Topic: Free Bitcoin on a Japanese exchange. (Read 213 times)

Hey, these exchanges are famous for bad software. This is just another glitch in the Matrix. People have been exploiting

loopholes in every system where money is involved for ages. I remember the old coin phone booths had several "hacks" to

phone for free. Then they upgraded it to pre-loaded "phone cards" and people figured out how to "clone" these cards. So,

this is not going to change in Bitcoin. If there are loophole or exploits... people will find it. 

I'm not sure, because I'd never even heard of this exchange before this article, but it doesn't seem like they want to make it clear whether or not there was losses. I'd have to assume that it is intentional for one reason or another. I don't understand how someone on their own exchange could be that hard to track down, unless they're allowing anonymous exchanges? I imagine someone got off with something.

They would have to roll back all trades, wouldn't they? If they can't track down one of their users, it would be harder for them to track down whether or not these other trades served to benefit someone that abused this "glitch".

From the article:

Just to have it reversed afterwards? You wouldn't gain anything in the end though

And did the one guy manage to transfer those free Bitcoins? If he's 'yet to be found' that means that he was successful, no?
Also wondering if they had to roll back all the trades or just the ones with the glitch.

Well, if it was a bug or glitch, it certainly was an exploitative bug or glitch except for the fact that to my knowledge nobody was able to make off with any coin or funds. You're making me have to second guess a lot of my wording. I should be more careful with the words I use, because I've been giving off wrong impressions left and right.

I honestly don't know which would be more likely at this point, bug might be where it is leaning, because as you said they are a very new exchange and so it's almost expected to some degree. It's rare that a project or plan gets launched flawlessly.

When that happened on GDAX, were people able to actually purchase coins for that low? Arbitrage must've been wonderful that day.

that makes more sense. an i think they should already have some sort of mechanism at work. it apparently was not enough.

also we should ask was this an "exploit" or a "bug"? the article is calling it a "glitch" so i don't think any kind of exploit was going on. and bugs happen, specially when the platform is new and if it has a new from-scratch engine. not much can be done about a closed source engine either.

I worded that wrong now that I'm reading my quote back to myself. You are right. I didn't mean placing any actual restrictions on the regular usage of exchanges or purchasing BTC. I meant something that would be put in place in order to prevent the sort of exploits we just saw at that Japanese exchange; Although, I don't know, they may be indistinguishable on some level. I'm no security expert, but I just wanted to clarify that I in no way meant to suggest an infringement upon anyone's genuine ability to place Buy/Sell orders and exchanging BTC freely.

it is just a new platform with bugs. and it is not the first funny price that we see
last year we had 2 incidents on GDAX. first was in June where someone actually dumped enough to crash its price from $300 to $0.1 and the next was a bug in their platform which led to orderbooks getting flushed and some orders be placed at low prices and even be filled thanks to bots at $0.06!


no there shouldn't be. it should remain a free market where everyone decides freely on how much they are going to ask or pay for bitcoin.

It's funny, because I saw your post in Meta asking "What is happening with the discussion board?" That is what drove me here, because I was having a discussion about this exact story over dinner tonight. Plus, it's not often that someone is actually interested in doing more than creating a mega-thread, here.

My girlfriend's father, who knows nothing about Bitcoin occasionally sees a headline or two and it sparks a conversation. He's very pessimistic about Bitcoin, as the other headlines apart from the Japanese exchange was "Bitcoin down 10%" without realizing that it was just at $8,000 a few days ago.

There should be some internal checks and balances that don't allow for a user to place bigger buy/sell orders than the entire market cap. You'd think that would be suspicious? If I'm not mistaken though, this exchange didn't actually lose anything though or only for these trades to remain; they did not allow any withdrawal of this coin or funds either, is that right? If this is the case, then they'd better count their lucky stars they haven't added onto the Billions of $ stolen in similar ways.

Companies are too eager to get involved with the cash-flow and they don't take a second look at their programming before realizing that they are prime targets for exploitation. Ripe for the picking, so to speak. This is what happened with the Double-Spend exploits awhile back too.

You'll find these deals someday, but then your coin will be revoked before you can withdraw it so it'll be a disappointing rush at best. 

https://www.express.co.uk/finance/city/922020/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

BITCOIN was briefly sold for nothing on a Japanese government-registered exchange, with one user trying to buy and sell "$20 trillion" worth of bitcoin according to the Asahi Shimbun.

Why don't I ever find these deals?