BlindMayorBitcorn
Legendary
 Offline
Activity: 1260
Merit: 1115
|
 |
August 02, 2016, 11:43:38 PM |
|
Basically a 100$ trezor would have prevented a 70million dollar loss.
|
|
|
|
|
|
|
|
Even in the event that an attacker gains more than 50% of the network's
computational power, only transactions sent by the attacker could be
reversed or double-spent. The network would not be destroyed.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
European Central Bank
Legendary
Offline
Activity: 1288
Merit: 1087
|
|
August 02, 2016, 11:45:06 PM |
|
From what I have read, there is a possibility that its bitgo's fault on the hack, and if thats the case then they do have insurance. But I doubt it will get all this covered. We will know once the company releases an announcement about it.
didn't bitpay recently fail in an insurance claim? by the sounds of it it was down to their own stupidity, but bitfinex must be a stupider company in general considering their track record. the insurance industry's job is to not pay out, but I really hope the sake of everyone who's lost out that something comes of this. |
|
|
|
|
adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
|
|
August 02, 2016, 11:46:16 PM |
|
Adam, are we in your cheap coin target now? Should I be buying like crazy? Are you buying like crazy?  I just lost my 23 BTC from finex though.... although I don't feel as bad now after reading about the dude with 67 btc in finex... sorry man gose without saying cheap coin target needs readjusting... IDK wtf you should be doing, panic seems to be in order? my trading today has been... fucking wild... ( and i think ill be at it for a while longer... ) now if we could just get all the kids in chain to jump up and down at the same time we'd get somewhere. |
|
|
|
|
BlindMayorBitcorn
Legendary
Offline
Activity: 1260
Merit: 1115
|
|
August 02, 2016, 11:46:40 PM |
|
The Bitfinex guy told Reddit, there is no insurance for this.
|
|
|
|
|
|
paratox
|
|
August 02, 2016, 11:48:57 PM |
|
I'm doing exactly nothing. Holding my coins in cold storage.
Same here. Looking at past events, holding in cold storage and only move them if you wanna sell them or buy something with them seems like the wisest way to use Bitcoin. I feel sorry for people who don't actively trade and still lost their coins due to unfortunate timing. |
|
|
|
|
adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
|
|
August 02, 2016, 11:49:14 PM |
|
How come they lost so much? Aren't they storing cold?
No. Users had multisig addys. They didn't use hot/cold. can you (or anyone else ) explain the 2/3 keys needed to move the coins? 1 is the client 1 is bitfienx what's the 3rd??? No. Client held no keys. One is finex. Two is bitgo. The third I think is also finex (offline). Either way is a shitty implementation. that makes no sence clients didnt hodl keys? wtf is was the point? |
|
|
|
|
yefi
Legendary
Offline
Activity: 2842
Merit: 1511
|
|
August 02, 2016, 11:49:26 PM |
|
The real question is when do we fork off those criminal coins?
even if btc wanted too , it cant unless every single transaction on entire blockchain get reversed Well, all the transactions after the heist anyway. Ethereum has a different accounting model which makes rewriting history a lot easier. Bitcoin was set for irreversibility from the beginning. 67 BTC  Ouch man  |
|
|
|
|
JimboToronto
Legendary
Offline
Activity: 4004
Merit: 4469
You're never too old to think young.
|
|
August 02, 2016, 11:49:37 PM |
|
Wow. Just as I was heading out to buy at ~$600 I had to deal with a medical emergency and didn't get back from the hospital until now.
Good thing I was forced to wait. It seems Finex was hacked and the predictable dump ensued. Talk about right out of the blue.
Now we have all the loser doofuses clucking about how they predicted this as if the dump was due to normal market forces and not an isolated criminal act.
_________
Anyone who leaves coins or fiat on an exchange (or margin trades) has nobody except themselves to blame for their losses. Didn't we all learn that lesson from Gox? Paper wallet holders unaffected.
For most of us only our most recent purchases are in a losing position. All those coins we bought for less than $300 are still quite profitable and our double-digit coins even more so.
The price will rise again soon. Hopefully it will be slow enough to reallocate some more funds to take advantage of this opportunity. This crap saddens me but hopefully it's not as bad as some people seem to think.
