Bitcoin Forum

D-DOS attack everywhere

http://cointelegraph.com/news/115562/biggest-bitcoin-exchange-okcoin-suffers-cyber-attack-price-plummets
http://cointelegraph.com/news/115561/kraken-ddos-attack-leaves-traders-unable-to-sell-at-500-peak

are you think there is possiblity MT gox version 2 ?

This wouldn't cause MT Gox 2... bankcrupcy of one of the biggest exchanges now could do this, bitstamp? bitfinex?okcoin? etc.

This is why keep your money on exchange is the worst decision, the technology is always be grow, moreover hacker is became more smart, the security developer is need more improve their ability.

I never understood how people even come up with these thoughts. You should not be a pessimist. Realistically there is always a possibility of that. However, no exchange is comparable to Mt. Gox at the moment I believe. The more exchanges that we have (that are being actively used), the less of a impact one could have if something bad happens there. I also do not understand why people are afraid of DDoS. I have (successfully) conducted DDoS a few times, albeit on my own equipment and website(s). This is just a temporary setback, nothing to be afraid of (image a traffic jam).

alot of attacks. still early days. far better than in 2013 but still early.

I think we will reach a point where there are so many exchanges that you dont see a meaningful effect on the price if something bad happens at one exchange.

Addtionally: Is Nasdaq or NYSE hacked every 2-3 months?

No.

1. No single exchange dominates BTC like Gox did in its heyday.
2. The exchanges today have better security and are a great deal more professional than Gox.

#2 is not air-tight, but #1 is a solid reality.

agree with you, only "daily trade" who hold his bitcoin at exchanger


anyway MT.Gox get hacked before bankcrupcy ??? am i wrong ?

You think an exchange is illiquid when they are being ddos'd? Sounds a bit dramatic to me..

You will probably see way more ddos of prices continue to soar. Some people might be able to make profits from it.

I think that is not possible another mtgox scandal, some exchanges could have problems of liquidity, dos attacks and other problems. But what mtgox made was stole users bitcoins.

There is always possibility of failure or a scam if we are dealing of centralized service. We will never be free from that thought.
And bitcoin seems to be magnet for whole bunch of shady entrepreneurs too. Mt.Gox was the biggest exchange of its time, we don't have that big volume exchange anymore.
So if any of smaller exchanges fell it will be not big deal.

please ceck huobi,okcoin and other chinese market  (http://coinmarketcap.com/currencies/bitcoin/?markets=all#markets)

it will go on forever with centralised exchanges

Both of the news are very bad for bitcoin community and bitcoin ecosystem. I personally do not like any MTGOX2.0 anymore. Past should be the past, there should not be any similar events to that MTGOX in future.

This is the cause of all this happening in the last 24 hours?
I saw it yesterday on my bitspotty ticker almost reach $500, but it was stuck at $499.40, so not quite enough to push it over the edge of that critical mid-mark to $1000.
I was hoping that it would but this would explain it. ::)

Nah just corrections and retraces but not related to any other hacking events or potential Mt. Gox 2.0. Even if an exchange did just that, there would still be enough interest on bitcoin to push forward and it would give little to no effect in the whole pricing of bitcoin.

Definitely a possibility of greedy people trying to repeat something like that. Hope it will never happen again.

Bitcoin was once again dragged into this too ---> http://www.newsbtc.com/2015/11/06/barrage-of-ddos-attacks-bring-down-protonmail-6000-in-bitcoin-ransom-paid/

It looks like the DDOS attacks are starting to enter the ransome arena now and exchanges will be the best possible target in the future.

The conspiracy theory is this ---> " In short, ProtonMail was likely attacked by two separate groups, and the second group exhibited capabilities which are possessed commonly by state-sponsored actors. "

Conspiracy theories I would imagine to drag it down even further. It seems to be working which is sad for bitcoin.

everything is possible. we mostly only find things out when it is too late. as long as they are paying out and letting people withdraw bitcoins then it's just fine.

