Newest 'mtgox' Questions - Page 2 - Bitcoin Stack Exchange

Founder of Bitcoin Builder, Josh Jones, and one of mtgox's largest creditors just lost $37 million in a sim hack.

In a now deleted post the user zhoujianfu pleads for help from miners/community after 59471 BCH (~$22 million) and 1547 BTC (~$15 million) vanished from his wallets.
To confirm the legitimacy of the address in question (1Edu4yBtfAKwGGsQSa45euTSAG6A2Zbone) from which the total sum of $37 million in crypto currency was stolen, he signed the address:
Text:
zhoujianfu owns me.
Signature:
HKo7vjjvoCbRZPx39rtf1dSjEmA8qigIR4+F85BGCpbpHzmdq1vm6D8bQ9KA6RzFrKdihT/QoOfENDzNPQzL85k=
I have verified the signature as valid. The post which confirms that zhoujianfu is indeed Josh Jones can be found here. According to the deleted post, this was a "sim hack". Which wallet service was used or how Josh was able to retrieve the private keys to sign that message remains unknown, however there has been speculation that he has used blockchain.info or blockchain.com.
This shouldn't have any impact on his claim with mtgox or his creditors in bitcoin builder, but it seems relevant here nonetheless.
submitted by warz to mtgoxinsolvency [link] [comments]

[Megathread] BTC-E Exchange

This is still in speculative phase I think reaching levels of confirmation, and given that this is news and happenings related to a major BTC exchange and there's an increasing number of posts about it, this thread will be a consolidation.
Aaaaaaand apparently this is now about MtGox as well.
Consolidated posts:
submitted by deb0rk to BitcoinMarkets [link] [comments]

Proper Care & Feeding of your CryptoLocker Infection: A rundown on what we know.

