Topic: Coinbase will be next to halt withdrawals by Friday.. - page 3. (Read 15626 times)

just for fun,
for the public record my money is on ATH in may i'll dig this up later when it happens[/steve]

There is no flaw in the transactional capabilities of bitcoin, as of this moment.  The flaw is the way that transaction ids can be altered by rogue miners.  This is a coordinated attack by a small group of miners who are then spamming the network with dust.  Now, who would want to do such a thing?   Reliance on tx ids is not necessary for bitcoin transactions to continue. The spamming issue will be addressed via other fixes.  Software changes will probably be made to stop reliance on tx ids for now.  Once the issue is fixed at protocol level, the "flaw" disappears and the bitcoin protocol just got stronger.

Made plenty of sense.  Fix software reliance on tx ids and problem goes away, which gives the devs a whole year to sort out transaction malleability in protocol.

I want to point and laugh at Steve and call him a "Big Dummy" but he might actually be right on this one. A flaw in the network is like ultimate doom, there really is no worse news.

Can't you read? These problems are only appearing due to outdated or buggy software. If they fix these bugs and update the software, the problem will be solved.


So the DDoS attacks are exposing bugs in the exchange's software and thus causing problems. Fix those bugs and guess what happens?

That made no sense unless you actually present a way to mitigate this by presenting a feasible course of action. Everything else is just hope and faith.

Just because malleability won't be fixed this year doesn't mean they can't mitigate these DDoS attacks through other ways.

GMaxwell (Core #Bitcoin dev): It is exceptionally unlikely that malleability will be fixed in the year

This is what I get from that post:

https://bitcoinfoundation.org/blog/?p=422

As you can see Gavin agree with my estimate of the situation, until a fix is presented (GMaxwell (Core #Bitcoin dev): It is exceptionally unlikely that malleability will be fixed in the year). A larger scale attack on the network would render more and more tx useless.

mind you...

Bitcoinsteve, bless his soul, wanted to name his new daughter after bitcoin. Thankfully he decided not to. In fact, I think his daughter is due any day now.

He is also a Christian and most likely from the US. As he was taking in bitcoin donations, he doesn't have a lot of coins and he is not part of any nefarious group with special information, AFAICT.

Now, how did he get the call on the drop right? Well, he didn't exactly. He called it on the day it happened, not the day before, but importantly he DID call it before it happened.

Bitcoinsteve claims to get visions, so maybe he is getting paranormal warnings or maybe he got lucky.  Insert your own personal philosophical beliefs here. But such things are unreliable at best.

I think Bitcoinsteve got lucky or was warned in a vision somehow, and now he sees everything as ending. Either that or he is related to someone who is connected to the group that is launching the DDOS attacks. Did someone mention large IT, govt backed organisation with sufficient resources to launch widescale botnet attack? How this will play out is anyone's guess but I think bitcoin will bounce back from this because the problem has been identified and therefore the protocol can be altered to fix it.

As for Gox dying, I don't believe that will happen because their cold storage was unaffected AFAIK.

I like how everyone ignores the fact that his "prediction" suggested that the price would be $100 on Friday... NOT that it would drop to $100 for a few seconds on one exchange on Monday.

There is a BIG difference between the price sitting at 100 on friday the 14th and what we saw happen yesterday.

But if ya'll want to continue to think he made some genius prediction, by all means, get on your knees and praise the guy.

Yes we will have to wait, BUT when mtgox enables bitcoin withdrawals again be prepared for the biggest rise you have seen.
I predict 2000-2500 per bitcoin soon.
Mark my words here is my adress already for my predictions like steve: 13iomuQqZuoGLQGfmKmZBa7wTa1ebDAoLs  

Coinbase.com is very secure. If you feel the need to keep your bitcoin locally I think you would have to go to Armory using cold storage. Why would you only move .25 BTC at a time? Just setup Armory and move the lot.

But the trolls want cheap coins.. don't ruin their FUD now with logic and reason.

If any of you freaked out trolls actually can read - then you would have read this in the article mentioned above ( http://www.coindesk.com/massive-concerted-attack-launched-bitcoin-exchanges/ ) :

"“This is not happening to other exchanges because they’re not stupid enough to issue withdrawals without checking them out first,” he explained.

Antonopoulos said we will see a few exchanges suspend withdrawals temporarily while they re-work their accounting systems to ensure they are not confused by the attack.

“It’s important to note no funds have been lost. Withdrawals have been halted to prevent funds from being lost or to prevent the balances from going out of sync,” he stressed."

This problem is NOT the sky falling in. It only affects the older versions of bitcoind. Gox are using a modified version of an older client. So they have been affected worst. I don't think any other exchange does, but they will take care too to make sure the bug doesn't hit them.

Is anyone surprised that there is a constant effort to take down bitcoin? Of course there is. But they will not succeed!

The bug Antonopoulos is talking about it VERY easy for them to work around.

In fact this is BRILLIANT NEWS! It's not Gox trying to scam everyone as so many trolls here are preaching. It really is a bug in the old bitcoin client which is affetcing EVERY exchange and they will get it fixed very soon:

"An industry-wide coordinated response has been put into action, with exchanges and core developers collaborating actively to attack the problem from multiple angles.

Various other groups within the ecosystem, including the big mining pools, are working to stop the issue from propagating across the network.

Any exchanges that are affected are working on fixing their internal systems so they correct the account balances and can resume withdrawals as soon as possible.

“I would expect to see withdrawals flowing again within 24 and 72 hours, and in the meantime, any withdrawals that were cancelled will reappear in customer account balances,” Antonopoulos explained."

OK can we all agree to stop blaming Gox now?

I've been slowly putting my Bitcoin into physical cold storage .10 BTC at a time. I hate doing this because:

1) I like that Coinbase syncs with my Mint.com account
2) I like the idea that if I want to quickly sell and trade Bitcoins, I don't have to upload the physical wallets first and wait. Especially if they are at home and I am at work and want to sell.

That said, I am seriously thinking about offloading all of my Bitcoins tonight into physical wallet. I think the OP has a point, and that Coinbase will enter a brief period of shutdown where my Botcoins will be unavailable to me.

I don't have THAT many, but I should probably do like .25 at a time? Until they are all offline? I don't like the idea of doing them all into one physical wallet, in case something stupid goes wrong and they are all lost.

Yes, I seriously believe bitcoin will be successful.

There is when the one time he decided to troll he was right on the money. I don't believe btc is done either, but that prediction was pretty freaky.