Ninjastic
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Re: Has the recent BTER hack affected the bitcoin price?
by
Warren Buffert
on 18/02/2015, 17:02:26 UTC
Quote from: BillyBobZorton on February 18, 2015, 04:46:20 PM
Quote from: NotLambchop on February 18, 2015, 03:36:23 PM
Quote from: dataispower on February 17, 2015, 09:07:27 PM
Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

http://www.miningpool.co.uk/chinese-exchange-kipcoin-hacked/

They're dropping like flies, gentlemen.
Obviously, anyone that put their money into scam exchanges knew what would happen. Not Bitcoin's fault.

It IS bitcoin's fault if the protocol attracts an endless stream of scams and fraudulent service operators. I do agree with you that anyone who would put their money into bitcoin at this point is a fool, since history has shown us that essentially every bitcoin exchange or service will fold after a few years (at best).