BitStamp - hacked and down

[donk4u]

At this point bitstamp is in the process of formulating an effective exit strategy plain and simple. Getting all its ducks in a row to screw everyone out of their money. What have they done ot refute this?

[Jammalan the Prophet]

What is stopping them from proving they have the remaining balance of bitcoins?

It takes what a few minutes at most?

This is something that should have been done days ago.

Proving now they have the coins would stop them to file bankruptcy and claim they have no coins left because of the hack..

[OhShei8e]

Bitstamp going down like this is a huge red flag for me. I will not be using Bitstamp for a very long time if ever. To lost 10+% of their total customer deposited bitcoins is unacceptable and anyone keeping money or coins there with them after they "reopen" (if they do) deserve to lose their funds as there are many risks to leaving them on there after such an event.

Absolutely right, but have you understood the deeper meaning?

What is an alternative? I just try to find out:

https://bitcointalk.org/index.php?topic=918149.0
 
This forum and western people have become unimportant for the Bitcoin economy.
Things are happening now in China (where no one is interested in Bitstamp).
And I would have to lie, if I would say that I am not deeply worried about that development.

We are excellent in blaming each other but unable to behave with integrity and discretion. We do not act like a community.
Without China Bitcoin would already be dead as a doornail. People already sitting on their offline wallets. We have 7tx/s bandwidth.
Without a trusted and respected ecosystem of enterprises Bitcoin is useless for the masses.
Since a long time I'm just watching. Don't trade don't use it anymore. Zerotrust to everyone.

I wonder what we can do (not what someone else can do). I love the idea of a free currency. But what's wrong with us if we can achieve this only by China?

[mayax]

Bitstamp going down like this is a huge red flag for me. I will not be using Bitstamp for a very long time if ever. To lost 10+% of their total customer deposited bitcoins is unacceptable and anyone keeping money or coins there with them after they "reopen" (if they do) deserve to lose their funds as there are many risks to leaving them on there after such an event.

Absolutely right, but have you understood the deeper meaning?

What is an alternative? I just try to find out:

https://bitcointalk.org/index.php?topic=918149.0
 
This forum and western people have become unimportant for the Bitcoin economy.
Things are happening now in China (where no one is interested in Bitstamp).
And I would have to lie, if I would say that I am not deeply worried about that development.

We are excellent in blaming each other but unable to behave with integrity and discretion. We do not act like a community.
Without China Bitcoin would already be dead as a doornail. People already sitting on their offline wallets. We have 7tx/s bandwidth.
Without a trusted and respected ecosystem of enterprises Bitcoin is useless for the masses.
Since a long time I'm just watching. Don't trade don't use it anymore. Zerotrust to everyone.

I wonder what we can do (not what someone else can do). I love the idea of a free currency. But what's wrong with us if we can achieve this only by China?

All the chinesse exchangers are making a lot of fake transactions. When I am saying fake, it means 1:10.
if they report 1000 transactions that means 100.

http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/

http://bitcoinpricelive.com/chinese-bitcoins-crash-market/

[OhShei8e]

All the chinesse exchangers are making a lot of fake transactions. When I am saying fake, it means 1:10.
if they report 1000 transactions that means 100.

To be honest. We don't know.

But if that were true what you say, then Bitcoin would strongly overvalued at the moment. I do not pay over 200$ for an mostly fake traded asset. How crazy is this?

But probably you are right and maybe all is fake in China. Maybe there are only living a few people and the Chinese wall is only a few meters long.

Do you have ever seen a Chinese bubble?

https://www.youtube.com/watch?v=V3XfpYxHKCo

Bitcoin is a thousand times smaller. This is only a bubble of many. I don't believe that the exchanges in China need to fake anything. But to be honest: I don't know and it is a useless discussion.
In the Western world there are not many exchange driven transactions left. And to be honest again: I'm sure.

[mayax]

All the chinesse exchangers are making a lot of fake transactions. When I am saying fake, it means 1:10.
if they report 1000 transactions that means 100.

To be honest. We don't know.

But if that were true what you say, then Bitcoin would strongly overvalued at the moment. I do not pay over 200$ for an mostly fake traded asset. How crazy is this?

But probably you are right and maybe all is fake in China. Maybe there are only living a few people and the Chinese wall is only a few meters long.

Do you have ever seen a Chinese bubble?

https://www.youtube.com/watch?v=V3XfpYxHKCo

Bitcoin is a thousand times smaller. This is only a bubble of many. I don't believe that the exchanges in China need to fake anything. But to be honest: I don't know and it is a useless discussion.
In the Western world there are not many exchange driven transactions left. And to be honest again: I'm sure.

it's not me who is saying that the chinesse exchangers are faking the data but the Bitcoin's propaganda, Coindesk.

http://www.coindesk.com/reality-chinese-trading-volumes/

Yes, the Bitcoin price is manipulated. is this the first time when you are reading about that?

