Price up!!!
lol , I wish that happens. But I don't see any reason of that happening just because of it coming back.
actually the price is rising right now
Moon
?Preev.com => 281.1 USD
Bitstamp.net => 278 USD
Google.com => 297.96 USD
Topic: BITSTAMPS BACK! (Read 2552 times)
lol , I wish that happens. But I don't see any reason of that happening just because of it coming back.
actually the price is rising right now
Moon
?Preev.com => 281.1 USD
Bitstamp.net => 278 USD
Google.com => 297.96 USD
Great! Bitstamp prove their job professionally and their trustworthy too.
I hope the price will rise!
I hope the price will rise!
gotta say great job bitstamp, you guys have proven to be trustworthy, i hope the security is sound now.
good news then
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
You are right to point that out because unlike financial institutions which have assets to back them up, I don't believe exchangers have that as well. I really hate to see them go but at least they must be given a chance to recover. I'm not sure how it is possible... probably when they start back operation and get things moving again like normal business day, this will allow them to secure funding either from investors or how. Or either way, maybe the loss for them is too small for them and they already have contingency plan in place. We just don't know that. So, it's a good idea not to leave large amount right now which goes the same for any other exchangers.
Not a big deal, they have so many coins sitting in the cold storage collecting dust. Their reserve ratio is much higher than any banks in the world, which typically have only 20% of customer funds at hand while still serve the customer for decades
Banks do not work that way. Banks make loans, which are assets to a bank. If you own a loan, you can sell it, which banks do. Loans plus cash plus capital must exceed deposits. Trouble can appear if a broad class of loans lose value, which is what happened in 2008. Bitcoin exchanges have no secured loans as assets. They are not banks. They are not lending institutions. They have to have 100% of their deposits or they are insolvent.
What you said is academically true. But behind the scene, banks and exchanges work exactly the same way: Customers only play with numbers in their database until they withdraw real money. That's the reason M2 and M3 can be magnitudes higher than monetary base since they are only some numbers in bank's database
Bitcoin is hard assets, you could consider those hacked coins as a long term loan to hackers. Even so, bitstamp still have 80% of customer funds at hand. But in a bank, they never keep more than 40% of the funds at hand and their long term loan to business can not be easily liquidated. When a wave of customer withdraw hit, banks reserve will be drained quickly, and they have to borrow from other banks at the cost of interbank short term interest (LIBOR), but if majority of banks are facing such withdraw pressure, they will turn to FED asking for new base money injection
In bitcoin world there is no lender of last resort, so if everyone withdraw from bitstamp, they will have a bank run, but I think with more than 80% reserve ratio they are much safer than most of the banks
I remember that after 2011 MTGOX hack, they proved that they had 400K coins in a cold storage, and finally they lost 800K coins, so it is very likely that they were operating in a 50% reserve basis for almost 3 years
Not a big deal, they have so many coins sitting in the cold storage collecting dust. Their reserve ratio is much higher than any banks in the world, which typically have only 20% of customer funds at hand while still serve the customer for decades
Banks do not work that way. Banks make loans, which are assets to a bank. If you own a loan, you can sell it, which banks do. Loans plus cash plus capital must exceed deposits. Trouble can appear if a broad class of loans lose value, which is what happened in 2008. Bitcoin exchanges have no secured loans as assets. They are not banks. They are not lending institutions. They have to have 100% of their deposits or they are insolvent.
I highly doubt they have the finances to buy it outright. I think they will have a plan where they slowly pays back the customers over time, or offers them a stake.
That seldom works. Many financial firms have tried that. Enron was a notable example of that going very wrong.So, withdraw your funds from Bitstamp for a few months. If they're solvent, it won't hurt them a bit. If not...
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
Not a big deal, they have so many coins sitting in the cold storage collecting dust. Their reserve ratio is much higher than any banks in the world, which typically have only 20% of customer funds at hand while still serve the customer for decades
So happy we have great exchanges in my country, nor verification time, 5 min entering any website no registration, payment and Bitcoins are send. It's perfect. Main reason is that one of our payment methods is instant and usually non-refundable so they know the funds are there, are immidiatly send to the exchange and with that confirmation the BTC gets transfered.