This article is no longer being maintained, please see the new version here. Thanks.
tl;dr: I hope you have backups. It's legit, it really encrypts. It can jump across mapped network drives and encrypt anything with write access, and infection isn't dependent on being a local admin or UAC state. Most antiviruses do not catch it until the damage is done. The timer is real and your opportunity to pay them goes away when it lapses. You can pay them with a GreenDot MoneyPak or 2 Bitcoins, attempt to restore a previous version using ShadowExplorer, go to a backup, or be SOL.
Vectors: In order of likelihood, the vectors of infection have been:
  • Email attachments: A commonly reported subject is Payroll Report. The attachment, most of the time, is a zip with a PDF inside, which is actually an executable.
  • PCs that are unwitting members of the Zeus botnet have had the virus pushed to them directly.
  • There is currently one report of an infection through Java, using the .jnlp file as a dropper to load the executable.
Variants: The current variant demands $300 via GreenDot MoneyPak or 2 BTC. I will not attempt to thoroughly monitor the price of bitcoins for this thread, use Mt. Gox for the current exchange rate. Currently the MoneyPak is the cheaper option, but last week Bitcoins were. Two variants, including a $100 variant and a $300 that did not offer Bitcoin, are defunct.
Payload: The virus stores a public RSA 2048-bit key in the local registry, and goes to a C&C server for a private key which is never stored. The technical nuts and bolts have been covered by Fabian from Emsisoft here. It will use a mix of RSA 2048-bit and AES 256-bit encryption on files matching these masks:
*.odt, *.ods, *.odp, *.odm, *.odc, *.odb, *.doc, *.docx, *.docm, *.wps, *.xls, *.xlsx, *.xlsm, *.xlsb, *.xlk, *.ppt, *.pptx, *.pptm, *.mdb, *.accdb, *.pst, *.dwg, *.dxf, *.dxg, *.wpd, *.rtf, *.wb2, *.mdf, *.dbf, *.psd, *.pdd, *.eps, *.ai, *.indd, *.cdr, ????????.jpg, ????????.jpe, img_*.jpg, *.dng, *.3fr, *.arw, *.srf, *.sr2, *.bay, *.crw, *.cr2, *.dcr, *.kdc, *.erf, *.mef, *.mrw, *.nef, *.nrw, *.orf, *.raf, *.raw, *.rwl, *.rw2, *.r3d, *.ptx, *.pef, *.srw, *.x3f, *.der, *.cer, *.crt, *.pem, *.pfx, *.p12, *.p7b, *.p7c, *.pdf, *.tif
This list of file masks may be incomplete. Trust this list at your peril. When in doubt, CryptoLocker will show you what files it has encrypted by clicking the relevant link in the virus's message.
It will access mapped network drives that the current user has write access to and encrypt those. It will not attack server shares, only mapped drives. Current reports are unclear as to how much permission is needed for the virus to encrypt a mapped drive, and if you have clarification or can test in a VM please notify me via message.
By the time the notification pops up, it's already encrypted everything. It's silent until the job is done.
Many antiviruses have been reported as not catching the virus until it's too late, including MSE, Trend Micro WFBS, Eset, GFI Vipre, and Kaspersky. They can further complicate matters by reverting registry changes and removing the executables, leaving the files behind without a public or private key. Releasing the files from quarantine does work, as does releasing the registry keys added and downloading another sample of the virus.
Windows XP through 8 have all reported infections.
What's notable about this virus, and this is going to lead to a lot of tough decisions, is that paying them to decrypt the files actually does work, so long as their C&C server is up. They verify the money transfer manually and then push a notification for the infected machine to call home for the private key again, which it uses to decrypt. It takes a long time to decrypt, at the rate of roughly 5GB/hr based on forum reports. The virus uses the registry to maintain a list of files and paths, so not moving the files around is vital to decryption if you are paying them.
Also notable is that the timer it gives you to pay them does appear to be legitimate, as multiple users have reported that once the timer ran out, the program uninstalled itself. Reinfecting the machine does not bring a new timer. I was not able to verify the uninstallation of the program after the timer ran out, it appears to be dependent on internet access.
Due to the nature of the encryption, brute-forcing a decrypt is essentially impossible for now.
Removal: Removing the virus itself is trivial, but no antivirus product (or any product, for that matter), will be able to decrypt the files until the private key is found.
File Recovery: There are only a handful of options for recovering encrypted files, and they all rely on either having System Restore/VSS turned on or having a backup disconnected from the infected machine. Cloud backup solutions without versioning are no good against this as they will commit the encrypted files to the cloud.
I had a Carbonite employee message me regarding my earlier statement that Carbonite is no good against this virus. It turns out that versioning is included in all Carbonite plans and support all agent OSes except Mac OS X which is outside the scope of this thread anyway. They have the ability to do a mass reversion of files, but you must call tech support and upon mentioning CryptoLocker you will be escalated to a tier 3 tech. They do not mention this ability on the site due to the potential for damage a mass reversion could do if done inadvertently. These are my own findings, independent of what the employee told me. Crashplan and other versioning-based backup solutions such as SonicWALL CDP should also work fine provided the backups are running normally.
Using the "Previous Versions" tab of the file properties is a cheap test, and has had mixed results. Using ShadowExplorer on Vista-8 will give you a much easier graphical frontend for restoring large amounts of files at once (though this will not help with mapped drives, you'd need to run it on the server in that case). Undelete software doesn't work as it encrypts the files in place on the hard drive, there is no copying going on. The big takeaway is that cold-storage backups are good, and they will make this whole process laughably easy to resolve.
Prevention: As this post has attracted many home users, I'll put at the top that MalwareBytes Pro, Avast! Free and Avast! Pro (defs 131016-0 16.10.2013 or later) will prevent the virus from running.
For sysadmins in a domain environment, one way to prevent this and many other viruses is to set up software restriction policies (SRPs) to disallow the executing of .exe files from AppData/Roaming. Grinler explains how to set up the policy here.
Visual example. The rule covering %AppData%\*\*.exe is necessary for the current variant. The SRP will apply to domain admins after either the GP timer hits or a reboot, gpupdate /force does not enforce it immediately. There is almost no collateral damage to the SRP. Dropbox and Chrome are not effected. Spotify may be affected, not sure. I don't use it.
Making shares read-only will mitigate the risk of having sensitive data on the server encrypted.
