71–80 of 112 posts
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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?
I think he means you use a new address for each deposit.
More info: https://coinfire.cf/2015/01/05/bitstamp-confirms-deposit-add... "We are working to determine what has gone wrong. The majority of our coins are swept and placed in cold storage often so this shouldn’t be a major issue right now but we are still working to determine the breadth of the issue. This seems to be a server issue and not a compromise but our teams are still investigating."
I don't like the wording here: The majority of our coins are swept and placed in cold storage often so this shouldn't be a major issue right now . It leaves too much wiggle room. It's like saying: At least some coins have not been placed in cold storage so this could be an issue . Does not look good.
With a bit of luck just the hot wallet got compromised, they trace how, fix it and honour any deposits made to the that wallet before the breach was detected. So far this is exactly what they say they are going to do. Time will tell but there's no reason to believe they wont act correctly at this stage.
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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.
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Bitcoin exchanges actually can't stop people from sending them new Bitcoin deposits because the Bitcoin protocol doesn't provide any way to block new transactions to their existing deposit addresses. About the best they can do is to send out an e-mail like this one.
Even worse, some people used to (don't know if many still do) set up a payout address on whatever mining pool they're using directly to an address on an exchange. Ouch.
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>" 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 ?
(US banking is technologically backwards even by the normal low standards of the banking industry, partly due to less aggressive pro-consumer regulatory coordination)
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Hard (impossible?) to transfer money on weekends for example ?
http://en.wikipedia.org/wiki/Faster_Payments_Service / http://www.fasterpayments.org.uk/about-us/benefits-faster-pa... : 24/7 accessible from internet banking in the UK. (US banking is technologically backwards even by the normal low standards of the banking industry, partly due to less aggressive pro-consumer regulatory coordination)
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I think he means you use a new address for each deposit.
How is this supposed to work in the real world? Imagine if you had to mail the payment for your electric bill to a different address every month.
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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.
You might think this, but I could not possibly comment :)
Earlier quoted context omitted.
You might think this, but I could not possibly comment :)
To be fair, conventional banks say "Yes, Mr. Smith, I'm sorry but it seems we misplaced all your money irretrievably. Sorry. It's gone. Forever. No, I'm sorry, but we aren't liable. Have a great day!" all the time. NO WAIT, THEY DON'T DO ANYTHING OF THE SORT.