bter hacked and lost 50m nxt

[lucky331]

no fork.  all thr nxt except for 8m has been returned. 

[Riverhead]

Also the hacker seems to  have returned the NXT 50m ..
http://www.reddit.com/r/NXT/comments/2ds1m0/hacker_begins_to_return_stolen_nxt/

ok wow - why he's doing that? Was it like a penetration test ...  ?

That puts it at about 10% of the market value of the heist.  Bter is still getting off easy. Are they still going to fork?
One of the hacker's NXT message says, "DevilDave is a plunker" or something like that. Perhaps it was proving a point about the true autonomous nature of a blockchain's ability to resist tampering. Also, the hacker still has the 100BTC for their efforts.

I believe the price was raised to 300 BTC.

That's about 10% of the value of the heist. Bter got off not too bad. Is NXT still planning a fork?

[kokojie]

Also the hacker seems to  have returned the NXT 50m ..
http://www.reddit.com/r/NXT/comments/2ds1m0/hacker_begins_to_return_stolen_nxt/

ok wow - why he's doing that? Was it like a penetration test ...  ?

One of the hacker's NXT message says, "DevilDave is a plunker" or something like that. Perhaps it was proving a point about the true autonomous nature of a blockchain's ability to resist tampering. Also, the hacker still has the 100BTC for their efforts.

I believe the price was raised to 300 BTC.

[Riverhead]

Also the hacker seems to  have returned the NXT 50m ..
http://www.reddit.com/r/NXT/comments/2ds1m0/hacker_begins_to_return_stolen_nxt/

ok wow - why he's doing that? Was it like a penetration test ...  ?

One of the hacker's NXT message says, "DevilDave is a plunker" or something like that. Perhaps it was proving a point about the true autonomous nature of a blockchain's ability to resist tampering. Also, the hacker still has the 100BTC for their efforts.

[cass]

Also the hacker seems to  have returned the NXT 50m ..
http://www.reddit.com/r/NXT/comments/2ds1m0/hacker_begins_to_return_stolen_nxt/

ok wow - why he's doing that? Was it like a penetration test ...  ?

[lucky331]

it's over.  bter better improve security.

[Riverhead]

Wow! Did not see that coming.


Go here: https://nxtblocks.info/#section/blockexplorer_messages and search for NXT-8WJ7-8A2H-MBYN-3W9K4 to follow along.

[xeroc]

Also the hacker seems to  have returned the NXT 50m ..
http://www.reddit.com/r/NXT/comments/2ds1m0/hacker_begins_to_return_stolen_nxt/

[Riverhead]

It's painful reading the thread on the NXT forums. The community is clearly split at a fundamental level on this. The NXT market cap is back over $31MM USD (partially due to a slight recovery of BTC) so they may have weathered this storm.

[lucky331]

I am personally more intrigued which NXT chain are the other exchanges running, especially btc38.
Anybody depositing any NXT on btc38 in last hours?

the fuck?  i thought there was no roll back... 

going to the nxt forum now..

It is not roll back, it is a forks now. Very cool ones tho. I have been playing with them with last $1 on NXT I have. You transfer on one fork and it appears on both. Very cool.

yeah, just read it from the thread.  so sad this had to happen.  bter should be the one answering to this, not the nxt community.

[tonyk]

I am personally more intrigued which NXT chain are the other exchanges running, especially btc38.
Anybody depositing any NXT on btc38 in last hours?

the fuck?  i thought there was no roll back... 

going to the nxt forum now..

It is not roll back, it is a forks now. Very cool ones tho. I have been playing with them with last $1 on NXT I have. You transfer on one fork and it appears on both. Very cool.

[lucky331]

I am personally more intrigued which NXT chain are the other exchanges running, especially btc38.
Anybody depositing any NXT on btc38 in last hours?

the fuck?  i thought there was no roll back... 

going to the nxt forum now..

