Bitcoin exchange Bitstamp reopens with improved security following $5 million heist

By Shawn Knight · 4 replies
Jan 10, 2015
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  1. Bitcoin exchange Bitstamp is back open for business after being taken offline earlier this week to investigate a potential security breach.

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  2. JohnCB

    JohnCB TS Booster Posts: 118   +63

    Sorry we lost 5 million dollars of your money. For the next week all transactions are free! You're going to keep giving us your money right? We SWEAR that was a total fluke, definitely not an inside job and we promise, cross our hearts we'll never lose your stuff again. We cool?
    cliffordcooley likes this.
  3. ikesmasher

    ikesmasher TS Evangelist Posts: 2,999   +1,318

    because people involved in inside jobs take photographs of the scene of the crime. seems legit?
    I mean its valid to expect the possbility of an inside job (especially after gox) but the sheer fact that they made that backup....yea.
  4. captaincranky

    captaincranky TechSpot Addict Posts: 12,996   +2,528

    The price of Bitcoin is quite volatile. So, stealing $5,000,000.00 dollars worth when the price is down makes perfect sense. It's exactly the same as purchasing commodity or stock futures.

    Payday isn't right away, but that 5 mil could be worth 10 mil, a year from now.

    Since this exchange has chosen to cover the loss, it is exactly the same as purchasing futures.
  5. ypsylon

    ypsylon TS Booster Posts: 114   +21

    BTC, just like all other crypto-currencies, going down the drain. From perspective of last just 2 years going from highly secretive (often criminal) currency to fairly well known today. If you take into account that BTC lost most-by-far value of all currencies (crypto and 'ordinary' ones) I can't see much future for it. Implosion is not far away.

    At the moment mining for BTC is more than prohibitively expensive (especially for beginners) and getting worse with every passing minute. Cost of mining in last 3 years raised by thousands of %. I got rid off all mining gear almost year ago and now laughing at people investing *****ic sums of real money just to mine couple coins. It was best move ever. As far I'm concerned it can crash and burn.

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