The million bitcoin question: Can the system be hacked?




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Gavin explains the fundamentals of Bitcoin

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The million bitcoin question: Can the system be hacked?

Jason sets his software to generate bitcoins and Gavin explains why that’s a bad idea

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9 comments on “The million bitcoin question: Can the system be hacked?

The bitcoin economy is highly hackable (read: stealing bitcoins). The exchanges, online wallets, stores — it all depends on their security measures.

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guess you were wrong. now that is not.

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Bitfloor was hacked for over 250k just yesterday so there's your answer

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@happyrichie – insured? So when some asshole goes on a shopping spree and walks out of a store with a new flat screen courtesy of your credit card number, who pays? Visa? Well, no.. they don't go around shouting TV's. They factor that cost into your service and you have already paid for it. So if no-one uses your card, they still charge your ass for a fraction of all the fraud that their system cannot avoid. Probably make money out of it..

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the founder of bitcoin is a vulcan

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@merlinthe
Yes you're right, if they're stolen they're gone, and you won't get any insurance on them, in that way it's like cash. Encrypt your shit.

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@merlinthe but it's up to you to protect your shit, so if you carry a usb stick with good encryption around it's equivalent to carrying a small bank with you. Also, I guess you could use services like dropbox or cloud storage systems to store bitcouns, in theory?

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Well – the difference is that if someone steals money from my Bank account, or from my PayPal account, I can get it back quite easily (banks have to roll back transactions, Paypal's main strength is in fighting fraud).

On the other hand if someone steals my bitcoins, they're gone (or am I wrong?). I guess it's the equivalent of hiding all my cash in a sock.

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