casascius

VIP

Legendary



Offline



Activity: 1386

Merit: 1064





The Casascius 1oz 10BTC Silver Round (w/ Gold B)







Mike CaldwellVIPLegendaryActivity: 1386Merit: 1064The Casascius 1oz 10BTC Silver Round (w/ Gold B) Physical bitcoins can get stolen... November 18, 2011, 05:54:41 PM #1



Someone reported the first theft of four physical bitcoins in a recent burglary.



Quote from: a_buyer_of_physical_bitcoins_in_Canada

Oh I forgot to mention out of the first batch of coins I purchased I had given a few away, 4 of them had been physically stolen in a burglary, the guys had been later caught and some of the items recovered, jewelry etc,, but no bitcoins not sure if they got spent/sold or what



Oh I forgot to mention out of the first batch of coins I purchased I had given a few away, 4 of them had been physically stolen in a burglary, the guys had been later caught and some of the items recovered, jewelry etc,, but no bitcoins not sure if they got spent/sold or what

I find it novel to point out that this is about the only way physical bitcoins can be stolen... same as cash.



The four physical bitcoins are active and legitimate, so nobody needs to worry about their own coins being at risk. But not by hackers!Someone reported the first theft of four physical bitcoins in a recent burglary.I find it novel to point out that this is about the only way physical bitcoins can be stolen... same as cash.The four physical bitcoins are active and legitimate, so nobody needs to worry about their own coins being at risk. Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable. I never believe them. If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins. I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion. Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice. Don't keep coins online. Use paper or hardware wallets instead.

ultramancool



Offline



Activity: 18

Merit: 0







NewbieActivity: 18Merit: 0 Re: Physical bitcoins can get stolen... November 19, 2011, 04:39:16 AM #4 Quote from: casascius on November 18, 2011, 05:54:41 PM



Someone reported the first theft of four physical bitcoins in a recent burglary.



Quote from: a_buyer_of_physical_bitcoins_in_Canada

Oh I forgot to mention out of the first batch of coins I purchased I had given a few away, 4 of them had been physically stolen in a burglary, the guys had been later caught and some of the items recovered, jewelry etc,, but no bitcoins not sure if they got spent/sold or what



Oh I forgot to mention out of the first batch of coins I purchased I had given a few away, 4 of them had been physically stolen in a burglary, the guys had been later caught and some of the items recovered, jewelry etc,, but no bitcoins not sure if they got spent/sold or what

I find it novel to point out that this is about the only way physical bitcoins can be stolen... same as cash.



The four physical bitcoins are active and legitimate, so nobody needs to worry about their own coins being at risk.

But not by hackers!Someone reported the first theft of four physical bitcoins in a recent burglary.I find it novel to point out that this is about the only way physical bitcoins can be stolen... same as cash.The four physical bitcoins are active and legitimate, so nobody needs to worry about their own coins being at risk.

Not really, casascius could theoretically have the private keys. Never trust that he doesn't because there's no good reason to - only use your own generated addresses, print them out on paper if you please. Not really, casascius could theoretically have the private keys. Never trust that he doesn't because there's no good reason to - only use your own generated addresses, print them out on paper if you please.

Hexadecibel

VIP

Hero Member



Offline



Activity: 570

Merit: 504





I still <3 u Satoshi







Human Intranet LiasonVIPHero MemberActivity: 570Merit: 504I still <3 u Satoshi Re: Physical bitcoins can get stolen... June 06, 2012, 06:09:12 AM #6 Thats why I have my physical coins in a safe deposit box.... at the bank... is that ironic?



... the safe deposit box is free...

Bitcoin Cash: A purely peer-to-peer version of electronic cash

Bitcoin Cash's White paper: Avoid the Censored /r/Bitcoin on Reddit. /r/BTC allows open discussion, and public moderation logs.Bitcoin Cash: A purely peer-to-peer version of electronic cashBitcoin Cash's White paper: http://nakamotoinstitute.org/bitcoin/ Bitcoin Cash is Bitcoin.

Hexadecibel

VIP

Hero Member



Offline



Activity: 570

Merit: 504





I still <3 u Satoshi







Human Intranet LiasonVIPHero MemberActivity: 570Merit: 504I still <3 u Satoshi Re: Physical bitcoins can get stolen... June 06, 2012, 06:55:01 AM #8 I have another copy in a secrete safe arguably more secure than the safe deposit box. If that gets compromised then they bloody well earned it.



