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Understood. I was commenting on how hard it is to generate a single block though six months ago it was not so hard.
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I'm surprised that, even with 1 block confirmations, stealing bitcoins in the way that Tom describes would be feasible without a considerable amount of compromised computing power. If my understanding is correct, for an attack to succeed an attacker would have to compute 2 blocks containing their false transactions before the rest of the network computes one. This computation could be done offline so the attacker could wait until they have been lucky and computed these blocks before publishing them, but it would still require a non-insubstantial amount of compute or waiting a long time before being able to make the attack.
I'm not saying that pools are involved in this, but if even a small pool was involved, then this attack would be a lot more believable.
Will
I'm pretty sure it would work something like this. 1.) Peer directly to the bitcoind running on MyBitcoin. 2.) Solve the next block with your dubious transactions. 3.) Wait for someone else to solve the block you solved. 4.) After the same block was found, but before MyBitcoin's bitcoind hears it, announce your dubious block to MyBitcoin. 5.) That is 1 confirm, funds will now show up. Transfer the funds out, the next block on the network will orphan your dubious one. Step 2 is a problem, not impossible, but would require a substantial mining investment. If i took all of my $X000 investment in mining gear I would be able to do that about once a month and it would not be guaranteed each time I solved a block. |
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Tom Williams,
You better come up with %100 of everyone's bitcoins ASAP even if you need to buy them with your own money from one of the exchanges.
Those bitcoins are YOUR responsibility.
I can think of times in my life where I made mistakes, and paid tens of thousands of dollars out of my own pocket to make things right.
Now it is your turn.
Do the right thing.
I have to give that a +1 as well. Spot on. |
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Is this the same company that rated all those bad home loans AAA?
That was Moody's... Which kept the Aaa rating. Cheers, Kermee Both companies rated bad come loans as much better then they were. So yes, it is the same company. |
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I'd say at this point, of all the choices, your best one is probably MtGox. Not only have they been through security test hell, and came out on the other side with better security in place, but they've also shown that they, as a company, are willing to take a personal loss to make their users whole again.
Agreed, add mtgox to my recommendation. Also with both companies you can pay for two factor authentication as well. |
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Is there a reason not to use Tradehill for something like this? Don't they now have fixed addresses available?
I do not recommend putting substantial amounts of bitcoin anywhere but on your own properly secured computer. Once you are talking about an amount of money that would really hurt you to loose, you need to think about offline only storage and multiple secured backups.
Hint: a Windows computer is not secure unless it is OFF. (not just offline, I mean turned off, no power)
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I did a translate on the page and they indeed say they are back up. They are back up with everyone having ZERO BTC. No accounts I assume as well. Like a clean slate. Would you trust them or mybitcoin.com if they came back up?
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Domain tools does work. I do not have a subscription but it can find previous whois information. This would only help if the owner registered to himself or some other valuable information, then changed it later to its current state. It is a shot in the dark but may provide information. |
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I have registered and am looking forward to it! I may have a table as well, depending on the flow of coins.  |
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I got a response saying my invite was coming but so far no actual invite. 7-29-2011 was when i registered
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I thought I was old school enough to get one :/
I have been on gox for a while, but did not get one either.  |
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Bump, sale continues though I am doing polo shirts at 20% off.
Embroidered polo's now 3BTC shipped to USA to reflect lower value of BTC or $25 USD at mtgox price whichever is less (for you) until otherwise posted.
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It is probably not the majority of the problem but it is an issue. My store is now down due to the use of mybitcoin for a payment gateway. Luckily I lost no money there as I always had it on auto-forward to my own wallet, but it did provide me a service.
Currently I have to run my store manually which has resulted in no orders. While the store was going through mybitcoin.com we had a regular flow of customers and bitcoin.
I have contacted two payment providers about a new opencart plugin for bitcoin and both were responsive and are 'working on it'
Hopefully there will be someone who gets something up soon, as when it is harder to use bitcoin, they are less desirable. I am open to re-doing my whole store in another platform if necessary but was hoping to continue to use the work I have already put into opencart.
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The MyBitcoin guy is selling all of everyone's bitcoins.
And the polish exchange person who "lost" the wallet is also selling.
If that were true there would be evidence in the block chain. Finding any? |
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Correct me if I'm wrong, but don't some bank services, like the infamous mybitcoin.com, offer an instant payment service for it's members? This actually increases the oppurtunity value of your BTC since there's no need to wait for block confirmations.
Having said that, I think what Joel was trying to say (despite the strange wording of the last sentence), is that if a bank gives no benefits (ie. interest, instant transfers/payments to other bank members, etc.), there is no reason to use the service.
They offered a few things. Portability. Merchant services. Instant transfers between members. To store money in someone elses wallet if you did not need those services is/was a mistake. Portability can be solved with smartphone clients for most users. |
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Four people signed up from my link in my signature.
I have received $27 so far which seems like a good amount from just four sign ups. I am quite happy.
I just wish I could still use Dwolla to withdraw at Tradehill.
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I think the service should be kept free, because even if they paid for the service, it would not solve the problem posted in the OP
It would, if you had to pay for API calls. Give people an API key, let them do 100 calls per day for free, additional calls prepaid at 0.1 btc / 100 calls. It wouldn't hurt any real traders with their tools, not even "sensible" bots, but it would most likely stop script-kiddy-gone-wild-bots that usually don't trade larger volumes anyway. These robots are probably slowing the system down a bit too. Charging just .001 BTC per trading call would fix the problem as well and be simple. |
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I bought a t-shirt from littleshop and it was very nice.
Thanks! Glad you like. |
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Too often. While it has happened many times before as I have read recently, I noticed it only once.
I would love to find another way to take bitcoin automatically using opencart.
chreck this out may help https://en.bitcoin.it/wiki/Category:EWalletswhen you saw MyBitcoin down how long was down 1hour, 1day, 1week? I thought it was a day. Ewallets are really not the issue, it is the shopping cart integration that they provided. Others are working on it but I currently know of no other solution for opencart. |
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On a related note, I'm sad to announce I will not be selling SquareWear shirts at the conference as I previously announced. I don't think I'd be able to sell anywhere near the number of shirts necessary to cover the 75 bitcoin vendor table fee.
Ditto if I came. I would estimate breaking even at 25 BTC table cost if there were 500 attendees and no competition. Of course no one can tell how much one could sell, but factoring in what I would be able to bring is a start. 10 btc would allow me some profit. |
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