Stop saying the Bitstamp coins were dumped!! They are right $%&#ing here -- >

[jbreher]

Can one of you geniuses tell me why this isn't effecting the market at all. An exchange goes down without so much as a hiccup. No panic selling, no day traders manipulating the market, no people pissed off because their money was frozen and cashing out everywhere else - nothing.

Not claiming genius, but I can speculate. Perhaps Bitcoin has in the last year shed all those who don't understand its long term prospects, and we are left with a population of those wise enough to see that this event does not affect anything in the long term.

[astrobitcoin]

If the problem was one compromised wallet, why is the hole web shut down?
There must be pro technician working at B.stamp.

Why cant we access our own account at least?

This is suspect.

If they were honest, they would have allowed you to withdraw your funds from cold wallet and then carry on the investigation. They are locking u in. That means something is fishy.

no. that means that they have to investigate for bugs and causes and solve it, avoiding more losses of your bitcoins

[QuestionAuthority]

Can one of you geniuses tell me why this isn't effecting the market at all. An exchange goes down without so much as a hiccup. No panic selling, no day traders manipulating the market, no people pissed off because their money was frozen and cashing out everywhere else - nothing.

Not claiming genius, but I can speculate. Perhaps Bitcoin has in the last year shed all those who don't understand its long term prospects, and we are left with a population of those wise enough to see that this event does not affect anything in the long term.

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

[jbreher]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

[QuestionAuthority]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

I wouldn't expect them to care but I would expect them to react.

[jbreher]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

I wouldn't expect them to care but I would expect them to react.

Sure - price goes down, a handful of orders in their 'buying' ladder get filled.
They take the BTC and enter a bunch of new sell orders in their selling ladder.
Price goes up, a handful of orders in their selling ladder get filled.
They take the proceeds, enter a bunch new orders in their buying ladder.
...

What has that got to do with a net change in Bitcoin adoption?

[resya]

The dip has nothing to do with bitstamp, but it's really Interesting timing on the Bitstamp hack, almost like it was timed to remind investors how sketchy and unsafe Bitcoin is and how there is certainly no escape from tainted markets in crypto.

The ordinary uneducated people will be pointing fingers on how bitcoin is unsecure and dangerous investment

[QuestionAuthority]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

I wouldn't expect them to care but I would expect them to react.

Sure - price goes down, a handful of orders in their 'buying' ladder get filled.
They take the BTC and enter a bunch of new sell orders in their selling ladder.
Price goes up, a handful of orders in their selling ladder get filled.
They take the proceeds, enter a bunch new orders in their buying ladder.
...

What has that got to do with a net change in Bitcoin adoption?

I don't know what it has to do with Bitcoin adoption. I thought we were talking about price shifts?

[mlferro]

The dip has nothing to do with bitstamp, but it's really Interesting timing on the Bitstamp hack, almost like it was timed to remind investors how sketchy and unsafe Bitcoin is and how there is certainly no escape from tainted markets in crypto.

The ordinary uneducated people will be pointing fingers on how bitcoin is unsecure and dangerous investment

this is fact!
when  have no instruction,  is natural  condemn what  does not understand

[fonenumba]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

I wouldn't expect them to care but I would expect them to react.

The expectation that day traders would likely have is that once bitstamp opens back up people will want to sell their bitcoin for fiat in mass. This is actually counter-intuitive because they would probably be able to withdraw bitcoin faster then they can withdraw fiat 

[QuestionAuthority]

I wasn't really thinking about wise people. I was talking more about day traders and speculators. 

What do day traders care? Up, down, doesn't matter to them as long as its changing.

I wouldn't expect them to care but I would expect them to react.

The expectation that day traders would likely have is that once bitstamp opens back up people will want to sell their bitcoin for fiat in mass. This is actually counter-intuitive because they would probably be able to withdraw bitcoin faster then they can withdraw fiat 

I would agree that people with accounts elsewhere will very likely withdraw bitcoins. Those people that don't have an account elsewhere or the ability to get one will need to withdraw fiat. It's going to be fun to watch this unfold.

[mayax]

If the problem was one compromised wallet, why is the hole web shut down?
There must be pro technician working at B.stamp.

Why cant we access our own account at least?

This is suspect.

If they were honest, they would have allowed you to withdraw your funds from cold wallet and then carry on the investigation. They are locking u in. That means something is fishy.

no. that means that they have to investigate for bugs and causes and solve it, avoiding more losses of your bitcoins

how can it be done in 4 days as they claim? it is impossible to read all the code's lines, to realize where the bug is and then to fix it +test.
also, they are moving the website to other server. that means setup, firewalls and so on...

[Vessko]

Can one of you geniuses tell me why this isn't effecting the market at all.

Why would it? The total number of bitcoins hasn't increased significantly, so their price would not fall due to inflation. The customers of Bitstamp cannot dump their holdings of bitcoins in a panic, because their accounts are frozen. The hacker cannot cash in in a hurry, because he will be tracked and will crash the market, losing the value of most of what he has stolen.

