Look on the Bright Side!

[cypherdoc]

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!

[1714771817]

1714771817

[1714771817]

1714771817

[1714771817]

1714771817

[1714771817]

1714771817

[Synaptic]

<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]

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]

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]

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

[kokojie]

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

[dooglus]

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]

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.