Has anyone actually tried this?
Here are a couple of reviews: https://bitcointalk.org/index.php?topic=36602.20
-Arthur
Topic: Now Able to Transfer Bitcoin via 15,000 Chase & WF Branches (Read 2363 times)
Here are a couple of reviews: https://bitcointalk.org/index.php?topic=36602.20
-Arthur
Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
Actually, no. No "phony" Bitcoins were sold in any way. REAL coins were sold, but from a hacked account. Big difference. One could say the sale was phony, but not the coins.
That's not what I read. I read what elggawf suggests, that the hacker simply added a row to the mtgox database that says "me, +1,000,000 BTC" and then started selling them. Phony within mtgox's database, but no counterfeit coins on the network.
Citation for that?
Everything that I read about the mtgox thing said that it was a readonly attack. They got a copy of the database table with the hashed passwords, and started cracking them until they had an account with a large balance.
I can cite https://en.bitcoin.it/wiki/History although that page itself has no citation.
Quote
June 19, 2011
Someone was able to access an admin account* at MtGox and issue sell orders for hundreds of thousands of fake bitcoins
Someone was able to access an admin account* at MtGox and issue sell orders for hundreds of thousands of fake bitcoins
*not just a regular user account.
Has anyone actually tried this?
Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
Actually, no. No "phony" Bitcoins were sold in any way. REAL coins were sold, but from a hacked account. Big difference. One could say the sale was phony, but not the coins.
That's not what I read. I read what elggawf suggests, that the hacker simply added a row to the mtgox database that says "me, +1,000,000 BTC" and then started selling them. Phony within mtgox's database, but no counterfeit coins on the network.
Citation for that?
Everything that I read about the mtgox thing said that it was a readonly attack. They got a copy of the database table with the hashed passwords, and started cracking them until they had an account with a large balance.
Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
Actually, no. No "phony" Bitcoins were sold in any way. REAL coins were sold, but from a hacked account. Big difference. One could say the sale was phony, but not the coins.
That's not what I read. I read what elggawf suggests, that the hacker simply added a row to the mtgox database that says "me, +1,000,000 BTC" and then started selling them. Phony within mtgox's database, but no counterfeit coins on the network.
How can a news article be so FULL OF IT?
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen.
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen.
Depends on how you define "phony" bitcoins... one could argue that the article isn't completely incorrect in a way.
It's my understanding the MtGox attacker broke into Jed's account, awarded himself a bunch of Bitcoins that didn't exist and then proceeded to sell them all off. Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
In an analogous situation on a foreign exchange system - I don't believe it would be reported as "phony" USD being sold for Euros for example.
It's a completely inappropriate use of the term.
Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
Actually, no. No "phony" Bitcoins were sold in any way. REAL coins were sold, but from a hacked account. Big difference. One could say the sale was phony, but not the coins.
How can a news article be so FULL OF IT?
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen.
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen.
Depends on how you define "phony" bitcoins... one could argue that the article isn't completely incorrect in a way.
It's my understanding the MtGox attacker broke into Jed's account, awarded himself a bunch of Bitcoins that didn't exist and then proceeded to sell them all off. Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.
I remember reading about this a few days ago in this forum. Repost?
It's posted again because there is now a news article to link. And/or the OP missed the original announcement several days ago.
You are correct, geek-trader. This time there is an article to link to. I didn't miss it last time. I even did a quick search to make sure I wasn't reposting the same article twice today. Let's see how this pans out and if it changes the playing (no pun intended) field for Bitcoin.
Bruno
I agree, this will probably be a short-lived phenomenon.
They would have to prevent you from being able to deposit money into your own bank accounts. Not that I don't agree with you, it will just be really obvious when then put their majority customers through more hoops and hurdles, just to prevent coiners from depositing money into exchange bank accounts.
Quote
Bitcoin has been recovering its value over the last few weeks after a hacker attacked another exchange, MT Gox last month using phoney Bitcoins to flood the market and drive down prices from $17.5 to pennies.
How can a news article be so FULL OF IT?
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen.
hero member
Activity: 836
Merit: 1007
"How do you eat an elephant? One bit at a time..."
I agree, this will probably be a short-lived phenomenon. The bankers do control the world after all. It might be wise to keep those back-alley connections in place 
why is WFC and Chase allowing this?
do they even know they are allowing the purchase of BTC's?
do they even know they are allowing the purchase of BTC's?
Probably not, to them its probably just another bank account.
if thats true then one would expect this to be a short lived phenomenon?
I remember reading about this a few days ago in this forum. Repost?
It's posted again because there is now a news article to link. And/or the OP missed the original announcement several days ago.
why is WFC and Chase allowing this?
do they even know they are allowing the purchase of BTC's?
do they even know they are allowing the purchase of BTC's?
Probably not, to them its probably just another bank account.
I remember reading about this a few days ago in this forum. Repost?
Wow big step looks like a bright future ahead.
why is WFC and Chase allowing this?
do they even know they are allowing the purchase of BTC's?
do they even know they are allowing the purchase of BTC's?
Holy shit misleading thread title...
Please forgive me. I didn't do this on purpose. Allow me to fix it. Thank you, elggawf, for bringing this to my attention.
Yep misleading title.
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