Bitcoin Forum
December 09, 2016, 11:31:37 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Look on the Bright Side!  (Read 1185 times)
cypherdoc
Legendary
*
Offline Offline

Activity: 1764



View Profile
June 19, 2011, 08:04:39 PM
 #1

the hacker tried to withdraw BTC's, not USD's! 

from the announcement, he sold the large amt of BTC in the large hacked acct down to $.01.  at this point he could have tried to cash everything out in USD's. 

what does he do instead?  he buys as many BTC's back in USD's as he can driving the price back up to $13 and tries to steal the BTC's but was stopped by the USD equivalent of $1000 per day. 

LOL, we have a Bright Future, i would say!
1481326297
Hero Member
*
Offline Offline

Posts: 1481326297

View Profile Personal Message (Offline)

Ignore
1481326297
Reply with quote  #2

1481326297
Report to moderator
1481326297
Hero Member
*
Offline Offline

Posts: 1481326297

View Profile Personal Message (Offline)

Ignore
1481326297
Reply with quote  #2

1481326297
Report to moderator
Satoshi is no god. He did not come down from the mountain with 10 golden rules engraved in stone for no one to question.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481326297
Hero Member
*
Offline Offline

Posts: 1481326297

View Profile Personal Message (Offline)

Ignore
1481326297
Reply with quote  #2

1481326297
Report to moderator
1481326297
Hero Member
*
Offline Offline

Posts: 1481326297

View Profile Personal Message (Offline)

Ignore
1481326297
Reply with quote  #2

1481326297
Report to moderator
1481326297
Hero Member
*
Offline Offline

Posts: 1481326297

View Profile Personal Message (Offline)

Ignore
1481326297
Reply with quote  #2

1481326297
Report to moderator
Synaptic
Member
**
Offline Offline

Activity: 84


View Profile
June 19, 2011, 08:12:07 PM
 #2

<iframe width="425" height="349" src="http://www.youtube.com/embed/jHPOzQzk9Qo" frameborder="0" allowfullscreen></iframe>

EDIT: Guess we can't embed youtube videos?

dooglus
Legendary
*
Offline Offline

Activity: 2002



View Profile
June 19, 2011, 08:46:56 PM
 #3

Surely the correct order is:

1. sell a lot of bitcoins, driving the price to $0.01
2. withdraw $1000 worth of bitcoins.  that's 100,000 BTC
3. buy a lot of bitcoins, driving the price back to $13

now the $1000 worth of bitcoins you withdrew are now worth $1.3 million.

I wonder if that's what happened.

paulie_w
Sr. Member
****
Offline Offline

Activity: 420


View Profile
June 19, 2011, 08:50:38 PM
 #4

Surely the correct order is:

1. sell a lot of bitcoins, driving the price to $0.01
2. withdraw $1000 worth of bitcoins.  that's 100,000 BTC
3. buy a lot of bitcoins, driving the price back to $13

now the $1000 worth of bitcoins you withdrew are now worth $1.3 million.

I wonder if that's what happened.

yes except: why the fuck would they do #1 in the first place?
bitrebel
Sr. Member
****
Offline Offline

Activity: 364


View Profile
June 19, 2011, 08:51:25 PM
 #5

Surely the correct order is:

1. sell a lot of bitcoins, driving the price to $0.01
2. withdraw $1000 worth of bitcoins.  that's 100,000 BTC
3. buy a lot of bitcoins, driving the price back to $13

now the $1000 worth of bitcoins you withdrew are now worth $1.3 million.

I wonder if that's what happened.

I think this is what happened. That's what the HYIPs did everyday. Claim DDos attack, then disappear.
100,000 bitcoins stolen with no trace.
Value = Priceless

Wait till they go to $100 a coin, and you have made a cool $10 Million
Cash out today, and you are worth 1.3 to 1.7 Million dollars US

Why does Bitrebel have 65+ Ignores?
Because Bitrebel says things that some people do not want YOU to hear.
kokojie
Legendary
*
Offline Offline

Activity: 1498



View Profile WWW
June 19, 2011, 08:58:09 PM
 #6

Surely the correct order is:

1. sell a lot of bitcoins, driving the price to $0.01
2. withdraw $1000 worth of bitcoins.  that's 100,000 BTC
3. buy a lot of bitcoins, driving the price back to $13

now the $1000 worth of bitcoins you withdrew are now worth $1.3 million.

I wonder if that's what happened.

yes except: why the fuck would they do #1 in the first place?

To get around the withdraw limit on mtgox

If my post has been helpful, send me some love -> BTC: 1kokojUapmWqCqPw3Ch2rjcVh57tJEzka | PPC: PDyXAgA8eH47gokVW6zVZPSuu15aao5nZF | Bitshares: kokojie
My reputation
dooglus
Legendary
*
Offline Offline

Activity: 2002



View Profile
June 19, 2011, 08:59:04 PM
 #7

yes except: why the fuck would they do #1 in the first place?

Because they're only allowed to withdraw $1000 worth of BTC per day.  The lower the price of BTC, the more you can withdraw.

DamienBlack
Jr. Member
*
Offline Offline

Activity: 56


View Profile
June 19, 2011, 09:03:49 PM
 #8

I'm sure they are using the weighted 24hr average to determine what $1000 of bitcoins is. At the lowest, it hit $4. So 250 bitcoins.

I trade bitcoin options at https://bitoption.org/ ... Join me.
I play poker at https://betco.in/ ... Join me.
Support the bitcoin economy, what do you do?
Tips: 1NfXhiTFEdKQTdLy49s6DYAP1K7MeFWyao
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!