Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.



1612 posts

Uber Geek
+1 received by user: 103


Topic # 140977 25-Feb-2014 21:49 Send private message


Sounds like Crypto-currencies quest for the mainstream may have taken a big hit,

I know it is just one exchange, but to have 6% of your currency apparently pilfered is pretty dramatic is anyones books and will seriously hurt trust amongst "Mr and Mrs Public"

http://www.forbes.com/sites/andygreenberg/2014/02/25/bitcoins-price-plummets-as-mt-gox-goes-dark-with-massive-hack-rumored/


View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
183 posts

Master Geek
+1 received by user: 17


  Reply # 994535 25-Feb-2014 22:58 Send private message

http://www.engadget.com/2014/02/25/mt-gox-bitcoin-exchange-offline/  Possible acquisition according to engadget.

1086 posts

Uber Geek
+1 received by user: 44

Subscriber

  Reply # 994581 26-Feb-2014 07:05 Send private message

just reading news. Appears to have been large theft and now Bitcoin may be no more soon.   Glad I dint have any.   OF course I did read it from questionably news source but as the old saying goes. Theres no smoke without fire




HTPC AMD A4-5300 cpu, Gigabyte ga2fa75m-d3h motherboard, , 4GB DDR3 ram, onboard  graphics. Hauppuage HVR 3300 tuner,  Antec 2480B case, Windows 7 home premium 64 bit using media center

642 posts

Ultimate Geek
+1 received by user: 108


  Reply # 994658 26-Feb-2014 09:08 Send private message

Gilco2: Bitcoin may be no more soon.  


It would seem that despite 6% of the total market "disappearing", no consensus on exactly how or why that happened (except accusations of "lax security"), and most of the world financial press stating what you have - that Bitcoin may be no more soon, the market itself seems to be remarkably resilient.
If belief amongst the faithful was that Bitcoin may be no more soon, then it would have already happened.


275 posts

Ultimate Geek
+1 received by user: 34


  Reply # 994664 26-Feb-2014 09:19 Send private message

Fred99:
Gilco2: Bitcoin may be no more soon.  


It would seem that despite 6% of the total market "disappearing", no consensus on exactly how or why that happened (except accusations of "lax security"), and most of the world financial press stating what you have - that Bitcoin may be no more soon, the market itself seems to be remarkably resilient.
If belief amongst the faithful was that Bitcoin may be no more soon, then it would have already happened.



These's no mystery here; hackers exploited a transaction malleability vulnerability MtGox's wallet implementation to fleece it of a significant number of BTC, they haven't "disappeared" but have been stolen hence still in circulation in the BTC economy (just by different owners).






728 posts

Ultimate Geek
+1 received by user: 223


  Reply # 994698 26-Feb-2014 10:06 Send private message

kenkeniff:
Fred99:
Gilco2: Bitcoin may be no more soon.  


It would seem that despite 6% of the total market "disappearing", no consensus on exactly how or why that happened (except accusations of "lax security"), and most of the world financial press stating what you have - that Bitcoin may be no more soon, the market itself seems to be remarkably resilient.
If belief amongst the faithful was that Bitcoin may be no more soon, then it would have already happened.



These's no mystery here; hackers exploited a transaction malleability vulnerability MtGox's wallet implementation to fleece it of a significant number of BTC, they haven't "disappeared" but have been stolen hence still in circulation in the BTC economy (just by different owners).



I read (on Register or Slashdot) that it was the malleability issue - combined with automated, unaudited transaction refunds and automatic, unaudited withdrawls from their offline wallet. In other words, someone could quietly do this over and over and over and noone would notice.

This, combined with people using MtGox as a bank - not an exchange - means a bunch of people have lost a lot of virtual currency.

As has been said - you store your wallet offline - it can still be transferred into, then maybe have an online current account.

Otherwise it is like carrying your entire wealth/savings around in your wallet.


2417 posts

Uber Geek
+1 received by user: 502

Trusted
Vodafone NZ
Subscriber

  Reply # 994700 26-Feb-2014 10:12 Send private message

My poor Bitcoins... Interesting though, Good to know what happened.

(Do you need any more speedstests @kenkeniff ?)




Unless otherwise stated, any views or opinions expressed are solely those of myself and do not represent those of Vodafone New Zealand Limited. If you need help related to a Vodafone product or service feel free to message me and ill do my best to assist you.
  


1287 posts

Uber Geek
+1 received by user: 125

Trusted

  Reply # 994703 26-Feb-2014 10:14 Send private message

Bitcoin.

*breath in*
AAaaaaaaaaaaaaaaaaaaaaaahahahahahahahahahahahahahahahahahahahahaha
*wipe away tears*

Magic: The Gathering Online eXchange has gone you say?

Odd.

275 posts

Ultimate Geek
+1 received by user: 34


  Reply # 994704 26-Feb-2014 10:15 Send private message

TimA: My poor Bitcoins... Interesting though, Good to know what happened.

