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Title: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: shads on June 20, 2011, 12:41:00 AM Hacker steals x thousand BTC.
Hacker tries to withdraw and hits limit $1k USD limit. Hacker starts dumping BTC to crash price. Number of bitcoins he can withdraw equivalent to under $1k USD increases dramatically. Hacker withdraws all remaining BTC. Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: imperi on June 20, 2011, 12:43:11 AM It could have been an attempt to do this, yes.
Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: flug on June 20, 2011, 12:48:17 AM aaaaahhhhhhhhhhhhhhhhhhhhhhhhhhh!!!!!
Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: grue on June 20, 2011, 12:52:59 AM obviously
Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: lizthegrey on June 20, 2011, 12:53:29 AM Seems like the simplest defense against this would be to use a moving average to base the withdraw limits off.
Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: BeeCee1 on June 20, 2011, 12:55:34 AM Hacker steals x thousand BTC. Hacker tries to withdraw and hits limit $1k USD limit. Hacker starts dumping BTC to crash price. Number of bitcoins he can withdraw equivalent to under $1k USD increases dramatically. Hacker withdraws all remaining BTC. I wish I'd thought of that. Oh wait, I did. http://forum.bitcoin.org/index.php?topic=19672.msg246725#msg246725 (Not sure that you read that post though.) Clearly, that $1,000 withdraw limit for bitcoins should use some sort of moving average price, maybe over 7 days or so. Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: shads on June 20, 2011, 01:04:28 AM No hadn't read it, woke up about a hour ago and there was a lot of threads to go through...
Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: BeeCee1 on June 20, 2011, 01:27:02 AM No hadn't read it, woke up about a hour ago and there was a lot of threads to go through... That's ok, the irony is that while I was writing that someone else posted the moving average idea and I inadvertently repeated it. I guess these ideas aren't as novel as we think they are.Title: Re: Was flashcrash orchestrated to get around MtGox withdrawal limit? Post by: iCEBREAKER on June 20, 2011, 01:50:03 AM Seems like the simplest defense against this would be to use a moving average to base the withdraw limits off. That would be the 2nd simplest defense. The most simple defense would be a circuit-breaker that automatically halts trading in the event of a flash crash or other anomalous event. I'm absolutely sure that I'm the very first one to suggest that MtGox and the rest implement this. *files with patent office* |