Bitcoins HACKED

[wehateporn]

http://www.bbc.co.uk/news/technology-22026961

Hack attacks hit Bitcoin exchange rates

"Online services and exchanges dealing in Bitcoins have been hit by hack attacks that led to a drop in the value of the virtual currency.

Trading on the MTGox exchange, which handles most trades in Bitcoins, was sluggish yesterday as the site fought off an attack.

The attack helped to force a swift fall in the price of Bitcoins.

In addition, the Instawallet website - where people store Bitcoins - is offline indefinitely after an attack.

The value of Bitcoins surged to a new high this week with each one worth about $142 (£94). Barely a week ago, each virtual coin was worth only $90.

But Bitcoins dropped sharply in value as the MTGox exchange came under a sustained attack by hackers. The vast majority of trade in Bitcoins takes place via the site.

In a tweet on its Twitter feed, MTGox said it was fighting off a distributed denial-of-service (DDoS) attack, which involves a site being bombarded with huge amounts of data. The attack was one of several against the site this week,

The attacks, coupled with a spike in trading volumes, combined to cause delays in trades being confirmed and led the value of Bitcoins to drop sharply to about $120.
Continue reading the main story
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The attacks could be the work of malicious hackers who were trying to 'game' the MTGox exchange?

The attacks could be the work of malicious hackers who were trying to "game" the exchange and manipulate the value of Bitcoins so they could cash in, MTGox said in an interview with ComputerWorld. Attackers are thought to be working to a cycle in which they sell Bitcoins when values are high, then mount an attack that forces prices to crash, buy up the cheaper coins and then let the value climb again.

MTGox said it did not know when or if the attacks would cease but said Bitcoin owners should not panic and sell off as values fluctuated. A spokesman for the exchange added that it was in the middle of rebuilding its trading technology but the new system, which would do a better job of handling the high volume of trades, would not be ready until the end of this year.

In a separate development, Instawallet has shut down "indefinitely" after hackers "fraudulently accessed" its core database. In a statement posted on the Instawallet site it said it planned to open a claim process shortly so people could reclaim their Bitcoin balance."

[dyna mo]

how does this fit into your conspiracy theorist agenda?

people should stay with the dollar, since it's backed by the faith and promise of a government.

[Joshua G]

shit. was just about to plow my life savings into bitcoin.

[anexsia]

This article is pretty retarded and Instawallet's ordeal had very little effect on the price of Bitcoins....not to mention the queue for people BUYING is huge at Mt. Gox...price keeps going up!

[Markul]

Originally Posted by dyna mo

how does this fit into your conspiracy theorist agenda?

Like a glove I bet

[dyna mo]

Originally Posted by JoshGirls Josh

shit. was just about to plow my life savings into bitcoin.

there's always facebook, it's back to ~60% of it's initial $100 billion valuation.

seem legit.

[Dirty F]

You have to be an idiot to keep all your Bitcoins in an online wallet.

[Vapid - BANNED FOR LIFE]

Great stuff, price goes up.

[Dirty F]

Yo retard, show me how Bitcoins are hacked.

[wehateporn]

Originally Posted by dyna mo

how does this fit into your conspiracy theorist agenda?

people should stay with the dollar, since it's backed by the faith and promise of a government.

Who benefits, that's what we need to ask.

[wehateporn]

Originally Posted by Dirty F

Yo retard, show me how Bitcoins are hacked.

I'm not blocked anymore then

[JFK]

Originally Posted by dyna mo

how does this fit into your conspiracy theorist agenda?

people should stay with the dollar, since it's backed by the faith and promise of a government.

backed by the faith and promise of a government.

[Emil]

So bitcoin got hacked when the "hackers" did a DDOS attack on mtgox which is only a bitcoin-exchange site....?

Retarded thread-title.

[MikeRoth]

how does a DDOS attack mean bitcoins were hacked, lolwut. The attack was aimed to drop the price of bitcoin so that the attackers could scoop it up on the cheap, :p

[dyna mo]

Originally Posted by JFK

backed by the faith and promise of a government.

exactly! it's wehateporn posting this, and he chose a *bitcoins HACKED* subject.



this thread was off the rails before it ever left the station.

