|
so all the tech created and being developed are just scams too?
i think this is just the beginning of something big and we're lucky to have discovered this... early. there's still more to come. don't get discouraged now.
|
|
|
|
Not so easy I think
that reserve includes the bitcoins owned by users,not their bitcoins.
Some calculations say that 18k bitcoins are aproximately 8 months of fees.
And from now on they will have fewer volume for sure.
It will take many time to recover this
the question is, how much reserves does bitstamp have in fiat. |
|
|
|
While ultimately I think they will recover just fine, Panterra's boss has made it known that he's distancing himself to BitStamp and I doubt Stamp will find it easy to get any more VC money. They obviously don't need it at this point especially if they come through and cover their customers' losses, if in fact they were actually losses and not a company loss.
Where is that annoucement? If so, DAN MOREHEAD will drag down Ripple which is related with him too. Ripple will go down along with Bitstamp. Also, is well-knowm that Bistamp processed orders for Coinbase and Bifinex just to named 2 of the biggest exchangers. There many other small exchangers affected. by ripple, you mean XRP? maybe it will (in terms of price). but the ripple platform/network will never go down just cos one ripple gateway was hacked. |
|
|
|
A lot of people are saying that this is the end of Bitstamp. That they've been goxed and that any bitcoins held on the site are now gone. This isn't true. Bitstamp WILL easily recover from this hack. It sucks that this happened, but this isn't really a huge disaster and it should by no means affect the survivability of the company.
On the 5th of January, Bitstamp lost 18,000 BTC from a 200,000 BTC reserve. That's about 9% of the total reserve.
Percentage-wise, this is very similar to the hack that Poloniex suffered in 2014. It lost 12% of its bitcoins due to a technical glitch which was exploited by a hacker. That exchange was able to recover its reserves in just mere months. It has enjoyed a spotless security record since then.
In August 2014, Bter also lost 50 million NXT worth about $1.6 million due to a hacker. After a while, they were eventually able to recover 42 million NXT making their net loss 8 million NXT and a couple hundred BTC which they sold to the hacker for bargain prices in exchange for the return of the bulk of the stolen NXT. Today, they're still operating perfectly fine.
Bitstamp has had $10 million injected into it from venture capitalist/hedge fund firm Pantera. So as a last resort, they could use this money to refund its customers. Bitstamp earns millions of dollars every year from trading fees. The majority of their coins are held in cold storage. Mike Hearn, a trusted Bitcoin dev audited their BTC reserves several months ago and confirmed that everything looked OK. The fact that only 9 percent of all funds were stolen means that the security benefits of separating hot and cold wallets is working. Services like MyBitcoin, inputs.io, and Mt. Gox that failed to properly separate the two have seen the majority of their funds disappear. From the look of this hacking incident, it is clear that Bitstamp is not making the same mistake.
TL:DR; Your deposits are safe. There is no need to worry.
i agree. and honestly, i was hoping bitstamp has little BTC in their reserves but way more fiat. that way, when customers panic withdraw when it reopens, bitstamp will have to buy BTC to process withdrawals.  |
|
|
|
|
if most altcoiners are bagholding thousands of USD worth of scamcoins, then i don't blame them for calling altcoin projects a scam (even the legit ones) and fudding all day like it was their hobby.
they've lost their hard earned money in a pipe dream. that sucks and i feel them.
|
|
|
|
|
how many STR have the facebook giveaway been giving? just wondering...
|
|
|
|
|
please upload and make available all changes and improvements you made with the code asap. that would be a big help to the community as a whole. not just NXT's community but the whole crypto community as well. thanks.
|
|
|
|
NXT is dying :-(  edit: NXT is starting to breakout btw... needs more volume tho. |
|
|
|
is asset to asset trading possible in counterparty? |
|
|
|
How to get rich with IOUs
1. Bob asks Alice for one trillion dollars.
2. Alice writes Bob an IOU for one trillion dollars.
3. Bob sells one trillion dollar IOU on the internet.
i wish it were that simple. |
|
|
|
That is an interesting find. Nick has been theorized to be Satoshi for some time now.
Nick IS satoshi I've been saying this for years now yup he is the most likely person to be satoshi nakamoto. |
|
|
|
|
i honestly feel surprised people holding bitstamp IOU's are not panic selling them for other gateway IOU's or XRP, or at least sell some just to be safe.
i feel lots of users will withdraw the minute bitstamp gets back online. i hope everything turns out fine.
|
|
|
|
Exchanges should become mere gateways that receive USD and issue GatewayUSD on the blockchain. Later they receive GatewayUSD and then execute a wire transfer. They will make their money entirely on transaction fees and not from a percentage of market fees. Check out my earlier blog post about the benefits of becoming a BitShares gateway.The blockchain will allow users to trade BitstampUSD against BitfinexUSD in order to easily move funds from one gateway to another. Users can even trade BitstampUSD against BitstampBTC or BitstampUSD vs BitfinexBTC. Unfortunately, simply moving the order book to the blockchain is not enough because the market will naturally centralize around a few gateway IOUs and the markets for them. BitstampUSD is not fungible with BitfinexUSD because they have different trust profiles and regulatory considerations. Any of these IOUs are subject to default just like the IOUs that currently exist on the exchanges’ internal databases. What we need to do is move the trust from individual issuers to the blockchain. wait... what?? ripple? cos this is exactly what ripple is doing. check out the charts and feel free to change the gateways associated with a currency. https://www.ripplecharts.com/#/you guys will be able to get some bitstamp.USD or bitstamp.BTC out by trading them with snapswap.BTC, and then sending them to your BTC wallet via the bitcoin bridge if you stored your funds in a ripple wallet. |
|
|
|
this thread is amazing, please never let it die
like the screen name and avatar.  |
|
|
|
lol'd. keep em coming OP. |
|
|
|
Depends on whether they needed that many coins in their hot wallet. If they don't then it was silly but exchanges are obviously going to need a large amount of liquid funds. Has it been confirmed what actually happened yet?
still waiting... |
|
|
|
Price dropped because all the Bitstamp coins were dumped.
if so, the question is: is the dump over? |
|
|
|
|
i know. and i don't blame you for saying what you said. you just expressed and said what was shown to you by the gypsies.
|
|
|
|
|
Show Posts