Yes, the hacker will eventually have to cash in, which would put a downward pressure on the price. (It would also probably cause wild altcoin fluctuations relative to the price of bitcoins.) However, Bitstamp also has to recover the missing coins from their own funds, in order to reimburse their customers, which would put an upward pressure on the price.

All in all, the two would mostly cancel each other in the long run (and would it be irony of Bitstamp ends up buying back the stolen coins from the thief, without realizing it), so the price fluctuations would be caused mostly by speculators and not by the theft.

The hacker will probably sell large amounts of stolen coins via Localbitcoins at a discount, but this will not impact the exchange-quoted price directly and immediately. Plus, it's much riskier for him, so it probably won't happen any time soon.

[CoinCidental]

People keep attributing the fall to $270 on the 19k coins being dumped on Finex or other exchange(s). This is not the case!! The coins haven't moved out of the address they were sent to  ----- > https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf

Could the fall have been due to dumping precipitated by insider info..? yes. Were the hacked Bitstamp coins dumped..? no. Can the coins be dumped..? not easily and definitely not in a way that is going to crash the market further.

So just stop... please... thanks already...

the coins can be dumped incredibly easy

what makes you think they can't ?

They can't be dumped on the open market. It's hard to find a 5M worth buyer or sell this much in fractions off market too. (off market deals do not directly influence the public markets)

In reality, these coins don't worth much.

forget i asked, ill just reiterate they can be dumped incredibly easy and will be

Mixers don't work well (especially for large amounts) and are being de-annonymized. You need to transfer to an exchange to change to altcoins and those coins can also be marked and tracked. Localbitcoins is an option but will leave a trail and requires meeting in person or bank details. Shady deals are possible but difficult to arrange and now that the whole world knows the Bitstamp coins are out there it would be quite difficult to move big blocks of them in this way without raising red flags. So tell me exactly, how are they going to dump these coins on the market?


there is no reason to dump them -just cash a few every month for the rest of your life and live in luxury
5.2 million is enough to have a decent life in any country

[QuestionAuthority]

Can one of you geniuses tell me why this isn't effecting the market at all.

Why would it? The total number of bitcoins hasn't increased significantly, so their price would not fall due to inflation. The customers of Bitstamp cannot dump their holdings of bitcoins in a panic, because their accounts are frozen. The hacker cannot cash in in a hurry, because he will be tracked and will crash the market, losing the value of most of what he has stolen.

Yes, the hacker will eventually have to cash in, which would put a downward pressure on the price. (It would also probably cause wild altcoin fluctuations relative to the price of bitcoins.) However, Bitstamp also has to recover the missing coins from their own funds, in order to reimburse their customers, which would put an upward pressure on the price.

All in all, the two would mostly cancel each other in the long run (and would it be irony of Bitstamp ends up buying back the stolen coins from the thief, without realizing it), so the price fluctuations would be caused mostly by speculators and not by the theft.

The hacker will probably sell large amounts of stolen coins via Localbitcoins at a discount, but this will not impact the exchange-quoted price directly and immediately. Plus, it's much riskier for him, so it probably won't happen any time soon.

That's what I'm talking about. I would think speculators could use this as an opportunity.

[Guido]

bistamp eta long way off
still no sign of them opening up

[krnaveen14]

I dont know completely how the wallets and addresses are controlled. But just a thought of me.

If I was using blockchain.info , then I can download my private key to import it to my offline wallet. I dont understand the term - "BitStamp no more controls that address" - Either the attacker stole the bitcoins by inserting malicious code or doing some sql or php query stuffs or getting access to the wallet. Even if he have the private key to that address, still the bitstamp will also have the private key with them unless the hacker gets physical access to their computer or whatever and destroys everything. Please correct me if I'm wrong.

[turvarya]

I dont know completely how the wallets and addresses are controlled. But just a thought of me.

If I was using blockchain.info , then I can download my private key to import it to my offline wallet. I dont understand the term - "BitStamp no more controls that address" - Either the attacker stole the bitcoins by inserting malicious code or doing some sql or php query stuffs or getting access to the wallet. Even if he have the private key to that address, still the bitstamp will also have the private key with them unless the hacker gets physical access to their computer or whatever and destroys everything. Please correct me if I'm wrong.

You are right. That is why the hackers put in such high transaction fees into the transaction, so miners would process them pretty fast.

[rollingMyCar]

bistamp eta long way off
still no sign of them opening up

if I remember well,
they have talked about reopening on
12 January ...

or I remember wrong?

no one have info about reopening date?

[turvarya]

bistamp eta long way off
still no sign of them opening up

if I remember well,
they have talked about reopening on
12 January ...

or I remember wrong?

no one have info about reopening date?

just look here:
https://twitter.com/Bitstamp
They said 24-48 h. But after testing the system they started from anew.