How soon until Bitcoin crashes?

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eyephone said:
Someone started the crypto correction and let?s say many people are not happy with him.
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Marketwatch: Elon Musk?s crypto tweets have ?destroyed lives,? says video purportedly from Anonymous

Elon Musk has ?destroyed lives? through irresponsible tweets that have recently roiled cryptocurrency markets, a group claiming to represent the hacker collective Anonymous said in a weekend video.

Last month, Musk sent bitcoin prices plunging after announcing Tesla would no longer accept bitcoin as payment for its vehicles, citing the high levels of carbon emissions produced by bitcoin mining. Musk said it was looking into other cryptos, such as dogecoin, that are more eco-friendly.
https://www.marketwatch.com/story/e...-video-purportedly-from-anonymous-11623019100




 
It takes one person to crater the price.

Common morron, its not a good bet. Take your money to Vegas for a better return if you willing to gamble.

No one praised him when he bought the stock and willing to trade bitcoin for Tesla and pumped the price up.

Dude had a planned to pump and dump. Although he does not need the money, why such a controversial moves I wonder.
 
Not as foolproof as thought?...


Bitcoin extends losses, falling below $32,000 after U.S. seizes most of Colonial ransom

Bitcoin?s price slipped again Tuesday. The world?s largest cryptocurrency continued to fall throughout the day amid a brutal sell-off among digital currencies.

The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline.

Court documents said investigators were able to access the password for one of the hackers? bitcoin wallets. The money was recovered by a recently launched task force in Washington created as part of the government?s response to a rise in cyberattacks.

https://www.cnbc.com/2021/06/08/bitcoin-btc-price-slides-as-us-seizes-most-of-colonial-ransom.html
 
Let them walk away? Not really bro
People still blaming Elon!

morekaos said:
Not as foolproof as thought?...


Bitcoin extends losses, falling below $32,000 after U.S. seizes most of Colonial ransom

Bitcoin?s price slipped again Tuesday. The world?s largest cryptocurrency continued to fall throughout the day amid a brutal sell-off among digital currencies.

The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline.

Court documents said investigators were able to access the password for one of the hackers? bitcoin wallets. The money was recovered by a recently launched task force in Washington created as part of the government?s response to a rise in cyberattacks.

https://www.cnbc.com/2021/06/08/bitcoin-btc-price-slides-as-us-seizes-most-of-colonial-ransom.html
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I thought it was unhackable?...funny these thefts don't really get a lot of press because you have to maintain the "I Believe" narrative in order for the Ponzi to continue...designed by criminals...for criminals...people are such sheep... ;D ;D >:D

Coinbase slammed for what users say is terrible customer service after hackers drain their accounts

https://www.cnbc.com/2021/08/24/coinbase-slammed-for-terrible-customer-service-after-hackers-drain-user-accounts.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail

More Than $600 Million Stolen In Ethereum And Other Cryptocurrencies?Marking One Of Crypto?s Biggest Hacks Ever

https://www.forbes.com/sites/jonathanponciano/2021/08/10/more-than-600-million-stolen-in-ethereum-and-other-cryptocurrencies-marking-one-of-cryptos-biggest-hacks-ever/?sh=1c402267f623
 
fatduck said:
anything you log into using a username and password is hackable
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When you are dealing in an unregulated environment with no rules or recourse...designed by criminals to serve crime..this is what you get...

Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry.

Making the issue even worse, cryptocurrency transactions cannot be reversed, according to the FBI. Experts say once criminals access an account, funds can be drained in minutes.
 
fatduck said:
did the FBI comment on whether ATM withdrawals can be reversed?
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They can be.  Happened to me and cash was back in that same day.  Can't say the same for Coinbase...that balance is gone forever.  FDIC and a regulated industry insure my balance against such thefts.
 
fatduck said:
that's not reversal, that's just insurance.  anything can be insured. 
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Stop debating the meaning of "stranded" or the context of the word "is"...Insurance, enforcement or regulation...who cares? The end result is the same, my deposits are protected, safe and reliable.  There are no such guarantees with Crypto..none.
 
zovall said:
morekaos said:
More Than $600 Million Stolen In Ethereum And Other Cryptocurrencies?Marking One Of Crypto?s Biggest Hacks Ever

https://www.forbes.com/sites/jonathanponciano/2021/08/10/more-than-600-million-stolen-in-ethereum-and-other-cryptocurrencies-marking-one-of-cryptos-biggest-hacks-ever/?sh=1c402267f623
Click to expand...

