I didn't give anything, but that's just because I've had the same IP address since June 3.  |
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Hello, I signed up now. Please send the money to the wallet below
Dear god... |
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You just wasted 10 seconds of your life that you will never get back from reading this post !
Don't worry... We'll just roll it back =P |
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Don't use ALL CAPS in the title, and maybe make it more clear in the title what is required to get the bitcoins.
For example:
View an ad, get .01 BTC!
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You need to load a new page within 15 minutes for the time to count.
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I really would like to know, when the big day on which I will be whitelisted comes. I have been registered here for a week at least, have some posts here and still rank Newbie. Ok, maybe my posts didn't really make to much of a contribution but thats just because i have nothing to say in the newbie Forum... I wanna be with the grown ups now!
Browse around for two and a half hours and you'll be good to go! |
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The difference is, if a small amount of BTC was stolen and converted to USD and was later reclaimed, the USD could re-buy a similar amount of BTC. If that results is less BTC, it's just a small idiot tax. Try re-buying 500k BTC without paying 1000x more, though.
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Quite honestly, so many people think that MtGox will crash hard when it opens that I think it might spark a rally. Yes, you heard me right. That said, I probably won't be touching anything for at least several hours, since the risk will be way too high for me.
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My advice to you would be to consult with an attorney. If he sees feasibility in moving forward, you will probably need to hire one in japan as well to work with your US attorney. MT Gox may very well hold fiduciary responsibility in honoring your trades, barring any unknown laws regarding fraud, theft, unregulated trade and commidities speculation. The very least that could happend would be a judge refusing to hear the case or throw it out. The best that could happen is that the bitcons and/or financial assets are frozen until case disposition.
With their servers in the USA, their operations in Japan, and doing world-wide trading, its hard to tell what jurisdictional relief you may have.
When a company does not adhere to their own terms and policies, the only recourse is through the courts.
The problem with that is that it could freeze a large portion of the Bitcoin economy for months, or even years! This is by far the most dangerous thing that could happen to Bitcoin. |
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Exactly. An attacker won't ever have a split on their malicious chain because there would be no latency between their nodes. As a result, the more splits the main network has, the less percent of total hashing power an attacker would need. If we assume the worst case that block propagation time will eventually be as slow as BGP (which takes about 1 minute to propagate worldwide), the network would only lose at most 10% (1 min/10 min) of hashing power by chain splits.
Further to this, do nodes have any individual incentive to propagate new blocks? Either carrot (i.e. they get coins for it, are prioritized to receive new block updates or some other incentive) or stick (i.e. they're seen as bad neighbors if they don't and their neighbor nodes drop their connections)? Nope. But if they do that, they might as well just not listen for connections like most of the network is doing, as it would have a similar effect. If it became a problem, though, something could be done about it. |
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So I'm guessing the 10 minute average block generation time is a balance between transaction processing time and minimizing network splits yes?
Exactly. An attacker won't ever have a split on their malicious chain because there would be no latency between their nodes. As a result, the more splits the main network has, the less percent of total hashing power an attacker would need. If we assume the worst case that block propagation time will eventually be as slow as BGP (which takes about 1 minute to propagate worldwide), the network would only lose at most 10% (1 min/10 min) of hashing power by chain splits. |
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Hi
I just have a few questions about how Bitcoin operates. I did have a read through Satoshi Nakamoto's paper, but I'm not I got everything.
(1) It is my understanding that the network generates new blocks roughly every ten minutes, and these new blocks contain the recent transactions. Each new block depends on a hash of all previous blocks, building a chain.
But what happens if two new blocks are generated at a similar time? Is only one accepted by the network, or are they both excepted, and is this split in the chain then merged somehow? The first one that each node receives is worked on. Whatever miner finds the next block afterward determines which side of the chain will be used. Statistically, that would be the side where the block propagated the most. Another tie at this point would be solved the same way. (2) If you want to confirm transactions are valid, I assume you need to know how much is in each wallet in the network. Does this mean that every node in the network that wants to confirm transactions are valid needs a copy of all the current balances of all wallets in the network? And can't this grow without bound as wallets can contain very small fractional amounts of bitcoins?
Read this: https://en.bitcoin.it/wiki/Scalability |
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Kevin's story is backed up by MtGox's own feed; and that showed that he could not have made the order before the crash. In fact, 6 people got in before him when the large order finally finished executing - which took 35ish minutes.
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Kevin just got lucky, and everyone that was connected to the MtGox websocket stream has proof.
Here's what happened:
The hacker set an outrageous order for .01 at 17:15:38. At 17:51:16 Kevin's order, along with SEVERAL others, hit. That is because the hacker's order had finally exhausted all the amounts at one cent and greater, prompting the typical "your entire order can't be filled at this price" prompt for the hacker.
And yes, it took 35 minutes to process one order.
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It's quite possible that the person who was hacked still has no idea that it was them. For all we know, they were asleep when this happened and didn't have email notifications enabled. There's no way for them to login to MtGox to check.
Also: If you had this kind of money on MtGox, would you admit it? Although the user database was leaked, the balance sheet WASN'T. They'd quickly become a target on other sites if people knew what account's password they specifically had to crack to make big bucks.
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I agree that rollback was wrong INITIALLY. However, once the database was leaked, it was clear that none of the trades could actually be trusted. I'm almost suprised that they aren't reverting back further, but I suppose those are losses they can cover on their own. They don't have the millions of dollars it'd take to fix this mess.
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I have no idea if you are who you so you are.
He is. I've verified it. |
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