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New Mac OS Trojan Produces BitCoins

Unknown Lamer posted more than 2 years ago | from the why-is-my-computer-on-fire dept.

Bitcoin 247

angry tapir writes about an interesting use for malware. From the Techworld article: "A newly identified Mac OS X Trojan bundles a component that leverages the processing power of video cards to generate Bitcoins, a popular type of virtual currency. The new Trojan was dubbed DevilRobber by antivirus vendors and is being distributed together with several software applications via BitTorrent sites."

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247 comments

Joke's on them. (2, Funny)

MrQuacker (1938262) | more than 2 years ago | (#37903934)

Scamcoins arent worth anything anymore....

Re:Joke's on them. (3, Informative)

Anonymous Coward | more than 2 years ago | (#37903962)

I would imagine that they're being mined because they have value.

Re:Joke's on them. (0)

Anonymous Coward | more than 2 years ago | (#37903970)

If you have any lying around, they're still worth about 100,000 times more than they were at the beginning of BitCoin. However, everyone's mining them now, so it's become more difficult. Mining has become a complete waste of energy. Even if you're running a botnet, and not paying for your energy usage, you could still make lots more money by renting out the botnet for DDOS or proxy.

Re:Joke's on them. (3, Interesting)

phungus (23049) | more than 2 years ago | (#37904094)

The mining difficulty has been dropping in relation to the number of miners that have been leaving the network. This is exactly how the system was designed, and it's a good thing, because now I'm making more coins than I was before. :-)

Lots of folks have mining hardware that was paid off in the $30 days and now they still run for free at work or wherever. Not everyone is paying for electricity.

Re:Joke's on them. (2, Insightful)

Anonymous Coward | more than 2 years ago | (#37904438)

If they're stealing electricity from their workplace to do pointless busywork for bitcoins, that seems like a net loss for society. Unless they work for Holocaust Enterprises LLC. or something.

Re:Joke's on them. (1)

mandelbr0t (1015855) | more than 2 years ago | (#37904342)

Oh but there's a guy here who says he made MILLIONS! It must be possible to get rich if you do it right. He does seem to be the only one though...

"...the processing power of video cards..." (5, Funny)

willoughby (1367773) | more than 2 years ago | (#37903936)

As an owner of a Mac Mini let me just say, "Thank God, I'm safe!".

+1 funny, somebody. (0)

Anonymous Coward | more than 2 years ago | (#37903974)

Ha ha ha ha, I get it.

Re:"...the processing power of video cards..." (-1, Offtopic)

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Re:"...the processing power of video cards..." (1)

Surt (22457) | more than 2 years ago | (#37904466)

Ugggh. I see this junk everywhere. Will slashdot's overlords please consider terminating this account? (and the thousands just like it ...)

Re:"...the processing power of video cards..." (0)

Neil Boekend (1854906) | more than 2 years ago | (#37904684)

Woosh.
He is saying his videocard doesn't have enough power to be usefull for this. He's complaining his Mac Mini's videocard sucks.

Re:"...the processing power of video cards..." (2, Funny)

Anonymous Coward | more than 2 years ago | (#37904694)

Look at the comment you replied to. Now look at the one that that was in reply to. Now go wooosh yourself.

Re:"...the processing power of video cards..." (2)

MichaelSmith (789609) | more than 2 years ago | (#37904708)

Spammers have ways to automagically create accounts. Usually the spam accounts only create one message.

Just works! (5, Funny)

Anonymous Coward | more than 2 years ago | (#37903938)

I use MACs because they just work!

--A virus writer.

Re:Just works! (1)

Anonymous Coward | more than 2 years ago | (#37904138)

Fool, It's a Trojan, not a virus.

You have to actually sudo install it.

Re:Just works! (4, Insightful)

meerling (1487879) | more than 2 years ago | (#37904168)

There are very very few new viruses anymore, it's been like that for years. The problem is the media calls bloody everything a virus, even program glitches on occasion.
But it is malware, and it's a lot more than just a trojan. It's also backdoor, and phisher. It's a nasty little package, especially for anyone that thinks macs are immune.
Didn't see any mention of it having and poison pill functions if someone tries to remove it.

Re:Just works! (1)

Anonymous Coward | more than 2 years ago | (#37904270)

I work in the AV industry, and except in settings where the distinction is actually important, we too tend to throw around "virus" as a generic term for malware. So I wouldn't worry too much about it.

