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Author Topic: z  (Read 3575 times)
znort987
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z
June 16, 2011, 03:06:48 PM
 #1

z

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JellyfishRancher
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June 16, 2011, 03:13:39 PM
 #2

Let's say it is discovered that this wallet contains stolen bitcoins from several forum users. How could they retrieve the coins? Is it ethical to put a freeze on the coins at exchanges, if this were possible?

Perhaps the best course of action would be to try to steal the wallet back, vigilante style, then return the coins to their rightful owners according to the block chain. Less some bounty of course.

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June 16, 2011, 03:22:08 PM
 #3

what reason could they have to bundle it in one address?
unless it's a Mt.Gox address, but why have 400k there?
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June 16, 2011, 03:28:15 PM
 #4

That address has been discussed several times now. It belongs to mtgox.

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June 16, 2011, 03:36:39 PM
 #5

Thats a lot of BTC waiting to be sold. I wonder how much USD Mt.Gox is holding.

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June 16, 2011, 04:55:05 PM
 #6

why not split up the wallet?  Having all those chickens in 1 basket is not a good thing
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June 16, 2011, 05:20:41 PM
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why not split up the wallet?  Having all those chickens in 1 basket is not a good thing
Do you typically store chickens in baskets? Tongue
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June 16, 2011, 05:28:01 PM
 #8

Let's say it is discovered that this wallet contains stolen bitcoins from several forum users. How could they retrieve the coins? Is it ethical to put a freeze on the coins at exchanges, if this were possible?

Perhaps the best course of action would be to try to steal the wallet back, vigilante style, then return the coins to their rightful owners according to the block chain. Less some bounty of course.

If you don't want regulation in a currency don't expect to be able to do anything about it when something you don't like happens. It's bad it does but whining about it when it's a central, built in part of the currency is just fucking pathetic.
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June 16, 2011, 05:36:10 PM
 #9

Let's say it is discovered that this wallet contains stolen bitcoins from several forum users. How could they retrieve the coins? Is it ethical to put a freeze on the coins at exchanges, if this were possible?

Perhaps the best course of action would be to try to steal the wallet back, vigilante style, then return the coins to their rightful owners according to the block chain. Less some bounty of course.

If you don't want regulation in a currency don't expect to be able to do anything about it when something you don't like happens. It's bad it does but whining about it when it's a central, built in part of the currency is just fucking pathetic.

You have a nifty ability of reading stuff that isn't there. I don't see him say he does or does not want regulation (at least in this post). I don't see him whine about anything (again, in this particular post). He asks a few questions and suggests a possible solution to theft. Are you off your meds?
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June 16, 2011, 06:48:46 PM
 #10

why not split up the wallet?  Having all those chickens in 1 basket is not a good thing
Do you typically store chickens in baskets? Tongue

all eggs in 1 basket is too cliche, I like to use chickens in a basket
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June 16, 2011, 06:57:30 PM
 #11

That address has been discussed several times now. It belongs to mtgox.

here are some of the other threads
http://forum.bitcoin.org/index.php?topic=15984.msg209464#msg209464
http://forum.bitcoin.org/index.php?topic=15998.msg209561#msg209561

no money sent from that address yet.
That's a large chunk that MtGox can keep without having to use to fulfill the orders of people buying BTC. Is there something I'm not understanding?
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June 16, 2011, 07:09:02 PM
 #12

no money sent from that address yet.
That's a large chunk that MtGox can keep without having to use to fulfill the orders of people buying BTC. Is there something I'm not understanding?
I assume a lot of people leave a fair number of bitcoins on Mt.Gox so that they can decide to sell without waiting an hour for the bitcoins to confirm after sending them.

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June 16, 2011, 07:27:38 PM
 #13

why not split up the wallet?  Having all those chickens in 1 basket is not a good thing
Do you typically store chickens in baskets? Tongue

The chickens are inside the eggs.

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June 16, 2011, 09:52:05 PM
 #14

If I were running MtGox, I would be absolutely terrified that a breach in security, whether from external (hackers) or internal (employee) would be able to bankrupt the entire operation (and screw all of my customers). MtGox must maintain some amount of BTC online to meet daily withdrawal demand, but over time, it should be reasonably predictable how much is needed to satisfy this. Any BTC above that amount should be in the securest storage possible (encrypted, offline, multiple man redundancy to access.)

Why put them all in one address? Why not?  Sometimes rather than not putting all your eggs in one basket, it's more important to put them all in one basket and WATCH THAT BASKET.
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June 16, 2011, 10:38:41 PM
 #15

That wallet could also be their profit wallet. Mt Gox is probably fairly profitable. Granted their profits are all in BTC.

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June 16, 2011, 10:56:10 PM
 #16

That wallet could also be their profit wallet. Mt Gox is probably fairly profitable. Granted their profits are all in BTC.

They can't have possibly generated that level of profit yet.

432,000 / .0065 = 66M BTC

Even at a generous average of 50,000 BTC per day traded, it would take over 1300 days to generate that much volume.
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June 16, 2011, 11:05:09 PM
 #17

why not split up the wallet?  Having all those chickens in 1 basket is not a good thing
Do you typically store chickens in baskets? Tongue

The chickens are inside the eggs.

If you leave your eggs in a basket for a while, and nothing bad happens to them, you get a basket full of chickens.
meighty
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June 16, 2011, 11:07:23 PM
 #18



They can't have possibly generated that level of profit yet.

432,000 / .0065 = 66M BTC

Even at a generous average of 50,000 BTC per day traded, it would take over 1300 days to generate that much volume.
[/quote]

That's a valid point. So maybe they are hoarding coin and have figured out how much they need to operate? Still, no withdraws is odd.

http://www.minerware.com - Cost effective Mhash/s per Dollar
k
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June 16, 2011, 11:09:32 PM
 #19

That wallet could also be their profit wallet. Mt Gox is probably fairly profitable. Granted their profits are all in BTC.

They can't have possibly generated that level of profit yet.

432,000 / .0065 = 66M BTC

Even at a generous average of 50,000 BTC per day traded, it would take over 1300 days to generate that much volume.

All time total volume in BTC on MtGox is ~6.5M BTC to date.
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June 16, 2011, 11:24:34 PM
 #20

That's the backup wallet where they keep most of their funds.  They don't need them for payouts, and they don't want hackers to get at that amount if their server is hacked.  The wallet with that address probably isn't even on a computer, it's more likely printed out on paper and in a safe deposit box somewhere.

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