bubble83



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MemberActivity: 72Merit: 10 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 10:19:23 AM #5 I had never heard of Kipcoin. It cannot have been big because I never noticed it on the Bitcoinity Chinese markets. 3k is a fair amount of coins but nothing like the amount Bitstamp and Bter lost.

kingcolex



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LegendaryActivity: 2310Merit: 1249 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 01:51:57 PM #14 All of those interest wallets are pretty much confirmed ponzi and need to be avoided because someone will decide it is time to "get hacked" as they're just trying to accumulate as many funds as possible then shut down and take them all.

kingcolex



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LegendaryActivity: 2310Merit: 1249 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 01:56:45 PM #16 Quote from: ChuckBuck on February 18, 2015, 01:52:28 PM Is this another centralized service that users are willingly trusting their private keys to?



Not saying it's right that they lose their stash, but I mean COME ON MAN!!!



If you leave your keys in the hands of the 3rd party centralized entity with no laws or recourse in place, you kinda deserve whatever happens...

I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins.



Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi. I have seen the same warning since GOX and it is still true to this day, if you don't have the keys you don't have the coins.Bitcoin gives you the possibility to be your own bank, don't get greedy and trust others with all your money for an interest you know is from a ponzi.

ebliever



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LegendaryActivity: 1680Merit: 1022 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 02:11:45 PM #20 Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.



Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.



Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures. Luke 12:15-21



Ephesians 2:8-9

1Referee



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LegendaryActivity: 2170Merit: 1420 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 04:42:20 PM #27 These services and exchanges are a paradise for hackers.



Why should they work if they can make millions in just a single day......



Very sad news, once again. It's quite clear that these amateurs can't run such a service.



luckyluigi



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MemberActivity: 239Merit: 10 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 04:48:07 PM #29 Quote from: ebliever on February 18, 2015, 02:11:45 PM Probably too soon to be able to reach firm conclusions, but as time passes I'd like to see someone research all the reported "hacked exchanges/online wallets/etc." and identify the root causes of the hacks. Is it malware/remote intrusion? Or inside jobs by employees? Or the owner of the exchange/business taking the funds and running? I suspect the 2nd cause (inside jobs by non-owners) may be the principal cause of theft.



Bitcoin businesses need to develop very robust security protocols before they even think about crafting their systems and opening for business. If they have any flaws or loopholes they WILL be found and exploited. Count on it. And that includes by insiders as well as outsiders to the organization.



Of course, traditional fiat businesses are facing the same situation, but there is a lot less transparency about their losses and failures.



1% ++ monthly returns is a pretty obvious ponzi if you ask me. 1% ++ monthly returns is a pretty obvious ponzi if you ask me.

BCwinning



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Hero MemberActivity: 728Merit: 500 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 04:51:13 PM #30

Is there a site taking bets on who is next? 4th one and only 2 months into the year.Is there a site taking bets on who is next?

privacy, it does the body good.

Official Bitcoin Foundation Secretariat

The New World Order thanks you for your support of Bitcoin and encourages your continuing support so that they may track your expenditures easier. https://www.rixty.com? ref=1337507 sign up for rixtyprivacy, it does the body good.Official Bitcoin Foundation SecretariatThe New World Order thanks you for your support of Bitcoin and encourages your continuing support so that they may track your expenditures easier.

redsn0w



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#Free market







LegendaryActivity: 1778Merit: 1041#Free market Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 05:23:35 PM #33 WTF, this is very very bad. The 2015 hasn't begun in a good way, I've read that it gave an interest for keep bitcoin on the site. I hope now people will start (really) to not keep their own coins on an exchange, site, etc.... but instead in their own bitcoin wallet.

Netnox



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LegendaryActivity: 2044Merit: 1008 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 06:06:52 PM #42 The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.

redsn0w



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#Free market







LegendaryActivity: 1778Merit: 1041#Free market Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 06:48:48 PM #44 Quote from: ChuckBuck on February 18, 2015, 06:11:47 PM Quote from: Netnox on February 18, 2015, 06:06:52 PM The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.



Exactly this, no regulation, no framework, no recourse.



It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.



Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

Exactly this, no regulation, no framework, no recourse.It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.



The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet). I think it is so difficult to "regulate" a crypto currency exchange, because the government should first regulate bitcoin (as cryptocurrency) and this is impossible. Because it is decentralized and not compatible with this economy system.The unique rule I can give is : don't keep your coins on an exchange (in this case a sort of web wallet).

GigaBit



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The Gold Miner







Sr. MemberActivity: 396Merit: 250The Gold Miner Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 07:17:13 PM #49 Quote from: ChuckBuck on February 18, 2015, 06:11:47 PM Quote from: Netnox on February 18, 2015, 06:06:52 PM The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.



Exactly this, no regulation, no framework, no recourse.



It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.



Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

Exactly this, no regulation, no framework, no recourse.It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

Hey old friend



I agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.



Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.



Only a few have exchanges actual backing... people want to genuinely trust exchanges.



New ones come up with big promises of interest and what not... they always all fail.



Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.



Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.



However, people are ultimately responsible if the exchanges or online wallet loses their coins.



No reason to leave your coin purse at the craps table at the end of the night, right?



If you do, you deserve to lose it; exchanges are not banks, they are casinos.



