
The huge significance of the BTC-e bust - thisisit
https://ftalphaville.ft.com/2017/07/27/2191927/the-huge-significance-of-the-btc-e-bust/
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Torai
[http://archive.is/pwJLQ](http://archive.is/pwJLQ)

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snakeanus
> One more step

> Please complete the security check to access archive.fo

What were you linking? I can't even get CAPTCHA to appear.

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SAI_Peregrinus
It's an archive copy of the article for those who don't want to register. Not
sure why it wouldn't work for you, there shouldn't even BE a CAPTCHA.

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wyager
I don't know how international law works, so can someone explain this to me?

> A grand jury in the Northern District of California has indicted a Russian
> national

Can a jury in China indict me here in the US? Is enforcement of indictments
from other countries down to treaties between the indicter and indictee?

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ryanlol
China can indict you in China. US probably won't extradite you to China to
face charges, but there's nothing to stop China from kidnapping you from e.g.
Thailand if you ever decide to go to that part of the world.

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polotics
The backlash against crypto is seriously heating up. This one goes to the long
list of obituaries. Quote: """Meanwhile, with bitcoin demonstrably a more
expensive and arduous network to manage than the standard fiat currency
network, bitcoin can only become some sort of luxury payment system where
users pay a premium for the privilege of using it.""" The joke about fiat
currency will beobvious the day hyperinflation happens. But of course it
_never_ does. Just bog standard seigniorage I guess...

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pavel_lishin
How is Bitcoin more expensive and arduous to manage than, say, Visa's huge
infrastructure?

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gizmo686
Bitcoin can only support a limited number of transactions per block. If there
are more desired transactions then their is room for, then the transaction
fees will rise until demand falls to meet supply. This is happening, and the
current dispute in bitcoin is how to increase supply.

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pavel_lishin
But that's the cost of _use_ , not _management_.

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gizmo686
They are equal. The transaction fees go to miners. The difference between the
value of fees and cost of mining is the miners profit. If the profit gets too
large, new miners enter. This increases the cost of maintaining the network
until it meets the net value of transaction fees (plus newly minted coins).

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onestone
Article incorrectly states that BTC-e was "Bulgaria-based", like many other
articles unfortunately. There is zero evidence for that:
[https://bivol.bg/en/no-bulgarian-connection-found-so-far-
in-...](https://bivol.bg/en/no-bulgarian-connection-found-so-far-in-us-
indicted-bitcoin-exchange-btc-e.html)

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patmcguire
I remember back in 2014 when there was a new Javascript framework on the front
page of HN every day. Now it's a new blockchain heist.

This can't continue, right?

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ringaroundthetx
of course it can, it will just stop being international news every time single
time.

if the same standard was made for national currency heists over electronic
means, your feed would have nothing else in it. ACH Fraud alone is still in
the hundreds of millions every year, and in US has at least 3 federal
government agencies tracking and trying to address it, for decades.

cryptocurrency is comparably much easier to solidify and upgrade, while
educating on best practices.

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ztauras
I'm thinking will the prices go up or down after this. Sure it will be harder
for criminals to exchange their btc to fiat currency, but the interest in
crypto currencies now is very high, so it will lower the supply of bitcoins?

