What if Bitstamp was hacked - Speculation

Sevvero

sr. member

Activity: 350

Merit: 255

Quote from: romneymoney on January 05, 2015, 05:40:17 PM

Quote from: Sevvero on January 05, 2015, 05:12:09 PM

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

You do realize that being a mentally ill douche bag troll is nothing to be proud of either, right?

My price predictions were true.

Check my past post and choke yourself.

Can't bear the reality that this "douchebag" is right and you were wrong all along?

Yeah, that's what happens to dumb, ignorant fool holders.

romneymoney

full member

Activity: 193

Merit: 117

HODL

Quote from: Sevvero on January 05, 2015, 05:12:09 PM

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

You do realize that being a mentally ill douche bag troll is nothing to be proud of either, right?

Nagle

legendary

Activity: 1204

Merit: 1002

Quote from: spiderbrain on November 18, 2014, 06:46:39 AM

Only morons got trapped by gox. Stamp is a long way off that kind of idiocy, and if they were heading that way there would be warning signs. That said, if something like that did happen it would indeed be cheap coin city.

With Gox, it was clear something was badly wrong when they had their two-week "hiatus" on withdrawals in June 2013. Especially when withdrawals did not resume. Anyone who sent them assets after that was an idiot. However, up until that "hiatus", it wasn't clear that Gox had major problems.

The Gox bankruptcy was still 8 months away when the "hiatus" started. Gox supporters on this board kept insisting nothing was wrong right up to the bankruptcy. This time, don't be so patient. Demand withdrawals now, and if you don't get them, hire lawyers and raise hell early.

There's no reason to expect that trouble at Bitstamp will have a huge effect on the price either way. It's likely to cut liquidity, volume and merchant adoption for a while, though. Selling large numbers of Bitcoins and reliably getting paid just got harder.

Sevvero

sr. member

Activity: 350

Merit: 255

Ha ha, it's really fun to see these scam sites dying while I know I got out of this shit in time and can handle real investments and businesses now.

Pleb losers getting robbed of their last meme coins.

So hilarious.

Hope your lives get ruined.

600watt

legendary

Activity: 2338

Merit: 2106

Quote from: wobber on January 05, 2015, 11:33:28 AM

...

i am impressed.

kind of bold to post this scenario and execute it 45 days later... Wink

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Quote from: wobber on January 05, 2015, 11:33:28 AM

...

Be careful with what you are curios about!

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: wobber on January 05, 2015, 11:33:28 AM

...

lol you really had a good crystal ball

or bitstamp can't do a proper cold wallet, or secure their btc

pinyin52

newbie

Activity: 21

Merit: 0

Quote from: wobber on November 18, 2014, 06:06:03 AM

Let's assume for the moment that Bitstamp was breached by hackers and at least all hot storage coins are lost. What do you think it would happen to the price? What do you think it will happen with all those sad fellows that lost the coins? And what do you think it will happen to the Bitcoin image?

I guess the price won't be affected too much at least few days.

I guess most of those that lost their coins will never come back to bitcoin again.

And I guess the media will be all over the bad news and Bitcoin's image will suffer the most.

Anyway, it happened before, it will happen again. That's the price for using CENTRALIZED EXCHANGES.

It is possible that the problems are bigger than what Bitstamp is saying.

celebreze32

sr. member

Activity: 296

Merit: 250

Quote from: zby on January 05, 2015, 11:41:02 AM

Either they will not be able to pay back and declare bankruptcy and we'll have a total crash as people lose confidence.

Or they will never admit that anything was stolen and after a small correction due to some people losing confidence anyway we'll be back the the same situation as before the crash - i.e. still in the down trend.

When Poloniex got hacked they admitted it, deducted a percentage of all users BTC balances to cover their loss, then slowly paid all the users back from their trading fees. They never went bankrupt and are still in business. It wasn't a perfect solution, but it worked.

zby

legendary

Activity: 1594

Merit: 1001

Either they will not be able to pay back and declare bankruptcy and we'll have a total crash as people lose confidence.

Or they will never admit that anything was stolen and after a small correction due to some people losing confidence anyway we'll be back the the same situation as before the crash - i.e. still in the down trend.

wobber

legendary

Activity: 1064

Merit: 1001

...

