141–150 of 262 posts
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Doesn't look as if passwords were salted, though :-( (Edit: just read in another comment that there seems to have been a global salt)
Very sloppy. When you're dealing with actual money, industry-standard practices like this shouldn't be considered optional.
Someone should buy sealand and change the national currency to bitcoin...
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.
Where is anarchy? What's burning? Someone sold a huge amount of Bitcoins. The market acted accordingly. Expect a bounce back to the old exchange rate as soon as Mt. Gox is available again. Of course it might be possible that the computer of the person who sold the Bitcoin was cracked. But that's not the fault of Bitcoin - if someone is not capable of taking care of the security of his local computer, it's better not…
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Your post ran counter to internet-libertarian dogma.
Probably. I regret each time i comment here, but I attribute this to the cultural differences between California based NH-users and the rest of the world.
This incident occurred because (a) people with large amounts of bitcoin do not always store them securely, and (b) the bitcoin market is very small, and therefore can be destabilised by relatively small amounts of money (a few million dollars, for instance).
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And who gets to decide which trades are rolled back? By what criteria?
It is pretty clear that Mt Gox rolled back all trades from now to the first big unauthorized trade.
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there is daily limit though. you can only withdraw up to 80 BTC a day.
What source are you getting this 80 BTC / day withdrawal limit from?
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Very sloppy. When you're dealing with actual money, industry-standard practices like this shouldn't be considered optional.
Legally, they're not. Bitcoin just isn't actual money in any country. Someone should buy sealand and change the national currency to bitcoin...
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> Of course it might be possible that the computer of the person who sold the Bitcoin was cracked. But that's not the fault of Bitcoin. Just like it's not the fault of the dollar if someone mugs you at gunpoint. Except robbing someone typically requires you to take physical risks and (threaten to) use violence. I'll be very curious to see any effective way of tracking down bitcoin thieves. If you have to be a securit…
You don't necessarily have to be a security expert to use Bitcoins, just if you want to run the client by yourself. If you don't have the required knowledge just pay a little bit to a "Bitcoin bank" that handles the task for you. In the real world you also don't carry your money with you all the time, but store it on a bank.
In the real world, the banks are subject to regulation.
I'm on record here as saying a few weeks ago that a BTC bank needs to be established. I reiterate my position. A BTC bank needs to be established, with appropriate data protection features.
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It is pretty clear that Mt Gox rolled back all trades from now to the first big unauthorized trade.
So if you had already done a legitimate trade it's gone? "Sorry you made some money there, but someone else got affect by something else, so we've undone that". So much for "There are no chargebacks on BitCoin"
Well this is trading through an intermediary, you can't really expect it to work that way otherwise something like this would have a lot more incentive for wrongdoers.
If you really want to have no chargebacks you have to go the harder route of one on one trading, with everything that comes along with that.
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Doesn't look as if passwords were salted, though :-( (Edit: just read in another comment that there seems to have been a global salt)
They were hashed using the standard php crypt() method, it generates a salt for every password encrypted. I'm in that database and was able to generate the exact hash. Luckily I use one-time passwords with such things...
Edit: Ah OK, the salt is encoded in the String.