[BlackCrayon]

Originally Posted by MikeRoth

how does a DDOS attack mean bitcoins were hacked, lolwut. The attack was aimed to drop the price of bitcoin so that the attackers could scoop it up on the cheap, :p

if its that easy to manipulate then its going to continue to happen.

[dyna mo]

Originally Posted by JFK

backed by the faith and promise of a government.

oh, lol, i was being sarcastic. i found it ironic whp would post a thread topic like this in-between threads about *the government!*

[Dirty F]

Originally Posted by Emil

So bitcoin got hacked when the "hackers" did a DDOS attack on mtgox which is only a bitcoin-exchange site....?

Retarded thread-title.

Just like most of his titles. The guy is suck a fucking retard. Unbelievable.
I have him on ignore but i still have to see his daily nonsense...

[MikeRoth]

Originally Posted by BlackCrayon

if its that easy to manipulate then its going to continue to happen.

It's that easy to manipulate anything really. Cause panic and people will sell sell sell. When hedge funds sell off mass shares of any stock it causes people to panic because they don't know why the stock is dropping so quickly so they sell sell sell. Then the hedge fund can buy it back up after the panic is over.

[dyna mo]

Originally Posted by BlackCrayon

if its that easy to manipulate then its going to continue to happen.

no doubt about it. plan on losing 100% of your ducats speculating btc. from many reports, the next 6-8 months will be a bumpy ride for btc while the infrastructure is sorted out.

[wehateporn]

Originally Posted by JFK

backed by the faith and promise of a government.

[dyna mo]

Originally Posted by wehateporn

Who benefits, that's what we need to ask.

ok, go on, i'm listening.....who benefits?

[dyna mo]

Originally Posted by wehateporn

Who benefits, that's what we need to ask.

ok,i've done a cursory look into this, i've researched "who benefits from btc bubble" and nothing suspicious comes up, i've looked at 10 of the largest btc account activity and nothing suspicious over the last 2 days and i've looked over all btc transactions off the blockchain from the last 2 days and no huge transactions.

holler at me with what you've come up with and we can compare notes.

[wehateporn]

Originally Posted by dyna mo

ok, go on, i'm listening.....who benefits?

You can work that out for yourself

[wehateporn]

Originally Posted by Emil

Retarded thread-title.

Seems like it was quite a good headline, would have sold more newspapers than a boring one

Bitcoin Hacked: Price Stumbles After Buying Frenzy
http://www.cnbc.com/id/100615508

Bitcoin Hacked
http://www.thedailybeast.com/cheats/...in-hacked.html

Bitcoin Hacked: Price Stumbles
http://finance.yahoo.com/news/bitcoi...103848677.html

[dyna mo]

Originally Posted by wehateporn

You can work that out for yourself

i am trying to work it out, in fact, i would like to know as much as possible about it.

but isn't this your thread? weren't you the one who stated we need to ask who benefits?

[Dirty F]

Originally Posted by dyna mo

i am trying to work it out, in fact, i would like to know as much as possible about it.

but isn't this your thread? weren't you the one who stated we need to ask who benefits?

That's not how the conspiracy imbeciles work.
They start ridiculous threads with crazy claims. As much as possible on non conspiracy forums. They feel the need to tell us about all these conspiracies but when you ask for details they refer you to Google.
It's the same in every thread.
They are a sad, sad group of people.

[wehateporn]

Originally Posted by dyna mo

i am trying to work it out, in fact, i would like to know as much as possible about it.

but isn't this your thread? weren't you the one who stated we need to ask who benefits?

It's not a conspiracy thread, you were the one who first mentioned conspiracies

[DBS.US]

Tokyo-based Mt.Gox announced overnight that it had been the victim of a hacking attack after experiencing a severe lag with its systems

[dyna mo]

Originally Posted by Dirty F

That's not how the conspiracy imbeciles work.
They start ridiculous threads with crazy claims. As much as possible on non conspiracy forums. They feel the need to tell us about all these conspiracies but when you ask for details they refer you to Google.
It's the same in every thread.
They are a sad, sad group of people.

i hear ya. but just like many other of the theories, i'm open to it, if it makes sense. hell, i even took to goog myself to see if there's anything out there.

nevertheless, a lot of us know who benefited from that attack yesterday, or we know the logic/strategy behind it-

there's a lot of market manipulation right now and attempts to influence prices. hell, not unlike any market, nyse, all of them are run on hearsay and behind the scenes drivers.

at least with btc we stand a chance of learning about it on the frontend as opposed to never learning about it.

