Even more evidence that this is gonna end in a bank run when mtgox reopens and the price of btc plummets to nothing, sadly.
Sadly? onesalt, since when you've turned pro-bitcoin?
Topic: From reddit: MtGox might have lost control to the majority of their BTC deposit (Read 4730 times)
June 22, 2011, 04:31:28 PM
Sadly? onesalt, since when you've turned pro-bitcoin?
June 22, 2011, 03:16:06 PM
Anyone think Satoshi may have hacked Mt Gox to decentralize the coins they were hoarding?
Well, now I do!
June 22, 2011, 03:01:00 PM
I can't wait for the movie of this shit.
Who will play the role of Mark?
June 22, 2011, 02:21:19 PM
I can't wait for the movie of this shit.
June 22, 2011, 02:17:56 PM
Anyone think Satoshi may have hacked Mt Gox to decentralize the coins they were hoarding?
This suggestion is outside the sanity envelope.
Doesn't it seem a bit fishy if Mt Gox (Mark) had 30 accounts with 50 bitcoins in each account from April 2009, and also started an exchange, then all this happens?
It's weird... really very weird. Goes back to your first point I guess. How many people owned bitcoins in April 2009? Satoshi and how many others? Not many I guess.
June 22, 2011, 02:12:53 PM
Anyone think Satoshi may have hacked Mt Gox to decentralize the coins they were hoarding?
and this is a separate consideration...
Doesn't it seem a bit fishy if Mt Gox (Mark) had 30 accounts with 50 bitcoins in each account from April 2009, and also started an exchange, then all this happens?
and this is a separate consideration...
Doesn't it seem a bit fishy if Mt Gox (Mark) had 30 accounts with 50 bitcoins in each account from April 2009, and also started an exchange, then all this happens?
June 22, 2011, 01:30:24 PM
Seems to me that MtGox still controls the balance, because the 432k BTC transferred on 6-19 were already consolidated on 6-12. Either MtGox lost control on 6-12 (no evidence of that) or they still control it now.
It also doesn't seem that an attacker was able to withdraw any significant sum during the attack. Looking at the bitcoinmonitor screenshot, the second-largest transaction was for ~10k BTC. And inspecting the transaction for 10,020 BTC in block 131886, we can see that those 10k BTC eventually make it into one of the 50k BTC addresses into which the 432k is split up.
More evidence that MtGox still controls the BTC.
What does remain unexplained is how ~500k BTC were sold on the books. That all ~500k sold were owned by one account whose password was cracked doesn't seem likely, primarily because ~500k appears to be more than the total sum of deposits MtGox controls (~432k + 10k and a bit more).
The numbers don't back the explanation that it was a sell-off of one compromised account. Possibly it was a sell-off of every account using their hashed passwords. There was probably some bug/exploit in the order book system in addition to the leaked account table.
It also doesn't seem that an attacker was able to withdraw any significant sum during the attack. Looking at the bitcoinmonitor screenshot, the second-largest transaction was for ~10k BTC. And inspecting the transaction for 10,020 BTC in block 131886, we can see that those 10k BTC eventually make it into one of the 50k BTC addresses into which the 432k is split up.
More evidence that MtGox still controls the BTC.
What does remain unexplained is how ~500k BTC were sold on the books. That all ~500k sold were owned by one account whose password was cracked doesn't seem likely, primarily because ~500k appears to be more than the total sum of deposits MtGox controls (~432k + 10k and a bit more).
The numbers don't back the explanation that it was a sell-off of one compromised account. Possibly it was a sell-off of every account using their hashed passwords. There was probably some bug/exploit in the order book system in addition to the leaked account table.
June 22, 2011, 01:22:19 PM
Trolls, trolls, trolls. Run. Hide your children, trolls.
Ostrich, Ostrich, bury your head in the sand, Ostrich, nothing is wrong lalalala.
June 22, 2011, 01:09:09 PM
Question: when market opens should I sell BTCs for low?
or just withdraw the BTCs?
or just withdraw the BTCs?
