Slashdot Mirror
Hacked Bitcoin Financial Site Had No Backups
An anonymous reader writes "A fortnight ago the Bitcoin financial website Bitcoinica was hacked and the hacker stole $87,000 worth of Bitcoins. At the time the owner promised that all users would have their Bitcoins and US dollars returned in full, but one of the site developers has just confirmed that they have no database backups and are having difficulty figuring out what everyone's account balance should actually be. A failure of epic proportions for a site holding such large amounts of money."
rewarded people sitting on said money.
Yeah, how dare those cautious people who save money actually reap any benefit at all from their savings. The argument that the economy would come to a stop under deflation is ridiculous, since at one point people who believe they can "afford" a more lavish lifestyle will spend more, and their dollar will go further. Under the current system it's spend now because tomorrow your money will be worthless anyway. Under deflation it's spend because we can afford it. I know which world I would like to live in. Of course the real trick is to be the one printing the money.
Seven puppies were harmed during the making of this post.