Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[podyx]

Wow, it´s all over the news! 

Wallstreet Journal:

"Bitstamps real problem is similiar to the Y2K-Bug in 2000. According to an insider Bitstamp thought that the price would never ever go below the old ATH and so their trading engine has never been designed to handle trades in this area. However it seems that everything is broken now and all coins(even the ones from the cold wallet) are stolen due to the bug that someone immediately exploited. Rumours say that Bitstamp CEO Nejc Kodrič will release a statement in a few hours(days) on how they plan to reimburse their customers one by one over a 5-8 year term."
 
http://www.wsj.com/articles/behind-the-scenes-of-the-broken-bitstamp-trading-engine-1420455248




BusinessWeek




 

[keewee]

Most of us have fonzie ignored - please don't quote his BS, no matter how creative (and dumb, really - like the precision of $1000 is somehow different than the precision of $100 per coin - lol).

Oh I don't know, that was some great trolling. I clicked the link too. Funny stuff  

[ACAB]

Who wants to lose more money? Sell now and cry later!

[diabLEEca]

Wow, it´s all over the news!  

Wallstreet Journal:

"Bitstamps real problem is similiar to the Y2K-Bug in 2000. According to an insider Bitstamp thought that the price would never ever go below the old ATH and so their trading engine has never been designed to handle trades in this area. However it seems that everything is broken now and all coins(even the ones from the cold wallet) are stolen due to the bug that someone immediately exploited. Rumours say that Bitstamp CEO Nejc Kodrič will release a statement in a few hours(days) on how they plan to reimburse their customers one by one over a 5-8 year term."
 
[Suspicious link removed]j.com/articles/behind-the-scenes-of-the-broken-bitstamp-trading-engine-1420455248




BusinessWeek




 

But we're SAVED! See this one:

Wallstreet Journal:

"While the whole world is waiting for Bitstamp's CEO Nejc Kodrič to state whether or not the customers will retrieve their bitcoins apparently lost in a hacker's attack, Bill Gates shocks everyone saying he had just bought 100.000 BTC off the market for, quoting, "it will never get cheaper than that, I know it for sure". Hundreds of other members of the richest world's elite are arranging to do the same as we are writing this article to get in time before the new megabubble starts in the Bitcoin world."

[Suspicious link removed]j.com/articles/bill-gates-invests-in-bitcoin-it-will-never-be-cheaper-1430928573

 

[YourMother]

Wow, it´s all over the news! 

Wallstreet Journal:

"Bitstamps real problem is similiar to the Y2K-Bug in 2000. According to an insider Bitstamp thought that the price would never ever go below the old ATH and so their trading engine has never been designed to handle trades in this area. However it seems that everything is broken now and all coins(even the ones from the cold wallet) are stolen due to the bug that someone immediately exploited. Rumours say that Bitstamp CEO Nejc Kodrič will release a statement in a few hours(days) on how they plan to reimburse their customers one by one over a 5-8 year term."
 
http://www.wsj.com/articles/behind-the-scenes-of-the-broken-bitstamp-trading-engine-1420455248




BusinessWeek




 

[relm9]

How do you think Stamp hack will affect bitcoin price when they open trades again?

Will price drops?

TY!

If this was 2013 or earlier, news like BitStamp hack would have caused immediate dumping on all exchanges, but there's only been a slight depress in the price following release of the news. If anything that suggests to me Stamp's reopening will not have any real effect, but who knows.

[oda.krell]

Most of us have fonzie ignored - please don't quote his BS, no matter how creative (and dumb, really - like the precision of $1000 is somehow different than the precision of $100 per coin - lol).

Nah... that one was pretty smart. The joke isn't about the exact implementation being identical but about ridiculously dumb beliefs by people, 70s programmers: "Our code will never have to work after date X", Bitcoiners/us: "We will never go below the previous ATH".

And btw, the "don't quote the trolls" rule is nearly meaningless: there are few posters that are universally considered content-free trolls. Except for the obvious newly registered spammers, most controversial posters are one guy's troll and another guy's jester.

[Wandererfromthenorth]

Wow, it´s all over the news! 

Wallstreet Journal:

"Bitstamps real problem is similiar to the Y2K-Bug in 2000. According to an insider Bitstamp thought that the price would never ever go below the old ATH and so their trading engine has never been designed to handle trades in this area. However it seems that everything is broken now and all coins(even the ones from the cold wallet) are stolen due to the bug that someone immediately exploited. Rumours say that Bitstamp CEO Nejc Kodrič will release a statement in a few hours(days) on how they plan to reimburse their customers one by one over a 5-8 year term."
 
http://www.wsj.com/articles/behind-the-scenes-of-the-broken-bitstamp-trading-engine-1420455248




BusinessWeek




 

hahahahahahahahahahahah


You are amazing 

[MNDan]

Upon further review I will give it a single gold star, but am still inclined to keep him on ignore. :-)

[Lauda]

No exploit can be used to get coins from 'cold storage'. If it can, then those coins weren't really in cold storage.

