[CNET] Bitcoin virtual heist shuts down bitfloor; $250k stolen.

BlackOmega · Sep 5, 2012

Bitcoin exchange BitFloor has shut down operations while it investigates the theft of nearly a quarter million dollars' worth of the virtual currency.

source

Not sure if this is where I'm supposed to put this, but it is security related.

PVTCaboose1337 · Sep 5, 2012

TheMailMan78 · Sep 5, 2012

People still invest time into this Bitcoin scam?

cadaveca · Sep 5, 2012

TheMailMan78 said:
People still invest time into this Bitcoin scam?

Yes, and I don't see it going anywhere. Ever.

But not because of Bitmining with GPUs.

D007 · Sep 5, 2012

lol... Anyone dealing with this currency should be prepared when it folds.. At this rate it's only a matter of time. It is insecure and constantly under hacker attack.. FAIL...

PVTCaboose1337 · Sep 6, 2012

cadaveca said:
Yes, and I don't see it going anywhere. Ever.

But not because of Bitmining with GPUs.

Pfft. GPU's are so 2011. Bitcoin miners use FPGA machines now. When the Butterfly Labs Jalapeno comes out, people will increase the hash rate of the bitcoin network by nearly 100x. Bitcoin is going to CRASH when that happens. At least until the difficulty is upped.

cadaveca · Sep 6, 2012

PVTCaboose1337 said:
Bitcoin is going to CRASH when that happens. At least until the difficulty is upped.

Silk Road will make sure it stays active. :rolleyes:

Crash =

If you don't understand why, well...then you don't understand Bitcoin, IMHO.

Steevo · Sep 6, 2012

I supposedly get 36 hours of cloud server time per week from Microsoft, not sure of the hardware, how much would even a decent 4 core machine net in 36 machine hours per week, assuming they don't catch on to my "app".

Isn't the power use still a waste for most people? Or are they still not aware that mom and dad pay for the stuff in the walls like water and power?

PVTCaboose1337 · Sep 6, 2012

Steevo said:
I supposedly get 36 hours of cloud server time per week from Microsoft, not sure of the hardware, how much would even a decent 4 core machine net in 36 machine hours per week, assuming they don't catch on to my "app".

Isn't the power use still a waste for most people? Or are they still not aware that mom and dad pay for the stuff in the walls like water and power?

At this point, unless you have an FPGA, you are losing money. The difficultly is too high for miners with GPUs or CPUs to make money. When I was living in dorms and electricity was free I was able to mine Bitcoins for no investment. Made a ~$2k USD in a 3 month period when each BTC was $5 each. Not bad for only having to replace a failed fan. Makes no sense to do now with the FPGAs however.

As far as I know, this is going to be one of the biggest uses of FPGAs for the commercial market (PS3 being big, as well as some cellphones!). That is why I'm interested. Too bad these purpose built machines are built for a dumb purpose!

AphexDreamer · Sep 6, 2012

Bitcoin was great if you did it early on. I made $600 through it. Stopped for a while now though ever since I forgot to back up my last wallet after a reformat... I just stopped.

OneMoar · Sep 7, 2012

and nothing of value was lost

TheMailMan78 · Sep 7, 2012

cadaveca said:
Silk Road will make sure it stays active.

Crash =

If you don't understand why, well...then you don't understand Bitcoin, IMHO.

Ha Silk Road. I haven't heard about that place in a while. Same level as 4chan right there only software related.

Easy Rhino · Sep 7, 2012

bitcoin is retarded. gee, let's trade electricity for virtual currency. if you don't see the scam then ive got land on the moon to sell you. oh, and i don't accept bitcoin.

AphexDreamer · Sep 7, 2012

Easy Rhino said:
bitcoin is retarded. gee, let's trade electricity for virtual currency. if you don't see the scam then ive got land on the moon to sell you. oh, and i don't accept bitcoin.

Your still on this... Jeez.

Did it not occur to you that maybe some people don't pay an electric bill, that maybe it is included in rent and that even still the conversion rate used to have its moments.

Now though if your paying for electricity it probably doesn't have its moments and I don't know since I've stopped for a while now.

But hey it paid off for me at the start.

