Bter hacked. PTS, bitassets withdrawal successful. Share you experience.

[fluxer555]

Why can't we bail out bter? Buy it completely as our onramp/offramp channel?

I'm guessing that would be very expensive...

[mitao]

Why can't we bail out bter? Buy it completely as our onramp/offramp channel?

[bitAndy]

Has there been any development on creating bitalts such as bitripple, bitnxt etc? Then we can compete with the altcoin exchanges?

[starspirit]

Thanks delulo, arhag. Common point being there would still be some form of external reference available.

[arhag]

BitAssets depend on the existence of centralised exchanges for their price feeds. If the market moved away from centralised exchanges to decentralised exchanges for certain assets such as bitcoin, do the corresponding bitAssets become obsolete?

No, the price feed would come from the markets on the DEX that trade against bitcoin gateway tokens instead. For example GATEBTC trading against BTS on the BitShares decentralized exchange can give us BTS/BTC price feed for BitBTC. Later we would have USD gateways as well which would trade against BTS on our exchange.

Now in that case the counterparty risk has moved from the exchange to the gateway provider, but we can sufficiently decentralize the gateway provider for cryptocurrencies through delegate multisig. For fiat gateways there isn't much you can do to reduce your counterparty risk exposure other than not holding too much or for too long (just enough for the order books and until your order is matched).

[santaclause102]

BitAssets depend on the existence of centralised exchanges for their price feeds. If the market moved away from centralised exchanges to decentralised exchanges for certain assets such as bitcoin, do the corresponding bitAssets become obsolete?

A price feed reflects the exchange rates of two assets. All that is required is some market place where such ex. rates are established. That can also be on a decentralized exchange.

[starspirit]

BitAssets depend on the existence of centralised exchanges for their price feeds. If the market moved away from centralised exchanges to decentralised exchanges for certain assets such as bitcoin, do the corresponding bitAssets become obsolete?

[Akado]

If i remember correctly someone on bitcointalk said we were missing an announcement thread. I think this comes in great timing. If it wasn't done already, it should be done to take maximum advantage of this situation.

Well, I did just post this over on the puppies thread. 
I suppose someone could use this as the start of an announcement.
What else should it say?

Sad to see another centralized exchange get into trouble.  This hurts us all.

But this is also exactly what the BitShares Decentralized Exchange was designed to solve.  Even if you're not ready to invest in BitShares, you can still use its services to control your own destiny.

You run the exchange and control all your own keys!

You always keep your assets in your own wallet and you can then trade between them without anything leaving your wallet, accomplishing the same thing you do on centralized exchanges.  Instead of continuous 24x7 exposure of your assets to hackers on a centralized exchange, this now only happens for the few minutes you spend moving through a gateway or bridge when you want to get your hands on the actual asset.

Most of the time, you don't really want the asset, you want the exposure to that asset's price characteristics.  So you hold bitAssets in your own wallet and hop around between bitUSD, bitGold, bitCNY, bitSilver, bitEUR, bitBTC and BTS.  This set will grow, but that's a pretty good mix for trading against big movements in crypto vs. fiat.

And it stays in your own wallet where moths and rust do not consume and thieves don't break in to steal.

The chances of a hacker timing their hack to the moment you are using a centralized gateway to move in and out of the BitShares Decentralized Exchange is vanishingly small.  And you can pick your gateway at the last minute from a growing list of options.

This way, you can quickly move from the BitShares Decentralized Exchange into your favorite leading coin just in time to spend it.

And earn a bit of interest in the mean time.

I like your approach. That is something we need to emphasize on because most people don't get it. The fact that you don't need to invest in BitShares. You don't need to own bts to be safe from the volatility of other cryptos or to avoid loosing funds to a centralized exchange. You can just hold the bitAssets you want for as long as you want until you decide to cash out or trade again. Most people, however, don't see it that way. They immediately think that just because bitshares is mentioned, it's propaganda and we're trying to make them invest. They really don't need to. People need to understand they can be safe without ever having to risk investing in bitshares.

[merlin0113]

If i remember correctly someone on bitcointalk said we were missing an announcement thread. I think this comes in great timing. If it wasn't done already, it should be done to take maximum advantage of this situation.

Well, I did just post this over on the puppies thread. 
I suppose someone could use this as the start of an announcement.
What else should it say?

Sad to see another centralized exchange get into trouble.  This hurts us all.

But this is also exactly what the BitShares Decentralized Exchange was designed to solve.  Even if you're not ready to invest in BitShares, you can still use its services to control your own destiny.

You run the exchange and control all your own keys!

You always keep your assets in your own wallet and you can then trade between them without anything leaving your wallet, accomplishing the same thing you do on centralized exchanges.  Instead of continuous 24x7 exposure of your assets to hackers on a centralized exchange, this now only happens for the few minutes you spend moving through a gateway or bridge when you want to get your hands on the actual asset.

