Security Breach Forces Bitcoin Bank Inputs.io To Halt Operations 285
New submitter BitVulture writes "The hardcore Bitcoin community is abuzz with news of the closure of Inputs.io, a supposedly secure online Bitcoin wallet, after an attack resulted in the loss of 4100 Bitcoins. A PGP-signed message at the home page of the now mostly non-operational site briefly explains the situation: 'Two hacks totalling about 4100 BTC have left Inputs.io unable to pay all user balances. The attacker compromised the hosting account through compromising email accounts (some very old, and without phone numbers attached, so it was easy to reset). The attacker was able to bypass 2FA due to a flaw on the server host side.'
There's no word yet whether Inputs.io will eventually resume operations or whether the security breach will force the Bitcoin bank out of business."
Re:So? (Score:4, Interesting)
It's computer fraud and abuse. It's not like they really robbed a bank.
which, amazingly enough, in mots of the west gets a lot more of jailtime for you even if you stole nothing of actual monetary tangible value....
though, again as usual, one needs to ask if they just took it themselves, their ex-employee took it or..
Re:So simple... (Score:2, Interesting)
And yet that's what every proponent of Bitcoin (including the paid shills that edit this site) has tried to convince us of from the very beginning -- that Bitcoin could supplant real currency. Now that the whole plan is crashing down in flames those same proponents have no defence other than "Bitcoin was never meant for that purpose." Funny how your perspective changes when you find out your "sacred cow" is more like "a big steaming pile of bullshit."
That's what you get for buying into an easy-money scheme. No sympathy for the devil and all that.
Is my reasoning sound? (Score:5, Interesting)
I've been analyzing bitcoin lately, and have come up with the following reasoning:
As the coins are limited to 21M coins, you can, at this date, purchase 1/21Mth part of all the coins in the world for $300,-
Even if you put the odds of bitcoin supplanting US dollar very slim (1:1000), the only rational choice is to buy bitcoin.
If in 2030 the world uses bitcoins, you end up owning a sizeable portion (1/21M) of the entire money supply of the world's default currency.
How is this not a good deal? Heck, even at 1:1000000 odds of bitcoin supplanting US dollar would still make sense at $300,- per coin.
Where is fault in my logic? It seems too easy.