Forecast: The reports of infections have risen from ~1,300 google results for cryptolocker to over 150,000 in a month. This virus is really ugly, really efficient, and really hard to stop until it's too late. It's also very successful in getting people to pay, which funds the creation of a new variant that plugs what few holes have been found. I don't like where this is headed.
Some edits below are now redundant, but many contain useful information.
9/17 EDIT: All 9/17 edits are now covered under Prevention.
10/10 EDIT: Google matches for CryptoLocker are up 40% in the last week, and I'm getting 5-10 new posts a day on this thread, so I thought I'd update it with some interesting finds from fellow Redditors.
  • soulscore reports that setting the BIOS clock back in time added time to his cryptolocker ransom. Confirmed that the timer extends with the machine offline, but that may be cosmetic and I don't like your chances of this actually helping if your timer runs out on the server side.
  • Spinal33 reports that AV companies are catching up with CryptoLocker and are blocking websites that are spawned in the virus's domain generation algorithm. This effectively means that some people are locked out of the ability to even pay the ransom. (Technically they could, but the virus couldn't call home.)
  • Malwarebytes is claiming that MBAM Pro will catch CryptoLocker. If someone wants to test them on it, be my guest. Confirmed
  • CANT_ARGUE_DAT_LOGIC gave some insight on the method the virus uses when choosing what to infect. It simply goes through folders alphabetically and encrypts all files that match the filemasks towards the top of this post. If you are lucky enough to catch it in the act of encrypting and pull the network connection, the CryptoLocker message will pop up immediately and the countdown will begin. Helpful in determining what will need to be taken into account for decryption.
EDIT 2: We had a customer that ignored our warning email get infected so I will have my hands on an infected PC today, hope to have some useful info to bring back.
10/10 MEGA EDIT: I now have an active CryptoLocker specimen on my bench. I want to run down some things I've found:
  • On WinXP at least, the nested SRP rule is necessary to prevent infection. The path rule needs to be %AppData%\*\*.exe
  • An alternate link to the virus sample is http://gktibioivpqbot.net/1002.exe
  • Once the program runs it spawns two more executables with random names in %userprofile%. Adding a SRP to cover %userprofile%\*.exe may be desired, though this will prevent GoToMyPC from running at a bare minimum.
  • This user was a local administrator, and CryptoLocker was able to encrypt files in other user's directories, though it did not spawn the executables anywhere but the user that triggered the infection. When logged in under a different account there is no indication that a timer is running.
  • The environment has server shares but no mapped drives and the shared data was not touched, even though a desktop shortcut would've taken the virus to a share. I suspect that will be covered in the next iteration.
  • The list of masks above does not appear to be totally complete. PDF files were encrypted and were not originally part of the set of file masks. That is the only exception I noticed, everything else follows the list. Conveniently (/s), CryptoLocker has a button you can click that shows the list of files it's encrypted.
  • The current ransom is $300 by MoneyPak or 2BTC, which at the time of writing would be $280 and change.
  • Fabian reported that registry data is stored at HKCU/Software/CryptoLocker. I cannot glean the meaning of the DWORD values on files but I do notice they are unique, likely salts for the individual files. I'm curious what purpose that would serve if the private key was revealed as the salts would be useless.
  • I have confirmed the message soulscore left that setting the BIOS timer back a few hours adds an equal amount of time. No telling whether that will work once it has a network connection and can see the C&C server, though.
  • The virus walked right through an up-to-date version of GFI Vipre. It appears AV companies either consider the risk too low to update definitions or, more likely, they're having trouble creating heuristic patterns that don't cause a lot of collateral damage.
10/11 EDIT: I ran Daphne on the infected PC to get a better idea of what might be going on. lsass.exe is running like crazy. Computer's had it's CPU pegged all day. I noticed the primary executable running from %AppData% has a switch on the end of the run command, which in my case is /w000000EC. No idea what that means.
10/15 EDIT: I just wanted to thank all the redditors that have submitted information on this. I have some interesting new developments that I'll be editing in full tomorrow.
10/18 EDIT: Hello arstechnica! Please read through comments before posting a question as there's a very good chance it's been answered.
New developments since 10/15:
  • We have confirmation that both Malwarebytes Antimalware Pro and Avast Free and Pro will stop CryptoLocker from running. My personal choice of the two is MBAM Pro but research on your own, AV Comparatives is a wonderful resource.
  • We have reports of a new vector of infection, Java. This is hardly surprising as Zeus was already being transmitted in this fashion, but Maybe_Forged reports contracting the virus with a honeypot VM in this manner.
  • zfs_balla made a hell of a first post on reddit, giving us a lot of insight to the behavior of the decryption process, and answered a frequently-asked question. I'm paraphrasing below.
A file encrypted twice and decrypted once is still garbage.
The waiting for payment confirmation screen stayed up for 16 days before a decryption began, so don't lose hope if it's been up a while.
The DWORD values in the registry have no bearing on decryption. Renaming an encrypted file to one on the list in the registry will decrypt it. However, I would presume this would only work for files that the virus encrypted on that machine as the public key is different with every infection.
Adding any new matching files to somewhere the virus has access will cause them to be encrypted, even at the "waiting for payment confirmation" screen. Be careful.
Hitting "Cancel" on a file that can't be found doesn't cancel the entire decryption, just that file.
EDIT 2: I've rewritten the bulk of this post so people don't have to slog through edits for important information.
10/21 EDIT: Two noteworthy edits. One is regarding Carbonite, which is apparently a viable backup option for this, it is covered under File Recovery. The other is regarding a piece of software called CryptoPrevent. I have not tried it, but according to the developer's website it blocks %localappdata%\*.exe and %localappdata%\*\*.exe which is not necessary for the current variant and will inflict quite a bit of collateral damage. I have no reason right now to doubt the legitimacy of the program, but be aware of the tradeoffs going in.
I'm now at the 15000 character limit. Wat do?
submitted by bluesoul to sysadmin [link] [comments]

