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Offline tx3sim

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bter hacked and lost 50m nxt
« on: August 15, 2014, 01:03:17 PM »

This is a huge amount. I feel sorry for them.
https://bitcointalk.org/index.php?topic=740147.0

Offline speedy

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Re: bter hacked and lost 50m nxt
« Reply #1 on: August 15, 2014, 01:08:54 PM »
Ouch.

I hope BTSX gets market pegged assets for all of the 2.0 projects such as NXT, ethereum etc. That way we can speculate on them without having to touch those centralized exchanges.

Offline xeroc

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Re: bter hacked and lost 50m nxt
« Reply #2 on: August 15, 2014, 01:16:32 PM »
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline kokojie

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Re: bter hacked and lost 50m nxt
« Reply #3 on: August 15, 2014, 01:35:11 PM »
This is good news, may trigger a NxT sell off, and BTSX will take the #1 market cap spot for p2p asset market.

Though I wonder what is our policy if something like this happens? ie. if 1 billion BTSX stolen from bter, do we rollback or not rollback?

Offline Riverhead

Re: bter hacked and lost 50m nxt
« Reply #4 on: August 15, 2014, 01:40:50 PM »
This is good news, may trigger a NxT sell off, and BTSX will take the #1 market cap spot for p2p asset market.

Though I wonder what is our policy if something like this happens? ie. if 1 billion BTSX stolen from bter, do we rollback or not rollback?


NO ROLLBACKS!


1) Even in this instance the flaw was not with NXT
2) From the of theft to the time of rollback there will be thousands of transactions that'll either have to be applied to the fork or lost.


It would be a nightmare.

Offline kokojie

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Re: bter hacked and lost 50m nxt
« Reply #5 on: August 15, 2014, 01:48:45 PM »
This is good news, may trigger a NxT sell off, and BTSX will take the #1 market cap spot for p2p asset market.

Though I wonder what is our policy if something like this happens? ie. if 1 billion BTSX stolen from bter, do we rollback or not rollback?


NO ROLLBACKS!


1) Even in this instance the flaw was not with NXT
2) From the of theft to the time of rollback there will be thousands of transactions that'll either have to be applied to the fork or lost.


It would be a nightmare.

But that would be a small price to pay? in order to not let a hacker control 25% of BTSX. The thousands of reversed transactions can be sorted out afterwards, and fully compensated by the exchange. This would be the "moral" choice I believe.

Offline liondani

Re: bter hacked and lost 50m nxt
« Reply #6 on: August 15, 2014, 01:50:29 PM »
If I would be a NXT holder I would consider to buy some BTSX right now!  8)
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Offline Empirical1

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Re: bter hacked and lost 50m nxt
« Reply #7 on: August 15, 2014, 02:06:13 PM »
This is good news, may trigger a NxT sell off, and BTSX will take the #1 market cap spot for p2p asset market.

Though I wonder what is our policy if something like this happens? ie. if 1 billion BTSX stolen from bter, do we rollback or not rollback?


NO ROLLBACKS!


1) Even in this instance the flaw was not with NXT
2) From the of theft to the time of rollback there will be thousands of transactions that'll either have to be applied to the fork or lost.


It would be a nightmare.

But that would be a small price to pay? in order to not let a hacker control 25% of BTSX. The thousands of reversed transactions can be sorted out afterwards, and fully compensated by the exchange. This would be the "moral" choice I believe.

I think they only control 5%. I would have dumped a truck myself but bter not accepting deposits obv nor cryptsy it seems.

Very good for BTSX obv.

Offline tonyk

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Re: bter hacked and lost 50m nxt
« Reply #8 on: August 15, 2014, 02:21:53 PM »
Very good for BTSX obv.

Cannot disagree more!
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline Riverhead

Re: bter hacked and lost 50m nxt
« Reply #9 on: August 15, 2014, 02:24:04 PM »
This is good news, may trigger a NxT sell off, and BTSX will take the #1 market cap spot for p2p asset market.

Though I wonder what is our policy if something like this happens? ie. if 1 billion BTSX stolen from bter, do we rollback or not rollback?


NO ROLLBACKS!


1) Even in this instance the flaw was not with NXT
2) From the of theft to the time of rollback there will be thousands of transactions that'll either have to be applied to the fork or lost.


It would be a nightmare.

But that would be a small price to pay? in order to not let a hacker control 25% of BTSX. The thousands of reversed transactions can be sorted out afterwards, and fully compensated by the exchange. This would be the "moral" choice I believe.

I think they only control 5%. I would have dumped a truck myself but bter not accepting deposits obv nor cryptsy it seems.

Very good for BTSX obv.


My feeling is that one of the big selling points of crypto is that the blockchain is written in stone. Immutable, secure, permanent. If we go down the road of a rollback for a theft then it opens the door to other reasons. What if a charity accidentally sends $25MM worth of BTSX to someone by mistake? A poor example but you get where I'm going. Once it's known that rollbacks are possible confidence in the integrity of the blockchain will be shaken.
 

Offline Riverhead

Re: bter hacked and lost 50m nxt
« Reply #10 on: August 15, 2014, 02:26:01 PM »
Very good for BTSX obv.

Cannot disagree more!


Ya, large thefts are bad PR. The people sitting on the fence or the sidelines don't distinguish the details of which product or how it was taken. They just read, "$1.7M USD worth of BTC like money stolen".

Offline lucky331

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Re: bter hacked and lost 50m nxt
« Reply #11 on: August 15, 2014, 02:39:11 PM »
the question is, can you even withdraw BTSX from BTER?  i have been waiting for like an hour now.

Offline CLains

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Re: bter hacked and lost 50m nxt
« Reply #12 on: August 15, 2014, 02:40:03 PM »
I feel really bad for Bter, it is my favorite exchange atm.

Terrible news for NXT as well. No fun winning like this :(
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Offline luckybit

Re: bter hacked and lost 50m nxt
« Reply #13 on: August 15, 2014, 02:42:07 PM »
This is a huge amount. I feel sorry for them.
https://bitcointalk.org/index.php?topic=740147.0

Fortunately I didn't list anything but goddamnit.
This is not good for the industry as a whole even if we can benefit from it.

Is there a way to turn Nxt into an IOU on Bitshares X utilizing something similar to Vennd.io?
I think we should duplication the functionality of Vennd.io ASAP.

http://www.vennd.io/

Can anyone find the source code?

I feel really bad for Bter, it is my favorite exchange atm.

Terrible news for NXT as well. No fun winning like this :(
This isn't winning. We aren't in a competition with NXT the community. We are in a competition only with NXT the technology. All communities lose when this happens as evidenced by MtGox spoiling the whole ecosystem.
« Last Edit: August 15, 2014, 02:46:11 PM by luckybit »
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Offline Riverhead

Re: bter hacked and lost 50m nxt
« Reply #14 on: August 15, 2014, 02:45:36 PM »
This is worth a read and maybe following. It's the NXT thread on to rollback or not to rollback. Not for the feint of heart. I also agree with CLains: this is no way to win. Really it could have just as easily been BTSX.

https://nxtforum.org/news-and-announcements/roll-back-bter-hack-of-50m-nxt/?all

Why turn NXT into an IOU on Bitshares X? Not disagreeing just not sure what it means.

 

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