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Hawkwing74 wrote:

And yet the BTC price is over 13000.

Hawkwing74 wrote:

Why is it "worth" $13,000? It has gained $3500 in a week. Seems bubbletastic to me.

Hawkwing74 wrote:

Why is it "worth" $13,000? It has gained $3500 in a week. Seems bubbletastic to me.

NiceHash wrote:

Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours.
Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken.
Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.
We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity.
We would not exist without our devoted buyers and miners all around the globe. We understand that you will have a lot of questions, and we ask for patience and understanding while we investigate the causes and find the appropriate solutions for the future of the service. We will endeavour to update you at regular intervals.
While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords.
We are truly sorry for any inconvenience that this may have caused and are committing every resource towards solving this issue as soon as possible.

ColeLT1 wrote:

Hawkwing74 wrote:

And yet the BTC price is over 13000.

Bitcoin itself was not the issue. Most likely a security issue with nicehash allowed them to steal or bypass the private keys. Once news of this hits mainstream, it may hurt the price or not.

K-L-Waster wrote:

ColeLT1 wrote:

Hawkwing74 wrote:

And yet the BTC price is over 13000.

Bitcoin itself was not the issue. Most likely a security issue with nicehash allowed them to steal or bypass the private keys. Once news of this hits mainstream, it may hurt the price or not.

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

K-L-Waster wrote:

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

Hawkwing74 wrote:

K-L-Waster wrote:

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

So Bitcon is FDIC insured, you say?

jbi beat me to it.

whm1974 wrote:

Hawkwing74 wrote:

K-L-Waster wrote:

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

So Bitcon is FDIC insured, you say?

jbi beat me to it.

Nope and why would it be?

Hawkwing74 wrote:

K-L-Waster wrote:

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

So Bitcon is FDIC insured, you say?

jbi beat me to it.

just brew it! wrote:

K-L-Waster wrote:

ColeLT1 wrote:

Bitcoin itself was not the issue. Most likely a security issue with nicehash allowed them to steal or bypass the private keys. Once news of this hits mainstream, it may hurt the price or not.

Exactly. Using this as a reason to avoid BTC is akin to using a specific bank robbery as a reason to avoid dollars.

That's a terrible analogy. Here's a better one: It's like using the fact that banks in some third-world country get robbed at a much higher rate than the worldwide average, and have no equivalent of our FDIC to guarantee customers' deposits, as a reason to avoid doing your banking in that country.

mudcore wrote:

As much as I sympathize with those who lost here I also can't help but wonder why they were using such poor management of their assets in the first place. I guess BTC transaction fees scare some off or a lack of knowledge. But either way. Again, do not trust your BTC (or any cyrpto) with a third-party. Set up local wallets, buy a hardware wallet, keep your coins with you.

K-L-Waster wrote:

My somewhat-sound-bite-ish point was that this isn't really a BitCoin-as-a-whole problem, it's a problem with a specific wallet provider.

There are going to be people who say the entire currency needs to be avoided because of this or mtGoX or equivalent. I think that's an over reaction.

just brew it! wrote:

Over-reaction, perhaps. But the repeated hacks of major players in the BTC ecosystem, resulting in loss of customer assets, is indicative of a problem. At least with banks and credit card processors, there's a safety net in place that ensures that customers (usually) get their money back when things go south.

Heiwashin wrote:

I don't see how they're going to manage to cleanly use any of that, it's being watched too closely now.

Kougar wrote:

Bitcoin transaction fees hitting a 100x markup from a year ago

DPete27 wrote:

In related news, Bitcoin was tested on the lightning network today!!!