Bit Coin Troubles

[rogue06]

Never trusted ghost money. It is basically a stock market with no product or company. The prices fly around and climb up based on rumors, then fall when crap like this happens. Sure you can make $20,000 in a day, but you can lose it in a day too.

I have $10 in bitcoin (probably worth $5 now!) that I just bought to have something to track. Maybe I will get lucky and make a $1M

I know someone who's son had some bit coins or currency (apparently it is the only currency some "businesses" in Amsterdam accept when selling some questionable smoking product), and when the price shot up used it to put a substantial down payment on a car.

[Chaotic Void]

seems easily manipulated too. Especially if you are a hacker. You just have to attack some site, shut them down, and the price will drop like a rock. Buy all the bitcoin you want then wait for it to climb up, sell it, then rinse, repeat.

It is also easy to create your own cyrptocurrency and do an Initial Coin Offering, luring in suckers to invest in the next big thing. This is basically the snake oil of the 21st century.

It has legitimate purposes but it is also very easy to use as a con or fraud and to manipulate.

It seems a lot of folks get into Cryptocurrency for the same reason one would buy silver or gold. Inflation's looming around the corner to rear it's ugly head- especially after all the COVID spending- so they're looking for an insurance policy of some sort that won't hooch them over like a Saving's Account or just stuffing cash under your mattress.

[Sparko]

If you still have that "$10" in bitcoin, now's an excellent time to cash out. BTC was like $43k yesterday, FYI.

Yeah! I pulled it out last week. Got $160!

[myth]

Never trusted ghost money. It is basically a stock market with no product or company. The prices fly around and climb up based on rumors, then fall when crap like this happens. Sure you can make $20,000 in a day, but you can lose it in a day too.

I have $10 in bitcoin (probably worth $5 now!) that I just bought to have something to track. Maybe I will get lucky and make a $1M

If you still have that "$10" in bitcoin, now's an excellent time to cash out. BTC was like $43k yesterday, FYI.

[Sparko]

Cryptocurrency just doesn't seem to be a very stable investment over the long haul

seems easily manipulated too. Especially if you are a hacker. You just have to attack some site, shut them down, and the price will drop like a rock. Buy all the bitcoin you want then wait for it to climb up, sell it, then rinse, repeat.

It is also easy to create your own cyrptocurrency and do an Initial Coin Offering, luring in suckers to invest in the next big thing. This is basically the snake oil of the 21st century.

It has legitimate purposes but it is also very easy to use as a con or fraud and to manipulate.

[Catholicity]

Cryptocurrency just doesn't seem to be a very stable investment over the long haul

[Cow Poke]

Cryptomining is the #1 cyber threat right now.

You would know.

[Bill the Cat]

Cryptomining is the #1 cyber threat right now.

[Sparko]

Never trusted ghost money. It is basically a stock market with no product or company. The prices fly around and climb up based on rumors, then fall when crap like this happens. Sure you can make $20,000 in a day, but you can lose it in a day too.

I have $10 in bitcoin (probably worth $5 now!) that I just bought to have something to track. Maybe I will get lucky and make a $1M

[Cow Poke]

Bitcoin price plunges after cryptocurrency exchange is hacked

A teenager in our church allegedly made $17,000 from having bought some bitcoin a couple years ago - his mother swears this is true, I have no way of knowing.

My granddaughter, therefore, was trying this weekend to talk me into "going in together" on bitcoin.

Maybe not so fast, eh?

bitcoin.jpg

There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

A tweet from Coinrail confirming the cyber-attack sent the price of bitcoin tumbling 10% on Sunday to two-month lows.

The world’s best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.

The latest attack highlights the lack of security and weak regulation of global cryptocurrency markets.

Coinrail later said in a statement on its website that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30% of the coins traded on the exchange. It did not quantify the value, but the local Yonhap news agency estimated that about 40bn won (£27.8m) worth of virtual coins was stolen.

Coinrail said: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

Police have begun an investigation, according to the Korea Herald, which cited a spokesperson as saying: “We secured the access history of Coinrail servers and we are in the process of analysing them.”

Bitcoin was trading at about $6,750 on Monday afternoon – down from an all-time peak of almost $20,000 in the week before Christmas. In February, it fell to $5,900.