I can tell you one thing we _don't_ say is "virii"

Re:Just works! (-1)

Anonymous Coward | more than 2 years ago | (#37904576)

Fool, It's a Trojan, not a virus.

You have to actually sudo install it.

And here we see the usual Anti-Windows, Pro-Mac marketing bullshit.
Any time any type of Malware for Windows makes news, it gets titled "Virus". Any time it's malware for a Mac, the word "Virus" is avoided at all costs.

Re:Just works! (2)

CapuchinSeven (2266542) | more than 2 years ago | (#37905126)

That's because the type of crap Microsoft let walk all over it's operating systems in the 90's was just that, viruses.

Yes, precisely. (1)

Anonymous Coward | more than 2 years ago | (#37904238)

I would like to see you try to connect to an Ethernet network without a MAC. Yes, they "just work", but they are also requisite.

One lame troll deserves another, eh?

A perfect storm of trolling (4, Funny)

alostpacket (1972110) | more than 2 years ago | (#37903950)

A Mac Trojan and a Bitcoin story in one! Quick someone tie this into global warming!

Re:A perfect storm of trolling (4, Interesting)

AlienIntelligence (1184493) | more than 2 years ago | (#37903982)

A Mac Trojan and a Bitcoin story in one! Quick someone tie this into global warming!

What's there to tie into global warming...? Of course the production
of bitcoins uses processor or GPU, which uses electricity, which
pollutes the atmosphere cause it's the electricity from the coal plants
ONLY and not from the nuke plants... but the nuke plants are just
as bad cause they are all susceptible to tsunamis, even the inland
ones.

So, yeah, I added global warming AND nuke, there!

-AI

Re:A perfect storm of trolling (1)

Wandering Voice (2267950) | more than 2 years ago | (#37904798)

"So, yeah, I added global warming AND nuke, there!" Way to go! But you forgot about the children. What about the children!

Re:A perfect storm of trolling (0)

Anonymous Coward | more than 2 years ago | (#37903986)

The power draw will cause increased emissions leading to an acceleration of global warming.

Re:A perfect storm of trolling (1)

bloodhawk (813939) | more than 2 years ago | (#37904004)

Global Warming? of course it is global warming related, Bitcoin mining uses the Graphics card which itself directly creates heat, not to mention also increases power usages, most likely this trojan is the missing link in the whole climate change debate.

Re:A perfect storm of trolling (1)

Anonymous Coward | more than 2 years ago | (#37904024)

Al Gore is on Apple's Board of Directors.

Re:A perfect storm of trolling (0)

Anonymous Coward | more than 2 years ago | (#37904810)

And Apple fanbois are gay.

I think we're about done here. Kudos all around.

I guess someone was bored (0)

Anonymous Coward | more than 2 years ago | (#37903958)

With the rapid falloff of interest in Bitcoin someone must have gotten really bored to invest the time to create this trojan. I think they would have been better off creating a 419 scam claiming they need help to liquidate Bitcoin assets without sinking the market.

Re:I guess someone was bored (1)

AlienIntelligence (1184493) | more than 2 years ago | (#37904022)

With the rapid falloff of interest in Bitcoin someone must have gotten really bored to invest the time to create this trojan. I think they would have been better off creating a 419 scam claiming they need help to liquidate Bitcoin assets without sinking the market.

Actually, (not sure if you care) what happened was the
difficulty in generating the bitcoins got to the point where
buying equipment didn't pay off anymore. So, someone
not bored but greedy... decided to utilize everyone else's
equipment and electricity costs.

-AI

Follow the Trail (4, Insightful)

igreaterthanu (1942456) | more than 2 years ago | (#37903972)

As BitCoin transactions aren't anonymous, in fact they are completely public, it would be trivial to follow where the BitCoins end up - hopefully to catch the malware author.

Re:Follow the Trail (1)

Anonymous Coward | more than 2 years ago | (#37904020)

In all probability, it is to a wallet somewhere hidden and as soon as they can or realize they're being trolled, will purchase real currency with the bitcoins and disappear...