It seems this money was returned by the hacker:https://www.theverge.com/2021/8/23/...-600-million-stolen-crypto-hack-restored-defi
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It was but the fact that they hacked the  blockchain simply to prove they could has brought into question the whole safety of blockchain technology...it seems the un-hackable in not so much...
 
if someone hacks my steam account i'm not getting my games back.  anyone holding significant amounts of valuable data on a website is doing so at huge risk.  no different than keeping more than $250k in your wells fargo checking account.  buyer beware.

crypto is much easier to store securely than cash, though.  all you have to keep secure is a 256-digit number.  or a set of code words that you can memorize.  or you can leave it in the custody of a third party company, protected only by a username and password.  if i had millions in bitcoin, i know which route i would choose...

 
Not the game for me....

Preble had saved enough money to take the plunge into bitcoin and ethereum earlier this year, investing about $8,000. By April, her investment had grown to $12,000.

But one day that month, when she was trying to buy more crypto, it all started disappearing, she said.

?In front of my eyes, it went to $800,? she said. Suspected fraudsters were able to somehow gain access to her account.

To this day, she said she still has no idea how they did it.

?Horrifying. And all I think could think is, ?Wow, shouldn?t there be a better firewall???

After CNBC inquired about what happened to the couple, Coinbase sent Tanja an email on Aug. 20 that said the company ?does not have the ability to reverse crypto transfers sent off our platform. Unlike traditional banks or credit card companies, once crypto currency transfers are confirmed on the blockchain, they are permanent.?
 
if someone is saying blockchain is unhackable they are lying or wrong, or you're misunderstanding what they're saying.

bitcoin and other consensus algorithms are trivially "hackable."  you just need to control 51% of the hash power.  that can literally be done right now, with current tech.  it would cost billions of dollars to do, and wouldn't be profitable since no one would have any interest in owning bitcoin after your attack, but could be done by a nation-state with interest in destroying btc.  of course people could just fork an earlier version of the blockchain to btc2 or whatever, make some change to defeat your hashing equipment, and move on.  so it's just a matter of cost/benefit analysis for a potential attacker.  there are other ways to accomplish the same thing without brute force mining, e.g. by hacking or taking over the largest btc mining pools. 

an individual bitcoin address, and the private key that lets you control that bitcoin address and send/receive bitcoin, is not "hackable."  (or at least, if it is hackable, then so is everything else on the internet that relies on SHA-256 encryption including all traditional banking btw).  not a super convenient way to interact with the blockchain, though, so most people trade security for ease of use, and sometimes pay the price for that.  not in any way unique to blockchain or bitcoin.
 
morekaos said:
zovall said:
morekaos said:
More Than $600 Million Stolen In Ethereum And Other Cryptocurrencies?Marking One Of Crypto?s Biggest Hacks Ever

https://www.forbes.com/sites/jonathanponciano/2021/08/10/more-than-600-million-stolen-in-ethereum-and-other-cryptocurrencies-marking-one-of-cryptos-biggest-hacks-ever/?sh=1c402267f623
Click to expand...

It seems this money was returned by the hacker:https://www.theverge.com/2021/8/23/...-600-million-stolen-crypto-hack-restored-defi
Click to expand...

It was but the fact that they hacked the  blockchain simply to prove they could has brought into question the whole safety of blockchain technology...it seems the un-hackable in not so much...
Click to expand...
they exploited a vulnerability in poly network's smart contracts, which are software programs that facilitate transactions between different blockchains.  so the analogy would be more like hacking venmo or paypal than hacking banks.

the story is that they did it to "prove they could" but it appears that the reality is private investigators were able to track down the culprit fairly easily (due in part to the public nature of blockchain transactions) and the hacker feared retribution from chinese govt and so decided to return the funds (in exchange for a $500k "bounty").
 
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