"We got hacked" coming ! - page 6. | Bitcointalksearch.org

franky1

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Quote from: susila_bai on December 29, 2016, 07:33:45 AM

what you told is correct but after that low do you think that they would not have bought back in low and averaged the price and right now they will be in profit and if i am not wrong then they would have cashed it out in $ 930 range that time the price also crashed little bit and now back the price is up.

yes some have bought in low to average down.

but that just adds more ammo to suggest now they averaged down they will be "at profit" when they get the $1200 again. thus more inclined to cash out.

and as i said before. it does NOT require 8million coins to cause a crash, and thus a bank run to cause exchanges to run scared and scream 'hacked'. it requires alot less coins.

put it this way. imagine there are only 300,000 coins that are 'supposedly' in an exchanges reserves.
knowing exchanges are probably spending the reserves through the back door (fractional reserving) while the customers are playing with false mysql orderlines and balances.. it only requires less than 300,000 coins to go in the wrong direction to cause a bank run and the exchange wont have those coins available to allow for all withdrawals. because there isnt 300k coins to repay all customers

they would be required to hold their hands up and reveal they embezzled the funds. meaning criminal act and prison time..(bing honest hurts them so dont expect them to be honest)
or
fake a hack and walk away leaving customers in a cluster-f**k of legal actions with some high spending lawyers in bankrupcy court over a 2-5 year period. while the exchange owner sips cocktails on a beach.

susila_bai

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Quote from: franky1 on December 29, 2016, 05:28:53 AM

i have a feeling as soon as we get to $1200 we will see those that bought in late at the '2013 all time high' will want to exit out of fear of being burnt twice and having to wait another 3 years to exit. so they will jump out as soon as they can break even.

which will trigger a bank run and reveal the secret spending of exchanges who then cant pay out the coins that they were suppose to hold for their customers but didnt.

what you told is correct but after that low do you think that they would not have bought back in low and averaged the price and right now they will be in profit and if i am not wrong then they would have cashed it out in $ 930 range that time the price also crashed little bit and now back the price is up.

UnknownEye

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Quote from: franky1 on December 29, 2016, 06:29:50 AM

so im not going to say it needs 8million coins to change hands to cause a dump because that if factually untrue. it only needs a couple hundred thousand coins at most to cause a dump.

just think about that

Case in point, bitfinex recently 'hacked for 120k' with panic sellers helping out to a few hundred k. Moved the price a couple of hundred dollars, I can't wait to see the next 'hack' in the coming weeks.

Xester

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Quote from: OmegaStarScream on December 29, 2016, 03:25:18 AM

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

Thats what I also I had in mind, that during increase of bitcoins price hackers attack and sites are declaring being hacked like bitfinex does. You are right by saying that there is a high possibility that there is an inside job and they will blame hackers but it was them who does it. Anyway thanks to this information that you spread, I am reminded that I should withdraw my funds from the exchangers just in case.

FaucetRank.com

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Quote from: digaran on December 29, 2016, 06:57:16 AM

It's usually the cloud mining services that run away when bitcoin price rises as much as it did in past 15 days.
I don't know why people ever keep their coins in exchanges like they are banks?
And hacking exchanges is not an easy task unless there is an inside job.

Lol it's true that 99.99% cloud mining websites are scam but Bitcoin trading exchanges can also scam. Today there is many way to warn before there is any storm is coming but there is no way to warn before website is being hacked so it is better to be safe than saying sorry I did not read this thread.

erikalui

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I never save any cash with exchanges as I know that they can shut down their services anytime. 2 big exchanges in the past are enough to prove how reliable these exchange websites are and last time when the price was high, one claimed that they are hacked making bitcoiners lose all their hard-earned money. Even bitcoin wallets are not trustworthy these days.

franky1

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exchanges need to change

firstly
exchanges should ask their customer to register an empty public key. (emphasis PUBLIC)
the customer keeps the private key a secret.

next to log in users are shown a message. and the user has to paste in the signed message, to prove who they are.
that way 'passwords' are not saved on databases or involved because the message and reply(signature) is unique at each login.

next
the public key is used with a public key belonging to the exchange to form a multisig.
the multisig becomes the deposit address.

