Bitcoin Forum
December 07, 2016, 04:39:31 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 ... 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 [76] 77 78 79 80 81 82 »
  Print  
Author Topic: www.BITSTAMP.net Bitcoin exchange site for USD/BTC  (Read 205983 times)
leoragraves666
Full Member
***
Offline Offline

Activity: 188



View Profile
January 05, 2015, 10:19:12 AM
 #1501

Any info on what is happening at this point? Why is everything stopped?

PC & Mac repairs
1481128771
Hero Member
*
Offline Offline

Posts: 1481128771

View Profile Personal Message (Offline)

Ignore
1481128771
Reply with quote  #2

1481128771
Report to moderator
1481128771
Hero Member
*
Offline Offline

Posts: 1481128771

View Profile Personal Message (Offline)

Ignore
1481128771
Reply with quote  #2

1481128771
Report to moderator
1481128771
Hero Member
*
Offline Offline

Posts: 1481128771

View Profile Personal Message (Offline)

Ignore
1481128771
Reply with quote  #2

1481128771
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481128771
Hero Member
*
Offline Offline

Posts: 1481128771

View Profile Personal Message (Offline)

Ignore
1481128771
Reply with quote  #2

1481128771
Report to moderator
1481128771
Hero Member
*
Offline Offline

Posts: 1481128771

View Profile Personal Message (Offline)

Ignore
1481128771
Reply with quote  #2

1481128771
Report to moderator
Parazyd
Hero Member
*****
Offline Offline

Activity: 602


Space Lord


View Profile WWW
January 05, 2015, 10:21:34 AM
 #1502

Any info on what is happening at this point? Why is everything stopped?

Quote from: bitstamp.net
We have reason to believe that one of Bitstamp’s operational wallets was compromised on January 4th, 2015.

You guys are getting goxed Grin
spin
Sr. Member
****
Offline Offline

Activity: 348


View Profile
January 05, 2015, 11:40:09 AM
 #1503

Any info on what is happening at this point? Why is everything stopped?

Quote from: bitstamp.net
We have reason to believe that one of Bitstamp’s operational wallets was compromised on January 4th, 2015.

You guys are getting goxed Grin

stamped might become the new goxed.  Let's hope not.

If you liked this post buy me a beer.  Beers are quite cheap where I live!
17mWd6DtWkcvuN3MyJtFx4jCo9BQkYwmej
Parazyd
Hero Member
*****
Offline Offline

Activity: 602


Space Lord


View Profile WWW
January 05, 2015, 12:10:28 PM
 #1504

Any info on what is happening at this point? Why is everything stopped?

Quote from: bitstamp.net
We have reason to believe that one of Bitstamp’s operational wallets was compromised on January 4th, 2015.

You guys are getting goxed Grin

stamped might become the new goxed.  Let's hope not.

It has a certain "touch" to it Grin

bernard75
Legendary
*
Offline Offline

Activity: 1064



View Profile
January 05, 2015, 02:35:30 PM
 #1505

Its an anniversary present. Wink
hashie
Full Member
***
Offline Offline

Activity: 168

Hashie.co


View Profile
January 05, 2015, 02:52:41 PM
 #1506

Bitstamp lost 18K BTC. This is not good. https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf
primeminer
Full Member
***
Offline Offline

Activity: 156


View Profile
January 05, 2015, 02:58:31 PM
 #1507


hashie why don't you show the wallet you kept all the btc stolen from hashie?Huh

its easy to point fingers at others. What about You?Huh

buy BTC for GBP *Image Removed*
bitki w 2 miuty za PLN przelew bankowy express *Image Removed*

ESCROW
TsuyokuNaritai
Hero Member
*****
Offline Offline

Activity: 574



View Profile
January 05, 2015, 05:07:10 PM
 #1508

More info here: http://www.reddit.com/r/Bitcoin/comments/2rd2xe/bitstamp_is_apparently_broken_or_hacked_i_suggest/

bernard75
Legendary
*
Offline Offline

Activity: 1064



View Profile
January 05, 2015, 10:48:26 PM
 #1509

http://www.coindesk.com/bitstamp-claims-roughly-19000-btc-lost-hot-wallet-hack/
Stamped might get the antonym to Goxed afterall.
S3052
Legendary
*
Offline Offline

Activity: 1946


BTC Up or Down? go to www.bullbearanalytics.com


View Profile WWW
January 06, 2015, 06:54:13 AM
 #1510


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

>15years analysis experience

Always do your own due diligence & consult your financial advisor. Never invest unless you can afford to lose your entire investment.

http://twitter.com/BitcoinAnalyst

Subscribe here
sgk
Legendary
*
Offline Offline

Activity: 924


!! HODL !!


View Profile WWW
January 06, 2015, 07:05:37 AM
 #1511


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

They say this is only a small fraction of their Bitcoin holdings:

"This breach represents a small fraction of Bitstamp’s total bitcoin reserves, the overwhelming majority of which are held in secure offline cold storage systems."

