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Showing 14 of 14 results by david_lebrand
Mtgox lost 744,408 BTC due to malleability-related theft!!!
a nice analysis of Mtgox's current financial situation from Ryan Selkis. I am amazed by the details he provided.
source: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
source: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
Re: calm down folks, Mtgox issue is still not resolved.
Listen here folks. GOX is fucked. They don't have the coins they are suppose to have. IT IS WAY WORSE THEN ANYBODY IMAGINES.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
It's not like they have 70% of the coins or something. They don't have a pot to piss in. If they did they would be buying coins on their exchange and selling them on other exchanges BOTTOM LINE! I mean, if you were as shady as Karpeles don't you think you would be doing it?
Instead, because they have no coins, they have to crash their own market with fake sells. So Karpeles just takes out the fiat bids and sells them gox btc. The price on gox will crash. Then gox has to goto court to settle/go bankrupt. The guy who had 100 btc only gets about $250 though because they crashed the price to $5 so 100 btc is only worth $500 and then they still didn't have enough to cover it so everyone gets .50 on the dollar.
Mark my words, companies who go insolvent don't dig themselves out of it, especially when it's run by Karpeles.
@wickedgoodtrader any idea how can I find out if mtgox files/filed bankruptcy? I really dont think mtgox is going out of trouble any time soon. If not, they could have resolved the whole technical issue weeks ago, just like bitstamp.
My guess is either they continue to "test" bitcoin withdraw for another unknown period of time, or simply file bankruptcy after failing to manipulate the market.
Quote
The MTGox transaction API (https://data.mtgox.com/api/0/bitcoin_tx.php) shows transactions MTGox authors.
Throughout the outage e.g. as early as the 8th they've been making a small number of what looks like dust sweeping transactions.
One shown right now is TXID ed7ffa58fef651adaf1281ad10e98a4399eb2be40950345c7ccb7c8f76f067e1 which spends 45d45286bac04311684ab7716ab170b50781cde6b094d9a644fb89ca07ae6888:31 which is the coinbase transaction of block 0000000000000000da75e32e941537e00bd2e752527adba6193f35ccaa6da293. At the moment it only has 62 confirmations.
Because the rules of the Bitcoin protocol prohibit spending coinbase txn with under 100 confirmations this transaction is currently invalid and will remain invalid for another 38 blocks.
So after all this outage time, MTGox has still not fixed their software to stop authoring invalid transactions.
source: http://www.reddit.com/r/Bitcoin/comments/1ymwzj/mtgox_still_authoring_invalid_transactions/Throughout the outage e.g. as early as the 8th they've been making a small number of what looks like dust sweeping transactions.
One shown right now is TXID ed7ffa58fef651adaf1281ad10e98a4399eb2be40950345c7ccb7c8f76f067e1 which spends 45d45286bac04311684ab7716ab170b50781cde6b094d9a644fb89ca07ae6888:31 which is the coinbase transaction of block 0000000000000000da75e32e941537e00bd2e752527adba6193f35ccaa6da293. At the moment it only has 62 confirmations.
Because the rules of the Bitcoin protocol prohibit spending coinbase txn with under 100 confirmations this transaction is currently invalid and will remain invalid for another 38 blocks.
So after all this outage time, MTGox has still not fixed their software to stop authoring invalid transactions.
Re: Can anyone tell me what kind of attackers can launch such large scale attacks?
Gox to prove a point, bunch of jerks
or to buy btc at a lower price because they messed up and need cheap btc.
or to buy btc at a lower price because they messed up and need cheap btc.
always blame gox, right?
since bitstamp has the same problem now, let's be fair with gox. I'd say it is gox and bitstamp to blame, absolutely not the attackers!! lol
can someone explain to me, does this mean MtGox arent full of shit? ..... but hold on havent BTC-e already sorted the problem?
Gox are full of shit as this problem has been known by the industry for 2 years and they made out like they discovered a 'bug'. It's not a bug it's an exploitable aspect of transaction tagging.
Now that the wider hacker community have heard about it they are having a laugh with the BTC Network. They could have had this laugh at any point in the last 2 years but they weren't aware of the details.
Re: Is Bitcoin really decentralized? Confused by the Mtgox incident
as we all know that bitcoin was designed to be a decentralized currency. Yet people have pointed out that 50%+ computing power is owned by only few mining pools.
The statement "the majority of X is owned by the top N largest owners of X" is true of any X and some (usually small) number N, and does not mean that X is centralised.It really hits me hard when people still claim bitcoin as a decentralized currency, especially after yesterday's unfortunate Mtgox incident. Yes, Mtgox surely did a bad coding job. But please really think about who were the attackers?
Hanlon's razor: Never attribute to malice that which is adequately explained by stupidity.In order for such faked transactions getting included in the blockchain fast enough and "lucky" enough, I assume it must have something to do with those "centralized" groups of people, at least.
There were no faked transactions. Only real transactions that Mt. Gox believed it never sent, due to the combination of their incompetently engineered software and non-existent audit process.my point was those big mining pools could be a huge threat to the future of bitcoin. In bitcoin world, nothing can be trusted as long as it is operated by human. full stop!
Would like to be in a world where only few people control the mining of coins, and guess what, even worse they can steal/rob/destroy your bitcoins if they want to.
I agree that bitcoin is decentralized in terms of the issuing mechanism. But it does not necessarily mean powerful mining pools cannot manipulate it!
In a sentence: bitcoin mining (pools) must be regulated.
Is Bitcoin really decentralized? Confused by the Mtgox incident
as we all know that bitcoin was designed to be a decentralized currency. Yet people have pointed out that 50%+ computing power is owned by only few mining pools. It really hits me hard when people still claim bitcoin as a decentralized currency, especially after yesterday's unfortunate Mtgox incident. Yes, Mtgox surely did a bad coding job. But please really think about who were the attackers?
In order for such faked transactions getting included in the blockchain fast enough and "lucky" enough, I assume it must have something to do with those "centralized" groups of people, at least.
In order for such faked transactions getting included in the blockchain fast enough and "lucky" enough, I assume it must have something to do with those "centralized" groups of people, at least.