I did register today on Bitstamp for the. First time, but by the time I would be verified, allowed to buy and have funds deposited...
I did register today on Bitstamp for the. First time, but by the time I would be verified, allowed to buy and have funds deposited...
Ha. Most of us predict that Bitstamps will be back. Since it is back.. Bitcoin price gonna rise again.. 
.
. 
This is great news!
Other members were saying bitstamp will be back but i wasn't so sure, I'm happy to be proved wrong in this case.
With Pantera behind them this does look like a safe company.
Other members were saying bitstamp will be back but i wasn't so sure, I'm happy to be proved wrong in this case.
With Pantera behind them this does look like a safe company.
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
Bitstamp is Silicon Valley, VC backed (Pantera). They were always going to come back and do things right. No chance of insolvency or funny business whatsoever.
I have already withdraw all of my bitcoins succesfully
I was able to take everything out too.
I have already withdraw all of my bitcoins succesfully
Would definitely withdraw asap if I were a current user...don't make the same mistake. They're back up, but that still doesn't solve the fundamental problem of their losses or intended plan to make up for the stolen funds. Seen this happen with coinex and cryptorush with a 're-opening.' The lost funds are going to come out someone's pocket.
I highly doubt they have the finances to buy it outright. I think they will have a plan where they slowly pays back the customers over time, or offers them a stake.
Thats most likely what MtGox wanted to do. And then the price went ballistic.
Bitstamp doesnt didnt lose $5M; they lost a shitload of bitcoins and as long as they dont obtain them, their liability has no upper limit.
I really hope everything eventually works itself out with Bitstamp.
I would hate to see another black eye on the shiny face of BTC to start the new year.
I would hate to see another black eye on the shiny face of BTC to start the new year.
That was an incredible quick fix by Bitstamp. Good trustworthy company.
That might be a possibility . To become solvent they would need to purchase 18K bitcoins, and I am not sure if they already did that or plan to do that .
I highly doubt they have the finances to buy it outright. I think they will have a plan where they slowly pays back the customers over time, or offers them a stake.
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
Agree, that's the missing part of the statement - how are they going to cover the lost funds? After all the shit from Mt Gox it would be nice if bitstamp were more transparent on this.
Although, if Pantera bailed them out, both sides may not be very keen on disclosing the details. And this part slightly suggest that this could be the case:
Quote
On a personal note, I’d like to thank the incredible teams at Bitstamp and at our lead investor Pantera Capital who have worked around-the-clock from multiple time zones in the last few days. I’m incredibly proud of the herculean work of this extended team, and grateful to the phenomenal show of support from customers, friends, and partners in the bitcoin community.
Hopefully they won't qualify for audit exemption in their 2nd year of trading.
What happens to the stolen 19,000 BTCs? Bitstamp has a roadmap to pay it off to the customers.
I think Bitstamp is finished. I personally would never transfer anything in there.
I think Bitstamp is finished. I personally would never transfer anything in there.
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
That might be a possibility . To become solvent they would need to purchase 18K bitcoins, and I am not sure if they already did that or plan to do that . If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
Happy to see they are back and being honest about the situation
Quote
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
That should be standard practice for any exchange, never use exchanges and online wallets or any public service for longterm storage, you do not have control over your coins there!
The next question is whether Bitstamp is now insolvent. They lost $5 million. Did they get new funding to replace that, did they have enough capital of their own, or are they dipping into customer funds? Their statements have carefully avoided mentioning this issue.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
If a real stockbroker lost funds like that, and became insolvent (debts > assets), they would have to stop operations immediately. In some jurisdictions it is a felony for a broker to continue to accept funds once insolvent. They don't get to "fix it later". That's because, historically, the temptation to fix it by speculating with customer funds has been a big problem.
With withdrawals working again, it's probably a good idea to get your assets out of Bitstamp. Don't use them as a wallet. Trade there if you like, but empty out your account when not actively trading.
Bitstamp now needs a full audit by an outside auditing firm.
I'd be very surprised if they even acknowledged this positive thing at all, they like to focus on a narrative and once they've decided with it they'll go with it even when piles of evidence stack up against them.