[tonyk]

I am personally more intrigued which NXT chain are the other exchanges running, especially btc38.
Anybody depositing any NXT on btc38 in last hours?

[kokojie]

I trade there now and then but don't leave any currency on the exchange. Nothing against BTer I just find it's a good policy in general. Also, I am transitioning some of my activity to Coinport because of their efforts for transparency.

but what if they block withdrawals all of a sudden like gox?  scary..

Indeed, that would be scary. Thankfully there are plenty of other exchanges around.

But we like BTER, it has been the most supportive exchange for PTS, BTSX, LTS and MMC.

[Riverhead]

I trade there now and then but don't leave any currency on the exchange. Nothing against BTer I just find it's a good policy in general. Also, I am transitioning some of my activity to Coinport because of their efforts for transparency.

but what if they block withdrawals all of a sudden like gox?  scary..

Indeed, that would be scary. Thankfully there are plenty of other exchanges around.

[lucky331]

I trade there now and then but don't leave any currency on the exchange. Nothing against BTer I just find it's a good policy in general. Also, I am transitioning some of my activity to Coinport because of their efforts for transparency.

but what if they block withdrawals all of a sudden like gox?  scary..

[xeroc]

I feel glad I sold all of them last week .. *Puh*

[Empirical1]

Managed to sell some NXT round $25 million CAP, will see if that was good.

[Riverhead]

I trade there now and then but don't leave any currency on the exchange. Nothing against BTer I just find it's a good policy in general. Also, I am transitioning some of my activity to Coinport because of their efforts for transparency.

[liondani]

isn't bter losing 50m nxt a bit of a concern that the exchange will close down? 

who among here still trades at bter?

mtgox was "hacked" months before they closed....
so be careful guys!

[fuzzy]

isn't bter losing 50m nxt a bit of a concern that the exchange will close down? 

who among here still trades at bter?

Not this guy...though I deeply respect that they honored PTS account holders with their shares (unlike "big Vern")

[lucky331]

isn't bter losing 50m nxt a bit of a concern that the exchange will close down? 

who among here still trades at bter?

[tonyk]

He just bought 100 BTC IOU's (the multigateway BTC )

Transaction: 3943495016275895492
 Asset: 4551058913252105307

Can somebody more tech savvy explain to me if he can turn all 45Mil NXT into  multigateway BTC  and then into BTC.
Can they stop him from doing that? (I am thinking the other signature in this multisign deal.)

[thisisausername]

Is this a joke?
If the major exchanges change to an upgrade chain,the old chain will be worthless.
So,the people don't really have a choice to stick to the old chain.

Do you really think in an actual conflict where large swathes of the community split that new exchanges wouldn't be opened?  I don't understand why the assumption of massive market failure in the face of huge community demand.

[Riverhead]

I guess the theory is that if a pool of people is diverse enough they'd never come to a political consenses. Something like what happened to Bter is a bit more cut and dried and easier to get consensus  on.

According to  the roll back option,
If bter gets broke at some day,need a lot of money to cover their ass.they can do this trick :
Sell clients's 50Mil NXT to some guy  name "Whale" for a good price,gets 100Mil USD.
Whale paid 100Mil  USD to bter through Bitcoin or whatever roll-back-disable ways,and gets 50Mil NXT.
Now,BTER has 100Mil USD,Whale has 50 Mil NXT.
But bter need to pay back the 50MIL NXT that belongs to its client.So,they can make up a hacker story,even plant some dialog of the negotiation,then ask for a roll back.
   if the so-called NXT community agrees,then Whale would lost 100 MIL USD,for nothing ,while bter gets 100 MIL USD.

Sounds like the makings for a great Crypto action thriller movie

[kokojie]

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

Thinking about this longer I get more concerned. Let's say someone donates $5M worth of X to Israel/Hamas (just picking a random conflict that most would be familiar with which also has strong opinions in both camps). Someone creates a thread on the Xtalk forum slamming the injustice about giving so much money to such horrible people. The community generally agrees, namely the forgers, and they decide to roll back that transaction and give the money to the other side instead.