Re:Follow the Trail (4, Insightful)

BitZtream (692029) | more than 2 years ago | (#37904448)

If I was doing this, I would have done it just to be a dick, not to profit. That means I'd make it run on a Mac just to go along with the 'macs don't get viruses' meme, and I'd do bit coin mining for no reason other than to devalue it into oblivion because I'm sick Of seeing silly arguments over fiat currancies versus gold backed ones.

Not everything is about monetary gain. Sometimes people are just dicks.

Re:Follow the Trail (0)

Anonymous Coward | more than 2 years ago | (#37904718)

So you're saying you're a dick?

Re:Follow the Trail (2)

throwaway18 (521472) | more than 2 years ago | (#37904730)

Applying more computer power to bitcoin mining won't devalue bitcoin any more than it will anyway. The software adjusts the difficulty of generating blocks so that it generates approximately 7200 BTC every day for the next year, fewer after that. More computing power applies to mining just means that individual people mining get a smaller share of the coins being generated.

Re:Follow the Trail (1)

DrXym (126579) | more than 2 years ago | (#37905142)

Generating extra bitcoins when the price is plunging will devalue it further.

Re:Follow the Trail (0)

Anonymous Coward | more than 2 years ago | (#37905222)

If you attempt to sell what you mine, you will lower the price, as only a percentage of all miners intend to immediately sell. Most want to hold onto them in hopes of appreciating values.

Re:Follow the Trail (0)

Anonymous Coward | more than 2 years ago | (#37904846)

You see silly arguments over fiat currencies because you clearly don't understand that a) more computing power != devaluation, for reasons stated elsewhere, and b) the dollar isn't more "gold backed" than bitcoin, it's just backed by an economy that uses it (and that's having trouble). So there.

Re:Follow the Trail (2)

AK Marc (707885) | more than 2 years ago | (#37904854)

There are no gold backed ones, so an argument is one person who believes in a fictitious currency, vs one who believes in a currency with fictitious value.

Re:Follow the Trail (1)

SharkLaser (2495316) | more than 2 years ago | (#37904746)

As BitCoin transactions aren't anonymous, in fact they are completely public, it would be trivial to follow where the BitCoins end up - hopefully to catch the malware author.

And the trail starts from.. where?

Re:Follow the Trail (1)

igreaterthanu (1942456) | more than 2 years ago | (#37904800)

Debug the code in the malware, it has to either send the solved blocks somewhere (then find the address that solved that block) or it will send the BitCoins to some particular address.

Re:Follow the Trail (0)

Anonymous Coward | more than 2 years ago | (#37905172)

Yo mama. Or rather, her malware infested computer.

Re:Follow the Trail (1)

Sqr(twg) (2126054) | more than 2 years ago | (#37904774)

The bitcoins need not be created on the infected machines and then transferred to the crooks. Once the magic number is found, it can transferred in an untraceable way (public key encrypted and bounced around on infected computers) and the crook will appear no different than a regular bitcoin miner with a lot of processing power.

Unnecessary Definition is Unnecessary (1)

cosm (1072588) | more than 2 years ago | (#37903992)

that leverages the processing power of video cards to generate Bitcoins, a popular type of virtual currency.

At that rate, summary might as well have said:

"A newly identified Mac OS X (a popular Mac operating system) Trojan (a popular method for exploits) bundles a component that leverages the processing power (a measure of processing) of video cards to generate Bitcoins, a popular type of virtual currency (something used for economic exchange (the process of trading one thing for another (something other than the one thing))). The new Trojan was dubbed DevilRobber by antivirus vendors (companies that write viruses) and is being distributed together with several software applications via BitTorrent sites, places to download torrents (links that track the locations of pieces of a file (a collection of bits (binary representations of data, ie information)))"

Re:Unnecessary Definition is Unnecessary (2)

PessimysticRaven (1864010) | more than 2 years ago | (#37904062)

that leverages the processing power of video cards to generate Bitcoins, a popular type of virtual currency.

At that rate, summary might as well have said: ""

Well, hell. One day, the summary is too terse and doesn't explain enough.. The next day, the summary explains a single term (that, truthfully, no one pays attention to), and suddenly, that's too much?

Fickle bastards, we are.

Re:Unnecessary Definition is Unnecessary (1)

Khyber (864651) | more than 2 years ago | (#37904240)

You must be new here, O' almost a million over my UID user.

Re:Unnecessary Definition is Unnecessary (0)

Anonymous Coward | more than 2 years ago | (#37904398)

Hit 'em in the low.. er high.. hanging fruit.

