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Becuase the transaction is on the blockchain it can't be reversed, right? And there's no legal recourse because all they've done is asked for a load of money and the server was cool with giving it to them?
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Feb 12, 2018 08:20
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Of course it can be reversed, all you have to do is get the majority of all miners that exist to agree to fork the entire blockchain to a point before that happened, rewinding time and reversing every other transaction that happened since that point something that actually happened with bitcoin already
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Feb 12, 2018 08:24
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Kung Food posted:Lets put it in MMO terms cause most goons are super dorks and should understand them better. it's open bnet vs closed bnet
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Feb 12, 2018 08:28
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Sentient Data posted:Of course it can be reversed, all you have to do is get the majority of all miners that exist to agree to fork the entire blockchain to a point before that happened, rewinding time and reversing every other transaction that happened since that point This technology is the loving worst. E: What pisses me off is even our regulators say blockchain has potential. They then poo poo on crypto currencies, but it’s like a throat clearing you have to do if you want people to take you seriously. Refried Noodle fucked around with this message at 08:47 on Feb 12, 2018 |
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Feb 12, 2018 08:41
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Sentient Data posted:Of course it can be reversed, all you have to do is get the majority of all miners that exist to agree to fork the entire blockchain to a point before that happened, rewinding time and reversing every other transaction that happened since that point
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Feb 12, 2018 09:04
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https://twitter.com/BitmexRekt/status/962963269337174017 This bot is fun to watch, this is the largest position I've seen liquidated so far, price just jumped almost 300 in 15 minutes
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Feb 12, 2018 09:24
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Another ICO exit scammed today. They ran away with 276.21 BTC & 2,446.70 ETH https://www.reddit.com/r/CryptoCurrency/comments/7wwx2d/loopxio_just_exit_scammed/ 
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Feb 12, 2018 11:44
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seems like theres more than 1 of those per day now
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Feb 12, 2018 11:48
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gary oldmans diary posted:seems like theres more than 1 of those per day now It's so easy to do that a lot of scammers started in 2016/2017 with creating Whitepapers and websites. Expect to see a lot more of these ICO scams imploding this year.
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Feb 12, 2018 12:23
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temple posted:its really dumb, like a bank cashier not checking your balance when making a withdraw. Embarrassingly, actual banks do this all the time. The Commonwealth Bank (one of Australia's largest banks) had an ATM error that allowed you to withdraw money you didn't have in your account. You didn't need to do an exploit, you just typed how much you wanted and it gave you it. A bunch of people were arrested for independently discovering this by accident and taking advantage of it. There are also a bunch of cases like this, where people discover the bank has hosed up and is allowing them to over draw millions and they can't resist the temptation.
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Feb 12, 2018 12:46
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gary oldmans diary posted:the little known solution to the byzantine generals problem where if more than 50% of your messengers at any time recommend that you unconditionally surrender then thats fine too You silly, why would anyone decide on anything other than HODLing the siege? You don't lose the battle until you order your troops to do something
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Feb 12, 2018 14:25
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When do the numbers go down again?
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Feb 12, 2018 15:20
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paternity suitor posted:When do the numbers go down again? No down just go up.
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Feb 12, 2018 15:49
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ilmucche posted:Becuase the transaction is on the blockchain it can't be reversed, right? And there's no legal recourse because all they've done is asked for a load of money and the server was cool with giving it to them? No- definitely illegal but good luck catching them. This would fall under ‘unauthorized access’ which deliberately modifying provided code to break a system definitely falls under. Much in the same way stealing a car that’s left unlocked and running is still illegal.
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Feb 12, 2018 16:25
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Rex-Goliath posted:No- definitely illegal but good luck catching them. This would fall under ‘unauthorized access’ which deliberately modifying provided code to break a system definitely falls under. Ah okay, but they get away because of bitcoin's main selling point: it's mostly anonymous and difficult to trace..
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Feb 12, 2018 16:45
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 https://www.youtube.com/watch?v=vhyAREaWfyU&t=40s
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Feb 12, 2018 16:57
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Rex-Goliath posted:I'll make an analogy as if this were an actual bank. https://www.youtube.com/watch?v=z6qN4JdylXM Ricky Gervais : Master hacker Bank Teller : Buttcoin server
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Feb 12, 2018 18:16
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ilmucche posted:Ah okay, but they get away because of bitcoin's main selling point: it's mostly anonymous and difficult to trace.. Yyyep
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Feb 12, 2018 18:19
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paternity suitor posted:When do the numbers go down again? later today or tomorrow, depends how big this bull trap gets
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Feb 12, 2018 18:26
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A key feature of being difficult to trace: every single action ever taken is clearly recorded and literally everyone has a copy
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Feb 12, 2018 18:53
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Sentient Data posted:A key feature of being difficult to trace: every single action ever taken is clearly recorded and literally everyone has a copy Is there any chance that every transaction going back to the beginning will someday be known? Because if so then  .
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Feb 12, 2018 19:19
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Harveygod posted:Is there any chance that every transaction going back to the beginning will someday be known? Because if so then Isn't this the entire point of the blockchain A blockchain,[1][2][3] originally block chain,[4][5] is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[1][6]Each block typically contains a cryptographic hash of the previous block,[6] a timestamp and transaction data.[7] By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
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Feb 12, 2018 19:22
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I'm guessing these are the same people that invest into every single scam ICO that shits out weekly.