How many people are needed to effectively perpetrate a 51% attack on their own blockchain? Doesn't that defeat the purpose of an autonomous currency if a relatively small group of people (let's call them the coin's government) can make policy decisions based on political affiliation?


Maybe there's no way around this because someone(s) need to maintain the code so it'll never be completely hands off.

I think the general crypto community is smart enough to decide if it's something "clearly wrong and needs to be rolled back", (ie. code bug, hack of major exchange that will have real impact on all users)

vs something that is "possibly wrong, but not our place to judge" (ie. funding israel/hamas, paying prostitutes, FBI raids etc...).

Reading my own thoughts, now I have a new found respect for "too big to fail" and "bailouts" that happened in 2008. We now have our own case of "too big to fail" (BTER), and will needs to be bailed out (rollback).

Unfortunately, some companies failed so hard, that they can't even be bailed out, like Bear Stearns and Lieman Brothers, and mt.gox...

[kokojie]

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

Thinking about this longer I get more concerned. Let's say someone donates $5M worth of X to Israel/Hamas (just picking a random conflict that most would be familiar with which also has strong opinions in both camps). Someone creates a thread on the Xtalk forum slamming the injustice about giving so much money to such horrible people. The community generally agrees, namely the forgers, and they decide to roll back that transaction and give the money to the other side instead.


How many people are needed to effectively perpetrate a 51% attack on their own blockchain? Doesn't that defeat the purpose of an autonomous currency if a relatively small group of people (let's call them the coin's government) can make policy decisions based on political affiliation?


Maybe there's no way around this because someone(s) need to maintain the code so it'll never be completely hands off.

I think the general crypto community is smart enough to decide if it's something "clearly wrong and needs to be rolled back", (ie. code bug, hack of major exchange that will have real impact on all users)

vs something that is "possibly wrong, but not our place to judge" (ie. funding israel/hamas, paying prostitutes, FBI raids etc...).

[Riverhead]

I guess the theory is that if a pool of people is diverse enough they'd never come to a political consenses. Something like what happened to Bter is a bit more cut and dried and easier to get consensus  on.

[thisisausername]

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

Thinking about this longer I get more concerned. Let's say someone donates $5M worth of X to Israel/Hamas (just picking a random conflict that most would be familiar with which also has strong opinions in both camps). Someone creates a thread on the Xtalk forum slamming the injustice about giving so much money to such horrible people. The community generally agrees, namely the forgers, and they decide to roll back that transaction and give the money to the other side instead.


How many people are needed to effectively perpetrate a 51% attack on their own blockchain? Doesn't that defeat the purpose of an autonomous currency if a relatively small group of people (let's call them the coin's government) can make policy decisions based on political affiliation?


Maybe there's no way around this because someone(s) need to maintain the code so it'll never be completely hands off.

The majority of the community can continue mining (forging, having stake, whatever) on the old chain if they don't agree with the hard fork, no one is going to force them to upgrade.

[Riverhead]

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

Thinking about this longer I get more concerned. Let's say someone donates $5M worth of X to Israel/Hamas (just picking a random conflict that most would be familiar with which also has strong opinions in both camps). Someone creates a thread on the Xtalk forum slamming the injustice about giving so much money to such horrible people. The community generally agrees, namely the forgers, and they decide to roll back that transaction and give the money to the other side instead.


How many people are needed to effectively perpetrate a 51% attack on their own blockchain? Doesn't that defeat the purpose of an autonomous currency if a relatively small group of people (let's call them the coin's government) can make policy decisions based on political affiliation?


Maybe there's no way around this because someone(s) need to maintain the code so it'll never be completely hands off.

[Empirical1]

I think NXT may have already fallen an additional 15% to what coinmarketcap is showing?

They're showing $0.033 but I think bter & cryptsy are not trading? BTC38?

