Topic: BTC-E.COM NICE RECOVERY FROM THE HACK! =) - page 12. (Read 51029 times)
I posted the BTC address for my jet ski wear ring fund in the chat, 1KYZrqHjJAXntGhpBVqv9gdoGbFNircvKn, and someone sent it .01 BTC.
Wow, over 94,000 BTC in block 191622.... With all the transactions in the last few hours, definitely a lot of coins moving around.
Theres another possibility, and lets hope that it is - some whale's LR account got hacked, and the USD on BTC-e is real.
So as an experiment I deposited BTC sold if for USD, bought the BTC back and withdrew. I got my "test" 0.8 BTC out of the exchange (minus some trading losses).
This makes me very confident that my (and others) original theory was correct. The attacker ONLY increased the amount of USD. Period. Nothing else. There also appears to be some (at least 0.8 BTC as of 2 minute ago) BTC left. Likely the hacker hit some per account limit.
So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange. Think of BTC as the "goods". The BTC-E USD money supply has been massively inflated. As people realize this they will dump USD for BTC driving the price higher and higher and higher. $50, $100, $500, maybe even $25,000 USD per BTC.
There is SOME (who knows how much) real BTC on the exchange but anyone hanging on to USD "profits" is an idiot. Selling USD for BTC at 50%, 70% even 90% loss is better than holding on to a hyperinflating currency. You may say "the money supply is no longer inflating" while that is true price action often lags the actual increase in the money supply. If the hacker increased the USD money supply by say a factor of 50x then eventually USD:BTC will rise by a factor of 50x.
No way BTC-E can pay out all the fake USD so get into the store of value ... BTC.
Well said. I've been urging this for a while. This makes me very confident that my (and others) original theory was correct. The attacker ONLY increased the amount of USD. Period. Nothing else. There also appears to be some (at least 0.8 BTC as of 2 minute ago) BTC left. Likely the hacker hit some per account limit.
So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange. Think of BTC as the "goods". The BTC-E USD money supply has been massively inflated. As people realize this they will dump USD for BTC driving the price higher and higher and higher. $50, $100, $500, maybe even $25,000 USD per BTC.
There is SOME (who knows how much) real BTC on the exchange but anyone hanging on to USD "profits" is an idiot. Selling USD for BTC at 50%, 70% even 90% loss is better than holding on to a hyperinflating currency. You may say "the money supply is no longer inflating" while that is true price action often lags the actual increase in the money supply. If the hacker increased the USD money supply by say a factor of 50x then eventually USD:BTC will rise by a factor of 50x.
No way BTC-E can pay out all the fake USD so get into the store of value ... BTC.
woah, I wonder howmany people are gaining/loosing money from this guy
So as an experiment I deposited ~ 1 BTC sold if for USD, bought the BTC back using my USD balance and withdrew the 0.8 BTC. Yeah i "lost" 0.2 BTC but the point was to test the liquidity of the BTC side.
This makes me very confident that my (and others) original theory was correct. The attacker ONLY increased the amount of USD. Period. Nothing else. There also appears to be some (at least 0.8 BTC as of 2 minute ago) BTC left. Likely the hacker hit some per account limit or got his account suspended preventing him for getting 100% of the BTC.
So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange. Think of BTC as the "goods" in the BTC-E economy. The BTC-E USD money supply has been massively inflated but the amount of "goods" (BTC) hasn't. This is the recipe for massive inflation. It was inflated by the hacker/counterfeiter. Normally we think of central banks as the one doing inflating and generally that is true in major economies however any increase in money supply (even illegal ones like counterfeiting) causes inflation As people realize this they will dump USD for BTC driving the price higher and higher and higher. $50, $100, $500, maybe even $25,000 USD per BTC.
There is SOME (who knows how much) real BTC on the exchange but anyone hanging on to USD "profits" is an idiot. Selling USD for BTC at 50%, 70% even 90% loss is better than holding on to a hyperinflating currency. You may say "the money supply is no longer inflating" while that is true, but price action often lags the actual increase in the money supply. If the hacker increased the USD money supply by say a factor of 50x then eventually USD:BTC will rise by a factor of 50x. Under that scenario BTC-E "USD" are worth only 1/50th of "real USD".
How much did the hacker inflate the BTC-E USD money supply? I don't have a clue ... but do you want to find out holding BTC or BTC-E "USD?"
This makes me very confident that my (and others) original theory was correct. The attacker ONLY increased the amount of USD. Period. Nothing else. There also appears to be some (at least 0.8 BTC as of 2 minute ago) BTC left. Likely the hacker hit some per account limit or got his account suspended preventing him for getting 100% of the BTC.