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Feb 12, 2018 19:29
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I wish I had the funds to piss away to an ICO. Nah gently caress that I'll just use my college tuition.
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Feb 12, 2018 19:34
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how are bitcoins looking this week? how much mileage on the old blockchain?
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Feb 12, 2018 19:52
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Blue Train posted:Isn't this the entire point of the blockchain Not by design, no. Wallets (and bitcoin balance) are not inherent to the blockchain, but an abstraction put on top of it. Normally, people use a single bitcoin address for receiving butts, but there's no reason this has to be so. You could easily generate a new address for each transaction. That means that while you could track the transactions, you would necessarily be able to show that the same person spent butts received from two different transactions. With a bit of correlation analysis, you could get a pretty good idea, though. Even then, bitcoin doesn't necessarily require you use wallet addresses for identification; the entire system is designed with transactions issuing challenges. Wallet addresses are just the standard challenge. Aside from a piece of code introduced later enforcing that only a fixed set of challenges are legal (because of course they were exploited), there's little standing in the way of making much less traceable transactions. TLDR: Bitcoin is far from anonymous, but that's not inherent in the system.
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Feb 12, 2018 21:45
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I mean its semantic and the same vocabulary nuance exists with Tor. It doesn't make you "anonymous" per se, but it separates your identity as a individual human from your identity as a set of transactions/web requests until such time as someone has a way to connect it back to you.
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Feb 12, 2018 21:49
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Salt Fish posted:I mean its semantic and the same vocabulary nuance exists with Tor. It doesn't make you "anonymous" per se, but it separates your identity as a individual human from your identity as a set of transactions/web requests until such time as someone has a way to connect it back to you. Like, say, buying coins at an exchange or trading coins for anything in the real or virtual world that makes its way to you or an account you control
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Feb 12, 2018 21:52
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Correct, which makes it quite a bit harder to trace than other methods that you might use to move 6 or 7 figures worth of currency.
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Feb 12, 2018 22:00
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Salt Fish posted:Correct, which makes it quite a bit harder to trace than other methods that you might use to move 6 or 7 figures worth of currency. Cash? And that doesn't seem like a hard problem at all.
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Feb 12, 2018 22:03
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I see a lot of complains on the daily about Binance fees being too high yet nothing is done about it. Everyone here knows that social media is a very strong platform to get things done. Can we all come together and tweet or use whatever social media platform to reduce those fees? [snip] Suggestions for hashtags on Twitter: #BooBinanceFees #FairWithdrawal #WithdrawalForAll Obligatory thanks for the gold! And I can't believe this blew up as much as it did. Hopefully we can get some progress on this!
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Feb 12, 2018 22:03
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Fame Douglas posted:Cash? I don't know if carrying a million dollars in cash on your person in order to give it to someone is that great of an idea. I mean, like it or not it's a historic fact that bitcoin was used for organized crime because it's harder to track, easier to launder, and more convenient than other methods that existed 2+ years in the past.
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Feb 12, 2018 22:08
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Salt Fish posted:I don't know if carrying a million dollars in cash on your person in order to give it to someone is that great of an idea. I mean, like it or not it's a historic fact that bitcoin was used for organized crime because it's harder to track, easier to launder, and more convenient than other methods that existed 2+ years in the past. Is it historic fact? Seems dubious. It's certainly harder to track than electronically transferring real money. But I assume most organized crime never laundered their money through Bitcoin.
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Feb 12, 2018 22:12
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Fame Douglas posted:Is it historic fact? Seems dubious. It's certainly harder to track than electronically transferring real money. But I assume most organized crime never laundered their money through Bitcoin. Here's just a single example if you Google Bitcoin organized crime there is more, Russians and poo poo do it http://www.businessinsider.com/drug-dealers-laundering-their-money-at-bitcoin-atms-london-police-say-2017-12
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Feb 12, 2018 22:19
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I mean you can just ask this question: why did Silk Road use bitcoin? There isn't an any possible answer that doesn't involve the relative security improvement over other transfer methods and the illegality of what they were selling. Silk Road is also a great example because of how Ross Ulbricht failed to maintain separation between his real identity and the publicly known transactions on the blockchain. Once the investigators found him using his personal email they could immediately prove that he accepted like 30 million in BTC for illegal drugs.
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Feb 12, 2018 22:25
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I was thinking more of established "offline" organized crime, not online crime needing money transfers.
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Feb 12, 2018 22:27
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if i knew you were carrying around $1m in cash with no armed escort I'd jack the gently caress out of you
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Feb 12, 2018 22:27
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Fame Douglas posted:Cash?
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Feb 12, 2018 22:28
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InternetJunky posted:Have you actually tried to move 6 or 7 figure amounts of money in cash? Anything over 10k and you're leaving paper trails everywhere. Traditionally, that's why organized crime does something called "laundering" money through businesses that act as fronts. I find it hard to believe Bitcoins has been used at large scale for this.
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Feb 12, 2018 22:29
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InternetJunky posted:Have you actually tried to move 6 or 7 figure amounts of money in cash? Anything over 10k and you're leaving paper trails everywhere. lol
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Feb 12, 2018 22:33
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