I have to say one more thing. It is not right to bail out some (because they are a staff member on Bitcoin forum etc.) ans let others that get hacked for different reasons get nothing. This sounds to me like what the Federal Reserve did and are doing today, they bailed out friends/banks with trillions of dollars of interest free/low interest money and let "Main street" take the hit.
except that the Fed uses USD it prints up out of thin air at taxpayer expense via devaluation of the USD. MagTux used his own BTC. The principle is the same. If he just bails out some people, the others have to pay for that through higher trading fees, trading fees that in theory could have been lower because bailing out is a cost that in the end has to be taking from somewhere. you're assuming that the tx fees will increase. how do you know that? Study Economics 101. Studying Economics 101 will allow me to predict that MagTux will raise his tx fees as a result of this incident? When you understand Economics 101, come back and I promise you we can continue this discussion. |
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I have to say one more thing. It is not right to bail out some (because they are a staff member on Bitcoin forum etc.) ans let others that get hacked for different reasons get nothing. This sounds to me like what the Federal Reserve did and are doing today, they bailed out friends/banks with trillions of dollars of interest free/low interest money and let "Main street" take the hit.
except that the Fed uses USD it prints up out of thin air at taxpayer expense via devaluation of the USD. MagTux used his own BTC. The principle is the same. If he just bails out some people, the others have to pay for that through higher trading fees, trading fees that in theory could have been lower because bailing out is a cost that in the end has to be taking from somewhere. you're assuming that the tx fees will increase. how do you know that? Study Economics 101. |
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I have to say one more thing. It is not right to bail out some (because they are a staff member on Bitcoin forum etc.) ans let others that get hacked for different reasons get nothing. This sounds to me like what the Federal Reserve did and are doing today, they bailed out friends/banks with trillions of dollars of interest free/low interest money and let "Main street" take the hit.
As a supporter of Ron Paul, that is the most slanderous and insulting thing I've seen said on this message board in awhile. As it stands, there are no other people reporting account problems. I still believe I was targeted because I'm a well known face for the Bitcoin community and a developer of software that is used in conjunction with Bitcoin frequently. What exactly did you think was "slanderous and insulting"? My statement is a general point o view and are not targeted on you, I don't know all the exact details of what happened in your case, but in general I think that what I stated is something that is important to think about. |
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I have to say one more thing. It is not right to bail out some (because they are a staff member on Bitcoin forum etc.) ans let others that get hacked for different reasons get nothing. This sounds to me like what the Federal Reserve did and are doing today, they bailed out friends/banks with trillions of dollars of interest free/low interest money and let "Main street" take the hit.
except that the Fed uses USD it prints up out of thin air at taxpayer expense via devaluation of the USD. MagTux used his own BTC. The principle is the same. If he just bails out some people, the others have to pay for that through higher trading fees, trading fees that in theory could have been lower because bailing out is a cost that in the end has to be taking from somewhere. |
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I have to say one more thing. It is not right to bail out some (because they are a staff member on Bitcoin forum etc.) ans let others that get hacked for different reasons get nothing. This sounds to me like what the Federal Reserve did and are doing today, they bailed out friends/banks with trillions of dollars of interest free/low interest money and let "Main street" take the hit.
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I can recommend everyone with a larger amount of BTC/fiat on Mt.Gox to start using a Yubikey, I really think it will make a different security-wise. If anyone can give facts that tells me it is the contrary of my thinking, please tell me.
It does appear it would stop a lot of the most common attacks that take place around here when it comes to mtgox. Now if an attacker has control of the mysql db as well as possible write permits to the file system.. I do not think a yubikey will matter much. I understand that is not 100 % secure, nothing is. But having said that it will make it much harder if we think Mt.Gox is using a two-factor authentication plus having a secure site that together gives a very high security level. This is the way banks does it, and last I looked they are still in business. |
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I can recommend everyone with a larger amount of BTC/fiat on Mt.Gox to start using a Yubikey, I really think it will make a different security-wise. If anyone can give facts that tells me it is the contrary of my thinking, please tell me.
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-a third party is engaging in a cyberwar against bitcoin using man in the middle attacks.
After a lengthy conversation with MagicTux, unless it does turn up that mtgox has been hacked, neither of us can figure out what happened. Its obviously not me and I didn't fall for a phishing expedition, and Im pretty sure its not on his end. His description of security on the new post-hack mtgox is pretty decent. Its not perfect, but he has gone to great lengths to prevent a repeat. Even if they dumped the password database, the passwords are sufficiently salted and hashed that it is extremely unlikely they grabbed my password first. I also do not think it is likely the recent DigiNotar or Globalsign break ins have produced SSL certs to attack mtgox with (which WOULD explain this) because mtgox uses EV certs and as far as I know none of the fake certs were for EV, but DigiNotar and Globalsign both DO issue EV certs. Although I am not ruling this out. DigiNotar knew about the break in for months, and I obviously have logged in since then. Tux has replaced the missing BTC. Asking once again. Do you use a Yubikey on Mt.Gox? As Ive said in the past, I do not believe that they improve security. You are much smarter than "15,000 customers and over a million users in 90 countries" (from the Yubico homepage), becuase you know that a two-factor authentication is just bull shit. Banks use it just for fun. Or maybe you don't know what you are talking about. |
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-a third party is engaging in a cyberwar against bitcoin using man in the middle attacks.