I think that there were many people who made some super amazing profits off of the price spikes during the Mt Gox incident.  Am I wrong?  But the whole debacle did create this skepticism that we read about often.  It is always prudent to be leery of what the market is doing and why it's doing it.  There were several indicators that there was something wrong with Mt Gox before the big freeze....so, always, always try to understand what the markets doing before you make big decisions with your coin.  That's all one can do.

Could you explain more on your theory of "self DDOS"? I'm not following why they would do that.

I think we can be sure of this to not happen again in future but there are going to be more legislation and recognition by many countries about Bitcoin and this will minimize the chances.In past situation was totally different and there was no law and fear what could prevent these things.

May be. But the big question is, even if someone create MtGox 2.0, who is going to use it? The Mt Gox scandal not only tarnished its own reputation as an exchange, but it also tarnished Bitcoin's public image as well. Getting back the customers will take a huge lot of effort. And it might require some crazy promotions and discounts.

They have lost a big amount of money, so it would be quite impossible for MT Gox to reopen.
And people wouldn't trust them like before, they'll be wary invest on them.

Most large exchanges are owned by partners. None of them have the exclusive rights to manipulate the data to enrich oneself. MtGox is owned by that French guy, had superpower to do anything in his exchange.

This sums it up. Gox was so poorly managed that it was only a matter of time before it got hacked.

I don't think so. Mt. Gox was the biggest  bitcoin currency exchange market at the time and was very trusted place. What happened to it was highly unexpected and customers lost their money because they were unable to withdraw them months before the collapse was officially reported.

As long as customers can withdraw their money from those exchanges, they are no Mt. Gox.

It is risky to leave our money in the exchange. Will a regulated exchange protect our money and bitcoin in them?

Anything could be possible, the scammers are always on the run, only a few of them are really caught. It's always better to be safe than sorry by instantly withdrawing your traded/exchanged funds from the exchange site wallets. It's better to work with decentralized exchanges like Bitshares.

nah, there are no more 860k at risk this time, you can't pretend to have the same thing again with the fact that bitcoin is limited

actually mtgox helped to have less coins, so if another thing will happen it can help the price in the long run

If you think there aren't going to be any more gox-type situations of massive thefts from others you're being quite naive. Any site or person who holds bitcoins no matter how small or large is going to be a target. The more coins you have the bigger target you'll become.

Sure that it will be possible. If it will be another Mark Karpeles (with him's abilities) but that cannot be an impostor. And gains with its work and its results the trust of the people which will believe their bitcoins to him.

If this will be true the actual price of bitcoin and the last bubble of it will be considered only children game.

Since this happened just as the price started to go down and people wanted to sell, it probably means that the exchanges involved didn't have enough cash to cover their positions. So they faked an "attack". It's just too conveniently timed.

Who or what would be the regulating agency?  That is the whole attraction of bitcoin....the decentralized, global adoption of the technology...By assigning a regulating agency you're devaluing the product significantly....bitcoin is of the people, for the people and by the people.  We need to regulate ourselves and accept our losses when we make bad decisions....that's how it works.

I am afraid there is. Nothing is sure in this world. As long as you have people taking care of millions of dollars and those people are attacked by the others that want that money and these exchanges owners are also fighting with their greed, etc, you will have problems.

Remember why Bitcoin was created? A trustless system that excludes the weak link - humans!

I thiink anything is possible. I am sure mt gox will not be that last exchange to commit any fraud.

I don't know. Try and put something into Gemini and let us know what happens in 6 months if your bitcoin is still there.

I think some people want to see problems everywhere, even when there aren't any problems.

Faking volume not to have to pay top euro at peak.. I mean, the buyers must have sent to funds there one time or another.

Also, it is not like kraken is spending huge amounts on marketing or anything to cause massive cash drains.

There is no need to put any money in Gemini just to test the possibility that it will lose your bitcoin. There are at least 3000 bitcoin there every day.

