Post
Topic
Board Beginners & Help
Re: Is this all just one big joke?
by
Tronlet
on 29/07/2011, 02:52:16 UTC
To help you with comprehension a little more, $tr3tch, I'd like to point out that whenever any news story says "counterfeit Bitcoins" in relation to the hacking scandal, they are not referring to actual faked bitcoins. They are referring to the fact that the hacker made Mt. Gox, and Mt. Gox only, report more bitcoins than they actually had, so that he could continue with his theft and hijacking with more phony bitcoins than he otherwise could have.

Actual counterfeit Bitcoins are impossible so far. You can't guarantee anything in the world, no matter how secure, but so far Bitcoin's been fully secure in regard to counterfeiting.

I just wanted to put my idea out there but, isn't losing faith in Bitcoin because of hacked exchanges basically the same as losing faith in the dollar because of some robbed banks? Please correct me if I'm wrong.

That's about it, although I think a better metaphor would be if someone hacked an ATM to report more funds than they actually had, so they could then withdraw more funds than they were supposed to have access to.

tl;dr, Bitcoin is secure, Mt. Gox's database was just deceived by a hacker.