Cameron and Tyler Winklevoss used $11 million from their $65 million payout from their Facebook lawsuit against Mark Zuckerberg to invest in bitcoin back in 2013. At that time, the cryptocurrency was priced around $120 and the Winklevoss twins claimed to own almost 1% of all bitcoin in circulation. The price of a single bitcoin is above $11,000 now and the cryptocurrency’s market capitalization is $187.6 billion, as of this writing. Hence, the total value of bitcoins held by the twins is worth more than one billion dollars.
In an interview with the Financial Times last year, the Winklevoss twins said they “see bitcoin as potentially the greatest social network because it is designed to transfer value over the Internet.” They claim bitcoin is better than gold and “matches or beats” the precious metal across its nine foundational traits, such as scarcity and portability.
Originally Posted by Hog's Gone Fishin:
ChiefRocka , now we know your real name:
Cameron and Tyler Winklevoss used $11 million from their $65 million payout from their Facebook lawsuit against Mark Zuckerberg to invest in bitcoin back in 2013. At that time, the cryptocurrency was priced around $120 and the Winklevoss twins claimed to own almost 1% of all bitcoin in circulation. The price of a single bitcoin is above $11,000 now and the cryptocurrency’s market capitalization is $187.6 billion, as of this writing. Hence, the total value of bitcoins held by the twins is worth more than one billion dollars.
In an interview with the Financial Times last year, the Winklevoss twins said they “see bitcoin as potentially the greatest social network because it is designed to transfer value over the Internet.” They claim bitcoin is better than gold and “matches or beats” the precious metal across its nine foundational traits, such as scarcity and portability.
I’m not sure how someone could “hack bitcoin” it’s not stored in a central location and even the major exchanges store 90% in cold storage. It’s decentralized and many online wallets have been hacked, the network itself would be very close to impossible to hack.
I’m also a novice in this though and am going off everything I’ve read.
Can you elaborate on how you can see Bitcoin getting “hacked”?
Honest question, as I have a lot of my savings in bitcoin/Ethereum. [Reply]
Originally Posted by BossChief:
I’m not sure how someone could “hack bitcoin” it’s not stored in a central location and even the major exchanges store 90% in cold storage. It’s decentralized and many online wallets have been hacked, the network itself would be very close to impossible to hack.
I’m also a novice in this though and am going off everything I’ve read.
Can you elaborate on how you can see Bitcoin getting “hacked”?
Honest question, as I have a lot of my savings in bitcoin/Ethereum.
not directed against you, but others in this thread. Info is in google. Use some Common sense and history that tells us that anything electronic that is stored electronically can be hacked. Anything.
See AustinChiefs post #38 when this thread stated back in 2013. I've already said this several times. I'm not talking about hacking the bitcoin itself just hacking where it's stored to steal it.
I was paid major $'s to architect two different blockchain models. I got on this blockchain model early. I worked as a security architect in a place with the best hackers in the world that was itself hacked 1 million times a day. I don't say this to brag but because I like you, to make it known to you that on this particular specific subject, I can speak with authority.
And I'm telling you that your money is probably safe however there are many states, groups, serious and very capable ones that on the verge of being able to hack bitcoin stores. I personally would not be staking my financial future on something that will be hacked. [Reply]
There have been tons of online wallets hacked for big money, a few exchanges have had major problems. But the demand has continued to soar.
Originally Posted by AustinChief:
ok, there are a lot of people here who don't seem to understand bitcoin at all.
#1 YES it is vulnerable to hackers.. but not in the way you would think. Hackers don't attack the currency itself. (well occasionally they do steal wallet files just like real world pickpockets) What they do is attack the currency trading sites. This tends to drive prices down. Sometimes a little, sometimes a lot. When the prices go down, they swoop in and buy low then sell high. It's not really a big deal and likely will work itself out over time.
#2 yes someday the ACTUAL cryptography will be much easier to "hack" but we are not anywhere CLOSE to that right now. We are (at current rates) DECADES away from that being even a consideration. UNLESS people get off their asses and put out some serious quantum computers.
#3 See above for concerns about mining... it's the same issue.
Originally Posted by BigRedChief:
not directed against you, but others in this thread. Info is in google. Use some Common sense and history that tells us that anything electronic that is stored electronically can be hacked. Anything.
See AustinChiefs post #38 when this thread stated back in 2013. I've already said this several times. I'm not talking about hacking the bitcoin itself just hacking where it's stored to steal it.
I was paid major $'s to architect two different blockchain models. I got on this blockchain model early. I worked as a security architect in a place with the best hackers in the world that was itself hacked 1 million times a day. I don't say this to brag but because I like you, to make it known to you that on this particular specific subject, I can speak with authority.
And I'm telling you that your money is probably safe however there are many states, groups, serious and very capable ones that on the verge of being able to hack bitcoin stores. I personally would not be staking my financial future on something that will be hacked.
I've got money stored in many different ways, but I'd say 30-40% of my savings is crypto and I keep about 30% of that on coinbase to buy and sell with. The rest is encrypted with my Trezor that the keys are written on paper and stored in a safe place. [Reply]
I remember reading about this stuff years ago and didn't think much of it. To think, if I'd invested only a couple hundred dollars what I would have now.. [Reply]
Originally Posted by teedubya:
I have 25 bitcoins that I've been playing with... bought a few months ago for around $10... I took a $250 risk and now it's worth over $2500.
I love the concept of it, since I hate the greedy international bankers in control of the central banks, fractional reserve banking, and fiat currency.
