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Silver and Gold
01-05-2015, 11:08 AM
Just as many of us have been saying. Now these people have no access to their money. What would happen is the power goes out for a few days or a week ?????? Good luck





Bitstamp, the second-largest dollar-bitcoin exchange, suspended operations early Monday, signalling what some are calling a watershed moment for the cryptocurrency.

The U.K.-based exchange said it would be halting withdrawals and dissuaded customers from making deposits following what it implied was a security lapse. Still, some have argued that this could be an excuse for a larger liquidity problem after the weekend's big drop in bitcoin's price.

"We have reason to believe that one of Bitstamp's operational wallets was compromised on January 4th, 2015," the company wrote in a message on its website.

http://www.cnbc.com/id/102309754

AnotherDave
01-05-2015, 03:23 PM
Just as many of us have been saying. Now these people have no access to their money. What would happen is the power goes out for a few days or a week ?????? Good luck . . .



Um, the same thing that happens when the power goes out at the supermarket? The people have no access to their Cheerios. They shut down until the power comes back on.

What would happen if the power to the ATMs went out for a few days or a week ??????? More than this one business taking itself offline to sort things out, I imagine.

Poor Twisted Monk
01-05-2015, 08:16 PM
After MtGox, no one thought it could happen again. It just did (in movie-preview announcer's voice).

Atlas Shrugged
01-05-2015, 08:50 PM
Um, the same thing that happens when the power goes out at the supermarket? The people have no access to their Cheerios. They shut down until the power comes back on.

What would happen if the power to the ATMs went out for a few days or a week ??????? More than this one business taking itself offline to sort things out, I imagine.

Nothing, I have plenty of cash.

anthonydr2
01-07-2015, 12:11 AM
Assuming I am ready diversified in hard assets across various risk/safety paths geo-politically speaking.

Is there somwhere I can go tomorrow or within the next two weeks to buy 3 bitcoins at market rate (assuming no major change from today). My requirements would include anonymity of purchase. no computer, email, smartphone or other electronic item used on my side (the purchase) yet I receive a handwritten code for a virtual wallet and additional code(s) composing the (pieces) 3 bitcoin which I then could uniquely have purchase/use rights to leverage in transaction - regardless of whether my subsequent usage is public or private? Additionally, I would want to verify my wallet going from zero to 3 prior to fully letting go of the funds and passing the agreed cash to the seller.

If this is possible can someone explain how?

I am in Baltimore County MD for a few days and will be in Ann Arbor, MI next week. Are these feasible locations to facilitate a transaction within a Starbucks cafe or similarly public location for exchange?

If this works, I may be interested in picking up a dozen or so as an interesting form of cash. The idea of having an extra physical wallet which simply stores numbers for anonymous purchases intrigues me, especially when considering international travel across multiple developed countries.

AnotherDave
01-07-2015, 10:20 AM
Assuming I am ready diversified in hard assets across various risk/safety paths geo-politically speaking.

Is there somwhere I can go tomorrow or within the next two weeks to buy 3 bitcoins at market rate (assuming no major change from today). My requirements would include anonymity of purchase. no computer, email, smartphone or other electronic item used on my side (the purchase) yet I receive a handwritten code for a virtual wallet and additional code(s) composing the (pieces) 3 bitcoin which I then could uniquely have purchase/use rights to leverage in transaction - regardless of whether my subsequent usage is public or private? Additionally, I would want to verify my wallet going from zero to 3 prior to fully letting go of the funds and passing the agreed cash to the seller.

If this is possible can someone explain how?

I am in Baltimore County MD for a few days and will be in Ann Arbor, MI next week. Are these feasible locations to facilitate a transaction within a Starbucks cafe or similarly public location for exchange?

If this works, I may be interested in picking up a dozen or so as an interesting form of cash. The idea of having an extra physical wallet which simply stores numbers for anonymous purchases intrigues me, especially when considering international travel across multiple developed countries.

Sounds do-able. You're probably getting PMs right now, but not from me. I don't have any to trade, darn.

robtmil
01-08-2015, 11:15 AM
It can always happen as long as an exchange holds your private keys.

insidedealer
01-09-2015, 04:57 PM
4 days later and the Bitstamp exchange is back operating.
No customer lost any money or bitcoins.
The exchange itself lost 5 million or so.
.
http://www.coindesk.com/bitcoin-exchange-bitstamp-resumes-services/
.

yellowsnow
01-09-2015, 06:57 PM
so who eat the 5 mil?

insidedealer
01-09-2015, 08:17 PM
so who eat the 5 mil?
As it should be...it's the corporation that had the security breach.
If you're thinking they can pass the cost on to their customers, think again. There's too much competition.
It would be like Target or Home Depot(US based corporations operating retail stores, fyi)) trying to pass on the cost of their own securiry breaches.
There's no tax benefit carved out for Bitcoin..they'll have to make or break on their own. The strongest and smartest will survive...which is at it should be.

yellowsnow
01-09-2015, 08:38 PM
As it should be...it's the corporation that had the security breach.
If you're thinking they can pass the cost on to their customers, think again. There's too much competition.
It would be like Target or Home Depot(US based corporations operating retail stores, fyi)) trying to pass on the cost of their own securiry breaches.
There's no tax benefit carved out for Bitcoin..they'll have to make or break on their own. The strongest and smartest will survive...which is at it should be.maybe they have some kind of business loss insurance with certain deductible

AnotherDave
01-09-2015, 10:17 PM
As it should be...it's the corporation that had the security breach.
If you're thinking they can pass the cost on to their customers, think again. There's too much competition.
It would be like Target or Home Depot(US based corporations operating retail stores, fyi)) trying to pass on the cost of their own securiry breaches.
There's no tax benefit carved out for Bitcoin..they'll have to make or break on their own. The strongest and smartest will survive...which is at it should be.

Good to hear that Bitstamp will be cleaning up its own mess, unlike Target, Bear Stearns, Bernie Madoff, "the real estate bubble", etc., etc. which are paid by the taxpayer, and participants of the FRN/USD economy at large.