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Thread: Bitcoins are officially donkdown

  1. #1001
    http://nakedsecurity.sophos.com/2014...-dutch-police/


    Silk Road-alike "Utopia" dark-net market seized by Dutch police

    by Lisa Vaas on February 13, 2014 | 1 Comment
    FILED UNDER: Featured, Law & order
    Dutch police have shut down Utopia, the Dutch Public Prosecution Service said Tuesday.

    The dark-net market, staffed by the former administrators that ran Black Market Reloaded (BMR), was supposed to replace BMR and evolve to become the biggest competition for Silk Road 2.0 - the reincarnation of Silk Road that opened in November - according to DeepDotWeb.

    The US Federal Bureau of Investigations (FBI) shut down Silk Road in October.

    The two markets sold the same type of merchandise: illegal drugs, firearms, stolen bank account information, forged identity documents and more.

    According to the International Business Times, Utopia didn't last nearly as long as Silk Road, though: it was shuttered within one week of opening, the news outlet reports.

    Though it was, like other dark markets, only accessible through the Tor anonymity network, Utopia already had a sizable inventory list when it was taken down.

    DeepDotWeb took screenshots of the now-closed site that showed that within the first hours of opening, Utopia was already offering over 1,200 products.

    In contrast, Silk Road had more than 13,000 listings for controlled substances, including cannabis, heroin, methamphetamine and LSD, as well as firearms, stolen bank account information and forged IDs.

    Public Prosecution Service spokesman Wim de Bruin said in a statement seen by International Business Times that more information about the shutdown will come later in the week.

    The news outlet reports that Bruin refused to say how the hidden website had been seized or if anyone had been arrested.

    Almost immediately following the Silk Road takedown, the Tor Project blogged that as far as they could tell, Tor wasn't compromised.

    Rather, as the FBI said at the time, suspected Silk Road mastermind Ross Ulbricht got sloppy with operational security and was found "through actual detective work."

    PCWorld noted that a Silk Road forums moderator posted a message saying that Utopia’s seizure “is a serious blow to the darkweb marketplace community.”

    The moderator called on users of the hidden market places to regroup and give it another go, if not two or three or, well, how many heads does a hydra grow?

    Show them that you, we, are a hydra—cut off one head and ten more spring up.

    In light of yet another dark-net market shuttering, those who use Tor should bear in mind that it doesn't promise anonymity in all situations.

    As the Tor Project stressed at the time of the Silk Road shutdown:

    Tor does not anonymize individuals when they use their legal name on a public forum, use a VPN with logs that are subject to a subpoena, or provide personal information to other services.

    It's good to remember that there are lots of people, such as political dissidents, for whom anonymity can be a life-or-death situation.

    Best for such persons to pay heed to how the law can peel away the Tor onion to find the people it wants to find.

  2. #1002
    Quote Originally Posted by Walter Sobchak View Post
    Quote Originally Posted by Dan Druff View Post

    You can't transfer coins off Gox right now.
    But when there are no restrictions on withdrawals, arbitrage would be possible? If the coins aren't portable what good are they?
    I thought I saw that MTGox was saying you could sell your bitcoin for currency? In any event if you go to their site its yells "safe" "secure" blah blah. In a regulated industry they would be brought up for fraud charges and sued with a front page like that given the problems they are experiencing.

    I think is will continue to get worse. Hard for a regulator to sign off on something that is mostly used for speculation and illegal activities. I think the cool new aspect of this is over, and its left with a tarnished reputation which means governments will more and more going to make it illegal. I realize people buy these for emotional/political reasons as much as anything else, but if you have any real money in this consider taking all, 1/2 off the table. Most people probably think that its 1/2 from the high so its already sold off, but it seems to me this could become worthless fast so don't hold on to this like a good stock which had a bad earnings report but a good future. This was the same advice many were posting a few weeks ago before the "crash". gl

  3. #1003
    Owner Dan Druff's Avatar
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    Gox crashing down again. Value at 468 at time of this post.

