Statement on Mt. Gox
antonopoulos.com
Statement on Mt. Gox
1–10 of 53 posts
Re: Statement on Mt. Gox
#2Two important items:
a) Adreas is the Chief Security Officer of Blockchain and a well known / respected digital currency personality.
b) The most interesting part of the article was a link to another post reviewing Coinbase's security practices (1) where he concludes "it appears that the Coinbase system contains the expected funds and their cold storage system and process appear to be operating according to security best practices."
Re: Statement on Mt. Gox
#3A little regulation and over sight might have prevented all this. And with out it going forward all anyone can do is advise best practices, and then watch as some ignore them and also have their money stolen. Very wild west. Totally something I'll be staying well back from
Re: Statement on Mt. Gox
#4>>I was part of the team helping to coordinate between the other exchanges to ensure that they could quickly resume operations which they did no more than 48 hours later. Some exchanges were in fact completely unaffected, revealing as false Gox’s claims that this was a bug in bitcoin.
I don't think that reveals anything about what happened in MtGox. Also, don't know if anyone's noticed... but mtgox.com has a message now. http://i.imgur.com/YDONE4d.png
And note the word "DONE" in that imgurl URL. Ominous...
Re: Statement on Mt. Gox
#5"Some exchanges were in fact completely unaffected, revealing as false Gox’s claims that this was a bug in bitcoin."
This reveals a lack of objectivity here. There IS a bug in bitcoin. There are workarounds, and some exchanges implemented those properly.
Of course, MtGox should have followed best practices and implemented a workaround, but the above sentence is - on its face - flawed and biased. The fact that some exchanges were immune to the bug does NOT mean that bitcoin bears no fault or that Gox's claims are false. This was and is, in fact, an acknowledged and widely known bug in bitcoin.
Re: Statement on Mt. Gox
#6"Some exchanges were in fact completely unaffected, revealing as false Gox’s claims that this was a bug in bitcoin." This reveals a lack of objectivity here. There IS a bug in bitcoin. There are workarounds, and some exchanges implemented those properly. Of course, MtGox should have followed best practices and implemented a workaround, but the above sentence is - on its face - flawed and biased. The fact that some ex…
I'm inclined to agree with cperciva, who is no slouch with security stuff: https://news.ycombinator.com/item?id=7289273
Re: Statement on Mt. Gox
#7A little regulation and over sight might have prevented all this. And with out it going forward all anyone can do is advise best practices, and then watch as some ignore them and also have their money stolen. Very wild west. Totally something I'll be staying well back from
> A little regulation and over sight might have prevented all this.
Yes, but that is completely contrary to the whole reason Bitcoin exists in the first place. If you wanted a regulated currency you'd get fiat. It's wild west by definition, which is good for popcorn-muncher like me... but bad for friends of mine who have lost a significant amount of money by "experimenting" with Bitcoin. :(
Re: Statement on Mt. Gox
#8Two important items: a) Adreas is the Chief Security Officer of Blockchain and a well known / respected digital currency personality. b) The most interesting part of the article was a link to another post reviewing Coinbase's security practices (1) where he concludes "it appears that the Coinbase system contains the expected funds and their cold storage system and process appear to be operating according to security…
If anyone has 38mins to burn...
http://techcrunch.com/2013/12/17/foundation-brian-armstrong-...
A Google Ventures video about coinbase security with Kevin Rose(from old Digg) asking a bunch of questions with Coinbase founder Brian Armstrong.
Sounds very legit to me.... but... you _still_ shouldn't leave huge amounts of bitcoin in any exchange! Make[1] your own btc-address + private key and keep the coins there. And note that bitaddress.org can be git clone'd and ran on a computer without internet access.
Re: Statement on Mt. Gox
#9A little regulation and over sight might have prevented all this. And with out it going forward all anyone can do is advise best practices, and then watch as some ignore them and also have their money stolen. Very wild west. Totally something I'll be staying well back from
> A little regulation and over sight might have prevented all this. Yes, but that is completely contrary to the whole reason Bitcoin exists in the first place. If you wanted a regulated currency you'd get fiat. It's wild west by definition, which is good for popcorn-muncher like me... but bad for friends of mine who have lost a significant amount of money by "experimenting" with Bitcoin. :(
>Yes, but that is completely contrary to the whole reason Bitcoin exists in the first place.
Not really. Satoichi has shied away from the political motivations of a lot of the community.
Re: Statement on Mt. Gox
#10Under the presumption that it is true that ~750k BTC has been stolen, has anyone considered the possibility of orchestrating a 51% attack on the attacker(s)?
Gox probably has logs of withdrawal requests. It might be daunting but feasible to sift the tx-MAL withdrawals from legitimate ones, then work with major pools and exchanges to double-spend stolen coins back to Gox.
Gox could then be forced (by the same 51% majority) to pay legitimate requests for reimbursement by vendors or 3rd parties holding stolen coins they transacted for goods or services, given reasonable documentation. Leaving us with some but not unacceptable collateral damage.