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Question: Economically speaking, the current situation is:
just ok, bitcoin is strong - 42 (22.6%)
not good but everything will be fine - 104 (55.9%)
terrible, the end is near! - 40 (21.5%)
Total Voters: 186

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Author Topic: A cracker owning 850,000btc. How bad is that?  (Read 6616 times)
Dalmar
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February 28, 2014, 05:20:19 PM
 #21

Going to keep some very low orders on the exchange in case this person ever decides to dump.  Cheesy

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johnny211
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February 28, 2014, 05:30:32 PM
 #22

Considering Bitstamp has added to their KYC questions this one: 'What is the origin of the deposited Bitcoins?',
they probably suspect some of the scammed MtGox coins were already sold there.

Why would they care if some were already sold? Seems more of a CYA move.
pera
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February 28, 2014, 05:53:12 PM
 #23

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

Be creative: there is no enough demand in the world for 850,000btc, you wouldn't drop it all in the open market obviously (nor otc). But you could talk with JPMorgan or some other entity who hates Bitcoin and tell them that you would drop it all for X million. And also, you also get some powerful contacts for the rest of your life.

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sgk
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February 28, 2014, 06:33:31 PM
 #24

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

He (or they) might not flood the market e.g. a 'sell wall' but instead release a few hundred coins every week to resist the free fall in price? That way they can steadily convert all coins to fiat at market price.

antimattercrusader
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February 28, 2014, 06:37:35 PM
 #25

Who the fuck ur calling a cracker you racist fuck. Just because ur black or brown gives u no fucking right.

Bitcoin belongs to white people

Ahh geez, here we go

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ElectricMucus
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February 28, 2014, 06:38:31 PM
 #26

Who the fuck ur calling a cracker you racist fuck. Just because ur black or brown gives u no fucking right.

Bitcoin belongs to white people

get out
antimattercrusader
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February 28, 2014, 06:48:54 PM
 #27

On a serious note, a single unknown entity having this kind of stash of coins is the single biggest threat bitcoin yet imo. Until its either determined that the coins were lost and or sold etc over time and have already been absorbed by the market OR they were destroyed by loss of private key, etc, OR all the coins are dumped, the purpose of the hacker remains unknown and that uncertainty will scare away growth and adoption.

I sure hope that its prooven the coins were stolen over time or lost due to a private key issue. Otherwise, no progress will happen until the hacker plays his cards and dumps the coins... eventually we'd recover from even that.... but if the bad actor just holds, the uncertainty may actually be the worst possible thing. To have that hanging over our head is not good, esp for large scale adoption.

This is why we should NEVER have allowed any single entity to control this much of the market in the first place, and if we make it through this and get a second chance, i hope an important lesson has been learned about centralization.

BTC: 13WYhobWLHRMvBwXGq5ckEuUyuDPgMmHuK
sgk
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February 28, 2014, 06:57:27 PM
 #28

Who the fuck ur calling a cracker you racist fuck. Just because ur black or brown gives u no fucking right.

Bitcoin belongs to white people

By 'cracker', the OP only means a 'hacker'. And English is not his primary language, so let's be sensible here.
On the other note, it would be good for OP to edit the title of the thread to replace 'cracker' with 'hacker'

T.Stuart
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February 28, 2014, 07:11:29 PM
 #29

I think people are skipping over the implications of this.

If one single persons owns 6% of the money supply and closer to 8-9% with the current number of btc in circulation it is a terrible thing.

Nobody seems to be addressing this point. Somebody tried to answer with "well Satoshi has that many coins". Well yeah but he didnt steal them did he.

I mean imagine if btc went to 10k the real world spending power of that criminal would be insane. Far more than any cartels or other gangs have so that should be deeply concerning.

Actually what might be the unpalatable truth is that a lot of people, over the years, caught wind of the easy hack: lots of dishonest Bitcoiners and no-one has owned up!

                                   
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cosmofly
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February 28, 2014, 07:12:00 PM
 #30

On a serious note, a single unknown entity having this kind of stash of coins is the single biggest threat bitcoin yet imo. Until its either determined that the coins were lost and or sold etc over time and have already been absorbed by the market OR they were destroyed by loss of private key, etc, OR all the coins are dumped, the purpose of the hacker remains unknown and that uncertainty will scare away growth and adoption.

I sure hope that its prooven the coins were stolen over time or lost due to a private key issue. Otherwise, no progress will happen until the hacker plays his cards and dumps the coins... eventually we'd recover from even that.... but if the bad actor just holds, the uncertainty may actually be the worst possible thing. To have that hanging over our head is not good, esp for large scale adoption.

This is why we should NEVER have allowed any single entity to control this much of the market in the first place, and if we make it through this and get a second chance, i hope an important lesson has been learned about centralization.

