131–140 of 262 posts
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What is the point of down votes without explanation?
You're being downvoted because you neither understand the Bitcoin system nor the mechanics of how Mt. Gox works, as evidenced by your post.
Newest update: Apparently someone got the whole user account database of Mt.Gox I wont publish the link to it though for obvious reasons. Quick analysis: the database is legit, it contains user id, username, email if set, and a bcrypt hash. The hashes seem salted with a global salt.
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Trades are internal to Mt. Gox until you withdraw your money either as bitcoins or as USD. The compromised account had a $1000 per day withdraw limit, so the thief could only withdraw $1000 after selling all those coins. The rest of the cash is still within Mt. Gox, and therefore the state of the Mt. Gox DB can be rolled back to before all the coins were sold.
which makes me think mtgox got very lucky. I mean the hacker could overcome $1000 limit a day (roughly 80 bitcoins) by creating thousands of bogus accounts, putting on the market bid orders at $0.01 in all accounts, drive the market to the bottom like he did to fill his orders and quickly transfer 80 bitcoins from each account out of the exchange. he could get away with bitcoins worth of millions irreversibly and com…
The 1000 USD is relative to the current price I suppose. So if I have access to an account with 500K bitcoins and I sell 400K bitcoins so that the price drops to 0.01 (like it did), and then I transfer the 100K bitcoin left in the account to my bitcoin address(and I can with the driven down exchange price) when the price goes back up I would have made a killing.
I like the looks of this chart of the crash, haven't seen that kind before: http://leanback.eu/bitcoin/plots/20110619195756-mtgox.png (found via @zedshaw on Twitter)
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They apparently had 500k BTC in their MtGox account, which is insane. Unless they were actively trading all of that they should have withdrawn from MtGox to the BitCoin network.
If they were Satoshi, they could be sitting on enough early-adopter bitcoins that 500k is relatively not insane.
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> Someone sold a huge amount of Bitcoins. The market acted accordingly. It doesn't seem very free market to rollback the market and cancel all the free market trades that happened.
No, but that's also what would happen when the stock market behaves weirdly enough. It's a good thing, though, that stock markets and foreign exchanges have more trading volume; I'm starting to wonder what happens if a random blokes with a million actual USD wants to game the bitcoin like George Soros did it with the Swedish kroner.
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You're being downvoted because you neither understand the Bitcoin system nor the mechanics of how Mt. Gox works, as evidenced by your post.
Sure, i don't understand it, neither the people who brought bitcoins.
I reiterate my position. A BTC bank needs to be established, with appropriate data protection features.
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which makes me think mtgox got very lucky. I mean the hacker could overcome $1000 limit a day (roughly 80 bitcoins) by creating thousands of bogus accounts, putting on the market bid orders at $0.01 in all accounts, drive the market to the bottom like he did to fill his orders and quickly transfer 80 bitcoins from each account out of the exchange. he could get away with bitcoins worth of millions irreversibly and com…
It wouldn't be even necessary. The 1000 USD is relative to the current price I suppose. So if I have access to an account with 500K bitcoins and I sell 400K bitcoins so that the price drops to 0.01 (like it did), and then I transfer the 100K bitcoin left in the account to my bitcoin address(and I can with the driven down exchange price) when the price goes back up I would have made a killing.