Blockchain Wallets

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What a Blockchain Wallet is? What is its purpose?
Find the answer after reading this article.
Public/Private Key
The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver.
Accessing wallets
Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals.
Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets.
Types of Wallets & Storage Methods
The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners.
Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens.
Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples.
Hardware wallets — LedgeTrezoAlternatives
Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers.
Paper Wallets
Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper!
Real World Historical Examples of Different Wallet Types
Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops.
Neon Wallet
The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible.
Real World Example — Poor Practices
MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets.
In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes.
Case Study: Good Practice Binance, the Attempted Hack
During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt.
Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations
As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange.
Hardware Wallets Advantages and Limitations
We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations.
Paper Wallets Advantages and Limitations
Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever.
Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security
Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose.
You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait.
How to Monitor Funds
There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor.
That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link.
To be continued!
UBAI.co
Contact me via Facebook, Instagram and LinkedIn to learn more about the best online education:
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submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

Great news! Bitfloor USD withdrawals now open.

For those who haven't seen it, Roman just posted the update we've all been waiting for on bitfloor.com:
We are pleased to announce that we are ready to start returning USD funds. Please follow the instructions on the withdraw page. If your account balance is over 3000 USD, you must first open an account with IAFCU and then provide your IAFCU account number.
=== === ===
Update July 6, 12:56 PM Pacific: I'm already getting emails and seeing responses here about various login/withdrawal/balance-related issues. I imagine it may take a few days for all the ins and outs of the refund process to become clear to all of us. If you are experiencing USD withdrawal-related issues (such as $0 balance showing up on your account when you know you had a positive balance) that are not resolved by 7/12, please send me a PM or email and I will start tracking those issues and reporting them to those on the update email list. If you would like to be added to that list, PM me your email address.
Update July 6, 12:59 PM Pacific: sodoubleoggood reports that Bitfloor has removed all pending withdrawals, so for users who were seeing $0 balances due to pending withdrawals, check your account again to see if that's cleared up.
Update July 7, 10:36 PM Pacific: I have been receiving numerous reports of bugs and account access issues from users who are trying to submit their withdrawal requests. I am keeping track of these comments, but because Bitfloor just announced the refund process yesterday, I am asking everyone to give Bitfloor one more week (until 7/12) to start working through their backlog of customer support emails. If by the end of next week there does not appear to be progress, I will create a "master list" of issues reported to me and will use the email update list to communicate progress on those issues.
Update July 10, 2:18 PM Pacific: Understandably, a lot of people want to know when they're going to get their refunds now that they've submitted ID info to Bitfloor or IAFCU. I don't have any information from Bitfloor or IAFCU suggesting a specific timeline, but here are my thoughts on the matter.
Those in the < $3,000 camp will be wondering about the timeline for verification of docs uploaded via Bitfloor. In the last few days before the exchange shut down, document verifications were taking 5-10 business days, so I could imagine the process taking the same amount of time now (and maybe longer since hundreds of customers are re-submitting their documents all at the same time). I don't believe Bitfloor has a large staff doing this manual processing the way that MtGox does, so I don't expect Bitfloor can get through thousands of verifications a day like they do.
Likewise, people in the IAFCU camp may need to wait several days for a phone call. IAFCU is a very small credit union (and it may in fact be Jordan alone doing all account verifications), and if my spreadsheet represents, say, half of all Bitfloor users, IAFCU may have already received a couple hundred new applications in the last few days, each of which requires a telephone confirmation step (and possibly even a confirmation of a donation sent to a local charity). So I won't be surprised if it takes a few more days for IAFCU applications to get processed.
I know it's frustrating that it's taking so long. But I still think our best bet continues to be patience.
Update July 10, 10:42 PM Pacific: SpottedMarley from bitcointalk.org posted this message indicating that he has spoken to a person at IAFCU who is working on processing the new account applications. He includes a lot of interesting details.
=== === ===
Here's what's currently appearing after I log in to my Bitfloor account.
[Right-hand sidebar showing my BTC and USD balance]
[Left-hand content area with the following instructions:]
USD Refunds
In order to receive your USD refund, please read and follow the instructions below.
If your USD balance is 3000 USD or more, you must first open an account with IAFCU and provide your IAFCU account information and NOT your current bank account information.
Everyone is required to provide the following information:
The cost for processing a refund (set by IAFCU) is 2.50 USD which will be deducted from your account balance. If your balance is below 2.50 USD we cannot process your refund at this time.
International Users should fill out the information below and use a SWIFT code in place of a routing number.
Copy of Government ID
The photo must be clear, cropped to the dimensions of the scanned document, and upright.
[UPLOAD BUTTON]
=== === ===
Here's the email response I received from Internet Credit Union after I submitted my account application:
Dear AudenX,
Ok so you have submitted your application for a new Account- If I were you I would saying: Now What?
First Step
The next business day a real person in the good ole US of A will review what you sent and perhaps wonder why you forgot some information we really need.
Second Step
This real person (maybe even me) will call and verify you are really you. So please pick up the phone or at least call us back.
When we call, answer the phone as three things will happen:
  1. We are required to “Know our customers”. This means that personal touch of actually speaking with you and verifying some of the information on your application.
  2. We will give your account number . If you want a really cool account number you can request one by donating either dollars or bitcoins. Hey we are a not for profit and need to keep fees down for everyone. Accounts numbers from 100-9,999 can be gotten by helping support us. The lower or more special the number the higher the donation.
  3. We will ask you if you want to set up A2A transfer from another financial institution. Then you can transfer money from one those big banks that helped bring down the economy just a few years ago to us little but good guys that care about your financial well being.
Third Step – Sign onto online banking:
READ THIS, perhaps even print it and put on your frig next to those fruit or poetry word magnets, and it will save us both lots puzzled states at a screen:
Log on now the day we call you and we mean today:
You need to log on with 24 hours of us creating your account and contacting you otherwise we will have to reset your PW. And why take up your time on long call with us when you could be out there saving the world.
How do I log on?:
We encourage people to jump from our home page: IAFCU.ORG. Also then you can read my old and new blogs and make my dad happy.
What do I do if its my first time?:
Mainly answer the phone! Part of being with a Credit Union is that we like to get to know our members and we will personally call you and walk you through how to get on and navigate online banking.
Name that Account:
Once on you may want to go to Nick Names Under XXX and change the names of your accounts. Primary Share is called a Savings Account in the banking world and Share Draft is checking account. Yup we can help you with that.
THANKS FOR JOINING AND BECOMING AN OWNER OF THE CREDIT UNION
Jordan Modell
=== === ===
df546rtghr65y4 asked an important question:
So how is it that the IAFCU is able to issue accounts to people outside NJ?
Very good question.
This may seem weird to some customers who are new to credit unions (Wikipedia article), but if you've never used a credit union before, one of the first things to know is that their charters require them to have a well-defined "field of membership" that limits who is able to become a member. In the case of IAFCU, the field of membership is those who live or worship in New Brunswick, NJ. However, IAFCU can satisfy the field of membership requirement for those outside New Brunswick if they make a small donation to a New Brunswick-based nonprofit.
So for those who (like me) are opening an IAFCU account but reside outside of New Brunswick, here's the info you're going to receive from IAFCU when they call you (from an email exchange I had with Jordan):
Please note that if you live outside New Brunswick NJ the only other requirement is donate $5 (usually we ask $10 but understand circumstances) to a local charity. There are four who are bitcoin friendly and worthy the one we deal with the most is Elijah's Promise they are a soup kitchen-food pantry and a lot more. They have no relation to us and it is tax deductible. We can tell you about the others when we call you.
Although this might seem like a hassle to some, presumably everyone who is opening a new account with IAFCU has over $3,000 to recover from Bitfloor, and the $2.50 processing fee + $5 donation is hardly a loss compared to what we were fearing might happen (e.g. 25-50% loss through a class-action lawsuit).
=== UPDATE EMAIL LOG ===
17-July-2013: http://audenx.tumblr.com/post/55752420994
13-July-2013: http://audenx.tumblr.com/post/55752222447
10-July-2013: http://audenx.tumblr.com/post/55154517024
06-July-2013: http://audenx.tumblr.com/post/54770637002 <-- Great news
05-July-2013: http://audenx.tumblr.com/post/54707157530
02-July-2013: http://audenx.tumblr.com/post/54479938119
26-June-2013: http://audenx.tumblr.com/post/53970438791
21-June-2013: http://audenx.tumblr.com/post/53568535359
17-June-2013: http://audenx.tumblr.com/post/53234614015
13-June-2013: http://audenx.tumblr.com/post/52878432522
10-June-2013: http://audenx.tumblr.com/post/52640707656 <-- Good news
07-June-2013: http://audenx.tumblr.com/post/52414956398
05-June-2013: http://audenx.tumblr.com/post/52251841162
01-June-2013: http://audenx.tumblr.com/post/51902492890
30-May-2013: http://audenx.tumblr.com/post/51761248589
27-May-2013: http://audenx.tumblr.com/post/51584420452
22-May-2013: http://audenx.tumblr.com/post/51488743664
20-May-2013: http://audenx.tumblr.com/post/50956376471
15-May-2013: http://audenx.tumblr.com/post/50952729836
13-May-2013: http://audenx.tumblr.com/post/50547278257
10-May-2013: http://audenx.tumblr.com/post/50363516504
08-May-2013: http://audenx.tumblr.com/post/50363321012
06-May-2013: http://audenx.tumblr.com/post/49875576808
AudenX unofficial USD balance owed tally as of Saturday, 06-July-2013: 270 respondents. $791,000.
USD balance reported by IAFCU via SpottedMarley on Wednesday, 10-July-2013: over $2.8M
submitted by audenx to Bitcoin [link] [comments]

