Tuesday, October 29, 2013

Man Has $16,500 Worth of Bitcoin Stolen from MtGox

The Bitcoin holder may have been sloppy with his password, but do take note. From The Examiner.com:
Dave Wright had $16,500 of the crypto-currency Bitcoin transferred from his account without his knowledge. On April 23rd 2013, Wright’s Mt. Gox account was hacked by an IP address based in Holland and the money was transferred out. “Every time I log back into my account it is like returning to a murder scene, so sad.”[...]

 Since April, Wright has been contacting the company based in Japan and has been told there was nothing they could do to return his funds and he would have to contact his local police.

Wright cashed in 130 of his Bitcoins at $127 each ($16,510) and was looking forward to using the profits to pay off outstanding medical bills. Mt. Gox has a policy of only allowing $1000 to be cashed out in a 24-hour period. Wright was slowly getting disbursements of his money and was hoping for the entire transaction to be finished within a few weeks. During that period, a hacker broke into his account and interrupted the process of cashing out. The thief converted all the proceeds back into Bitcoins then transferred them all out to himself, thus circumventing the $1000 a day policy.

7 comments:

  1. You guys need to change the name of this blog to "Libertarian's Who Hate Bitcoin".

    ReplyDelete
    Replies
    1. Will you change your name to "Libertarian who loves Bitcoin"?

      Delete
    2. Sure.

      If men wearing purple thongs annoyed the state as much as Bitcoin does, I may not wear one, but I would surely be cheerleading those that did.

      Wenzel is so desperate to "right" where others are wrong he forgets the enemy. Nothing wrong with letting people know what you think the flaws are, expected actually. But why the daily updates? Why the endless list of hate spewed at the 1 thing on earth today that has even a small chance of bringing down the money power?

      Especially when there are just as many daily events demonstrating what a thorn in their side Bitcoin has become. Shame on Wenzel.

      Delete
    3. Agreed. Notice how they missed these two stories? :

      Norwegian student Kristoffer Koch turns $27 into $885,520 with Bitcoin

      http://tinyurl.com/l5bvlcv

      98 year old Grandma turns $1,000 into $20,000 in 12 months following her grandson's Bitcoin advice

      http://tinyurl.com/lpuq69f

      Delete
    4. Why?
      Up to now it wasn't called "Libertarians Who Hate Fiat Money" either even though they do.
      You weren't complaining about that.

      Delete
    5. "Nothing wrong with letting people know what you think the flaws are, expected actually. But why the daily updates? Why the endless list of hate spewed at the 1 thing on earth today that has even a small chance of bringing down the money power?"

      First, you seem to have a short memory. He was pretty upbeat in the initial stages, go back and search EPJ for Bitcoin and you can see positive write ups.

      You and many others that are heavily invested in Bitcoin are reacting emotionally to facts.

      Do you think that anyone who has seriously looked at Bitcoin aren't aware that early adopters are making money?

      That's not the issue.

      The issue is that there are risks with Bitcoin that aren't there with holding cash(even if we all agree that Fed money printing is screwing us) or bullion.

      I think his reporting on Bitcoin has been fair and the situation is fluid.

      Is government going to try to put Bitcoin under its thumb in a myriad of ways? Of course, I think we all agree on that, it's not even controversial.

      If you read the above, "Granny made 19K with 1K" or "Man turns $27 in to $885K" it almost sounds like a ponzi scheme or a scam of some sort.

      Now, is it? I don't know, but regardless Wenzel is doing what he always does, report the facts.

      There's no lack of libertarian oriented websites blindly cheerleading for Bitcoin(understandably so, we'd all like to see the death of dollar hegemony without losing our asses ourselves), so why not be a little gracious to the ONE website that tries to report things as they are instead of always how people want them to be.


      Delete
  2. Let me say it: if pieces of paper with dead people on them can be considered money then so can digital currency. If individuals consider bitcoins a form of currency then it is, and can cease to be as well. It would not be attacked by the govenemnt if it did not outperform thier garbage pails of paper debasment. The crackdowns and "busts" are a clear admission of this fact. Long live the evolution of digital governmnt free money.

    ReplyDelete