Author Topic: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt  (Read 7079 times)

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Offline RoGeorge

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #1 on: February 04, 2019, 07:36:06 am »
Well, time to de-dust my vintage quantum computer, and let it run KEyExtrc.qb for a couple of minutes.



Muaahahaha!  >:D

Offline EEVblog

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #2 on: February 04, 2019, 07:45:03 am »
 
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Offline Psi

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #3 on: February 04, 2019, 07:46:00 am »
The article should be

"Canadian crypto exchange QuadrigaCX found to be grossly negligent after discovery only one person knew the password to $262 million in crypto currency.
Greek letter 'Psi' (not Pounds per Square Inch)
 
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Offline Marco

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #4 on: February 04, 2019, 08:11:24 am »
So they employed one technical expert to try to access a laptop, to retrieve a fucking quarter billion? And he died in India? Where is the bitcoin address for their cold storage? Why don't they just throw the specs of the laptop and encryption on the internet and offer a 10 Million bounty?

Yeah, sure.
 
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Offline Red Squirrel

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #5 on: February 08, 2019, 03:44:14 pm »
Had an account there, thankfully not much funds.  Don't remember how much, maybe like 10-20 bucks worth at most.  Too bad though, it was one of the few Canadian exchanges.  Most of them are American.

It's crazy it was on a laptop of all things.  I bet there was no raid or backups.  Accident waiting to happen.  Should have had it on a home server with proper backups, at the very least.  Ideally air gaped. Maybe a backup in a safety deposit box too.

Not that any of that would have prevented this particular incident though but could have had the unlock info in his will.

Will be interesting to see how this unfolds though, as it does seem all very fishy and the death may actually be faked.  Supposedly there is a place in India that will help fake your own death.  Interesting speculations on the quadrigacx and quadigacx2 subreddits.

 

Offline Stray Electron

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #6 on: February 08, 2019, 09:22:04 pm »
  With the possibility that the users will lose 262 Million in income and various governments losing the tax due on 262 Million of income, I would think that many governments would launch a federal investigation into whether this might be part of a scam operation.  But the real question to me is whether the 262 was real physical money or just paper profits on much less.  Real money doesn't just disappear, somebody somewhere has it.  Paper "profits" on the other hand.... 

  Hey I have an idea.  All of you send me $1. In return I will promise you a profit of $262 million.  But if I die first or if I forget some mythical password, you're all screwed.   Get the idea?
 

Offline metrologist

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #7 on: February 08, 2019, 10:30:50 pm »
I thought crypto currency had real value in its space.

Anyway, this guy probably went to India to fake his death and is probably hiding it out somewhere.

I also thought crypto was serialized in every transaction so that its entire history could be tracked?
 

Offline Bud

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #8 on: February 08, 2019, 11:48:13 pm »
Coins can be sent to  a mixer service where they will transact with other members' wallets in random manner so tracking becomes very difficult if possible at all.
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Offline RoGeorge

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #9 on: February 09, 2019, 07:15:31 am »
real physical money

AFAIK, there is no such thing like real physical money, and this is so for a very, very long time. 

Back in the days there was a time when money bills were backed by gold reserves, or maybe by other physical goods.  Not any more.  Now, governments are simply printing money when they think so.

Money is nothing but trust in the current world, current power and current govs. So, I'll say no, those were no physical money.  Just numbers, like any other type of nowadays money.

Roosvelt started typing extra money, and Nixon made it final:
http://mentalfloss.com/article/12715/why-did-us-abandon-gold-standard.

Those were hard times back then, not judging the past, just saying we are living in an era of economic trust. 

Money is volatile.  Cryptocurrency is even more volatile.

Offline chickenHeadKnob

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #10 on: February 09, 2019, 07:18:18 am »
There never was a cold wallet as described in these stories, hence there is no wallet address to track on the block chain. Quadriga was an embezzlement scam from the outset. A co-founder and significant shareholder was Michael Patryn alias Omar Dhanani convicted fraudster. Very likely all crypto on Quadriga was moved from Quadriga's hot wallet(s) to wallets kept on other exchanges, like Bitfinex, huobi, kraken ect. On a continual basis. Spent and gambled away, in a kind of fractional reserve banking scam.

reddit official Quadriga column, moderated by someone at Quadriga:https://www.reddit.com/r/QuadrigaCX/
reddit unofficial column:https://www.reddit.com/r/QuadrigaCX2/

excellent youtube reviews:

https://www.youtube.com/watch?v=3xfoZewsUWo&feature=youtu.be

 

Offline Stray Electron

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #11 on: February 10, 2019, 12:00:32 am »
]

AFAIK, there is no such thing like real physical money, and this is so for a very, very long time. 