(Do you need any more speedstests @kenkeniff ?)


I thought it was the cool thing to do around here..

Guess which Auckland ISP had the fastest result from Sydney though..?





2417 posts

Uber Geek
+1 received by user: 502

Trusted
Vodafone NZ
Subscriber

  Reply # 994706 26-Feb-2014 10:16 Send private message

muppet: Bitcoin.

*breath in*
AAaaaaaaaaaaaaaaaaaaaaaahahahahahahahahahahahahahahahahahahahahaha
*wipe away tears*

Magic: The Gathering Online eXchange has gone you say?

Odd.


No skin off my nose. Just lost about 3 bitcoins that i traded for an old runescape account lol. Well they are worthless now..




Unless otherwise stated, any views or opinions expressed are solely those of myself and do not represent those of Vodafone New Zealand Limited. If you need help related to a Vodafone product or service feel free to message me and ill do my best to assist you.
  


275 posts

Ultimate Geek
+1 received by user: 34


Reply # 994708 26-Feb-2014 10:19 One person supports this post Send private message

TimA: 

No skin off my nose. Just lost about 3 bitcoins that i traded for an old runescape account lol. Well they are worthless now..


"Just" $2000 he says...





1530 posts

Uber Geek
+1 received by user: 195


  Reply # 994710 26-Feb-2014 10:26 Send private message

Spin doctors are out in force saying this is typical of many industries with bad players being weeded out.

But, personally, i think it is the end of bitcoin.

275 posts

Ultimate Geek
+1 received by user: 34


  Reply # 994712 26-Feb-2014 10:30 Send private message

surfisup1000: Spin doctors are out in force saying this is typical of many industries with bad players being weeded out.

But, personally, i think it is the end of bitcoin.


If someone 'stole' 6% of the world's gold reserves by depositing fake bars and redeeming genuine ones, would this be the end of gold? (Intrinsic value aside)





1287 posts

Uber Geek
+1 received by user: 125

Trusted

  Reply # 994713 26-Feb-2014 10:34 Send private message

kenkeniff:
If someone 'stole' 6% of the world's gold reserves by depositing fake bars and redeeming genuine ones, would this be the end of gold? (Intrinsic value aside)


Slightly offtopic, but I'm curious about the intrinsic value of a signature so huge that it's hard to find the message content?




Checkout the EPIC5 script I work on, LiCe. Makes console based IRC fun and easy to use, just like the old days!

2417 posts

Uber Geek
+1 received by user: 502

Trusted
Vodafone NZ
Subscriber

  Reply # 994715 26-Feb-2014 10:38 Send private message

muppet:
kenkeniff:
If someone 'stole' 6% of the world's gold reserves by depositing fake bars and redeeming genuine ones, would this be the end of gold? (Intrinsic value aside)


Slightly offtopic, but I'm curious about the intrinsic value of a signature so huge that it's hard to find the message content?


This isnt a physical currency, How would one make off with these as they are forever kept on the bitcoin system. Unless redeemed for cash money.




Unless otherwise stated, any views or opinions expressed are solely those of myself and do not represent those of Vodafone New Zealand Limited. If you need help related to a Vodafone product or service feel free to message me and ill do my best to assist you.
  


66 posts

Master Geek
+1 received by user: 22


  Reply # 994719 26-Feb-2014 10:42 One person supports this post Send private message

anyone but uniformed casuals had their money out of gox and into a more reputable exchange months ago

thinknig the demise of gox is the end of p2p money, is like thinking the demise of napster is the end of p2p music

 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic




Twitter »
Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:




News »

Trending now »
Hot discussions in our forums right now:

Geekzone giveaway: Thecus N2310 NAS
Created by freitasm, last reply by Dunnersfella on 24-Jul-2014 23:17 (81 replies)
Pages... 4 5 6


Is chorus going to deliberately slow adsl internet down
Created by rugrat, last reply by NonprayingMantis on 24-Jul-2014 18:44 (38 replies)
Pages... 2 3


MH 17 "shot down" all dead
Created by joker97, last reply by ScuL on 24-Jul-2014 21:40 (203 replies)
Pages... 12 13 14


PB Computers experiences
Created by KiwiNZ, last reply by blakamin on 24-Jul-2014 20:43 (41 replies)
Pages... 2 3


Huge Fuss, didn't even make it a year.
Created by networkn, last reply by Glassboy on 22-Jul-2014 19:50 (121 replies)
Pages... 7 8 9


Skinny's new aggressive ad campaign
Created by Yabanize, last reply by Yabanize on 22-Jul-2014 23:35 (52 replies)
Pages... 2 3 4


Sickening floral smell in car, What next?
Created by TimA, last reply by Sidestep on 25-Jul-2014 03:52 (32 replies)
Pages... 2 3


Giving notice
Created by IlDuce, last reply by kharris on 24-Jul-2014 17:36 (15 replies)


Geekzone Live »
Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.