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I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

forum.bitcoin.org

21–30 of 319 posts

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#21
he claims that $1,000 daily limit at MtGox is broken and you are able to withdraw as many times as you want as long as each withdrawal is under $1,000.

the most interesting part I think is that he was actually able to withdraw 643.27 bitcoins (much more than usual daily limit) when they were for around $1.55 each which means withdrawal limit for BTC was calculated at current market prices.

If this is all true, then hacker is probably banging his head against the wall now because he was likely able to steal millions without any hope being ever caught. or did he?

MtGox claims he got away with only $1,000 worth of bitcoins however if he took them out of the exchange right after the crash when their market value was around $0.01... oh well, there is something very fishy going on here. I suspect MtGox doesn't have enough bitcoins to back their accounts now. If you see in upcoming days people complaining about MtGox not willing to physically transfer bitcoins back to their traders, it will be more than obvious.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#24
post #14

So, There's something like 21 million bitcoin possible, and 6 million 'in circulation' now. A sell order comes in for 1/12 of total amount of outstanding bitcoin. And the system processes it, flashcrashes, and. 3) Profit, I guess. or 4) rollback. That's something like what would happen if someone dumped 1 trillion USD onto a bond exchange. There are only a couple entities who could do this. So how did 1/12 of the val…

Almost feels like it's one of the MtGox accounts itself. Transaction-wise, it has been making easily 200-300 BTC a day. Perhaps also doing some personal buying and selling...

Someone on the forum (post 69 http://forum.bitcoin.org/index.php?topic=20207.msg252979#msg... ) thinks that it's the pooled accounts of all the people on MtGox.

Edit (added link) + post 122 as well. http://forum.bitcoin.org/index.php?topic=20207.120

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#25
post #13

Although I can completely understand why this guy (the sumbitter?) disagrees with MtGox's solution, I thought it seemed perfectly reasonable. Even though MtGox never stated they'd interfere, being hacked is unexpected enough to allow some leeway with follow-up. If the flashcrash happened organically, I doubt MtGox would revert the trades.

> Even though MtGox never stated they'd interfere, being hacked is unexpected enough to allow some leeway

What of the repeated security warnings and downplaying by MtGox mentioned by the author of this post?

At some point it becomes willful ignorance, which usually leads to bad outcomes.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#26
post #21

he claims that $1,000 daily limit at MtGox is broken and you are able to withdraw as many times as you want as long as each withdrawal is under $1,000. the most interesting part I think is that he was actually able to withdraw 643.27 bitcoins (much more than usual daily limit) when they were for around $1.55 each which means withdrawal limit for BTC was calculated at current market prices. If this is all true, then h…

Well, the OP here is actually claiming that the hacker made away with the btc, if I'm to understand his accusations correctly.

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#27
A thief can't pass good title on stolen goods: If you buy a stolen item, it is not yours, it is still the original owner's. Doesn't matter if it's a bitcoin, a car, or a quarter.

The sale was not legit, it should not stand. The rest of the rollback is fuzzier, but on this gentlemans coins, a seizure should occur.

http://www.lexisnexis.com/community/corpsec/blogs/bus-law-an...

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#28
What on earth is all this talk about "attacks" and "rolling back the market"? This is how currency works; we've just been witness to one of the darker parts. Just because you don't like it doesn't mean it's not legitimate.

Even if it's illegal to manipulate the US Dollar, it is most certainly legal to manipulate the BitCoin, whose express purpose was to be wholly unregulated!!!

Re: I'm the guy who bought 259684 Bitcoins for under $3000 yesterday

#29
The stolen user hasn't reported until now, it seems. From one of the comments:

"It was definitely all our bitcoins that mtgox had in one account! I remember a few days before, people saying that some big bitcoin movements on bitcoin monitor were from mtgox, and the quantity being moved was around 400 000 to 500 000 bitcoins. No single user lost that quantity, it was our coins, from all of us!"

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