    Other exchanges finally starting to follow. Average of others is around 615 now.

  4. #1004
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    apparently the new silk road got hacked and all the btc are pilfered...? looking for deets.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowski

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  5. #1005
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    The operators of Silk Road 2, an online Deep Web marketplace that can only be accessed through the anonymous web browsing system Tor, has been hacked. The attackers reportedly made out with millions of dollars worth of Bitcoins, all of the users’ funds that the site’s operators had been holding as part of transactions.

    It’s been estimated that somewhere in the neighborhood of 88,000 bitcoins were stolen as a result of the attack. At the current market price, that haul is valued at approximately $54 million USD. However, Nicholas Weaver, a researcher at the International Computer Science Institute told Forbes that the amount of bitcoins stolen is likely closer to $2.6 million USD.

    Silk Road 2 was launched last November, shortly after the original Silk Road was shut down by law enforcement authorities and its alleged mastermind, Ross Ulbricht, was arrested in San Francisco.

    In an message posted to the Silk Road’s internal forum on Thursday, the site operator, who goes by the pseudonym Defcon, recounted the situation:

    Our initial investigations indicate that a vendor exploited a recently discovered vulnerability in the Bitcoin protocol known as "transaction malleability" to repeatedly withdraw coins from our system until it was completely empty....This attack hit us at the worst possible time. We were planning on re-launching the new auto-finalize and Dispute Center this past weekend, and our projections of order finalization volume indicated that we would need the community's full balance in hot storage. In retrospect this was incredibly foolish, and I take full responsibility for this decision.

    The issue of transaction malleability is one that’s thrown the entire Bitcoin community into chaos in recent days. According to Coindesk, ‟it’s an attack that lets someone change the unique ID of a bitcoin transaction before it is confirmed on the bitcoin network. The change makes it possible for someone to pretend that a transaction didn’t happen, if all the right conditions are in place.”

    Conducted on a mass scale, as occurred earlier this week when an unknown entity used the technique to launch a coordinated denial of service attack on a number of Bitcoin exchanges around the world.

    The attack caused MtGox, the single most high-profile Bitcoin exchange in existence, to temporarily halt all withdrawals until the issue of transaction malleability was dealt with. Others exchanges, such as the Slovenia-based Bitstamp, have followed suit.

    In his or her note, Defcon admitted that the fault for the hack attack lays at the feet of the site’s operators. ‟I have failed you as a leader, and am completely devastated by today's discoveries,” Defcon wrote. ‟I should have taken MtGox and Bitstamp's lead and disabled withdrawals as soon as the malleability issue was reported. I was slow to respond and too skeptical of the possible issue at hand. It is a crushing blow. I cannot find the words to express how deeply I want this movement to be safe from the very threats I just watched materialize during my watch.”

    Defcon wrote that there are currently efforts underway to track down the thief.

    Even so, there are some who question Defcon’s version of events. In a post to Reddit’s r/Bitcoin forum, wrote a post charging that, ‟it is clear that Silk Road 2 funds were stolen by the operators.”

    Online black markets like Silk Road 2 have long been targets for hackers. Last December, hackers who targeted the online wallets of Sheep Marketplace stole over $100 million in Bitcoin the days before the marketplace shut down entirely.

     
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      vegas1369: Holy shite!
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowski

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  6. #1006
    Serial Blogger BeerAndPoker's Avatar
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    Lots of greed and hacking continues to crash the bitcoin. It makes me wonder if something ever could happen so huge where Silk Road and a bunch of exchanges are hacked all at once in such a nasty way where the coin shoots down like 80% overnight and then these hackers with money come buy up a bunch of coins where the price rises up over the next few days and they sell them.

