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21  Bitcoin / Bitcoin Discussion / Re: I'm Kevin, here's my side. on: June 21, 2011, 09:24:15 AM
I was thinking about this overnight and if there was a serious database compormise, would you bother moving all of the coins into one account or would you just update a single field to say 500k?

I reckon the coins don't even exist, MtGox cannot afford to cover it and the rollback is therefore all but assured.

The bottom line Kevin (IMO) is that you were the fortunate recipeint of some one elses prank, but you cannot hold onto them because they do not exist. Do get over it, all this talk of running to the authorities to retain your gains is nonsence.

MtGox are going to take a panning over this and will probably go out of business, but the sad truth is that if you force MtGox to honour this trade, you will be taking the coins from the pockets of your peers and not from the security ignorant fools that let this all get so out of hand.

MtGox, you should be ashamed of yourselves.
22  Bitcoin / Bitcoin Discussion / Re: I'm MtGox, here's my side. on: June 20, 2011, 11:21:19 PM
Quote
The fact is that you were compromised. We've all seen absolute proof. When you decided you were going to move into real commodities of significant value, along with seeing dollar signs, you should have made SURE you were secure. This is on you. Most people will cut you a break, but you were lax on your security. YOu saw $ signs, got greedy, and didnt take necessary precautions.


Good job you were here to remind him too, otherwise where would we be?
23  Bitcoin / Bitcoin Discussion / Re: I'm Kevin, here's my side. on: June 20, 2011, 11:08:41 PM
Fair enough old chap, and you sound perfectly reasonable if not wildly optimistic!

The blunt truth of it though is that there are nowhere near enough T&C's to stop MtGox from saving it's arse. If all those coins are gone, not only will they be bankrupt but an awful lot of other people will be out of pocket.
24  Bitcoin / Bitcoin Discussion / Re: I'm Kevin, here's my side. on: June 20, 2011, 10:56:24 PM
It is wildly obvious that there was no single guy with a cool half million coins in his account.

It wasn't long ago that everyone was gawping at some 425k coins being moved, presumably offline by the MtGox lot. Then there are 50,000 users they have picked up in the last month. (I was about 11,000 and I signed up on June 1st, there are 60,000 odd on the list now!). They offline most of their funds and just keep a float, hence the maximum withdrawal limit.

All the coins that people see trading are all just numbers in a database. The hacker clearly had much more control than is being let on, I would imagine he ran a SQL script of some sort to dump all of the dbCoins into one account and then put in a sell for next to nothing.

MtGox cannot afford to honour all of the coins. That is all of the coins they have, and everyone else who is daft enough to leave their coins on a public exchange run by beginners. If they honour your claim, there is no more MtGox and everyone and their mother will be up in arms, litigating, leering and generally ousting them from the community they have helped to build.

The bottom line is that you are losing the coins no matter how much you complain. You say you should keep them for the good of the community but if you've got half of the freely traded bitcoins then the market really is gone. Tough luck.
25  Bitcoin / Bitcoin Discussion / Re: Smile, we are in the TV on: June 20, 2011, 10:35:25 PM
Hilarious. Great finds and great news. She is damn right, they certainly haven't heard the last of Bitcoin.

I'm from the UK and I measure the damn things in $ becuase the volume over here is so low.  Cheesy
26  Bitcoin / Bitcoin Discussion / Re: Connecting a few dots on: June 20, 2011, 04:30:10 PM
In order for this to be true, there would have to have been a fortune in dormant cash laying around on MtGox servers, being spent unoticed by the actual account owner.

If you had half a million bucks in MtGox and noticed the price going up, would you check or just shrug your shoulders and move along. I think, like I was, you would be watching in awe as your money dissapeared as the price went up. This forum would have been alight with indignation.

I think your theory is both flawed and slightly paranoid.
27  Bitcoin / Bitcoin Discussion / Re: The Writing on the Wall on: June 19, 2011, 09:29:43 PM
Quote
That's because you're totally naive.

Bitcoin is dead as a common, widely used...ANYTHING. Not a store of value, not a medium of exchange, not a transaction processor, and certainly NOT a currency...

Again, TOR junkies and criminals might still use it...

I am not naive, I just have faith in the idea and see these events in the larger context. If you are only interested in a quick buck then you are quite right. Run. Go, we are better off without you.

The fact that people have resorted to hacking an exchange and not the protocol speaks volumes about both the systems security and the burgeoning interest in the the thing.

