Another Bitcoin Exchange has been Hacked

txbt

member

Activity: 62

Merit: 10

Quote from: BittBurger on March 06, 2014, 07:29:56 PM

When are you people (out there in Bitcoin startup world) going to get your shit together?

Stop creating businesses you're not qualified to run.

http://www.zdnet.com/third-cryptocurrency-exchange-becomes-hacking-victim-loses-bitcoin-7000027052/

-B-

Some of them have no idea that are not qualified. On the contrary they see themselves as geniuses. A certification/licence will not change much...

Some of them are a bit greedy or have greedy partners.

In both situations the solution will not come from those "entrepreneurs" although the situation described in the article seems to be the best of the worst case scenario.

bananas

sr. member

Activity: 364

Merit: 257

you kidding?

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Although I still believe such hacks are internal thefts with the owner's cooperation, I do like the way they are handling this loss.

They say they lost x% of bitcoins. They are "temporarily" deducting everyone's balance by x%.

Hopefully that "temporarily" means they later will re-add that x% to each user balance (as they profit) - even if they do it in steps - that is still much better than any other plan to date.

grifferz

full member

Activity: 154

Merit: 100

There's already an immense three day old thread on this over in Service Discussion which is worth skimming.

The explanation for this error is terrifying in anyone who handles money. Their further comments about "a daemon that checks for negative balances" is mind-boggling.

It's good that he promised to pay it all back (if he follows through on that promise), but people should be running far away from anything financial that this person is involved with.

The latter comments in that thread suggest the site is down at the moment.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

BittBurger's complaint is still valid.

This is basic transaction handling (I mean freshman year computer science). I might be called an ass, or trying to put down a competitor but anyone who got that wrong has a host of other things wrong as well.

Anything financial should be ACID compliant. With full transaction support and rollback capability not just at the data layer but all the way through the application stack. Period. It isn't a suggestion, or a preference. Allowing the state of the database to become corrupted like that is just negligent. Can you imagine if an ATM worked that way? You make a copy of your card and you and your friend use the ATM at the same time and double your money? Or an organized crime syndicate does it with 10,000 people and turns $400 checking account into $4M?

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: BittBurger on March 06, 2014, 07:29:56 PM

When are you people (out there in Bitcoin startup world) going to get your shit together?

Stop creating businesses you're not qualified to run.

http://www.zdnet.com/third-cryptocurrency-exchange-becomes-hacking-victim-loses-bitcoin-7000027052/

-B-

old news.... and the exchanger owner made a thread in Service Discussion b4 all the media frency for another FUD

MasterOfTheC.L.I.T

newbie

Activity: 2

Merit: 0

Cold Storage Much?? I creat and store everything offline Cool

#This Machine Fights Oppression, This Machine Fights Facist#
Fund It: 1NPNK52VZdNPzqgJn3ge6gVwNLJ4t4q9aL

BittBurger

hero member

Activity: 924

Merit: 1001

When are you people (out there in Bitcoin startup world) going to get your shit together?

Stop creating businesses you're not qualified to run.

http://www.zdnet.com/third-cryptocurrency-exchange-becomes-hacking-victim-loses-bitcoin-7000027052/

-B-

Topic: Another Bitcoin Exchange has been Hacked (Read 920 times)