Topic: Contrary to Mt.Gox’s Statement, Bitcoin is not at fault - Gavin Andresen 10/2/14 - page 2. (Read 13141 times)

how can Gavin Anderson have any credibility, he too is on the Foundation board and it has TF's logo on it ?

Not by those who have funds on Mt. Gox. And they are many. For them it is highly interesting to predict what will happen.

Last I looked the Mt. Gox dollar price was down to near 50% of the Bitstamp price.

I am wondering what this means. Apparently people are dumping bitcoin on Mt. Gox, although bitcoin withdrawals have in the past worked very much better than fiat withdrawals. Many seem to believe that Mt. Gox is giving up and will not re-enable bitcoin withdrawals.

So far I cannot follow this line of thinking. If Mt. Gox would not fix their bitcoin withdrawals within reasonable time, they would be signing their own death certificate. It would mean and become obvious that they are fraudulently stealing the funds, which could quite literally lead to some Mt. Gox people's death.

My personal guess is that Mt. Gox will get their bitcoin withdrawals going withing a week or two. This would mean some significant outflow of bitcoins, but it would not sound Mt. Gox's death knell.

I could imagine that, given Mt. Gox's limited programming skills, they would initially process bitcoin transmissions slowly, checking transactions manually, but they cannot hold up bitcoin transfers for long. The longer it takes, the more Mt. Gox's already deeply damaged reputation would suffer.

So my personal recommendation is, if you still have fiat on Mt. Gox, buy some bitcoins. Perhaps not with all your dollars, if that is your entire pension, but at least some, hoping for the likely outcome that you will be able to pull them out soon and sell them at a higher price somewhere else.

Of course, as that happens, the price on the other exchanges will fall somewhat, which could be reinforced by early selling by others who also foresee this. But that could be temporary and can possibly be counteracted by keeping your bitcoins for a couple of weeks or months, until the waves die down.

Who cares?  I can get the Bitstamp price.  The Gox price has been fictional for well over a year.  It needs to be disregarded utterly.

I shared the situation with someone who held a cash balance in MtGox per my introduction to bitcoins awhile back, and he chose to buy bitcoins now.  He did the math and realized that in the end, a bitcoin is a bitcoin, whether you paid $400 or $700.   Plus, only hope he has of getting his money out is via BTC withdrawal anyway.  Even before this their international wires were backed up over 4 weeks.  

Yes, but at what price? The Mt. Gox dollar price is only about 60% of the Bitstamp price.

Does this mean that many Gox customers believe the price will fall that far on the other exchanges before Gox gets their bitcoin transmission going again? Or does it mean that they believe their dollars are safer on Gox than their bitcoins? Or what? I find it difficult to explain the price difference.

The price has already stabilized, so far as I can tell.

Because the value of their assets dropped 50% and will continue to drop unless the problem is fixed.
And they worry that mtgox is too incompetent to fix it themselves

Obviously, because it is now a public relations issue.  So more compelling technical issues are being shunted aside to deal with this comparatively trivial issue because of Gox's actions.

Only because of Gox's fuckup and subsequent FUD has this difficult to fix but comparatively minor flaw suddenly become a priority, basically for PR reasons.

Gavin's comment is full of shit then, wow.

Satoshi must feel shit seeing Gavin mess up big time over and over again, this time majorly.

If Bitcoin is not at fault, why are the Bitcoin developers working hard to fix the issue now... Yeah... 

Yeah, was going to mention that too: "We programmed crappy code, but identifying a bug we built in that crappy code helped others find the same bug in their crappy code and also helped others with proper code identify why our crappy code was causing problems on their systems... aren't we great (pats himself on the back)"... WOW!

This MTGOX Ceo is something else, from the same article -


Like they couldn't privately contact the other exchanges instead of releasing a statement purely designed to cause panic and give a nefarious entity (Maybe even GOX themselves) an attack vector to damage the Bitcoin network for a few days. 

Looks like the attackers turned to Bitstamp once Gox suspended withdrawals?

Either way it is not really a bug; just a vulnerability from what I gather

Pretty much as if someone could change the comment field in a wire transfer: the wire would still arrive but it would cause confusion because the receiver could not easily assign the payment. If such a vulnerability is exploited by an attacker, could cause considerable damage to the entire ecosystem.

I wonder if this was done maliciously to get cheap BTC? On a bigger scale than just asking for double-withdrawals? A lot of big money is looking to get into crypto at the moment; it makes a big difference whether they enter at 600 or 900 ...   

Say, since supposedly the issue is with the exchange's implementation of their wallets and not with the protocol itself... is there any exchange not affected by this current issue?


Oh, I see now. Well I better buy some BTC then.

Did MK read this update by GA or is he still going around spreading lies or is the media just regurgitating old news?

http://www.forbes.com/sites/leoking/2014/02/13/mt-gox-ceo-mark-karpeles-responds-to-widespread-bitcoin-criticism/


So it sounds to me like they put their customers flexibility (read: MtGox's bottom line) above the security and suitability of their software implementation and now try to blame the protocol for changing too quickly when transaction malleability was known about in the same year as the creation of their client.... in 2011!

How can you respond to criticism about lying by repeating the same lie... does he think we're all idiots?

You can still buy your BTC with ya filthy paper, you just can't withdraw your BTC from a few exchanges at the moment. This will be sorted in the coming days.

where can I buy bitcoins if the exchanges are down?

uh, you could just buy bitcoins and wait...

So, to sum it up

1. DDOS attack exploits bugs in exchange's custom software
2. Bitcoin already has a fix which will be rolled out soon which will save exchanges from their own shoddy coding
3. Bitcoin price dropped 40% due to panic
4. Bitcoin price will go back to normal once this is fixed in a few days
5. Because exchanges all suspended transactions I can't actually buy bitcoins at this massively reduced price

I wonder. The question is whether it is possible to calculate something from the signed content that can serve as a new kind of transaction ID. If so, then the clients could be fixed just by following advice and changing only very little code, without having to change the basic bitcoin algorithm at all.