I bought groceries with bitcoin: a bitspend review

Buying groceries is, in my opinion, one of the primary indicators of a payment method's maturity. So naturally I was excited to see that Bitspend is making it possible for me to buy groceries with bitcoin. My regular grocery store offers online ordering and delivery service through My Web Grocer, though until now I have never used it since the physical store is just a couple blocks away.
Timeline of ordering process:
Total turnaround time: ~36 hours.
Pros:
Cons:
Overall impressions
I was generally very happy to be able to spend my coins on groceries, and most of the difficulties were tolerable and understandable for a 4-person startup in its second week of operation. Hopefully those difficulties will be ironed out soon though if Bitspend is going to maintain a professional image. I will likely do most of my grocery shopping this way in the future, as long as I can tolerate the turnaround time from order submission to receipt of goods. Most of the delays I experienced can be eliminated now that I know how things work.
edit 1: I received a response regarding the price estimation issue and email spam:
I can absolutely guarantee one thing--If we were charged LESS than whats on the invoice, we will send you a refund of the difference within seconds. If we were charged less, we did not know it. I am sure you can understand that we paid the invoice of --and we were nto told the price "might change"! We will look through our charges this evening and if we DO see that we were charged less we will notifyyou for an address to send the BTC back to.
As far as your email, we had NO IDEA you were getting those emails, they should NOT be going out--that was a test that was cancelled and it seems only a few people for some reason or another have the reply-email issue, our apologies--we;re looking into fixing it now.
Thanks, Justin
edit 2: Justin sent me another email offering to refund the $1.15 misestimation in price, even though he's not sure yet if it's Bitspend or MWG or the grocer who kept the profit. He is also refunding my $2.50 Bitspend fee. This kind of customer service is why I decided to use Bitspend in the first place!
submitted by Krackor to Bitcoin [link] [comments]

Do not use Kraken.com - don't even think about it. The reliability and user experience is HORRIBLE since ages, no signs that they are working on it to improve it.

