haha
500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
201–210 of 262 posts
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#202Earlier quoted context omitted.
you can recognize salted hashes from unsalted ones just by looking at them? open the file and search for 5f4dcc3b5aa765d61d8327deb882cf99, at least 1,600 passwords in that list are unsalted. (those without $1$)
5f4dcc3b5aa765d61d8327deb882cf99 = md5("password") for those who don't know Man, these programmers are fucking amateurs. It's a FUCKING TRADING PLATFORM.
That's what happens when there's no regulation...
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#203Earlier quoted context omitted.
unless you are US government trying to destroy alternative currency. right?
This didn't destroy bitcoin... but it made a lot of cash for some bottom feeders.
What they did was destroyed the reputation of Mt. Gox - I don't think the Gox people will have a very good outcome as their customers jump ship to other exchanges.
BUT on the other hand, you could say Mt. Gox was asking for it with such poor security measures. A day ago, it was a CSRF hack ... and today it's a database dump.
I tell ya, tomorrow, the code for their trading platform will hit the net.
In fact, I wouldn't put it past the operators of the other exchanges to perpetrate something like this.
In reality, no damage to the bitcoin network was done, but Mt.Gox ended up with egg on their face.
Where will all the trades go? To other bitcoin exchanges - and there goes the services charges too. There's a sizable amount of money to be made by taking down Mt. Gox.
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#204Earlier quoted context omitted.
If I'm doing my math right, $500k is something like 2% of the bitcoin economy. Imagine what would happen to wall street if someone cashed out a few trillion dollars' worth of stock at once.
And if "your math" is "number of BitCoins extant time current market value of one BitCoin", your math is not correct. Macha is correct; crashing the market with $500K is proof that the entire MtGox exchange can't be much larger than that, no matter what multiplication says.
Of course MtGox isn't much bigger than $500k per ten minutes. Given how many bitcoins there are and how much each is worth, that kind of volume would be like every cent in the United States changing hands every couple of hours.
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#205Earlier quoted context omitted.
5f4dcc3b5aa765d61d8327deb882cf99 = md5("password") for those who don't know Man, these programmers are fucking amateurs. It's a FUCKING TRADING PLATFORM.
That's what happens when there's no regulation...
You must not have been following the news: http://www.theinquirer.net/inquirer/news/2079431/citibank-ha...
It happens everywhere.
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#206Earlier quoted context omitted.
I should say it again: This monetary system have no authority behind it and as such is going to nowhere. Disclaimer: I work as financial analytic and at least have some knowledge of how money work.
Let me explain what I mean: "Real" money are just a tokens, transferring the "Trust" between one market participant to authority and other market participant to authority. By "trust" I mean that every participants believe that Rules in the market will be followed. When you have N market participants you have N*(N-1)/2 ways to exchange "trust". If I understand correctly Bitcoin is N to N system. When you have Authorit…
Trust that the participants in the market will behave in accordance with established rules on penalty of punishment of human administered centralised authority is one thing, trust that mathematical truths governing how cryptography works is completely another. If the latter does not hold, the financial institutions which you claim to be employed by are in a lot more hot water than they would be if it does and bitcoin flourishes because of it.
It will take a long time for normal people to understand the implications of the cryptographic backing of bitcoins. Even quite a few people here don't "get it"
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#207Earlier quoted context omitted.
Something weird is going on. I just downloaded the CSV file and my account was in there(I don't really have any bitcoins at the moment, so that's OK). But I just got a message when trying to log into GMail about 'suspicious' activity being detected on my account. My guess is that someone might have tried logging into my mail. Luckily my email password is unique, so I don't think anyone got in. I hope that other peopl…
Google has preemptively locked all the Gmail accounts that appeared on that list. (see http://forum.bitcoin.org/index.php?topic=19641.msg245983#msg... )
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Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#208Earlier quoted context omitted.
I hate to look down my nose at other programmers, because I understand that we all start somewhere, but if you are building a financial exchange and you encrypted passwords using unsalted MD5 at any point in the history of your product, you have proven to me that you are learning as you go, and there is no way in hell I'd trust you with any significant sum of money.
Where do programmers learn about this stuff? Is it taught at schools? Can anyone recommend good books on proper security procedures?
A good start can be made by following the work of Ross Anderson and having a read of his book.
http://www.cl.cam.ac.uk/~rja14/ http://www.cl.cam.ac.uk/~rja14/book.html
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#209[deleted]
Re: 500k Bitcoins traded in 1h, Mt.Gox market hacked + crash
#210So for someone who doesn't understand economics that much, what does this mean? Have bitcoins finally failed?
Not as such. As an example, Steve Jobs ownes 7% the shared of Disney. If tomorrow, he were to sell them all, no matter what the price, there might not be enough people to buy them all, so people who, for the laugh, said they'd buy Disney stock at $0.01 a share would eventually get the shares. Thus the stock price for Disney would drop to $0.01. A similar thing just happened to BitCoin, but rather than shares of Disne…
This is the best explanation so far. Thanks!