Bitcoin Forum

How do you like us now?     http://www.finextra.com/news/fullstory.aspx?newsitemid=22882

So it start now!  ;D

This is a great service; you no longer need to make back ally trades with shady dealers.
Scammers will be out of business soon.

Holy shit misleading thread title...

which may cause a lot or some ripples

Yep misleading title.

Please forgive me. I didn't do this on purpose. Allow me to fix it. Thank you, elggawf, for bringing this to my attention.

why is WFC and Chase allowing this?

do they even know they are allowing the purchase of BTC's?

Wow big step looks like a bright future ahead.

I remember reading about this a few days ago in this forum.  Repost?

Probably not, to them its probably just another bank account.

It's posted again because there is now a news article to link.  And/or the OP missed the original announcement several days ago.

if thats true then one would expect this to be a short lived phenomenon?

I agree, this will probably be a short-lived phenomenon. The bankers do control the world after all.  It might be wise to keep those back-alley connections in place   :(

How can a news article be so FULL OF IT?

There were not, nor have there ever been, "phoney Bitcoins".  That is the stupidest accusation I've ever heard of.

A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins.  Not gonna happen.

They would have to prevent you from being able to deposit money into your own bank accounts.

Not that I don't agree with you, it will just be really obvious when then put their majority customers through more hoops and hurdles, just to prevent coiners from depositing money into exchange bank accounts.

You are correct, geek-trader. This time there is an article to link to. I didn't miss it last time. I even did a quick search to make sure I wasn't reposting the same article twice today. Let's see how this pans out and if it changes the playing (no pun intended) field for Bitcoin.

Bruno

Depends on how you define "phony" bitcoins... one could argue that the article isn't completely incorrect in a way.

It's my understanding the MtGox attacker broke into Jed's account, awarded himself a bunch of Bitcoins that didn't exist and then proceeded to sell them all off. Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.

Actually, no. No "phony" Bitcoins were sold in any way. REAL coins were sold, but from a hacked account. Big difference. One could say the sale was phony, but not the coins.

In an analogous situation on a foreign exchange system - I don't believe it would be reported as "phony" USD being sold for Euros for example.
It's a completely inappropriate use of the term.

That's not what I read. I read what elggawf suggests, that the hacker simply added a row to the mtgox database that says "me, +1,000,000 BTC" and then started selling them. Phony within mtgox's database, but no counterfeit coins on the network.

Citation for that?

Everything that I read about the mtgox thing said that it was a readonly attack.  They got a copy of the database table with the hashed passwords, and started cracking them until they had an account with a large balance.

Has anyone actually tried this?

I can cite https://en.bitcoin.it/wiki/History although that page itself has no citation.


*not just a regular user account.

Here are a couple of reviews: https://bitcointalk.org/index.php?topic=36602.20

-Arthur