then when users want to make an order they sign a multisig transaction to give the exchange X of total balance. to place that X onto an order.
this way funds are made more so as a 50% user-50% exchange control of funds. and outside and inside hackers cannot take 100% control

Taki

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That's right. I even can imagine all those hackers who are trying to attract bitcoin exchanger now, cause of the price now is really teasing one. Just hope that in the case my bitcoins will not suffer. But I don't have too much to get panic, but anyway I spend not so few time to make it.

lolxxxx

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I hope that it wont happen if it happens then the bitcoins price will come down which is not good.
By the way guys which Exchange is on top for now?

Red-Apple

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Quote from: digaran on December 29, 2016, 06:57:16 AM

It's usually the cloud mining services that run away when bitcoin price rises as much as it did in past 15 days.
I don't know why people ever keep their coins in exchanges like they are banks?
And hacking exchanges is not an easy task unless there is an inside job.

you don't know why because i think you are not trading.

as a trader you want to catch the best opportunities to get in or out depending on which side you are on. for example right now if you are a day trader you want to sell on top and buy back in the dips, this means you should keep your coins on exchange to be able to do this.

and "getting hacked" doesn't have a warning beforehand, it just happens in a second when they close down shop!

franky1

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Quote from: eternalgloom on December 29, 2016, 06:52:55 AM

The CEO is also pretty easy to find:
https://www.linkedin.com/in/tristandagosta

lol dig deeper. try serving a court order or slapping him with a wet fish and you notice all of his public addresses lead to PO/drop boxes

my rule is never to trade with someone that you cant find where they really reside to slap them with a wet fish should they do you wrong

Juggy777

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Quote from: OmegaStarScream on December 29, 2016, 03:25:18 AM

Two scenarios are likely to happen at this point :

1. "We got hacked" e.g Mt.gox
2. They actually get hacked

It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking and sometimes It's actually an inside job where they claim they got hacked and of course , we can't proof it.

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Exchanges that holds most of the funds in cold storage could be more secure but you never know... so yeah , be careful.

I feel your words are 100% true. This accident is bound to happen there is no doubt in it. With the Prices going so high people will hack it and mostly yes it has to be insider help, there's no way they can succed without that, I hope people listen to you and make a safe decision and take the call before its to late. Though it will be a pain but it's better to be safe than sorry, I sold my coins and now will buy at lower levels, hence I feel safe. Just out of curiosity did you end up losing your coins?

xuan87

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that is a pretty good thought and a good idea, it is true that we got so many case scammed by exchanger, especially bitcoin now almost reaching 1000$ , it will be wise to take extra precaution, maybe I need to think a wallet to keep my altcoin and don't put your coin too much in a wallet you better split it out or put extra security to your wallet

digaran

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🖤😏

It's usually the cloud mining services that run away when bitcoin price rises as much as it did in past 15 days.
I don't know why people ever keep their coins in exchanges like they are banks?
And hacking exchanges is not an easy task unless there is an inside job.

eternalgloom

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Quote from: franky1 on December 29, 2016, 05:58:17 AM

Quote from: Velkro on December 29, 2016, 05:53:55 AM

Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins.
Now its distributed quite evenly, so its not dangerous anymore.

poloniex and bitmex seem to be the 2 top volumes that would suffer most.
though its more diverse. doesnt mean that their isnt obvious targets for 'inside jobs' crying hack

when you start looking at poloniex and find they dont really show real CEO office addresses and only show PO/drop box addresses. meaning you cant exactly serve them papers.. you can see they are able to run fast after a hack

You forget that Poloniex was already hacked once and they were pretty transparent about it and paid back all affected users.
Source: http://www.coindesk.com/poloniex-loses-12-3-bitcoins-latest-bitcoin-exchange-hack/

The CEO is also pretty easy to find:
https://www.linkedin.com/in/tristandagosta

This doesn't mean that you should blindly trust them, but I'm just saying that there is info to be found.

dihari

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I hope some shit like this is not happen anymore in bitcoin world wide. It can damage trust that build for many years to bitcoin.
I think the exchangers has add more security features to keep their client's money keep safe. They has learn from mtgox, bitfinex, and others exchanger that got hacked before. But we still have to rescue our money to not put it in exchanger in big amount like what op said.