So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange. Think of BTC as the "goods" in the BTC-E economy. The BTC-E USD money supply has been massively inflated but the amount of "goods" (BTC) hasn't. This is the recipe for massive inflation. It was inflated by the hacker/counterfeiter. Normally we think of central banks as the one doing inflating and generally that is true in major economies however any increase in money supply (even illegal ones like counterfeiting) causes inflation As people realize this they will dump USD for BTC driving the price higher and higher and higher. $50, $100, $500, maybe even $25,000 USD per BTC.
There is SOME (who knows how much) real BTC on the exchange but anyone hanging on to USD "profits" is an idiot. Selling USD for BTC at 50%, 70% even 90% loss is better than holding on to a hyperinflating currency. You may say "the money supply is no longer inflating" while that is true, but price action often lags the actual increase in the money supply. If the hacker increased the USD money supply by say a factor of 50x then eventually USD:BTC will rise by a factor of 50x. Under that scenario BTC-E "USD" are worth only 1/50th of "real USD".
How much did the hacker inflate the BTC-E USD money supply? I don't have a clue ... but do you want to find out holding BTC or BTC-E "USD?"
Dont wanna scare anyone, but look:
https://blockchain.info/tx-index/14019256/cce8c325893d90e1d99e116e9279cf2e3e3f5ae6703854020726a660d8491289
15k BTC now receiving 6 confirmations. Where are they heading to MtGox?
https://blockchain.info/tx-index/14019256/cce8c325893d90e1d99e116e9279cf2e3e3f5ae6703854020726a660d8491289
15k BTC now receiving 6 confirmations. Where are they heading to MtGox?
is it wrong that I'm hoping the hacker dumps those coins on gox so i can buy em up cheap
I'm monitoring the btc-e chat, and they seem to believe Mr. Wubbles is trolling.
He is. That doesn't mean he's not the hacker.Quote
He had obviously lied before about deleting the database. If Mr. Wubbles had the ability to do that, there would be a much easier way of "hurting the exchange" without hurting its users: withdraw the hot wallet directly.
I agree. The hacker cannot do that, they can only buy BTC and withdraw them, most likely.
Which payment processors and exchanges accept BTC-e codes?
None anymore.
Which payment processors and exchanges accept BTC-e codes?
FWIW, I do believe the hacker is using the name 'MrWubbles'.
I do believe MrWubbles is falsely taking credit. SupaDupaJenkins may be the culprit, however.He had obviously lied before about deleting the database. If Mr. Wubbles had the ability to do that, there would be a much easier way of "hurting the exchange" without hurting its users: withdraw the hot wallet directly.
I'm pretty sure that would 'hurt the users' too. Though it wouldn't lure others in.
FWIW, I do believe the hacker is using the name 'MrWubbles'.
I do believe MrWubbles is falsely taking credit. SupaDupaJenkins may be the culprit, however.He had obviously lied before about deleting the database. If Mr. Wubbles had the ability to do that, there would be a much easier way of "hurting the exchange" without hurting its users: withdraw the hot wallet directly.
I'm pretty sure that would 'hurt the users' too. Though it wouldn't lure others in.
FWIW, I do believe the hacker is using the name 'MrWubbles'.
I do believe MrWubbles is falsely taking credit. SupaDupaJenkins may be the culprit, however.He had obviously lied before about deleting the database. If Mr. Wubbles had the ability to do that, there would be a much easier way of "hurting the exchange" without hurting its users: withdraw the hot wallet directly.
I also find it hard to believe Wubbles would take more than 5 blocks to pay out.
FWIW, I do believe the hacker is using the name 'MrWubbles'.
I do believe MrWubbles is falsely taking credit. SupaDupaJenkins may be the culprit, however.
It looks like some hacker/scammer injected a huge amount of FAKE capital and bought the ACTUAL coins on the market.
I don't think a hack like this means they have access to the wallet, it just looks like they pumped a bunch of funny money USD into the market to make the transactions legit. I suspect the coins are giggity-gone at this point.
I don't think a hack like this means they have access to the wallet, it just looks like they pumped a bunch of funny money USD into the market to make the transactions legit. I suspect the coins are giggity-gone at this point.
FWIW, I do believe the hacker is using the name 'MrWubbles'.
Real Time!!
FWIW, I do believe the hacker is using the name 'MrWubbles'.
I do believe MrWubbles is falsely taking credit. -retracted needless accusation-, however.Nobody seems to have received payment back.
Btter hope this does not hit mainstream media...another BTC robbery will only shake the BTC tree more and eventually result in a collapse
You couldn't ask for a worse hack/theft than bitcoinica. If we aren't screwed then, we ain't screwed now.
I chickened out, ran away with my bitcoins while I still could. 
Smart and as a bonus you dont have to feel guilty about contributing to the death of another exchange just to make a fast buck...
Ditto here. Canceled all my pending trades and withdrew. 2 confirms so far, I think I might have beat the clock.
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