Question is how can we control that without a governing body
Miz4r
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February 28, 2014, 07:14:02 PM
 #31

If 850k coins truly were stolen, shouldn't we be able to see that in the blockchain? Especially if this happened recently. I call bullshit on this one until I see some proof such a big number of coins were actually stolen.

Bitcoin = Gold on steroids
cosmofly
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February 28, 2014, 07:14:27 PM
 #32

Who the fuck ur calling a cracker you racist fuck. Just because ur black or brown gives u no fucking right.

Bitcoin belongs to white people

By 'cracker', the OP only means a 'hacker'. And English is not his primary language, so let's be sensible here.
On the other note, it would be good for OP to edit the title of the thread to replace 'cracker' with 'hacker'

I will forgive him if he changes the title and apologizes to white kind.
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February 28, 2014, 07:15:13 PM
 #33

If 850k coins truly were stolen, shouldn't we be able to see that in the blockchain? Especially if this happened recently. I call bullshit on this one until I see some proof such a big number of coins were actually stolen.

Ah, sense Smiley

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February 28, 2014, 07:16:06 PM
 #34

Who the fuck ur calling a cracker you racist fuck. Just because ur black or brown gives u no fucking right.

Bitcoin belongs to white people

By 'cracker', the OP only means a 'hacker'. And English is not his primary language, so let's be sensible here.
On the other note, it would be good for OP to edit the title of the thread to replace 'cracker' with 'hacker'

I will forgive him if he changes the title and apologizes to white kind.

I hope you're trolling and not genuinely being a scumbag. But you know what, even if you're trolling, you're kinda still being a genuine scumbag. So fuck off, scumbag?

Newbie oriented mining site - http://cryptoexperiment.wordpress.com/ --- Free BTC - http://freebitco.in/?r=231531
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February 28, 2014, 07:16:10 PM
 #35

Bitcoin belongs to white people

Now who is the racist here?


I will forgive him if he........apologizes to white kind.

Chill or GTFO

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February 28, 2014, 07:42:55 PM
 #36

Inb4 KKK flags  Grin

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February 28, 2014, 07:45:40 PM
 #37

So MagicalTux and his lawyer confirmed that some cracker gained illegal access to their systems and stole 850k coins, don't ask me how that is possible...

Unless he proves all of the shit he says, I don't trust a single word this idiot or his lawyers say anymore. For all we know, he could have been sending all the money to a random address while constantly smoking crack all those years, this explanation is as feasible as any out there now.

I say freeze all his assets - including money he is wasting on the lawyers now - get him a public one instead, and bare minimum for the food. The money would be needed to pay out at least a small part of his debt. I he had any kind of tiny balls, he'd do it himself. But he continues lying, now to the regulators. This path will lead him nowhere.

i am satoshi
Wilhelm
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February 28, 2014, 07:52:15 PM
 #38

So MagicalTux and his lawyer confirmed that some cracker gained illegal access to their systems and stole 850k coins, don't ask me how that is possible...

Unless he proves all of the shit he says, I don't trust a single word this idiot or his lawyers say anymore. For all we know, he could have been sending all the money to a random address while constantly smoking crack all those years, this explanation is as feasible as any out there now.

I say freeze all his assets - including money he is wasting on the lawyers now - get him a public one instead, and bare minimum for the food. The money would be needed to pay out at least a small part of his debt. I he had any kind of tiny balls, he'd do it himself. But he continues lying, now to the regulators. This path will lead him nowhere.

I believe there are enough pissed off bad guys who had BTC in MtGOX.
If I was him I would be scared that some pissed off russian mob king puts a hit out on him.

(P.S> I'm not in this MtGOX mess and I don't advocate killing people)

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February 28, 2014, 07:53:03 PM
 #39

So MagicalTux and his lawyer confirmed that some cracker gained illegal access to their systems and stole 850k coins, don't ask me how that is possible...

Since many old bitcoins are most probably unspendable, what real percentage of bitcoin's market cap is now owned by a shady cracker? I would say something between 10% and 20%, which means that now one person with no moral values could destroy the economy at any moment.

I'm really worried. I saw a lot of bad things over the last 4 years but nothing like this.

Bitcoin as a technology is still amazing, but the economical impact of one bad guy owning a loooot of coins is pretty scary  Sad

850 K BTC... WOWwww I'm hope the cracker send some pieces the BTC to mine.lol  Grin

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akujin
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February 28, 2014, 08:45:32 PM
 #40

Maybe this is the half of stolen coins
https://blockchain.info/address/1AYtnRppWM7tWQaVLpm7TvcHKrjKxgCRvX

Divided into ~4k per address waiting to get dumped  Grin Grin Grin


450k for karpeles and 400k for the FBI Cheesy jajaja

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