I have now safely withdrawn my last cryptos from Kraken.com and can leave them for good (except the BTG balance that Kraken still owes me... but I have no hopes that they will be honest on this). This gives me the freedom to talk freely now:
To summarize, it seems obvious that Kraken has a huge man power problem and capacity problem. Apparently, they are not investing and cannot keep their platform operational properly, so it is in all likelihood only a question of time until they close down completely. We have seen exchanges going down in the past, and in most cases there were warning signs upfront.
People who are still opening an account at kraken.com and sending funds (fiat or crypto) there, should know that they have been warned. Remember that MtGox users lost all their funds there, and there were warning signs upfront. Do not repeat this mistake.
Edit: Not to mention the general chronic lag of the website with many annoying timeouts and error messages... And this is not an exception today or so, but a general permanent operational state. Absolutely unprofessional.
submitted by Amichateur to Bitcoin [link] [comments]

Subreddit Stats: Buttcoin top posts from 2014-02-28 to 2019-01-15 01:31 PDT

Period: 1781.72 days
Submissions Comments
Total 1000 66504
Rate (per day) 0.56 37.31
Unique Redditors 546 7216
Combined Score 190256 613696

Top Submitters' Top Submissions

  1. 4165 points, 23 submissions: Tomatoshi
    1. Cryptocurrency Euthanasia Coaster (489 points, 127 comments)
    2. Mark Karpeles states Bitcoin has failed and is useless. (273 points, 95 comments)
    3. Vergin comedy gold leaks ahead of announcement (241 points, 159 comments)
    4. Incredibly "organic" pump minutes before Tether prints $300 million (237 points, 82 comments)
    5. In today's Creepto News : McAfee's Underground King of ICO analysts apparently a pedo (230 points, 99 comments)
    6. Dying Butter attempts to dox imaginary assassin. Gives him an imaginary name and non-existent address. (215 points, 70 comments)
    7. Back under 8K. Shall I get rid of my fiat? (210 points, 86 comments)
    8. President Maduro's computer hacked. Exit scam image discovered. (205 points, 12 comments)
    9. Come all ye faithful and get rekt margin trading (185 points, 59 comments)
    10. Lightning Network upgraded - super efficient diagram of super efficient payment channels running on top of super efficient blockchain (183 points, 73 comments)
  2. 2691 points, 10 submissions: Orbalisks
    1. Debating Bitcoin (747 points, 114 comments)
    2. 1 Bitcoin transaction uses over four times as much energy as 100,000 VISA transactions (492 points, 150 comments)
    3. Remember that model that the Bitcoin crowd constantly mocked? Turns out it was pretty much spot on... (346 points, 90 comments)
    4. MRW I see butters describing how they lost 40% on Verge so they went all in on Tron but lost another 30% so they went back to Bitcoin but are down 25% (216 points, 38 comments)
    5. The Parable of the Bagholder (201 points, 14 comments)
    6. Then they came for me (161 points, 18 comments)
    7. First. Global. Currency. (148 points, 55 comments)
    8. Verge creator desperately (and unsuccessfully) trying to cash out into USD on Coinbase; notes that "taxes are due"--an observation that conspicuously coincides with Verge's enigmatic crowdfunding campaign (143 points, 34 comments)
    9. Butter shares comical chart suggesting that Bitcoin is destined for 100% adoption, despite the fact that the chart both misrepresents how long Bitcoin has been around for and already shows that it is not being adopted as quickly as other technologies (120 points, 76 comments)
    10. First you pump, then you dump (117 points, 25 comments)
  3. 2556 points, 15 submissions: dgerard
    1. The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice (306 points, 212 comments)
    2. "Attack of the 50 Foot Blockchain" is OUT NOW! (284 points, 98 comments)
    3. Reuters on OTC markets: "Less romantically, traders sometimes say 'butt' to mean bitcoin." we did it lads, be proud (268 points, 17 comments)
    4. How does Brave's "Basic Attention Token" work? By blatant fraud, of course! Twitter thread from one creator whose name and photo Brave is misusing (192 points, 173 comments)
    5. bullish on USD. it is clear USD is increasingly popular with past hodlers of the deprecated bit-Coin. USD has gone up hugely in just the past day against the b.t.C!! in the future it is posible with enough imagination that the US economy could run on USD ! in conclusion you should get into currency (186 points, 26 comments)
    6. Twitter thread of Bitcoin price predictions (164 points, 30 comments)
    7. "Kodak board members conveniently grant themselves shares the day before the announcement, a stock promoter with a checkered past is engaged for PR, and a group of German copyright trolls reinvent themselves as blockchain-enabled image platform managers." A scathing hedge-fund report on KodakCoin. (157 points, 44 comments)
    8. MERL Tech: Blockchain for International Development. "We documented 43 blockchain use-cases ... no documentation or evidence of the results blockchain was purported to have achieved in these claims ... Not one was willing to share data on program results." (143 points, 44 comments)
    9. Bitcoin’s stupendous power waste is green, apparently — bad excuses for Proof-of-Work [by me] (133 points, 112 comments)
    10. Bitcoin continues to be awesome for renewable energy! - "Bitcoin backlash as ‘miners’ suck up electricity, stress power grids in Central Washington" (130 points, 39 comments)
  4. 2541 points, 10 submissions: borderpatrol
    1. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs (1269 points, 553 comments)
    2. Stop with the political and racist garbage (177 points, 119 comments)
    3. To the person who reports every single chart posted in this sub as "not a fucking log chart" (167 points, 40 comments)
    4. WE DID IT REDDIT! (166 points, 55 comments)
    5. Someone finally said "Buttcoin". And it's William Shatner (156 points, 39 comments)
    6. My new Bitcoin commercial idea. (140 points, 21 comments)