Yes, they're back up, and after 20 minutes there's been enough volume to get them back in sync with the other markets, around $288. Bitcoinwisdom is tracking Bitstamp, but Bitcoin Charts (which is owned by Karpeles) is not.
That didn't take long. All is back as usual after 20 minutes.
The media loves the crash stories... now let the media write about this.
Yes, they're back up, and after 20 minutes there's been enough volume to get them back in sync with the other markets, around $288. Bitcoinwisdom is tracking Bitstamp, but Bitcoin Charts (which is owned by Karpeles) is not.
No trading fees, so a bunch of trading bots will smooth out the volatility from all the micro transactions.
1150 BTC being dumped at $295.99
1150 BTC being dumped at $295.99
Withdrawal works.
Finally Bitstamp is back, was about time.
People are very excited, price may see a short bump.
People are very excited, price may see a short bump.
I am amazed the price is higher than BTC-e. I thought there would be tons of sells. Not so. At least not in the first 5 minutes. It's up to $298
$10 price spread! Quick! Buy on BTC-e and sell on bitstamp. Arbitrage!
Live again! About 6 minutes late 
Finally Bitstamp is back, was about time.
People are very excited, price may see a short bump.
People are very excited, price may see a short bump.
holy shit it's live! LOOK AT IT GO
$294 price at opening
$294 price at opening
Ok so it's 21:00 UTC, trading has resumed but I don't see anything happening yet.
Yeah it's still not active. Lies!
it is back now, but can someone withdraw its coins?
It's not live until 4pm EST. 50 minutes from nowTrading on @Bitstamp will resume at 2100 UTC today. We can confirm withdrawals have been working. #Bitcoin
https://twitter.com/WorldCryptoNet/status/553645984883167232
Ok so it's 21:00 UTC, trading has resumed but I don't see anything happening yet.
edit: nevermind, trading just went live! Bounced to $291
edit: nevermind, trading just went live! Bounced to $291
time for the price to go up
buy buy as fast as you can
buy buy as fast as you can
This is very good news. Hopefully having a main exchange will restore some confidence in bitcoin. Thanks LiteCoinGuy for the summary.
Price already ticking up! Good Luck everyone!
Price already ticking up! Good Luck everyone!
no problem. i would recommend that anybody should change the password? why? just do it.
You're right, like with Bitcointalk hacks, if you're using an old password and it's floating around the internet someone could get at your stuff, always use easy to remember and interchangable passwords and do not ever use one password for your financial accounts, especially if that password is also the same as the one in your day to day and social accounts.
otherwise we will have the next chaos in 2 months...hopefully not
This is very good news. Hopefully having a main exchange will restore some confidence in bitcoin. Thanks LiteCoinGuy for the summary.
Price already ticking up! Good Luck everyone!
Price already ticking up! Good Luck everyone!
no problem. i would recommend that anybody should change the password? why? just do it.
You're right, like with Bitcointalk hacks, if you're using an old password and it's floating around the internet someone could get at your stuff, always use easy to remember and interchangable passwords and do not ever use one password for your financial accounts, especially if that password is also the same as the one in your day to day and social accounts.
What about withdrawals? That's the real question. Has anyone had a successful withdrawal yet? Has anyone had an unsuccessful withdrawal?
some users are claiming to have succesful withdrawals
https://twitter.com/Datavetaren/status/553640553586622465
This is very good news. Hopefully having a main exchange will restore some confidence in bitcoin. Thanks LiteCoinGuy for the summary.
Price already ticking up! Good Luck everyone!
Price already ticking up! Good Luck everyone!
no problem. i would recommend that anybody should change the password! why? just do it.
What about withdrawals? That's the real question. Has anyone had a successful withdrawal yet? Has anyone had an unsuccessful withdrawal?
it is back now, but can someone withdraw its coins?
It's not live until 4pm EST. 50 minutes from nowTrading on @Bitstamp will resume at 2100 UTC today. We can confirm withdrawals have been working. #Bitcoin
https://twitter.com/WorldCryptoNet/status/553645984883167232
I AM LOGGED IN AND READY TO GO!
Pretty cool
, lets hope that the price will rise once again and for good
This is very good news. Hopefully having a main exchange will restore some confidence in bitcoin. Thanks LiteCoinGuy for the summary.