    If someone is talented enough of a hacker who has a lot of money or can acquire funds where they get a piece then with the right resources they can manipulate the market this way not to just steal coins but plummet it's value before they drop down a large investment then get out when it goes back up. Rinse and Repeat.
    BeerAndPoker Blog: Click HERE
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  7. #1007
    My foolish little purchase is looking pretty grim now. Bought in at the highest point of this crash and didn't know Coinbase would take 5 days to credit the coin, plus not allow me to buy another till it clears...lol Probably a good thing though, I would have bought another 2 days ago. Also, their verification on CC's seems to be lacking. Looks like I was stupid to use them to begin with, Forex would have been a better choice.


  8. #1008
    Owner Dan Druff's Avatar
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    Quote Originally Posted by vegas1369 View Post
    My foolish little purchase is looking pretty grim now. Bought in at the highest point of this crash and didn't know Coinbase would take 5 days to credit the coin, plus not allow me to buy another till it clears...lol Probably a good thing though, I would have bought another 2 days ago. Also, their verification on CC's seems to be lacking. Looks like I was stupid to use them to begin with, Forex would have been a better choice.

    I also used them, except I bought 0.1 and am waiting the 30 days until I can do instant transactions. Otherwise, as you pointed out, you are buying them on a severe delay.

    My CC verified fine, but I am still waiting for the 30 days to pass, which won't be for another 2 weeks. By then, who knows where bitcoin will be...

  9. #1009
    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by vegas1369 View Post
    My foolish little purchase is looking pretty grim now. Bought in at the highest point of this crash and didn't know Coinbase would take 5 days to credit the coin, plus not allow me to buy another till it clears...lol Probably a good thing though, I would have bought another 2 days ago. Also, their verification on CC's seems to be lacking. Looks like I was stupid to use them to begin with, Forex would have been a better choice.

    I also used them, except I bought 0.1 and am waiting the 30 days until I can do instant transactions. Otherwise, as you pointed out, you are buying them on a severe delay.

    My CC verified fine, but I am still waiting for the 30 days to pass, which won't be for another 2 weeks. By then, who knows where bitcoin will be...
    I never got the 2 pending small transactions to verify. Called the bank and they said there is nothing they see either. Once you try it once it makes you wait a week to try it again. Meanwhile, when I purchased the first one it said it would be there in 4 days. Well, the transaction hit my bank acct yet still no BTC in my Coinbase.


     
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      son of lockman: jb

  10. #1010
    Quote Originally Posted by vegas1369 View Post
    My foolish little purchase is looking pretty grim now. Bought in at the highest point of this crash and didn't know Coinbase would take 5 days to credit the coin, plus not allow me to buy another till it clears...lol Probably a good thing though, I would have bought another 2 days ago. Also, their verification on CC's seems to be lacking. Looks like I was stupid to use them to begin with, Forex would have been a better choice.

    I'm not trolling. Honest. But I tried. Tried my damndest to prevent you from losing money. Actually it was after the fact. I feel bad when hardworking people lose any money.

  11. #1011
    Quote Originally Posted by Pooh View Post
    Quote Originally Posted by vegas1369 View Post
    My foolish little purchase is looking pretty grim now. Bought in at the highest point of this crash and didn't know Coinbase would take 5 days to credit the coin, plus not allow me to buy another till it clears...lol Probably a good thing though, I would have bought another 2 days ago. Also, their verification on CC's seems to be lacking. Looks like I was stupid to use them to begin with, Forex would have been a better choice.

    I'm not trolling. Honest. But I tried. Tried my damndest to prevent you from losing money. Actually it was after the fact. I feel bad when hardworking people lose any money.
    It's no big deal. Not like I bought 10 of these things, like you said earlier, just one meaningless coin. At the most I lose $730, and that's if it goes down to nothing. I expect it will bounce back, if not, oh well. Making bad decisions bothers me more than losing the money, but sometimes you just gotta say WTF, and take some chances.

