Bitcoinica Consultancy had exclusive responsibility for Bitcoinica's daily operations in all respects, including hot wallet management.
Don't care. Whoever hold the funds is responsible for it, period. I don't care if you didn't talk to or wasn't informed by the company. If you're messing around with a startup in a startup currency, you should at least understand what the fuck you're doing, including knowing how to reasonably secure this newfanged internet money. At least you're willing to take responsiblity and do things that the bitcoinica consultancy refuse to do so that we can put this fiasco behind us. |
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Greed and self-interest flow to whatever actions suit them, whether or not it is beneficial. It is up to people to shape incentives, monetary and social, to make sure the greed and self-interest flow to beneficial actions instead of malicious actions.
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So you didn't get fired?
I hope this incident taught you not to store customers fund in a hot wallet and use 2 factor authentication.
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Or their own 'stupid greed' for carelessly buying into questionable securities with hopes of great returns?
Basically that. I hope the wound licking will be quiet when it's all over. |
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I have read several posts on the forums recently where people talk about 'greed' with great disdain. I believe such a negative view of the word is unwarranted.
I think people disdains others who are in bitcoin for short term gain and being blind to scammers because of their stupid greed. |
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I am going to wait until they announce a fix to the vulnerability.
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Well, BTC-E is doing everything in the correct way. They had backups, they reverted the trades and they will pay for everything.
I know. For all the crap BTC-E gets around here, it seems like this has been handled very well and they were following a lot of the standards that have emerged around here. Keep it up BTC-E. BTW, my balances were restored. I didn't lose anything, as far as I can tell. We have standard? |
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It's all convenience versus security. I rather for an exchange to take 24 hours then to take a minute to process if it means the difference between theft and continuous operation.
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(reserved)
Will be posting updates
You sure know everybody in the community. |
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It is only remotely likely that the VPS was compromised. If it was, there would be more constructive things for the hacker to do than buy up all those coins. The hacker obviously isn't stupid, so the chance the VPS was compromised is low.
Given the bitcoinica hack, you shouldn't build your exchange on a VPS? |
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Firstly, it is unlikely btc-e has a cold storage wallet. Secondly, you'd have to be a moron to believe that it can be stolen (as that would require physical access to the computer.
Why is it unlikely btc-e have no cold storage wallet. Doesn't all exchange have a cold wallet? |
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Huge spam of small transfers just stopped on bitcoin monitor
Wonder what that means? Are the bitcoin holders who have an account there are made whole or wut? Seems unlikely to me. |
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The owner is up for a rude awakening.
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Look like the beggers are taking advantage of situation and getting their stolen coins.
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Btter hope this does not hit mainstream media...another BTC robbery will only shake the BTC tree more and eventually result in a collapse
You couldn't ask for a worse hack/theft than bitcoinica. If we aren't screwed then, we ain't screwed now. |
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All,
I know you would all like more frequent updates. I am doing my best to keep people informed while also maintaining confidences and frankly finding time to post.
So it's clear, my first priority is to help get funds distributed back to claimants in a fast, fair and orderly process. Unfortunately, there are some things that need to be addressed and processes followed to make that happen. These things take time and effort, so if you feel that I'm not keeping people in the loop it's probably because I'm spending my time aggressively pursuing the objective stated above.
There will be more news to announce soon. Things are happening and getting resolved. I'm sure everyone here can appreciate that this is a complex matter and it's not going to happen overnight.
Additionally, so there isn't any confusion or misunderstanding. The funds that have been most recently recovered are being moved to a safer form of cold storage. I will post details of the transaction here shortly.
Thank you for your patience,
Patrick
How much do you understand about bitcoin? Are you briefed on how to store it properly? I hope you don't forget the password or something No offense to you, but if Tihan managed to screw it up by storing bitcoin in a hot wallet, then I am going to be skeptical of anybody who's holding money. |
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Future NOVA documentary:
Lost Treasure of the ECDSA: Inside the Effort To Recover Lost Bitcoin
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Can somebody give me a TL;DR situation on this whole Patrick thing?
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"I don't always use a hot wallet, but when I do, I use mtgox!" -- Tihan, the idiot who stored bitcoinica funds in a mtgox account.
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Im living in Victoria, Australia and I could go and visit mr zhou tong  Yeah, planning that on a public forum sounds like a really smart idea too. Just because they're planning a whacking on the forum, doesn't mean they have the guts to do it. Nonetheless, the Bitcoinica fiasco does seems to bring the worst out of people. |
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