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It would be a better idea to put them into a bounty for badly needed projects to help solve problems of wallet theft and wallet loss for the average user.
Eg. A user-friendly, secure liveCD or live USB drive configured for automatic online backup.
Not that the faucet doesn't help the promote bitcoin, but I don't think that is our biggest priority right now. I think the faucet was vital during the embrionic stage, but it loses importance as bitcoin goes mainstream.
I have already donated 5 BTC to the faucet. If I was given the choice to donate another time, I would never have donated an amount as large as 200 BTC to the faucet (no offense, Gavin). Those funds were meant specifically to support EFF. If they won't have them, I would rather give them to the FSF than the faucet.
Perhaps the EFF should allow people to reclaim their donation by signing with the private keys from the originating addresses? Complicated, but doable.
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Everyone's bitcoins are safe on the site. We still are holding all the coins safely in reserve. The vast majority of the coins are stored offline so they are impossible to compromise.
Could you please prove this by signing this message with the private keys from the wallets in question, in order to shut up the conspiracists? |
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Mtgox keeps most of his users' BTC balance in an offline wallet.
There is only so much the attacker could have stolen from the wallets on the server. Definitely less than 500K.
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It's mtgox's decision.
The owner of the site never promised you anything when you deposited your BTC or USD there. Please show me a contract signed by either party guaranteeing that there would be not rollbacks.
You have basically entrusted him to do whatever he likes with your BTC. It's the risk you were willing to take.
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Is anyone working on this?
Probably not. The whole point of pirating is not paying for something. The point of this should be to pay for bandwidth, no content. |
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Y'know, those < 3100 are all easily crackable?  looks like somebody already cracked mine. (Mine is < 400) When I tried to log into my gmail account that was registered on mtgox I got this message from gmail: "suspicious activity reported. please change your password". Good thing I had a unique password just for mtgox!  |
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You haven't been here for very long, have you?
This isn't the first time mtgox got attacked. The attack in Oct 2010 was actually far more disruptive than this one because the result was that mtgox users could no longer deposit or withdraw USD for several weeks.
Didn't hurt Bitcoin as a project. People just continued trading on other exchanges and OTC. That is the whole point of Bitcoin, that it doesn't depend on a single website or company.
This is a test of Bitcoins resilience. If anything, this strengthens Bitcoin in the long term because it gives people confidence that their wealth cannot be compromised at the whim of a single organization.
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Obvious market manipulation is obvious.
nice timing, sunday afternoon when nobody can get USD into mtgox.
I don't know what's more hilarious. The fact that somebody just gave away most of his BTC for free. Or the fact that so many people actually fell for it.
Man, I love the Wild West!
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I think the key aspect is the fee structure. Personally I would only like to have a fee on withdraws. Preferably lowest possible, nothing over 1%.
The problem is that if there is a zero fee on trades people are going to try to game the volume charts by trading back and forth with themselves. Though I think a trade fee of 0.65% is too high. Trade fee should be 0.1%, withdrawal fee 0.5%. |
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SECURITY:
* Make everything in the front end open source and have the source code audited by an independent security expert.
* Offer a legally binding 1000 BTC bounty to anyone who discovers a security hole and privately informs you about it.
* Site should be at least as secure as any online banking site: Two-factor authentication should be standard for all users. Security tokens mailed in the post for power users.
* BTC withdrawal limit by default
* Email confirmation and secret question every time user logs in from a different IP address.
* Optional insurance of deposited BTC amount. insured BTC held in bond by an independent trusted third party.
FEATURES:
* User friendly way to configure simple trade bots.
* Loans, options, and futures supported by:
* GPG web of trust.
* EDIT: site should work without javascript!
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A little balance is good, just don't go overboard with it.
Do everything in moderation, including moderation. |
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The last three months have seen a strong correlation between BTC price and user numbers (growth in user numbers can be estimated from alexa.com, google trends, and forum membership)
That seems perfectly sustainable to me.
Now that bitcoin has been in the mainstream media and most people have heard about it, price is levelling off. I don't see a bubble anywhere.
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Write you own poem, and keep reciting the poem at least once a week.
Then create your own rule for converting the poem into a password. eg. take 3rd and 5th letter from each word and capitalize if word is a verb... or something more complex. Just make sure you keep the rule to yourself.
40 character password that is both secure and hard to forget. Sorted!
Needless to say, don't ever use that password online.
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your prediction seems to be materiallising...
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1) Waiting for confirmation is only necessary if you don't trust the counterparty.
2) Without the early adopters securing the embrionic block chain, bitcoin might have failed and wouldn't be where it is today.
3) Transactions with paypal and credit card are even less guaranteed. In fact, a lot of them do get rejected and reversed at the whim of those companies.
4) User friendly backup tools will all but eliminate coin loss in practice
5) Bitcoin doesn't rely on the whole network to be intact. It could easily survive even just on a handful of clients running in the whole world. Splitting the network requires hermetically sealing one group of clients from another group. That is extremely hard to do on the internet.
6) User friendly security tools will prevent most theft in practice
7) Nothing is backed by anything. Even promisory notes are only as trustworthy as person making the promise. With bitcoin you don't need to trust anybody.
8 ) Early speculation means that difficulty is higher than it would be without speculation, making bitcoin more secure in its early stage, making it more likely to succeed.
9) A lot of hoarders have started bitcoin business exactly because they have a stake. There will always be free riders in life.
10) Do you really think people are going to care about a fixed 0.1 cent transaction fee? c'mon...
11) Bitcoin is just a tool. If some people use that tool for ideological purposes, why do you care? You can use it for whatever purpose you feel like.
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Likewise, it would only take ONE major online retailer to begin accepting bitcoin for the intrinsic value to skrocket, and with some of the more positive media attention lately, I think there's a good chance that one will in the near future.
This has already happened: http://www.wuala.com/en/bitcoinParent company LaCie has €350M revenue. Wuala is not as huge as Amazon, but a mainstream retailer of virtual sevices nonetheless. Personal cloud storage is a big growth market. |
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While at the time of this writing the BTC is trading at $19.51, I wouldn’t be surprised to see their value drop over the course of the day as this news spreads.
If the value drops as a result of this news that would suggest that a lot of speculators are idiots who didn't even do basic research on what they were investing in. The weakness that a wallet.dat can be stolen by a hacker has been discussed ad nauseum, and consensus on effective countermeasures, such as keeping an offline savings wallet has been reached months ago. |
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That would require them to officially endorse bitcoin as a store of value. Because you can't pursue a claim unless you can attach some kind of USD value to it.
They can pursue it as a case of "data theft". |
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1) There currently isn't a well functioning options and futures market in the bitcoin economy. Merchants would certainly benefit from such a market, so expect it to appear soon.
2) It's very easy to get BTC in and out of exchanges, but very difficult to get USD/EUR in and out. This asymmetry creates liquidity problems.
Once these problems are solved, I suspect that fluctuations of 50% will happen on a timescale of days rather than hours.
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