"Don't put all your eggs in one basket"

electronicash

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kinda old tricks though but still possible, they could now plot it this time and think of how they were hacked.

which exchange do you think will declare the first?

bittrex? polo? its usually the largest and being used by thousands. i exclude yobit because they could have done it long before mtgox did if they intend to. Grin

BitcoinHodler

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HODLing is an art, not just a word...

Quote from: franky1 on December 29, 2016, 06:29:50 AM

Quote from: Wendigo on December 29, 2016, 06:22:42 AM

franky1 how many of the holders do you think will just give in to the temptation and sell off everything around $1300-ish and do you think this will cause a massive drop in the price again? I think at least 50% of everyone holding Bitcoin would sell something or everything following a new all-time-high.

what you have to realise is that although there are 16mill coins in circulation.. the bitcoin price is not managed/caused by 16million coins. it moves based on ALOT less coins. not all 16 mill coins are held in exchanges. only a fraction of circulation are in exchanges

it only takes a few thousand/few hundred thousand coins to shift the price because the resistance walls are lacking.
take MTGox. at most they had was 1mill coins out of 12mill coins at the time.. yet mtgox caused a price crisis of $1200->$250

now there are less than 1mill coins per exchange so there is less resistance, thus it does not take as much to cause price movement.

so im not going to say it needs 8million coins to change hands to cause a dump because that if factually untrue. it only needs a couple hundred thousand coins at most to cause a dump.

just think about that

i kinda agree with what you are saying, but also i think it is worth mentioning that those walls are much bigger than they look like. because people are not keeping their coins on exchanges and/or not in open orders, they usually go in when there is a change and that is one of the reasons why the volume is always so much bigger when there is a change than the walls you saw before the rise or drop.

SvenBomvolen

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Quote from: piloder on December 29, 2016, 06:09:23 AM

We want decentralized trading platform but i don't think we gonna see working one that can compete with the current centralized platform any time soon. Bitsquare is there but they are still immature to handle large volumes, safer way to hold bitcoin is to hold them in address which is controlled by only you.

I can find a logic, when bitcoin is going up people are very active on exchanges, and in this times there is a lot of bitcoins circulating on their trading platform. I save my bitcoins, but in case I wish to trade with them I need to deposit, its how its working. When Mt.gox happened I didnt know about bitcoins (btc price was going up), this year we had Bitfinex ( price went almost double from last year), and looks like every now and then when price is going up hackers rob some exchange site.

Quote from: OmegaStarScream on December 29, 2016, 03:25:18 AM

So to avoid any kind of regrets If that happens , I really recommend everyone to withdraw his funds from exchanges for the moment as we are heading to 1000$ pretty soon probably. Once you finish trading , just withdraw as there is no reason to keep them there... when you want to trade again , just deposit the amount to trade with and nothing more.

Good advice, I quoted just in case. We never know when will it happen, therefore caution is strongly advised.

Edit: Nice explanation Frenky. I like to read your comments, you have good observation and your comments are simple for understanding, even for me

.

franky1

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Quote from: Wendigo on December 29, 2016, 06:22:42 AM

franky1 how many of the holders do you think will just give in to the temptation and sell off everything around $1300-ish and do you think this will cause a massive drop in the price again? I think at least 50% of everyone holding Bitcoin would sell something or everything following a new all-time-high.

what you have to realise is that although there are 16mill coins in circulation.. the bitcoin price is not managed/caused by 16million coins. it moves based on ALOT less coins. not all 16 mill coins are held in exchanges. only a fraction of circulation are in exchanges

it only takes a few thousand/few hundred thousand coins to shift the price because the resistance walls are lacking.
take MTGox. at most they had was 1mill coins out of 12mill coins at the time.. yet mtgox caused a price crisis of $1200->$250

now there are less than 1mill coins per exchange so there is less resistance, thus it does not take as much to cause price movement.

so im not going to say it needs 8million coins to change hands to cause a dump because that if factually untrue. it only needs a couple hundred thousand coins at most to cause a dump.

just think about that

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