Bitcoins HACKED

Collapse
X
Collapse
 
  • Page of 8
  • Time
  • Show
Clear All
new posts
Previous 1 2 3 4 5 6 7 8 template Next
  • woj
    <&(©¿©)&>
    • Jul 2002
    • 47882
    #46
    DDOS NYSE and get caught = probably life time in jail for financial terrorism charges
    DDOS Mt.Gox = no one gives a fuck, it would probably be of about the same importance as investigating someone DDOSing a porn tube site..
    Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
    Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager
    Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

      Comment

      • dyna mo
        just a fucking jerk
        • Dec 2008
        • 68184
        #47
        Originally posted by BlackCrayon
        there is a difference between typical market manipulation through rumors, sell offs, etc and downing the bitcoin sites. it would like someone calling in a bomb threat to wallstreet and shutting it down.

        its just so easy to ddos sites. the same people mining bitcoins with botnets are most likely the same ones ddosing the sites. they already have the botnets.
        check out michael milken http://en.wikipedia.org/wiki/Michael_Milken

        another would be enron, they completely cornered and fucked the energy markets.


        i don't disagree that it's easy to ddos, but this was a very coordinated attack at more than one well protected site, not protected enough, but it seems plausible that serious btc speculators could have done it.
        Last edited by dyna mo; 04-04-2013, 10:30 AM.

          Comment

          • woj
            <&(©¿©)&>
            • Jul 2002
            • 47882
            #48
            Originally posted by dyna mo
            btc is decentralized, the exchange that was hit, mtgox, has commanded a lion's share of the exchange business so when they were hit, it was similar to hitting a large chunk of the entire exchange market. I've seen some #s that claim 90% of all btc business is transacted through mtgox.
            my point was if few hour downtime of Mt.Gox causes 20% drop in price, what would a downtime lasting days, or complete shut down of Mt.Gox do to the price of bitcoins?
            Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000
            Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager
            Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

              Comment

              • Dirty F
                Too lazy to set a custom title
                • Jul 2001
                • 59204
                #49
                Originally posted by woj
                my point was if few hour downtime of Mt.Gox causes 20% drop in price, what would a downtime lasting days, or complete shut down of Mt.Gox do to the price of bitcoins?
                What would happen if wallstreet stops working for 3 days?

                  Comment

                  • Supz
                    Arthur Flegenheimer
                    • Jul 2006
                    • 11057
                    #50
                    Originally posted by dyna mo
                    i'm figuring you know more about this than i do but i remember the junk bond market, it was entirely propped up from the inside right?



                    btc is decentralized, the exchange that was hit, mtgox, has commanded a lion's share of the exchange business so when they were hit, it was similar to hitting a large chunk of the entire exchange market. I've seen some #s that claim 90% of all btc business is transacted through mtgox.
                    Yes basically. But junk bonds really don't exist anymore. There are credit ratings on bonds and most individual investors will only go with A+ rated bonds, unless they are complete morons. Also with all the crazy shit that has happened in the market over the course of the last decade, Ponzi's schemes & such. The regulations that have been implemented now are extremely strict. It is a lot harder to manipulate things now then it used to be.

                      Comment

                      • dyna mo
                        just a fucking jerk
                        • Dec 2008
                        • 68184
                        #51
                        Originally posted by woj
                        my point was if few hour downtime of Mt.Gox causes 20% drop in price, what would a downtime lasting days, or complete shut down of Mt.Gox do to the price of bitcoins?
                        i'm sure we will find out within the next several months, i wold think there will be more of this to come, mtgox said their beefed-up new site won't be ready with all the security features until the end of the year.

                        Originally posted by Supz
                        Yes basically. But junk bonds really don't exist anymore. There are credit ratings on bonds and most individual investors will only go with A+ rated bonds, unless they are complete morons. Also with all the crazy shit that has happened in the market over the course of the last decade, Ponzi's schemes & such. The regulations that have been implemented now are extremely strict. It is a lot harder to manipulate things now then it used to be.

                        i see, the other thing i was thinking of re: markets being manipulated from the inside is the bro's network. favors cashed in, calls made, only the sweet deals going to those already sitting at the table.

                        i'd think a lot of that still influences the exchanges eh?

                          Comment

                          • grumpy
                            Too lazy to set a custom title
                            • Jan 2002
                            • 9870
                            #52
                            Originally posted by dyna mo
                            how does this fit into your conspiracy theorist agenda?

                            people should stay with the dollar, since it's backed by the faith and promise of a government.
                            you are a funny guy (y)
                            Don't let greediness blur your vision | You gotta let some shit slide
                            icq - 441-456-888

                              Comment

                              • DWB
                                Registered User
                                • Jul 2003
                                • 31779
                                #53
                                Originally posted by woj
                                I was under the impression that bitcoins are decentralized and so can not be stopped?
                                and yet, downing only a few sites for only a few hours caused a 20+% decline in price?
                                I'm with ya. For as "safe" as everyone claims it is, it is looking like one of the most fragile currencies ever created. A simple ddos drops the value that much and they say nothing can be done about that. This has potential disaster all over it. They have to figure out a way to get this under control if they want it to survive.

                                Originally posted by Dirty F
                                What would happen if wallstreet stops working for 3 days?
                                There have been several times where they have closed for other reasons, the last time was just this past October for hurricane Sandy. They stop trading. Stocks don't fall off a cliff because of it.

                                Besides that, Wall Street closes every weekend for two days.