[Dotto]

I you were the hacker, how could you use the BTCs in a way to not get cached? Maybe buying monero and disappearing in the ring-signature hyperspace?.

Even that would be extremely dangerous... to me it seems the stolen 18k are almost unusable

[kurious]

The 'most of our coins' quote seems to imply they have probably indeed suffered a substantial loss.

I can't see them going bust for 5m bucks, though.  

The major exchange in the West folding for 5m?  VC money will need to bail it out - or lose 10M.

So - better than evens bet that they will survive - but BTC cred is again damaged.

Best scenario?

They have lost 18K BTC, but they just say - "everything's ok - we found them!"  and swallow it.

Market bounces and VCs get some of their security back, and we're all happy.  I don't think that will happen, but I wish....

If Stamp goes under - we are seriously fucked - but so are they.

Put yourself in their shoes - I reckon they will be trying to raise the capital, or even sell Stamp, or a portion of it.

I would.   What's the alternative?

[Fatman3001]

I would say that these thefts will happen again. What we need are ATMs that are hack proof like Trezors. Bitcoin needs to focus on being an impenetrable iron vault that fits in your pocket. Only licensed brokers should be allowed to trade bitcoins on the markets although you are free to use the ATMs as a convenience.

That sort of goes against everything Bitcoin is supposed to be. But if some exchanges start adopting a clear cut standard that can be checked by third parties, people can use those if they want the added security.

Exchanges have little to do with trade. Fiat exchanges are robbed every day (fraud, HFT, more fraud), but we don't hear about it because they just print more money. Bitcoin doesn't need 24/7 exchanges, do you? Bitcoin needs to be known as indestructible. You can't do that with networked servers.

Bitcoin is a global decentralized virtual currency, how are you going to enforce such restrictions? The one country that doesn't wanna, will be the hub for Bitcoin exchanges of all creeds. There will be massive, gaping loopholes. And as we see, there are plenty of people ready to take advantage of any weakness; to the detriment of the regular user. Most of the things we turn to regulation for in other systems can only be achieved with critical mass in Bitcoin.

[ChartBuddy]

Explanation

[JerryCurlzzz]

How do you think Stamp hack will affect bitcoin price when they open trades again?

Will price drops?

TY!

If this was 2013 or earlier, news like BitStamp hack would have caused immediate dumping on all exchanges, but there's only been a slight depress in the price following release of the news. If anything that suggests to me Stamp's reopening will not have any real effect, but who knows.

Maybe we'll have a Gox-like inflation on Bitstamp upon reopening.... but this time, traders on other exchanges may not follow such a rally the way they did on Gox last year.

Is there a thread that discusses the Bitstamp hack at length? What are the facts that we know?

[Davyd05]

man people are quick to jump to conclusions

[dEBRUYNE]

How do you think Stamp hack will affect bitcoin price when they open trades again?

Will price drops?

TY!

If this was 2013 or earlier, news like BitStamp hack would have caused immediate dumping on all exchanges, but there's only been a slight depress in the price following release of the news. If anything that suggests to me Stamp's reopening will not have any real effect, but who knows.

Maybe we'll have a Gox-like inflation on Bitstamp upon reopening.... but this time, traders on other exchanges may not follow such a rally the way they did on Gox last year.

Is there a thread that discusses the Bitstamp hack at length? What are the facts that we know?

Most info can be found on reddit (www.reddit.com/r/bitcoin). It was speculated on reddit that this (https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf?offset=0&filter=0) was the hacker's adress. But that adress has, although small, inputs after bitstamp halted trading. So maybe they just moved the coins themselves? The high fees make that questionable however.

[phoenix1]

Most info can be found on reddit (www.reddit.com/r/bitcoin). It was speculated on reddit that this (https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf?offset=0&filter=0) was the hacker's adress. But that adress has, although small, inputs after bitstamp halted trading. So maybe they just moved the coins themselves? The high fees make that questionable however.

I can't think of any reasons why this would preclude it being the alleged hacker's alleged address. Not saying it is or isn't, just saying that further inputs neither proves nor disproves anything. All is still very much in the realms of speculation.

My own thoughts are that if this address did indeed belong to BitStamp, or was completely unconnected to the incident, they would have said so by now, given the (negative) publicity and rumours surrounding it. It would be in their best interests, no ?

[Fatman3001]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

[JerryCurlzzz]

Meanwhile, network hash rate accelerates upward  

Someone must have fallen and hit their head. I can't believe that many are still making money mining.  

I think that well-positioned miners are still making very good money selling at this rate. Casual miners in the west -- not so much. But established miners with good access to new generation chips and cheap electricity (in China, etc), I believe can still be profitable. I remember seeing numbers thrown around, but cannot recall them now, though.