Post
Topic
Board Economics
Re: The upside to the MtGox hax
by
dinzy
on 20/06/2011, 00:59:42 UTC
This hack was inevitable.  Mt Gox deals with millions of dollars per month and was ripe for the picking.  I bet there's a million dollars stored in accounts on the site right now, and millions more in BTC.  The withdrawl limit saved Mt Gox, this time, but next time they won't be so lucky.

I am unlikely to use Mt Gox ever again after this.  It's the equivalent of the NYSE or FTSE being hacked and all shares sold.  If we're to treat BTC seriously we need serious security and service.  This hacking shows just how flaky bitcoin can be and despite the claims of P2P, security, etc, it's almost totally reliant on a few nodes for trading and bitcoin creation.

We know very little as of yet.  I think you may be overreacting.  At worst someone stole tons of coins, at best they got 1000 USD from a site that makes tons and tons each day.  One is a huge deal, the other is a minor annoyance.