I've seen a couple separate bitcoin mixer services, but aren't we missing the ultimate one? I'm pretty sure MtGox dosen't send you back the same bitcoins you deposit when you withdraw, so can't one obtain untraceable coins by simply make an anonymous account, depositing and withdrawing the coins? (in randomized amounts of course) It certainly has far more volume than any of the mixer services out there.
You might get back different coins but it's similar to depositing and then withdrawing cash through your bank - the record of your deposits and withdrawals is still going to exist even if you withdraw different amounts to different accounts. |
|
|
|
I see a lot of similarities with the MtGox hack, they got out of it stronger. This should be possible for MyBitcoin as well.
You are dreaming. MBC is going into receivership. Game. Over. Receivers do sometimes trade businesses out of trouble rather than liquidate them, but we have no idea of the size of the hole Mybitcoin is in and whether that's a viable option. The nature of Mybitcoin's business probably isn't going to count in favour of continuing to trade while under administration, though. |
|
|
|
It would be best for Tom to distribute all the Bitcoins as best he can, THEN to call in the receivers. Otherwise, I predict that the Receiver's fees will be about equal to the value of the coins, and depositors will get nothing. That's how it tends to work when a small business is wound up.
Because of the look-back period, this would be unwise. And how could he prove to a receiver that he wasn't sending Bitcoins to himself or his family and friends? If he's legit, he'll do it by the book and the receiver will be the one who decides who gets what and when. I doubt that many people would be willing to take Tom's word on what's available for distribution anyway. |
|
|
|
If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.
imo there 'll be a haircut when it comes to enabling the service. (speculation: let's assume he had 3/4 of the bitcoins offsite, 1/4 is gone; he'll not enable withdrawing 1:1 but rather get the offloaded bitcoins from backup online and enables the appropriate share of coins to be returned, with an equal loss to every account) I wouldn't expect it to be a rapid process either. The receiver will have to ensure that Bitcoins are being sent to valid depositors and not to false claimants or other wallets owned by the operators. That's going to take time. |
|
|
|
Supposedly security was high in at least some cases of hacks.
How then can one prevent being hacked?
If even MyBitCoin, supoosedly having most of its coins completely off the net, lost so many they have to go into receivership how the heck can anyone manage to do business?
I am very cautious about any kind of scaling up because so many that have attempted it have supposedly found even their best efforts at security are not secure enough.
I would hate to lose a large amount of someone else's bitcoins. Is there a way other than only operating on trivial scales to avoid it though?
An adult site operator posted in the past about the need in their industry for expensive software in order to process payments in niches prone to attack by hackers. Maybe she had a point? Or if not then at least maybe it would be useful to find out what high value target websites that have never successfully been hacked actually do that might be instrumental in their not having gotten hacked yet?
How many of the supposed "security solutions" various sites' marketing mentions are actually effective or are most mostly more a marketing spiel than an really useful security?
It will help a lot hopefully to find out exactly what measures were actaully in place at MyBitcoin and how exactly they failed...
-MarkM-
Conventional financial institutions spend literally tens of millions of dollars on securing their systems and they still get intrusions - they try to minimise their losses but they can never eliminate them entirely. People need to accept that the services which have grown up around Bitcoin don't have that same level of sophisticated security and that as those services grow and process more and more transactions, preventing and detecting intrusions is going to become more complex and cost more. |
|
|
|
If MyBitcoin wants to come back online and stay in business, they should prevent a bank run. Which is quite likely to happen and would worsen the situation.
If they're going into receivership then they can't move any assets at all - everything will be under the control of the receiver and there'll be a look-back period as well. Assuming that they really do go that route, it's going to be one very interesting and complicated case for the receiver managing it and trying to verify claims. |
|
|
|
www.mybitcoin.com doesn't work for me, What URL are you guys using to view this press release? Sorry I just have to see it for myself before believing it. It's still working for me. Maybe they've moved the site and it hasn't propogated yet. |
|
|
|
The polish exchange Bitomat and have a look at mybitcoin.com
Bitomat didn't get hacked. |
|
|
|
this means nothing..
so he going to declaring bankruptcy.
and then sell the stolen bitcoins!