Left brain is a bitch
pawel7777
Legendary
*
Offline Offline

Activity: 1092


View Profile
January 06, 2015, 09:45:57 AM
 #1512


They say this is only a small fraction of their Bitcoin holdings:

"This breach represents a small fraction of Bitstamp’s total bitcoin reserves, the overwhelming majority of which are held in secure offline cold storage systems."

Doesn't matter. What's relevant is the amount lost and how are they going to repay that.

Both cold and hot wallets are customers' deposit, BitStamp just holds those on their behalf and cannot dispose such funds at free will.

sgk
Legendary
*
Offline Offline

Activity: 924


!! HODL !!


View Profile WWW
January 06, 2015, 10:11:34 AM
 #1513


They say this is only a small fraction of their Bitcoin holdings:

"This breach represents a small fraction of Bitstamp’s total bitcoin reserves, the overwhelming majority of which are held in secure offline cold storage systems."

Doesn't matter. What's relevant is the amount lost and how are they going to repay that.

Both cold and hot wallets are customers' deposit, BitStamp just holds those on their behalf and cannot dispose such funds at free will.


They should repay. Given the clean record of the exchange until now, I would be tend to believe that they'll pay all lost BTC of their customers from their own pocket. After all, they must have earned a lot more from their operational profits until now.

Or at least that's what they should do.

Left brain is a bitch
oda.krell
Legendary
*
Offline Offline

Activity: 1232



View Profile
January 06, 2015, 11:34:52 AM
 #1514


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

It's all speculation anyway, but keep in mind: 10-12% of their total BTC holdings represents only about half of that percentage of their /total/ holdings, probably less if the last orderbook sums are to be taken as representative.

Assuming the 19k btc loss is really the end of it, I'd be surprised if they lost more than 5% of their total assets. Pretty bad for a company, but not necessarily catastrophic.

Not sure which Bitcoin wallet to use? I can highly recommend Electrum.
Electrum is an open-source lightweight client: user friendly, extremely fast, and one of the safest ways to store and use your bitcoins.
Executables are available on the Electrum homepage, so you can get a Bitcoin wallet up and running on your own computer in a few minutes.
Rampion
Legendary
*
Offline Offline

Activity: 1078


View Profile
January 08, 2015, 09:46:19 AM
 #1515


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

It's all speculation anyway, but keep in mind: 10-12% of their total BTC holdings represents only about half of that percentage of their /total/ holdings, probably less if the last orderbook sums are to be taken as representative.

Assuming the 19k btc loss is really the end of it, I'd be surprised if they lost more than 5% of their total assets. Pretty bad for a company, but not necessarily catastrophic.

First of all: 19k cannot be 5% of "their assets" - customers deposits ARE NOT Bitstamp's assets, they cannot use customers money to cover the hole (Gox anyone?Huh).

Taking into account Bitstamp's average commission and volume, 19k is the income they would generate in 8/12 months - the commissions are basically the money with which they can operate, those are "their assets" and NOT customers money.

For a company to lose one full year of income is indeed catastrophic in my book. I know by heart my company would have to file for bankruptcy almost immediately Smiley. Unless they were very wise with their money management (I really hope they were), saving a lot of BTC back in the day, etc. they will have a very rough year ahead.

Let's hope that they are a healthy company and that Pantera and/or other investors are willing to help them out.

hashie
Full Member
***
Offline Offline

Activity: 168

Hashie.co


View Profile
January 08, 2015, 09:59:20 AM
 #1516

So, what's a good exchange to trade on nowdays?
Rampion
Legendary
*
Offline Offline

Activity: 1078


View Profile
January 08, 2015, 10:02:04 AM
 #1517

So, what's a good exchange to trade on nowdays?

Bitfinex? Honestly, I did quite a lot of trading back in the early to mid 2013, but I stopped as soon as Gox showed the first signs of insolvency (April/May 2013) and then I used Bitstamp just to cash out a bit in December 2013, but I never had any balance for more than 24 hours on it.

I'd say that there is no "super-safe" exchange for bitcoin. Not controlling directly your private keys is inherently risky. Do not have on any exchange more than you can afford to lose. Sad but true.

oda.krell
Legendary
*
Offline Offline

Activity: 1232



View Profile
January 08, 2015, 10:07:59 AM
 #1518


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

It's all speculation anyway, but keep in mind: 10-12% of their total BTC holdings represents only about half of that percentage of their /total/ holdings, probably less if the last orderbook sums are to be taken as representative.

Assuming the 19k btc loss is really the end of it, I'd be surprised if they lost more than 5% of their total assets. Pretty bad for a company, but not necessarily catastrophic.

First of all: 19k cannot be 5% of "their assets" - customers deposits ARE NOT Bitstamp's assets, they cannot use customers money to cover the hole (Gox anyone?Huh).

Taking into account Bitstamp's average commission and volume, 19k is the income they would generate in 8/12 months - the commissions are basically the money with which they can operate, those are "their assets" and NOT customers money.

For a company to lose one full year of income is indeed catastrophic in my book. I know by heart my company would have to file for bankruptcy almost immediately Smiley. Unless they were very wise with their money management (I really hope they were), saving a lot of BTC back in the day, etc. they will have a very rough year ahead.