Re:Unnecessary Definition is Unnecessary (0)

Anonymous Coward | more than 2 years ago | (#37904482)

hurrr

Re:Unnecessary Definition is Unnecessary (1)

PessimysticRaven (1864010) | more than 2 years ago | (#37904818)

You must be new here, O' almost a million over my UID user.

Simply a long-time lurker that, for reasons unknown, decided to sign up.

I was certainly missing "my UID's smaller than urs!" e-peen-waving snark in my life. What better place to find it than /. !

Re:Unnecessary Definition is Unnecessary (1)

PowerCyclist (2058868) | more than 2 years ago | (#37904148)

Um, while I would guess half or more of /.ers know what they are, the vast majority of the world's populous still doesn't know what Bitcoins are.

Re:Unnecessary Definition is Unnecessary (1)

Surt (22457) | more than 2 years ago | (#37904486)

I kind of liked the idyllic worldview in which the author assumed that not all of slashdot had been beaten over the head with a flurry of bitcoin stories, and therefore he had to explain the term. I mean those are some fine rose colored glasses if ever there were any.

Hahahahaha (0)

AnotherShep (599837) | more than 2 years ago | (#37904044)

Hahahahahahahahahaha "popular". Bitcoins. "Popular". hahahahahahahahahahahahahahahaha

Re:Hahahahaha (0)

Khyber (864651) | more than 2 years ago | (#37904242)

Hahahaha shows what you know.

You're just mad because you didn't make a few million from them like my company did.

Re:Hahahahaha (1)

jjohnson (62583) | more than 2 years ago | (#37904256)

How did your company make a few million (dollars, I assume) from bitcoin?

Re:Hahahahaha (0)

Anonymous Coward | more than 2 years ago | (#37904406)

The early bird. Be it. It gets the worm. Not early? Not a bird? NO WORMS FOR YOU!
(be jealous, my night crawlers are amazing)

Re:Hahahahaha (1)

SnarfQuest (469614) | more than 2 years ago | (#37904444)

Hahahaha shows what you know.

You're just mad because you didn't make a few million from them like my company did.

Didn't you mean of instead of from? Is this article about you?

Imagine in real life (1)

WetCat (558132) | more than 2 years ago | (#37904050)

You have called a plumber. Plumber came in with some guy. Some guy bringed his golden tin, went to your kitchen, took your hammer from your instrument stand and started to mint fake coins. Ow!

Re:Imagine in real life (1)

PowerCyclist (2058868) | more than 2 years ago | (#37904100)

Hey, I'd be upset if someone put wear and tear on my hardware no matter what the reason. As for Bitcoins, at least they're a new idea, and at their worst they're still pretty harmless. I haven't seen you try to come up with a better global economic system.

Re:Imagine in real life (0)

eineerg (2098930) | more than 2 years ago | (#37904770)

Hmm, friend borrows car to take partner to hospital. Fucken arsehole wearing out my sparkplugs

You laugh, and we profit. (1, Interesting)

phungus (23049) | more than 2 years ago | (#37904076)

Eh, you geeks may scoff but some of us are pulling in 20-30% profits *PER DAY* trading these "silly" Bitcoins.

It really is the ultimate geek fantasy project: a completely open ended, sky-is-the-limit, world political structure changing, disruptive open source software technology.

Anyone that hates without backing it up is just trying to feed you disinformation. Bitcoin directly challenges TPTB because it puts trading power back in the hands of the people.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904110)

If it's all the same to you, I'll keep laughing while you "profit".

I mean, investing in a disconnected bunch of utopians is just sad, but speculative investment? That just crosses the line into hysterical comedy, right there.

Re:You laugh, and we profit. (1)

Khyber (864651) | more than 2 years ago | (#37904248)

Except I've personally made a few million TANGIBLE dollars and paid taxes on it.

What again, son? You're mad because us smart adults actually kicked your asses at your own game of bullshit? Oh, as if we haven't been through this before in other times.

Please.

Re:You laugh, and we profit. (0, Insightful)

Anonymous Coward | more than 2 years ago | (#37904492)

Nope. Still laughing.

Keep bragging about your little play money and your scam coins. If it were really that simple, we'd be hearing about this all over reputable financial publications.

