Bitfinex Got What They Deserved | Bitcointalksearch.org

miayama

sr. member

Activity: 358

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Quote from: reb0rn21 on September 05, 2016, 05:38:59 PM

Quote from: Minecache on August 02, 2016, 07:23:39 PM

5 days ago they began listing the ETC criminal coin. 5 days later they've been taken down in one of the largest hacks of BTC and ETC.

The lesson here is never get into bed with criminals because they will make sure you leave empty bagged.

sorry ETC has NOTHING with bitfinex fiasco, also ETC os original blockchain as it was advertised ETH will be, the forked chain is a fake and criminal as you say, becouse thieves with Vitalik onboard got what they lost from thin air, even more... pure manipulation

Ethereum holders are same as most, greedy ppl with only $ in mind, so they go trough it at first, but some had more brains then others and there we have ETC

So how many ETC do you have?
If you are a believer of the ETC, you should buy a lot and become very rich.

reb0rn21

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Activity: 1898

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Quote from: Minecache on August 02, 2016, 07:23:39 PM

5 days ago they began listing the ETC criminal coin. 5 days later they've been taken down in one of the largest hacks of BTC and ETC.

The lesson here is never get into bed with criminals because they will make sure you leave empty bagged.

sorry ETC has NOTHING with bitfinex fiasco, also ETC os original blockchain as it was advertised ETH will be, the forked chain is a fake and criminal as you say, becouse thieves with Vitalik onboard got what they lost from thin air, even more... pure manipulation

Ethereum holders are same as most, greedy ppl with only $ in mind, so they go trough it at first, but some had more brains then others and there we have ETC

Daniel2806

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Quote from: miayama on September 01, 2016, 08:07:55 AM

Quote from: Das on August 24, 2016, 05:23:27 AM

From your article, it appears Bitgo shares in the blame. They didn't take care of the coins in their care, therefore they can no longer be trusted to be 100% safe. Although they've kept quiet leaving Bitfinex to take all the blame.

That is right to some extent. Other exchanges also use the Bitgo service, and the coins are not stolen from there.

Yep, same here. Nobody forced to store coins there.

miayama

sr. member

Activity: 358

Merit: 250

Quote from: Das on August 24, 2016, 05:23:27 AM

From your article, it appears Bitgo shares in the blame. They didn't take care of the coins in their care, therefore they can no longer be trusted to be 100% safe. Although they've kept quiet leaving Bitfinex to take all the blame.

That is right to some extent. Other exchanges also use the Bitgo service, and the coins are not stolen from there.

Das

sr. member

Activity: 308

Merit: 250

From your article, it appears Bitgo shares in the blame. They didn't take care of the coins in their care, therefore they can no longer be trusted to be 100% safe. Although they've kept quiet leaving Bitfinex to take all the blame.

Ryan Dugan

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Activity: 924

Merit: 501

Get what they deserve ? You think that really ? It will not help us. Where is the benefit in bitcoin suffering loss of value ? I'm not sure about etc I only have heard of them a few times. I know it is pos that is all. Is there a thread link to etc being a proven scam ? I never heard this before.

miayama

sr. member

Activity: 358

Merit: 250

Quote from: Harph on August 05, 2016, 05:56:37 AM

I don't understand. How did Bitfinex Got What They Deserved?
How is stealing bitcoins and acting like it was a hack what they deserve?
I guess they earned the bitcoin they stole by putting up a good show as a secure exchange and took gullible peoples bitcoin.
Most people can keep there coins secure but an exchange with BitGo can't secure coins and you believe they were hacked/cursed because they traded ETC?
Personally I do believe ETC is a bad idea. The prevention of obvious theft and fraud are good enough reasons to fork a block chain and should be done on a regular basis and the consensus to fork ETH says most others think so too. I don't believe forking the block chain for this purpose changes the immutability of the block chain as a consensus is require to fork block chain. I don't believe that the majority doing nothing when an obvious theft occurs is the greater good and will further cryptocurrency.

Some people do not like other people to own large amount of money, so when others lose, they will be happy.