    7. Let's welcome /Buttcoin's newest honorary member of the mod/shill team, Peter Todd! (125 points, 54 comments)
    8. Satoshi Nakamoto is an anagram of "So a man took a shit." (118 points, 16 comments)
    9. Guess which convicted felon just fucked over another Bitcoin business? (112 points, 31 comments)
    10. You guys are the best (111 points, 81 comments)
  5. 2509 points, 12 submissions: JihanButt
    1. Hot (404 points, 19 comments)
    2. Made me check (and kek) (398 points, 49 comments)
    3. Mass adoption is here (257 points, 60 comments)
    4. New record for the fastest exit scam in human history (245 points, 23 comments)
    5. Meanwhile on 4chan bizbutt (210 points, 88 comments)
    6. TIL: Binance can exit scam at any given time and no one would be able to locate CZ or the Binance offices. Not even MtGOX was this shady. (200 points, 65 comments)
    7. Quality (172 points, 53 comments)
    8. Normies are shorting (137 points, 44 comments)
    9. CEO (lol) of shitcoin Titanium BUTT, high on cocaine during AMA (136 points, 16 comments)
    10. It begins... The biggest transfer of comedy gold in human history (122 points, 17 comments)
  6. 2470 points, 12 submissions: unitedstatian
    1. I can't tell why but this ICO doesn't look trustworthy to me (369 points, 47 comments)
    2. Cryptocurrency (332 points, 26 comments)
    3. Has crypto become a giant joke? (311 points, 60 comments)
    4. A Buttcoiner going shopping (248 points, 37 comments)
    5. There is only a 1% chance of successfully routing a $67 payment on the lightning network (229 points, 71 comments)
    6. Comedy gold over at bitcoin (179 points, 54 comments)
    7. The Four Commandments (148 points, 65 comments)
    8. Behold LN in it's full glory as two users fail to send a meager 100 Sats through a high liquidity hub (Bitrefill) due to poor route computation. (146 points, 76 comments)
    9. Jimmy Song giving advice on how to use Bitcoin as a method of payment lol! (143 points, 57 comments)
    10. This is my new favorite ICO. (130 points, 94 comments)
  7. 2037 points, 11 submissions: dyzo-blue
    1. Butter informs his tribe that he has decided to leave. Tribe kindly wishes him good luck and a happy new year. (510 points, 81 comments)
    2. STORE OF VALUE. (184 points, 32 comments)
    3. TIL: Apparently butters are mostly models who have meet-ups on boats. (167 points, 43 comments)
    4. Bitcoiner asked me if I was in the "crypto game" (165 points, 140 comments)
    5. Bitcoin’s energy consumption is growing at 20% per month and is effectively erasing decades of progress on renewable energy (160 points, 93 comments)
    6. Steve Bannon is creating a cryptocurrency to fund global fascist movements (155 points, 175 comments)
    7. Firesale! Firesale! All I see are CHEAP COINZ. (154 points, 130 comments)
    8. The electricity required for a single Bitcoin trade could power a house for a whole month (147 points, 81 comments)
    9. Who sees this pop-up and thinks, "Hmm, seems legit"? (146 points, 40 comments)
    10. From California's Governor Primary Ballot (126 points, 28 comments)
  8. 2035 points, 13 submissions: 18_points
    1. BitGrail insolvency due to people editing client-side javascript and withdrawing free NANO! (279 points, 115 comments)
    2. Butter rushes to exchange his iMac for a MacBook hours before return policy expires, doesn't copy his wallet seed. $170K SFYL, mass adoption imminent. (205 points, 102 comments)
    3. LA Times: The only currency worse than bitcoin is Venezuela’s (176 points, 78 comments)
    4. Butter makes $1.2mm, quits his job, proceeds to lose 80% (175 points, 76 comments)
    5. Bitcoin.com openly admits Tethers are backed by nothing (158 points, 99 comments)
    6. Tether CFO: "Tether may no longer continue to use the US dollar anchor in the future." (152 points, 80 comments)
    7. Aaaand it's gone.... Stablecoin basis closes shup after raising $133 million (151 points, 61 comments)
    8. Guy travels abroad paying with bitcoin. Just kidding, he couldn't pay with bitcoin - best he could do after 2 days trying was trade bitcoin for cash 20% below spot. (138 points, 62 comments)
    9. Because this chart never gets old ... (126 points, 46 comments)
    10. Tether crashing on Kraken, down to $0.98 (125 points, 69 comments)
  9. 1985 points, 6 submissions: cool_playa
    1. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site (1111 points, 170 comments)
    2. Cryptocurrencies: Last Week Tonight with John Oliver (HBO) (256 points, 72 comments)
    3. Charlie Lee gets put in his place (185 points, 29 comments)
    4. Vitalik rethinks his stance as a Libertarian due to the current cryptocurrency ecosystem. Regulations are actually good he says. LMAO. (180 points, 86 comments)
    5. Twitter CEO says Bitcoin is the future / Twitter bans cryptocurrencies from advertising on their platform. (129 points, 11 comments)
    6. Bubble, Bubble, Fraud and Trouble - New York Times article (124 points, 81 comments)
  10. 1916 points, 10 submissions: Cthulhooo
    1. Ladies and Gentlemen I have an innovative idea that will change the landscape of cryptospace forever. I present you the infinite reverse Ponzi scheme. (355 points, 237 comments)
    2. ETH is now officially a 2 digit shitcoin! (258 points, 110 comments)
    3. So this is how blood in the streets looks like... (215 points, 91 comments)
    4. Missed us? (211 points, 44 comments)
    5. The new paradigm (of spam) has arrived. (171 points, 45 comments)
    6. Attention all personnel. (168 points, 62 comments)
    7. Not only bloomberg or CNBC. Even national media all over the world are screaming about tether manipulation. This is good for buttcoin. (168 points, 42 comments)
    8. The biggest bagholders on the planet are actually institutions. Bought bitcoin for $40k (142 points, 44 comments)
    9. Millions of dollars stuck forever in a buttchain thanks to an international community effort to establish the largest comedy gold black hole up to date. (116 points, 28 comments)
    10. Smart ponzi FOMO3D round 1 ends way too early with a creative twist (112 points, 98 comments)