Reputable. Not Turbo-Libertarian Weekly, or Stoner Monthly. We'd have news of millionaires pouring in from all over the globe. Not a few whispers from scam artists who make up unverifiable stories to make themselves feel better for wasting thousands on high-end GPUs, "killer" computing rigs, and electricity for literally no useful reason.

So yes. Laughing. Peddle your Flooz elsewhere.

Re:You laugh, and we profit. (1)

Wandering Idiot (563842) | more than 2 years ago | (#37904622)

Assuming we believe you (which is a leap, given that you're making an unlikely, unverified claim on the internet) and that you traded the Bitcoins for millions in actual widely-accepted currency (like US dollars) before the recent drop in value, how many others can you say the same for? And how many others are going to be able to do the same now? Basically, if true, you're just arguing about coming out on top of a kind of lottery pool without actually doing anything useful for anyone else, besides making a miniscule contribution towards field-testing a type of currency that might become popular at some point in a modified form. So... congratulations, I guess? Hopefully none of the millions you extracted came from people who invested money they couldn't really afford to lose.

Re:You laugh, and we profit. (1)

UpnAtom (551727) | more than 2 years ago | (#37904126)

Since the crash, you're probably spending more in electricity than getting back in Bitcoins.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904236)

Not everyone has to pay for electricity. Some people get free electricity included in their rent, or they get some electricity from work or school, or they have solar panels, or they live somewhere where electricity is practically free.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904146)

20-30% profit my a$$! I've been following Bitcoins and I have seen nothing but valuation dropping from a peak of $32 per Bitcoin to $5 per Bitcoin over the months. Not finding your 20-30% profits PER DAY very believable unless you happen to be the virus writer that is collecting bitcoins from the massive bot farms you have!

Re:You laugh, and we profit. (2)

Khyber (864651) | more than 2 years ago | (#37904292)

Seems like you're totally incapable of doing day to day trading.

Oh well. Not my problem. I've made my money, 6-700X what I invested.

Perhaps you should stop listening to Austrians and Keynesians for economic advice.

Re:You laugh, and we profit. (2)

tehcyder (746570) | more than 2 years ago | (#37905216)

Not my problem. I've made my money, 6-700X what I invested.

The people who get in near the beginning of a pyramid scheme often make money. But hopefully, it gets confiscated when they're sent to prison.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904158)

Eh, you geeks may scoff but some of us are pulling in 20-30% profits *PER DAY* trading these "silly" Bitcoins.

It depends on who you are and what you're doing, really. If you're being a proper bloodthirsty capitalist and doing this entirely through market trading, I salute you.

If you're some crazed Russian with a botnet, mining bitcoins on other people's systems - well, I'm not going to applaud, but thanks for not using your botnet to send me e-mail about cheap Cialis.

But if you're one of those derping idiots out there running systems that are borderline popping a breaker - well, I'm laughing. I'm laughing long, and I'm laughing hard, Tre-bek. To quote an old EVE Online axiom*,

The minerals were free because I mined them myself!

(* Everything I needed to know about production, I learned from a serious game of Internets Spaceships.)

Re:You laugh, and we profit. (1)

bky1701 (979071) | more than 2 years ago | (#37904216)

It really is the ultimate geek fantasy project: a completely open ended, sky-is-the-limit, world political structure changing, disruptive open source software technology.

If bitcoin is the best we have come up with in that direction, I wouldn't be too ready to storm the Bastille. Bitcoin has been shown to have unstable value and to be economically unsound. But hey, using it is "sticking it to the man" so keep on putting your money into something with absolutely no backing or stability. You might be making money now, but like all gambling, eventually you'll lose.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904456)

Note: If Bitcoin was very stable, the "gubbermints" would be stomping it out altogether...

As it stands, the liquidity is great. How else can I speculate if the price has plateaued?

Outside of speculation the primary uses I've seen are to quickly convert money from one currency or location to another. With this as a primary use-case, Bitcoin excels far beyond most other banking systems with very high "wire-transfer" rates.

So long as it provides a way for me to transfer artificial worth around to collect things with actual worth (other currencies, goods & services) I'll keep using it.

As for the "gambling" namecalling, you're retarded. I bet you lose your ass in Vegas. Hint: You earn some profit in a fast moving market, you store that profit in a more stable market, continue "investing" with only the profits; Lather, rinse repeat. It works for the Stock Market (your 401k is our life raft), it works for Gambling, it works for Bitcoin too... DUMBASS.

