Bitcoin Forum

Isn't it about time we hear news about a major hack/disaster that will smack the exchange rate back?  I mean we wouldn't want to break tradition, would we? :P

Yes, ASIC's were supposed to be a scam and crash the market, but it looks like no one informed the developers.

MtGox hack number 3 (or 4? 5? I lost count...) imminent! :D

Well, or the operator of Silk Road gets caught or something, other than these 2, there are no real huge BTC hoarding entities left. Merchant service providers like BitPay probably rather keep money flowing and store only little.

Alternative:
An early adopter with a 5-6 digit amount claims he wrote a magic software to crack private keys and as "proof" transfers huge amounts of (his!) coins to another address. This might cause a slight panic at least.

I don't agree.

Gox is (HOPEFULLY) locked down like fort knox now.

The only thing that will stop this forward motion will be SERIOUS US govn't regulation or some time of police (bankster) state crackdown on exchanges an/or bitcoin businesses.  Fortunately the amount of time it take to get anything done in the US congress, any regulation  will be years in coming.

He're looking at 50 (an beyond!).

Congress doesn't write financial regulations in the USA, the regulators themselves do.

The US accounts for only a small percent of bitcoins economy. The attention garnered from a US crack down could cause the price to increase.

*runs off with a cold wallet file and blames it on someone named Sir Thomas Erick Trendon the Third*

Heres a hypothetical. When will the first president or senator get voted into power because bitcoin early adopters have enough free coin to buy an election ?

Yeah. It's gonna happen in 2016 if I have anything to do with it. And given how involved I was this last time around, it's gonna happen again. Though legally I suppose I'll have to use a PAC.

I'd Accept a bit of a news worthy hack now. So as to drop the price of BTC.
So that I can go and buy them a little cheaper.
 ::)

Never, bitcoins worth are tied to drugs and the USD and the exchanges arent capable of moving a serious amount of bitcoins without the price crashing tremendously.

you monster! i want my coins to be worth $90

coinbase or bitpay getting pwned would cause some serious image problems that would set it back a little bit as far as marketing goes.

I dont think it would cause a serious crash though unless something happens to the protocol itself.

I don't doubt for a second that they will go up to $90 and beyond.

My big concern is that Mt.Gox (i have coins there) seems to have the majority of the trading market.
I would love to see more competition.
 :-\

i was waiting for someone to say this :)

Sell on a smaller exchange. You can probably get a better price anyway

the spread will be bigger, which means you will get a worse price, unless there was a large surge/crash and no one has caught on yet.

Hmm, what fresh drama will the mid-season of All My Bitcoins deliver?
Here are some possibilities.

Prisoner Z - Satoshi is being held incommunicado in an Israeli prison.  To save Sprinkles, his beloved Corgi, he's forced to activate Bitcoin's auto-destruct code.


SuperNovaCoin - Vlad Putin makes RuCoin the official currency of Russia.  KGB intercepts all Avalon shipments, mines under the Kremlin.


Game of Pwns - BitcoinTalk troll wars escalate into ruthless blood feuds.  Assassination markets overtake Silk Road, new users are scared of being mistaken for scammers and killed.


JPMorgue -  MtGox is purchased by a certain TBTF Wall St firm with shady ties to the Federal Reserve.  BTC prices are suppressed by massive uncovered short positions.  Rallies are stymied by rapid margin hikes.

up uP UP!!

Never mind the fact that wild swings in value is horrible for a currency and makes it a shitty medium to do business with.

Not likely  :D

Great drama!  I will buy the books and the movies :) 

more chapters:

GatesGate - a wallet stealing trojan is slipped into an automatic windows update, grabbing coins from a large percentage of users

ETcSDA - an Annunaki faction somehow able to crack elliptic curve crypto sells coins for gold. 

HoBomaland FEMAcurity - armed with hollowpoints, merecenaries simultaneously raid homes of 1000 biggest names in bitcoin and grab coins with rubber hose attack.

2ndGenAsics - Usain Bolt helps design a running shoe capable of the 100 gigahash in 2.2 seconds

oh god, glorious!

Though hashman, none of those were particularly funny :P

I consider it a small miracle that Mt. Gox retained my deposit after their hack and company sale.  Those coins I bought at $20 ~18 months ago are finally profitable  ;D

Mid-term (think 12 months) I see the size of MtGox the biggest risk. Exchanges are the easiest place for crackdown from any government, MtGox having the largest "attack here" mark on their back ;-)

I am pleased by the growing of alternate exchanges, and OTC especially!
It's a race, let's see what happens!

Ente

It does not have to happen like that again.

some people only want to watch the world burn.

I'm not so sure about that.  The rather complex and encompassing USA PATRIOT act went through the entire process in less than two months from 9/11 and the anthrax attacks.

All it would need is an executive order declaring bitcoin users as terrorists. Remembering that Obama can kill anyone designated as a terrorist even if its a US citizen.

Im guessing there would be bigger problems if they did this such as martial law etc.

And there it is...

Now let's hope the price drops so we can buy!

Tempest in a teacup.  I've personally seen much, much worse episodes in commercial software products and financial services.  All will be totally forgotten by general public within 30 days, max.

Fallout from this will be more seriousness & budget for testing, and more caution when considering effects of changes on backwards compatibility.

Short term disruption.  Long-term improvement.  

Antifragility.

congratulations, this post "predicted" a disaster with accuracy of 1 month.

...meanwhile, disaster is pretty much resolved, and price is back up to $45.50.  If that was it, I think we can rule out software bugs as causing bitcoins to tank, and it will have to be something more social/political.

Right on que.

that is maybe the price of 9 minutes ago.
https://mtgox.com/api/1/generic/order/lag
{"result":"success","return":{"lag":554576231,"lag_secs":554.576231,"lag_text":"9 minutes"}}

I had to deal with a "small" y2k problem that wasn't caught - battery backup software wasn't y2k compliant, so at the turn of midnight, the software (which is supposed to gracefully shut down computers if the power goes out) started turning off every point-of-sale computer, and would continue to turn them off five minutes after they were turned back on. I think there were about 3600 or so of those deployed in all 50 states. Try to remotely manage computers that are off...