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Posted on 4/23/13 at 3:06 pm to LSURussian
quote:
The bitcoin exchanges & wallets ARE bitcoin if you have your money with them.
Bitcoin is not the exchanges or the wallet. It is the code.
Bitcoins are not the exchanges or the wallet, it is the currency.
Posted on 4/23/13 at 3:06 pm to Vols&Shaft83
quote:
You mean Alleged DDoS attack, that's never actually been confirmed, or do you just take Magic The Gathering's word for it?
Do you have any evidence to support your suspicion?
Posted on 4/23/13 at 3:08 pm to BennyAndTheInkJets
quote:
With that in mind, if I have a store of value and a medium of exchange, I don't want extreme volatility and illiquidity in it one way or the other.
And I fully understand why you feel that way.
The question is, however: Will bitcoin always be this volatile?
Posted on 4/23/13 at 3:08 pm to joshnorris14
quote:Other exchanges have been hacked more recently. No one mentioned MtGox until you did.
The last time Gox was hacked was 2011.
What is your point?
Posted on 4/23/13 at 3:09 pm to LSURussian
Do you enjoy playing stupid?
I think you may have read too much about Socrates when you were in college.
I think you may have read too much about Socrates when you were in college.
Posted on 4/23/13 at 3:10 pm to joshnorris14
STFU, josh and let the grownups in the room talk.
Go play president of the local YAL chapter....
Go play president of the local YAL chapter....
Posted on 4/23/13 at 3:10 pm to LSURussian
Yep, you do enjoy playing stupid.
Posted on 4/23/13 at 3:10 pm to Lsut81
quote:
Lsut81
Just for the record, I fully understand how silly it is of me to hold the stock market responsible for trader reactions to a hacked twitter account.
I simply wanted to use absurdity to point out how silly it is for people to point to a hacked wallet site, or a DDOS'ed bitcoin exchange as a vulnerability of bitcoin itself. Surely you understand that, right?
This post was edited on 4/23/13 at 3:11 pm
Posted on 4/23/13 at 3:12 pm to joshnorris14
Why did you single out MtGox as some kind of evidence that only YOU know what hacking is vs. a service attack when no one mentioned MtGox?
Are you denying that other exchanges have been hacked since 2011?
Are you denying that other exchanges have been hacked since 2011?
Posted on 4/23/13 at 3:13 pm to LSURussian
Are you done playing stupid?
Posted on 4/23/13 at 3:14 pm to WikiTiger
quote:It's not absurb. It's very relevant.
how silly it is for people to point to a hacked wallet site, or a DDOS'ed bitcoin exchange as a vulnerability of bitcoin itself
It shows the weaknesses in the bitcoin processes just like you try to point out weaknesses in banking processes involving the dollar, hypocrite.
Posted on 4/23/13 at 3:14 pm to joshnorris14
Answer the question.
Posted on 4/23/13 at 3:15 pm to WikiTiger
quote:
Just for the record, I fully understand how silly it is of me to hold the stock market responsible for trader reactions to a hacked twitter account.
At least you admitted that it was a bad analogy.
quote:
DDOS'ed bitcoin exchange as a vulnerability of bitcoin itself.
I don't understand what a DDOS attack is, but I don't see how that is not a hack
If I've got my money stored in a location and my access to funds is shut down and I have lost value of my portfolio by the time I have access to it once again, is that not a hack
Posted on 4/23/13 at 3:17 pm to WikiTiger
I was #19 on page 1 if you missed it. 
If the security and transaction systems in place are not advanced enough to handle either hacking or volume, then yes, it is a vulnerability. I see your point here, but trying to compare the circuit breaker and human oversight of the NYSE Euronext, CBT, CME, or even the electric platforms compared to Mt. Gox is not the right way to attack this.
quote:
I simply wanted to use absurdity to point out how silly it is for people to point to a hacked wallet site, or a DDOS'ed bitcoin exchange as a vulnerability of bitcoin itself. Surely you understand that, right?
If the security and transaction systems in place are not advanced enough to handle either hacking or volume, then yes, it is a vulnerability. I see your point here, but trying to compare the circuit breaker and human oversight of the NYSE Euronext, CBT, CME, or even the electric platforms compared to Mt. Gox is not the right way to attack this.
Posted on 4/23/13 at 3:19 pm to LSURussian
quote:
Answer the question.
I will as soon as you assure me that you are done playing stupid.
Posted on 4/23/13 at 3:19 pm to Lsut81
quote:
I don't understand what a DDOS attack is
It is simply using a lot of computers (usually a botnet consisting of compromised home PC's) to send a very large amount of traffic to a single site and the same time. It's like when LSU loses a football game and TigerDroppings becomes really really slow or even unresponsive because so many people are trying to access it to bitch about the loss.
quote:
If I've got my money stored in a location and my access to funds is shut down and I have lost value of my portfolio by the time I have access to it once again, is that not a hack
Feel free to define it how you like. My argument isn't about the definition. It's about the technology of bitcoin itself. Bitcoin itself is secure and has not been hacked. Third parties that deal with bitcoins have been hacked.
The point I'm making is that what happens with third parties is in no way a reflection on bitcoin itself.
This post was edited on 4/23/13 at 3:21 pm
Posted on 4/23/13 at 3:20 pm to Lsut81
quote:
I don't understand what a DDOS attack is
It's basically just thousands and thousands of people pinging a server until it can't handle the flow and crashes. It's relatively easy to do, you just need some very powerful computers or 50k people doing it at once. That's how Visa was "hacked" a couple years ago.
Posted on 4/23/13 at 3:22 pm to WikiTiger
quote:It IS a reflection on bitcoin when the value of bitcoin drops 80% in 24 hours because of the hacking/service denials.
what happens with third parties is in no way a reflection on bitcoin itself.
Posted on 4/23/13 at 3:22 pm to BennyAndTheInkJets
quote:
If the security and transaction systems in place are not advanced enough to handle either hacking or volume
Do you think it's possible that better exchanges could be built?
What if a major FOREX began allowing for bitcoins to be exchanged? How would that change your opinion?
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