People are asking if exchanges are trustworthy or risky. Gemini seems to growing into being a big one according to that statistic you put into this discussion. The quote "To big to fail." come to mind? I told him to put some in and try them out. If you make some profit on their exchange then you have already answered your own question on if they are trustworthy or not.

People would have to be pretty stupid to do a mtgox 2 seeing as what has happened to MK.  Nobody wants prison.

Most criminals want to commit crimes if they know they will be caught. They only do it in the hope that they will not be caught.

As for the case of Mark Karpeles, I think it was more of poor company management skills. He fucked up yet he still kept dancing like nothing was wrong. I surely think that other exchanges have learned from this, But I cannot guarantee, that this will not happen again. Since centralized institutions are the weakest link of bitcoin. If we'd move on to decentralized exchanges then this would not happen. However decentralized exchanges are still in quite early stages of development.

Times have changed since Mt Gox now, and in the USA some exchanges are highly regulated now. They also make insurance mandatory on some of these services to cover any losses occurred due to their services being hacked. We do not have any guarantee that this will not happen, but it sounds as if consumer protection was built in to reduce the losses for the users. ^hmmm^

I think the regulated exchanges will not be MT Gox 2. Most of the unregulated exchanges will be.

next mt gox very likely,there will be a volume 2 or 3 or so on, the longer the world looks bitcoin more profitable, many people use a variety of ways to get it, one of them by a hacker attack, so we're just waiting for the arrival time of the next mt gox. ;D

I can't see how we could ever have something on the same scale as that.  Gox happened at a time where people literally kept every last satoshi on the exchange and treated it like a bank account.  I'd like to think no one is crazy enough to be doing that anymore, although there's probably a few people that do. 

Also, because people were so trusting, some of them were still depositing funds even after the warning flags started waving.  I recall lambasting people to withdraw their funds if they got the chance, but instead, some plowed more money in because the price went down and they thought they'd get a bargain.  The general atmosphere around here would be so different if something similar were to happen now.  Far more people would take notice if they were warned that an exchange was in trouble.

no one is waiting to see the second mtgox/exchange disaster. any exchange can turn into a second mtgox, but the chances for that to happen is very small when you just look at the largest and most trusted exchanges. smaller so called 'fly-by' exchanges can close their doors at any moment. there is simply not enough demand for them. at some point they just stop everything and the unlucky customers will lose their funds. but that is by far not a second mtgox.

i think cryptsy will be a second mt gox 2 incident someday in future .because, payments of cryptsy is not regular nowadays.

We are too ahead in the game to see another Mt Gox version happening, such an incident was so massive because basically the only way to trade Bitcoin in an exchange type of way was to deal with Mt Gox, because well, it was the only exchange in the world. Now the monopoly is over, we have tons of options, the money is well spread across a ton of exchanges.

I don't see how there can be something of the scale of Gox again. It was pretty much the entire bitcoin gateway for a long time. That can't happen again. Can notable exchanges fail and take coins and funds up in smoke? You bet. There are still plenty out there which are operating in something of a grey area with some pretty shocking procedures. It's up to the people using them to vote for trustworthiness by leaving them behind.

Bitcoin transactions can't be reversed, so there's always a possibility of employees pulling an inside job. If that happens, bye bye bitcoins.

Cryptsy is Mt Gox version 2.

Cryptsy is not big enough to be Mt Gox version 2. Exchanges like Bitstamp, btc-e, kraken, fenix and okcoin are the ones that will cause major shakedowns if the pull a gox.

Ofcourse cryptsy going down is quite huge, but it is "only" 13,000 bitcoin and 300,000 litecoin. That is completely different than a 300,000 bitcoin business going out.

But Cryptsy is using the same excuses like Mt.Gox right - getting hacked, delayed & cancelled withdrawals and so on.

Both Cryptsy and Mt Gox did not tell the customer that they were hacked and lost customer money. That is the similarity.

DDoS attacks do not necessarily have an impact over security of the exchange, all it does is force it to stop their services.