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Author Topic: BTC-E.COM NICE RECOVERY FROM THE HACK! =)  (Read 50585 times)
dree12
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July 31, 2012, 03:37:15 AM
 #161

So as an experiment I deposited BTC sold if for USD, bought the BTC back and withdrew.  I got my "test" 0.8 BTC out of the exchange (minus some trading losses).

This makes me very confident that my (and others) original theory was correct.  The attacker ONLY increased the amount of USD.  Period.  Nothing else.  There also appears to be some (at least 0.8 BTC as of 2 minute ago) BTC left.  Likely the hacker hit some per account limit. 

So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange.  Think of BTC as the "goods".  The BTC-E USD money supply has been massively inflated.  As people realize this they will dump USD for BTC driving the price higher and higher and higher.  $50, $100, $500, maybe even $25,000 USD per BTC.

There is SOME (who knows how much) real BTC on the exchange but anyone hanging on to USD "profits" is an idiot.  Selling USD for BTC at 50%, 70% even 90% loss is better than holding on to a hyperinflating currency.  You may say "the money supply is no longer inflating" while that is true price action often lags the actual increase in the money supply.  If the hacker increased the USD money supply by say a factor of 50x then eventually USD:BTC will rise by a factor of 50x. 

No way BTC-E can pay out all the fake USD so get into the store of value ... BTC.
Well said. I've been urging this for a while.
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July 31, 2012, 03:37:33 AM
 #162

Theres another possibility, and lets hope that it is - some whale's LR account got hacked, and the USD on BTC-e is real.

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July 31, 2012, 03:37:46 AM
 #163

Wow, over 94,000 BTC in block 191622....  With all the transactions in the last few hours, definitely a lot of coins moving around.
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July 31, 2012, 03:41:24 AM
 #164

I posted the BTC address for my jet ski wear ring fund in the chat, 1KYZrqHjJAXntGhpBVqv9gdoGbFNircvKn, and someone sent it .01 BTC.

I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
dree12
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July 31, 2012, 03:45:36 AM
 #165

Maybe btce had their own reserve stacked on the sells, thats a lot of coins.
That would be a disaster. If true, even BTC will fail to maintain value.
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July 31, 2012, 03:46:20 AM
 #166

Why the btc-e is still running?!?!
dree12
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July 31, 2012, 03:47:33 AM
 #167

Why the btc-e is still running?!?!
They have not woken up yet; it's still 7:47 in Moscow.

Any luck on your withdrawal? You should be hoping BTC-E still runs!
niooron
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July 31, 2012, 03:47:55 AM
 #168

Why the btc-e is still running?!?!

The owner is sleeping, and they have no contact info.
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July 31, 2012, 03:48:46 AM
 #169

The owner is up for a rude awakening.

dree12
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July 31, 2012, 03:50:12 AM
 #170

So what that means if you will very soon see HYPER INFLATION on the BTC-E exchange.  Think of BTC as the "goods" in the BTC-E economy.  The BTC-E USD money supply has been massively inflated but the amount of "goods" (BTC) hasn't.  This is the recipe for massive inflation.  It was inflated by the hacker/counterfeiter.  Normally we think of central banks as the one doing inflating and generally that is true in major economies however any increase in money supply  (even illegal ones like counterfeiting) causes inflation  As people realize this they will dump USD for BTC driving the price higher and higher and higher.  $50, $100, $500, maybe even $25,000 USD per BTC.
By the way, there is a hard cap at $99.99 USD per BTC. So, unfortunately, that will be the equilibrium price. The rest of the BTC will not be sold.
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July 31, 2012, 03:53:19 AM
 #171

Huge spam of small transfers just stopped on bitcoin monitor

Wonder what that means? Are the bitcoin holders who have an account there are made whole or wut? Seems unlikely to me.

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July 31, 2012, 03:54:24 AM
 #172

Why the btc-e is still running?!?!
They have not woken up yet; it's still 7:47 in Moscow.

Any luck on your withdrawal? You should be hoping BTC-E still runs!

Still pending somewhere at BTC-e subsystem/queue... Thanks for asking!  ^^
It still runs but, seems useless... Right?!  :-P
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July 31, 2012, 03:54:50 AM
 #173

You don't use MySQL or any database template for finances. You can't go any less than custom for these types of things.

BTC-E learned the hard way.

Don't you worry about Bitcoin, let me worry about Bitcoin.

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dree12
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July 31, 2012, 03:54:59 AM
 #174

Clearly, Mr. Wubbles is trolling. He claimed he:

Code:
MrWubbles: I stole the exchanges coin
MrWubbles: in their cold storage wallet

Firstly, it is unlikely btc-e has a cold storage wallet. Secondly, you'd have to be a moron to believe that it can be stolen (as that would require physical access to the computer.
kiba
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July 31, 2012, 03:56:30 AM
 #175


Firstly, it is unlikely btc-e has a cold storage wallet. Secondly, you'd have to be a moron to believe that it can be stolen (as that would require physical access to the computer.

Why is it unlikely btc-e have no cold storage wallet. Doesn't all exchange have a cold wallet?

Garr255
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July 31, 2012, 03:57:15 AM
 #176

MrWubbles is the self proclaimed hacker, and look what he has to say...


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dree12
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July 31, 2012, 03:58:13 AM
 #177


Firstly, it is unlikely btc-e has a cold storage wallet. Secondly, you'd have to be a moron to believe that it can be stolen (as that would require physical access to the computer.

Why is it unlikely btc-e have no cold storage wallet. Doesn't all exchange have a cold wallet?
Btc-e does not have a good track record for security. Considering a SQL injection likely killed them, a cold wallet would be surprising.
silverbox
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July 31, 2012, 03:58:40 AM
 #178

I like how on the BTC-E page it says:

"Our advantages:

 •Trading in automatic mode.
•Addition USD deposits within 24 hour
Instant deposit/withdrawal all coin
•USD Withdrawal within 24 hours
"

Yup really advantageous..
Herodes
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July 31, 2012, 03:59:04 AM
 #179

Clearly, Mr. Wubbles is trolling. He claimed he:

Code:
MrWubbles: I stole the exchanges coin
MrWubbles: in their cold storage wallet

Firstly, it is unlikely btc-e has a cold storage wallet. Secondly, you'd have to be a moron to believe that it can be stolen (as that would require physical access to the computer.

Agreed, unlikely they have cold storage.

However, there may be people who have backups of the cold storage wallet on the same live system, and if the vps (if it runs on a vps) is compromised, there may be clues leading to further compromise of personal computers for instance, if more servers are used.

Poor admin (unless he's in on it of course)
ThiagoCMC
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July 31, 2012, 04:00:53 AM
 #180

Checkmate BTC-e!
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