Bitcoin and other forms of digital currency

[dennugsmello]

Your Bitcoin is not safe. Feds have a backdoor and I'm guessing always have. 

Stolen bitcoin is hard to get back, but the FBI says it just did it (msn.com)

 

Officials said they looked at bitcoin transaction records and identified a bitcoin wallet used to hold the digital currency and were able to seize it under court order. The FBI had obtained the private encryption key, similar to a password, used to transfer funds out of the digital wallet, officials said.

Edited June 8, 2021 by dennugsmello

[$20 on joe vs dan]

1 hour ago, dennugsmello said:

Your Bitcoin is not safe. Feds have a backdoor and I'm guessing always have. 

Stolen bitcoin is hard to get back, but the FBI says it just did it (msn.com)

 

Officials said they looked at bitcoin transaction records and identified a bitcoin wallet used to hold the digital currency and were able to seize it under court order. The FBI had obtained the private encryption key, similar to a password, used to transfer funds out of the digital wallet, officials said.

Feds got back about $2.3M from the original $4.4M ransom that Colonial paid out to Darkside or was it Dr. Doom...Anyway; that one heck of a "service fee" imo.

[bigboy61]

1 hour ago, dennugsmello said:

Your Bitcoin is not safe. Feds have a backdoor and I'm guessing always have. 

Stolen bitcoin is hard to get back, but the FBI says it just did it (msn.com)

 

Officials said they looked at bitcoin transaction records and identified a bitcoin wallet used to hold the digital currency and were able to seize it under court order. The FBI had obtained the private encryption key, similar to a password, used to transfer funds out of the digital wallet, officials said.

Yeah...no. They don't have a backdoor.  It sounds like either because A.) It wasn't secured properly or B.) They tricked the hackers into getting it from him or C.) It was on an exchange and they served the exchange with a court order to turn it over. They don't have a backdoor into people's wallets to just steal it from them unless the owners are negligent.

[Phil B]

Just now, bigboy61 said:

Yeah...no. They don't have a backdoor.  It sounds like either because A.) It wasn't secured properly or B.) They tricked the hackers into getting it from him or C.) It was on an exchange and they served the exchange with a court order to turn it over. They don't have a backdoor into people's wallets to just steal it from them unless the owners are negligent.

They used Colonial as a honeypot and traced the payment. They were partially successful in grabbing some of the coins and getting physical ownership information on the wallet they were in. So nothing about backdoors, really just luring and catching in the act.

[KShine]

1 hour ago, dennugsmello said:

Your Bitcoin is not safe.

Apparently correct (and scary) - If the FBI has access to (or ways of obtaining) the encryption keys, than what is to avoid others from obtaining them (and having access to trillions in uninsured assets)?

It's a good thing we live in such a decent/honest world.

[coelian]

4 minutes ago, KShine said:

Apparently correct (and scary) - If the FBI has access to (or ways of obtaining) the encryption keys, than what is to avoid others from obtaining them (and having access to trillions in uninsured assets)?

It's a good thing we live in such a decent/honest world.

Actually it's not clear how they obtained the keys, did they trick the hackers to give up the key unwittingly? 

[$20 on joe vs dan]

4 minutes ago, coelian said:

Actually it's not clear how they obtained the keys, did they trick the hackers to give up the key unwittingly? 

The information out there needs to be vague to not show other thieves how to avoid it (anti-virus companies are notorious in bragging about their product by announcing a "fix" which basically clues the hackers in)

the bigger issue is more evidence (than mere strong suspicion) supporting Russian involvement...leading into the June 16th Biden meet w/ Putin. 

On a side note; when it was all going down Colonial made it seem like they had it under control; but when asked why they paid the ransom; Colonial said they did not know the degree of impact nor how long the system would be shut down.  Basically if they didn't pay the ransom the east Coast would have no gas right now...THATS a scary thought.

[exciter1]

The IRS will be seizing crypto for tax debt soon.

[KShine]

10 minutes ago, $20 on joe vs dan said:

the bigger issue is more evidence (than mere strong suspicion) supporting Russian involvement...leading into the June 16th Biden meet w/ Putin.

Yea - Putin must be horrified.

[dennugsmello]

46 minutes ago, coelian said:

Actually it's not clear how they obtained the keys, did they trick the hackers to give up the key unwittingly? 

The FEDS initiated the hack thus they had the key. Got to disguise the global supply chain breakdown somehow. And our Russian friends are always good scapegoats. 

My apologies in advance for spreading conspiracy theories. Slow day at work

[$20 on joe vs dan]

28 minutes ago, KShine said:

Yea - Putin must be horrified.

The bigger issue here is what form of cyber attack constitutes  an actual attack on our country?

how is a massive infrastructure cyber attack by Russian "ex"officials any different than say a Russian "ex"official hijacking and launching a Russian missile...the "attack" should be seen as  requiring retaliation regardless of who "authorized" it.  That's why missile controls are so well guarded....the consequences are too dire

cyber attacks should be seen similarly and the Biden administration needs to  make it clear that retaliation should be expected. Basically setting up the rules of "cyber" engagement. 

