Topic: bter hacked and lost 50m nxt - page 13. (Read 25507 times)

Sorry if I misunderstood your post.

Okay good to know. I never said that roll back was going to happen if you reread what I wrote. Please don be so presumptuous about what I am implying.

There is no rollback and there is never going to be a rollback if you've been paying attention.

BTER wanted a rollback and the NXT community answered with an emphatic "NO!!!".

Thanks, cryptopaths, way to cheer me up, mate  


I think some people are just seeing the word rollback and reacting to that, so to set the record straight a little:

About 6 hours after the hack, the NXT devs created a modified client that would allow a majority of NXT nodes/forgers to reset the transaction record for the BTER account.
This was never going to be a full rollback, but just a reset on the one account. Hopefully no others would be affected.
The modifed client was made available, much arguing ensued, and in the end a small minority of NXT forgers chose to run with the blockchain mod (no more than 5-10%, I guess).
The remaining 95% of the NXT community/nodes/forgers stayed with the 'real' blockchain, and allowed the theft to continue to exist, accepting all the consequences of that decision.

(BTW: The remaining 5% are mostly back on the official line, I'm seeing almost no-one with the modded client anymore.)

So here we are: 45 million NXT poorer but at least we're honest (mostly)  
Anyone got some NXT for a cup of tea?

I'd also like to express my sympathies to BTER, and all the poor sods (including me) who had funds on there.
Lets carry on working on this, and with a bit of luck we should be able to recover some/all of the stolen NXT.

All NXT exchanges have been alerted to it, so its not really going anywhere.
Thats the joy of the blockchain.....you can see exactly where your stolen stuff is. Try that with dollars......

Anyway, my last words:

There is no rollback.......

Any community willing to compromise rolling back transactions that happened since a supposed fuck up or hack of a exchange using NXT is not a community that is honest as it is putting one business' fuck up before people's honest transactions.

That should be made very clear of the implications of the rollback.

Thats a *lot* of coins.

An exchange can't rollback anything in NXT. Only forgers can attempt to do that, if they amass 51% of forging power to create a longer chain. Same is true for any other coin. In the future, when Transparent Forging is implemented, forgers would have to amass 90% of forging power to be able to rewrite history. Judging by reaction of forgers to today's incident, this is not gonna happen, ever. Most forgers are for irreversability of transactions, which is one of the main ideas of crypto currencies.

Any detail on how it was stolen? The idea that an exchange can rollback a cryptocoin "blockchain" is very damaging to the confidence -- that's not something anyone should fiddle with.

No, in this case it had nothing to do with NXT itself. BTER's security was lax.

Its better if you first read and then answer. question.

I am sad and worried and nothing else I can say at this moment.

This had nothing to do with NXT at all. Those guys had a server without 2FA and used the NXT password also for other things

Nxt pass-phrase security system is not working well ?  Hacking really hurts.I think this incident will harm the reputation of the coin.

Thank you! Feel free to "steal" it instead and repeat it to your satisfaction! The only desired outcome is for more people to think about the blockchain and realise what it is and isn't. I feel like every day I realise something new about it and my mind is blown even more. Regardless, I think this is a great thread and many new and interesting perspectives were opened for me. Definitely something to file in the "stuff everybody interested in crypto should read through" pile.

Damn, well, instant karma for me then! Lost a goooood chunk of cheese on BTER.

Silly arbitrage!

I think blame for the hack falls squarely on you for posting all your NXT AMA's all over the internet and drawing all this attention to NXT.

That's already how it works. What it depends on is which ledger you are referring to. Do you get what I mean?


Fair enough, but then you'll still face the usual problems around this issue. I can still fork the blockchain, convince all my friends that we should use this one, and the staff at "NonDisappearingCoin" will have zero recourse against us if we manage to build enough consensus around us.

What he's asking sounds difficult, but I'm not going to say impossible, yet.

There are also laws of human nature, economics, technology, etc.

For example we could use credibility in the human nature economics department, where at a coin launch they simply say "NonDisappearingCoin will have no roll backs". If they did have rollbacks they'd lose brand and credibility and be something other than NonDisappearingCoin. Maybe there can be help from the tech solutions too. I don't know but I'm not giving up till I have irreversible transactions.

No you are taking this way out there.

No one is saying anything about adding to the history books.

I am talking about someone, or a group of people deciding to go with a chain that is not the correct one, one that is missing, say the 5% theft transaction off of Bter.

Thats what Im talking about. Not the universe or history books that I add things to.

What I'm taking about is stopping the ability of transaction getting erased from a ledger, when EVERYONE KNOWS THE TRANSACTION happened.

I think this is in our future. I hope.