21–30 of 136 posts
"We fucked up, so we're deducting the losses from everybody's accounts so that people don't immediately withdraw all their money." If my bank sent me this notice, the FIRST thing I'd do is withdraw all my money - there's every chance it may be "an absolute necessity" to steal more of it at any time...
Dang it people. Race conditions. Security. I know it's not easy but it is important to get it right.
$out = \DB::DAO('Money_Bitcoin_Block_Tx_Out')->searchOne(array('Hash' => $bean->Hash, 'N' => $bean->N));
if ($out) {
if ($out->Claimed == 'Y') {
$bean->Available = 'N';
$bean->commit();
continue;
}
}
WTF, who are these clowns that purport to be running the equivalent of a bank?
It's like everyone running a BTC exchange either is corrupt or slept through the part of Databases 101 where they explained "this is why transactions are important, here is banking as an example". Seems likely both.
X-Powered-By:PHP/5.5.9-1+sury.org~precise+1 Mt. Gox, Flexcoin, and Poloniex. What do they all have in common? It's not what you think. (:
Now if you're trying to bash PHP (or Ubuntu?) for banking software that does not take an exclusive lock on rows it reads then modifies and a daemon that does not check balances on withdrawal, try again.
The exchanges take a cut on every transaction, so Poloniex should have self insured for the first 3% (or what ever their transaction fee is). After all they made that money on the transaction.
They should carry insurance for the rest.
The 12.3% deducted from everyone's account is "wrong" in my view because Poloniex absorbed none of the loss, and kept its cut of the transaction.
The "right" thing in my eyes is for Poloniex to adjust minus their transaction fees.
-Brandon Wirtz (Not a Poloniex customer)
Gosh, it would be nice to have some sort of assurance that the group holding on to my monetary reserves met some sort of minimum level of competency in dealing with quantities of currency. Or, lacking competency, some guarantee that any bank screw-up wouldn't result in loss of funds from my account...I wonder why no one has thought of this before? Oh, wait... Seriously, if I was an economics or law professor today, I…
X-Powered-By:PHP/5.5.9-1+sury.org~precise+1 Mt. Gox, Flexcoin, and Poloniex. What do they all have in common? It's not what you think. (:
What they have in common: they deal in Bitcoins, they're not banks, they have a "o" and an "x" in their name. Now if you're trying to bash PHP (or Ubuntu?) for banking software that does not take an exclusive lock on rows it reads then modifies and a daemon that does not check balances on withdrawal, try again.
Many PHP developers, on the other hand...
I made a comment on an earlier thread about the security properties of hot/cold wallet and the security properties of separating the matching and settlement systems. ( https://news.ycombinator.com/item?id=7340505 ) This incident is an example of the Bitcoin community's best practices "working." They lost 12.3% rather than 100%. That's actually a considerable accomplishment in Bitcoin, but not a success condition for…
Nice, I wish my bank was so chill about having a negative balance. :)
This reminds me of the early Amazon bug, where you could add negative numbers of items to your cart, and it would credit your account, and then wait for you to ship them the book. ;)