Excoin exchange's Bitcoins stolen, will be shutting down

Re:Excoin exchange's Bitcoins stolen, will be shutting down by toomuchtodo on Sunday February 15, 2015 @03:04PM (#9053848)

> Where is the FDIC insurance? Exactly what are they suppose to tell the police? The FBI? ... oh thats right, nothing, because they are not a bank, and the only thing "stolen" was some ones and zeroes of a hard-drive.

This is a slippery slope. How do you think the Federal Reserve pops money into existence before they go on a QE tear? The bits ("ones and zeroes") pop into existence in their account, and they start buying assets/mortgages/whatever.

Currency only has value because of the shared belief that is has value.

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Re:Excoin exchange's Bitcoins stolen, will be shutting down by fnordfnordfnord on Sunday February 15, 2015 @03:50PM (#9054058)

>nothing, because they are not a bank,

Are you implying that a bank would somehow be held accountable for breaking the law or ripping people off? Since when?

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Re:Excoin exchange's Bitcoins stolen, will be shutting down by toomuchtodo on Sunday February 15, 2015 @04:00PM (#9054104)

My rebuttal to the post I replied to was that all currencies are ones and zeros now. The "> " was me quoting their post.

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Re:Excoin exchange's Bitcoins stolen, will be shutting down by fnordfnordfnord on Sunday February 15, 2015 @04:29PM (#9054207)

My mistake. I'm on mobile. I rarely comment on mobile.

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Re:Excoin exchange's Bitcoins stolen, will be shutting down by baddox on Sunday February 15, 2015 @05:31PM (#9054426)

It's possible with a small bank.

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