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Author Topic: Bitcoin being attacked?  (Read 2471 times)
Herodes
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April 21, 2013, 05:03:31 PM
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Since bitcoin is being attacked in many ways by ddosing many services, or so the impression is, is it unnatural to think that the attacks also takes other forms to discredit and bring down the confidence in bitcoin ?

For instance:
http://www.reddit.com/r/Bitcoin/comments/1csn8k/please_help_me_report_blockchaininfo_phishing/

If an entity doesn't like bitcoin, and want it to fail, just giving some blackhat hackers a lump of money waging 'war' against Bitcoin and it's infrastructure, wouldn't that be quite the 'stealthy' way to go about it ? No more than one individual having interest in Bitcoin failing need to put some money into this to have a nice chilling effect and have users lose confidence.

Not that I think they will succeed though. I just find it unlikely that someone wanting to hurt bitcoin would use Ddos as the only attack vector ?
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April 21, 2013, 05:32:12 PM
 #2

Since bitcoin is being attacked in many ways by ddosing many services, or so the impression is, is it unnatural to think that the attacks also takes other forms to discredit and bring down the confidence in bitcoin ?

For instance:
http://www.reddit.com/r/Bitcoin/comments/1csn8k/please_help_me_report_blockchaininfo_phishing/

If an entity doesn't like bitcoin, and want it to fail, just giving some blackhat hackers a lump of money waging 'war' against Bitcoin and it's infrastructure, wouldn't that be quite the 'stealthy' way to go about it ? No more than one individual having interest in Bitcoin failing need to put some money into this to have a nice chilling effect and have users lose confidence.

Not that I think they will succeed though. I just find it unlikely that someone wanting to hurt bitcoin would use Ddos as the only attack vector ?


Maybe they are just using the attack to make a profit.
Herodes
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April 21, 2013, 05:48:18 PM
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Maybe they are just using the attack to make a profit.

That's quite an obvious thing. For those lacking any kind of morale, that way of trying to make money makes sense, naturally. But my main question was: Those wanting to hurt Bitcoin, will they stop at only Ddos attacks ? Without sounding like a conspiracy-theorist, it makes sense to attack something you want to hurt from several angles, no ?
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April 21, 2013, 06:00:37 PM
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Maybe they are just using the attack to make a profit.

That's quite an obvious thing. For those lacking any kind of morale, that way of trying to make money makes sense, naturally. But my main question was: Those wanting to hurt Bitcoin, will they stop at only Ddos attacks ? Without sounding like a conspiracy-theorist, it makes sense to attack something you want to hurt from several angles, no ?

I don't think these attacks have anything to do with destroying Bitcoin.  MtGox infrastructure has proven to be very vulnerable and the effect on price very reliable.  When you attack price goes down and then recovers later.

When the price is $120 - $130 if you could buy coins for $100 instead would you?  If you could then sell them in a week for $130 and then buy more at $100 would you?  Would you do it once only or maybe do it every week?  Some people see theses attacks as a way to make a 30% return on capital a week.  It has worked over and over and over.  Why would they stop?  Hint: they won't until it stops working.
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April 21, 2013, 06:08:41 PM
 #5

bitcoin being attacked??
nope

services that use coin being attacked?
yes

mean while in the land of fiat
http://edition.cnn.com/2013/03/20/world/asia/south-korea-computer-outage
http://www.itproportal.com/2010/10/25/how-bank-hackers-beat-barclays/
http://www.huffingtonpost.ca/2013/03/21/td-hacked-bank-online-attack_n_2924897.html
http://www.nbcnews.com/technology/technolog/u-s-bank-website-hackers-used-advanced-botnets-diverse-tools-6238850
that was just a 10 second google search.. not to mention all the armed robbery's and such that banks have had over the centuries..

so should bitcoin worry?
no

so should services that use bitcoin worry?
yes

services especially exchanges should learn from these DDOS's and hacks to ramp up security and system infrustructure to reduce the risk.