Still, the people who are strutting around enjoying this can all fuck off.
|
|
|
|
|
MinermanNC
Legendary
Offline
Activity: 2198
Merit: 1000
|
|
August 02, 2016, 11:50:00 PM |
|
This could turn out to be a fast recovery lol A nice price correction. back to 700.00 would work  |
|
|
|
|
coinsplz777
Jr. Member
Offline
Activity: 58
Merit: 10
|
|
August 02, 2016, 11:52:06 PM |
|
glad to see we are getting away from the bottom |
|
|
|
|
Agaguk24
Full Member
Offline
Activity: 242
Merit: 100
Extended Reality Advertising
|
|
August 02, 2016, 11:52:30 PM |
|
This could turn out to be a fast recovery lol A nice price correction. back to 700.00 would work Don't hold your breath. Price was trending down already after the block halving non event |
|
|
|
|
philiveyjr
Legendary
Offline
Activity: 840
Merit: 1000
|
|
August 02, 2016, 11:52:36 PM |
|
How come they lost so much? Aren't they storing cold?
No. Users had multisig addys. They didn't use hot/cold. can you (or anyone else ) explain the 2/3 keys needed to move the coins? 1 is the client 1 is bitfienx what's the 3rd??? No. Client held no keys. One is finex. Two is bitgo. The third I think is also finex (offline). Either way is a shitty implementation. Just read the representatives reply on this. They say bitgo was only for ETH market and not the bitcoin market. So no hope of recovery from there. |
|
|
|
|
philiveyjr
Legendary
Offline
Activity: 840
Merit: 1000
|
|
August 02, 2016, 11:55:02 PM |
|
From what I have read, there is a possibility that its bitgo's fault on the hack, and if thats the case then they do have insurance. But I doubt it will get all this covered. We will know once the company releases an announcement about it.
didn't bitpay recently fail in an insurance claim? You mean you expect an insurgence co to pay out because CTO knowingly bypassed security protocall and told CEO "Yo broster, send over some coinz to this addy!" because wanted concert tix or some shit? Evol insurance companies... Can't trust them. Read my post before you. Apparently bitgo had nothing to do with the bitcoin market. It was the ETH they are responsible for , which right now is safe. |
|
|
|
|
|
|
marcus_of_augustus
Legendary
Offline
Activity: 3920
Merit: 2348
Eadem mutata resurgo
|
|
August 02, 2016, 11:55:28 PM |
|
This could turn out to be a fast recovery lol A nice price correction. back to 700.00 would work ... anything is possible now the overhang of finex shorting machine has been removed. |
|
|
|
|
AlexGR
Legendary
Offline
Activity: 1708
Merit: 1049
|
|
August 02, 2016, 11:55:33 PM |
|
positive note: all that exaggerated halving-positivity is vapourized.
Personally speaking I was expecting something like that to happen. Price suppression post-halving could last for so long without some source of coins, so they would have to "find" coins through other means (like hacks). Hacking for coins is an act of desperation for market suppression, yet fundamentals are stronger than pre-halving: Inflation is now -657.000 coins less per year than what it was pre-halvening. So even 110k coins is just 1 months supply at pre-halvening rate. |
|
|
|
|
Dafar
Legendary
Offline
Activity: 1330
Merit: 1000
dafar consulting
|
|
August 02, 2016, 11:55:57 PM |
|
The kid's got some jokes |
|
|
|
|
Fatman3001
Legendary
Offline
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
|
|
August 02, 2016, 11:56:21 PM |
|
At least we don't have to worry about those finex margin longs any more.
Btw, I'm sorry for those who lost on finex today. I'd suggest you seek legal assistance asap.
|
|
|
|
|
JayJuanGee
Legendary
 Online
Activity: 3710
Merit: 10209
Self-Custody is a right. Say no to"Non-custodial"
|
|
August 02, 2016, 11:57:10 PM |
|
@JJG: I thought this might be the SFYL spark that got you to hodl your own BTC in your own wallet, guess not.  JJG's seriously mixed emotions: On one hand, his coin got stolen; on the other, BTC is tanking, so he didn't lose as much  Both of you guys are goofie in your attempt to troll and to stalk other people, merely to attempt to make fun of other people without providing any meaningful or interesting or even genuine details regarding your own BTC positions. |
|
|
|
|
BlindMayorBitcorn
Legendary
Offline
Activity: 1260
Merit: 1115
|
|
August 02, 2016, 11:57:55 PM |
|
positive note: all that exaggerated halving-positivity is vapourized.
Personally speaking I was expecting something like that to happen. Price suppression post-halving could last for so long without some source of coins, so they would have to "find" coins through other means (like hacks). Hacking for coins is an act of desperation for market suppression, yet fundamentals are stronger than pre-halving: Inflation is now -657.000 coins less per year than what it was pre-halvening. So even 110k coins is just 1 months supply at pre-halvening rate. This is such bullshit. Bitcoin is a ticking bug-bounty... A $100 trezor! |
|
|
|
|
|
Poll