After a lengthy conversation with MagicTux, unless it does turn up that mtgox has been hacked, neither of us can figure out what happened. Its obviously not me and I didn't fall for a phishing expedition, and Im pretty sure its not on his end. His description of security on the new post-hack mtgox is pretty decent. Its not perfect, but he has gone to great lengths to prevent a repeat. Even if they dumped the password database, the passwords are sufficiently salted and hashed that it is extremely unlikely they grabbed my password first. I also do not think it is likely the recent DigiNotar or Globalsign break ins have produced SSL certs to attack mtgox with (which WOULD explain this) because mtgox uses EV certs and as far as I know none of the fake certs were for EV, but DigiNotar and Globalsign both DO issue EV certs. Although I am not ruling this out. DigiNotar knew about the break in for months, and I obviously have logged in since then. Tux has replaced the missing BTC. Asking once again. Do you use a Yubikey on Mt.Gox? |
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Zhou Tong, I sent you an email yesterday, so I am waiting for a response.
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I am one of the larger/largest trader(s) on Bitcoinica. I like the service, you can short sell and you can leverage, the Bitcoin community needs this. I think I alone when I counted had around 1/3 of the volume on the number he quoted for the past 24 hours, so his is probably not lying when it comes to the trading volume.
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Please answer this important question. Do you have a Yubikey??
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When one person buys 15000 coins at once and causes the price spike to 7 before falling back down that isn't a rally, that is one person buying 15000 coins. A 'real' rally is when the market, consisting of many buyers actually causes a price to climb. At the time of my post, there had been no 'real' rally following that buy, just a drop. That single buy has caused some stir now and people are feeling confident to some degree, but it is still almost entirely based on one persons manipulation. All hail the manipulator!
Right. And don't forget the high inflation environment, 15 000 coins is what the inflation is in just 2 DAYS (7200 x 2). This is the reason we just see this fast spikes up and very short rally. As soon you give the market some time to digest all the trading volume, it starts to slide slowly down and almost always ends with a massive dump (because of all the new created bitcoins). One more year of this, because we have around 1 year and 3 months left of the high inflation environment. |
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What is happening?  |
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So what is "maintenance"?
You should have a more detailed FAQ.
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So, can you explain for us in detail what the fees are when you are leveraging?
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This is awesome. A 17-year old in Singapore invents and implements a bitcoin bucket shop. I'm truly impressed. Imagine the financial fraud he'll invent and implement when he has at least 10 or 20 years of experience.
Ladies and Gentlemen!
We now have a new Jesse Lauriston Livermore and he lives in Singapore.
One big difference. Jesse Livermore made his money from trading at the Bucket Shops, not the other way around. Besides that, he has done what Mt.Gox and the others should have done many months ago, he should have BIG credit for that, very intelligent indeed. I was looking for something like this, especially the opportunity to short sell. The market needs it, strange that it took a 17 year old to see it and to deliver it. |
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1:5 is maybe a bit much, specially with the volatility we have right now. Maybe it is better with 1:3 or 1:4. Then start taking interest on the leveraging part (you could call it a fee or whatever). Hedge all your positions all the way.
All this will give you a incentive NOT wanting to get the trader/user losing money, instead you will want them to hold their position as long as possible. This will be much better for the Bitcoin community in the long run.
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I come from a trading background (11 years now) on the financial markets. So I have one very important question. You say that you allow leveraging, actually a massive 1:5, where is all the money from the leveraging come from (leveraging means pretty much that I as a speculator borrow money from you if everything is done right, and you as a exchange will hedge that position by buying BTC at I would guess Mt.Gox exchange), or are you as I suppose as many exchange platforms that does high level leveraging are in to this business hoping that the traders will lose out because of the volatility.
We as a community will very fast notice if you guys have the money to hedge your positions. If you are doing that, this is a legit business (when it comes to this specific point).
Are you hedging to 100 %? If so, at which exchanges?
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(...) The hole problem is that Bitcoin is inflating at a very high rate, the miners have to much power over the price of Bitcoin, the only way to stop that is to do what they are doing to the Bitcoin Economy. Stop them from making easy money. I have said this from the very beginning, look at my old posts, maybe someone understands this...
Speculation is easier and more profitable than mining. And speculators have too much power over the price of Bitcoin, not miners. Hence the concept of "moving the market." As for inflation, it is the way it is, and it is so by design. Everyone knows it, there is nothing unexpected about it, so it can't really be a problem - it's simply the reality. Many people know about it, but far from all of them really understands it. The concept of a high inflation environment is hard to grasp. |
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