Stop saying the Bitstamp coins were dumped!! They are right $%&#ing here -- >

fonenumba

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Quote from: CoinCidental on January 09, 2015, 10:02:51 AM

Quote from: Bagatell on January 09, 2015, 09:55:48 AM

Quote from: QuestionAuthority on January 09, 2015, 09:36:27 AM

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

Bitstamp is not a bank. If their customers didn't use it like a bank they wouldn't have had all those coins in their hot wallet and it would have been a much smaller loss.

it doesnt matter one bit ,if they cant secure a hot wallet properly they should not be in the business of holding hundreds of millions of dollars of btc for their community,the excuse/result would be the exact same if the cold wallet got "hacked" too and everything was gone .........

this "hacked" bullshit get thrown around way too much and too easily with no more or less no reprecussions to whoever was in charge and either did it or let it happen ........

Banks have money stolen from them all the time, granted it is not $5 million worth at a time, however they do get scammed. Their hot wallet was compromised one time over 3 years and they were able to manage their hot wallet in a way that allowed them to have the entire hot wallet stolen and still be able to cover customer deposits.

Compare this to gox who was almost hacked on a regular basis

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Time passes, no updates. My faith is starting to wain.

Flashman

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Hodl!

I like how he's working in some excuses for when next hauled over the coals about gox.

LiteCoinGuy

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In Satoshi I Trust

bitstamp got goxxed by the fat-man:

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: Bagatell on January 09, 2015, 10:21:32 AM

Quote from: QuestionAuthority on January 09, 2015, 10:10:36 AM

I don't get that.

The first sentence in the Bitcoin white paper.

"Abstract.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a
financial institution."

Pretty clear to me.

Straw man

This method has been used throughout history in polemical debate, particularly in arguments about highly charged emotional issues where a fiery, entertaining "battle" and the defeat of an "enemy" may be more valued than critical thinking or understanding both sides of the issue.

Bagatell

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Quote from: QuestionAuthority on January 09, 2015, 10:10:36 AM

I don't get that.

The first sentence in the Bitcoin white paper.

"Abstract.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a
financial institution."

Pretty clear to me.

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: CoinCidental on January 09, 2015, 10:02:51 AM

Quote from: Bagatell on January 09, 2015, 09:55:48 AM

Quote from: QuestionAuthority on January 09, 2015, 09:36:27 AM

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

Bitstamp is not a bank. If their customers didn't use it like a bank they wouldn't have had all those coins in their hot wallet and it would have been a much smaller loss.

it doesnt matter one bit ,if they cant secure a hot wallet properly they should not be in the business of holding hundreds of millions of dollars of btc for their community,the excuse/result would be the exact same if the cold wallet got "hacked" too and everything was gone .........

this "hacked" bullshit get thrown around way too much and too easily with no more or less no reprecussions to whoever was in charge and either did it or let it happen ........

That's the kind of reaction I would expect to see in the RL if an entity was holding my money hostage but for some reason in Bitcoinland it's "all good". I don't get that. We sit and brainstorm constantly about furthering mass adoption and can't understand why it's not happening. Ummm, I think I understand why. lol

CoinCidental

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Si vis pacem, para bellum

Quote from: Bagatell on January 09, 2015, 09:55:48 AM

Quote from: QuestionAuthority on January 09, 2015, 09:36:27 AM

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

Bitstamp is not a bank. If their customers didn't use it like a bank they wouldn't have had all those coins in their hot wallet and it would have been a much smaller loss.

it doesnt matter one bit ,if they cant secure a hot wallet properly they should not be in the business of holding hundreds of millions of dollars of btc for their community,the excuse/result would be the exact same if the cold wallet got "hacked" too and everything was gone .........

this "hacked" bullshit get thrown around way too much and too easily with no more or less no reprecussions to whoever was in charge and either did it or let it happen ........

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: Bagatell on January 09, 2015, 09:55:48 AM

Quote from: QuestionAuthority on January 09, 2015, 09:36:27 AM

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

Bitstamp is not a bank. If their customers didn't use it like a bank they wouldn't have had all those coins in their hot wallet and it would have been a much smaller loss.