[dyna mo]

Originally Posted by wehateporn

It's not a conspiracy thread, you were the one who first mentioned conspiracies

look, i asked how this topic fits your conspiracy agenda and i think it's a valid question. i mean if you can find anything that is more anti-gov than btc, then lay it on me so the topic did make me wonder where you are coming from.

but your reply was to look who benefits. and i'm up for that. i looked, couldn't find anything and asked if you find anything, post it here,.

let's try and stick to facts about btc, there is enough nonsense about it, that's my only intent here.

[2012]

how can you hack a bitcoin ?

[Supz]

If you pay for porn with Bitcoins, are they then considered Titcoins?

[ninavain]

Originally Posted by wehateporn

Seems like it was quite a good headline, would have sold more newspapers than a boring one

Bitcoin Hacked: Price Stumbles After Buying Frenzy
http://www.cnbc.com/id/100615508

Bitcoin Hacked
http://www.thedailybeast.com/cheats/...in-hacked.html

Bitcoin Hacked: Price Stumbles
http://finance.yahoo.com/news/bitcoi...103848677.html

[DWB]

"Attackers wait until the price of bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and they profit. There is pretty much nothing that can be done." Mt.Gox said.

Ouch. This is a huge weakness in btc and will ultimately help lead to its failure unless they can prevent this from happening over and over and over again. A real investor with real money isn't going to mess with something that kids can manipulate every week. Something like this is exactly the sort of thing that can stop it from becoming used by everyone.

[dyna mo]

Originally Posted by DWB

Ouch. This is a huge weakness in btc and will ultimately help lead to its failure unless they can prevent this from happening over and over and over again. A real investor with real money isn't going to mess with something that kids can manipulate every week. Something like this is exactly the sort of thing that can stop it from becoming used by everyone.

here's the thing though, all markets are manipulated from the inside at one point or another and to some degree.

btc will never be immune to that, constant vigilance will be the norm.

nevertheless, it is a big problem right now, even dwolla was ddos'ed, at the same time too.

i can only assume that by denynig service at dwolla manipulated people's ability to move money into and out of their mtgox accounts.in a way the hackers wanted.

[DWB]

Originally Posted by dyna mo

here's the thing though, all markets are manipulated from the inside at one point or another and to some degree.

btc will never be immune to that, constant vigilance will be the norm.

nevertheless, it is a big problem right now, even dwolla was ddos'ed, at the same time too.

i can only assume that by denynig service at dwolla somehow manipulated people's ability to move money into and out of their mtgox accounts.

100% correct. The difference is, big investors (along with the Gov / Wall Street) are the ones who manipulate the real markets. Kids and hackers are manipulating bitcoin, and that will keep away big investors. If I had to choose between a Wall Street or billionaire manipulated market vs a group of Russian hackers and script kiddies, I'm choosing Wall Street. I at least know there will be a tomorrow with Wall Street.

[dyna mo]

Originally Posted by DWB

100% correct. The difference is, big investors (along with the Gov / Wall Street) are the ones who manipulate the real markets. Kids and hackers are manipulating bitcoin, and that will keep away big investors. If I had to choose between a Wall Street or billionaire manipulated market vs a group of Russian hackers and script kiddies, I'm choosing Wall Street. I at least know there will be a tomorrow with Wall Street.

actually, i'd bet some heavy hitters are doing this...maybe they are kid hackers but they could be holding several hundred thousand btc and put together a heavy handed ddos on multiple sites.

but i'm planning on wall street getting in, and soon. there's already mumbling about how to short btc and how hedge funds can incorporate it into portfolios.

and i want to be on this side of the investment window with my little handful of btc when they start fucking with the puppet strings.