Most of the time, you don't really want the asset, you want the exposure to that asset's price characteristics.  So you hold bitAssets in your own wallet and hop around between bitUSD, bitGold, bitCNY, bitSilver, bitEUR, bitBTC and BTS.  This set will grow, but that's a pretty good mix for trading against big movements in crypto vs. fiat.

And it stays in your own wallet where moths and rust do not consume and thieves don't break in to steal.

The chances of a hacker timing their hack to the moment you are using a centralized gateway to move in and out of the BitShares Decentralized Exchange is vanishingly small.  And you can pick your gateway at the last minute from a growing list of options.

This way, you can quickly move from the BitShares Decentralized Exchange into your favorite leading coin just in time to spend it.

And earn a bit of interest in the mean time.

Is "gateway" or "bridge" refered here https://bitshares.org/resources/gateways legal in your country?

[santaclause102]

If i remember correctly someone on bitcointalk said we were missing an announcement thread. I think this comes in great timing. If it wasn't done already, it should be done to take maximum advantage of this situation.

Well, I did just post this over on the puppies thread. 
I suppose someone could use this as the start of an announcement.
What else should it say?

Sad to see another centralized exchange get into trouble.  This hurts us all.

But this is also exactly what the BitShares Decentralized Exchange was designed to solve.  Even if you're not ready to invest in BitShares, you can still use its services to control your own destiny.

You run the exchange and control all your own keys!

You always keep your assets in your own wallet and you can then trade between them without anything leaving your wallet, accomplishing the same thing you do on centralized exchanges.  Instead of continuous 24x7 exposure of your assets to hackers on a centralized exchange, this now only happens for the few minutes you spend moving through a gateway or bridge when you want to get your hands on the actual asset.

Most of the time, you don't really want the asset, you want the exposure to that asset's price characteristics.  So you hold bitAssets in your own wallet and hop around between bitUSD, bitGold, bitCNY, bitSilver, bitEUR, bitBTC and BTS.  This set will grow, but that's a pretty good mix for trading against big movements in crypto vs. fiat.

And it stays in your own wallet where moths and rust do not consume and thieves don't break in to steal.

The chances of a hacker timing their hack to the moment you are using a centralized gateway to move in and out of the BitShares Decentralized Exchange is vanishingly small.  And you can pick your gateway at the last minute from a growing list of options.

This way, you can quickly move from the BitShares Decentralized Exchange into your favorite leading coin just in time to spend it.

And earn a bit of interest in the mean time.

A central BitShares thread on Bitcointalk would be cool, like Counterparty has one: https://bitcointalk.org/index.php?topic=395761.0
The OP would contain a description of what BitShares is about: For example all the features out "coin" has plus links to blog posts and videos that go more into the philosophy of Bitshares.

The over time it can be used for new announcement (like the stuff that also goes onto facebook and twitter).

Would certainly generate continuous traffic. 

[Stan]

If i remember correctly someone on bitcointalk said we were missing an announcement thread. I think this comes in great timing. If it wasn't done already, it should be done to take maximum advantage of this situation.

Well, I did just post this over on the puppies thread. 
I suppose someone could use this as the start of an announcement.
What else should it say?

Sad to see another centralized exchange get into trouble.  This hurts us all.

But this is also exactly what the BitShares Decentralized Exchange was designed to solve.  Even if you're not ready to invest in BitShares, you can still use its services to control your own destiny.

You run the exchange and control all your own keys!

You always keep your assets in your own wallet and you can then trade between them without anything leaving your wallet, accomplishing the same thing you do on centralized exchanges.  Instead of continuous 24x7 exposure of your assets to hackers on a centralized exchange, this now only happens for the few minutes you spend moving through a gateway or bridge when you want to get your hands on the actual asset.

Most of the time, you don't really want the asset, you want the exposure to that asset's price characteristics.  So you hold market pegged bitAssets that track the value of other commodities and currencies. This lets you hop around between bitUSD, bitGold, bitCNY, bitSilver, bitEUR, bitBTC and BTS without leaving your BitShares wallet.  This set will grow, but that's a pretty good mix for trading against big movements in crypto vs. fiat.

And it stays in your own wallet where moths and rust do not consume and thieves don't break in to steal.

The chances of a hacker timing their hack to the moment you are using a centralized gateway to move in and out of the BitShares Decentralized Exchange is vanishingly small.  And you can pick your gateway at the last minute from a growing list of options.

This way, you can quickly move from the BitShares Decentralized Exchange into your favorite leading coin just in time to spend it.

And earn a bit of interest in the mean time.

Details here on reddit.

[LRENZ]

About time we had an update from BTER. Lack of info and bad translations never helps matters like this  :-\

[fluxer555]

Yes, however they will most likely spread their loss across all BTC accounts, and even possibly non-BTC accounts.

[konelectric]

Went to https://blockchain.info/ and search my Bter public wallet address. It showed no activity on the 14th. Dose that mean my account there wasn't hacked?

Thanks, Pat

[neo1344]

seems that Poloniex resume trading BTS