Coinfire Bitstamp update - page 3. | Bitcointalksearch.org

sobitcoin

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Quote from: turvarya on January 06, 2015, 07:09:47 AM

Quote from: mayax on January 06, 2015, 06:52:06 AM

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers. Yes, this would be an issue. Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth Roll Eyes

TrueCryptonaire

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They could repay by increasing the trading fees, for example to the range 0.3-0.6 and put the excess in separate fund and just start to repay.

tzortz

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I believe they had said in the past that the hot wallet gets emptied on a daily basis.

So a hot of 18k is not impossible.

But still is s a lot of money, but will be paid by owner's pocket. I think.

pawel7777

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Quote from: turvarya on January 06, 2015, 07:39:19 AM

Quote from: pawel7777 on January 06, 2015, 07:34:19 AM

Quote from: turvarya on January 06, 2015, 07:09:47 AM

Quote from: mayax on January 06, 2015, 06:52:06 AM

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

The cold wallet is not just clients deposit. It is also their revenue. Your statement would be true if they converted their revenue to fiat instantly.
I don't see any evidence, that they can't afford it.

No one knows (apart from BitStamp) what % of the cold wallet are their own funds. My guess is it's a tiny %. They do have to convert to fiat pretty often, they got bills, salaries, expenses to be paid (in fiat) on monthly basis.

Also, they cannot just take the revenue (collected fees) and cover for the stolen deposits. They also need to cover their operating expenses with it.

I don't know whether is bad or very bad for BitStamp, but I think in either way it's a problem they can manage with (if they have experienced,competent people on-board). Don't think we'll see Gox 2.0 here.

turvarya

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Quote from: pawel7777 on January 06, 2015, 07:34:19 AM

Quote from: turvarya on January 06, 2015, 07:09:47 AM

Quote from: mayax on January 06, 2015, 06:52:06 AM

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

The cold wallet is not just clients deposit. It is also their revenue. Your statement would be true if they converted their revenue to fiat instantly.
I don't see any evidence, that they can't afford it.

pawel7777

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Quote from: turvarya on January 06, 2015, 07:09:47 AM

Quote from: mayax on January 06, 2015, 06:52:06 AM

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

BitCoinNutJob

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Quote from: mayax on January 05, 2015, 11:23:44 AM

Quote from: BitCoinNutJob on January 05, 2015, 11:19:18 AM

Quote from: UnicornFarts on January 05, 2015, 01:52:18 AM

What would gox 2.0 do to bitcoin? Grin

18k < 650k , its still a ton though why do they need 18k coins in a hot wallet do people really withdraw that much in a few days lets say?

because they think they are GODS and nothing bad can happen to them. they think that they are beyond monkeys like "us"...

They are just two kids(owners) who are running/playing the people's money.

Of course, their clients have their own fault. They must make their due diligence before making any investment.

Maybe they empty out the hot wallet something like weekly and 18k is around what gets moved into the exchange.

turvarya

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Quote from: mayax on January 06, 2015, 06:52:06 AM

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

Parazyd

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Space Lord

mayax

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the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that they were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

turvarya

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Activity: 714

Merit: 500

Quote from: smoothie on January 05, 2015, 11:19:32 PM

Quote from: findftp on January 05, 2015, 05:05:54 PM

Calm the fuck down everyone.
Ofcourse it is very sad you are not able to trade, however, your coins are safe.
I hope you are able to trade before the bottom.

Bitstamp will prove that this market is robust after the mtgox drama

prove they are safe.

Otherwise please stop spouting baseless BS. Thanks

prove they are not safe.

Otherwise please stop spouting baseless BS. Thanks

mayax

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nobody is safe on internet. any website can be hacked BUT you can take enough measures to prevent your funds to be stolen.
Yes, it may happen that your website to be hacked. That's it...you are not the only one who is hacked....but not the funds or at least they steal a small part of it not 5 MIL.

how is it possible to keep 19K BTC in an operational wallet? why so much? normally, someone from Bitstamp should have moved most of it to other wallet(cold one) immediately after the wallet reached 2-3K bitcoins.

Thats's why they have employees. A such company, one of the biggest exchangers who is running millions of dollars, must have 24/24 permanent staff.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: findftp on January 05, 2015, 05:05:54 PM

Calm the fuck down everyone.
Ofcourse it is very sad you are not able to trade, however, your coins are safe.
I hope you are able to trade before the bottom.

Bitstamp will prove that this market is robust after the mtgox drama

prove they are safe.

Otherwise please stop spouting baseless BS. Thanks

sobitcoin

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5.1 Million.... Damn, that's alot http://www.coindesk.com/bitstamp-claims-roughly-19000-btc-lost-hot-wallet-hack/

sobitcoin

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Quote from: newIndia on January 05, 2015, 04:17:02 AM

Quote from: sobitcoin on January 05, 2015, 02:06:16 AM

Quote from: UnicornFarts on January 05, 2015, 01:52:18 AM

What would gox 2.0 do to bitcoin? Grin

lol. I have faith in Bitstamp's standards... for now.. Feel like they would be ready for something like this

Bitcoin is not built around faith. It is rather built to defy it...

Wow I really appreciate your wisdom. Really just wow, completely amazed. Roll Eyes

Rampion

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Kodric is not Russian.

The pastebin is a fake - if it was legit it would be signed with the address holding the coins.

flipstyle

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Quote from: Bitcoinpro on January 05, 2015, 12:11:12 PM

CEO from Bitstamp

https://bitcointalksearch.org/user/nejc-kodric-bitstampnet-38966

Oh big surprise. A Russian.

No need to panic here, folks. I'm sure your money is 'safe.' Roll Eyes

flipstyle

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Quote from: chopstick on January 05, 2015, 08:29:51 PM

WTF is this shit Huh

?

http://pastebin.com/6Gc1Zh2g

Huh

??

That's actually the address I saw cited by an earlier user who claimed his deposit yesterday mysteriously 'vanished' to that exact address and didn't get credited to his Bitstamp account. Definitely looks like the hacker.

inb4 flood of ISIS/taliban/raghead comments

If this is indeed what it looks like, I think this might be the final straw for bitcoin. It was already on life support like Terry Schiavo, but this might be the one that finally pulls the chord.

We'll see if Bitstamp will really come out of pocket for this, and if users will even have confidence to use them going forward even if they do make good on it. Bitcoins are safe NOWHERE.

GL to all that have money in that exchange.

tzortz

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