Bitcoin Hack

Discussion in 'The Backstage' started by kiko, Dec 8, 2017 at 1:40 AM.

  1. kiko

    kiko Senior Member

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  2. rockstar232007

    rockstar232007 Senior Member

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    Yep. And, it's only going to get worse!

    Not saying that having money in a bank/CU is much safer, but at least there are financial-protections, for just such occasions.
     
  3. fett

    fett Double Platinum Supporter Premium Member

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    A person can pick my pocket and take my wallet. I get that. Hackers will have a field day. It does not compute unless they can stop that. There is irony written all over this.
     
  4. sk8rat

    sk8rat Senior Member

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    $76million is just a drop in the bucket compared to the billions banks lose yearly.

    nothing that comes up about bitcoin is really news. pretty much propaganda. "see! see! I told you it was going to fail!". the doubters are just trying to make it look bad.

    everyone is saying bitcoin is going to fail so if it does they can say "I told you so." and seem like a financial genius. they have been saying it isnt going to last since its inception.
     
  5. strat1701

    strat1701 El Diablo Cazador De Hombres Premium Member

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    the other bitcoin thread got nuked/merged. This comes as no surprise, again anyone who would trust these newly created 'exchanges' with LOTS of crypto is dumb. If you have your heart set on owning lots of crypto, keep a tiny bit of it on these exchanges so you can 'play' but the rest get it on cold storage like a ledger nano.
     
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  6. kiko

    kiko Senior Member

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    Not saying Bitcoin is a bad idea, it just needs decent regulation and monitoring. And lot of unscrupulous transactions can be done through it. As it now stand, some people will get rich and most will get burned if the bubble ever breaks.
     
  7. fett

    fett Double Platinum Supporter Premium Member

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    My OP about Bitcoin got Merged. I did get my Chex-Mix Turtle bags Rain Check completed. I get $1 v $3 and eat it.
     
  8. strat1701

    strat1701 El Diablo Cazador De Hombres Premium Member

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    lack of regulation and monitoring is what DROVE bitcoin in the first place. The more it becomes worth, the higher the chance the IRS/Fed Reserve will start to poke its nose in it, and then you will have a massive drop. Those brothers who a supposedly billionaires or that 19yr old kid who invested 1k when bitcoin was $12 a piece, it's not as if they could easily just plink down 1MM on a house and pay for it in bitcoin, they have to get the $$$ out of it somehow in selling it. With the shoddy exchanges that exist I'm not that much confident that even if you had a shit ton of it, you could actually reap the monetary reward of it easily. I coul dnot sleep easy knowing I had 1MM in bitcoin on some exchange or even in cold storage. It's way too volitle. Go to bed a millionaire, wake up with half a mil, or your shit is stolen from an exchange (it's only a matter of time before another exchange gets hacked).
     
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  9. judson

    judson Senior Member

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    when i first heard of bitcoin in 2013/2014 i think it had just rolled over $1,000 and then the Mt.Gox hack came off its high was around $600 or so after that when i was considering throwing a few dollars at it....thinking the hack was old news and might be fun to watch and see what happens and learn more about it.

    didnt do it...instead bought some oil options....that generated a solid $3k loss as they expired at no value as of 2017, gone forever....maybe a small tax write off in the future.

    so somedays you just need to roll the dice...

    crypto currency will suffer the bumps and hacks and but still survive in some form

    looking back is easy so i try never do it but learn from it when i do...
     
  10. Evo8

    Evo8 Senior Member

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    Quick question to the investors out there. I put in $50 towards BTC at one point and its now worth $150-ish depending on the time of day. If I cash out, do I have to report this amount to the IRS?
     
  11. KP11520

    KP11520 Senior Member

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    I wanna be a Crypto Klepto! But I'm not that smart.

    Seriously, buy $100 worth of any crypto that starts at a penny and has the right ingredients to thrive. Most will die, but it only takes one to take off. Bitcoin hit what today? $15K or $16K? Imagine selling all 10K bitcoins @ that price? You could buy all of us a R9 and not put a dent in the amount! Never mind what it will grow to with a little more time.
     