The DGEX price is showing $0.027

[tonyk]

https://nxtblocks.info/#section/accountId/NXT-8WJ7-8A2H-MBYN-3W9K4


I posted it on their forum also. They do not seem to care. The main thought as of now 'it is BTER's problem'... it is getting more then that with this last development....imo

[Riverhead]

Where do you see that?

[tonyk]

He just bought 100 BTC IOU's (the multigateway BTC )

Transaction: 3943495016275895492
 Asset: 4551058913252105307

[CLains]

bytemaster could perhaps weigh in with some clarity on the issue NXT are facing,

consensus, irreversibility, justice, rollbacks, decentralization

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

True enough. It's much easier for me to stand up for my values when I have no skin in the game.

[kokojie]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.

The developer will do the rollback with the blessing of majority of the forgers, it's basically a coordinated hard fork that is happening all the time in alt coins (and Bitcoin had one too).

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

So my take away from that is the blockchain is only as secure as your faith in the developer? Holy crap. I suppose the forgers will have to mine the new chain so it is decentralized I guess.


Also if they get out of this for only 100 BTC I'd call that lucky. The market price on 50M NXT is many times that.

[kokojie]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

Yeah, I can't believe BTER is so naive and sent 110 BTC without any guarantee.

On the other hand, looks like a rollback is easier than I thought. I originally thought a lot of transactions will be affected. But that's not true, it looks like NxT developer will be able to simply target the hacker's address and rollback will only happen to the hacker's address. No one else will be affected by the rollback. So BTER basically just lost 110 BTC for nothing.

[Riverhead]

Hard to say. I think all the threats and pleas are for not. I would be really surprised if the hacker is even reading the thread anymore. 44M NXT and 100BTC in the hackers pocket. There is no incentive to negotiate anymore. IMHO the "negotiation" was just the hacker bilking them out of more money with false hope.

[liondani]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

so even if NXT rolls back, the "hacker" will enjoy their +100 BTC gift...
I bet the 100 BTC are from the customer deposits since BTER don't allow BTC withdrawalls!(?)...

[chryspano]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

His last 3 messages....
 
This is taking too long. I dont have all night.

So, what taking so long? Send me the next batch already. I'm going to leave soon. It's already 2 hours of negotiation, it took me 1 hour to clean your whole exchanger. BTC 500+ I'm not going to sit here, and wait 2 more hours for you to decide to send the lousy 10 BTC.

Deal is off. Good night.

[xeroc]

i'd say that guy simply went to bed ..

[mint chocolate chip]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

Oh, now I see it, the hacker cancelled negotiations, said good night, and afterwards bter panicked and sent them 20 btc and then another 70 btc.

Message:   Deal is off. Good night.

https://nxtblocks.info/#section/txid/15947610367915170091

[38PTSWarrior]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

yes, and the he disappeared. First it seemed everything would work out nicely. Sorry for bter!

[luckybit]

If we own NXT on Bitshares then it's worth a certain amount in XTS which then gets accepted in exchange for NXT via some sort of API level connection to Counterparty or Vennd. Someone redeems the IOU and then the BTSX are represented on Counterparty as an IOU which gets sold for NXT and transferred to the owner on the Bitshares chain. On the Bitshares X chain you would lock it to your NXT address and the market asset NXT would allow us to trade on the Bitshares X exchange.

This is important because we need the ability to hedge on the success of Bitshares X by buying NXT when people panic sell it.

What's the end game here? Trade NXT without a centralized exchange?

We should be able to trade NXT from within Bitshares and then we could have an arbitrage opportunity or judge hedge ourselves in case Bitshares has problems. If you own Bitshares even if you think it will be #1 it still makes sense to reserve a few percent of your portfolio for NXT.

[mint chocolate chip]

Am I understanding this right, bter and the hacker made a deal, bter sent them 100 bitcoins and the hacker was supposed to then be honest and give back all the nxt?