I know it's not a bank but the concept is the same. Call it an investment brokerage if that makes you happy. If the brokerage ever held my money without allowing me access to it and did not get my permission beforehand they would never see another deposit from me.

Bagatell

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Quote from: QuestionAuthority on January 09, 2015, 09:36:27 AM

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

Bitstamp is not a bank. If their customers didn't use it like a bank they wouldn't have had all those coins in their hot wallet and it would have been a much smaller loss.

AA says is better than me.

http://youtu.be/1DG98FH1qlo?t=35m

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: turvarya on January 09, 2015, 05:08:11 AM

Quote from: rollingMyCar on January 09, 2015, 04:32:48 AM

Quote from: Guido on January 08, 2015, 06:36:29 PM

bistamp eta long way off
still no sign of them opening up

if I remember well,
they have talked about reopening on
12 January ...

or I remember wrong?

no one have info about reopening date?

just look here:
https://twitter.com/Bitstamp
They said 24-48 h. But after testing the system they started from anew.

All the while they are holding their clients money hostage. How would you feel if you had rent to pay and your bank told you they had to fix their software before you could withdraw your money? I bet you'd be looking for another bank pretty damn quick. It's funny how people tolerate excuses in Bitcoinland that would never be tolerated in the real world. I guess people don't really see Bitcoin as money.

turvarya

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Quote from: rollingMyCar on January 09, 2015, 04:32:48 AM

Quote from: Guido on January 08, 2015, 06:36:29 PM

bistamp eta long way off
still no sign of them opening up

if I remember well,
they have talked about reopening on
12 January ...

or I remember wrong?

no one have info about reopening date?

just look here:
https://twitter.com/Bitstamp
They said 24-48 h. But after testing the system they started from anew.

rollingMyCar

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Quote from: Guido on January 08, 2015, 06:36:29 PM

bistamp eta long way off
still no sign of them opening up

if I remember well,
they have talked about reopening on
12 January ...

or I remember wrong?

no one have info about reopening date?

turvarya

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Quote from: krnaveen14 on January 09, 2015, 12:18:11 AM

I dont know completely how the wallets and addresses are controlled. But just a thought of me.

If I was using blockchain.info , then I can download my private key to import it to my offline wallet. I dont understand the term - "BitStamp no more controls that address" - Either the attacker stole the bitcoins by inserting malicious code or doing some sql or php query stuffs or getting access to the wallet. Even if he have the private key to that address, still the bitstamp will also have the private key with them unless the hacker gets physical access to their computer or whatever and destroys everything. Please correct me if I'm wrong.

You are right. That is why the hackers put in such high transaction fees into the transaction, so miners would process them pretty fast.

krnaveen14

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I dont know completely how the wallets and addresses are controlled. But just a thought of me.

If I was using blockchain.info , then I can download my private key to import it to my offline wallet. I dont understand the term - "BitStamp no more controls that address" - Either the attacker stole the bitcoins by inserting malicious code or doing some sql or php query stuffs or getting access to the wallet. Even if he have the private key to that address, still the bitstamp will also have the private key with them unless the hacker gets physical access to their computer or whatever and destroys everything. Please correct me if I'm wrong.

Guido

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bistamp eta long way off
still no sign of them opening up

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: Vessko on January 08, 2015, 05:53:37 AM

Quote from: QuestionAuthority on January 07, 2015, 09:43:32 AM

Can one of you geniuses tell me why this isn't effecting the market at all.

Why would it? The total number of bitcoins hasn't increased significantly, so their price would not fall due to inflation. The customers of Bitstamp cannot dump their holdings of bitcoins in a panic, because their accounts are frozen. The hacker cannot cash in in a hurry, because he will be tracked and will crash the market, losing the value of most of what he has stolen.

Yes, the hacker will eventually have to cash in, which would put a downward pressure on the price. (It would also probably cause wild altcoin fluctuations relative to the price of bitcoins.) However, Bitstamp also has to recover the missing coins from their own funds, in order to reimburse their customers, which would put an upward pressure on the price.

All in all, the two would mostly cancel each other in the long run (and would it be irony of Bitstamp ends up buying back the stolen coins from the thief, without realizing it), so the price fluctuations would be caused mostly by speculators and not by the theft.

