Bitcoin Theft: What Happens When No One, Steals Nothing?

 

 

Here is an article that was sent to me about the first Bitcoin theft. I would like to add this to the list of many reasons why not to trust this scam. The thing that I find interesting is that it might take the average person would take 10 years to “mine” a few Bitcoins and yet this guy had 25,000 Bitcoins sitting on his laptop. This Ponzi scheme is designed to create huge wealth for the early adopters and sell the dream to the greater fool. The big story is that the shift is from paper wealth into REAL tangible wealth. It is not from paper wealth into digital wealth. I believe that after the collapse TPTB will introduce a new global currency based off of this CIA pet project.

 

bitcoin

In the first Bitcoin theft of its size, a user has lost 25,000 BTC — or nearly $487,749 at today’s market rates — to an unknown thief.

While the Bitcoin community has always been quick to point out that it’s harder to forge a Bitcoin than to forge a dollar, it’s quite easy to take someone else’s Bitcoins: all you have to do is gain access to their computer’s hard drive. Once you’re in, stealing Bitcoins is easier than taking a wallet in the real world, and there’s no recourse for getting them back.

That said, it is possible to verify the movement of funds to ensure complainants are telling the truth due to Bitcoin’s public nature — services such as BlockExplorer allow users to see every transaction that has ever occurred through the network. The receiving account in this case, for instance, can be seen here.

As a decentralized network with no authority and no identities attached to the addresses used to send and receive Bitcoins, once Bitcoins are stolen they’re as good as gone.

While at the time of this writing the BTC is trading at $19.51, I wouldn’t be surprised to see their value drop over the course of the day as this news spreads. (Source for original article.)

9 comments to Bitcoin Theft: What Happens When No One, Steals Nothing?

  • PitBull Pappa

    I was wondering when you would comment about this…:)

    Keep stack’n… hold strong & go long…

    PBP

  • Hi Just thought I would comment about the your comments on bitcoins. Basically I enjoy you blog and I am to keen on silver, but you have missed he point on the bitcoin. Yes people will make money who are the early adopters, like anyone same with silver or anything in fact it is what you get for taking the risk in the first place!

    But the difference here is it isn’t a scheme to make money or even get rich like silver, it is just a form of exchange and therefore it is irrelevant whether the price is 0.00001 cent or $50.

    You see I live in Spain my clients are all over the world and I hate banks.

    So you tell me how can I do business with you and avoid the banking exchanges.

    OK it may not be perfect, but it is certainly a step in the right direction.

    Also as an exchange, it is fantastic it behaves the way it should, not like the silver exchange! Look you were right the price fell with the negativity of the stealing of coins.

    So on this occasion I have to disagree, but heh such is life.

    Other than that keep up the good work

  • PS and do not take this the wrong way, but for all I know you could be conning us all to buy silver, so you can get the price of silver up because you lost a fortune over the Hunt brother.

    As you can see the same thing could be applied to you. I have bought Silver and the price has dropped!

    Saying that I believe Silver is fine, and owning it I now find it is a real pain compared to the bitcoins lol

    Hmm here is a thought maybe you are hitting on bitcoins as it is a threat to Silver and therefore your considerable investment.

    Again do not take my words to literally, but from a reader/outsider it is a valid point of view.

    Saying that I hope we are both right

  • Silver Shield

    Stephen,

    Thank you for a nice counter argument.

    At the end of the day paper, fiat, wealth will disappear as the dollar comes to an end.

    Real tangible wealth like silver and many other commodities will see a tremendous rise in value as people run for the safety of REAL assets.

    Saying Bitcoin is an idea or answer that is in the right direction is wrong in my opinion.That is like saying the Euro is better than the Dollar. Fundamentally they are a fiat illusion.

    Bitcoin does is not widely accepted at least the dollar is accepted the world over and is a must for taxes and oil payments.

    It is not a step in the right direction digital money is what the Elite want for their Global currency I believe that this is just a test run for a much bigger plan.

    Having Bitcoin as an exchange of value is nothing more than another ghost of real money like gold and silver.

    “Gold is money and nothing else” ~ JP Morgan, testifying to the Pujo Committee, 1913.

    As for silver if you read my extensive articles about the ELite’s manipulation on silver starting with the Crime of 1873 to the drive by shooting in May you will see that there is a war of the fiat wealth trying to fight a shift in power. They may win short term victories but at some point they will not have any real silver to back up their paper game.

    Bitcoin is another derivative gambling con people are betting for the greater fool since it has not intrinsic value, you cannot realistically create them, and people have said that they are just looking for more people to accept them. (The greater fool.)

    I have never seen something shoot from a fraction of a cent to $30 in less than three months. It is not even a company like in the dot com bubble.

    We will see what will happen but I am all in on silver. The big difference with my silver investment and bitcoin is that I am not looking or need the greater fool. Silver waits for the day when the greater fools see the error of a debt based money, getting something for nothing and reality sets in.

    Thank you.

  • Scott Martin

    I sometimes like to try things out when I first hear about a new concept. Bitcoins seemed intriguing, at first, but the realities of this cyber cash seem to be a bit frustrating, at best.

    The software used to mine bit coins is CPU/GPU intensive, so it can and does slow down your computer to mine bit coins. If you have a dedicated rig(s), then that isn’t a real issue, but if you can afford the power and expense of high performance graphics cards, why spend the fiat on hardware (that will lose value over time) when you can invest in something else perhaps. Bitcoin (or is it BIT-CON) faucet seems out of commission most of the time, so procuring your first few fractional bitcoins is a bit of problem, at least for me. So far I have exactly zero bit coins, so I’m a bit coin pauper at the moment. I have tried a zero bit coin transaction to myself, which isn’t allowed. Not that a zero bitcoin transaction has much use other than to test the software.

    I guess I could beg for some bitcoin donantions, but isn’t that what the TBTF institutions are doing, begging?

    I would like to EARN some income. This is very hard to do at the moment, as there are no job openings in this area that even begin to match my skill set. Dollar denominated interest bearing accounts are paying next to nothing. My silver keeps accumulating, but doesn’t generate any income.
    At least I have a roof over my head.

  • twisted titan

    EVERYBODY KEEPS SAYING THE GREATEST THING ABOUT BC IS THAT IT CIRCUMVENTS TREGULAR CAPITAL AND CURENCY CONTROLS.

    MY QUESTION IS HOW LONG DO YOU THINK THAT WILL LAST?

    THE WAS A TIME WHEN YOU COULD HAVE MADE DAM GOOD MONEY WITH ONLINE POKER UNTIL ONE DAY OUT THE BLUE THE GOON SQUAD CRACKED DOWN ON THEM

    THE SAME WILL HAPPEN WITH BC AT A TIME AND HOUR OF THEIR CHOOSING.

    DONT PLAY THE GAME……OWN THE REAL THING WHILE YOU CAN FIND IT AND IT IS STILL AFFORDABLE

  • Derrick Best

    I will have to say that the Silver Shield has great point. But I can’t help but think that people’s perceptions about gold and silver will contradict Silver. Our capacity to deny reality even in a stark paradigm shift is proven. When I walk around my little town in London, there are numerous Cash for Gold shops around.

    I don’t think people will run to Gold or Silver. Even though it represents true wealth. The masses are very much asleep. And will either stay there or wake up on the wrong side of this shift. Outside of internet spaces like Silver Shield and Kaiser Report. People are very much asleep. Spread the message to as many people as possible.

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