Bitcoin Forum
December 06, 2016, 08:03:14 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: Do the withdraw limits on MtGox make it safe from major hacks?  (Read 1017 times)
Minsc
Full Member
***
Offline Offline

Activity: 210


View Profile
September 18, 2011, 12:16:16 AM
 #1

They can only withdraw 100BC or $1,000 a day (max $10,000 a month) so they can't take 20,000 coins from one account.

1DcXvfJdeJch9uptKopte5XQarTtj5ZjpL
1481054594
Hero Member
*
Offline Offline

Posts: 1481054594

View Profile Personal Message (Offline)

Ignore
1481054594
Reply with quote  #2

1481054594
Report to moderator
1481054594
Hero Member
*
Offline Offline

Posts: 1481054594

View Profile Personal Message (Offline)

Ignore
1481054594
Reply with quote  #2

1481054594
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481054594
Hero Member
*
Offline Offline

Posts: 1481054594

View Profile Personal Message (Offline)

Ignore
1481054594
Reply with quote  #2

1481054594
Report to moderator
Revalin
Hero Member
*****
Offline Offline

Activity: 728


165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g


View Profile
September 18, 2011, 09:42:15 PM
 #2

It makes things safer, but not 100% safe. In the June hack the hacker deliberately crashed the price to .01 to try to transfer more coins out.  I don't know if it worked.

If someone roots the server they might be able to circumvent the transfer limits.  There are more possible levels of protection - they might store the wallet on another machine that only processes transaction batches, verifies that there are no excessive withdraws, and doesn't have any other communication with the outside world.  That's how I'd do it, but I can't say if Gox does.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
GimmeDemBitz
Newbie
*
Offline Offline

Activity: 14


Founder and CEO of WHOOOOOOSH Financial


View Profile
September 24, 2011, 10:07:12 PM
 #3

Even if there is another major hack, Magic: The Gathering Online Exchange will just call a do-over and reset back to where the market was pre-hack anyway.

Do you know what it's like to be built this way?
With only the power to push others away?
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
September 26, 2011, 07:09:17 PM
 #4

That is the point.  The point of crashing the price is just to temporarily allow massive transfers.

Say BTC is worth ~$5.  The $1K limit means you can only move 200 coins daily.  If an account with 80,000 coins is compromised only a small amount can be moved daily.

If the price crashes to $0.01 USD : BTC then the $1K limit would allow 100K BTC to be moved.  Once moved it is obviously irreversable.  It doesn't do the owner of the compromised account any good if trades are reset and price put back to $5.  The BTC are still gone.
zer0
Sr. Member
****
Offline Offline

Activity: 350



View Profile
September 27, 2011, 10:40:42 PM
 #5

i don't see why scammers couldn't send in fake ID scans to any exchange and up their limits to whatever withdraw amount they want, then clean out the system.

i would hope Gox and other exchanges installed some safety measures to halt trading if the value goes too low/high too fast, must like the TSX/NYSE does
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!