Let's hope that they are a healthy company and that Pantera and/or other investors are willing to help them out.

Yes, I realized this after I posted: 'asset' isn't the right word. My bad. But I'm sure you got the point though:

It does make a substantial difference whether they lost 80%, 40% or, as I claim, at most 5% of their total customers' funds, because:
- their ability to cover the loss is based on their revenue (and their company assets)
- their own revenue is based on their trading volume (and the market price, of course)
- which in turn is related to total customers' funds

So, the higher the share of customers' funds lost, the less likely is that a company will be able to refund it. That was the basic idea.

I'm not defending them, by the way: No idea why they had 19k coins in a hot wallet. Seems absolutely excessive. And unless they provide some very good information explaining the hack, how it came to it, and how they're improving their internal security from now on, I will leave Bitstamp behind as a customer.

That is, of course, assuming that I get my funds back. For all I know, this could still turn out to be another gox. I had a pretty high opinion of Bitstamp so far, and the fact that they have large outside investors is reassuring, but until I can log in again and trade or withdraw my funds, I remain extremely skeptic.

Not sure which Bitcoin wallet to use? I can highly recommend Electrum.
Electrum is an open-source lightweight client: user friendly, extremely fast, and one of the safest ways to store and use your bitcoins.
Executables are available on the Electrum homepage, so you can get a Bitcoin wallet up and running on your own computer in a few minutes.
Rampion
Legendary
*
Offline Offline

Activity: 1078


View Profile
January 08, 2015, 10:19:30 AM
 #1519


I agree. I am not sure if they have enough capital to swallow the 5.2 million $ value of the loss.

It's all speculation anyway, but keep in mind: 10-12% of their total BTC holdings represents only about half of that percentage of their /total/ holdings, probably less if the last orderbook sums are to be taken as representative.

Assuming the 19k btc loss is really the end of it, I'd be surprised if they lost more than 5% of their total assets. Pretty bad for a company, but not necessarily catastrophic.

First of all: 19k cannot be 5% of "their assets" - customers deposits ARE NOT Bitstamp's assets, they cannot use customers money to cover the hole (Gox anyone?Huh).

Taking into account Bitstamp's average commission and volume, 19k is the income they would generate in 8/12 months - the commissions are basically the money with which they can operate, those are "their assets" and NOT customers money.

For a company to lose one full year of income is indeed catastrophic in my book. I know by heart my company would have to file for bankruptcy almost immediately Smiley. Unless they were very wise with their money management (I really hope they were), saving a lot of BTC back in the day, etc. they will have a very rough year ahead.

Let's hope that they are a healthy company and that Pantera and/or other investors are willing to help them out.

Yes, I realized this after I posted: 'asset' isn't the right word. My bad. But I'm sure you got the point though:

It does make a substantial difference whether they lost 80%, 40% or, as I claim, at most 5% of their total customers' funds, because:
- their ability to cover the loss is based on their revenue (and their company assets)
- their own revenue is based on their trading volume (and the market price, of course)
- which in turn is related to total customers' funds

So, the higher the share of customers' funds lost, the less likely is that a company will be able to refund it. That was the basic idea.

I'm not defending them, by the way: No idea why they had 19k coins in a hot wallet. Seems absolutely excessive. And unless they provide some very good information explaining the hack, how it came to it, and how they're improving their internal security from now on, I will leave Bitstamp behind as a customer.

That is, of course, assuming that I get my funds back. For all I know, this could still turn out to be another gox. I had a pretty high opinion of Bitstamp so far, and the fact that they have large outside investors is reassuring, but until I can log in again and trade or withdraw my funds, I remain extremely skeptic.

They just had 3.100BTC in the hot wallet at the moment of the hack. But they did not realize they were hacked until 24 hours after the hack. Check the transactions. During that 24 hours the hacker kept stealing all the money that was deposited on bitstamp.

This is what the transaction history tells us:

- the first transaction is the bigger one: 3.100 BTC. Probably all that was on Bitstamp's hot wallet at that time.
- after that, the hacker sweeps every coin that is deposited on Bitstamp during 24 hours.
- after a full day, he managed to steal almost 19k.
- after Bitstamp realizes is hacked, transactions slow down, but we still see some transactions going in to the hacker address. This is probably people that did not realize Bitstamp was hacked, so they are still depositing BTC from their clients address book. It could also be some ATM or automated service - anyhow after the announcement only peanuts coming in.



Rampion
Legendary
*
Offline Offline

Activity: 1078


View Profile
January 08, 2015, 10:21:33 AM
 #1520

The above is also consistent with the crazy fees the hacker used: probably he shit his pants when he realized he controlled the wallet, so he started using CRAZY fees in the hope his transactions would have priority in case Bitstamp realized they were hacked and tried to sweep the funds to a secure wallet. In other words, he was preventively defending himself from a "double spend" from Bitstamp.

The reality is he just wasted the coins, because Bitstamp did not realize anything until 24 hours later Cheesy

Pages: « 1 ... 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 [76] 77 78 79 80 81 82 »
  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!