Topic: New Mt Gox Press Release - Feb 10 - they are claiming flaw in bitcoin protocol ! - page 3. (Read 33066 times)

Trivial, period.

However, it triggered the stop loss of a big speculator on btc-e 

Mt.GOX this is my message to you

"But I saw you throw a baseball through it after you were told not to, that it could break if you did that!"
"It is glass that is designed defectively!  I refuse to stop throwing baseballs until you fix glass!"

DING DING DING DING DING DING!!!!

Yeah well...

this is easy to understand policy...

"This is not our fault -> it is his fault"

You know it is hard to say truth -> "We fucked up ... we are idiots and we did not done it well for the first time, and then  after some period of time our shit comes out"

It is always easier to say it is not my fault.

We all know it

"Who broke the window?"
"He did!"


I never finished my account verify at MtGox so I never yse their exchange. And what I know is that I am lucky.

Good luck to Gox! Let them build up stronger! Realy! Because they did a lot for Bitcoin world.
Most of you were  seling buing cryptos over there, you propably spent many nights @mtgox so it is some kind of legend I supose.

MtGox goxxxed itself this time. Instead of saying
They actually said something like
With first statement, there could be a chance to ressurect, but they are doomed for what they said.

MtGox caused havoc in the markets today with their dramatically worded and damaging announcement. They diverted blame from themselves and placed the full blame on the Bitcoin protocol and making a minor technical issue (that already existed for years) seem like a critical widespread panic issue by the way the announcement was started and worded throughout. Most traders are non-technical users and their first reaction would be to panic after reading such a statement. Up to 15,000 bitcoins were dumped down to 102 at Btc-e on this news resulting in millions of dollars lost. Bitfinex also had thousands of BTC dumped down to 100, mainly margin liquidations. I would be surprised if the MtGox CEO did not know beforehand the effects and impact and knock on effects that such an announcement would have on traders and on the markets in all exchanges. It is amazing and scary how one person could have had such an influence in the marketplace.

Mark and/or his friends could have easily sold bitcoins on the other exchanges such as Btc-e or Bitfinex and placed low buyback orders before making the announcement. They could have set up accounts with fake details, Tor etc. Hundreds, maybe thousands of bitcoins could have been bought back for cheap netting them potentially in excess of $1m+ gain on the traders panic.

It is no longer simply a case of being Goxed again and joke about it like in 2011 or 2012. We are now dealing with very serious amounts of money, millions of dollars worth of bitcoins were made and lost on this single announcement across all exchanges not only MtGox.

I am not even a customer of MtGox (I left them a year ago), yet I have been adversely affected (as have thousands of other non-Gox exchange users) by their negligence and adverse affect their announcement has had on the other exchanges namely Bitfinex and Btc-e. The other exchanges are operating fine and do not have the same technical issues that Gox is facing. Yet, MtGox goes and ahead and basically says that the issue affects everyone else:


Bulls***

This is hardly new.

Yeah, you know this for a fact.

This is precisely the reason why I advise people not to keep any more money in banks than they are willing to lose. The global monetary and banking systems are also insolvent at the most fundamental level.

its not only gox------ all exchanges don´t have no more the real BTC´s....alll raided the same way....the digits there are just that- digits- not to be withdrawn anymore.....

Cheers

I really hope GOX fades into irrelevance as soon as possible. I have no faith in those guys to run a major exchange. We've gone beyond trading cards now.

Short term pain but I think longer term bitcoin will be stronger without MtGox.

Yes.... they just look for tx id on blockchain and assume thats enough. Well they're fcked. I bet they lost tons of btc due to someone exploit their system .

out of curiosity i wonder how many people maliciously exploited this flaw, to what degree etc.
i'm 100% confident that their accounts are all frozen and depending on the amount their information may be turned over to police for criminal prosecution.
however, there is a chance that some people may have withdrawn a bit too many without their account being frozen at which point a full criminal complaint will be the only way to go.
can't wait to see the unfolding of this. also, hope gox patches this up-

at least now people understand what ACTUALLY HAPPENED! (that's always a good thing)

Their wallet actually intends to check whether the withdrawal completes in the blockchain, but they are using a portion of the withdrawal details (txn ID) that is known to be insecure. So their own software was betraying them as they would get a failure notice and assume the payment did not succeed when it actually could have succeeded. The result of this false negative would cascade into other problems essentially backing up the train depot on withdrawals, massive traffic jam....

That is a good analogy.  So basically Mt. Gox was supposed to but did not implement in their wallet software a way to verify the funds in that transaction.

That too.   

The problem is the way they run their business and how they handled this situation. Appalling on all fronts.

Well imagine you pay a plumber $100 dollars with a check and a week later he says he lost the check and wants another one. What would you do??

If your answer is that you would write the plumber another check for $100 without thoroughly checking with the bank first, then you would be like Mt Gox.

They are stupid beyond belief.

Their problem isn't that people didn't understand them.  Their problem is that people did.