Mt GOX gone! along with $350 million

Forums › Off topic › Mt GOX gone! along with $350 million

wellygary

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#140977 25-Feb-2014 21:49

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/

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#994535 25-Feb-2014 22:58

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

Gilco2

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#994581 26-Feb-2014 07:05

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

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Fred99

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#994658 26-Feb-2014 09:08

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.

kenkeniff

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#994664 26-Feb-2014 09:19

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).

wasabi2k

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#994698 26-Feb-2014 10:06

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.

Coil

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#994700 26-Feb-2014 10:12

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

(Do you need any more speedstests @kenkeniff ?)

muppet

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#994703 26-Feb-2014 10:14

Bitcoin.

*breath in*
AAaaaaaaaaaaaaaaaaaaaaaahahahahahahahahahahahahahahahahahahahahaha
*wipe away tears*

Magic: The Gathering Online eXchange has gone you say?

Odd.

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kenkeniff

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#994704 26-Feb-2014 10:15

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..?

Coil

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#994706 26-Feb-2014 10:16

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..

kenkeniff

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#994708 26-Feb-2014 10:19

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...

surfisup1000

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#994710 26-Feb-2014 10:26

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.

kenkeniff

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#994712 26-Feb-2014 10:30

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)

muppet

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#994713 26-Feb-2014 10:34

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?

Audiophiles are such twits! They buy such pointless stuff: Gold plated cables, $2000 power cords. Idiots.

OOOHHHH HYPERFIBRE!

Coil

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#994715 26-Feb-2014 10:38

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.

greenbone

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#994719 26-Feb-2014 10:42

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

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