Bitcoin Forum
December 09, 2016, 07:29:44 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: MyBitcoin bitcoin's could have been gone a long time ago  (Read 1848 times)
wobber
Legendary
*
Offline Offline

Activity: 1050


View Profile
August 02, 2011, 06:05:27 AM
 #1

I remember that reading the info on their site I saw that they keep just one wallet and a database of each users amount and transactions. So, If there were a total of 50,000 BTC in there, from 5000 users it would be like the fractional reserve. Not all people would withdraw at the same time, so the MyBitcoin dudes could take little by little. It's just a presumption...

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
1481311784
Hero Member
*
Offline Offline

Posts: 1481311784

View Profile Personal Message (Offline)

Ignore
1481311784
Reply with quote  #2

1481311784
Report to moderator
1481311784
Hero Member
*
Offline Offline

Posts: 1481311784

View Profile Personal Message (Offline)

Ignore
1481311784
Reply with quote  #2

1481311784
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
repentance
Hero Member
*****
Offline Offline

Activity: 840


View Profile
August 02, 2011, 06:47:22 AM
 #2

I remember that reading the info on their site I saw that they keep just one wallet and a database of each users amount and transactions. So, If there were a total of 50,000 BTC in there, from 5000 users it would be like the fractional reserve. Not all people would withdraw at the same time, so the MyBitcoin dudes could take little by little. It's just a presumption...

There's nothing unusual about keeping depositor funds aggregated in trust accounts as long as those funds are kept in different accounts than the organisation's operating funds - banks and other financial institutions do it, as do real estate agents, lawyers, stockbrokers and other businesses which hold money on behalf of their customers.  If a business is going to use depositor funds for unauthorised purposes, it's probably going to do so no matter how those funds are being held. 

Customers don't have access to the records needed to determine whether the total number of Bitcoins which should be in the depositor trust account are actually there, so it's really a question of how much faith people are willing to place in the unregulated businesses with whom they deposit their money/Bitcoins.  Obviously it's possible to skim Bitcoins from the customer accounts either to trade for profit and return them, or to simply cash them in to ease cash flow problems.  There's no point pretending that risk doesn't exist.  If it's a risk you choose to take, you do so fully aware that you may have little recourse if things go wrong.


All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
August 02, 2011, 02:01:15 PM
 #3

Wait, are you telling me that my bank doesn't keep the funds for my accounts in three different shoeboxes in the vault?

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
BitcoinPorn
Hero Member
*****
Offline Offline

Activity: 560


Posts: 69


View Profile WWW
August 03, 2011, 02:57:39 PM
 #4

Discussion about MyBitcoin.com is very healthy for the sharing of ideas and suggestions on how to tackle this very serious and difficult problem, but nothing will be done about it through forum posts.

Yes folks, lets give this man and his men all your information regarding this situation in a private place where it can be fucked with to no end.

Sarcasm.

Keep this shit public please.

Or whatever, keep giving all your information to one "trusted" private source.  I mean, why not, this is obviously not a scam, because forum posts say it is not Smiley

Rassah
Legendary
*
Offline Offline

Activity: 1624


Director of Bitcoin100


View Profile
August 03, 2011, 03:43:40 PM
 #5

Discussion about MyBitcoin.com is very healthy for the sharing of ideas and suggestions on how to tackle this very serious and difficult problem, but nothing will be done about it through forum posts.

Yes folks, lets give this man and his men all your information regarding this situation in a private place where it can be fucked with to no end.

Sarcasm.

Keep this shit public please.

Or whatever, keep giving all your information to one "trusted" private source.  I mean, why not, this is obviously not a scam, because forum posts say it is not Smiley

Can you give me some ideas as to how someone who has access to my name, phone number, and e-mail (everyone I deal with practically) can scam me? This is very serious and worrying news, and I would want to be prepared to defend myself against scamers who have that info.