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April 21, 2013, 08:10:47 PM
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Quote
Not that I think they will succeed though. I just find it unlikely that someone wanting to hurt bitcoin would use Ddos as the only attack vector ?
It depends on the power of the attacker.
DDoS are a relatively cheap way to attack.
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April 21, 2013, 08:23:52 PM
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If a government really wanted to bring down Bitcoin, wouldn't the easiest way be to just get lots of ASIC miners?
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April 21, 2013, 08:23:52 PM
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Agreed the services not the coin are under attack.

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April 21, 2013, 08:23:52 PM
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Mtgox should either disclose who is behind it, freeze their assests and turn them over to authorities

ok
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April 21, 2013, 08:24:22 PM
 #10

DDOS  is either

1) speculators making money by forcing price crash with Gox outages
2) competitors ddos'ing each others exchange
3) angry scammers who had fraud funds seized for verification
4) gox themselves because trade lag increases to 45mins, then miraculously DDOS happens to shut whole site down
5) evil seekrit government or central banker conspiracy tinfoil attack to discredit bitcoin
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April 21, 2013, 09:03:54 PM
 #11

If a government really wanted to bring down Bitcoin, wouldn't the easiest way be to just get lots of ASIC miners?

If they get their orders in today they would only be ~60,000th in line! They could destroy bitcoin by november 2015!

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April 21, 2013, 09:06:14 PM
 #12

DDOS  is either

1) speculators making money by forcing price crash with Gox outages
2) competitors ddos'ing each others exchange
3) angry scammers who had fraud funds seized for verification
4) gox themselves because trade lag increases to 45mins, then miraculously DDOS happens to shut whole site down
5) evil seekrit government or central banker conspiracy tinfoil attack to discredit bitcoin


&
6) Organized crime. Ask any old school wiseguy; digital crime is the future!

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April 21, 2013, 09:17:39 PM
 #13

there was a ddos attack on mt gox but noe its fine
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April 21, 2013, 09:18:11 PM
 #14

DDOS attacks create huge spreads on BTC prices over different exchanges. These spreads should help people to stay in cool-mode (when panic selling triggered by manipulators). These are really very cheap tactics and very little chance of success in the long-run. BTC markets will become immune to these attacks soon.

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April 21, 2013, 09:26:54 PM
 #15

There may be some intentional FUD from a few media outlets, but most of the coverage is decently honest and even positive (to the point of looking like pump'n'dump in few instances).

As for DDOS, I suspect this is simply a market manipulation game, already seen with precious metals. Manipulative dumps in PM markets happen when only few exchanges are open, of course. Bitcoin, being traded 24/7, requires manipulators to knock out as many exchanges as possible so they can move the price most efficiently on the remaining few. All in all, nothing to worry about - just don't fall for the trick.

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April 21, 2013, 09:31:44 PM
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Looks like the market didn't fall for it this time, except for a small blip at the start
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April 22, 2013, 01:15:08 PM
 #17

so should bitcoin worry?
no

Not even from the reduction of conficence that each DDOS brings to the concept of Bitcoins to the 'outside' world? I dont think you are accepting the impact this could have for Bitcoin in the long term.

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April 22, 2013, 02:28:11 PM
 #18

Looks like the market didn't fall for it this time, except for a small blip at the start
Probably because the speculators already leaved and mostly the hardcore bitcoiners remained which don't sell.

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April 22, 2013, 02:42:01 PM
 #19

Looks like the market didn't fall for it this time, except for a small blip at the start
Probably because the speculators already leaved and mostly the hardcore bitcoiners remained which don't sell.

More like people is getting used to the fact that getting DDOSED is a ploy to drive down prices. Who does not get that is either broke or out of the game long time ago.

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April 22, 2013, 03:38:40 PM
 #20

These ddos attacks are not new.  We saw them plenty in 2011.

Yawn.
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