Results 1 to 6 of 6

Thread: News - Bitcoin exchange Vircurex freezes user accounts

  1. #1
    HEXUS.admin
    Join Date
    Apr 2005
    Posts
    28,924
    Thanks
    0
    Thanked
    1,865 times in 638 posts

    News - Bitcoin exchange Vircurex freezes user accounts

    Vircurex joins list of troubled Bitcoin exchanges due to two hacking incidents.
    Read more.

  2. #2
    jim
    jim is offline
    HEXUS.clueless jim's Avatar
    Join Date
    Sep 2008
    Location
    Location: Location:
    Posts
    11,344
    Thanks
    605
    Thanked
    1,586 times in 1,262 posts
    • jim's system
      • Motherboard:
      • Asus Maximus IV Gene-Z
      • CPU:
      • i5 2500K @ 4.5GHz
      • Memory:
      • 8GB Corsair Vengeance LP
      • Storage:
      • 1TB Sandisk SSD
      • Graphics card(s):
      • ASUS GTX 970
      • PSU:
      • Corsair AX650
      • Case:
      • Silverstone Fortress FT03
      • Operating System:
      • 8.1 Pro
      • Monitor(s):
      • Dell S2716DG
      • Internet:
      • 10 Mbps ADSL

    Re: News - Bitcoin exchange Vircurex freezes user accounts

    It's becoming a very awkward situation at the moment. Regulated financial institutions have to adhere to closely monitored restrictions in terms of capital, liquidity and transparency, which Bitcoin institutions don't. Furthermore, they're backed by the FSCS, which Bitcoin institutions aren't.

    We know that sites are going to be hacked eventually, so resilience, reputation and so on aren't really relevant in the great scheme of things. The ultimate question is whether it's best to have an unregulated industry, and have everyone take their chances, or whether it's best to start regulating it and provide some security for customers.

    I'm inclined towards unregulated, given that it's one of the benefits of Bitcoin, but then you've got to consider the protests in the wake of Mt Gox - people don't seem to accept the downsides of an unregulated investment.

  3. #3
    Registered User
    Join Date
    Oct 2012
    Posts
    6
    Thanks
    0
    Thanked
    0 times in 0 posts

    Re: News - Bitcoin exchange Vircurex freezes user accounts

    Well if bitcoin would become regulated, then the whole point and philosophy of bitcoin would become nil. Bitcoin is based on the ideea that high risk provides a possible high gain. Regulating it will reduce the risks, but also the gain you could get from bitcoin investments.

    still, in my opinion, the future does not sound that great related to bitcoin.
    the people that needed to win money from bitcoin, already won, and now it's only the moment for the "little people" to gather the left-overs.

  4. #4
    Treasure Hunter extraordinaire herulach's Avatar
    Join Date
    Apr 2005
    Location
    Bolton
    Posts
    5,618
    Thanks
    18
    Thanked
    172 times in 159 posts
    • herulach's system
      • Motherboard:
      • MSI Z97 MPower
      • CPU:
      • i7 4790K
      • Memory:
      • 8GB Vengeance LP
      • Storage:
      • 1TB WD Blue + 250GB 840 EVo
      • Graphics card(s):
      • 2* Palit GTX 970 Jetstream
      • PSU:
      • EVGA Supernova G2 850W
      • Case:
      • CM HAF Stacker 935, 2*360 Rad WC Loop w/EK blocks.
      • Operating System:
      • Windows 8.1
      • Monitor(s):
      • Crossover 290HD & LG L1980Q
      • Internet:
      • 120mb Virgin Media

    Re: News - Bitcoin exchange Vircurex freezes user accounts

    Quote Originally Posted by ap0phis View Post
    Well if bitcoin would become regulated, then the whole point and philosophy of bitcoin would become nil. Bitcoin is based on the ideea that high risk provides a possible high gain. Regulating it will reduce the risks, but also the gain you could get from bitcoin investments.

    still, in my opinion, the future does not sound that great related to bitcoin.
    the people that needed to win money from bitcoin, already won, and now it's only the moment for the "little people" to gather the left-overs.
    I'm not sure it really is, maybe bitcoin speculation is based on that principle, but bitcoin itself is essentially based on the idea that fiat money is a 'Bad Thing' and essentially we should move back to a barter economy (the best way to think of bitcoin is a some form of commodity, gold being the obvious analogy, although not a great one as that has some intrinsic value which bitcoin doesn't.

