Topic: [XMR] Monero Speculation - page 2065. (Read 3313076 times)

I think XMR can survive a Polo hack.

Dear Users of Poloniex,

As you may have heard, a hacker recently used an exploit to steal 12.3% of the Bitcoins on Poloniex. Details on how this happened can be found in this announcement post: https://bitcointalksearch.org/topic/btc-stolen-from-poloniex-499580

In order to keep Poloniex solvent, all BTC balances were deducted yesterday by 12.3%. No further deductions will occur. As soon as I have time to put it up, you will be able to view exactly how much BTC you are missing on your Balances page.

I deeply regret that this happened, and am committed to repaying the debt and making Poloniex absolutely secure. Any exchange fees collected since the incident will be used to pay back the debt at regular intervals. Exchange fees will not be raised.

Additionally, shares of Poloniex may be issued, the profits from which would be used to repay the debt and hire highly qualified security experts. The timing and details of this, and indeed whether it will occur, have not been decided. I invite you all to give your input on these decisions by voting in the following poll and, if desired, leaving a comment: https://bitcointalksearch.org/topic/poll-how-to-deal-with-stolen-btc-on-poloniex-500578

Since the incident occurred, the way withdrawals and order creation are handled has been redesigned so that all such requests are added to a global command queue, then processed sequentially. More automated checks for consistency of balances have been added. Larger percentages of coins have been moved into cold storage. And as of today, I am searching for additional developers to bolster the security of Poloniex as much as possible, and as soon as possible.

Here are some specific details about the hacker.

BTC addresses used to withdraw stolen funds to:

1ABnAg2nK3M6YKmaYtL5EBgdp1VQGyTbjL
18sdMt7ENfU3Weq7vy1Qdqr3skgd47WEbe
1Ktq7TE3J5vZ3c99M5weqKfFcNkHQdqPrq
1C1acLbFh3KaKgdFUBuCV8oD7ucqUaLLLY


IP addresses used to place the withdrawals:

61.161.143.175
126.11.105.45
122.143.3.144
60.10.69.65


Email addresses used to log in:

[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]

The total BTC stolen was about 97. The addresses will add up to more than that; this is because the hacker needed to deposit BTC several times in order to use the exploit.

Finally, I would like to extend my deepest gratitude toward the many people who have shown their support, who have vouched for my character, and who have offered help. In this time of extreme and continual stress and worry, I truly appreciate it. I will do everything in my power to return your funds to you as soon as possible, and I am grateful for your patience in the meantime.


Sincerely,
Tristan

Dear Users of Poloniex,

As you may have heard, an attempt to hack into Poloniex's hot wallet server via social engineering was made several weeks ago on May 3rd. The attack was successfully repelled and no funds were taken, but as a precaution, the old BTC hot wallet had to be considered compromised. This means that any BTC or XCP addresses generated on or before May 3rd should NOT be used for deposits.

This email is notify anyone still using such addresses that funds deposited there will soon no longer be recoverable. Future deposits to such addresses may be LOST. Please do NOT send any more BTC or XCP to any deposit address generated on or before May 3rd. Any BTC or XCP address currently appearing on your Balances page is valid.

Thanks,
Tristan D'Agosta
Poloniex, LLC

10% yearly inflation is completely negligible with an expanding user base. The inflation effect is completely dominated by the effect of an exponential user base growing, in which case 1% or 10% yearly inflation does not make any noticeable difference.
That is the reason why people keep repeating BTC is a deflationnary currency while technically it's not. It is very deflationnary compared to the user base, in period of expansion.
We simply have a Monero community that is currently not growing much. Yet.

The reason to manipulate the ratio is to be able to buy low. The wall at 225k might be a legit offer to sell (albeit at a double price than today's market) but anything above that is irrelevant.

Similarly, a huge amount in bids may be a warning sign.


The thought may also go as follows: "1) If Polo is safe, XMR are safe and it does not really matter. If Polo is hacked, XMR there is lost, but the coin either 2) suffers a lethal blow that the value of all other XMR is lost as well and it does not really matter (even the attacker cannot sell the coins stolen) or 3) the value is reduced so much that it's possible to by the same amount back from the market at an insignificant BTC cost and it does not really matter.

For a person operating in 6-7 figures, it's difficult to enter into a playing field so small where $100k makes you among the TOP-3 owners in the world, which is obviously crazy, and obviously available to one more person max, since when he starts to buy, the price starts to rise.

Yea, I know it doesn't mean much having only one relatively small market (and a few other tinier markets like bittrex and hitbtc), but the buy/ask ratio is looking a bit shitty at the moment. 175 BTC / 500k XMR is about 0.0003 BTC/XMR

True, but maybe this are peanuts for him. You have some big whales from btc among the owners of xmr.

Unnecessary counter-party risk. He should store his own XMR.

Over 500k xmr on the ask book. Most I've seen since the xmr market opened there. Lots of coins on polo and someones jammed a 100k ask in at 0.00225. The games begin.

Over 500k xmr on the ask book. Most I've seen since the xmr market opened there. Lots of coins on polo and someones jammed a 100k ask in at 0.00225. The games begin.

I agree. Think of the magnitude here. With a 2m USD market cap you and 10% supply inflation you need 10% new money coming in for stable value. That is only 200k USD over the course of a year, or 15k USD per month. That is tiny, tiny, tiny with any kind of growth in user base or with any serious investors.

10% yearly inflation is completely negligible with an expanding user base. The inflation effect is completely dominated by the effect of an exponential user base growing, in which case 1% or 10% yearly inflation does not make any noticeable difference.
That is the reason why people keep repeating BTC is a deflationnary currency while technically it's not. It is very deflationnary compared to the user base, in period of expansion.
We simply have a Monero community that is currently not growing much. Yet.

Half of the guys in the thread have the capability of moving the price 50% in either direction.

We decide if it goes up, or not. Don't be a slave to us.

If you think Monero is bad, go ahead and sell. But don't be fooled to believe there is any connection between the current price and the long-term prospects.

10% yearly inflation is completely negligible with an expanding user base. The inflation effect is completely dominated by the effect of an exponential user base growing, in which case 1% or 10% yearly inflation does not make any noticeable difference.
That is the reason why people keep repeating BTC is a deflationnary currency while technically it's not. It is very deflationnary compared to the user base, in period of expansion.
We simply have a Monero community that is currently not growing much. Yet.

I shouldn't say it's impossible, but even bitcoin's long-term uptrend was broken a few months ago and 14 million coins are mined.

10%+ yearly supply inflation is formidable. I do believe XMR will have its rallies from now until 2017, but a sustainable uptrend will be very difficult.

True.


Untrue.

Sorry guys, but you can't do TA on something so thinly capitalized. 10% movements are just individual investors moving in and out of positions.

Only in 2017-2018 when XMR is mostly mined can begin to sustain a long-term uptrend.

Elliot Wave analysis of the Monero bear market since June on an log scale. I see two possibilities:

1) A failed bear market with a truncated wave V if the bulls can break out above the exponential trendline. The would lead to a very sharp move to the upside.
2) Continuation of the bear market with possibly an extended wave V if the bears can break below 0.0009. This would require relabelling the sub waves in wave V

Half of the guys in the thread have the capability of moving the price 50% in either direction.

We decide if it goes up, or not. Don't be a slave to us.

If you think Monero is bad, go ahead and sell. But don't be fooled to believe there is any connection between the current price and the long-term prospects.