Eisenhower34

legendary

Activity: 906

Merit: 1002

Quote from: Dalmar on November 18, 2014, 06:35:06 AM

Their hot wallet is only a tiny percentage of their entire stash. They could make that amount back by artificially creating a few pump and dumps and let the sheep pay for their loss.

This (only the bold part). While they would probably not attempt to make it back from manipulating the market, they could make it back from trading fees. The customers would likely be largely unaffected, especially if they can keep the hack "under wraps" for even a short amount of time.

To answer the OP's question, it would likely be negative for the price of bitcoin as other hacks have tended to be short term bearish

leen93

sr. member

Activity: 616

Merit: 250

nothing will happen to the price and except the bitstamp staff nobody would know. Maybe it already happened? Maybe bitstamp is insolvable? We can't know that (and a proof of btc doesn't say anything, they can temporarily buy btc with the fiat from their users)...

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: ?? on ??

Quote from: wobber on November 19, 2014, 02:40:39 AM

Quote from: criptix on November 18, 2014, 04:56:03 PM

Quote from: RyNinDaCleM on November 18, 2014, 04:54:19 PM

Quote from: mikenz on November 18, 2014, 04:47:10 PM

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300 Cheesy

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

Are there currently any signs that Bitstamp could be headed in the direction of Mt. Gox? I mean, there were a lot of troubling signs at Mt. Gox - what troubling signs do you see with Bitstamp that would make you point out Bitstamp as the one to potentially get hacked? Why not BTC-e, or Bitfinex?

I have a lot of money on Bitstamp, so I'd be interested in knowing why you specifically singled out Bitstamp and related it to Mt. Gox;

Nothing will happen with Bitstamp, no worries.

You can't compare Bitstamp with MtGox, as MtGox has a history with a lot failure and unhappy users.

Every exchange can get hacked, OP decided to only point out Bitstamp.

bornil267645

sr. member

Activity: 406

Merit: 250

AltoCenter.com

the price would have taken a huge setback if that would happen.

But that's a mere speculation.

Talking about it might JINX it.

criptix

legendary

Activity: 2464

Merit: 1145

Quote from: wobber on November 19, 2014, 02:40:39 AM

Quote from: criptix on November 18, 2014, 04:56:03 PM

Quote from: RyNinDaCleM on November 18, 2014, 04:54:19 PM

Quote from: mikenz on November 18, 2014, 04:47:10 PM

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300 Cheesy

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

people will eventually learn that if they dont own the private key they dont own the bitcoin(s).

eventually... in the future.... somewhen Roll Eyes

wobber

legendary

Activity: 1064

Merit: 1001

Quote from: criptix on November 18, 2014, 04:56:03 PM

Quote from: RyNinDaCleM on November 18, 2014, 04:54:19 PM

Quote from: mikenz on November 18, 2014, 04:47:10 PM

Let's assume for the moment that wobber suddenly stops constantly posting doom&gloom postings here and turns mega bullish. What do you think it would happen to the price?

IMO, he's been bearish with good reason. The price has dropped for nearly a year now and there is still very likely more to come. If he turned uber Bullish it would mean the next bubble is half over.

like how people scream moon @1200 there will be people who scream doom at 300 Cheesy

I don't know if I'm thinking correctly but my main problem is not the price, I'm pretty happy with it. My issue is with all the speculators that use centralized exchanges and platform, basically putting their coins into the hands of a single entity.

USMS coins are in the govt hands because of them. Gox coins are lost because of them.

I moved all my coins 1 month before Gox closed and now using only P2P trading on localbitcoins.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

One thing is certain: It will be hilarious.

Mieehayii

hero member

Activity: 490

Merit: 500

It does not matter, but the official media will take it to ban Bitcoin

ekissane

member

Activity: 65

Merit: 10

Who the f*ck stores their coins on an exchange? I'll tell you who. Idiots and morons. I had coins on MtGox and as it became increasingly obvious that transferring FIAT currency from MtGox was taking weeks, I cancelled all my $ withdrawals and bought back in to bitcoin. Once I had all in bitcoin again, I transferred all my bitcoin from MtGox to my own secure wallet. This was 2 months before MtGox stopped bitcoin withdrawals. The writing was on the wall for ages. I tried warning friends but they had blind faith in MtGox!

Topic: What if Bitstamp was hacked - Speculation (Read 4266 times)