    Essentially what we're seeing now is akin to the establishment and regulation of a banking system that most industrialised nations went through donkeys ago, but at a pace accelerated by the fact that its online. If you look back at the history of early banking systems, they're fraught with thefts, runs, ponzi schemes etc that we're seeing now.

    Inevitably now, as then, in order to make the transition into the mainstream some form of regulation, control, insurance or similar needs to be provided.

  5. Received thanks from:

    McEwin (25-03-2014)

  6. #5
    Super Nerd
    Join Date
    Jul 2008
    Location
    Cambridge
    Posts
    1,785
    Thanks
    22
    Thanked
    105 times in 72 posts

    Re: News - Bitcoin exchange Vircurex freezes user accounts

    Most currency has little intrinsic value,£1 coins don't cost £1 to make. Gold only really has a socially constructed worth, its pretty and rare so it has a human ascribed value. The alchemist's dream of turning boring metal into gold would instantly devalue it.

    Bitcoin is no different - the value is all constructed. Its lack of control and regulations is its strength but also its weakness, an unstable currency that merely represents an imagined value is of little use when it cannot be trusted to hold that value.

    Would you want a £1 coin if it might suddenly become worth 1p? Of course not, you'd exchange it for a Euro and some cents - Bitcoin is heading that way, a hot potato you don't want to sit on.

  7. #6
    Anthropomorphic Personification shaithis's Avatar
    Join Date
    Apr 2004
    Location
    The Last Aerie
    Posts
    10,838
    Thanks
    645
    Thanked
    871 times in 735 posts
    • shaithis's system
      • Motherboard:
      • Asus P8Z77 WS
      • CPU:
      • i7 3770k @ 4.5GHz
      • Memory:
      • 32GB HyperX 1866
      • Storage:
      • Lots!
      • Graphics card(s):
      • Sapphire Fury X
      • PSU:
      • Corsair HX850
      • Case:
      • Corsair 600T (White)
      • Operating System:
      • Windows 10 x64
      • Monitor(s):
      • 2 x Dell 3007
      • Internet:
      • Zen 80Mb Fibre

    Re: News - Bitcoin exchange Vircurex freezes user accounts

    I sometimes wonder if bitcoins were created by the power companies trying to offset people reducing their carbon footprints!
    Main PC: Asus Rampage IV Extreme / 3960X@4.5GHz / Antec H1200 Pro / 32GB DDR3-1866 Quad Channel / Sapphire Fury X / Areca 1680 / 850W EVGA SuperNOVA Gold 2 / Corsair 600T / 2x Dell 3007 / 4 x 250GB SSD + 2 x 80GB SSD / 4 x 1TB HDD (RAID 10) / Windows 10 Pro, Yosemite & Ubuntu
    HTPC: AsRock Z77 Pro 4 / 3770K@4.2GHz / 24GB / GTX 1080 / SST-LC20 / Antec TP-550 / Hisense 65k5510 4K TV / HTC Vive / 2 x 240GB SSD + 12TB HDD Space / Race Seat / Logitech G29 / Win 10 Pro
    HTPC2: Asus AM1I-A / 5150 / 4GB / Corsair Force 3 240GB / Silverstone SST-ML05B + ST30SF / Samsung UE60H6200 TV / Windows 10 Pro
    Spare/Loaner: Gigabyte EX58-UD5 / i950 / 12GB / HD7870 / Corsair 300R / Silverpower 700W modular
    NAS 1: HP N40L / 12GB ECC RAM / 2 x 3TB Arrays || NAS 2: Dell PowerEdge T110 II / 24GB ECC RAM / 2 x 3TB Hybrid arrays || Network:Buffalo WZR-1166DHP w/DD-WRT + HP ProCurve 1800-24G
    Laptop: Lenovo Flex 2 / 12GB RAM / 240GB Corsair Force 3 Printer: HP CP1515n || Phone: HTC One U11 || Other: Samsung Galaxy Tab 4 Pro 10.1 CM12.1 / Playstation 4 + G29 + 2TB Hybrid drive

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •