Post
Topic
Board Speculation
Re: Has the recent BTER hack affected the bitcoin price?
by
NotLambchop
on 18/02/2015, 17:11:24 UTC
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.

Of course not.  Bitcoin simply attracts scammers like shit attracts flies.  Can't blame shit for attracting flies, can you?  No.

Sure, I could argue from first principles, and make a decent case for Bitcoin being conceptually flawed, inherently lacking in mechanisms for recourse when shit goes wrong, but that's a bit off-topic.