Bitcoin Forum
December 08, 2016, 06:17:07 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Reducing exchange hack damage  (Read 567 times)
Bastet
Newbie
*
Offline Offline

Activity: 25


View Profile
June 24, 2011, 03:24:33 PM
 #1

I think the exchanges should settle large transactions after a waiting period of maybe say 24hrs on transaction over 50BTC or 3000$USD.

This way, if the exchange is hacked, rollbacks can be done without losing significant funds.

Transactions are recorded in real time, as far as the books are concerned, and sent to another extremely secure server for settlement/processing.  Small transaction could be processed more quickly, but large ones would set off flags and possibly delayed until investigated.

Real stock exchanges halt trading if there is a massive drop in price.  Mt.Gox should halt trading immediately when there is a flash sell off indicating something is wrong.  Maybe their next version of their code should include this feature.

What do you think?
1481221027
Hero Member
*
Offline Offline

Posts: 1481221027

View Profile Personal Message (Offline)

Ignore
1481221027
Reply with quote  #2

1481221027
Report to moderator
1481221027
Hero Member
*
Offline Offline

Posts: 1481221027

View Profile Personal Message (Offline)

Ignore
1481221027
Reply with quote  #2

1481221027
Report to moderator
1481221027
Hero Member
*
Offline Offline

Posts: 1481221027

View Profile Personal Message (Offline)

Ignore
1481221027
Reply with quote  #2

1481221027
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481221027
Hero Member
*
Offline Offline

Posts: 1481221027

View Profile Personal Message (Offline)

Ignore
1481221027
Reply with quote  #2

1481221027
Report to moderator
1481221027
Hero Member
*
Offline Offline

Posts: 1481221027

View Profile Personal Message (Offline)

Ignore
1481221027
Reply with quote  #2

1481221027
Report to moderator
PCRon
Jr. Member
*
Offline Offline

Activity: 46


View Profile
June 24, 2011, 05:52:23 PM
 #2

I agree something should stop the exchange if selling drops like a rock. 
ColeFinlay
Newbie
*
Offline Offline

Activity: 7


View Profile
June 24, 2011, 06:05:20 PM
 #3

You need to be careful with something like this.  Making it to easy for a roll back would also cause damage.
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!