Topic: Mybitcoin is a scam! (Read 24578 times)

LOL bruce wagner biggest con artists bitcoin has ever seen....

Be alert,scams are flooding this market

Sorry for those who lost their money . And these types of autopay sites has always risk of runaway because admins of these sites never share contact info i have no trust in these sites

too much scams in this business come on

myBitcoin .. so Goxy before it was cool to be Goxy .. then bitcoinica, passthru bonds yer pirates, silk road, etc etc ... 1/3 or more must be in CON artist hands (or fed operatives).

 

Who are you and what's your background, Mr. Matthew N. Wright ? sounds like you are a lawyer of some sort, from your language. I hope you are not a politician, you look like one, or worse, a scammer. But you definitely don't look like one. Well anyway, what are you adding to the discussion ? Talking on forums is not pointless, it is sharing experiences and tryin' to get a grasp of what happened collectively, then something will be done.
You are just plainly asking for donations, but who will give us guarantees about the "transparent funding" you talk about, etcetera ? is there an organization looking over your organization ?

I say its a bad sign when

a) a website is nearly free, has very little revenue yet stores thousands of dollars of hard to trace bitcoins
b) has no real contact info, eg fake phone number.  The owners are not public figures and are not accountable.
c) Owners stop responding during a crisis (normally people step up with press releases etc)
d) did anybody else chuckle when the read the security press release?  That press release is full of hokey sounding security.  He might as well have said he sleeps at the colo with an m-16 to keep his VPS safe.

Did anybody have communications with the owners of Mybitcoin?


I just want to know why Gavin was pushing mybitoin.  He still links to it on his site clearcoin.  Is he a sucker or somehow involved?

Did Gavin know the owner, why did he recommend the site?

Did Bruce know the owner?   



My opinion is no wallet service run by anonymous phantoms can stay legit for very long.

As soon as I figure out http://bitcoinjs.org/ I'll be getting that setup

No more then any other ewallet I supose. Pity, mybitcoin.com worked so well for me.
Only a matter of time before another wallet becomes unreliable and those threads start rolling. -.-

Wow amazing how the people warning about mybitcoin were harassed.

If you know of a country that has Legalized Bitcoins as a Currency, I'd agree with you.
Unfortunately, there isn't any well-known established Financial Corporations that will put Bitcoins before USD (or other local currency).

Seems like your bitching and attacking other users was completely baseless.  After reading your posts in this thread I really wouldn't pay much attention to anything you post now due to some poor reading comprehension skills and general assholier-than-thou attitude.


Trust seems to be the biggest stumbling block for bitcoin is trust.  I would never put too many bitcoins in any one place due to everything we've seen from MtGox, mybitcoin, wallet trojans, etc etc.  We need some long established trusted financial corporation to get involved in bitcoin, and not trust website made by some random dude we know nothing about.

If thousands of bitcoins are lost due to this one website, the community should be up in arms and attempting to help.  I hope something is found out about the owner of this site.

I'm working on a SCI for https://bit-bank.org - hopefully I'll have it up relatively soon.

1000btc frozen, lost or stolen by MyBitcoin?

By Todd Bethell

On 12 July 2011, 1000btc MtGox to MyBitcoin.
On 28 July 2011, 1000btc MyBitcoin to MtGox.

28 June 2011, payment notification was received. 8hrs later (the site was still up) visual verification was done in account history of the transaction and correct address.
48 hrs later still no coins.

This is where I need a block explorer expert.
21 minutes after MyBitcoin received the btc block explorer shows the coins from that wallet being split and transmitted hundreds of times all the way down to 1 Satoshi.
Question:
1.   Is this normal or a sign of fraud making it impossible to track?
2.   Are all wallets effectively used as ‘pool wallets’ for payouts?
3.   While I am not accusing MyBitcoin of theft, itn’t plosible that

Block 135867 (2011-07-12 07:06:54)   1000   Received: Address   •   1DeAkzL1MBriA37pHS46Nu1xcCzJ5sPupH
1000

Block 135870 (2011-07-12 07:27:05)   1000   Sent: Address   •   17e8zfFzVkKtx4ofdeoYHhdvu1cTKCpv2r
•   1NgjsaazumvjaR3WZuLqqKEed79RneQy2Q
0
-------------------------------------------------------------------------
MyBitcoin Payment Notification
MyBitcoin Robot [[email protected]]
[email protected]
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Hello,

This is a payment notification from MyBitcoin.

You have sent Bitcoins!

