How could anyone be dumb enough to store large amounts of Bitcoin within an online Wallet?

Now the 'investors' are demanding that his body be exhumed from the grave to identify that it's really him, and look into the exact cause of death.

[link to www.dailymail.co.uk (secure)]

"Investors want body of Bitcoin trader, 30, exhumed amid fears he may STILL be alive and living off embezzled fortune after he 'died' on India honeymoon and took investors' $137M to the grave"

"Investors want authorities to exhume the body of the founder of Canada's largest and now bankrupt bitcoin exchange to confirm its death and identity due to 'questionable circumstances' following his sudden death in India last year.

Gerald Cotten, the 30-year-old founder of the bankrupt cryptocurrency firm QaudrigaCX, died from complications of Crohn's syndrome while honeymooning in India with his wife on December 9, 2018.

An auditor has since reviewed the troubled firm, and reported concerns over management of the exchange. "

This isn't just a matter of having very good passwords, and fail safe mechanisms, if the actual online wallet host is the one who takes your money. In that scenario, all of the security measures in the world don't matter.

The amount of views show how few people ever even got into this, which is a good thing. Don't bother, you'll make nothing and lose everything, unless you know 150% what you're doing at all times. How/when to cash in, and when to cash out.

There's three main components to Bitcoin. 1. The person who thinks they're making an investment 2. The blockchain miner and 3. The person who intends to make a purchase in Bitcoin.

Bitcoin isn't an investment, it's dark currency used for dark purposes, which is not legally recognized as currency by the Government, but property, and is ILLEGAL in many countries to use or possess for ANY PURPOSE.

Naw.. Bitcoin is awesome and bad things have been done for 5000 years with other money.

All your money is imaginary, we are a fiat currency or haven't you been told.. boy

Bitcoin is set up for those in the know to scam those not in the know.

All the cryptos are similar.

/

Exchanges like Coinbase actually do their best to track all the ways in which you use Bitcoin, and also require an extensive verification and background check process, including obtaining photo ID of the user. This is easily mitigated into the domain of total anonymity using other methods.

QaudrigaCX had the same type of requirements, yet the owner of the company made off with everyone's money. So... just because you verified yourself and went through channels that seem to make the process more authentic, doesn't mean a damn thing.

There is also then the issue of hackers infiltrating an exchange that also acts as an online wallet, and stealing everyone's money anonymously. Once a hacker has the Bitcoin in their possession, there are SO MANY WAYS that they can turn that into hard currency, essentially with complete anonymity.

Stay away from Crypto unless you know what you're doing, don't view it as an investment, and absolutely do not store large amounts of it in online wallets that can be compromised by the hosting company itself, or by hackers.

$137 Million Gone. Poof. Just like that.

I bury my bitcoin in the backyard.

Sell now or cry later

Lets hypothetically say that you have a PHYSICAL SAFE bolted to your floor, or even hidden within the floor, containing upwards of $100,000 in Dollars and Metals. The only way that someone can steal that from you is to 1. Know about it, and then 2. Come and try to rob you by force, which also requires physically getting passed you and the security measures you have in place at your residence, as well as knowing the combination to the safe, or having an illicit method to gain entry into the safe.

This process is 10,000 times more difficult for a criminal.

Anyone who would ever 'invest' $100,000 into Bitcoin is very stupid, without an extremely concrete plan and some serious foresight concerning how the currency is going to fluctuate, because that $100,000 can turn into $25,000 overnight. Anyone who would ever invest $100,000 into Bitcoin and keep it in an online wallet, is even more stupid.

Thread: The Missing Cryptoqueen: the hunt for a multi-billion-dollar scam artist - bogus currency with a cult-like recruitment programme

Thread: Cryptoqueen: How this woman scammed the world, then vanished - Ruja Ignatova

The exchange rate can go up or down, but the likelihood of it ever hitting $20,000 per coin again is ZERO.

The future of crypto, considering that the entire blockchain system isn't shut down by the Governments of the world, is only as a dark currency, not an investment.

I'm not here to give financial advice, so if people are holding thousands in Bitcoin, it's completely up to them what they do with it, all I'm saying is don't store significant amounts in online wallets.

Or they can simply render whatever you have in your vault obsolete. Eating gold would probably be more useful in that instance.

Lots of talk about 'don't trust, verify'. I have news for you......you don't even trust yourself.

Bitcoin is the future. Sorry.

It will rise to over $1 million per BTC which will in effect cancel out all fiat debt.

Last Edited by JGM on 12/15/2019 02:32 PM

No comment.

“Mark of the beast”

It's not the future, and it will never even hit $20,000 per Bitcoin again, let alone $1 Million, are you insane?

All cryptocurrency is "online". It must be online (blockchain) or it wouldn't be a crypto currency.

Your offline cold storage wallets do not operate without the blockchain.

Another Bitcoin Houdini disappearing act.

Are you a tard? lol

B-b-b-b-b-BILLIONS

We're not talking about the Blockchain, we're talking about online/exchange hosted wallets like the late QaudrigaCX.

How many Bitcoin thefts have been accomplished via the Blockchain alone? because if people knew how to actually do that, nobody would have any Bitcoin anymore. lol.

Cash is king, fuck Bitcoin!

See, this Derpshit/dipshit is your typical moron.

You are supposed to trade as much of your fiat for metals as you can, on top of other investments.

I bet that derpshit has a TV in his house he bought within the last two years too.

Tell that to Obama who loaded 1.5 billion US dollars in cash that was put on pallets and airlifted to Iran.

I'm not sure how this got pinned, but thanks. It's good advice for anyone even remotely considering getting into this highly dangerous and volatile form of dark currency.

No matter how you obtain it or what you have or where you have "it"...there is some level of trust involved. "online" wallet, "offline" wallet, "physical bitcoin".....all of it.

You are defeating your argument with the example of bitcoin being stolen. "It" is valuable...and it will increase in value exponentially in the next several years.

Talk about old news... I think when this story first broke, it was distributed on carved clay tablets.

Naw, Bitcoin will be 100,000 dollars before you know it.

isn't it amazing how people on GLP who understand that TPB run the world via fiat currency / central bank system can believe any alternative that threatens that power structure is going to be allowed to thrive?

definitely they will not let it do so on it's own

what I do think is they will co-opt the technology for the beast system as EVERY transaction will be recordable and traceable, just what they want

a cashless fully traceable medium of exchange accessible only by a chip in you, no options of opting out of the system unless you want to starve