Wrong, buddy (0)

Anonymous Coward | more than 2 years ago | (#37904602)

The only thing "backing" dollars is the fact that people accept them - that's it. Nobody forces you to accept them, not even the government. Bartering is perfectly legal in this country - you have choice. So when you say "backing", you're practicing an anachronism, a turn of phrase used by "gold standard" nuts. As in, dollars are "backed" by gold. Meaning you can exchange your dollars for gold, something that hasn't been true since the 30s. Bitcoins are just as valid as dollars, as long as their marketing plan was as good as the United State's government's. Lately their marketing has sucked, mainly because of the the MtGox break-in. And because the establishment has invested in dollars - not bitcoins. So the media as an extension of the establishment has come out against Bitcoins for the most part. All of which are irrelevant to me, as long as other people accept Bitcoins for services and money. What you think doesn't matter.

Re:You laugh, and we profit. (2)

jjohnson (62583) | more than 2 years ago | (#37904264)

How much have you actually pulled out in dollars or gold? i.e., converted to a stable currency that's reasonably guaranteed to hold its value steadily instead of fluctuating a lot. Assuming that bitcoin mining is a good investment, bitcoin's volatility makes it a poor store of value over the longer term.

Re:You laugh, and we profit. (0)

Anonymous Coward | more than 2 years ago | (#37904534)

Some of us hate because we didn't get in on the ground floor of the pyramid scheme.

co34 (-1)

Anonymous Coward | more than 2 years ago | (#37904228)

of FreeBSD Usenet troubles of Walnut getting together to

New Trojan produces Quantitative Easing (0)

Anonymous Coward | more than 2 years ago | (#37904254)

So it pulls money from thin air?

How is this any different from when the Federal Reserve bailed out AIG (who had to pay out on a lot of CDS betting slips and didn't have enough money to pay out on them) by creating money to bail them out from thin air? Those betting slips aren't worth anything they're negative value, but Federal reserve pays creates positive money for them.

How is it any different from some trojan creating Bitcoins from nothing? How is it any diferent from the UK and US Quantitative Easing programs?

If you created that money and handed it to Goldman Sachs would that be any different that creating the money and handing it to some hacker? In what way?

Re:New Trojan produces Quantitative Easing (3, Interesting)

fyngyrz (762201) | more than 2 years ago | (#37904334)

Because bitcoins want to be free! And, and, they're like... BEER! And... noone accepts them for anything, so you can save a LOT of 'em without being tempted to spend 'em! An... an... they keep you from having to do Real Work! "Honey, don't bother me, I'm minting bitcoins!"

Re:New Trojan produces Quantitative Easing (2)

throwaway18 (521472) | more than 2 years ago | (#37904858)

Anyone can mine bitcoins, you don't have to be a politically connected bankster to participate.

The creation of new BTC is predictable and publicly documented.
Participation is voluntary. Anyone can read about how it works, see that the the amount of BTC in circulation is going to more than double in the next five years, see that the level of commerce with BTC is low and decide if they want to hold any. (Personally I think holding BTC is a bad idea and will be for a years unless commerce increases considerably.)

Having your fiat currency devalued to cover the deficit spending of long retired spendthrift politicans is not voluntary.

Neither is this volutary (0)

Anonymous Coward | more than 2 years ago | (#37905094)

"Having your fiat currency devalued to cover the deficit spending of long retired spendthrift politicans is not voluntary."

And neither is this voluntary, it's a violation of Bitcoin rules. In the federal reserve creating money and buying negative value junk, that's illegal too, they legally cannot accept the junk AIG gave them for the money.

It's the same thing, Bitcoin would be a new currency that cannot continue because thieves simply magic it from thin air, and likewise if they continue with QE, US$ cannot continue because thieves in Wallstreet have been treated like banks and are simply magic'ing massive amounts of new money into circulation.

I know which one I'd like to see prosecuted the most.

Crooks follow the money! (1)

pearl298 (1585049) | more than 2 years ago | (#37904362)

While I admire the idealism of the BitCoin project, I have to remember a couple of essential functions provided by (evil!) Government control of "fiat" currency!

1) ANY "fiat" currency is intended first and foremost to "promote commerce" and the first need of any actual business that uses the currency is STABILITY. NO (evil!!) government would ever have allowed the "run up" and "crash" of BitCoins that we have seen over the past few months.