Harph

newbie

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I don't understand. How did Bitfinex Got What They Deserved?
How is stealing bitcoins and acting like it was a hack what they deserve?
I guess they earned the bitcoin they stole by putting up a good show as a secure exchange and took gullible peoples bitcoin.
Most people can keep there coins secure but an exchange with BitGo can't secure coins and you believe they were hacked/cursed because they traded ETC?
Personally I do believe ETC is a bad idea. The prevention of obvious theft and fraud are good enough reasons to fork a block chain and should be done on a regular basis and the consensus to fork ETH says most others think so too. I don't believe forking the block chain for this purpose changes the immutability of the block chain as a consensus is require to fork block chain. I don't believe that the majority doing nothing when an obvious theft occurs is the greater good and will further cryptocurrency.

Spoetnik

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FUD Philanthropist™

Quote from: Piston Honda on August 03, 2016, 09:14:22 AM

VERY poor security on their end, especially for being such a "high end" site? pfffffffffffttttttttttttttttt, disgusting.

1ex.trade at least will have the proper measure in place to stop this kinda shit.

no more amateur hour! ppl are fucking fed up!!

Which is WHY i told off the idiot resurrecting MCXnow !

3 years of watching some kid in his basement thinking he's going to make his own Cryptsy
..ignoring the very basic concept of security and CAPABILITY & Personal responsibility !

Should i push my way into NASA and say step aside bitches.. i got this ?

Rocket science ? no fucking problem bitches.. i am SPOETNIK DAMMIT !

Fuck i hate stupid cocky little brats.. looking for profit.
Such as idiots who buy the MCXnow database so they can claim to be resurrecting MCX FeeShares.
https://bitcointalksearch.org/topic/m.14807713

Don't you people ever get tired of following around inept little shits with a "plan" ?
..for profit.

In the real financial world if you don't secure users funds properly you are held accountable.
It's the fucking law profiteer clowns.. in Crypto ?
Noooope Free Market scamtardery central

iamnotback

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Activity: 336

Merit: 265

Quote from: Wosterlee on August 03, 2016, 09:28:43 AM

Quote from: iamnotback on August 03, 2016, 09:18:52 AM

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

ethereum was forked because it was flawed

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

Ethereum wasn't any more flawed than it was specified to be. The idiots trusted the DAO code and they got the result of the DAO code.

"Idiots" have trusted the Bitfinex code and they got the result of the Bitfinex code.

And Wall Street took their BTC, not for the money, but to keep BTC down. These hacks are quite handy to act as a reason for future regulations to keep these unregulated crypto's locked down and abolish them.

Poloniex will be their ultimate move.

I've offered a design for a solution:

Quote from: iamnotback on August 03, 2016, 08:40:35 AM

Here is why OpenLedger is probably going no where and what we can possibly do about the problem of centralized exchanges:

Quote from: https://steemit.com/crypto-news/@kurtbeil/centralized-exchanges-have-been-very-harmful-openledger-to-the-rescue#@anonymint/re-kurtbeil-centralized-exchanges-have-been-very-harmful-openledger-to-the-rescue-20160803t123827292z

Bitshares' OpenLedger is decentralized exchange on the same blockchain of pegged assets. This is not equivalent to decentralized exchange of the actual assets between blockchains. For one reason in that pegged assets don't precisely track the price moves of the asset and they don't give you diversification of holding the assets (e.g. diversifying blockchains). Not to mention that OpenLedger is not popular and thus has insufficient volume. The latter has been impossible to implement because of a jamming vulnerability, but I have recently privately proposed a solution.

I am too busy working on a Steem clone and can't work on the above right now. If I see someone seriously capable and intending to implement it, I will discuss the solution I have in mind with them.

Minecache

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Vave.com - Crypto Casino

Quote from: iamnotback on August 03, 2016, 09:18:52 AM

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

ethereum was forked because it was flawed

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

Ethereum wasn't any more flawed than it was specified to be. The idiots trusted the DAO code and they got the result of the DAO code.

"Idiots" have trusted the Bitfinex code and they got the result of the Bitfinex code.

The only winners in this increasingly crypto shitpile are the thieves who will more than likely cash out into fiat and live the life of hooks and blow. Meanwhile investors, big business et al look elsewhere to finance.

MtGox
ETC
Bitfinex

Is all the same shitpile just a different flavour.