                                  Comment

                                  • ZeroHero
                                    So Fucking Banned
                                    • Nov 2007
                                    • 15336
                                    #54
                                    yea i just saw

                                    by Joe Weisenthal

                                    Instawallet — a site that offers a quick way to create your own Bitcoin wallet — just announced that it’s been hacked and will not reopen until it can “develop an alternate architecture.”

                                    Here’s the announcement on the site.

                                    The entire Bitcoin ecosystem is having pains today amid all of the attention. The various sites that provide quotes are very slow.

                                    We talked to Clark Moody, who runs a great Bitcoin quote page, who said his traffic has more than doubled in the last month, and who says his servers are creaking.

                                    Also the proprietor of Bitcoincharts is seeing bottlenecks due to high traffic, he tells us.

                                    Image Reference

                                    Geek.com

                                      Comment

                                      • mayabong
                                        Confirmed User
                                        • Jan 2010
                                        • 1952
                                        #55
                                        Originally posted by DWB
                                        I'm with ya. For as "safe" as everyone claims it is, it is looking like one of the most fragile currencies ever created. A simple ddos drops the value that much and they say nothing can be done about that. This has potential disaster all over it. They have to figure out a way to get this under control if they want it to survive.



                                        There have been several times where they have closed for other reasons, the last time was just this past October for hurricane Sandy. They stop trading. Stocks don't fall off a cliff because of it.

                                        Besides that, Wall Street closes every weekend for two days.
                                        Once Bitcoin ATMs are widespread, reliance on exchanges will taper off big time.
                                        Bitcoin Gambling Sites

                                          Comment

                                          • mechanicvirus
                                            Confirmed User
                                            • Feb 2005
                                            • 4217
                                            #56
                                            Originally posted by Supz
                                            If you pay for porn with Bitcoins, are they then considered Titcoins?
                                            Yes, funded and backed by the trust of the people.

                                              Comment

                                              • DWB
                                                Registered User
                                                • Jul 2003
                                                • 31779
                                                #57
                                                Originally posted by mayabong
                                                Once Bitcoin ATMs are widespread, reliance on exchanges will taper off big time.
                                                Once...

                                                If....

                                                Maybe...

                                                That is a ways away. Going to be a bumpy ride until, if, that happens and people actually use them. Ordering them is one thing, getting the population to use them is another.

                                                Though, how do you figure that will change reliance on exchanges? ATMs for cash are all over the world and they have nothing to do with exchange rates. It just provides more convenience for getting and depositing money.

                                                  Comment

                                                  • Paul
                                                    Confirmed User
                                                    • Nov 2002
                                                    • 2637
                                                    #58
                                                    Originally posted by DWB
                                                    Ouch. This is a huge weakness in btc and will ultimately help lead to its failure unless they can prevent this from happening over and over and over again. A real investor with real money isn't going to mess with something that kids can manipulate every week. Something like this is exactly the sort of thing that can stop it from becoming used by everyone.
                                                    Sounds very similar to the way the stock markets are manipulated

                                                    Originally posted by DWB
                                                    100% correct. The difference is, big investors (along with the Gov / Wall Street) are the ones who manipulate the real markets. Kids and hackers are manipulating bitcoin, and that will keep away big investors. If I had to choose between a Wall Street or billionaire manipulated market vs a group of Russian hackers and script kiddies, I'm choosing Wall Street. I at least know there will be a tomorrow with Wall Street.
                                                    The way I see it, for now the hackers and script kiddies will manipulate this market and then once Wall Street get involved then it'll be back to status quo

                                                    Originally posted by dyna mo
                                                    And i want to be on this side of the investment window with my little handful of btc when they start fucking with the puppet strings.
                                                    Was hoping that would be a few months away

                                                    Originally posted by DWB
                                                    Though, how do you figure that will change reliance on exchanges? ATMs for cash are all over the world and they have nothing to do with exchange rates. It just provides more convenience for getting and depositing money.
                                                    I tend to side with your opinion DWB that governments will have put an end to Bitcoin long before ATMs for Bitcoin are implemented.

                                                      Comment

                                                      • mayabong
                                                        Confirmed User
                                                        • Jan 2010
                                                        • 1952
                                                        #59
                                                        Originally posted by Paul
                                                        Sounds very similar to the way the stock markets are manipulated



                                                        The way I see it, for now the hackers and script kiddies will manipulate this market and then once Wall Street get involved then it'll be back to status quo



                                                        Was hoping that would be a few months away



                                                        I tend to side with your opinion DWB that governments will have put an end to Bitcoin long before ATMs for Bitcoin are implemented.
                                                        They better hurry cause ATM's are about 2 weeks away.
                                                        Bitcoin Gambling Sites

                                                          Comment

                                                          • mayabong
                                                            Confirmed User
                                                            • Jan 2010
                                                            • 1952
                                                            #60
                                                            Originally posted by DWB
                                                            Once...

                                                            If....

                                                            Maybe...

                                                            That is a ways away. Going to be a bumpy ride until, if, that happens and people actually use them. Ordering them is one thing, getting the population to use them is another.

                                                            Though, how do you figure that will change reliance on exchanges? ATMs for cash are all over the world and they have nothing to do with exchange rates. It just provides more convenience for getting and depositing money.
                                                            Because getting bitcoins is a pain, unless you have a person in your area selling. If I can just go down the street, put in a 100 bill and have bitcoins instantly in my wallet, thats 100000x better and many people using bitcoin feel the same way I'm sure. It would also make people spend more into the economy, since they can replace whatever they just spent pretty quickly.
                                                            Bitcoin Gambling Sites

                                                              Comment

                                                              Previous 1 2 3 4 5 6 7 8 template Next
                                                              Working...