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500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

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Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#191

Post by jpiasetz »

soult wrote: post #152
tlrobinson wrote: post #78

There's an alleged database dump of Mt Gox floating around... https://twitter.com/#!/954/status/82531189705019392 UPDATE: looks legit. http://forum.bitcoin.org/index.php?topic=19543.0 https://support.mtgox.com/entries/20208066-huge-bitcoin-sell...

I can confirm that the alleged dump is the real deal. Some passwords are md5 hashes, some are salted md5 hashes (utilizing the crypt[0] function). I did not log in for a long time and my password was still unsalted, so I assume that converting to salted passwords was done either automatically on login or on password changes. 0: http://www.kernel.org/doc/man-pages/online/pages/man3/crypt....

My account is also in the list and appears salted. Someone just tried to access my gmail account via an ec3 instance so I bet the salting is done wrong or something else.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#192

Post by weavejester »

aquarin wrote: post #167
aquarin wrote: post #160

Earlier quoted context omitted.

I should say it again: This monetary system have no authority behind it and as such is going to nowhere. Disclaimer: I work as financial analytic and at least have some knowledge of how money work.

Let me explain what I mean: "Real" money are just a tokens, transferring the "Trust" between one market participant to authority and other market participant to authority. By "trust" I mean that every participants believe that Rules in the market will be followed. When you have N market participants you have N*(N-1)/2 ways to exchange "trust". If I understand correctly Bitcoin is N to N system. When you have Authorit…

The rules in Bitcoin are enforced by cryptography and the CPU-majority. So long as public key encryption works, and the majority of Bitcoin mining power is put to honest use, the system is trustworthy.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#193

Post by ScottBurson »

marshray wrote: post #108
swishercutter wrote: post #64

Earlier quoted context omitted.

You know whats funny about that whole 25k thing...he has shown no proof, says he filed a police report but has not shown it, media went wild with it (with no evidence) and to the best of my knowledge no media outlet has interviewed the supposed law enforcement regarding the matter....I smell some FUD...there are numerous more inconsistencies with his story and many believe him to be a troll. NO early adopter leaves h…

NO early adopter leaves his wallet.dat file unprotected on a known compromised computer. Now that's making claims without proof.

Not only is it making claims without proof, the claims make no sense. Why would anyone with a large pile of Bitcoins want to drive the price down by advertising how insecure the currency can be?

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#194

Post by jerf »

saulrh wrote: post #62
mikemoka wrote: post #17

Earlier quoted context omitted.

do you mean that if the market would be bigger such things won't be done? they could do more of the same unfortunately..

If I'm doing my math right, $500k is something like 2% of the bitcoin economy. Imagine what would happen to wall street if someone cashed out a few trillion dollars' worth of stock at once.

And if "your math" is "number of BitCoins extant time current market value of one BitCoin", your math is not correct. Macha is correct; crashing the market with $500K is proof that the entire MtGox exchange can't be much larger than that, no matter what multiplication says.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#195

Post by swishercutter »

marshray wrote: post #108
swishercutter wrote: post #64

Earlier quoted context omitted.

You know whats funny about that whole 25k thing...he has shown no proof, says he filed a police report but has not shown it, media went wild with it (with no evidence) and to the best of my knowledge no media outlet has interviewed the supposed law enforcement regarding the matter....I smell some FUD...there are numerous more inconsistencies with his story and many believe him to be a troll. NO early adopter leaves h…

NO early adopter leaves his wallet.dat file unprotected on a known compromised computer. Now that's making claims without proof.

My response was to a comment that was deleted...If you go and read the thread he posted to...which is about the supposed theft last week there seem to be a bunch of inconsistencies with the story...the biggest being he supposedly had 3btc stolen but he leaves his wallet unencrypted, unprotected, on a computer that after having supposed 3btc stolen and flagging a virus threat...either he is lying or he is very stupid...either way I do not feel bad.

As for what happened this morning I believe that the market snapped right back was a good sign...someone dumping .5M BTC at once at the lowest possible amount and it still came back in minutes.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#196

Post by caf »

phamilton wrote: post #114

I'm a little annoyed that MtGox effectively is bitcoin. I've been spending my mined coins on goods from various merchants and it has been working great. That's what bitcoin is designed to be, a currency. Recently there's so much speculation and people buying, holding and selling that so much focus has shifted away from the real use.

Mining was never supposed to be the primary means to obtain bitcoins. As long as people are still being paid salaries in other currencies, they'll need to use an exchange to buy bitcoins if you want them to participate. On the other side of the (bit)coin, do you suppose those merchants you're buying from can pay all of their suppliers in bitcoins? So they need the service of an exchange, too.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#197

Post by sunchild »

weavejester wrote: post #101
sunchild wrote: post #94

Earlier quoted context omitted.

And therein lies the seed of the eternal cat-and-mouse game that is key management. Technically, each layer of security you impose is also an impediment to the bitcoin market's liquidity.

Technically true, but no-one can sell off 500k bitcoins without the market crashing anyway, so from a practical perspective, no liquidity is lost.

Agreed. It seems the real fallout of this incident is the fact that the rollback can never recover BTC taken out of the exchange accounts and put into anonymous local "wallets". I wonder who will cover those losses?

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#198

Post by lwat »

Astrohacker wrote: post #145
jyu wrote: post #106

Earlier quoted context omitted.

What source are you getting this 80 BTC / day withdrawal limit from?

Due to some US law, they restrict withdrawals to $1000/day. That includes bitcoins. Presumably, they do that to make sure they are well within the law.

Before they closed it, the BTC traded for $0.01 each, which means they could withdraw 100,000 BTC under the $1000 rule.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#199

Post by Andys »

mestudent wrote: post #149
rmc wrote: post #144

Earlier quoted context omitted.

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"

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.

And of course, one on one bitcoin trading is already alive and well at http://bitcoin-otc.com/

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#200

Post by Retric »

lwat wrote: post #198
Astrohacker wrote: post #145

Earlier quoted context omitted.

Due to some US law, they restrict withdrawals to $1000/day. That includes bitcoins. Presumably, they do that to make sure they are well within the law.

Before they closed it, the BTC traded for $0.01 each, which means they could withdraw 100,000 BTC under the $1000 rule.

But not the separate but related BTC / day rule.
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