bter hacked and lost 50m nxt

[jwinterm]

It never occurred to me until this whole fiasco how "forging" can also have connotations of illicit activity, and not only refer to forging steel or something (which I think is the intended meaning). If all the forgers agree on a new fiction, then it shall be a reality, or something

[Skoupi]

NXT is a social experiment as its founders like to say, devs give forgers a choice, so that forgers can exercise their right to vote with their forging power. That's the reason for this patched release. This goes to show the spirit of forgers and what they stand for. If they weren't offered a choice, it would be unknown what forgers stand for, and whether they truely support ideas of crypto currency. NXT forgers proved they do. You can keep trying to twist it as if it's not in NXT favor, but for all unbiased people it's clear to see what it's all about. But trolls gonna troll, it's their life.

So why don't they introduce this as a permanent feature? Give forgers the option to whitelist or blacklist every single transaction at will.
Maybe with a nice thumbs up button.   
Do you know why? Because this would be the shittiest of all alt-coins...

Actually forgers can do that on their own, NXT is open source, just like in Bitcoin miners can do that.
They can modify the software to include or not include txs.
If 51% (or 90% soon when Transparent Forging is enabled) of forging/mining power agrees to use the same modified software, then an alternative longer chain can be formed. That's the beauty of crypto currencies and that's basics of crypto currencies too

I agree. That's why the community turned down that unacceptable patch.
Still i have some news that might shock you. Even in open source programs you need developers. Developers to make them and maintain them.
And the fate of crypto-currencies is pretty much tied with the reputation and the actions of its developers.

[niothor]

While this is still an ongoing event, bter updates its twitter releasing the news that it will not rollback, but similar information has  not been released on its weibo, keeping the Chinese  in dark.
8btc chose to publicze the information to the Chinese. The lack of crisis PR has been exposed, which also provides a good lesson to other peers.
Now btc38 still allow NXT/BTC/CNY trades with 60% volume.

I wonder who the hell is selling nxt on that platform. You have to be nuts to send your coins to an exchange after it took such a loss.
Gox anyone?

[Este Nuno]

If the hacker does not get to keep his NXT then the dev team has fucked up bad and NXT is doomed.
It already had a bad enough reputation and it's had TONS of drama in the past so this will just seal it's fate.

I never liked these NXT guys anyway so please do your rollback.. fuck em !
This latest news just proves their greedy morons..

what kind of centralized dipshits decide who gets to keep their coins ?
so the dev team decided that the hacker does not deserve his coins so they are deleting them ? WOW !
in other words NXT is dead.
that shit won't fly with the public LOL

and you could tell they were dead set on doing a rollback from the start anyway and
have been dancing around it because they can tell 80% of guys don't like the idea !

I've noticed you never actually read the threads you post in.

You just make up whatever facts you like in your head then post a big rambling post supporting your own fiction.

[Este Nuno]

It never occurred to me until this whole fiasco how "forging" can also have connotations of illicit activity, and not only refer to forging steel or something (which I think is the intended meaning). If all the forgers agree on a new fiction, then it shall be a reality, or something

How is it any different than "mining"?

How is it illicit activity?

[MystPhysX]

If I have learned anything in the world of crypto. It's just when you think nothing can get worse just when you think everythings at an all time low Mark Karpeles will walk his fat fucking ass into the room and spill a boiling hot frappucino all over your computer. Mark my words thinks are about to get worse.

This is legendary.

I agree. That's why the community turned down that unacceptable patch.
Still i have some news that might shock you. Even in open source programs you need developers. Developers to make them and maintain them.
And the fate of crypto-currencies is pretty much tied with the reputation and the actions of its developers.

That's basically it, a lot of coins have failed because the devs were not trustworthy or just inexperienced.

[Este Nuno]

If I have learned anything in the world of crypto. It's just when you think nothing can get worse just when you think everythings at an all time low Mark Karpeles will walk his fat fucking ass into the room and spill a boiling hot frappucino all over your computer. Mark my words thinks are about to get worse.

This is legendary.

I agree. That's why the community turned down that unacceptable patch.
Still i have some news that might shock you. Even in open source programs you need developers. Developers to make them and maintain them.
And the fate of crypto-currencies is pretty much tied with the reputation and the actions of its developers.

That's basically it, a lot of coins have failed because the devs were not trustworthy or just inexperienced.

Yeah, there's not much way around the fact that things are going to be dependent on the developers. I guess the fact that we have 1000 currencies that we can switch to in the drop of a hat mitigates that risk somewhat.

It's like if Bitcoin devs ever went rogue there are clear alternatives to Bitcoin that could easily replace it. Not that I actually think Bitcoin devs would ever do something like that.

[peeveepee]

How is bter going to handle the situation. Is the exchange still solvent?

[Coinr88]

Silence from bter since 9+ hours

[alternate]

i have heard the rollback doen't work,that will be a tough time for bter.

[bitcoinpaul]

How is bter going to handle the situation. Is the exchange still solvent?

Of course. They just lost their NXT. The question is: are they still trusted?

[robhimself]

Rolling back or deleting coins is a bad precedent to set. That is one slippery slope for a crypto.

[EvilDave]

While this is still an ongoing event, bter updates its twitter releasing the news that it will not rollback, but similar information has  not been released on its weibo, keeping the Chinese  in dark.
8btc chose to publicze the information to the Chinese. The lack of crisis PR has been exposed, which also provides a good lesson to other peers.
Now btc38 still allow NXT/BTC/CNY trades with 60% volume.

Gotta point out here that although BTER asked for a rollback, the decision to attempt to rollback or not lay with the NXT community.
It would take a lot of work to actually co-ordinate enough NXT forgers (same as a BTC/LTC miner) to get a majority onto the 'revised' blockchain.
In this case, a small minority attempted to get a rollback going, but they never gained any traction and everyone is now on the 'official' blockchain, including the theft, sadly.
So, no rollback.

Strangely, the hack seems to be having little effect on NXT value.
There are a lot of other cryptos losing more even without having 5% stolen.......

NXT will survive this and hopefully people will get a little bit more serious about their password security from now on.
Really.....

[sniveling]

I heard the hacker had limited options to immediately dump this stolen Nxt because most big exchanges had frozen their Nxt markets. Are the big exchanges unfreezing their Nxt markets now? It cannot be easy to dump that many Nxt even if all the exchanges resume trading.

[23781946]

Hacker's btc moving

[Mt. Gox]

If I was the hacker, I would return 49 million Nxt back to Bter and keep 1 million for myself and stay true to the agreement and return the 9 BTC of the 110 back to them as well. That way, Nxt is restored back to its former health, Bter gets to survive, and I still get my profit. It's a shame there are so many greedy people in the world. People who fight, scam, steal, etc. are missing the big picture. It's about cryptos vs. fiat. If Satoshi was still around, he would be disappointed at the current state of cryptocurrency.

[Armando]

Hacker's btc moving

Anyone knows how to tag the transactions on blockchain, like it was done with the coins confiscated by feds?

Let's "mark" the money, and this prick will not be able to withdraw it using exchange etc

[sumantso]

Hacker's btc moving

very stupid of them to give hackers the BTC. Giving a thief more money and hoping he will return when he has no obligation to do so.

[kelsey]

Rolling back or deleting coins is a bad precedent to set. That is one slippery slope for a crypto.

Just like 100% premine IPOs are  

[BitAddict]

Hacker's btc moving

very stupid of them to give hackers the BTC. Giving a thief more money and hoping he will return when he has no obligation to do so.

They got 5M back, that's worth >300 btc. Bter won in that trade.