[dyna mo]

This Week in DDoS:

Bitcoin has seen a lot of popularity recently and, as a result, processors for the cryptocurrency and exchanges have been the target of DDoS attacks. Payment processor Dwolla became the first to notice a cyberattack under way and then Bitcoin exchange MtGox also came under fire?it?s currently unknown who was attacking the sites or why, but it?s not an uncommon event for Bitcoin exchanges and processors. Niche spaces that involve money making are especially susceptible to DDoS and it could be used to camouflage fraudulent activity?although it?s harder to get away with that sort of thing with bitcoins themselves, it might be possible to wound an exchange or processor.

MtGox saw a dip in the value of BTC lagging along the peak of the DDoS but the value quickly sprang back up again. Current talk amid the market is that a 5,000 BTC sale happened during that time and this is what caused the value dip.

[Supz]

Originally Posted by dyna mo

here's the thing though, all markets are manipulated from the inside at one point or another and to some degree.

btc will never be immune to that, constant vigilance will be the norm.

nevertheless, it is a big problem right now, even dwolla was ddos'ed, at the same time too.

i can only assume that by denynig service at dwolla manipulated people's ability to move money into and out of their mtgox accounts.in a way the hackers wanted.

Just not by hackers. Of Course there are the big traders on wall st who move the markets. But at the same time, if you invest in sound companies that that pay dividends and show a profit. You actually stand a chance as an individual investor.

[AsianDivaGirlsWebDude]

When Salon published my story ?A Libertarian Nightmare: Bitcoin Meets Big Government,? less than two weeks ago, the value of a single Bitcoin in U.S. dollars hit an all-time record of $72. On Wednesday morning, Bitcoins were trading at $147, and press coverage of the ?cryptocurrency? had risen in parallel.

You might be wondering why people are making Bitcoin jokes in your Twitter stream. Simple: When a unit of currency rises in value from $13 in January to $147 in April we are witnessing the very definition of a speculative bubble. And when that currency is the preferred denomination for libertarian hackers who believe passionately that they have finally found a tool that will allow them to ?starve the beast? of big government, well, it?s hard to resist rubbernecking.

But when people start comparing the rise in price of a commodity to tulips it is time to get out.

Sure enough, by late Wednesday afternoon Bitcoin appeared to be in the middle of a crash. The circumstances of the crash are worth noting, albeit mysterious. Mt. Gox, a Japan-based exchange that is by far the largest Bitcoin clearinghouse, was knocked offline for at least an hour Wednesday. Whether this was because of high demand for Bitcoins, or the result of a denial-of-service attack masterminded by mischievous hackers, or simply Felix Salmon?s fault (the noted financial blogger published a 5,000-word critique of Bitcoin on Wednesday), is impossible to say at this point. What we do know is that in the aftermath of Mt. Gox?s difficulties, the trading value of a Bitcoin dropped by at least $30.

Of course, even at $115 or so, the value of a Bitcoin is still far higher than it is has been for the majority of its three-year existence. So maybe this is a bump in the road. But people looking for a medium of exchange that is safer than the much maligned ?fiat currencies? backed by ?statist? governments might do well to be cautious. Bitcoins are ?mined? by applying massive computer power to the solution of complex mathematical problems. Designed by hackers, manufactured by hackers, beloved by hackers ? everything associated with the Bitcoin infrastructure is also a natural target of hackers.

Maybe we?re just living through the birthing pains of tomorrow?s transcendent currency, the trial-by-hacker fire that ensures Bitcoin can survive the rigors of any future test. Like everyone else, I?ll be watching with interest to see what happens. But I?m not ready to convert my own hard-earned cash. The lesson so far seems to be that as Bitcoin attracts greater interest from the world at large, it is becoming more volatile and more attractive to troublemakers. Fun to watch, but not a good idea for a college savings account.

http://www.salon.com/2013/04/03/bitcoins_crazy_day/



ADG

[woj]

Originally Posted by dyna mo

actually, i'd bet some heavy hitters are doing this...maybe they are kid hackers but they could be holding several hundred thousand btc and put together a heavy handed ddos on multiple sites.

but i'm planning on wall street getting in, and soon. there's already mumbling about how to short btc and how hedge funds can incorporate it into portfolios.

and i want to be on this side of the investment window with my little handful of btc when they start fucking with the puppet strings.

