# Bitcoin being targeted..



## invision (Aug 14, 2012)

Yep - this would be the primary reason why not to see Bitcoin as a viable choice as a currency in the future...

http://www.foxbusiness.com/technology/2013/03/29/bitcoin-exchange-mt-gox-targeted-by-cyber-attack/


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## UncleJoe (Jan 11, 2009)

I've been watching this unfold. Anything that threatens the monopoly The Fed holds on the monetary system will be shut down as quick as possible.


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## cnsper (Sep 20, 2012)

Yeah, monopoly money was always going to be legal tender..


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## CulexPipiens (Nov 17, 2010)

If you're into bit coin mining, as soon as you get a few, convert them to something else. Cash, PMs, etc. I've been tempted to setup a small farm to start mining as there would be minimal to no cost to me to do so. Essentially free money... but I haven't looked into it enough to determine just how long it takes to solve a problem to get a coin.


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## Immolatus (Feb 20, 2011)

Heres a basic mining calculator.
I love the idea, and obviously its value in USD has gone through the roof, but theres just something about it thats kinda fishy. Max Keiser and even ZH seem to be promoting it lately, which is a little scary. Anytime theres an article on ZH about it, theres long debates about its merits/viability. If you can mine at no cost besides the setup (a buddy of mine is interested and lives in an apartment and doesnt pay electricity) then it might be worth a shot. I would absolutely convert them immediately into pm's.
Theres some work on the .gov looking into it now too.


> The WSJ reports that, "*the U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities.* The move means that firms that issue or exchange the increasingly popular online cash *will now be regulated in a similar manner as traditional money-order providers such as Western Union Co.* They would have new bookkeeping requirements *and mandatory reporting for transactions of more than $10,000*. Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else's behalf would be subject to new scrutiny, said proponents of Internet currencies.


Source.


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## invision (Aug 14, 2012)

So what do you mean by "mining"?

J/C...


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## CulexPipiens (Nov 17, 2010)

From what I understand, you provide CPU cycles and earn "mine" coins. I.e. if you complete xx hours of number crunching to solve some "problem" then you are rewarded with a coin or fraction there of.

http://startbitcoin.com/ <--- for details.


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## UKzilla (Apr 10, 2013)

The Gox is like attacked every other day, you would think by now they would be prepared. Its not the government but big money/hackers, they sell their coins run the DDOS then as the market freezes up a bit they buy back in at a lower price.


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## bitco (Aug 14, 2013)

UKzilla said:


> The Gox is like attacked every other day, you would think by now they would be prepared. Its not the government but big money/hackers, they sell their coins run the DDOS then as the market freezes up a bit they buy back in at a lower price.


I dont trust any bank after this what happened in Cy. From where you know that is not the same the mtgox who hacked his own site?


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