Bitcoin Exchanges Under ‘Massive and Concerted Attack’
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Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#2Didn't coindesk just report yesterday that the 'transaction malleability problem' that MtGox was worried about was already known and a non-issue?
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#3This will make them only stronger. Bitcoin is not going anywhere.
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#4It's interesting to watch actually, submit a transaction to the network at the moment and there's a rogue node that will mess with the padding of the signatures and rebroadcast it faster than the original. It confuses the reference client into duplicate display, which is what Gox is relying on for the failed/success display. That they're winning races over the normal related transactions isn't that unnatural as the transaction processing stuff has a 100ms sleep() in the middle of it.
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#5Didn't coindesk just report yesterday that the 'transaction malleability problem' that MtGox was worried about was already known and a non-issue?
This report is simply noting that there is a persistent attack attempting to cause problems in exchanges (like Bitstamp and MtGox) that are using transaction IDs as verification of a transaction.
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#6In another thread, there's a comment that kinda explains what is happening exactly, in a nice analogy https://news.ycombinator.com/item?id=7219266
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#7I've not bought in to Bitcoin yet. It just seems like a massive, world-wide scam to me. I'm not saying that it is a scam, I'm just saying that Bitcoin is something that I don't really understand, and so I don't entirely trust it.
That said, this event is extremely encouraging. Not only is the security and the viability of the currency being tested. But more importantly, the communication and cooperation between the major players in the Bitcoin ecosystem is being tested. And so far, the community is kicking ass.
To me that signals that perhaps Bitcoin really is a viable currency for the long term, and that it may really be a great way to think about money and value exchange.
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#8I think a lot of people are viewing this as a bad thing, hence the BTC price sliding. If BTC is going to become a global currency then exchanges and banks better be prepared for this kind of stuff. After fixing this issue, I doubt many companies will make the same mistake in the future.
Better to get these bugs out of the way now than in two years when market cap is much greater.
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#9Is the real goal of these attacks perhaps to drive down the price temporarily, so that the attackers can purchase at a discount, and then sell shortly afterwards when the price goes back up?
Re: Bitcoin Exchanges Under ‘Massive and Concerted Attack’
#10It's interesting to watch actually, submit a transaction to the network at the moment and there's a rogue node that will mess with the padding of the signatures and rebroadcast it faster than the original. It confuses the reference client into duplicate display, which is what Gox is relying on for the failed/success display. That they're winning races over the normal related transactions isn't that unnatural as the t…
Also worth noting is the fact that the Bitcoin Price Index has been massively resilient to all the bad "news" thats been pouring in this month. It has been consistently hovering around the 670-700 mark.