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Author Topic: Giant crash + Drug rumors + Mtgox hacked = End of Bitcoins  (Read 1102 times)
angelo95
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June 19, 2011, 08:58:15 PM
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All of this in less than one month... How can you recover the public opinion after this?

Next Monday, I can assure all the medias will be talking AGAIN about Bitcoins... But not the same way...

The guys at https://britcoin.co.uk/ seems to take this more seriously:

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Due to the recent events at MTGox.com, we at Britcoin have decided to move our servers to a new location. MTGox suffered an SQL injection which means access to the site's funds were in the hands of the malicious hacker. As such, until we see evidence to the contrary, for security reasons we are assuming that MTGox has none of it's client's bitcoins. For this reason, we have withdrawn their access to our servers and the sensitive information on those servers.

While our servers were separate, we were purchasing server space from MagicalTux, the owner/operator of MTGox. We have already moved all our customer bitcoins to a wallet which has newly been created and has the highest measure of security possible. The GBP deposits of course are still safe in our business bank account as well.

We will put Britcoin up again as soon as possible, but only once we are confident we have the highest level of security our users deserve.
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bunnybare
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June 19, 2011, 09:06:57 PM
 #2

Sky is falling!

Seriously though, I think it's the end of Mt.Gox but not Bitcoins.

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June 19, 2011, 09:37:29 PM
 #3

Being a newbie and all.. this is the first I have seen of britcoin.co.uk.. what services does the site offer (usually)?
BTC Economist
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June 19, 2011, 09:46:52 PM
 #4

I'm not so sure.

NYSE

"After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters."

"was closed for ten days starting September 20, 1873, because of the Panic of 1873."

"On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. "

"The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938."


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noahFecks
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June 19, 2011, 09:53:46 PM
 #5

Lets apply this principle to the US Dollar:

Giant Crash (Recession) + Drug Rumors (The US Dollar is used to purchase more illicit narcotics than any other currency in the world) + Hacking (CIA, IMF and FBI hacked) = End of the US Dollar

anything that is strong enough to debase the faith in a currency is strong enough to end it

DanielC
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June 19, 2011, 09:55:21 PM
 #6

I'm not so sure.

NYSE

"After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters."

"was closed for ten days starting September 20, 1873, because of the Panic of 1873."

"On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. "

"The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938."



I agree. Much worse has occurred and continues to occur outside of Bitcoin. MtGox may not recover fully, but I seriously doubt this affects Bitcoin in the long-run.

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FelixFreeman
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June 19, 2011, 10:09:38 PM
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bitcoin isn't applicable to the rules of the most money... it's a p2p system... anyone has killed a p2p??? Just the grace of bitcoin do not apply to conventional laws.. I love it! xD
InsanityIsGreat
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June 19, 2011, 10:17:29 PM
 #8

You will find drug dealings in every monetary/government system. The fact that the media won't shut up about it is they are in bed with the government and don't want a currency the government can't control its the same way with gold. I continually find it funny how people have thousands of bitcoins and very poor security. No one in their right mind would treat gold/silver/money that way yet the security at mt. gox was some amature that any 16 year-old with a google blog and a computer after watching a youtube video on the type of attack could have done the exact same thing. Totally hilarious in a sad way.

Seriously though people need to treat this currency with value for it to maintain value. By themselves bitcoins have no value but because people work to get them and can use them as purchasing power they are worth something all Mtgox getting hacked will do is show people how they need to be more careful with their bitcoins and not trust sites that don't have a good reputation in security.

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bitdriller
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June 19, 2011, 10:43:36 PM
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Mt Gox is dead!
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June 19, 2011, 10:48:57 PM
 #10

SQL injection? WHAT?

SQL injection is like one of the fundamentals of web hacking. Hell, I can do it.

This is seriously making me worried about the security of online market services related to Bitcoin.
bitbonga
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June 19, 2011, 11:04:16 PM
 #11

SQL injection? WHAT?

SQL injection is like one of the fundamentals of web hacking. Hell, I can do it.

This is seriously making me worried about the security of online market services related to Bitcoin.

This is what's most important to me too. They say they're still investigating but it doesn't seem that much of a great search to me to find the spot of injection. If they are actually taking this long, I hope they do publish is as soon as they find the hole. It'll be shamefull for them, no doubt, but it would be good as other bitcoin exchanges and business can quickly fix their simular holes before being noticed.

I'm not worried about the end of bitcoin. I do worry about the people in the 'common' world looking at bitcoin now, with these incidents giving them proof that bitcoin is exactly that what they want to see of it.
angelo95
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June 20, 2011, 10:34:50 AM
 #12

I'm not so sure.

NYSE

"After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters."

"was closed for ten days starting September 20, 1873, because of the Panic of 1873."

"On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. "

"The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938."



Serioulsy? You are comparing Mtgox to the NYSE?
angelo95
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June 20, 2011, 10:40:49 AM
 #13

I wish the best to Bitcoin, I really like this "currency". I already invested a lot in it, who knows what it will become. Like you all I want it to go forward. However we were at a stage where we needed a favorable public opinion. We have lost any chance to get it before a long time.

I introduced one of my friend to Bitcoin yesterday morning before the crash. Guess if he will go further with this idea know ? Probably not.

As a speculator I will probably move to Tradehill if the volume is sufficient, but I don't even think they are better at security. IT security is one of the more complex area, because you always have to be up to date with the latest tricks.

Wait and see and let's fight for bitcoin ;-)
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