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Android: Netrunner» Forums » General

Subject: Runners steal $1m USD with Inside Job rss

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Wabi Sabi Will

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http://m.bbc.co.uk/news/technology-24871444


A man who ran an online "wallet service" for storing Bitcoins has claimed hackers stole virtual currency from his site worth more than one million Australian dollars.

The Australian man said 4,100 Bitcoins (US$1.04m, £650,000) were taken in two separate attacks.

He said he would not report the theft to police as Bitcoin transactions are virtually impossible to trace.

This has led some users to speculate whether it was an "inside job".
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Casey Lent
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DEFINITELY A GOOD GUY, GUYS
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That's why you ice at least 2 deep.
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Pedraum
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mistertrench wrote:
That's why you ice at least 2 deep.


Especially against Criminals.
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Robbie M.
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Wow, they siphoned his whole account.
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Andy M
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Wonder if they shed the tags?
 
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Ony Moose
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photogasm wrote:

He said he would not report the theft to police as Bitcoin transactions are virtually impossible to trace a matter of public record.


I don't get why people don't just have a list of known stolen bitcoins; if you then traded with them you'd be handling stolen goods and at risk of arrest for knowingly handling stolen goods. Would render stolen ones worthless if no-one wanted them.
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Oot TheMonk
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Kandiru wrote:
photogasm wrote:

He said he would not report the theft to police as Bitcoin transactions are virtually impossible to trace a matter of public record.


I don't get why people don't just have a list of known stolen bitcoins; if you then traded with them you'd be handling stolen goods and at risk of arrest for knowingly handling stolen goods. Would render stolen ones worthless if no-one wanted them.


The problem with this is that it would be in your best interest to report bitcoins as stolen after you spend them legitimately, because it would decrease the overall supply of bitcoins, thereby making any bitcoins you have left more valuable.
 
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Ony Moose
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Well, no as then the person could prove they were not stolen and get you arrested for wasting police time and obtaining advantage through deceit.

(Assuming you used them to buy something which they could prove was shipped to them.)
 
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Eliot Hemingway
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To prove any of the above you would need oversight - the sort of oversight that bitcoins were designed to avoid.

Basically this is a case of people discovering why financial institutions got built the way that they did.
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Justin
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I can't fathom the upside of storing Bitcoins in someone else's "bank," given a modicum of local security/backups.
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Micheal Keane
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astroglide wrote:
I can't fathom the upside of storing Bitcoins in someone else's "bank," given a modicum of local security/backups.


Banks are useful for "tumbling" the bitcoins. That basically means you deposit a bitcoin with a certain transaction history and end up withdrawing a bitcoin with a different transaction history to help avoid payments being traced back to you.

That said, there's not a lot of reason to leave the coins there any longer than you need to.
 
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