Crypto robbery

[jansman]

The Japan job is one thing,but the robbery I linked to is another.Its no different to any other home invasion.Except that they did not have to fill pillowcases with the family silver- they just forced someone to press a button. That could easily be a CASH transfer from your bank if you are a particularly wealthy individual. Criminals don't have to physically steal it anymore.

[grenfell]

Keep it off line is indeed the right thing to do, if you leave your money with an exchange and this happens, then you loose it all.

Keep it offline in your own possession just like you would with gold or silver.

I assume you mean keeping one's wealth offline ? Aren't crypto's wholly dependant upon the internet?

However , it seems not all preppers think alike ,
https://www.bloomberg.com/news/articles ... apocalypse
Puzzles me even more .

[grenfell]

The Japan job is one thing,but the robbery I linked to is another.Its no different to any other home invasion.Except that they did not have to fill pillowcases with the family silver- they just forced someone to press a button. That could easily be a CASH transfer from your bank if you are a particularly wealthy individual. Criminals don't have to physically steal it anymore.

Nothing new of course , extortion though threats , carjackings but worrying nonetheless .

[jansman]

The link you put in there grenfell,IS puzzling! The crucial clue though is that bitcoin is driven( at the moment ) by greed.The prepper in that article thought it was basically a better bet than physical gold.The fact that it relies on electricity and computers is not an issue to that person it seems.Bonkers!

[grenfell]

It wouldn't surprise me if they were to also say that they store half of their preps at the supermarket too.
I suppose though they may just have a point at least in some ways. True without electricity or the internet they wouldn't have access to their wealth but then neither will the criminals we've spoken of in this thread whether they be geeks in some remote location or a burly bloke in a balaclava. Gambling that at some point power would be restored and their wealth would also return. Maybe , or maybe I'm over thinking?

[Deeps]

It wouldn't surprise me if they were to also say that they store half of their preps at the supermarket too.
I suppose though they may just have a point at least in some ways. True without electricity or the internet they wouldn't have access to their wealth but then neither will the criminals we've spoken of in this thread whether they be geeks in some remote location or a burly bloke in a balaclava. Gambling that at some point power would be restored and their wealth would also return. Maybe , or maybe I'm over thinking?

Much as I'm relatively happy with my prepping, given notice I daresay I'd be out there topping up even more with all the hoi polloi. You can never have too many tins of tuna or bags of pasta.

[jansman]

It wouldn't surprise me if they were to also say that they store half of their preps at the supermarket too.
I suppose though they may just have a point at least in some ways. True without electricity or the internet they wouldn't have access to their wealth but then neither will the criminals we've spoken of in this thread whether they be geeks in some remote location or a burly bloke in a balaclava. Gambling that at some point power would be restored and their wealth would also return. Maybe , or maybe I'm over thinking?

Quite.

On a collapsed economy, like Argentina was, they used physical gold and silver to trade. Real , touchable, tangible stuff. NUFF SAID!

[grenfell]

I wouldn't argue you're wrong and tend to have the same views with regards to physical assets. Of course though , Argentina's economy collapsed before the introduction of bitcoin and its ilk so the option wasn't there. It would be interesting to see just what would happen to a failing economy with crypto currencies present although I fear just a scenario is more than likely in the near future. I do wonder though if crypto's are having an effect at perhaps hastening such a downturn considering the energy used to mine and manage and all the wealth tied up in an "asset" of no practical use whatsoever ( unless one counts it as a vehicle purely for investment)?

[jansman]

It cannot be denied that crypto currencies are out there now,and will become more popular.Personally ,I cannot get my head around the idea, but that's me.As the value increases,I am sure there will be more crime connected to it.Of course,like any other asset,currency or speculative object,it will hit the floor with a bump eventually.

[daylen]

Does make me wonder just how secure this sort of asset is but what makes me wonder more is just how the robbers are going to use it . The report talks of knowing the digital address the money went to so does this mean it's all traceable and thus almost unusable?

Cryptocurrencies run on the blockchain. This is essentially a ledger, detailing transfers from one wallet to another. This ledger entirely transparent, so in theory you *could* make this money dirty and get people to reject it, but that would require checking every transaction's history to see if it came from the stolen wallet. This would be almost impossible to do globally.

And while the ledger is open and transparent, who owns the wallets, isn't. This means that we can trace the dirty bitcoin around the globe but we have no idea who owns the wallets.

This makes it almost impossible to find the robbers using the ledger - unless they've been very slack!

I suspect that the robbers quickly transferred the bitcoin from the receiving wallet into other wallets, then into an exchange and swapped it for other currency.