  12. #1012
    Quote Originally Posted by vegas1369 View Post
    Quote Originally Posted by Pooh View Post

    I'm not trolling. Honest. But I tried. Tried my damndest to prevent you from losing money. Actually it was after the fact. I feel bad when hardworking people lose any money.
    It's no big deal. Not like I bought 10 of these things, like you said earlier, just one meaningless coin. At the most I lose $730, and that's if it goes down to nothing. I expect it will bounce back, if not, oh well. Making bad decisions bothers me more than losing the money, but sometimes you just gotta say WTF, and take some chances.
    I'd assume the way bitcoin is traded that it will be at $700 plus again at some point.

  13. #1013
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    We've seen plenty of these "crashes" before. It always bounces back, because, for like the dozenth time, whales have a vested interest in it bouncing back.

    Just need to be patient. Which is gay.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowski

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  14. #1014
    Quote Originally Posted by Pooh View Post
    Quote Originally Posted by vegas1369 View Post

    It's no big deal. Not like I bought 10 of these things, like you said earlier, just one meaningless coin. At the most I lose $730, and that's if it goes down to nothing. I expect it will bounce back, if not, oh well. Making bad decisions bothers me more than losing the money, but sometimes you just gotta say WTF, and take some chances.
    I'd assume the way bitcoin is traded that it will be at $700 plus again at some point.
    Dude, the Winky's said it will be worth $40k+. I'm obv going to hit it big.

     
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      Pooh: mortgage the house!

  15. #1015
    Owner Dan Druff's Avatar
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    Quote Originally Posted by sonatine View Post
    We've seen plenty of these "crashes" before. It always bounces back, because, for like the dozenth time, whales have a vested interest in it bouncing back.

    Just need to be patient. Which is gay.
    Agree with this. When the transaction malleability thing is fixed, everything will spike back up again. That's the time to buy in.

  16. #1016
    Quote Originally Posted by Dan Druff View Post
    Quote Originally Posted by sonatine View Post
    We've seen plenty of these "crashes" before. It always bounces back, because, for like the dozenth time, whales have a vested interest in it bouncing back.

    Just need to be patient. Which is gay.
    Agree with this. When the transaction malleability thing is fixed, everything will spike back up again. That's the time to buy in.
    Stop trying to predict something that is unpredictable before you lose people a lot of fucking money.

  17. #1017
    Owner Dan Druff's Avatar
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    Quote Originally Posted by Pooh View Post
    Quote Originally Posted by Dan Druff View Post

    Agree with this. When the transaction malleability thing is fixed, everything will spike back up again. That's the time to buy in.
    Stop trying to predict something that is unpredictable before you lose people a lot of fucking money.
    I can predict what I want. I am not telling people to mortgage their house to do this.

    Everyone here is responsible for their own money, and I am making a prediction, not a guarantee. Of course I could end up being wrong.

    I probably can't even buy in when this happens, because I don't have the ability to buy for another two weeks.

  18. #1018
    Skated Thru to PFA WP Title BHS's Avatar
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    Quote Originally Posted by vegas1369 View Post

    I never got the 2 pending small transactions to verify. Called the bank and they said there is nothing they see either. Once you try it once it makes you wait a week to try it again. Meanwhile, when I purchased the first one it said it would be there in 4 days. Well, the transaction hit my bank acct yet still no BTC in my Coinbase.

    This happened to me too..

    Apparently the transaction is submitted as "pending" and it disappears within 24 hours or some bullshit. I called my bank as well and they were able to find the two amounts but that's only because it was within the allowed time frame. Kinda stupid.

  19. #1019
    When the Winklevii made that announcement about what they thought bitcoin would eventually be worth, did anyone publicly question them as to how they were able to come up with that amount?


    The moment they said that, it instantly appeared to me that they were pulling it out of their ass and had such a massive position in it that they absolutely need everyone to drink their Kool-aid so that they and their friends dont lose everything they invested.

  20. #1020
    Somewhere in this long thread I discussed the legal and regulatory obstacles BTC faces. As druff said you are all responsible for your own money but this is not going to end well. Don't commit any funds you are not prepared to lose. It will be possible to realize trading gains but this is not an asset you want to be holding when the music stops......

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