Price already ticking up! Good Luck everyone!
Price already ticking up! Good Luck everyone!
it is back now, but can someone withdraw its coins?
It's not live until 4pm EST. 50 minutes from nowI have seen in twitter users claiming they have been able to withdraw
Trading begins at 4pm EST. That's 1 hour from now.
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
I have a feeling the price will go up when trading resumes.
Especially if all the lost coins are refunded, it will make MT.GOX look very, very bad.
Bitstamp was hit for a smaller amount.
When you look at how many coins MT.GOX lost in comparison to Bitstamp I'm not convinced at all MT.GOX 'lost' them, the maths just didn't add up, either it was a gross negligance of their security or someone on the inside ( I'm more and more thinking it was Mark Karpeles himself ) went and took them.
bearstamp
it is back now, but can someone withdraw its coins?
It's not live until 4pm EST. 50 minutes from now it is back now, but can someone withdraw its coins?
should be possible soon but i cant withdraw my Hashlets
Trading begins at 4pm EST. That's 1 hour from now.
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
I have a feeling the price will go up when trading resumes.
Especially if all the lost coins are refunded, it will make MT.GOX look very, very bad.
Bitstamp was hit for a smaller amount.
it is back now, but can someone withdraw its coins?
I AM LOGGED IN AND READY TO GO!
Finally , let the trading begin ! Trading begins at 4pm EST. That's 1 hour from now.
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
I have a feeling the price will go up when trading resumes.
Especially if all the lost coins are refunded, it will make MT.GOX look very, very bad.
Trading begins at 4pm EST. That's 1 hour from now.
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
I have a feeling the price will go up when trading resumes.
YES! CRYPTOCURRENCIES SHALL NEVER DIE!
Price up!!!
lol , I wish that happens. But I don't see any reason of that happening just because of it coming back.
actually the price is rising
Price up!!!
lol , I wish that happens. But I don't see any reason of that happening just because of it coming back.
actually the price is rising right now
Moon
?
Trading begins at 4pm EST. That's 1 hour from now.
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
What will happen to the price when trading resumes? Do you think there will be a lot of sellers?
Interesting, big green stiffies on BTCe and Bitfinex.
Price up!!!
lol , I wish that happens. But I don't see any reason of that happening just because of it coming back.
What’s new?
Our team has been working day and night to rebuild and restore security to the Bitstamp site so customers can resume transacting with us quickly, safely, and confidently. Bitstamp is now fully operational with a number of key improvements:
Multi-sig
* With the integration of BitGo multi-sig technology, Bitstamp is now the first and only major bitcoin exchange to incorporate the industry's best security practices available today.
Completely new hardware infrastructure
* The Bitstamp systems are running on 100% new hardware deployed from a completely secure backup of our code and data.
Amazon Web Services
* Bitstamp is now running on Amazon’s world-class AWS cloud infrastructure, architected to be one of the most secure and reliable cloud computing environments available.
Commission-free trading
* As a note of thanks to our loyal customers, all transactions conducted on Bitstamp through the end of the North American Bitcoin Conference -- January 17th (at 11:59pm UTC) -- will be commission-free.
Our team has been working day and night to rebuild and restore security to the Bitstamp site so customers can resume transacting with us quickly, safely, and confidently. Bitstamp is now fully operational with a number of key improvements:
Multi-sig
* With the integration of BitGo multi-sig technology, Bitstamp is now the first and only major bitcoin exchange to incorporate the industry's best security practices available today.
Completely new hardware infrastructure
* The Bitstamp systems are running on 100% new hardware deployed from a completely secure backup of our code and data.
Amazon Web Services
* Bitstamp is now running on Amazon’s world-class AWS cloud infrastructure, architected to be one of the most secure and reliable cloud computing environments available.
Commission-free trading
* As a note of thanks to our loyal customers, all transactions conducted on Bitstamp through the end of the North American Bitcoin Conference -- January 17th (at 11:59pm UTC) -- will be commission-free.
Price up!!!
Wooohooooo! BUY? SELL?
I AM LOGGED IN AND READY TO GO!
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