Transaction Number: 245107
Transaction Date/Time: 2011-07-28 22:30:02
To: 18jsFKuKZ4w8mhdTYy9bZKKHmkZNSZrRUC
From: 19vKB489Lx1rxqS366f63mKDLXp6q3v3Ct
Amount: -1000.00
Payment Note: MtGox businessaccount1

Thank you.

-----BEGIN PGP SIGNATURE-----
Version: GnuPG/MBC v1.0

iQEcBAEBAgAGBQJOMeLqAAoJEJ+5g06lAnqF2ZYH/0FYDSmSxQa4l8+Q50e+1qEN
r9D6GXVPo5A4jXzgjtXTs2Rj2WmbLnsm2I8vc+fQFvniUiZT3nSbixVAU9wPm0w6
cTD8gNvEe+P9aNttZqGxa9xnCOVkE4ypF+n4jEmE/e3H5yh6Ix0oCI50luIeQZir
e0/5sF7ZbWDWhNta9+A6yvWYEI7KLZK+zke8EbLmB3YIDZ+EpaegrT74H6s7fHRR
cSopmnyDXX1biS8Mao7GSoTgXuPOTaMRae+4SN4pL1aoRZahWX/SsLXDj2Skjc/4
jtLBq7RLb8x3wo23IiURyzKZJr1Cw75cTULdLcNoUZajewapxIqA9DhFJK8HlSk=
=EFK8
-----END PGP SIGNATURE-----

---

Approximately 8hrs later the coins had not been credited to my MtGox account. MyBitcoin was still up. My account history showed the coins had been sent and the sent to address was verified correct.
Security Note: The instant before clicking the send button (perhaps when my mouse hovered over it) I notice a screen blink or something changed, but it was too late to avoid clicking the button.

Q1. Has my computer been compromised such that the send address was swapped at the last instant?
Q2. If this is so, how could the correct address be recorded in the MyBitcoin data base?
Q3. Is it coincidence that the MyBitcoin service has gone down for 48hrs with nary a peep from its owner? A person who was very proactive and vocal during the MtGox incident.
Q4. I’m hard pressed to think of a technical reason how or why a transaction confirmation bot would send confirmation of btc transmission before such a transmission had actually occurred. Let alone consciously programmed in this way. It would seem that the bot was part of the book keeping data base and not confirming actual transmission from a ‘hot’ wallet.
Q5. It seems that the way MyBitcoins was using the wallets of its members (pooling them as a matter of operational efficiency or draining them as a scam??) this makes it impossible to track coins or analyze if they are insolvent?
Q6. Was my 1000btc withdrawal lower to water level in his 'hot wallet' enough to show Tom was swimming without a suit? In other words, for whatever reason, he was operating insolvent?

I would not normally keep so many coins in an on-line wallet but this was in preparation for a business transaction that was delayed.

I am preparing a blog and forum post or lessons learned and recommendations going forward:

If anyone has further information please post it here and send to my email also, or give me a call.
Skype:  toddbethell
Email:  [email protected]
Cell:  1-949-394-5932

-----------------------------------------
Action taken:
Phone: +6499518329  (always busy)
Emailed: enquiries were sent to [email protected]
It is well know that Tom… only replys to ‘in-mail’ on his site.

Tom Williams
Main Street
PO Box 556
Charlestown, Nevis, KN

That, and I don't want to be bothered with all the details of the accounting. It is easier to get just a notification when the money is in.

Ahhh, now I see what the problem is.

When I have more time I can write up a full tutorial, but for now I can give you two pointers:

The easy way: https://en.bitcoin.it/wiki/Lazy_API
Not terribly secure, but still miles ahead of using a third party escrow service.

The proper way: sign up for Amazon EC2 and use their free tier service. There are plenty of good tutorials online on how to do this, but it's a little involved.
You'll end up with a fully pre-configured linux system. Next just download the official client and then apply the startup script from http://forum.bitcoin.org/?topic=965.0 and you're done.

/this

If you don't mind me asking, what's so unsatisfactory about the official client that you have to use a third party alternative?

I deposit my dollars at the bank because I have no choice. At least there's deposit insurance at the bank.

I would never let a third party hold my bitcoins, because:
1. There's no deposit insurance
2. There's no fraud protection
3. There's no accountability
4. There's no regulation
5. It's trivial to setup a "bitcoin bank", run it for a few weeks, and then run away with all the deposits. No paper work at all, just a few hundred lines of HTML and python. Don't even have to pay for any server and bandwidth (Amazon offers free small cloud instances).

Anybody any idea if this is a more reliable replacement?

http://www.bitcoinpayflow.com/