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500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

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Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#101

Post by weavejester »

sunchild wrote: post #94
weavejester wrote: post #36

Earlier quoted context omitted.

I'm surprised that people with large amounts of bitcoin don't have better security measures. For that amount of money, I'd consider securing the private key in a safety deposit box. Probably several safety deposit boxes, actually.

And therein lies the seed of the eternal cat-and-mouse game that is key management. Technically, each layer of security you impose is also an impediment to the bitcoin market's liquidity.

Technically true, but no-one can sell off 500k bitcoins without the market crashing anyway, so from a practical perspective, no liquidity is lost.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#102

Post by [deleted] »

kristofferR wrote: post #88
tlrobinson wrote: post #78

There's an alleged database dump of Mt Gox floating around... https://twitter.com/#!/954/status/82531189705019392 UPDATE: looks legit. http://forum.bitcoin.org/index.php?topic=19543.0 https://support.mtgox.com/entries/20208066-huge-bitcoin-sell...

Damn, I'm in there. Glad I used a generated password (from LastPass) so I don't have to change my passwords on a lot of various sites.

[deleted]

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#103

Post by [deleted] »

[deleted] wrote: post #100
tlrobinson wrote: post #78

There's an alleged database dump of Mt Gox floating around... https://twitter.com/#!/954/status/82531189705019392 UPDATE: looks legit. http://forum.bitcoin.org/index.php?topic=19543.0 https://support.mtgox.com/entries/20208066-huge-bitcoin-sell...

[deleted]

[deleted]

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#104

Post by marshray »

bxc wrote: post #73
gst wrote: post #58

Earlier quoted context omitted.

Where is anarchy? What's burning? Someone sold a huge amount of Bitcoins. The market acted accordingly. Expect a bounce back to the old exchange rate as soon as Mt. Gox is available again. Of course it might be possible that the computer of the person who sold the Bitcoin was cracked. But that's not the fault of Bitcoin - if someone is not capable of taking care of the security of his local computer, it's better not…

> Someone sold a huge amount of Bitcoins. The market acted accordingly. It doesn't seem very free market to rollback the market and cancel all the free market trades that happened.

I agree. If one ever needed an example of why Mt. Gox or Bitcoin shouldn't be taken seriously. They had a withdrawal limit of $1000 per day, too. This was simply to save one more day of that.

It makes you wonder if Mt. Gox actually had the hard currency to back up everyone's account balance.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#105

Post by sqrt17 »

bxc wrote: post #73
gst wrote: post #58

Earlier quoted context omitted.

Where is anarchy? What's burning? Someone sold a huge amount of Bitcoins. The market acted accordingly. Expect a bounce back to the old exchange rate as soon as Mt. Gox is available again. Of course it might be possible that the computer of the person who sold the Bitcoin was cracked. But that's not the fault of Bitcoin - if someone is not capable of taking care of the security of his local computer, it's better not…

> Someone sold a huge amount of Bitcoins. The market acted accordingly. It doesn't seem very free market to rollback the market and cancel all the free market trades that happened.

No, but that's also what would happen when the stock market behaves weirdly enough. It's a good thing, though, that stock markets and foreign exchanges have more trading volume; I'm starting to wonder what happens if a random blokes with a million actual USD wants to game the bitcoin like George Soros did it with the Swedish kroner.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#106

Post by jyu »

lubos wrote: post #75
wmf wrote: post #56

Earlier quoted context omitted.

But if you bought a bunch of BTC at $0.01 and then withdrew them, Mt.Gox should have irreversibly sent that over the real Bitcoin network.

there is daily limit though. you can only withdraw up to 80 BTC a day.

What source are you getting this 80 BTC / day withdrawal limit from?

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#107

Post by vessenes »

aquarin wrote: post #91
aquarin wrote: post #85

We shouldn't be surprised by this. This monetary have no authority behind it.

What is the point of down votes without explanation?

You're being downvoted because you neither understand the Bitcoin system nor the mechanics of how Mt. Gox works, as evidenced by your post.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#108

Post by marshray »

swishercutter wrote: post #64
[deleted] wrote: post #34

[deleted]

You know whats funny about that whole 25k thing...he has shown no proof, says he filed a police report but has not shown it, media went wild with it (with no evidence) and to the best of my knowledge no media outlet has interviewed the supposed law enforcement regarding the matter....I smell some FUD...there are numerous more inconsistencies with his story and many believe him to be a troll. NO early adopter leaves h…

NO early adopter leaves his wallet.dat file unprotected on a known compromised computer.

Now that's making claims without proof.

Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash

#110

Post by Tichy »

sudonim wrote: post #84
nkohari wrote: post #79

The entire account database was also leaked: http://forum.bitcoin.org/index.php?topic=19543.0

So it was... I confirmed my username is in there but at least passwords are hashed. Luckily, I never added an email address and used a different Username and pw than I do everywhere else. Gotta take precautions with bitcoin!

Doesn't look as if passwords were salted, though :-( (Edit: just read in another comment that there seems to have been a global salt)
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