Topic: [Emergency ANN] Bitcoinica site is taken offline for security investigation - page 41. (Read 224562 times)

IIRC the Armory client doesn't use any of the Satoshi codebase. I am not sure how useful it is for automated processing but the argument that all clients use the Satoshi codebase is simply wrong.  On edit: I was wrong.  It uses bitcoin-qt codebase under the surface.

Still moving the discussion forward, what is really needed is a "client" which exists solely as a daemon (or windows service) communicates to a variety of database platforms through ODBC and is designed specifically for backend processing (integration with shopping carts, order processing systems, customer databases, etc).  Keeping the private keys in an encrypted database would also provide another layer of security.  Access to the server doesn't necessarily mean access to the database (or specifically tables containing keys).  Having a "client" which requires manual startup and loads digitally signed business rules (limits on tx volume, max tx size, velocity, etc) would provide another layer of security.

I am working on forking the bitcoinsharp (.net library) to handle a merchant backend (database driven) wallet.  One limit of the bitcoinsharp codebase is that it doesn't maintain a local copy of the blockchain.  It relies on peers for transactional data.  However that limitation can be overcome by ensuring the processing node only connect to a handful of trusted peers which are running as full nodes (satoshi or otherwise).

Multibit (Java)
Armory (Python)
Bitcoinjs (Server-side JS)

How are these clients failing to fully implement the protocol ? How are these clients even remotely relying on a Satoshi client "backend" ?



GUIs don't provide functionality, they provide an interface to a core (or backend, whatever you want to call it) which in turn provides functionality. There are multiple clients that do not use the same core as the Satoshi client. Please explain to me how, say MultiBit for the sake of the argument, uses a Satoshi backend.

libbitcoin is very cool, I like the project, but it is an implementation among others that doesn't have anything unique AFAIK. (except maybe for the fully asynchronous architecture, but I think bitcoinjs has that too)

Good to see you again here sir meelba ! Did you manage to do anything to Bitcoinica after they cheated you of your money ?

Probably not. And so it will happen this time around. In BTC world nobody goes to jail

They just come back as another person to scam another time

BTW, why are we discussing libbitcoin in a Bitcoinica claims thread

As far as I'm aware it absolutely is true.  The question is easily resolved though... simply point us at the source of another complete bitcoin client that isn't based on either libbitcoin or the satoshi client.

The nearest is, I believe, bitcoinj, but that is certainly not complete (and I don't think it's intended to be).

Doesn't make sense. Lots of clients exist in a variety of languages, some of them functionnally exceed the Satoshi client. And most of them don't "use the Satoshi code base as it's back end".

You could hardly be more condescending.

What exactly do you call the bitcoin codbase ? The Satoshi client ? Last time I checked libbitcoin's code wasn't in there.

Don't get me wrong, libbitcoin is awesome.

But this :
is simply not true

Since the form to request the Bitcoinica funds is not up yet, maybe it is best to just report how much Bitcoinica owes them to the New Zealand Serious Fraud Office ([email protected]).

The thing is, Zhou let his clients to open more than 100 000BTC in LONG possition, but he didnt hedge this on MTGOX (he simply  doesn't have enough money to leverage this trades)

Well, he had no chance to cover profits in future. The story about hacker is a good choice to scam his clients and close most of long possitions with loses (which never exist in fact).

Who are the general partners then?

Bitcoinica - the world's most hacked Bitcoin Exhange - A new feature: Mining operations - join now - you will not get bored! 

Since Intersango now has to clean up the whole mess (costs in terms of money, time, reputation) and has to rebuild the entire platform anyway, and all that for probably just a few shares, it would have likely been a much wiser choice to just build a competitor that is actually 100% owned by you and let Bitcoinica collapse like it was destined to.

But who am I to judge. Maybe the mystery investor pays well.

What about all the other clients ? Aren't they complete as well ?

Bitcoinica is worth now substantially less than it was last week, and at this rate it will be worth less tomorrow.

I don't know how much did they pay. It's probably still a good investment at the price paid, or maybe not.

It will be interesting to witness the outcome of all this.

So you guys chose to take over a bucket shop which is constantly at the risk of getting into massive BTC denominated debt (while BTC rallies way up), blinded by greed upon the profits the few shares the mystery investor gave you would promise and now had your reputation tarnished.

You made the mistake of operating for free just to commit another one to correct it.

While it is true that the identity of the investor did not have to be shared, I believe the fact that ownership changed in November SHOULD have been announced. Unless there was an announcement I am aware of, zhoutong deceived us for half a year into believing he solely owned the company.

I was to say yesterday what I'm saying now, but I decided to wait one more day so the data could confirm it better.

Bitcoinica said they were responsible for 25% of MtGox's volume... I don't see those 25% missing there... Do you? lol

Thief 's taking your money to his pocket.

He won't hide not in Singapour nor in Australia, now a lot of people understand all this bitcoinica is just a scam, so we'll catch you and take your ass into prison mr. Zhou.

I have a ton of evidence against you and Patrick.

Have a good last days in freedom.

You've crossed the line.

If nothing else, they mean something is still running and calling itself bitcoinica. Maybe they're mining our money back? 

What do all those transactions mean?

And now BlockChain.info seems to be down! What the heck is going on?

EDIT: up again.

Nice 

Sorry but this is not their financial identity, Bitcoinica LP is the trade name that their registered company is actually using.  This link is to the Bitcoinica LP trade name that has registered as a Financial Service Provider.  On that website you can register as one too, it is not difficult.  They are actually registered as another entity, most likely in one of the companies associated with this Chris Heaslip.

Also, Limited Partnerships do require reporting of some investors.  If someone is a major investor in the company then they may become one of the directors and directors must be reported in most states and countries.  Just look at my links above in my other post and you can see this.  When I registered my own companies I need to list myself as the one of the director and list any other initial investors in the company.  

In most jurisdictions a limited partnership is set up so that there is at least one general partner that will be held liable for the company's negligence and then there are limited partners of that won't be held responsible.  These general partners must be listed on the paperwork of the company because it is these people that will be sued when something like what happened to Bitcoinica.

Remember, there is always a paper trail when dealing with the government.  When starting a company there has to be a name on that paper, with an address.