identities. If they are real, my hope is that it was all a result of negligence and there's a valid explanation for how this happened and a plan to pay the victims back. If they aren't real, then it's even more important that we perform due diligence on any future makers who want to offer funded coins.

Agreed, although I don't believe there are really that many BTC physical coin producers, if there were hundreds, I would expect to see this happen more often. Luckily for us, guys like Mike are as honest as they come. If Casascius had been compromised early on, it would have been the end of any physical BTC market.

hybridsole

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Quote from: zanzibar on March 06, 2017, 11:31:49 AM

This has me worried about the physical coin market in general. I know Casascius is known to be trusted here, I'm wondering did Mike mainly work alone and did he personally address what was done with private keys, assuming he destroyed them. I've never heard of issues with Casascius.

Honestly, I am surprised this hasn't happened more often. Other than Alitin, the only other maker is Coinographic who performed a mass sweep of private keys, and in the case of Coinographic it was only Litecoin, so the damages were not as severe. This case with Alitin is by far the biggest incident I'm aware of.

The fact it hasn't happened very much leads me to believe the community has done a decent job vetting and/or only buying funded coins from people who they trust. The biggest deterrent to doing something like this would be knowing exactly who is making the coins and where they are located. It's unlikely someone is willing to ruin their name and go "on the run" if they have spent years building up a reputation in the community.

In the case of Alitin, I have no idea whether these Forsyth guys are real people, or assumed identities. If they are real, my hope is that it was all a result of negligence and there's a valid explanation for how this happened and a plan to pay the victims back. If they aren't real, then it's even more important that we perform due diligence on any future makers who want to offer funded coins.

bithalo

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Star Wars Ep. 9 is here

J.R. replied back to my email today saying they would repay the BTC value.

zanzibar

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Activity: 715

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This has me worried about the physical coin market in general. I know Casascius is known to be trusted here, I'm wondering did Mike mainly work alone and did he personally address what was done with private keys, assuming he destroyed them. I've never heard of issues with Casascius.

Topic: Alitin Mint Adam Smith Coins compromised! - page 2. (Read 4323 times)