Quote from: the founder (FlexCoin) on August 08, 2011, 01:04:18 PM

the problem is the article is partially correct.

If we continue down this path of stealing, hacking and robbing each other regarding bitcoins, it WILL fail. I spent large amounts of money building flexcoin... I'm betting big that we'll be okay.... but in order for that to happen there cannot be another "150,000 coins stolen / robbed " every 10 minutes....

think about it.

1 - dude saw 25,000 coins vanish from his desktop
2 - Goxed
3 - polish exchange 17,000 coins
4 - mybitcoin 150,000 coins
---- this list goes on....

I understand hackers... but what's happening with most of those cases isn't hackers... it's criminals and thieves... that's not the same thing... not even close.

hacking always meant (at least when I grew up) to try to break something... just to see if you can.... and if it turns out to be a security flaw you told the developer before publishing it.

This? These are people that steal bitcoins and in essence destroying what they are stealing, hence they are idiots.

Picture this... a company builds a program that secures stock transactions on NASDAQ and is listed on the said exchange.... hackers target the company, and hack their software where they "steal a bunch of shares of it" ... then the criminals try to dump it as everyone else is because their "secure" software isn't so secure.

In a nutshell, each time they are stealing it it's destroying the very nature of what makes it appealing... hence destroying it's value.

It's my feeling that these people are not actually motivated by money... they have a goal.. and that includes destroying bitcoins.

I feel your rage but disagree about the motivation for the theft. It's mostly about the $ they can make. Sure, they're dumping and causing the market to fall but it is a 'bird in the hand' issue. Their 'investment' is the time and expense of stealing the coins, not mining or selling or other legitimate earning. Plus, if Bitcoin (the market and the algorithm) can't withstand this sort of problem, then fail it should. After all, we're always going to have thieves and the system must be robust enough to withstand them.

I like Bitcoin but I haven't bought any. I'm not motivated to otherwise earn any either. I simply don't have a warm fuzzy about their security...neither their future utility.

Rob Lister

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