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The end of Donate?

 
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Gemjunkie
Prince
Prince


Joined: 03 Jul 2010
Posts: 3519
Location: Earth, lately
PostPosted: Fri Sep 07, 2012 10:08 am    Post subject: The end of Donate? Reply with quote



http://www.infopackets.com/news/internet/2012/20120907_huge_hacker_heist_leaves_bitcoin_in_trouble.htm
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LanDroid
Prince
Prince


Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
PostPosted: Sun Sep 09, 2012 7:05 am    Post subject: Reply with quote
Quote:
BitFloor no longer has enough money to pay out all account balances if customers try to withdraw their funds. To avoid the online equivalent of a run on the bank, BitFloor has temporarily suspended all transactions, and says it is exploring external investment to replace the missing Bitcoins. In the worst case scenario, BitFloor would completely close down and distribute its remaining funds among its account holders.
(Source: pcworld.com)

Or could this be the end of BitCoin itself? This whole thing is very interesting but confusing to me. Have any Knights actually used this system, how do BitCoin transactions work in Kaniggit language? How do you get BitCoins, by finding them in electronic "mining" operations? And wtf is Donate@home doing?


In theory a non-traceable electronic cash payment system would be extremely powerful. No need to pay taxes or other fees; it could shut down Gov't sales tax revenues globally. If companies paid employees with such a system, income tax could be avoided. But in practice the secrecy of such a system would be going up against the NSA and other legal entities, i.e. it will be shut down before reaching critical mass.
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