41–50 of 319 posts
This reminds me of a conversation I was having with a friend a couple of days ago about network affects. Once a system gets too big, the nice people that started it start getting screwed by the people who don't understand (or care about) the founding ideals. The problem with a trading house like Mt. Gox is that some people assume that all of the players are altruistic (these "some people" being "me", somebody with a…
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…
This was a "test account" that had no real user attached to it. After all, if the trade is internal on MtGox, it's just a double in a database.
If that is the case, then hell yes, I can see why MtGox would want this rollback.
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...
The exception to this rule is a "bona fide purchaser for value without notice". If someone has no reason to believe that property is stolen and buys it, then it's their property now. So sorry. I'm still confused about whether or not bitcoin transactions are traceable. If they have deniability, it might be impossible to prove/disprove that you knew the goods were stolen. Of course, I am neither a lawyer nor a crypto s…
"Every major exchange breaks trades. Too bad for you, consider yourself lucky if you don't get sued for the 643 btc." I'd love to see how this would go down in the courts.
Bitcoin is meant to be unregulated, but MtGox and its identifiable customers all have legal personality. The main challenge would be identifying jurisdiction, but after that I suspect usual laws would be found to be applicable.
(IANAL, TINLA)
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...
Earlier quoted context omitted.
The exception to this rule is a "bona fide purchaser for value without notice". If someone has no reason to believe that property is stolen and buys it, then it's their property now. So sorry. I'm still confused about whether or not bitcoin transactions are traceable. If they have deniability, it might be impossible to prove/disprove that you knew the goods were stolen. Of course, I am neither a lawyer nor a crypto s…
Withdrawls from MtGox are traceable. It just a payment to an address which has to be known in order to make that payment. So, unless they (MtGox) have lost that address too..
(IANAL, TINLA).
This reminds me of a conversation I was having with a friend a couple of days ago about network affects. Once a system gets too big, the nice people that started it start getting screwed by the people who don't understand (or care about) the founding ideals. The problem with a trading house like Mt. Gox is that some people assume that all of the players are altruistic (these "some people" being "me", somebody with a…
This ( http://news.ycombinator.com/item?id=2676336 ) is why it happened. > Then trying to withdraw $5 million USD from Mt. Gox? He was stating that he could have withdrawn the entire amount, but didn't want to appear shady (especially since doing so would have made him seem even more like a hacker that initiated the sell order).
If the limit had been $10,000 -- I'm sure he would have gone for that.
Earlier quoted context omitted.
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
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...
It does matter if it's a bitcoin, a car or a quarter. A bitcoin is completely virtual with no intrinsic value. The legal recourse that would occur in this case is undefined .
If I own something, I have legal rights enforceable on it, regardless of whether anyone else thinks it's valuable. If I owned the bitcoins -- I suspect common law would have little difficult in identifying these as distinctly ownable -- then I have enforceable rights in them. I can ask the court to order those rights be respected.
Property rights in virtual property is a fast-growing area of law, however, so: IANAL, TINLA.
Earlier quoted context omitted.
Wouldn't it likely have a hash collision with a much shorter password though?
It would have many collisions with many shorter passwords. But almost certainly not any collisions with very simple and very short passwords. The hash output space is sufficiently large. Someone who (given infinite time) found a brute-force collision would likely find one of the shorter preimages first – you aren't really gaining anything by going ever-longer, after your preimage choice has as many bits as the hash o…