  Point taken but paper dollars (or Pounds, Yen, etc) still have a physical presence and are always going to be worth whatever the US Dollar is worth in the world market.  OTOH a number on a computer screen from someone like Quadriga or Bitcoin has no inherent value what so ever and never has.  It's only worth what ever value someone else thinks that it's worth and is willing to give you paper dollars in exchange for. If no one thinks that it's worth anything than it's worth zero regardless of how large the numeric number is. It's only the power of belief in the value of virtual currency that makes it worth anything and how anyone can believe in a virtual company that exist only in the cloud of the internet and with no physical presense or assets is beyond me.

   The entire reason that paper currency still has "value" even though it is no longer baked by gold is that it established a value in the economic marketplace when it was backed by gold and it still retains that "value" even after the gold reserves were removed. Not every currency was able to retain it's value against other currencies so they have fallen when compared to others.  The most widely known example was the value of the Germany Mark in the 1930s. Today's Venezuela is rapidly heading down the same path.

   Pretty much everyone, worldwide, has confidence in US Dollars and will accept them.  Quadriga and other virtual currency,  not so much. 
 

Offline sokoloff

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Offline Dave

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #13 on: February 10, 2019, 01:14:03 pm »
   The entire reason that paper currency still has "value" even though it is no longer baked by gold is that it established a value in the economic marketplace when it was backed by gold and it still retains that "value" even after the gold reserves were removed.
So you're saying that it's only the power of belief in the value of fiat currency that makes it worth anything, gotcha.
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Offline MT

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #14 on: February 10, 2019, 03:35:44 pm »
One solar storm strong enough and all your bitcoins are gone while gold stays and remains in its shape where it is. :-DMM



The entire reason that paper currency still has "value" even though it is no longer baked by gold is that it established a value in the economic marketplace when it was backed by gold and it still retains that "value" even after the gold reserves were removed. Not every currency was able to retain it's value against other currencies so they have fallen when compared to others.  The most widely known example was the value of the Germany Mark in the 1930s. Today's Venezuela is rapidly heading down the same path.

Pretty much everyone, worldwide, has confidence in US Dollars and will accept them.  Quadriga and other virtual currency,  not so much.
;D  you rely buy into bitcoin/dollar banksters official constructed explanation. Notice how loads of folks labels this
latest bitcoin fraud in "million of dollars"! So there you go Bitcoin isn't a currency, but dollar are yet both is systematized ponzi like scams.

I leave you pondering over why numerous countries repatriating their gold reserves from US and UK and why there is so much fuzz about it for the past 5-6 years also on why China, Russia and other has been stock piling gold for a decade at least and why Europa is starting up their own Swift while everyone else is doing their best to abandon US dollar toilette paper. US have national debt of 23 trillion, will they pay? of-course not, so what can they do except hard reset, so US as of today is already bankrupt while FED continues print toilette paper as crazy's.

Interesting to see in reality it is to increase a nations debt, some paper, ink and men in suits, and there you go!
« Last Edit: February 10, 2019, 05:19:12 pm by MT »
 

Offline Red Squirrel

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #15 on: February 11, 2019, 07:43:57 pm »
http://dayssinceacryptocurrencyexchangehaslostmorethan100million.com/    :-DD

Now that is pretty funny lol.


I kinda want to look at what it takes to run an exchange... I feel I would do a better job than half of these operations because my motive would not be corruption.  I imagine it would be decently profitable to run one without having to be corrupt or negligent.
 

Offline Bud

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #16 on: February 16, 2019, 03:15:37 am »
Seems a perfect scam...
Quote
QuadrigaCX and its affiliated companies are registered in British Columbia, but it has no offices, no bank accounts and no employees, aside from a handful of contractors.

The B.C. Securities Commission issued a statement Thursday saying it has been aware of QuadrigaCX's operations since 2017. The agency said QuadrigaCX was not subject to regulation because it did not operate as a marketplace or exchange under B.C. securities laws.
 

https://www.halifaxtoday.ca/local-news/details-emerging-about-gerald-cotten-the-young-founder-of-quadrigacx-1233825

No offices, no employees, no regulations. Single laptop, single owner, run out of a home office.
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Offline Mr. Scram

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #17 on: February 16, 2019, 03:32:32 am »
It's remarkable how many cryptocurrency exchanges face unlikely and mysterious external conditions which render them unable to pay out the vast wealth they're holding for the rightful owners.
 