Certainly not a good place for the faint of heart though.
28  Bitcoin / Bitcoin Discussion / Re: The Writing on the Wall on: June 19, 2011, 09:08:44 PM
Don't panic, Bitcoin is a lot tougher than just a single exchange. Better we get these sort of ordeals out of the way at this stage and not later.

It may have slowed things down a bit but I have every confidence that it will all be okay.
29  Bitcoin / Bitcoin Discussion / Re: Someone is Jobbing this Market on: June 16, 2011, 05:40:57 PM
Not nearly paranoid enough, don't you know where you are?  Wink

Your post does actually sound very reasonable. I can also see the psychological barrier of $20 being a pretty natural one.
30  Bitcoin / Bitcoin Discussion / Re: Someone is Jobbing this Market on: June 16, 2011, 05:32:55 PM
The way I see it, someone is sat on a large pile of coins and cash and is pushing in one direction or another. They are either looking to keep value up by buying all the cheap coins or they are trying to keep it down by pushing just the right number of coins onto the market to keep it in the 19.xx range.

I reckon the person got all of these coins as part of the multi million turnover over the weekend when the volume was massive and the charts were going mad. Someone is messing with us.

What I want to know is if they are using more coins or cash and what will happen when they run out of one or the other.
31  Bitcoin / Bitcoin Discussion / Re: Should the exchanges close on the weekends? on: June 12, 2011, 03:01:58 PM
Yeah okay.

So, erm.. you going to tell them or shall I?
32  Bitcoin / Bitcoin Discussion / Re: Why is the Russian Federation so interested in Bitcoin on: June 12, 2011, 10:58:21 AM
I heard on BBC Radio 4 the other day that in Russia, 1.8bn worth of bribes are exchanged each year. Bitcoin could certainly be very useful to them.
33  Bitcoin / Bitcoin Discussion / Re: Can we all stop feeding the trolls? on: June 12, 2011, 01:20:20 AM
Sorry.
34  Bitcoin / Bitcoin Discussion / Re: PsyOps101: To Destroy Bitcoin, I would... on: June 11, 2011, 11:47:21 PM
Yo hawk man.  Smiley
35  Bitcoin / Bitcoin Discussion / Re: PsyOps101: To Destroy Bitcoin, I would... on: June 11, 2011, 11:39:27 PM
and importantly, all you other lurkers need to start talking to help drown out the noise from the naysayers.

Hi, my name is Ben and I am a bitcoin evangelist.  Smiley
36  Bitcoin / Bitcoin Discussion / Re: PsyOps101: To Destroy Bitcoin, I would... on: June 11, 2011, 11:37:39 PM
I find it rather reassuring that someone is actually threatened by bitcoin. It seems to confirm alot of my beliefs in the power of the idea.

Usually forums are mainly populated by enthusiasts of a given subject. I have been lurking for a while and have seen a huge influx of very transparent and badly thought out trolls who are clearly trying to sow the seeds of doubt. Most of them I would imagine are second rate copywriters who get paid by the word and have little imagination and a pitiful comprehension of the technology, the economics and the potential.

The thing is though, the enthusiasts on here are obsessed, involved, writing software (as indeed am I) and evangelising. They are confident, capable and most importantly, they are playing the long game.

I suspect that most enthusiasts on here are much like me, they have invested no more than they can afford to lose, have a good grasp of the technology, have wild aspirations to change the world and their own lives and will not be deterred by a correction in the price or some poorly chosen words from a few wannabe bloggers who can't get the hits. It wouldn't surpise me if a few of them weren't hedging their bets and investing a few bucks on the side just in case.

The price will start to rise again, bitoin fans will diversify into other corners of the internet as this place becomes overrun with muppets, cooler heads will prevail and this pause in growth will give some of the more exciting projects time to mature and make Bitcoin granny friendly.

My money is on the can-do techies, they have little to lose and a vision of a better world. All the trolls can frankly go and fuck themselves, as I am sure they do regularly, between posting nonsense on this forum and any others that their minimum wage paymasters demand.

37  Bitcoin / Bitcoin Discussion / Re: Can trolls affect a solid currency? on: June 11, 2011, 11:09:18 PM
subtle troll is still obvious.
38  Bitcoin / Bitcoin Discussion / Re: What would you say to Satoshi Nakamoto on: June 08, 2011, 06:18:14 PM
I think a good, earnest handshake would suffice.
39  Bitcoin / Bitcoin Discussion / Re: $20 on: June 07, 2011, 11:10:01 PM
This is incredibly exciting to watch, I feel like we are at the threshold of something seriously big. $22 and counting...
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