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spin
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February 21, 2014, 10:15:19 AM |
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Today on #bitcoin gmaxwell: wumpus: yea, I understand they had timed automatic reissues...  this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue." alpha125: gmaxwell: where did you find out abotu the automatic reissues? gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed. gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory. gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too) gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks' gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory. gmaxwell: of course their stalled txn had nothing to do with fees. They must be empty... |
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maximum
Newbie
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Activity: 44
Merit: 0
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February 21, 2014, 10:16:59 AM |
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weekend rally or dip? what will happen?
Mostly depends on news from MTcocks...  I don't think that they will publish anything this weekend or at the first days of the next week. Therefore, sideways or downwards. I'm loading off my coins, then put a limit buy order at 520  |
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Rannasha
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February 21, 2014, 10:23:02 AM |
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and gmaxwell is ?
One of the core devs. |
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Davyd05
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February 21, 2014, 10:23:12 AM |
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Today on #bitcoin gmaxwell: wumpus: yea, I understand they had timed automatic reissues... this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue." alpha125: gmaxwell: where did you find out abotu the automatic reissues? gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed. gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory. gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too) gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks' gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory. gmaxwell: of course their stalled txn had nothing to do with fees. They must be empty... nice fud  |
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GaliX
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February 21, 2014, 10:29:20 AM |
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Today on #bitcoin gmaxwell: wumpus: yea, I understand they had timed automatic reissues... this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue." alpha125: gmaxwell: where did you find out abotu the automatic reissues? gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed. gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory. gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too) gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks' gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory. gmaxwell: of course their stalled txn had nothing to do with fees. They must be empty... I guess Mark eat all the money. Thats the only explanation for me. |
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gizmoh
Legendary
Offline
Activity: 1428
Merit: 1000
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February 21, 2014, 10:30:48 AM |
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Today on #bitcoin gmaxwell: wumpus: yea, I understand they had timed automatic reissues... this was also something I didn't know prior to monday before last and is one of the other reasons my "they couldn't have lost much!" position softened to "I have no freeking clue." alpha125: gmaxwell: where did you find out abotu the automatic reissues? gmaxwell: alpha125: from mtgox staff and magicaltux ... I had assumed previously that any reissues were manual via customer support but apparently it was just timed. gmaxwell: you'll also note that they've kept increasing their fees and then even mad paying fees mandatory. gmaxwell: This suggested to me that they totally misunderstood their problems. (and— I reported that I believed this months ago too) gmaxwell: e.g. they noticed lots of txn getting stuck, they didn't understand it was because they were producing invalid txn (even though it was reported to them) and so they thought it was just 'full blocks' gmaxwell: and they increased their fees from 0.0001 to 0.0005 — which was enough to may more than virtually every txn— and then later to 0.001 which is basically astronomic. And then they made it mandatory. gmaxwell: of course their stalled txn had nothing to do with fees. They must be empty... Ain't looking good at all, the failed transaction started early NOVEMBER, i had 2 btc withdrawals stuck back then. So that's 3 full months of exploitation of the Gox Automatic Giving Machine. |
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dreamspark
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February 21, 2014, 10:31:32 AM |
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Hmm, rather disconcerting.
WTF is with gox, I mean who thought automatic reissues were a good idea. And they thought tx were getting stuck because of full blocks. *facepalm*
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F-bernanke
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February 21, 2014, 10:32:31 AM |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. |
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dreamspark
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February 21, 2014, 10:36:34 AM |
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I remember this gmaxwell guy now. He's one of Goats best freinds  lol |
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raid_n
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February 21, 2014, 10:37:11 AM |
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OK, again, here is what I would do if I had to safely store several hundred thousand bitcoins that my clients gave me for safekeeping.
First, I would create a dozen new addresses and distribute the bitcoins evenly among them. I do not believe in trapdoor functions, and I know what NSA did to that random number generator; so I instead of any "modern" encryption I would use the old and guaranteed one-time-pad method. I would generate a file of truly random bits (say, extracted from the microphone signal), and XOR it with the private keys. Then I would copy the result to a pen drive, check that the copy succeded, safely remove the pendrive (see, I learned my lesson!) I would repeat with a second pendrive and give it to my partner. Then each of us would go to a different bank, on separate cars, and store his pendrive in a safe deposit box. Only then I would go back and reformat the hard drive of my computer.
Do I really need to add the "stupid smiley" here?)
I'm surprised that you as a computer scientist would really consider storing data on pendrives as secure. Bit rot can and does happen (i.e. cosmic rays flipping bits etc.) If I had to store lots of bitcoin I'd write my own algorithm to deterministically derive public/private keys from a single seed and have that code execute on a cheap machine that will be destroyed or totally wiped afterwards. You can write the pseudo-code on paper and store that securely at multiple sites and also store the initial seed (not at the same locations). If the worry is too great that the initial seed may be guessed together with the non-public algorithm one could use multiple seeds. To test viability one would use a key pair derived after n iterations, transfer a small amount of btc to the public address and then send it to another and then never ever use that pairing again |
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Yololintian
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February 21, 2014, 10:37:18 AM |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. To the contrary, it means hundreds of thousands of coins have been stolen, which may be sold at any time on other exchanges and greatly increasing the supply and thus decreasing the price. |
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spooderman
Legendary
Offline
Activity: 1638
Merit: 1022
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February 21, 2014, 10:38:10 AM |
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Do you believe this thread will one day have over 10k pages?
0 yes
0 no
0 POST POST POST!!!!!
0 IGNORE IGNORE IGNORE!!!!!
0 HODL!!!!!
total voters
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F-bernanke
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February 21, 2014, 10:41:01 AM |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. To the contrary, it means hundreds of thousands of coins have been stolen, which may be sold at any time on other exchanges and greatly increasing the supply and thus decreasing the price. Probably already sold. |
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Yololintian
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February 21, 2014, 10:43:27 AM |
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Ain't looking good at all, the failed transaction started early NOVEMBER, i had got 2 withdrawals stuck back then.
So that's 3 months of exploiting the Gox Automatic Giving Machine.
This means that there are less coins available than we thought, price should go up. To the contrary, it means hundreds of thousands of coins have been stolen, which may be sold at any time on other exchanges and greatly increasing the supply and thus decreasing the price. Probably already sold. I doubt it but its possible. |
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gibbtek
Newbie
Offline
Activity: 29
Merit: 0
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February 21, 2014, 10:48:01 AM |
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Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
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HairyMaclairy
Legendary
Offline
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
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February 21, 2014, 10:52:09 AM |
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Ok now I just feel sorry for Mark. He has been fleeced and the whole world hates him.
(I'm sure he will be fine in the end).
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F-bernanke
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February 21, 2014, 10:53:05 AM |
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Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Probably, if both exchanges cooperate. But if the thieves used Tumblers, it would be damn hard. |
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Yololintian
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February 21, 2014, 10:55:24 AM |
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Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Maybe if they have already been sold. But there's no reason to think they have been. If a small portion of those coins were sold it would lower the prices on most exchanges significantly. Sure the prices have dropped but thats mainly due to bad news and a poor outlook for bitcoin in the short/medium term. |
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seldon
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February 21, 2014, 10:56:52 AM |
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Would it not be possible to track the stolen coins and find out what exchange and account was used to sell them?
Probably, if both exchanges cooperate. But if the thieves used Tumblers, it would be damn hard. If they used malleability to withdraw coins from gox double, they should be verified with gox themselves anyways. If they didn't use fake ids that is.. |
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