BitcoinPorn
Hero Member
*****
Offline Offline

Activity: 560


Posts: 69


View Profile WWW
August 03, 2011, 04:07:08 PM
 #6

Can you give me some ideas as to how someone who has access to my name, phone number, and e-mail (everyone I deal with practically) can scam me? This is very serious and worrying news, and I would want to be prepared to defend myself against scamers who have that info.
I am not here to help you scam people.  But if you have a lot of information on them and you can't figure a way to do something with that information, then you sir, fail.

You can easily use the people's information around you to your benefit, friends, family, etc.  It is the fact that you don't (I hope) that separates you from the scammers Smiley

Information is powerful when used in powerful ways.

Also the sky is blue.

I am in disbelief you made that reply and/or that it was legit, or maybe I am just confused (more so than normal)

BitcoinPorn
Hero Member
*****
Offline Offline

Activity: 560


Posts: 69


View Profile WWW
August 03, 2011, 04:21:26 PM
 #7

BitcoinPorn, I just wanted to ask you something, since you have been very accusatory of me and my intentions (all is forgiven, just curious still...).

Did you know I am BitMole, and that I am the one who wrote Bit-fu?
Sure didn't.

I will re-read my posts, but I can't say I would allow my knowing your contributions to the economy and what I believe are good intentions, on the forums, to change my mind on the fact that a private organization is not a great thing.   Or at least to clarify, in this particular case using the MyBitcoin situation as the first major goal, just seems like it is taking advantage of things.

Now knowing who you are, I can definitely see how you may see things differently, hell, with a forum "gang" piling up on you at one time (kind of unnecessarily as I recall), I can see how wanting to keep things personal is desirable.

Rassah
Legendary
*
Offline Offline

Activity: 1624


Director of Bitcoin100


View Profile
August 03, 2011, 04:57:51 PM
 #8

I can't say I would allow my knowing your contributions to the economy and what I believe are good intentions, on the forums, to change my mind on the fact that a private organization is not a great thing.

Are you seriously, on a forum about a private anarcho-libertarian currency, full of free-market loving libertarians, saying that "a private organization is not a great thing???"

 Or at least to clarify, in this particular case using the MyBitcoin situation as the first major goal, just seems like it is taking advantage of things.

Isn't the whole point of capitalism to "take advantage of things?" Currencies, and especially USD and EUR, are in trouble, and Bitcoin stepped in to take advantage of things. Or are you against the idea of "profiting from disaster?"


As for Matthew, and, I can't believe I am saying this, but maybe you should take a lesson from MagicalTux of MtGox: When people accuse you and troll you, just ignore them, keeping your answers as professional as possible, and only to few succinct explanations on how things are going (with an occasional jab at the troll, maybe, but OCCASIONAL!)
Though I do admit, feeding trolls can be fun and addictive  Roll Eyes

BitcoinPorn
Hero Member
*****
Offline Offline

Activity: 560


Posts: 69


View Profile WWW
August 04, 2011, 12:11:04 AM
 #9

Are you seriously, on a forum about a private anarcho-libertarian currency, full of free-market loving libertarians, saying that "a private organization is not a great thing???"

Isn't the whole point of capitalism to "take advantage of things?" Currencies, and especially USD and EUR, are in trouble, and Bitcoin stepped in to take advantage of things. Or are you against the idea of "profiting from disaster?"

I have no political agendas tied with Bitcoin, I am here for the technology, your comments make little sense to me :/

Quote
As for Matthew, and, I can't believe I am saying this, but maybe you should take a lesson from MagicalTux of MtGox: When people accuse you and troll you, just ignore them, keeping your answers as professional as possible, and only to few succinct explanations on how things are going (with an occasional jab at the troll, maybe, but OCCASIONAL!)

THIS AND ONLY THIS.

Fucking let actions speak.  I actually trust Matthew for the most part actually, and I would back him with the whole UABB situation knowing it is him, however I don't see the way the group would be handling this situation the right way.     The background with him and the forum however, being what it is, he just needs to solve this case, say "FUCK OFF HATERS" and let history be kind to him in that way Smiley

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!