Yet another analyst :)

[Viceroy]

...But its too early to say somthing. Need to wait couple of days.

[notme]

Security through obscurity is not security.  Nearly every server on the internet runs an open source OS and everything below the specific application is open source as well.

I think i also replied to this stupid assertion elsewhere.

NOT IN CASE OF FINANCIAL SERVICE.

Did you saw any bank who gives all his internal security structure, security instructions, security camera's locations, etc to any desirous person?

No, but the computer equivalent of most of that infrastructure is not part of the application code that is published.

I agree that the entire exchange setup (including server layout, firewalls, intrusion detection, etc.) should not be published, but for example an order matching engine would benefit greatly from being open source.  Multiple exchanges could use it and share improvements and bug fixes.  They will still have other components, but the engine itself can run as a service using a standard api like the json-rpc that bitcoind uses (or likely something more lightweight for efficiency).  Ideally, there would be multiple competing engines that various exchanges use.  Bugs always happen and they are found eventually for any lasting piece of software.... open source just helps them get found and fixed faster.

Regarding bitcoin-central, I wouldn't use Rails for an exchange though.... way too big of an attack surface.

[lucif]

I see you never set up any serious financial service. Nothing to discuss here :-)

[BitPirate]

I think the problem with most published code is not that it was published, but that it was poor. I'm setting up an exchange soon and went through them with a fine-toothed comb. Each of the two main published codes had fairly obvious flaws -- both in terms of security and performance. One in particular had obvious contention problems dealing with user funds, and didn't use SQL transactions. Another ran up queries in loops without freeing results.

I'm planning for mine to hold up better. Happy to talk after I release. Key part of my strategy though is NOT to handle bitcoind in-house.

[lucif]

What do i do here... Between people who know shit about security, finances, trading basics... Oh. I just boring :-) Have some fun.

[blueberry]

I just say "rally" is very weak, still on bearish deviation territory and this is very weak even for bounce.

You should factor in the bid depth on Mt. Gox order book. It hit an all time high today.

[lucif]

Yes, nice reason to cashout :-) So, will we move to 50 again? :-) For what time i forgot... third or 5th..

[bitsalame]

Relying solely on obscurity as a security measure is obviously braindead.
But those who are fanatically preaching that obscurity is not desired, you guys are also braindead.

Obscurity gives you always a tactical advantage.

When the professionals frown upon "obscurity" is when it is used as the only measure to protect something, like relying that nobody will be able to open an unlocked door in the room just because it is dark and nobody will be able to find there the door is located.
But obscurity is always a tactical advantage when there is good design is involved, like a really good lock like an ASSA Abloy in the door AND in the dark. When you get to the door, you know nothing about what the fuck they are using and you will waste a lot of time to figure it out in the first place. And on such a venture, you will probably trigger thousands of alarms.
It is a pain in the ass to attack a system that you know absolutely nothing about.

If the room had the light on the attacker can optimize his attack by being already prepared and studied the security measures in place.
That is called gathering intelligence.

The whole arms race relies on obscurity, even if the designs are amazingly spectacular. That's why top secret classified information even exists.
Yes, secure by design is vital, but when it is a high risk priority you must make private audits, not rely on the open source community.

[siulynot]

How will this break?

[siulynot]

Considering this:

[ThickAsThieves]

Big time price manipulation is happening guys. By my estimation everything will crumble sometime between now and if price hits 101.

[kneemoe]

I want to know when market will see a real good exchange with technically educated engineers. Without lag, without that god damn websocket, with "FAST" or similar trading protocol, with reliable feeds connected to modern trading software...

What do we have here - is just madness. I say if 50% of funds will be moved to bitstamp or btce - we will see mtgox-2. None of existing exchanges have technically good internal implementation.

coinsetter ?

[BrightAnarchist]

Big time price manipulation is happening guys. By my estimation everything will crumble sometime between now and if price hits 101.

Just a typical bear market rally

[siulynot]

Big time price manipulation is happening guys. By my estimation everything will crumble sometime between now and if price hits 101.

Just a typical bear market rally

Yes... the fact that you know its a bear rally makes you wanna profit it :p

[BrightAnarchist]

Big time price manipulation is happening guys. By my estimation everything will crumble sometime between now and if price hits 101.

Just a typical bear market rally

Yes... the fact that you know its a bear rally makes you wanna profit it :p

Amazing that just days after a parabolic move followed by an 80% crash people are already getting euphoric again about Bitcoin with the recent retracement.

I've been around Bitcoin since its inception, and I've watched the psychological shifts. If this truely was a new bull market, nobody would be euphoric about it... It's going to take one hell of a rout to get back to those conditions

That's why they say bull markets climb a wall of worry, and bear markets slide down a slope of hope

[samson]

Well it hit a high of just over $135 about an hour ago.

[zby]

Amazing that just days after a parabolic move followed by an 80% crash people are already getting euphoric again about Bitcoin with the recent retracement.

I've been around Bitcoin since its inception, and I've watched the psychological shifts. If this truely was a new bull market, nobody would be euphoric about it... It's going to take one hell of a rout to get back to those conditions

That's why they say bull markets climb a wall of worry, and bear markets slide down a slope of hope

That slope of hope will start at 200 - there is still lots of room for the bounce.

The secret of MtGox is that it is damn impossible to withdraw the money (if you are lucky enough) - it sits on the account waiting for the one confirmation than another, documents being sent then again and eventually people get tricked to get into the game just one more time.

[lucif]

Nice 38.2% hit. I think next would be following

[Jaroslaw]

yup you are my hero i will do what you recomendet bro. So now im sell out and waiting

[Missionary]

I would think that America waking up to see a significantly higher price will spike it somewhat higher in the comming hours. Maybe even over 130. The "correction" would come after that. That's my guess.