Millions Of Dogecoin Stolen In Christmas Hack

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It looks like the Grinch was hard at work on Christmas.

The founders of Dogewallet, a storage system for the Bitcoin alternative Dogecoin, have confirmed a hack that may have cost owners of the currency over $12,000. Reports of the hack first began gathering pace at the Dogecoin forum, where users reported their funds were being sent to a wallet without their authorization.
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wow. so cash. much loss.

Memes aside,my guess is, it's like a lottery at the start. Maybe they're make it big, or at least enough to cover all the hardware/electricity used.
 
TechLarry said:
Why do people buy into these coin scams anyway?
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translation: why would anyone want to get rich anyway? I sold 300 bitcoins, regrettably at about $6 each. I missed out on about $400,000 -- that might not be a lot to you but it would of paid off all my debt, my wifes $86,000 student loan and bought us a house.

I am not making the same mistake again, im mining and holding a bunch of alternative coins incase they take off like bitcoin did. worst case scenario im out a little bit of electric.
 
What most of you digital currency internet warriors don't understand is that things like this will continue to happen on a daily basis, and there is not a goddamn thing you can do about it. BUT, with "tangible" currency you have insurance, such as 100% fraud protection (credit cards), and bank account protection up to $250k.
Digital currency will NEVER be backed by a financial institution, its not in their interest to do so. What gives digital currency its edge is its accepted by the public around the world, and is "perceived" to be of value. The current value of it is "made up" in peoples minds, in a way, so as long as that stays in place it will continue to function.
As much as I want it to succeed, I dont think it will.
 
I mined something like 250k of Dogecoins over 2 days. I never expect it to go to $1 a coin, but if it ever raises to 1 cent, I make something like $2500 for 2 days of no work whatsoever.

same thing with FTC/LTC and the other alts... its a gamble. Just like a few years ago when bitcoin was 25 cents each, and you could mine hundreds in a week, people are going out and buying Lambos with them now or paying off their house.

We all waste money on entertainment, movie tickets, eating out, beer, whatever. I don't think 2 dollars a day is cause to raise the finance alarm. Best case, I pay off my house years early, worst case I'm out 50 bucks.

If it's just luck, my chances are way better than the lottery at least.
 
iGrooCk said:
The current value of it is "made up" in peoples minds, in a way, so as long as that stays in place it will continue to function.
As much as I want it to succeed, I dont think it will.
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Funny, that perfectly describes the US dollar as well.

The US dollar is backed by a promise, nothing else. You can't convert it at the federal level to gold or any other commodity that will be "insured". The promise the US makes is only to print more of it should they need to cover some crazy loss or unexpected outcome.

Every currency goes through growing pains -- remember just how easy it was to knock off an armored car or stagecoach in the old days? same theory applies here. People don't kno how to secure their stuff.

It's going to sound cruel - but I say "good". People today are so used to being bailed out, freely refunded, etc etc. Ex: the guy the other day on the news who flashed his QR code bitcoin wallet on the air. Does he deserve sympathy for not knowing just how things actually work?

What is the solution for this type of problem where hackers steal in this fashion? Quite simple actually, you find them, and you publicly execute them. "whoa whoa whoa" you must be saying. Yup - if people knew heists and theft would lead directly to the center of town where we hang you in front of all your friends, crime would drop, I promise. You can kill someone while robbing a liquor store and be setup for life in prison with free medical care and food, what kind of deterrent is that?
 
People are so dumb. This was an online wallet, I thought people would have learned with all the other online wallets having issues previously...store on offline, safest thing to do.
 
I cry no tears for online wallet users. STOP USING ONLINE WALLETS. You are trading security for convenience.
 
collegeboy69us said:
Funny, that perfectly describes the US dollar as well.

The US dollar is backed by a promise, nothing else. You can't convert it at the federal level to gold or any other commodity that will be "insured". The promise the US makes is only to print more of it should they need to cover some crazy loss or unexpected outcome.

....
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I'm sorry but this is an awfully simplistic view. The United States dollar is a currency backed by a country. That has an awful lot of weight. Moving to the gold standard would do far far far more harm to the US than good.
 
Lazy man's get rich e-coins. You make thousands of dollars great, you get thousands of dollars stolen, great cuz nobody cares except when their utility bill comes. Stop wasting electricity.
 
pcjunkie said:
Lazy man's get rich e-coins. You make thousands of dollars great, you get thousands of dollars stolen, great cuz nobody cares except when their utility bill comes. Stop wasting electricity.
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Sounds like someone is angry again.
 
pcjunkie said:
Lazy man's get rich e-coins. You make thousands of dollars great, you get thousands of dollars stolen, great cuz nobody cares except when their utility bill comes. Stop wasting electricity.
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Don't be so mean. :mad: A lot of people _need_ these kinds of currency so they can purchase drugs, linux distros, and banned books.
 
kuhla said:
I'm sorry but this is an awfully simplistic view. The United States dollar is a currency backed by a country. That has an awful lot of weight. Moving to the gold standard would do far far far more harm to the US than good.
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And bitcoin is backed by its encryption. Since the encryption is strong, you have good faith that your coins won't suddenly become worthless. If the USA defaulted on all of its debts from a congress filibuster or had to declare bankruptcy, your USA currency could become wrothless.

Bitcoin, instead of being backed by a fickle country, is backed by its features and encryption. Among others, the big advantages to something like bitcoin is that you cannot forge currency and there are no chargebacks. Sure the USA will back up their own legitimate bills, but what happens when you try to deposit a fake 20 dollar bill at a bank, or if you shipped goods and it turns out the credit card was stolen? With bitcoin if you are transfered 20 bitcoins, you are guaranteed those 20 bitcoins. From a seller perspective, this is fantastic. Now I can ship something half way around the world and not have to worry about getting a chargeback once it arrives. No longer would you have to worry about stolen credit cards, forged currency etc.
 
Isn't the whole idea behind DOGE coin supposed to be an in-joke? Something tells me this was a manufactured event, for the lulz.
 
Here is a predicted graph of Dogecoin's value over the next few months:
dogegraphh.jpg
 
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