2) Governments chase/catch/punish crooks and swindlers - probably that is what they do the very best! Now that BitCoin actually has (had?) "significant" value it inevitably attracts "significant" crooks! But BirCoin HAS NO (EVIL!!!!) Government to catch the crooks!

One wonders at the sophistication of the crooks (e.g. Madoff) if BitCoins had risen to US$300/coin ($3K/30K or ???).

When I was a kid I wanted to do that too (0)

Anonymous Coward | more than 2 years ago | (#37904450)

When I was a kid I wanted to buy a machine that could make money, so I could buy even more such machines, and get a spill over effect on me, and go to the candy store

boring (1)

pbjones (315127) | more than 2 years ago | (#37904458)

"together with several software applications" the article only says 1, possibly other apps. Bah! Stupid people not being careful deserve to get a trojan.

bitcoin works... (1)

zachie (2491880) | more than 2 years ago | (#37904566)

... at least to some extent; this is further evidence. It must feel pretty bad for some that crooks understand bitcoin so much better than the blindfolded "bitcoin is a ponzi scheme" haters. Then of course bitcoin has its problems, but it is so seldom that bitcoin critic posts make informed points.

Not popular, not currency (5, Insightful)

GrandCow (229565) | more than 2 years ago | (#37904636)

Bitcoin is in a lot of trouble at the moment.

It is not popular, since the speculators have mostly disappeared at this point. They got in on the market upswing, moving the price to almost $30 per bitcoin for a brief moment. As soon as the speculators reached their plateau, the sell-off began. Bitcoins are selling for 5-10% of what they were selling at their peak. You can expect to get between $1.50 and $3.00 per bitcoin at this point. The true believers still claim that it's coming back, but a single look at any price graph shows that in the end, anything you put into bitcoin is a lost cause. The price continues to drop as more people get out and sell what they have, plus the people "mining" bitcoins selling at whatever the current lowest price is. ALL of the major exchanges have been "hacked" at some point. I say this in quotes because there has never been any proof that the owners of each exchange didn't just decide to take the money and run, which they could have done at any time with ZERO repercussions. One of the larger exchanges was blatant enough to take everything but offer 49% back of what you lost if you'd just use them again (but accept the service fees), as opposed to the others that just delete the website and sell the coins on other markets.

The reason that this is all possible is: bitcoin isn't a currency! It is the same as trading rocks with numbers painted on them to say how much they are worth; this means there is no regulation. It's not anywhere near any other currency in the world because it doesn't have a government backing up it's value. As much as the different sites claim that it is going to change the world, bitcoin itself is being challenged in court and both results are bad for it. If it is declared a currency, the regulations alone will destroy it. If it is declared not a currency (which it is not), it will be destroyed by all sorts of fraud charges.

Stay away from bitcoin at all costs.

Re:Not popular, not currency (0)

throwaway18 (521472) | more than 2 years ago | (#37904908)

Bitcoin is not in trouble.

Some idiot speculators lost their money. Some people who were stupid enough to trust online wallet services lost their money. Some people who got their windows machines infected lost money. A few idiots who didn't keep backups lost their money. The people who are holding BTC are likely to find it looses value for years but it was their choice to get into it in the first place.

The system still works fine. You can still transfer bitcoins from one user to another across the internet with a few clicks. If you keep your private keys safe nobody can steal your coins.

Bitcoin will be in trouble if a significant attack on the cryptography is found.
Bitcoin will be in really big trouble if someone finds a remotely exploitable hole in the client software.

So far, it is not in trouble.
It can drop in value to 1 US cent per BTC and still not be in trouble.

Re:Not popular, not currency (5, Insightful)

DrXym (126579) | more than 2 years ago | (#37905180)

Of course it is in trouble. It's always been in trouble. It's naively implemented, the client software was insecure, many of the exchanges were insecure, it faced (and still does) huge regulatory questions, it was a magnet for scammers, hackers & drug dealers, it was hyped through group think into a huge bubble which has since collapsed, people hoarded coins rather than spending them and are now panic selling, and the system itself has many of the characteristics of a ponzi / pyramid scheme. I'm sure some people profited from it, and many more didn't. It's a broken system and this much has been obvious for a long time.

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