Skip to comments.Bitcoin Exchanges Under ‘Massive and Concerted Attack’
Posted on 02/11/2014 12:06:45 PM PST by Errant
A massive and concerted attack has been launched by a bot system on numerous bitcoin exchanges, Andreas Antonopoulos has revealed.
This has lead to popular exchange Bitstamp putting a temporary halt on all bitcoin withdrawals.
Antonopoulos, who is the chief security officer of Blockchain.info, said a DDoS attack is taking Bitcoins transaction malleability problem and applying it to many transactions in the network, simultaneously.
So as transactions are being created, malformed/parallel transactions are also being created so as to create a fog of confusion over the entire network, which then affects almost every single implementation out there, he added.
(Excerpt) Read more at coindesk.com ...
Maybe. Or maybe instead of simply making it illegal, they are just going to overwhelm it with attacks from all quarters including technological ones.
All your bitcons belong to us!
Wonder how many NSA agents are involved. Don’t want to step on the toes of the fed monopoly, or allow the chinese to move cash out of their corrupt communist banking system, now would we?
Somebody isn’t happy that genius entrepreneurs found a way around their fiat greenbacks?
under attack by the issuers of fiat currencies
a solution will be found... and it’ll just get stronger
Government don’t like competition.
Also in perfect timing:
Those darn ‘bots’ gummin’ up the works again. We are DOOMED!!!!
A made up currency invented by a hacker experiences software problems/ security issues. Who would have thought?
I just check mining, there doesn’t seem to be any issues with hashing and communicating results.
And the Federal Reserve likes it even less.
All the news agencies (fortune, bloomberg, cnbc, nytimes, cnn money, forbes) are all posting negative news stories now. Talk about timing...
Currencies can shrug off a lot of problems, including rumors and volatility. One problem they can’t finesse is currency holders not having access to their funds.
jpmorgan... a respected voice in the world of ‘high’ finance
Bitcoin is toast. What? You thought they were going to let it survive? As a former Prosecutor most people truly have NO idea how powerful even a state government is.
This problem seems to be isolated to exchanges and their third-party software and someone attacking a partial vulnerability. No problem accessing locally stored coins or transactions between mining pools, miners and etc., so far.
I guess no one has pumped a few billion dollars of Bitcoins into Chase Bank as happened with the "vastly superior" Fed funny money.
I harbored no doubts about there not being a fight. New technology ALWAYS wins in the end though, if it proves itself advantageous over the old way of doing things.
The Controllers don’t like Bitcoin messing with their operations. That much should be obvious to everyone by now.
same game new target.
That over representation game...is useful
some things will never change....the chins of course demand the real stuff...
LOL, yep... Didn't they just get fined for about three times the entire value of Bitcoins in the world for their "respected activities"?
The Fed can manipulate the gold market, which is orders of magnitude larger than the Bitcoin market. It can crush Bitcoin with little effort. Couple this with some cyber-warfare technology, and it costs very little.
That’s the fatal flaw in Bitcoin. Governments reserve the authority to create money out of nothing (aka, counterfeiting) to themselves, and can no more tolerate competition from alternative currency systems than they can counterfeiters.
I pretty sure I can make back my Bitcoin losses with my Nigerian investments.
Your Gov’t dollars at work, like all Gov’t projects, it will fail, the smartest people are not in Gov’t.
My confidence is not shaken, this is a good thing and will only strengthen the Bitcoin system over time.
There is a world wide economic war going, my money is on the governed.
Mankind, if people in the world could wrestle control of the medium of exchange away from governments and banksters.
Mining is chugging along fine today.
We shall see. This is the first iteration, lots to learn and improvements to be made. Already there are almost a hundred more in the pipeline. It's a powerful idea, kind of like the idea of freedom in lots of ways. Of course the old system isn't going to go quietly - have they ever?
This just makes Bitcoin stronger. Bitcoin will out perform any financial instrument known to man in 2014.
My miners are bangin’ on all cylinders!
Ha! Mine too! ;)
This may actually be a good thing... It will be interesting to see how it weathers this storm and if it results in some security hardening. I’m sure it won’t be the last attack and the infrastructure needs to be tested to prove itself.
Who couldn't see this coming?
...and so the bleeding obvious weakness of online currencies rears its ugly head.
And there is a lot of unknowns, like when did attacks actually begin on Mt. Gox. They've been having problems transferring funds to customers way before this.
“Bitcoin is toast. What? You thought they were going to let it survive? As a former Prosecutor most people truly have NO idea how powerful even a state government is.”
Yep, just witness how omnipotent the “guvmint” has been against the drug trade!
Anyhow, I’ll keep an eye out for my “powerful” state government for sure... ;-)
As a further aside, I expect any government efforts to attack cryptocurrencies will fare about as well as an attack on barter. :-)
“a solution will be found... and itll just get stronger”
“...and so the bleeding obvious weakness of online currencies rears its ugly head.”
Sure. And the amazing strength of fiat currencies is evident, right? $75 billion per month of “quantitative easing”...good stuff. :-P
Everything in the world is worth exactly what someone is willing to pay for it. At the moment, it’s around $660 per bitcoin.
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