A cracker owning 850,000btc. How bad is that? - page 4.

johnny211

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Quote from: Tzupy on February 28, 2014, 11:37:42 AM

Considering Bitstamp has added to their KYC questions this one: 'What is the origin of the deposited Bitcoins?',
they probably suspect some of the scammed MtGox coins were already sold there.

Why would they care if some were already sold? Seems more of a CYA move.

Dalmar

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Life is short, practice empathy in your life

Going to keep some very low orders on the exchange in case this person ever decides to dump. Cheesy

Ekaros

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Quote from: Apraksin on February 28, 2014, 12:02:57 PM

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

What is the liquidity of all the current markets?

That is how much his short term profits are... And that might be sufficient for one person to live nicely for a while...

Apraksin

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Moon?

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

pera

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Satoshi would never try to destroy Bitcoin, nor "criminals" from the onionland, but a cracker?...
The person who stole 850k don't give a shit about Bitcoin, this person don't have ideals, this person only cares about money.

back to the "cold storage" thing, I am not sure if this is real but:

Quote

gmaxwell: wumpus: yea, I understand they had timed automatic reissues... Sad

this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue."

Quote

gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed.

http://pastebin.com/DaSph9uT

dreamspark

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I think people are skipping over the implications of this.

If one single persons owns 6% of the money supply and closer to 8-9% with the current number of btc in circulation it is a terrible thing.

Nobody seems to be addressing this point. Somebody tried to answer with "well Satoshi has that many coins". Well yeah but he didnt steal them did he.

I mean imagine if btc went to 10k the real world spending power of that criminal would be insane. Far more than any cartels or other gangs have so that should be deeply concerning.

Tzupy

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If the coins were scammed in 2011, then they probably have been already absorbed by the market.

If they were scammed in 2014, then a shitload of them is going to hit the remaining exchanges.
Assuming Bitstamp is now the leading exchange for good, and there are about 20k coins on the ask side,
if a significant number (let's say only 100k) of scammed (and tumbled) coins would show up there,
the price could enter a death spiral similar to the one seen on MtGox before shutting down.
Considering Bitstamp has added to their KYC questions this one: 'What is the origin of the deposited Bitcoins?',
they probably suspect some of the scammed MtGox coins were already sold there.

V2Rocket

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Quote from: Rawted on February 28, 2014, 11:15:34 AM

Quote from: pera on February 28, 2014, 11:14:11 AM

I am assuming that those bitcoins were stolen from their "cold storage" a few weeks ago, iirc gmaxwell said that they automatically send coins from their "cold storage" to their hot wallets Embarrassed

Then they need a refresher course on the meaning of cold storage. That is deplorable if true.

That really is mind-boggling...

DeathAndTaxes

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Gerald Davis

Quote from: pera on February 28, 2014, 11:14:11 AM

I am assuming that those bitcoins were stolen from their "cold storage" a few weeks ago, iirc gmaxwell said that they automatically send coins from their "cold storage" to their hot wallets when their hot wallets were empty Embarrassed

automatic and cold storage can't be used in the same sentence unless you have some sort of semi-aware robot involved.

Rawted

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Quote from: pera on February 28, 2014, 11:19:07 AM

Quote from: Bitcoin BEAR on February 28, 2014, 11:16:27 AM

The thread title sounds a little racist Undecided

sorry I am not sure if you are trolling, why "racist"? (english is not my first language, obviously)

He is referring to the term cracker. It's a slang for white people that dates back to the days of slavery. The white plantation owners would punish the black slaves with whips if they felt they did something wrong. They became known as whipcrackers, which over the years was shortened to cracker.

pera

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Quote from: Bitcoin BEAR on February 28, 2014, 11:21:38 AM

Quote from: pera on February 28, 2014, 11:19:07 AM

Quote from: Bitcoin BEAR on February 28, 2014, 11:16:27 AM

The thread title sounds a little racist Undecided

sorry I am not sure if you are trolling, why "racist"? (english is not my first language, obviously)

Sorry! More of a joke than a troll...

In 'murica, a cracker is a derogatory name for a white person.

Carry on!

oh i see, no worries

Bitcoin BEAR

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Quote from: pera on February 28, 2014, 11:19:07 AM

Quote from: Bitcoin BEAR on February 28, 2014, 11:16:27 AM

The thread title sounds a little racist Undecided

sorry I am not sure if you are trolling, why "racist"? (english is not my first language, obviously)

Sorry! More of a joke than a troll...

In 'murica, a cracker is a derogatory name for a white person. I thought you were referring to Mark

)

Carry on!

pera

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Quote from: Bitcoin BEAR on February 28, 2014, 11:16:27 AM

The thread title sounds a little racist Undecided

sorry I am not sure if you are trolling, why "racist"? (english is not my first language, obviously)

Bitcoin BEAR

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The thread title sounds a little racist Undecided

Rawted

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Quote from: pera on February 28, 2014, 11:14:11 AM

I am assuming that those bitcoins were stolen from their "cold storage" a few weeks ago, iirc gmaxwell said that they automatically send coins from their "cold storage" to their hot wallets Embarrassed

Then they need a refresher course on the meaning of cold storage. That is deplorable if true.

pera

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I am assuming that those bitcoins were stolen from their "cold storage" a few weeks ago, iirc gmaxwell said that they automatically send coins from their "cold storage" to their hot wallets when their hot wallets were empty Embarrassed

Dissonance

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How does a hacker seal coins in cold storage ... they don't.

Bobsurplus

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Making money since I was in the womb! @emc2whale

If the coins were stolen a while ago like back in 2011 then I doubt its any bad for us now.

If all the coins went missing now and someone is still sitting on them then it could be the death blow to bitcoin.

Ibian

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I'm going to ask. How?

podyx

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crackers and governments and shit having 850k coins

my reaction to these threads https://www.youtube.com/watch?v=HS7cMrIxghg

Topic: A cracker owning 850,000btc. How bad is that? - page 4. (Read 6961 times)