    Last edited: Dec 8, 2017 at 5:17 PM
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  12. kiko

    kiko Senior Member

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    Well we are in a transition period to a "real" cash less society, I just hope it won't be too much of a rough ride. :)
     
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  13. apfelbaum

    apfelbaum Senior Member

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    I guess bartering will make a huge comeback
     
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  14. strat1701

    strat1701 El Diablo Cazador De Hombres Premium Member

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    My advice to you is to consult a tax professional. Technically you are supposed to report it, which if you held it for less than a year, it's considered a short term investment and will generally mean you will pay whatever your normal tax bracket is on it. If you hold longer than a year you can claim it long term and then the max capital gains tax MAY be lower than your income bracket.

    Now there was a small victory for Coinbase in the fact that the IRS was after account names/info of people who engaged in transaction, but supposedly Coinbase's suit against the IRS ruled in their favor in the regard that they didn't have to furnish that info to the IRS for any account to transactions UNDER 20K. Does that mean IRS gives you a break for accounts/transactions under 20K? Who knows. Does that mean you can do multiple transactions for $19,999.99 and not raise the auspices of the IRS? I dunno. Call a taxman!
     
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  15. DADGAD

    DADGAD Senior Member

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  16. DADGAD

    DADGAD Senior Member

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    Is it true that if you had $1,000,000 in bitcoin you couldn’t just “Cash out”?. What mechanisms are in place to withdraw your value?
     
  17. filtersweep

    filtersweep Senior Member

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    That IS the question. You sorta can go through an exchange. But most seem sloppy and shady as hell.
     
  18. strat1701

    strat1701 El Diablo Cazador De Hombres Premium Member

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    ding ding ding ding ding! You MAY be able to sell more than 25K per transaction or week on coinbase or polinex depending on your acct, but I highly doubt that any of these exchanges would let you sell that much coin at one time. It would drive the price down or up way too much on top of the already volatile nature. Coinbase has NO limit sell order. Any stockbrokerage will have stop/limit orders. I think Gdax or polinex has them but I'm sure they don't work the same way.

    That fact makes all these bitcoin millionaires nothing but paper millionaires. nothing of real substance. Those Wikklevoss twins, the supposed billionaires, yeah I bet they have pirvate jets they own, and yachts, beach houses in malibu, florida and monaco. They're nothing but having a supposed net worth on digital money. Where are their LIQUID ASSETS??? Stocks, bonds, property, bank accts, that's liquid. Vintage LPs' are not a liquid asset, sorry to break it to ya. Why? too hard to sell to get the max. Same with Crypto to an extent, and why I don't think it's true and real liquid asset.

    Plus these exchanges are so overworked, let's say you could sell up to 50K per trade. You have a cumultive total of 200K worth of bitcoin. You suddenly see the price go down and you wanna unload cuz you think the big correction is hitting. Their website will fuck up you'd be lucky to get one sale at the price you want before it crashed and the price went down further and your trade results in an even greater loss. The infrastructure to do this type of trading is lacking. Perhaps with the futures exchange that may change, and you may be able to sell more substantial coin at one time. Once that occurs that WILL sure as shit effect the price.

    There has been evidence of MASSIVE momentary drops in crypto, like 95% of value drops, and then the next minute, the value goes back up to 80% of what it was for a total 20% loss. Reason? Some ONE person unloaded a shit ton of crypto at once, which drops the cumulative price, but then someone else had a buy order enacted at the same time, so loss/gain but literally two people reaped the benefit of that transaction. The rest reeled in horror when we see a huge ass drop. That happened with Ethereum over the summer. The shit went from 250 bucks a coin to like .02 because someone unloaded like a million ether, but then a minute later someone bought a million ether....yeah it's all legit.

    Nothing more than a massive shorting scenario, if you have some extra money to play around with, you can double, triple or quadruple your cash outlay. I know I'm not gonna be a millionaire by betting/buying now. Those who do are major fooles.
     
    Last edited: Dec 9, 2017 at 4:01 AM
  19. Bobby Mahogany

    Bobby Mahogany Senior Member

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    What I predicted in the other thread?

    [​IMG]
     
  20. sk8rat

    sk8rat Senior Member

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    Donal and DADGAD like this.

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