[Riverhead]

https://nxtblocks.info/#section/blockexplorer_messages

street justice

I can't read the Kanji messages but I do see one threat in English. I can't imagine there's any way to find this person though.

[CLains]

https://nxtblocks.info/#section/blockexplorer_messages

street justice

[Riverhead]

The one thing I'd like to know is why did BTER keep 50m NxT in a hot wallet? surely NxT can be kept in a cold wallet? is this something special about NxT? or is BTER keeping everything they have in a hot wallet?

ok, I found this:
https://bter.com/article/968

so looks like NxT was not on the list of coins that are being kept in a cold wallet, the only thing I don't understand is ... why?

Maybe something to do with forging? I don't know.

[kokojie]

The one thing I'd like to know is why did BTER keep 50m NxT in a hot wallet? surely NxT can be kept in a cold wallet? is this something special about NxT? or is BTER keeping everything they have in a hot wallet?

ok, I found this:
https://bter.com/article/968

so looks like NxT was not on the list of coins that are being kept in a cold wallet, the only thing I don't understand is ... why?

[kokojie]

The one thing I'd like to know is why did BTER keep 50m NxT in a hot wallet? surely NxT can be kept in a cold wallet? is this something special about NxT? or is BTER keeping everything they have in a hot wallet?

[Riverhead]

If we own NXT on Bitshares then it's worth a certain amount in XTS which then gets accepted in exchange for NXT via some sort of API level connection to Counterparty or Vennd. Someone redeems the IOU and then the BTSX are represented on Counterparty as an IOU which gets sold for NXT and transferred to the owner on the Bitshares chain. On the Bitshares X chain you would lock it to your NXT address and the market asset NXT would allow us to trade on the Bitshares X exchange.

This is important because we need the ability to hedge on the success of Bitshares X by buying NXT when people panic sell it.

What's the end game here? Trade NXT without a centralized exchange?

[Riverhead]

Perhaps. I personally would have been dumping NXT for more BTSX and I would have expected others holding NXT to do the same. But yes perhaps the implications are bigger.

Agreed but you're not exactly the uninitiated fence sitter .

[Empirical1]

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".

Perhaps. I personally would have been dumping NXT for more BTSX and I would have expected others holding NXT to do the same. But yes perhaps the implications are bigger.

[luckybit]

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.

I'd like to purchase NXT through Bitshares X and potentially hold them through Bitshares X.
I don't think it would be too hard to implement if we can find the source code to Vennd.io or if Bytemaster or someone can come up with an algorithm to show us how to do it.

I don't know how to do it in a way which isn't centralized but perhaps one way would be to connect to Counterparty and do it through Counterparty. I really would prefer if it could be done through Bitshares X though so that Bitshares X can actually make use of it's ability to issue assets.

If we own NXT on Bitshares then it's worth a certain amount in XTS which then gets accepted in exchange for NXT via some sort of API level connection to Counterparty or Vennd. Someone redeems the IOU and then the BTSX are represented on Counterparty as an IOU which gets sold for NXT and transferred to the owner on the Bitshares chain. On the Bitshares X chain you would lock it to your NXT address and the market asset NXT would allow us to trade on the Bitshares X exchange.

This is important because we need the ability to hedge on the success of Bitshares X by buying NXT when people panic sell it.

[Riverhead]

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.

[luckybit]

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.

[CLains]

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

Terrible news for NXT as well. No fun winning like this

[lucky331]

the question is, can you even withdraw BTSX from BTER?  i have been waiting for like an hour now.

[Riverhead]

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".

[Riverhead]

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.
 

[tonyk]

Very good for BTSX obv.

Cannot disagree more!

[Empirical1]

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.

[liondani]

If I would be a NXT holder I would consider to buy some BTSX right now! 

[kokojie]

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.

[Riverhead]

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.

[kokojie]

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?

[xeroc]

duplicate:
https://bitsharestalk.org/index.php?topic=6973.new#new

[speedy]

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.

[tx3sim]

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