Bitcoin Exchange BitFloor Says It Will Replace Stolen Coins

angry tapir writes "Bitcoin exchanges generally don't seem to recover that easily after security breaches. However, BitFloor, which was hacked and had 24,000 Bitcoins stolen in early September, is coming back online, refunding account holders whose coins were stolen and implementing new security measures, including cold storage for private keys." The key word is "intends" — but I hope it happens as promised.

Comments

Refund how?

[Anonymous Coward]

How can it do so? Are they going to void the old coins?

Re:Refund how?

[wiedzmin]

Unless they were the ones who "stole" the old ones...

Re:Refund how?

[Anonymous Coward]

Asking a question about something you don't know is flamebait? lolwut?

Also, due to bugs in bitcoin's certain blocks have been invalidated which is basically the same thing.

So, no, nothing in my post was flamebait. Just some butthurt mod who is a bitcoin fanboi.

This whole digital currency thing

[kiriath]

Gives me the willies...

Of course it's not much different than paper currency I suppose, it's all make-believe anyway.

Re:refund from where?

[Wonko the Sane]

They can't dilute the currency. They only way they can replace the coins is to earn them via business profits.

Re:Trust excanges? Nope.

[GameboyRMH]

Or better yet just avoid keeping your money in Bitcoins since the value of them could crash hard at any time as has happened numerous times in the past.

But how?

[scorp1us]

It's not like *real* money that you can just print out of thin air.

You've got to come up with that some how, and at $10 (so I don't need a calculator) that's $240,000 you've got to come up with. That's a lot of mining or fees at $0.10 each. That's hard to make up with low volume of trades.