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Offline Bud

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #18 on: February 16, 2019, 03:43:23 am »
Yes possibilities are endless. Forgotten password, failed hard drive that had no backup, hacker erased the data, the dog ate the paper with the cold storage keys, etc.
And noone has seen the dead founder body yet BTW.
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Offline sokoloff

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #19 on: February 16, 2019, 12:59:28 pm »
It's remarkable how many cryptocurrency exchanges face unlikely and mysterious external conditions which render them unable to pay out the vast wealth they're holding for the rightful owners.
Yes, it seems like an extraordinarily difficult business...  :-DD
 

Online rsjsouza

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #20 on: February 16, 2019, 01:14:24 pm »
real physical money

AFAIK, there is no such thing like real physical money, and this is so for a very, very long time. 
You are talking about two different things: physical money and money value. The latter is what you are talking about in the rest of your post.

Physical money exists: having a chest of US$100.00 bills is real and can be exchanged anywhere with very little difficulty.

Having US$260M in a pendrive or in the computer screen of your bank account website is what is perceived as real but loses value as soon as the password is lost or the bank goes bankrupt or other scenarios: war, government seizure, economic crash, etc. (I have been through the latter two scenarios)
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Offline Mr. Scram

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #21 on: February 16, 2019, 02:55:48 pm »
You are talking about two different things: physical money and money value. The latter is what you are talking about in the rest of your post.

Physical money exists: having a chest of US$100.00 bills is real and can be exchanged anywhere with very little difficulty.

Having US$260M in a pendrive or in the computer screen of your bank account website is what is perceived as real but loses value as soon as the password is lost or the bank goes bankrupt or other scenarios: war, government seizure, economic crash, etc. (I have been through the latter two scenarios)
Good luck spending that "physical money" when it's in a practically unbreakable vault.
 

Online rsjsouza

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #22 on: February 16, 2019, 11:07:58 pm »
You are talking about two different things: physical money and money value. The latter is what you are talking about in the rest of your post.

Physical money exists: having a chest of US$100.00 bills is real and can be exchanged anywhere with very little difficulty.

Having US$260M in a pendrive or in the computer screen of your bank account website is what is perceived as real but loses value as soon as the password is lost or the bank goes bankrupt or other scenarios: war, government seizure, economic crash, etc. (I have been through the latter two scenarios)
Good luck spending that "physical money" when it's in a practically unbreakable vault.
My post talks about any virtual representation of "physical money", which surely can be stored in an almost unbreakable vault. Actual physical money... Not so much.
Vbe - vídeo blog eletrônico http://videos.vbeletronico.com

Oh, the "whys" of the datasheets... The information is there not to be an axiomatic truth, but instead each speck of data must be slowly inhaled while carefully performing a deep search inside oneself to find the true metaphysical sense...
 

Offline Mr. Scram

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #23 on: February 16, 2019, 11:32:53 pm »
My post talks about any virtual representation of "physical money", which surely can be stored in an almost unbreakable vault. Actual physical money... Not so much.
Use any other comparison, like the paint they use to mark stolen bills. I'm simply illustrating the perceived difference isn't there. We're just more used to fiat money. Paper money is as much a representation of value as a blockchain stored on a drive is.
 

Online rsjsouza

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Re: A Lot Of Folk Without Their Own Crypto-Lockers Are Going To Get Burnt
« Reply #24 on: February 17, 2019, 12:24:49 pm »
My post talks about any virtual representation of "physical money", which surely can be stored in an almost unbreakable vault. Actual physical money... Not so much.
Use any other comparison, like the paint they use to mark stolen bills. I'm simply illustrating the perceived difference isn't there. We're just more used to fiat money. Paper money is as much a representation of value as a blockchain stored on a drive is.
No disagreement there, but you are talking about the value of money while I am talking about liquidity. And that is the caution I made in my original reply to RoGeorge's post. Your original post indicates the liquidity of "physical money bills" is equal to a criptocurrency or other representation. Being pragmatic, this is not simply a perceived difference; it was decided by international agreement that FIAT money carries value and was defined as the basis for goods exchange in intranational and international exchanges.

I am not talking about the value money has in the act of goods exchange: I surely know in practice that FIAT money can be equally worthless or valued depending on the conditions (war, famine, transnational exchanges, etc). 
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Oh, the "whys" of the datasheets... The information is there not to be an axiomatic truth, but instead each speck of data must be slowly inhaled while carefully performing a deep search inside oneself to find the true metaphysical sense...
 


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