Has the recent BTER hack affected the bitcoin price?

NotLambchop

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Quote from: Kimba_Coinarch on February 23, 2015, 11:27:53 PM

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I disagree. Scammers existed before bitcoin existed and continues to exists. Merchants in US are losing aprox $190 billion a year to credit card fraud. Does that mean that anyone who uses a credit card is a fool? http://www.forbes.com/fdc/welcome_mjx.shtml...

It's not that scammers didn't exist before Bitcoin, it's that Bitcoin lends itself so darn well to scamming.
Imagine if real money was [half-ass] anonymous & mostly unregulated. Now imagine that the majority of those who used it were paranoid libertarian loons, who wouldn't think of turning to law enforcement for help because paranoid libertarians?

What do you suppose would happen? Yeah, that's right, fail & AIDS. Pretty much what's going on in Bitcoin now.

Kimba_Coinarch

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Quote from: Warren Buffert on February 18, 2015, 12:02:26 PM

Quote from: BillyBobZorton on February 18, 2015, 11:46:20 AM

Quote from: NotLambchop on February 18, 2015, 10:36:23 AM

Quote from: dataispower on February 17, 2015, 04:07:27 PM

Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.

Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

It IS bitcoin's fault if the protocol attracts an endless stream of scams and fraudulent service operators. I do agree with you that anyone who would put their money into bitcoin at this point is a fool, since history has shown us that essentially every bitcoin exchange or service will fold after a few years (at best).

I disagree. Scammers existed before bitcoin existed and continues to exists. Merchants in US are losing aprox $190 billion a year to credit card fraud. Does that mean that anyone who uses a credit card is a fool? http://www.forbes.com/fdc/welcome_mjx.shtml

To say that every bitcoin exchange or service will fold after a few years is ridiculous. Coinbase just secured $75m in capital investment from the likes of the New York Stock Exchange. Bitcoin is being recognized and backed by heavy hitters. The pro's far out weigh the cons. Just like anything that operates online, there is always going to be security concerns - it's a part of life.

nsimmons

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Quote from: Warren Buffert on February 18, 2015, 12:02:26 PM

It IS bitcoin's fault if the protocol attracts an endless stream of scams and fraudulent service operators. I do agree with you that anyone who would put their money into bitcoin at this point is a fool, since history has shown us that essentially every bitcoin exchange or service will fold after a few years (at best).

I see you've stumbled over from Kitco, finished bashing gold bugs, on to bitcoin? The same routine, buy real assets, cash..etc. Not much happening on kitco since 2011, bitcoin's more fun?

nwfella

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Well hello there!

Quote from: ?? on ??

It already affect bitcoin price Sad

But it's only temporary, bitcoin price can back to normal in 2 to 4 days

But i wonder if they really hacked Roll Eyes

Of course their 'cold wallet' wasn't hacked. If it where it would mean the underlying cryptography fundamentals of bitcoin can be compromised. This whole BTER gafaw is nothing more than another 'inside job' theft.

NotLambchop

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Quote from: BillyBobZorton on February 18, 2015, 11:46:20 AM

Quote from: NotLambchop on February 18, 2015, 10:36:23 AM

Quote from: dataispower on February 17, 2015, 04:07:27 PM

Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.

Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

Of course not. Bitcoin simply attracts scammers like shit attracts flies. Can't blame shit for attracting flies, can you? No.

Sure, I could argue from first principles, and make a decent case for Bitcoin being conceptually flawed, inherently lacking in mechanisms for recourse when shit goes wrong, but that's a bit off-topic.

DonQuijote

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No, it wasnt a hack, cold wallet cant be hacked, its a "physical" robber

Warren Buffert

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Quote from: BillyBobZorton on February 18, 2015, 11:46:20 AM

Quote from: NotLambchop on February 18, 2015, 10:36:23 AM

Quote from: dataispower on February 17, 2015, 04:07:27 PM

Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.

Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

It IS bitcoin's fault if the protocol attracts an endless stream of scams and fraudulent service operators. I do agree with you that anyone who would put their money into bitcoin at this point is a fool, since history has shown us that essentially every bitcoin exchange or service will fold after a few years (at best).

uki

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cryptojunk bag holder

Quote from: hyphymikey on February 17, 2015, 01:14:38 AM

There has already been more coins mined than what was stolen.

7K btc is not enough to hurt anything (but the exchange).

I would say, it is not the 7k coins itself that may hurt anybody, which as you correctly stated is relatively 'little', but it is the news 'another BTC exchange got hacked or had lost people's money' what really hurts/may hurt.
We already had a short-time panic sell as stated in the OP. Now, let's see where we go from here.

BillyBobZorton

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Quote from: NotLambchop on February 18, 2015, 10:36:23 AM

Quote from: dataispower on February 17, 2015, 04:07:27 PM

Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.

Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: dataispower on February 17, 2015, 04:07:27 PM

Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.

troleybüs

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No, it wasn't related. Google also accept Bitcoin payment system, it was pure speculation. If price will go up they choose a news for the rising reason, same applies to drops, too. They are all just speculation.

funtotry

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Ever wanted to run your own casino? PM me for info

Seems like the price is slowly falling. Already fell 5 dollars since couple hours ago or last night whenever I checked it. All these hacks are making the price so depressed and slowly falling... general question, if the reverse happens, someone mass buys 7k btc at a slightly higher price to get it bought fast, would that drive up the price? I am not very good at trading.

Coinshot

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The correction was inevitable, though the Bter news did create some panic.
The hacked coins have not been sold and are unlikely to be sold soon.

Fabrizio89

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It surely added some uncertainity to the price action. Coincided perfectly with an expected retrace too.

HarmonLi

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Honest 80s business!

This is a highly interesting question I've been asking myself as well. I believe the rise to $260 was much too fast and pumped therefore it was very easy to push the price back down. We are still in a long-term bear market and these kinds if things can push us down faster than usual.

var53

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I agree with Kimba_Coinarch, it could go either way.

Morecoin Freeman

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Legendary trader

Short term push to $300 easy.

Amph

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too low amount to affect the price in a serious way, 7k are a tiny amount, you can't dump with that thing

Mark Frappeles

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considering that BTC price is the same or bigger than the pre hack one;

I guess not

Morecoin Freeman

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Legendary trader

I'm very bullish at this time. The way I read the market I think we will see some big moves within 1,5 week.
Is ''The Great Rally of 2015'' finally about to begin? We will see within a couple of days. Get ready!

Topic: Has the recent BTER hack affected the bitcoin price? (Read 2510 times)