BTER sunk

[finnile]

Wow absolutely amazing to see that you still shouldn't store coins on an exchange if you actually care about them!

Funny how the times change!

Maybe people will take that as a lesson in future and improve in their decisions.

[ik_do]

Wow absolutely amazing to see that you still shouldn't store coins on an exchange if you actually care about them!

Funny how the times change!

Maybe people will take that as a lesson in future and improve in their decisions.

They won't, there have been plenty of exchanges before this incident where the exact same thing has happened.

As soon as a viable decentralized exchange presents itself I assume that most of these exchanges (besides ones that actually integrate with your bank account) will disappear rapidly.

[Hollowman338]

Prediction:  Everything will be dumped.  You will never see a functioning BTER.com again.

[djm34]

yeah that's strange that it happens right when the btc was peaking...

lets make some speculation:

Say you have some other wallets aside the cold one belonging to the customers and want to make some profit fast:
* announce that you have been stolen your cold wallet
* close the site
* dump the btc from the other account
* in the mean time because of the announcement, btc goes down
* rebuy all the btc you just dumped at lower value
* found (or not actually  ) the lost btc
* reopen (or not) and enjoy the profit

definitely an inside job...

[Arbitrageur]

yeah that's strange that it happens right when the btc was peaking...

lets make some speculation:

Say you have some other wallets aside the cold one belonging to the customers and want to make some profit fast:
* announce that you have been stolen your cold wallet
* close the site
* dump the btc from the other account
* in the mean time because of the announcement, btc goes down
* rebuy all the btc you just dumped at lower value
* found (or not actually  ) the lost btc
* reopen (or not) and enjoy the profit

definitely an inside job...

probably just what has happened. not a coincidence bitcoin started to be dumped just when Bter went offline. 40+$ dump because bter got hacked and shut down?? ridiculous! it's all manipulation, doesn't make any sense unless you believe it was all done on purpose, as inside job.

[dsly]

yeah that's strange that it happens right when the btc was peaking...

lets make some speculation:

Say you have some other wallets aside the cold one belonging to the customers and want to make some profit fast:
* announce that you have been stolen your cold wallet
* close the site
* dump the btc from the other account
* in the mean time because of the announcement, btc goes down
* rebuy all the btc you just dumped at lower value
* found (or not actually  ) the lost btc
* reopen (or not) and enjoy the profit

definitely an inside job...

I think they won't comment on the matter just because they know, that we know, that the coins disappearing from the cold storage is very unlikely a hack but rather an inside job.

[jcrubino]

International exchanges need to all begin Smart Contract based brokerage interactions.

1)  The first iteration should be open transactions based.

2)  Blockchain solutions can be adapted in time when they are at mature levels for integration.

A smart contract based brokerage system will be essential for any international exchange that wants to be trusted by users overseas.

Current and future cryptocoin exchanges need to migrate to a hybrid centralized / decentralized system supporting real time trading with smart contract account reconciliation.

Realtime decentralized exchanges are far away and the usability for functioning distributed exchanges is still far off from what main stream users want to deal with on a UX level.

While crypto finance is generally anti-[Wall street, Banking] there is a lot to learn from the current landscape and mechanics of the main stream system because they (Wall street, International Banks) too are evolutionary driven towards a faster more efficient financial system.  Accountability may very.

Basically by starting an Open Transactions trade services, exchanges will be able to create accountable real time trading similar to how trade clearinghouses and prime brokerages function in the mainstream financial industries with trust-less guarantees.

[KimNam]

BTER posted that it will be back for withdrawls. It is now back up. So best to withdraw coins now. Can't believe site being hacked twice in 6 months.

yeah that's the best and safest way to save coins
i'm sure bter will loose many traders after this problem
many users afraid this accident happen again in the future

[havecoch]

Did they say anything about how they got their cold wallet hacked ?

[KimNam]

Did they say anything about how they got their cold wallet hacked ?

there's no official statement from them until now
it seems they avoid talk about that
idk about announcement in chinese language

[dsly]

Did they say anything about how they got their cold wallet hacked ?

Well, they can't post that they needed the money for party and booze

[bobc1994]

it would be sad to see it disappearing like mintpal.