[$20 on joe vs dan]

6 minutes ago, dennugsmello said:

The FEDS initiated the hack thus they had the key. Got to disguise the global supply chain breakdown somehow. And our Russian friends are always good scapegoats. 

My apologies in advance for spreading conspiracy theories. Slow day at work

this coinciding w/ the news break of the Australian mafia app...seems a bit too coincidental...governments are sending a message 

[coelian]

Tbh I never understood how secure crypto is, I mean there have been many reports of significant loss due to hackers. Iirc Mt gox loss was in the hundreds of millions and that was many years ago which is probably worth billions now. 

Anyways I'm expecting at some point crypto will get clamped down whilst various governments back their own digital currency....

[Mark Twain]

Y'all need to chill a bit. The FBI couldn't break Apple's encryption on the San Bernardo terrorist shooter's Iphones and had to use an outside firm to finally crack it . . . 6 years later! https://www.washingtonpost.com/technology/2021/04/14/azimuth-san-bernardino-apple-iphone-fbi/

Simply put, there's no way they cracked the encryption and this NPR article lays out the three likely scenarios with this caveat: 

Quote

What's not likely is that the FBI somehow hacked the key on its own, according to Doss. While she admits it is theoretically possible, "the idea that the FBI would have, through some sort of brute-force decryption activity, figured out the private key seems to be the least likely scenario."

According the article, the most likely situation was one of the hackers agreed to work with the FBI for a fee. This would explain the quick turn around.  

[Mark Twain]

Any thoughts on AMP hitting Coinbase and it’s potential growth? The last three years seemed to belong to so called utility tokens on ETH and it’s an attractive buy in at around $0.05.

If the market follows BTC boom and bust cycle, where do you see this token’s price in 3 years?


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[Mark Twain]

On 6/13/2021 at 2:10 PM, Mark Twain said:

Any thoughts on AMP hitting Coinbase and it’s potential growth? The last three years seemed to belong to so called utility tokens on ETH and it’s an attractive buy in at around $0.05.

If the market follows BTC boom and bust cycle, where do you see this token’s price in 3 years?


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Wow, looks like AMP will break the $0.10 mark! Up nearly 50%. 

[BrickLegacy]

Pretty significant sell-off today. DOGE down 35% yikes.


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[marcandre]

18 minutes ago, BrickLegacy said:

Pretty significant sell-off today. DOGE down 35% yikes.


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China shutting down most of it's bitcoin mining operations set it off. All ponzi schemes end sooner or later...

[BrickLegacy]

China shutting down most of it's bitcoin mining operations set it off. All ponzi schemes end sooner or later...

Or did they? Can you really trust anything they “report”? Clever way to drive prices down and create more buying opportunities for the whales.


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[Alpinemaps]

1 hour ago, marcandre said:

China shutting down most of it's bitcoin mining operations set it off. All ponzi schemes end sooner or later...

Speaking of Ponzi schemes, another podcast recommendation:

https://www.cbc.ca/listen/cbc-podcasts/904-a-death-in-cryptoland

A Death in Cryptoland, about the cofounder of QuadrigaCX exchange, and how it pretty much was a ponzi scheme.

[KShine]

1 hour ago, marcandre said:

China shutting down most of it's bitcoin mining operations set it off. 

I blame the iron Titan $60 to $0.

Once people see it can happen (my imaginary money suddenly going poof), it is concerning.

[Mark Twain]

55 minutes ago, KShine said:

I blame the iron Titan $60 to $0.

Once people see it can happen (my imaginary money suddenly going poof), it is concerning.

You really think so? I don't think Titan was on that many folk's radar beyond Cuban shilling for it. It was difficult to buy and not on many exchanges (thank god!).Titan dropped because the team royally screwed up their tokenomnics and didn't foresee or understand how volatile crypto investors are. Too many of these projects are coded and brought into the world with little testing or thought for how the market place works. The team's algorithm reacted to the sell off by creating/releasing more tokens. Supply went from the millions to billions to trillions in less than a day. It's situations like these that will eventually lead the FCC to heavily regulate the industry and I honestly cannot think of a compelling argument against such a move. 

[zmnnch]

3 hours ago, marcandre said:

China shutting down most of it's bitcoin mining operations set it off. All ponzi schemes end sooner or later...

Actually, the Chinese government does not shut them down. The government only asked the utility companies to stop providing electricity to miners. 

[KShine]

China has been happening for a while, and while the news cycle always has a negative impact (and it should have one), its never been to this extreme.

[Mark Twain]

China has been happening for a while, and while the news cycle always has a negative impact (and it should have one), its never been to this extreme.

I think Bitcoin has a pretty clearly mapped boom/ bust cycle at this point and many argue that this cycle is simply part of the programming. It sucks that the overall crypto market is tied to BTC and this level of Volatility continuously spooks investment and adds credible claims to crypto as a whole being one giant scam.


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