maximum pain theory in action
I have been predicting this since it was clear that Bitcoinica had no database backups. It took quite a a while, but it was destined to happen. well that was a nobrainer. The only way to end this without a court battle is to liquidate short positions at 5$ and liquidate long position at 6$ (or whatever the market price is at the time of liquidation or announcement of liquidation). Anything else and half of your customers are going to sue you and for a good reason.
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Now just look how some big party desire to have the price to return to 5$ to avoid legal problems will effectively ensure that Bitcoin will never ever see 5$ handle again.
Damn markets have this ugly habit of inflicting maximum possible damage. It will now probably rally just to make the matters even worse.
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And here is another interesting question. With that lending bubble going on GLBSE, how all those who borrowed from Pirate and Ko are going to repay BTC denominated loans? Watch for mass BTC denominated loan defaults that will only further fuel the exchange rate up. |
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maximum pain theory in action
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I'm waiting in anticipation for whatever is going to happen  popcorn on the house |
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So the subscription said 12 months + free gift. What is/was the free gift? Or is that a surprise for the future?
The gift is the top secret swimsuit edition. Yes, with Vladimir and myself in revealing poses laying atop *hot* mining rigs. Like the 7up calendar? http://bohn002.tripod.com/7up2.htmlYep, exactly in this style but with mining rigs. I'll need to get in shape first, a few month of McDonalds only diet should do the trick. lol |
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#!/usr/bin/perl
use common::sense ;
use Digest;
use Data::SimplePassword;
my $user = 'username' ;
my $password = 'cleartext';
# $salt must be exactly 16 octets long
my $salt = Data::SimplePassword->new->make_password(16) ;
# $cost is an integer between 1 and 31, $hash will be 31 b64 symbols
my $hash = Digest->new('Bcrypt')->cost(15)->salt($salt)->add($password)->b64digest;
say "$user $salt $hash" ;
Here this is how you hash passwords, once and for all people, just pass username and password, calculate hash, then either store username, salt and hash in db when creating the user or changing the password, or check against the database to do auth. Just wrap it into a function or a class and you are golden. Want to be even more cool? Make user's browser to calculate SHA256 in browser (i.e. client side javascript) then pass it to you instead of cleartext and your servers will never even see the cleartext password in the first place (but still do hashing as above, of course). Stop pulling linkedin thing FFS! The above code is hereby released into public domain. THIS SOFTWARE IS PROVIDED BY THE ME "AS IS'' AND ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE DISCLAIMED. IN NO EVENT SHALL THE I BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
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Anyone experiencing delays with "Metro Bank (UK)" GBP withdrawals?
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Positions will be liquidated around 5 +/- 0.1 depending on the exact math (a close price that's a suitable middle ground between longs and shorts).
Well, that does it. None of us will be getting our money for 5-10 years, since lawyers will get involved for sure now. On a plus side in 5-10 years 1-2 bitcoins one might have as some spare change in a frozen account could worth more than whole bitcoinica now. |
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The only way to end this without a court battle is to liquidate short positions at 5$ and liquidate long position at 6$ (or whatever the market price is at the time of liquidation or announcement of liquidation). Anything else and half of your customers are going to sue you and for a good reason.
Now only if you made exactly the same announcement about 2-3 weeks earlier as it was suggested...
Now just look how some big party desire to have the price to return to 5$ to avoid legal problems will effectively ensure that Bitcoin will never ever see 5$ handle again.
Damn markets have this ugly habit of inflicting maximum possible damage. It will now probably rally just to make the matters even worse.
It is really now more of a question of whether the veil of limited liability will be pierced or not and whether your investors will end up on the hook to pay damages to those customers that were long and often with a leverage.
Sad story really. Most of this could have been easily avoided.
Disclaimer: no accounts that I had access to had open positions and IANAL.
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How do you spend your bitcoins? You don't. |
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Our site is highly secure. Security experts agree a password at least 6 characters long with a mixture of upper and lowercase letters numbers and symbols is very secure. Our generated passwords meet this criteria, but are at least 8 characters long. Such a password is impossible to guess. There are two other things that make this secure: 1) The site allows only 7 login attempts before locking the user out so brute force attacks won't work. (otherwise brute forcing would take over 200 years to crack) 2) We use two-factor authentication which means an intruder must not only get the password right, but also your security answer to your security question. If interested please also check out this informative article on password security: http://www.baekdal.com/insights/password-security-usabilityWe don't allow users to set their own password to ensure they don't use a weak one, and also to ensure it's not duplicated from their other Web accounts. You may have heard LinkedIn and Last.fm databases with passwords were recently hacked. This makes all user online accounts vulnerable if they used the same password. That's was a good laugh. Look, we all already know that you have no idea what you are talking about. So I have a suggestion for you. Stop arguing. Shut up. And listen. - Start with abandoning that silly notion that you can lecture people who posted in this thread on infosec matters. - Ask them what you need to do on infosec. - Listen and implement the reasonable suggestions. For starters I have a few quick suggestions (others will add to it, I am sure): - Let users to chose their own passwords. - Do not accept ones that are less than 12 symbols and do not contain lowercase, uppercase and digits. - Use proper salting and bcrypt or some variation of thereof for hashing. - Move away from any form of cloud computing, some dedicated servers are a good start, but do look into colocation options. - A good litmus paper here would be ability to have properly encrypted partitions (all of them). If you cannot do it and do not need to enter the password in order to decrypt those during system startup, chances are you are doing it wrong. (BTW most hosting providers you kids are using these days will not give you this functionality). There is more, but this is a good start. |
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If no ASICs exist, that just means there is the ever-looming possibility that someone (governement, banks, etc) can still create one and fuck everyone over.
If they exist in the hands of the people, that makes the above scenario less likely or impossible.
What's so hard to understand about that?
What do you think will happen after the mining is over? Will the miner keep their equipment up and running just for the Network security (and a smallish tx-fee) or will the sell them to whoever willing to pay for it, e.g. Mr Bad Guy? Btw, even if 'someone' also will make ASICs to attack the bitcoin, ASIC mining will not hinder this as after making the masks, producing 'more' chips is dirt cheap. Duck, this is lame. LOL, You assume "smallish tx-fee", what if it is "largish tx-fees"? The only constant is change. |
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It is easy to understand but people have vested interests. Hell i got 15GH/s of GPUs anyone think I want to see ASICs tomorrow? It is inevitable. Someone will build ASICs. It will either be built and sold to miners to protect Bitcoin or it will be built an used covertly to destroy Bitcoin. Either way it will be built.
FPGA guys should indeed be scared. Should have headed my early warnings to be less scared now. The key mistake they made is hoping that as it was with CPU's and GPU's, FPGA generation would last about 18 month and they will have time to pay off capex. Surprise, surprise, ASIC's are coming online sooner than you think and surely sooner than 18 month from now. GPU guys probably do not care anymore, they will just milk what they can from those old rusty gpu's. |
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as SgtSpike said, but Basically, changing the algo would cripple or kill Bitcoin.
Changing algo, I bet, would simply split the network in two parts, one with old algo and asic's, secure and still viable, another with new algo which will act as a reservation for those who cannot adapt to progress and prefer to slowly or more likely quickly die out. |
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In the thread title "interviewed" should be replaced by "interrogated".  |
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you forgot: - cool, rational old-time bitcoiner posting in "Speculation/Rally!!!!!"-thread
yep, Molecular just posted here. This alone should cause a little pop .10$ or so. Bears, pray that he does not go on a posting rampage here.  |
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