Assuming that he's doing the whole thing legally, the receiver will take control of assets, liquidate them, and then distribute them among creditors according to a set formula. What might be difficult given the anonymous nature of Bitcoin transactions is people establishing that they had Bitcioins on deposit with Mybitcoin. Claims usually have to be made in a specific way and within a set timeframe to be included in any distribution. |
|
|
|
|
There's a sticky at the top of the forum about Mybitcoin going into receivership, just in case anyone has missed it.
|
|
|
|
Buying time?
he just said he's declaring bankruptcy.... there is no figure on what people will get back... if anything... maybe 10% back... maybe 50% back... maybe 0% back.. If he's declaring bankruptcy that means that it was a huge loss. He said receivership. Sometimes when receivers are appointed the business continues to operate and can trade out of financial trouble. Sometimes receivership is the first step towards completely winding up the business. The only thing which is certain is that it's almost impossible to enforce a claim against a Nevis LLC, so it probably doesn't matter very much what the balance sheet shows. |
|
|
|
|
I just rang their number. It's working, but I got the "your call is being diverted" message and then an answering telling me to ring in business hours (it is business hours) and to leave a message. Number definitely isn't disconnected.
Their bank details give a street address of 105 Pitt St, Sydney for them. That building is full of financial types, lawyers, gem dealers, etc so that may be their registered office rather than their physical location. All of their banks are in Parramatta, so that's probably where they actually operate from.
|
|
|
|
I reqd a transfer out of mtgox a wk ago, to AUD. It still hasnt come. So I tried to ring them on the no. on their site, and apparently it's been disconnected. Anyone know what the deal is?  They're a licensed financial services provider. Where were you trying to ring them from? If you're not in NSW, did you include the area code? |
|
|
|
|
I assume that the mods can already merge multiple threads on the same topic into a single mega-thread. The trick is to do it before the threads have too many posts so the merge retains coherence. One problem with lots of mega-threads is that they tend to dominate the front page so other threads can end up pushed off very quickly.
|
|
|
|
He's currently deleting everything of his off the 'net, probably afraid his sham of a school in Korea will get dragged into the light along with this Bitcoin scheme he is running
He's obviously forgotten that goons take screenshots of everything. |
|
|
|
Idle thought here, but has anyone sent a tweet or anything to Anonymous? They stuck up for Wikileaks out of principal. And ironically, preventing bitcoin from getting hacked and collapsing protects their potential source of anonymous donations.
I suggested getting 4 chan involved but people do need to realise that if anonymous or 4 chan starts poking around they'll make public whatever they find regardless of whether it's about their "target" or someone else entirely. |
|
|
|
Alright, I've had enough of al this nerd bullshit. Let's just go and find this guy and lynch him up by the balls.  Anyone up for a nice week-long vacation in the tropical island of Nevis? Umm... You know the shell company is in Nevis, and not the actual perpetrator, don't you? So... no lounging/tanning by the P.O. box then?  PO Box appears to belong to a company agent which sets up shell companies for people wishing to remain anonymous. There's a shitload of companies using both the PO Box and the street address as their point of contact. It looks like Nevis law prohibits the disclosure of any information about the actual owners/managers/beneficiaries of those companies and they're very cheap to set up (complete with off-shore bank accounts in various safe havens). |
|
|
|
CACert is incorporated in my state - New South Wales, Australia. I wouldn't count on many of its members being within New south Wales jurisdiction.
My understanding is that the 'jurisdiction' here they are talking about is whatever jurisdiction the identified entity has been certified for - not where CACert is based. I suspect this will just lead us in a circle back to Nevis though  I am also in NSW by the way  You're probably right, and it will probably just lead back to the Netherlands or Nevis (and I seriously doubt that Tom Williams is located in either). |
|
|
|
|
It seems a bit odd to use your computer resources to mine bitcoins and then donate them to SETI or folding@home when you could simply donate some computer power to those projects directly.
|
|
|
|
|
CACert is incorporated in my state - New South Wales, Australia. I wouldn't count on many of its members being within New south Wales jurisdiction.
|
|
|
|
|
Show Posts
