Monday, February 24, 2014

Bitcoin Quote of the Day

February 24, 2014
'Pony' botnet steals bitcoins, digital currencies - Trustwave

A representative for the Bitcoin Foundation, a trade group that promotes adoption of the virtual currency, advised bitcoin users to store their currency offline in a secure location to prevent cyber criminals from stealing them.

Click to enlarge.

I have taken the liberty of modifying a real M1A2 TUSK Abrams tank to safely store one's virtual currency. The bitcoin access hatch (as can be seen on the front of the tank) can be camouflaged before delivery. This bitcoin safe's design emphasizes ease of use combined with TUSK (Tank Urban Survival Kit).

Source Data:
File:Abrams-transparent.png (United States Army and User:ZStoler)


Troy said...

looks like the previous crash low of $500 just got takon out.

plenty of volume in the $200-350 range, people who will be looking at the sell button more and more as the price comes back to their entry.

bitcoin, LOL.

Stagflationary Mark said...


The idea that people should put a virtual currency in a shoe box and bury it in a real backyard for safekeeping cracks me up a bit.

That's just got "weird" written all over it.

Mr Slippery said...

I took my own way back machine to April 13, 2013, when I wrote:

I was always concerned about the implementation of supporting sites and services.

Giant commercial banks with large and well paid IT departments have a hard time keeping electronic theft under control. A lot of bank hacks and losses are never reported because of the black eye it would give the industry. Think of the ongoing rampant identity theft problem and credit/debit card issues. It is not really getting better.

Now, compare that to a start up like Instawallet with a small staff who has to deal with an unknown number of attack vectors. None of the online wallet services or bitcoin banks seem remotely safe. It just seems like a giant disaster waiting to happen.

Stick with gold, nature's bitcoin.

Stagflationary Mark said...

Mr Slippery,

That way back machine certainly gets a lot of work in this modern and financially innovative economy!

Can we safely assume that the way back machine employees are all working overtime and seeing huge increases in their hourly earnings?

Gallows humor. Sigh.

Troy said...

I love ridiculing goldbugs but I have no problem with gold at the current price.

one thing gold's got going for it is its durability.

New production costs $1000/oz apparently, and at 80M oz/yr production that's only ~6 oz of new supply per millionaire. Certainly if I were a millionaire I'd be buying more than 6 oz of the stuff a year.

Stagflationary Mark said...


New production costs $1000/oz apparently...

Just keep in mind that production costs would come down if demand does.

Certainly if I were a millionaire I'd be buying more than 6 oz of the stuff a year.

Would you really? I kind of doubt it.

I bought 600 ounces all at once (in 2004) and when I saw a price I liked, I dumped it all at once (in 2006). Seriously.

I doubt many millionaires worry about dollar cost averaging (and billionaires even less).

I have no desire to repeat the process any time soon. It made me 50% when the lowest lying fruit was much cheaper. For what it is worth, I paid just over $400 per ounce for gold.

I did a similar thing with silver (although that took much more physical labor on my part).