Bitstamp is open - now with multisig

[celebreze32]

Bitstamp is open, now with multisig. Here's the interesting bit of a message from bitstamp's boss.

https://www.bitstamp.net/article/bitstamp-is-open-for-business-better-than-ever/

What’s new?

Our team has been working day and night to rebuild and restore security to the Bitstamp site so customers can resume transacting with us quickly, safely, and confidently. Bitstamp is now fully operational with a number of key improvements:

Multi-sig
* With the integration of BitGo multi-sig technology, Bitstamp is now the first and only major bitcoin exchange to incorporate the industry's best security practices available today.

Completely new hardware infrastructure
* The Bitstamp systems are running on 100% new hardware deployed from a completely secure backup of our code and data.

Amazon Web Services
* Bitstamp is now running on Amazon’s world-class AWS cloud infrastructure, architected to be one of the most secure and reliable cloud computing environments available.

Commission-free trading
* As a note of thanks to our loyal customers, all transactions conducted on Bitstamp through the end of the North American Bitcoin Conference -- January 17th (at 11:59pm UTC) -- will be commission-free.

We appreciate your patience and understanding during this disruption of services. Since 2011, we’ve worked hard to be one of the largest and most trusted bitcoin exchanges in the world. While this is a time of challenge for our company, we expect to emerge from this experience having set an even higher bar than before for trust and confidence in our services.

On a personal note, I’d like to thank the incredible teams at Bitstamp and at our lead investor Pantera Capital who have worked around-the-clock from multiple time zones in the last few days. I’m incredibly proud of the herculean work of this extended team, and grateful to the phenomenal show of support from customers, friends, and partners in the bitcoin community.

We look forward to serving you!

For additional information, please refer to our customer FAQ or contact our support team at support@bitstamp.net.

Thank you,
Nejc Kodrič
CEO of Bitstamp

[zeroday]

panic buy!

[Chef Ramsay]

No dump happening yet, appears the opposite in fact. Will be interesting to monitor how this unfolds.

[celebreze32]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

[Chef Ramsay]

However, Stamp still seems to be stuck on bitcoinwisdom. They're flatlined in fact and got bumped off my radar when I clicked from Bfx back to them.

[niktitan132]

Bitstamp is open,yeah (with multisig)! Nice that they improved the security.  

[tabnloz]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

You will hold (2) of the (3) keys needed to make a transaction.

[celebreze32]

However, Stamp still seems to be stuck on bitcoinwisdom. They're flatlined in fact and got bumped off my radar when I clicked from Bfx back to them.

Trading will resume at 21:00 UTC January 9th. I doubt they will be on bitcoinwisdom until then. They are not back on bitcoinity yet either, but the price on Bitfinex just peaked out at 297.3

[Chalkbot]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

[celebreze32]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

What happens if I hold (2) of the (3) keys needed to make a transaction, and the hacker cannot get my keys, but he can get the exchange's key? Can he steal my coins on the exchange?

[niktitan132]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

What happens if I hold (2) of the (3) keys needed to make a transaction, and the hacker cannot get my keys, but he can get the exchange's key? Can he steal my coins on the exchange?

No,the hacker cannot steal then the coins on the exchange,because he doesn't have your 2 keys.

[bassclef]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

What happens if I hold (2) of the (3) keys needed to make a transaction, and the hacker cannot get my keys, but he can get the exchange's key? Can he steal my coins on the exchange?

No, he needs all three. Think of multisig like one of those fancy bank vaults where you must turn two keys at the same time, except with Bitcoin you can theoretically have as many keys as you like to unlock the address.

[celebreze32]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

What happens if I hold (2) of the (3) keys needed to make a transaction, and the hacker cannot get my keys, but he can get the exchange's key? Can he steal my coins on the exchange?

No,the hacker cannot steal then the coins on the exchange,because he doesn't have your 2 keys.

Thanks, that's good enough for me.

[Amph]

Let me get this straight. If we use multisig is a hacker unable to steal our coins on Bitstamp?

No, multisig makes it more difficult to steal coins.

What happens if I hold (2) of the (3) keys needed to make a transaction, and the hacker cannot get my keys, but he can get the exchange's key? Can he steal my coins on the exchange?

it's just raise the probabilty that your coins are stolen , 3! = 6 times more difficult

[rikfredsy]

Good news for bitstamp users but not for bitcoin every one will start selling right now 

[jbrnt]

Bitstamp surprised me. They defused the whole situation with speed and grace. Compared to gox, this was very much a success (except for loosing the 18k in the first place).

[sase007]

Better than GOX

[Brewins]

I would wait until trades resume and people able to get their money and their coins in and out before panic buying and consider the situation solved

[celebreze32]

I would wait until trades resume and people able to get their money and their coins in and out before panic buying and consider the situation solved

I just withdrew a small amount of bitcoin as a test and it didn't take long. The trading's started and been going between 290 and 298 recently.

[B.A.S.]

Multi-sig is great for individual customers and protecting their individual coins on the exchange, but how does one protect against theft of their protected coins from theft on the exchange (causing them to shut down and take your money)?