[picolo]

It is frightening to see Bistamp is still inaccessible but it is positive that they take all the time to test their systems.
They are not building back everything despite what the CEO said on twitter because it couldn't be safe to rebuild and code everything in a few days.

[Pustul]

They are open for business now

Unfortunately I don't have my 2FA device on me now so I can't check if withdrawals are possible.

[gameboyadvance]

reports are the withdrawals are coming through

[picolo]

yeah, they did't disappoint, true service

They were probably "just" hacked of 19 000 BTC and they held enough bitcoins in cold storage.

[mayax]

The Bitcoin they have, it is not the Bitstamp's asset. The funds belongs to their clients.

There will be massive withdrawals. You have to be crazy to keep your funds in Bistamp at least for a while(2-3 months). Why? I am pretty sure they did not fix any bug. They just changed the servers. Smiley

It is impossible(and this can be certified by any programmer) to identify a hack in a financial platform in 3-4 days, to fix it and then to setup a new server and so on..

[Pustul]

The Bitcoin they have, it is not the Bitstamp's asset. The funds belongs to their clients.

There will be massive withdrawals. You have to be crazy to keep your funds in Bistamp at least for a while(2-3 months). Why? I am pretty sure they did not fix any bug. They just changed the servers. Smiley

It is impossible(and this can be certified by any programmer) to identify a hack in a financial platform in 3-4 days, to fix it and then to setup a new server and so on..

You don't know how they covered the loss. And for the hack it really depends on what happened, it may be easy to identify... Again we need more information. One thing is certain, I've never seen a exchange handling a hack that well.

[Coiner.de]

They just changed the servers.

You are wrong. They changed their hot wallet to use multi-sig. Everyone withdrawing can see this and it has already been reported multiple times.

[OhShei8e]

You don't know how they covered the loss.

They have pulled 10,000 from their cold wallet:

https://blockchain.info/address/1JoktQJhCzuCQkt3GnQ8Xddcq4mUgNyXEa

On the face of it seems to be enough at the moment. I can't see any bank run.

[mayax]

They just changed the servers.

You are wrong. They changed their hot wallet to use multi-sig. Everyone withdrawing can see this and it has already been reported multiple times.

The bug was/IS in their platform. It doesn't matter how many signatures they are using.

[picolo]

The Bitcoin they have, it is not the Bitstamp's asset. The funds belongs to their clients.

There will be massive withdrawals. You have to be crazy to keep your funds in Bistamp at least for a while(2-3 months). Why? I am pretty sure they did not fix any bug. They just changed the servers. Smiley

It is impossible(and this can be certified by any programmer) to identify a hack in a financial platform in 3-4 days, to fix it and then to setup a new server and so on..

You don't know how they covered the loss. And for the hack it really depends on what happened, it may be easy to identify... Again we need more information. One thing is certain, I've never seen a exchange handling a hack that well.

If what they said is true and there is nothing more hidden, they handled it very well and bitstamp seems very safe. But it's a new company and the fact they lost 19 000 BTC is not a good news about their systems and security. There must be a way to almost guarantee you won't loose 19 000 BTC.

I would like it if they would sign a cold wallet and put the address on bitstamp.net saying it's the customers funds.

[colour]

I would like it if they would sign a cold wallet and put the address on bitstamp.net saying it's the customers funds.

Well, it's pretty much guaranteed at this point that they still control this cold wallet address.

But it seems their hot wallet has run dry and is not getting refilled in a timely manner, which bothers me.

Edit: Hot wallet getting refilled with 5000 coins just now.

[cryptoanarchist]

I posted on here almost a year ago that bitstamp was just a government honeypot and that it was only a matter a time before they ran off with people's coins.

Like 99% of the time - I was right.

 

[seriouscoin]

They just changed the servers.

You are wrong. They changed their hot wallet to use multi-sig. Everyone withdrawing can see this and it has already been reported multiple times.

The bug was/IS in their platform. It doesn't matter how many signatures they are using.

Wow , you're dumb as a rock arent you?

Always assume your platform is compromised. What matters is what data can be stolen....., meaningless data? Mutisig wallet would allow them using a third device to sign tx.

[mayax]

They just changed the servers.

You are wrong. They changed their hot wallet to use multi-sig. Everyone withdrawing can see this and it has already been reported multiple times.

The bug was/IS in their platform. It doesn't matter how many signatures they are using.

Wow , you're dumb as a rock arent you?

Always assume your platform is compromised. What matters is what data can be stolen....., meaningless data? Mutisig wallet would allow them using a third device to sign tx.

You are smart, I admit that. Please do not read further.

If you think that the users details(passports, user accounts, utility bills, addresses, bank accounts) are meaningless data, it ok. You are the smart one and you know better.