Bigger theft than MtGox - Bitcoin rises 5%

[RawDog]

Well, I guess that means we are reaching a good stability.  Even when a very big theft larger than MtGox comes, nobody gives a shit and the value of the network goes up 5%.  I'd say the days of big panic are almost over.  Now if we could just figure out what to do about the $1.5 Billion Tether problem.

[eaLiTy]

Well, I guess that means we are reaching a good stability.  Even when a very big theft larger than MtGox comes, nobody gives a shit and the value of the network goes up 5%.  I'd say the days of big panic are almost over.  Now if we could just figure out what to do about the $1.5 Billion Tether problem.

It is the biggest hack in history but the coins they lost is NEM tokens and not bitcoin and so is the reason may be there is no change in the market and may be because the market capital is much bigger now than in 2014 and more over the hack happened because the exchange was not capable of securely storing the coins.

[HeRetiK]

Well, I guess that means we are reaching a good stability.  Even when a very big theft larger than MtGox comes, nobody gives a shit and the value of the network goes up 5%.  I'd say the days of big panic are almost over.  Now if we could just figure out what to do about the $1.5 Billion Tether problem.

The theft is only larger than MtGox if you peg the price to 2013/14 Bitcoin valuations. The value of these coins has appreciated considerably since then. Remember that Bitcoins were stolen, not USD. If someone were to pull a heist like MtGox nowadays I think it would still have a noticable impact, although probably not as much as Gox back in the day, given the variety of exchanges available today.

What to do with the USDT problem? Sell them for BTC of course

In all seriousness though, if people were to move out of Tether completely and stopped using the corresponding trading pairs that would be more or less the end of it, no? The only thing you can do is educate and warn the trading community of the dangers of USDT. Everything else is moot, because what are going to do about it? Regulate it?

It is the biggest hack in history but the coins they lost is NEM tokens and not bitcoin and so is the reason may be there is no change in the market [...]

Interestingly enough the NEM price doesn't care about it either though. It really seems like traders have run out of fucks to give.

[alyssa85]

Well, I guess that means we are reaching a good stability.  Even when a very big theft larger than MtGox comes, nobody gives a shit and the value of the network goes up 5%.  I'd say the days of big panic are almost over.  Now if we could just figure out what to do about the $1.5 Billion Tether problem.

I'm pretty sure bitcoin is rising because people are trying to get out of tether on Bitfinex and other exchanges. The western arbitrage bots are still treating tether like USD and are following bitcoin upwards.

It won't last - people will wake up today and adjust the criteria on their arb bots to exclude tether pairs and BTC/USD and BTC/tether will decouple.

[gentlemand]

Interestingly enough the NEM price doesn't care about it either though. It really seems like traders have run out of fucks to give.

It was dealt with very rapidly. Their customers were told they'd be made whole shortly after it happened. The coins were immediately tagged and all exchanges were informed. They basically became dead coins within a few hours.

The hacker was really dim to choose XEM. There aren't many exchanges, volume is low, mixing isn't possible, and it's a tight community.

In effect it stopped being a hack after a few hours and became a coin burning. The hacker's only chance is to hand them back in return for a ransom a la Bter's NXT.

[oddwh]

If it was on Bitcoin itself, I think it would had more influence. But indeed, this is funny, we are even fighting the resistance here  

Anyway, it seems different than with MtGox. MtGox was a much bigger exchange in people's mind, and MtGox might have been involved on december 2013 price spike.

[alyssa85]

Interestingly enough the NEM price doesn't care about it either though. It really seems like traders have run out of fucks to give.

It was dealt with very rapidly. Their customers were told they'd be made whole shortly after it happened. The coins were immediately tagged and all exchanges were informed. They basically became dead coins within a few hours.

The hacker was really dim to choose XEM. There aren't many exchanges, volume is low, mixing isn't possible, and it's a tight community.

In effect it stopped being a hack after a few hours and became a coin burning. The hacker's only chance is to hand them back in return for a ransom a la Bter's NXT.

Makes you wonder why they chose it. Was that the only wallet they were able to break into, and if so, why?

[tycsols]

I think all the negative sentiment about btc is fading away and we are on the verge of big upward movements or next bull trend soon, i am trying to get more btc for myself at the moment.

[gentlemand]

Makes you wonder why they chose it. Was that the only wallet they were able to break into, and if so, why?

I'm getting the inference that Coincheck kept all of the XEM permanently in their hot wallet. They claim the hack happened when they were transferring from hot to cold. No one keeps 6% of a coin's entirely supply in a hot wallet temporarily.

They were being unbelievably slack. The hacker went for the lowest hanging fruit.

[Juggy777]

Well, I guess that means we are reaching a good stability.  Even when a very big theft larger than MtGox comes, nobody gives a shit and the value of the network goes up 5%.  I'd say the days of big panic are almost over.  Now if we could just figure out what to do about the $1.5 Billion Tether problem.

That's because everyone knows that these exchanges often steal the money, and it's users fault who rely on it. Now also these days hacking really doesn't effect bitcoins as much as it used to, cause suddenly people are aware and i guess they don't give a dam. I'm really happy that this news did not effect bitcoins, when i first saw it, i was concerned but now my concerns are answered.

[pawel7777]

...
I'm pretty sure bitcoin is rising because people are trying to get out of tether on Bitfinex and other exchanges. ...

Too soon to say. Until today Tether was holding slightly above $1, today it dropped below and currently is at $0.985. Could be the beginning of the grand tether dump, but probably the price will catch up.

[HeRetiK]

Interestingly enough the NEM price doesn't care about it either though. It really seems like traders have run out of fucks to give.

It was dealt with very rapidly. Their customers were told they'd be made whole shortly after it happened.

Interesting, glad to hear that.

The coins were immediately tagged and all exchanges were informed. They basically became dead coins within a few hours. [...]

I honestly don't know how to feel about that. Don't get me wrong, it's good to know that the hackers won't make much of a profit. Still I always get mixed feelings when coins / tokens are being marked and effectively pulled of the market, questioning the fungibility of the currency as such and how free a money it really is. Same holds true for Bitcoin and all other transparent blockchains of course.

[TheySeeMeHodlingTheyHatin]

the fact that it was not BTC stolen, but NEM, makes a lot of difference. NEM price indeed went down a lot, but quickly picked up !

by the way: just hold btc in your hardware wallet