I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.



Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!



It's always a good idea is also using a reputable exchange. Hey old friendI agree, in most cases, exchanges fall and have no accountability; they should be insured against heists and such, just like banks.Even for mining, in many jurisdictions you need a prospector license for like $25 a year; slight money grab.Only a few have exchanges actual backing... people want to genuinely trust exchanges.New ones come up with big promises of interest and what not... they always all fail.Alas, it will never work as long as they don't have banking-level insurance and/or backing in case of heists.Exchanges and online wallets are the only weak spot in the entire Bitcoin infrastructure.However, people are ultimately responsible if the exchanges or online wallet loses their coins.No reason to leave your coin purse at the craps table at the end of the night, right?If you do, you deserve to lose it; exchanges are not banks, they are casinos.I can't stand having any coins of any type in an exchange and when I do send some it's not all my cache and WD as soon as my trades are done.Knowing the wild wild west is a good way to make a killing today and protecting your coin yesterday!It's always a good idea is also using a reputable exchange. -I'd rather be mining

darkangel11



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LegendaryActivity: 1456Merit: 1080 Re: Kipcoin lost 3000 btc and shutdown February 18, 2015, 11:51:12 PM #59 i pt it all in a hot wallet. Now there's no 3000 bitcoin and no kipcoin It's just coins changing hands. I bet they kpt it all in a hot wallet. Now there's no 3000 bitcoin and no kipcoin

teukon



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LegendaryActivity: 1246Merit: 1001 Re: Kipcoin lost 3000 btc and shutdown February 19, 2015, 12:32:27 AM #60 Quote from: ChuckBuck on February 18, 2015, 06:11:47 PM Quote from: Netnox on February 18, 2015, 06:06:52 PM The bright side is that all these poorly managed incompetent exchanges get washed away. There really need to be a stronger regulation on exchanges, then i bet 80% of these exchanges wouldn't pass the test.



Exactly this, no regulation, no framework, no recourse.



It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.



Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

Exactly this, no regulation, no framework, no recourse.It's one of the reasons, I'm actually fine with the Bitlicense and AML/KYC rules being applied to exchanges and services of the like.Without regulation, you get the wild wild west, and bad operators just up and leave when they'd make their dime, and claim it was "hacked".

It's one of the reasons I'm not too hard on exchanges like Gemini which actively seek regulations for themselves and hope to use state approval to advertise and bring in customers fed up with losing money in the wild west.



However, this is no reason to back Bitlicense or AML/KYC rules. As far as I understand it, the Bitlicense is not optional, a significant loss in freedom of choice and potential efficiency (the market is cut out of the process of determining efficient regulations) for no real gain in safety (I'd argue indeed a long-term loss in safety). Furthermore, AML/KYC rules wouldn't have prevented the loss of these 3000 BTC. All AML/KYC would have done here is cause hassle for Kipcoins customers, put a bunch of passport scans in the hands of potential fraudsters, and cost taxpayers money paying the salaries of bureaucrats to make this all happen. It's one of the reasons I'm not too hard on exchanges like Gemini which actively seek regulations for themselves and hope to use state approval to advertise and bring in customers fed up with losing money in the wild west.However, this is no reason to back Bitlicense or AML/KYC rules. As far as I understand it, the Bitlicense is not optional, a significant loss in freedom of choice and potential efficiency (the market is cut out of the process of determining efficient regulations) for no real gain in safety (I'd argue indeed a long-term loss in safety). Furthermore, AML/KYC rules wouldn't have prevented the loss of these 3000 BTC. All AML/KYC would have done here is cause hassle for Kipcoins customers, put a bunch of passport scans in the hands of potential fraudsters, and cost taxpayers money paying the salaries of bureaucrats to make this all happen.

cozk



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Hero MemberActivity: 770Merit: 500 Re: Kipcoin lost 3000 btc and shutdown February 19, 2015, 03:29:21 AM #62 Ah yes. The "hack".



I made a dream last night.

In that dream exchange operators all over the web were stealing BTC from their exchange wallets and blaming all of this on a ''hacker''.

Everybody believed it. Life is good.



Then again that is just a "dream"

koelen3



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Sooner or later, a man who wears two faces forgets







LegendaryActivity: 1022Merit: 1007Sooner or later, a man who wears two faces forgets Re: Kipcoin lost 3000 btc and shutdown February 19, 2015, 09:58:13 AM #67 That was expected of kipcoin sooner or later

it was always a ponzi for me

ca333



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Developer - EthicHacker - BTC enthusiast







Hero MemberActivity: 517Merit: 508Developer - EthicHacker - BTC enthusiast Re: Kipcoin lost 3000 btc and shutdown March 06, 2015, 04:29:21 PM #74 this is not possible to be hacked. in my eyes ALL recent "hacks" = inside attack from employers. because when you run btc-wallet on secured enviroment it s practically impossible to hack funds. but you must keep safe (hardware in controlled location, alternative transport layer for broadcasting funds from cold storage, and so and so on).... it s very sad this is happening again and again. this is only point when i say maybe a little bit control/regulation for exchanges is good. (example - BTC foundation makes team for testing btc-exchanges and only when it s really secure it gets a certification for securement)... but there is 10000 ways for making it s all better and safer.

(all is only my opinion)



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