Depends on your trust issues,
A. you lost trust in bitcoin itself ---> sell the bitcoins
B. you lost trust in mtgox ---> withdraw the bitcoins
If some hacker guy has got the coins he might want to cash a lot of them out. I still trust the bitcoin but there is a significant downside risk in the short term.
June 22, 2011, 12:48:51 PM
Question: when market opens should I sell BTCs for low?
or just withdraw the BTCs?
or just withdraw the BTCs?
Depends on your trust issues,
A. you lost trust in bitcoin itself ---> sell the bitcoins
B. you lost trust in mtgox ---> withdraw the bitcoins
I think it's best to just withdraw the coins and sell somewhere else like at tradehill. MtGox dwolla withdrawals are notoriously unreliable and slow even before all this.
June 22, 2011, 12:42:19 PM
Question: when market opens should I sell BTCs for low?
or just withdraw the BTCs?
or just withdraw the BTCs?
Depends on your trust issues,
A. you lost trust in bitcoin itself ---> sell the bitcoins
B. you lost trust in mtgox ---> withdraw the bitcoins
June 22, 2011, 12:32:38 PM
the most important thing in all of this is in the first comment to the reddit post:
really - that is so clear...
Quote
Imagine if we had this level of transparency with the fed!
~useful_idiotreally - that is so clear...
June 22, 2011, 12:29:00 PM
Question: when market opens should I sell BTCs for low?
or just withdraw the BTCs?
or just withdraw the BTCs?
June 22, 2011, 12:08:50 PM
I didnt get it. Where ist the link/trail between the 400k+ btc and Mtgox? Did Mtgox ever claimed, the addresses belong to Mtgox? Why couldnt the 400k+ btc just belong to anyone without link to Mtgox?
Adam from MtGox confirmed on the Bitcoin Show that that was their wallet.
June 22, 2011, 12:08:34 PM
Quote
MagicalTux, if you're reading this: you absolutely need to restore consumer confidence by performing a simple transaction to show that you are actually still in control of your BTC.
Sounds like doing this would take 1 min and could boost morale 1,000 fold.
MtGOX WILL NOT NEGOTIATE WITH TERRORISTS!
June 22, 2011, 12:07:20 PM
Trolls, trolls, trolls. Run. Hide your children, trolls.
June 22, 2011, 12:05:32 PM
I didnt get it. Where ist the link/trail between the 400k+ btc and Mtgox? Did Mtgox ever claimed, the addresses belong to Mtgox? Why couldnt the 400k+ btc just belong to anyone without link to Mtgox?
So, is it all just wild speculation based on some chronological coincidence or are there any facts that backup those theories? Mybe I missed something....
So, is it all just wild speculation based on some chronological coincidence or are there any facts that backup those theories? Mybe I missed something....
June 22, 2011, 11:57:31 AM
Saw this comment:
This seems much more likely. I believe mtgox still controls the 400k+ btc. Mtgox could prove to everyone he owns the wallet by announcing an address and a time in the future and sending all the coins to the new address at a that time.
Quote
Another possible explanation: someone just deposited funds into mtgox. After shutting down the site, magicaltux secured these new funds manually into the new wallet
My theory: I believe the hacker compromised a random account, added arbitrary number of bitcoins (500k) to this account through SQL injection, and them sold them off. If this is true, the goal was probably just crashing the market - the hacker could easily just make multiple accounts with fake BTC balances and then withdraw them...
My theory: I believe the hacker compromised a random account, added arbitrary number of bitcoins (500k) to this account through SQL injection, and them sold them off. If this is true, the goal was probably just crashing the market - the hacker could easily just make multiple accounts with fake BTC balances and then withdraw them...
This seems much more likely. I believe mtgox still controls the 400k+ btc. Mtgox could prove to everyone he owns the wallet by announcing an address and a time in the future and sending all the coins to the new address at a that time.
June 22, 2011, 11:41:14 AM
There is one more plausible explanation that the author hasn't considered:
mtgox regularly moves coins from ancient mining addresses to newer ones.
mtgox regularly moves coins from ancient mining addresses to newer ones.
June 22, 2011, 11:25:37 AM
hmm: April 2009 , isn't that the very begining of bitcoins ? like the 1st month or so ?
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