Wosterlee

full member

Activity: 220

Merit: 110

Quote from: iamnotback on August 03, 2016, 09:18:52 AM

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

ethereum was forked because it was flawed

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

Ethereum wasn't any more flawed than it was specified to be. The idiots trusted the DAO code and they got the result of the DAO code.

"Idiots" have trusted the Bitfinex code and they got the result of the Bitfinex code.

And Wall Street took their BTC, but not for the money. These insider hacks come in quite handy for future legislation to abolish unregulated crypto's.

TPTB are everywhere.

Poloniex will be their ultimate move.

spartak_t

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Activity: 1960

Merit: 1176

@FAILCommunity

Only Divinespark and I pointed to something else, but most of you guys are too busy to mock with Bitfinex and what happened. There you go:

https://news.bitcoin.com/bitfinex-us-regulation-cold-storage/

iamnotback

sr. member

Activity: 336

Merit: 265

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

ethereum was forked because it was flawed

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

Ethereum wasn't any more flawed than it was specified to be. The idiots trusted the DAO code and they got the result of the DAO code.

"Idiots" have trusted the Bitfinex code and they got the result of the Bitfinex code.

Piston Honda

legendary

Activity: 2702

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Juicin' crypto

VERY poor security on their end, especially for being such a "high end" site? pfffffffffffttttttttttttttttt, disgusting.

1ex.trade at least will have the proper measure in place to stop this kinda shit.

no more amateur hour! ppl are fucking fed up!!

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

And what they deserved? To be screwed from inside? Bitfinex's transactions must be co-signed by BitGo, but BitGo claims that there is no security breech on their side. I'm not an expert, but I find this a bit strange.......

This is situation in which pretty much everybody are suffering short term losses, and there is nothing funny in that.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Quote from: raphma on August 02, 2016, 09:45:53 PM

mETH heads are so funny Cheesy

What does that have to do with ETC??

" the criminal coin" lol. this always makes me laugh.

Centralized Exchanges Cheesy

..stupid mETH heads LOL

Babayega31

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Merit: 500

Cryptocurrency Wallet - Denaro.io

Quote from: NorrisK on August 03, 2016, 03:11:29 AM

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

Quote from: iamnotback on August 02, 2016, 09:04:13 PM

Quote from: shyliar on August 02, 2016, 08:34:09 PM

Quote from: Minecache on August 02, 2016, 07:23:39 PM

-snip-

-snip-

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

That is the strange thing here to me.. I thought the exchanges had learned by now how important security is and to keep hot and cold wallets serperated.

If your cold wallet gets compromised, it should only be possible by an inside job from some high level person who has access to it and even then you would want a second person to sign the transfer.

I hope the fallout will not be as big as with mt. gox, but it sure does explain the massive drop in btc price.

Its so shady really in how could they realize for this they running for long time and they are big exchange and they didnt secured properly in their balances, and thats totally crazy to think dude and its really got bif effect of btc price we see a big fall down in just a certain hours, and the really question floating there does bitfinix will be the next mt.gox.

Divinespark

hero member

Activity: 938

Merit: 501

I read somewhere on Twitter that they changed the 99% cold wallet approach in favour of the Bitgo solution in order to comply with US law. If true, how fucked up is that?

NorrisK

legendary

Activity: 1946

Merit: 1007

Quote from: Pursuer on August 03, 2016, 02:48:09 AM

Quote from: iamnotback on August 02, 2016, 09:04:13 PM

Quote from: shyliar on August 02, 2016, 08:34:09 PM

Quote from: Minecache on August 02, 2016, 07:23:39 PM

-snip-

-snip-

in case of bitfinex hack, bitcoin has no flaw. the problem was with idiots who were using it and apparently didn't know what a cold storage is. there is no UNDO button here.

That is the strange thing here to me.. I thought the exchanges had learned by now how important security is and to keep hot and cold wallets serperated.

If your cold wallet gets compromised, it should only be possible by an inside job from some high level person who has access to it and even then you would want a second person to sign the transfer.

I hope the fallout will not be as big as with mt. gox, but it sure does explain the massive drop in btc price.

Topic: Bitfinex Got What They Deserved (Read 2018 times)