The hacker will probably sell large amounts of stolen coins via Localbitcoins at a discount, but this will not impact the exchange-quoted price directly and immediately. Plus, it's much riskier for him, so it probably won't happen any time soon.

That's what I'm talking about. I would think speculators could use this as an opportunity.

CoinCidental

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Si vis pacem, para bellum

Quote from: medialab101 on January 06, 2015, 06:32:36 PM

Quote from: Bitcoinpro on January 06, 2015, 09:53:39 AM

Quote from: desired_username on January 06, 2015, 09:39:08 AM

Quote from: Bitcoinpro on January 06, 2015, 09:36:04 AM

Quote from: medialab101 on January 06, 2015, 08:14:24 AM

People keep attributing the fall to $270 on the 19k coins being dumped on Finex or other exchange(s). This is not the case!! The coins haven't moved out of the address they were sent to ----- > https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf

Could the fall have been due to dumping precipitated by insider info..? yes. Were the hacked Bitstamp coins dumped..? no. Can the coins be dumped..? not easily and definitely not in a way that is going to crash the market further.

So just stop... please... thanks already...

the coins can be dumped incredibly easy

what makes you think they can't ?

They can't be dumped on the open market. It's hard to find a 5M worth buyer or sell this much in fractions off market too. (off market deals do not directly influence the public markets)

In reality, these coins don't worth much.

forget i asked, ill just reiterate they can be dumped incredibly easy and will be

Mixers don't work well (especially for large amounts) and are being de-annonymized. You need to transfer to an exchange to change to altcoins and those coins can also be marked and tracked. Localbitcoins is an option but will leave a trail and requires meeting in person or bank details. Shady deals are possible but difficult to arrange and now that the whole world knows the Bitstamp coins are out there it would be quite difficult to move big blocks of them in this way without raising red flags. So tell me exactly, how are they going to dump these coins on the market?

there is no reason to dump them -just cash a few every month for the rest of your life and live in luxury
5.2 million is enough to have a decent life in any country

Vessko

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Quote from: QuestionAuthority on January 07, 2015, 09:43:32 AM

Can one of you geniuses tell me why this isn't effecting the market at all.

Why would it? The total number of bitcoins hasn't increased significantly, so their price would not fall due to inflation. The customers of Bitstamp cannot dump their holdings of bitcoins in a panic, because their accounts are frozen. The hacker cannot cash in in a hurry, because he will be tracked and will crash the market, losing the value of most of what he has stolen.

Yes, the hacker will eventually have to cash in, which would put a downward pressure on the price. (It would also probably cause wild altcoin fluctuations relative to the price of bitcoins.) However, Bitstamp also has to recover the missing coins from their own funds, in order to reimburse their customers, which would put an upward pressure on the price.

All in all, the two would mostly cancel each other in the long run (and would it be irony of Bitstamp ends up buying back the stolen coins from the thief, without realizing it), so the price fluctuations would be caused mostly by speculators and not by the theft.

The hacker will probably sell large amounts of stolen coins via Localbitcoins at a discount, but this will not impact the exchange-quoted price directly and immediately. Plus, it's much riskier for him, so it probably won't happen any time soon.

mayax

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Quote from: astrobitcoin on January 07, 2015, 04:10:04 PM

Quote from: newIndia on January 07, 2015, 03:54:19 PM

Quote from: betasuppe on January 07, 2015, 10:10:01 AM

If the problem was one compromised wallet, why is the hole web shut down?
There must be pro technician working at B.stamp.

Why cant we access our own account at least?

This is suspect.

If they were honest, they would have allowed you to withdraw your funds from cold wallet and then carry on the investigation. They are locking u in. That means something is fishy.

no. that means that they have to investigate for bugs and causes and solve it, avoiding more losses of your bitcoins

how can it be done in 4 days as they claim? it is impossible to read all the code's lines, to realize where the bug is and then to fix it +test.
also, they are moving the website to other server. that means setup, firewalls and so on...

Topic: Stop saying the Bitstamp coins were dumped!! They are right $%&#ing here -- > (Read 5591 times)