Easy Rhino · Sep 7, 2012

AphexDreamer said:
some people don't pay an electric bill

do you really think a virtual currency based solely on the backs of people who don't pay electric is sustainable?

pantherx12 · Sep 7, 2012

Easy Rhino said:
bitcoin is retarded. gee, let's trade electricity for virtual currency. if you don't see the scam then ive got land on the moon to sell you. oh, and i don't accept bitcoin.

Actually even in the UK even when bit coins where only worth 1 usd each you can make yourself an extra £400 a year AFTER paying your electrical bills.

It's not really trading electricity is it, it's trading the use of your hardware to to do calculations, sure you don't know what they are for but it could be cheaper for X company to use distributed computing rather than you know, building a server farm them selves, paying employees to run said farm, running the air conditioning....

TheMailMan78 · Sep 7, 2012

What are you calculating, and why? What numbers are you crunching and why? What "companies". For all you know you could be crunching for Al Qaeda.

pantherx12 · Sep 7, 2012

TheMailMan78 said:
What are you calculating, and why? What numbers are you crunching and why? What "companies". For all you know you could be crunching for Al Qaeda.

Could be! It's part of the fun!

It's kinda like paying taxes, sure we know where some of it goes, but the vast majority can go anywhere! :laugh:

TheMailMan78 · Sep 7, 2012

pantherx12 said:
Could be! It's part of the fun!

It's kinda like paying taxes, sure we know where some of it goes, but the vast majority can go anywhere!

Yeah man you could be helping someone crack passwords to your bank accounts or credit cards. Yeah sounds like a great plan.

Easy Rhino · Sep 7, 2012

pantherx12 said:
Actually even in the UK even when bit coins where only worth 1 usd each you can make yourself an extra £400 a year AFTER paying your electrical bills.

It's not really trading electricity is it, it's trading the use of your hardware to to do calculations, sure you don't know what they are for but it could be cheaper for X company to use distributed computing rather than you know, building a server farm them selves, paying employees to run said farm, running the air conditioning....

you have to have a decently powerful computer to make that profit which means it is still a lose for the year since you probably paid around $800 bucks for it. Only after mining for 2 years would you start making any real profit. then of course, if everyone started mining coins the cost of electric would raise to meet the demand making it a moot point. bitcoins is a scam!

Solaris17 · Sep 7, 2012

read the article still donjt understand.

bit coins are kept in a bit wallet

he knows how much USD and bitcoin are in each persons wallet/account

how the fuck does someone steal bitcoins? I mean i guess i dont get it. were do they go? can you keep bitcoins on your PC and trade them on the site? how does he know what everyone has then if he can access their bitwallets? wouldnt the ability to save them on your PC totally undermine his record keeping?

Easy Rhino · Sep 7, 2012

Solaris17 said:
read the article still donjt understand.

bit coins are kept in a bit wallet

he knows how much USD and bitcoin are in each persons wallet/account

how the fuck does someone steal bitcoins? I mean i guess i dont get it. were do they go? can you keep bitcoins on your PC and trade them on the site? how does he know what everyone has then if he can access their bitwallets? wouldnt the ability to save them on your PC totally undermine his record keeping?

ive created rhinoCoins. the more you pour into my paypal the more rhinoCoins i will give you. rhinoCoins are very valuable and can be traded back to me with "thanks"

Solaris17 · Sep 7, 2012

Easy Rhino said:
ive created rhinoCoins. the more you pour into my paypal the more rhinoCoins i will give you. rhinoCoins are very valuable and can be traded back to me with "thanks"

this sounds like a great idea! i cant wait to blindly burn 400kwh on it!

whats your PP?

TheMailMan78 · Sep 7, 2012

Easy Rhino said:
ive created rhinoCoins. the more you pour into my paypal the more rhinoCoins i will give you. rhinoCoins are very valuable and can be traded back to me with "thanks"

For every 15 rhinocoins Ill trade you 1 mailman.

TheLaughingMan · Sep 7, 2012

I made actual money doing this for a few weeks, but it was too much hassel. The time I wasted finding the best exchange rate for real money was not worth the continually dropping return.

I thought Bitcoins died already when individuals could not like make money doing it.

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[CNET] Bitcoin virtual heist shuts down bitfloor; $250k stolen.

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