But the fact we had a crash just before Stamp announced this is very, very suspicious.
More volume = more BTC to steal in hot wallet. Simple.
Topic: Stamp hot wallet problem? - page 2. (Read 4314 times)
More volume = more BTC to steal in hot wallet. Simple.
But the fact we had a crash just before Stamp announced this is very, very suspicious.
But what could it mean? Some odd thoughts:
- Bitstamp speculated on a rising bitcoin price with their clients' money. The crash came out of nowhere, and they had to cover or went bankrupt altogether. This means the crash was the cause, the Bitstamp failure was the consequence.
- Bitstamp knew they had a problem and speculated on falling prices after they would tell the world. They sold lots of their clients' bitcoins, then let the bad news leak. Then they bought them back at the lower price, driving the price back up to what it is now. This means the Bitstamp failure was the cause, the crash was the consequence.
I admit, these are wild conspiracy theories. I do not actually believe in either of them just yet. But everything is possible with bitcoins.
We have to take into account that the Bitstamp failure lowers their reputation. Clients will flee from Bitstamp. The only thing they can do to mitigate that is to get everything up and running again very quickly and be very open with information.
But the fact we had a crash just before Stamp announced this is very, very suspicious.
Buying stamp coins for $10/BTC
I believe Bitstamp will sort this out. …
Does that remind me of a posting around the beginning of 2014? Only then somebody wrote, "I believe Mt. Gox will sort this out."
I have half my stash on stamp...
Should I be worried?
Should I be worried?
I believe Bitstamp will sort this out. …
Does that remind me of a posting around the beginning of 2014? Only then somebody wrote, "I believe Mt. Gox will sort this out."
there are exchanges like bitalo.com out there that do not take control over the coins at all but have user-side generated keys that are stored only in encrypted form on the servers, combined with full multi-signature wallets and backup transaction so that you can get the coins back, even when the site loses all data or goes completely offline.
People just need to use it :-)
Good initiative, thanks for showing us that this can work, and illustrating how irresponsible and borderline criminal established exchanges are for not adopting such practices.People just need to use it :-)
Think about what Bitstamp have been working on instead: A fancy chart UI for trading and an Android app. Meanwhile, they can't even ensure or prove that cold wallet coins aren't lost.
there are exchanges like bitalo.com out there that do not take control over the coins at all but have user-side generated keys that are stored only in encrypted form on the servers, combined with full multi-signature wallets and backup transaction so that you can get the coins back, even when the site loses all data or goes completely offline.
People just need to use it :-)
People just need to use it :-)
1: They need to prove right now how much money they have in cold storage
2: Bitstamp needs to be actually audited (by financial professionals) on a regular basis in the future
3: IMPLEMENT MULTI-SIGNATURE FOR WITHDRAWALS
If 3 doesn't happen, this will keep happening forever. We have the tools, but we haven't forced our complacent, amateurish, borderline criminal exchanges to adopt them.
It's time to pressurize them.
2: Bitstamp needs to be actually audited (by financial professionals) on a regular basis in the future
3: IMPLEMENT MULTI-SIGNATURE FOR WITHDRAWALS
If 3 doesn't happen, this will keep happening forever. We have the tools, but we haven't forced our complacent, amateurish, borderline criminal exchanges to adopt them.
It's time to pressurize them.
Anyone able to withdraw?
I can't get my coins out... :/
Buy XRP (ripple), send the coins at poloniex.com (make an account there) and exchange them for BTC if you want.I can't get my coins out... :/
It works, it's currently the only way, do it, to stay safe.
https://twitter.com/mBTCPizpie/status/551964995932540928
Honestly how is ripple safe if it depends upon trust networks?
Still to this day I won't touch ripple with a 1000 foot pole.
The Ripple consensus ledger is a whole lot safer than holding any BTC on an exchange...
really? I see no difference. counterparty risk is simply that...counterparty risk
Anyone able to withdraw?
I can't get my coins out... :/
Buy XRP (ripple), send the coins at poloniex.com (make an account there) and exchange them for BTC if you want.I can't get my coins out... :/
It works, it's currently the only way, do it, to stay safe.
https://twitter.com/mBTCPizpie/status/551964995932540928
Honestly how is ripple safe if it depends upon trust networks?
Still to this day I won't touch ripple with a 1000 foot pole.
The Ripple consensus ledger is a whole lot safer than holding any BTC on an exchange...
this might push us down.
Or up? Can't send coins to the exchange to dump?
Exactly, Up would be logical.
Anyone able to withdraw?
I can't get my coins out... :/
Buy XRP (ripple), send the coins at poloniex.com (make an account there) and exchange them for BTC if you want.I can't get my coins out... :/
It works, it's currently the only way, do it, to stay safe.
https://twitter.com/mBTCPizpie/status/551964995932540928
Honestly how is ripple safe if it depends upon trust networks?
Still to this day I won't touch ripple with a 1000 foot pole.
Anyone able to withdraw?
I can't get my coins out... :/
Buy XRP (ripple), send the coins to poloniex.com (make an account there) and exchange them for BTC if you want.I can't get my coins out... :/
It works, it's currently the only way, do it, to stay safe.
https://twitter.com/mBTCPizpie/status/551964995932540928
Anyone able to withdraw?
I can't get my coins out... :/
I can't get my coins out... :/
what happens when you initiate a withdraw of BTC?
Any message? Error?
Anyone able to withdraw?
I can't get my coins out... :/
I can't get my coins out... :/
What are the chances all the sales were of fake coins? Haha...
Wasn't bitstamp the last exchange to dump?
What are the chances all the sales were of fake coins? Haha...
it is possible...
but what if, just like gox, there were users that had the capability of putting in buy orders and when those orders get filled their account doesn't have fiat deducted from it.
Essentially free coins.
What are the chances all the sales were of fake coins? Haha...
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