Which begs the question, why do ransonware criminals insist on bitcoin as payment to release users data?
Perhaps the ransom amount (€500 - €1000) doesn’t warrant the resources to track them down - do many police forces have the ability at scale to do the snooping? If you did find a suspect, he or she might be in Lagos, China, Russia or anywhere else without an extradition treaty?
When you are looking for those who sexually exploit children, then the resources are thankfully there.
Centralised data analytics at EU level might be a better catch all, if they could be fed the data points (i.e. instances of ransoms paid), collate evidence of the crime at scale against an individual and you have someone worth chasing / extraditing but as soon as you score some success the goal posts move - new layers of obfuscation are added to the money trail
Jeeze, you’re starting to sound like one of those lunatic fringe conspiracy theorists. Next you’ll be telling us some outfit like DARPA had something to do with it’s genesis, Satoshi is pure fiction to draw in the cyber nerds (who’ll maintain it blindly) with some enigmatic comic book-esque pulp-fiction backstory and while the shady types, use it to traffic all kinds of illicit things, buy adults, children, babies, organs, drugs, guns, fund terror cells etc. etc assuming, they would not or could not ever be traced… did ya ever think, maybe that was the plan all along.
Amazing how quiet this thread went…
I’m still very much a believer in Bitcoin and a few other cryptocurrencies.
Bitcoin is on another bull run and will eventually surpass its previous all time high ($19,666).
For now it seems to have it’s uses for some people.
Hopefully, for his sake, he didn’t also hand over his private keys.
Lost apparently. Now can you see how this could be a problem with Bitcoin over time?
Could this story be pure BS?
Could he access these funds in the future if he in fact has the codes?
It could, and if it is then he could access those funds at a later date.
The guards would know at that point that the funds were accessed.
The issue remains that at some point a person could take their codes(bitcoins) to the grave and at that point they would cease to be of use to anyone. Over time this issue would compound.
Very deflationary and a major boon to the (living) holders
surely undermining of it as a real currency on the store of value criterion.
Every bitcoin is 100 x 10^6 atomic units so the less coins that are accessible increases the value of the remainder but doesn’t immediately prevent there being a sufficient number of coins to be useful.
I imagine that the rate at which bitcoin are lost will slow down significantly if a time comes when they are in wider usage and circulation.
Yes, he (or someone else known to him) more than likely still has access to the seed words (codes) but if they’re lost then the Bitcoin will remain inaccessible on the blockchain.
Interestingly, the value of Bitcoin jumped 5% on Wednesday, the day of the court hearing, only to revert to its prior level on Thursday.
If this is connected to the Irish story it suggests the market saw the deflationary consequences but then decided he hadn’t really lost access. Of course, Bitcoin is so volatile, anything could trigger a 5% daily move.
No doubt the CAB’s other targets are moving their cash into crypto on foot of this story, which confirms an important selling point for cryptocurrencies: they are above the law. In years to come, High Court judges will be treated to many more outlandish tales of missing codes. “Jaysus, yer honour, I couldn’t understand how Rover got into my bedside table. I went through his sh*t for a week but all I got was a piece of Lego and an immaculate medal.”
Write your own headlines!
Bitcoin back up to almost $16,000 for the first time since early 2018. I guess we can expect altcoins to follow once BTC surpasses its all time high (approx. $20,000).
Checking back in on bitcoin.
The cryptocurrency more than doubled in price from early December to a record $42,000 (€34,500) on Friday, leading some investment banks to warn of an impending bubble.
That article is complete bullshit. Large pullbacks and corrections are very common with bitcoin and have happened multiple times since Bitcoin’s inception. It’ll surpass previous all time highs in the coming weeks.
Maybe it will, and maybe it will fall back to the level of your post in November. Maybe it will fall below that.
It’s all over the place.
(The big problem with bitcoin and all digital currency is the death problem. )
Which makes bitcoin even scarcer. At least 4 million bitcoin have already been “lost”. Your bitcoin private keys should never be left on any exchange.