I was under the impression that bitcoins are decentralized and so can not be stopped?
and yet, downing only a few sites for only a few hours caused a 20+% decline in price?

[BlackCrayon]

Originally Posted by dyna mo

actually, i'd bet some heavy hitters are doing this...maybe they are kid hackers but they could be holding several hundred thousand btc and put together a heavy handed ddos on multiple sites.

but i'm planning on wall street getting in, and soon. there's already mumbling about how to short btc and how hedge funds can incorporate it into portfolios.

and i want to be on this side of the investment window with my little handful of btc when they start fucking with the puppet strings.

there is a difference between typical market manipulation through rumors, sell offs, etc and downing the bitcoin sites. it would like someone calling in a bomb threat to wallstreet and shutting it down.

its just so easy to ddos sites. the same people mining bitcoins with botnets are most likely the same ones ddosing the sites. they already have the botnets.

[CAHEK]

[dyna mo]

Originally Posted by Supz

Just not by hackers. Of Course there are the big traders on wall st who move the markets. But at the same time, if you invest in sound companies that that pay dividends and show a profit. You actually stand a chance as an individual investor.

i'm figuring you know more about this than i do but i remember the junk bond market, it was entirely propped up from the inside right?

Originally Posted by woj

I was under the impression that bitcoins are decentralized and so can not be stopped?
and yet, downing only a few sites for only a few hours caused a 20+% decline in price?

btc is decentralized, the exchange that was hit, mtgox, has commanded a lion's share of the exchange business so when they were hit, it was similar to hitting a large chunk of the entire exchange market. I've seen some #s that claim 90% of all btc business is transacted through mtgox.

[woj]

DDOS NYSE and get caught = probably life time in jail for financial terrorism charges
DDOS Mt.Gox = no one gives a fuck, it would probably be of about the same importance as investigating someone DDOSing a porn tube site..

[dyna mo]

Originally Posted by BlackCrayon

there is a difference between typical market manipulation through rumors, sell offs, etc and downing the bitcoin sites. it would like someone calling in a bomb threat to wallstreet and shutting it down.

its just so easy to ddos sites. the same people mining bitcoins with botnets are most likely the same ones ddosing the sites. they already have the botnets.

check out michael milken http://en.wikipedia.org/wiki/Michael_Milken

another would be enron, they completely cornered and fucked the energy markets.


i don't disagree that it's easy to ddos, but this was a very coordinated attack at more than one well protected site, not protected enough, but it seems plausible that serious btc speculators could have done it.

[woj]

Originally Posted by dyna mo

btc is decentralized, the exchange that was hit, mtgox, has commanded a lion's share of the exchange business so when they were hit, it was similar to hitting a large chunk of the entire exchange market. I've seen some #s that claim 90% of all btc business is transacted through mtgox.

my point was if few hour downtime of Mt.Gox causes 20% drop in price, what would a downtime lasting days, or complete shut down of Mt.Gox do to the price of bitcoins?

[Dirty F]

Originally Posted by woj

my point was if few hour downtime of Mt.Gox causes 20% drop in price, what would a downtime lasting days, or complete shut down of Mt.Gox do to the price of bitcoins?

What would happen if wallstreet stops working for 3 days?

[Supz]

Originally Posted by dyna mo

i'm figuring you know more about this than i do but i remember the junk bond market, it was entirely propped up from the inside right?



btc is decentralized, the exchange that was hit, mtgox, has commanded a lion's share of the exchange business so when they were hit, it was similar to hitting a large chunk of the entire exchange market. I've seen some #s that claim 90% of all btc business is transacted through mtgox.

Yes basically. But junk bonds really don't exist anymore. There are credit ratings on bonds and most individual investors will only go with A+ rated bonds, unless they are complete morons. Also with all the crazy shit that has happened in the market over the course of the last decade, Ponzi's schemes & such. The regulations that have been implemented now are extremely strict. It is a lot harder to manipulate things now then it used to be.