31–40 of 262 posts
If the 500K Bitcoins sold are the total of the Bitcoins in all MtGox wallets, than Bitcoin is over. Sample of one: I have for about 100 USD in Bitcoins at MtGox, if they got stolen today, I will leave the project.
That's about 7% of the total number of bitcoins in circulation. Anyone have details on how this happened? http://blockexplorer.com/q/totalbc
according to the guy running the exchange: user with 500k bitcoins was hacked (probably password bruteforce or csrf). they'll probably reverse all transactions since then
How can they? Surely if the blocks have started to get verified by other users then you'd have to fork bitcoin to do it? Wasn't "There are no chargebacks" one of the selling points of BitCoin?
Does anybody have a link to instructions for reading that kind of chart (or the name of the chart type)? I used to know, but it has been many years. I suppose green bars means the price went up and red down, and the bar extends between the high and low price. But what does the chunk in the middle mean? And where can I see that 500k were traded?
The chunk in the middle is the price for the majority of trades, and the lighter bar is all trades, if I remember right.
A little bit explanation: Mt.Gox is the biggest bitcoin market place by far. During the last 1h the whole volume of about 500k BTC was traded making the price drop from somewhere around $17 to virtually nothing. Details are not available yet. It could have been a bug or an intrudor. Rumors have it that someone with a huge wallet got hacked. someone with lots of coins did get hacked MagicalTux is working on Mt.Gox Als…
i must admit i'm somewhat impressed how fast the hackers and cheaters managed to take over bitcoin trading. i think it's kind of cute. people hoped for an economy no government could control, and got exactly that: anarchy and a burning world.
So for someone who doesn't understand economics that much, what does this mean? Have bitcoins finally failed?
Huge Bitcoin sell off due to a compromised account - rollback
The bitcoin will be back to around 17.5$/BTC after we rollback all trades that have happened after the huge Bitcoin sale that happened on June 20th near 3:00am (JST).
Service should be back by June 20th 10:00am (JST, 01:00am GMT) with all the trades reversed and accounts available.
One account with a lot of coins was compromised and whoever stole it (using a HK based IP to login) first sold all the coins in there, to buy those again just after, and then tried to withdraw the coins. The $1000/day withdraw limit was active for this account and the hacker could only get out with $1000 worth of coins.
Apart from this no account was compromised, and nothing was lost. Due to the large impact this had on the Bitcoin market, we will rollback every trade which happened since the big sale, and ensure this account is secure before opening access again.
That's about 7% of the total number of bitcoins in circulation. Anyone have details on how this happened? http://blockexplorer.com/q/totalbc
according to the guy running the exchange: user with 500k bitcoins was hacked (probably password bruteforce or csrf). they'll probably reverse all transactions since then