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Monday, February 24, 2014

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Metacam Oh

Yeah looks like anyone who had money in Mt Gox is screwed. I have been playing around with some cyrpto currency lately on Crypsy, which is another exchange that could probably suffer an attack as well. I wouldn't keep large amounts of coins in the online wallets of these exchanges. There are also bots out there that can tell if you're signed into your wallet from home.

I've been collecting Dogecoin lately, it has a pretty big community Hamlet you should check it out. They are aiming to be more of an online tipping currency for content creators.

Pathfinder

In order to have a run on the bank, the bank needs to be open.

This is worse. MtGox is completely offline. Their website is gone and they even deleted all their tweets. Poof.

Sadly, many people today are learning a very important rule: If you don't own the private keys (https://en.bitcoin.it/wiki/Private_key), then you don't really own the cryptocurrency.

2014

If you can't touch it, or put it in your wallet, don't trust it.

Adeon Writer

Man, who could have ever predicted this!

Harper Ganesvoort

Neal Stephenson may have predicted this. He did an article for a special issue of Time, talking about virtual money, and saying that the stronger the encryption on the system, the safer the money. Just how encrypted are Bitcoins, if at all, if transactions are available on a public directory for anyone to peruse?

Metacam Oh

The problem Harper is that the way Bitcoin works are there are offline wallets that you can download to your desktop to hold your own bitcoins in and then there are these exchanges that you can have "virtual wallets" on where they hold the bitcoin in your account and you see how much you have when you login to the website. Only problem is if this website gets hacked they have access to the website's bank of bitcoin and they can move the money out from there.

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