What an amazing coincidence they got hacked the day after a price crash! I wonder how this could keep happening.
Yes it is. It is almost as though someone might have a vested interest in announcing a problem at exactly this point in time.
Bitstamp Accounts Frozen
51–60 of 112 posts
Re: Bitstamp Accounts Frozen
#52I am a long bitstamp customer and I have not received such email.
Just checked my email again, and indeed I have received it now.
Re: Bitstamp Accounts Frozen
#53What an amazing coincidence they got hacked the day after a price crash! I wonder how this could keep happening.
Yes it is. It is almost as though someone might have a vested interest in announcing a problem at exactly this point in time.
Almost only, of course - I'm sure everyone at Bitstamp, and indeed every Bitcoin exchange, is of unimpeachable integrity, and it's just capricious Fortuna toying with their hot wallets.
Re: Bitstamp Accounts Frozen
#54Until there is a bank that can credibly hold onto BitCoin deposits, these sorts of things are going to hinder further the viability and credibility of BitCoin as a mechanism of transaction (Mt Gox seems to have done a ton of damage). As of right now, it seems it's very hard for BTC to be stored safely at a stable price, and keeping your money in a world currency seems like a better investment, for now. I know my sent…
Agree. Other, somewhat similar problem, is that it is actually hard to buy bitcoin. I don't feel like sending a copy of my ID to some exchange (which can be gone in a year or two). I wouldn't mind sending it to some established financial institution (HSBC, Barclays, whatever). But not some company which just popped up.
Re: Bitstamp Accounts Frozen
#55Needless to say, /r/buttcoin has run out of popcorn. So it's had to move to altcorns.
Re: Bitstamp Accounts Frozen
#56Until there is a bank that can credibly hold onto BitCoin deposits, these sorts of things are going to hinder further the viability and credibility of BitCoin as a mechanism of transaction (Mt Gox seems to have done a ton of damage). As of right now, it seems it's very hard for BTC to be stored safely at a stable price, and keeping your money in a world currency seems like a better investment, for now. I know my sent…
I think a tweet from a few years ago sums up the situation (at least in terms of "conventional wisdom"): You know what’s cooler than a million dollars? Virtual currency backed by nothing and nobody. @ReformedBroker The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems, but creates new problems of its own.
>"The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems,"
What problems would that be?
Re: Bitstamp Accounts Frozen
#57Earlier quoted context omitted.
When logged in on the balance page it says: "DO NOT DEPOSIT TO PREVIOUSLY PROVIDED BITCOIN DEPOSIT ADDRESSES. Deposits sent to previous address will not be honored. New deposit addresses are forthcoming.".
::sigh:: This is one of the reasons that Bitcoin core discourages address reuse.
It looks like they use a specific/unique deposit address for each user. Where exactly is the address reuse in this case that you mention?
Re: Bitstamp Accounts Frozen
#58Earlier quoted context omitted.
> This is strange. It is indeed strange...and strangely familiar. Every Bitcoin company that has had massive holes in its books has first claimed that technical difficulties were the reason they had to suspend withdrawals. Then over the following weeks comes the annoucement that the money has been stolen, lost, or law enforcement moves in and says it has been embezzled. I would be extremely uncomfortable at the momen…
> try to get your money out ASAP. This is probably what a lot of people will try to do, which will lead to further drops in price. I wouldn't be surprised to see prices break the 1y low at this point.
"I wouldn't be surprised to see prices break the 1y low at this point."
Already happened. Yesterday.
Bitstamp now has a huge PR problem. Even if they "fix" the problem and resume withdrawals, no one will believe they're solvent without an outside audit. They had a sort-of audit once before (Bitcoins only, not fiat), but now customers will want a full audit.
Re: Bitstamp Accounts Frozen
#59Hopefully most people learned from the MTGox fiasco and weren't keeping all of their coins on a Bitstamp provided deposit wallet (not that there's any indication at this stage that the bulk of bitstamp's deposits are under threat but, you know, better to be safe than sorry...)
Re: Bitstamp Accounts Frozen
#60Earlier quoted context omitted.
I think a tweet from a few years ago sums up the situation (at least in terms of "conventional wisdom"): You know what’s cooler than a million dollars? Virtual currency backed by nothing and nobody. @ReformedBroker The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems, but creates new problems of its own.
>" The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems, " What problems would that be?
Hard (impossible?) to transfer money on weekends for example ?