I figure the chances of both copies being destroyed at the same time would mean that we have been hit by an asteroid.



edit: the only way to open the safe deposit boxes are with special made keys, without which takes their lock smith 2+ hours with special tools to drill out.

not insured as far as I know.



edit2: 2+ hours per box with special tools. there are hundreds of boxes.

Bitcoin Cash: A purely peer-to-peer version of electronic cash

Bitcoin Cash's White paper: Avoid the Censored /r/Bitcoin on Reddit. /r/BTC allows open discussion, and public moderation logs.Bitcoin Cash: A purely peer-to-peer version of electronic cashBitcoin Cash's White paper: http://nakamotoinstitute.org/bitcoin/ Bitcoin Cash is Bitcoin.

DeathAndTaxes

Legendary



Offline



Activity: 1218

Merit: 1007





Gerald Davis







DonatorLegendaryActivity: 1218Merit: 1007Gerald Davis Re: Physical bitcoins can get stolen... June 06, 2012, 12:52:27 PM #13 Quote from: Fuzzy on June 06, 2012, 06:24:17 AM What happens if a bank gets robbed? Is the safety deposit boc insured, and how do you prove value if so?



What would be ironic if is the insurance company denied the claim.



Most banks have a policy prohibiting the store of currency in safety deposit boxes. Wildly ignored yes but they if a vault is compromised they won't cover claims on lost currency "yeah I had um 1.2 no lets make it 1.5 million in $100 bills in my box. I will take a cashier's check please".



While it would be bad news for the OP it would be good precedent for Bitcoin if the insurance company denied the claim on the grounds that Bitcoin was a currency and thus not subject to the policy. What would be ironic if is the insurance company denied the claim.Most banks have a policy prohibiting the store of currency in safety deposit boxes. Wildly ignored yes but they if a vault is compromised they won't cover claims on lost currency "yeah I had um 1.2 no lets make it 1.5 million in $100 bills in my box. I will take a cashier's check please".While it would be bad news for the OP it would be good precedent for Bitcoin if the insurance company denied the claim on the grounds that Bitcoin was a currency and thus not subject to the policy.

meanig



Offline



Activity: 531

Merit: 500







Hero MemberActivity: 531Merit: 500 Re: Physical bitcoins can get stolen... June 06, 2012, 03:13:19 PM #14 Quote from: meanig on June 06, 2012, 12:08:50 PM



http://www.bbc.co.uk/news/uk-12248666

Nice example of why safety deposit boxes are no longer safe

Quote from: Chaang Noi (Goat) ช้างน้อย on June 06, 2012, 01:15:25 PM "the owners of the boxes had to prove the contents inside belonged to them and, in the case of money, were legitimate income."



"The box holders included many Indian and Jewish families who were storing heirlooms and wedding jewellery because they feared burglars would steal them if they were kept at home.



For many of them, it took months to persuade the police to release their possessions."



oh wow...



I remember thinking at the time how much that whole operation stank of state enforced theft. None of the judges near the station where the raid was planned would issue the seizure warrants because they felt the grounds for searching the boxes was weak so the police had to get a "friendly" judge from miles away to help them out. Also confiscating possessions on the basis that you can't prove ownership is a blatant way of stealing wealth from ordinary citizens. I doubt that British museum could prove ownership of anything they possess but yet they don't get raided at dawn by the police.



Just goes to show that the rule of law means sweet fuck all if the authorities are desperate to get your wealth. I remember thinking at the time how much that whole operation stank of state enforced theft. None of the judges near the station where the raid was planned would issue the seizure warrants because they felt the grounds for searching the boxes was weak so the police had to get a "friendly" judge from miles away to help them out. Also confiscating possessions on the basis that you can't prove ownership is a blatant way of stealing wealth from ordinary citizens. I doubt that British museum could prove ownership of anything they possess but yet they don't get raided at dawn by the police.Just goes to show that the rule of law means sweet fuck all if the authorities are desperate to get your wealth.

BladeMcCool



Offline



Activity: 83

Merit: 10







MemberActivity: 83Merit: 10 Re: Physical bitcoins can get stolen... June 06, 2012, 04:12:51 PM #15 I guess the lesson here regarding the BBC story is, if you want to set up this kind of business, you better be prepared to have a shooting war with the police. Because apparently it will come to that if you want to actually be able to offer your clients what you are promising. So quick question .. I dont really want to hire Academi because they are Xe and Blackwater scumbos, but who is their competition? Is there any good paramilitary mercenarcy organization with strong morals and good rates and availability?