Top Commenters

  1. SnapshillBot (15642 points, 683 comments)
  2. Cthulhooo (11080 points, 1057 comments)
  3. Tomatoshi (10485 points, 577 comments)
  4. newprofile15 (7365 points, 477 comments)
  5. jstolfi (7325 points, 766 comments)
  6. JeanneDOrc (6318 points, 827 comments)
  7. friosc (5326 points, 244 comments)
  8. Woolbrick (5088 points, 318 comments)
  9. Crypto_To_The_Core (4838 points, 678 comments)
  10. HopeFox (4673 points, 331 comments)

Top Submissions

  1. I'm having an orgasm watching the prices dropping - upvote if you're a sick a degenerate like me by deleted (1456 points, 340 comments)
  2. Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs by borderpatrol (1269 points, 553 comments)
  3. a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site by cool_playa (1111 points, 170 comments)
  4. And the returns have already begun. One person and a known reseller we get regularly. by cloud3514 (907 points, 278 comments)
  5. c o m p u t e r s c i e n c e by brokenAmmonite (856 points, 125 comments)
  6. U.S. Launches Criminal Probe into Bitcoin Price Manipulation by BitcoinTrolling101 (761 points, 218 comments)
  7. Debating Bitcoin by Orbalisks (747 points, 114 comments)
  8. TIL bitcoin is called the currency of the future because all currency transactions are confirmed in the distant future. by Thief_1 (720 points, 37 comments)
  9. M A T H E M A T I C A L L Y I M P O S S I B LE by NORATHEDESTROYER (693 points, 86 comments)
  10. This is the best take of crypto-currency that I've ever seen. by deleted (689 points, 137 comments)

Top Comments

  1. 1874 points: AlbertRammstein's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  2. 1263 points: Mike_Prowe's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  3. 820 points: Slayer706's comment in Buttcoin Foundation ROCKED as founder exposed to be PAID SHILL for Butterfly Labs
  4. 577 points: deleted's comment in The OKEx margin trading disaster — how crypto margin trading goes wrong, and how the eye-watering margin leverage on crypto exchanges works in practice
  5. 571 points: cloud3514's comment in And the returns have already begun. One person and a known reseller we get regularly.
  6. 496 points: SnapshillBot's comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
  7. 382 points: vytah's comment in Holy Satoshi! Butter pays 85Btc transaction fees for a 16Btc transaction. Is this the largest fee ever paid?
  8. 380 points: Tomatoshi's comment in It's already happening. GPU market is about to get really hot.
  9. 361 points: ShiteFlaps's comment in Why are you guys such salty fks?
  10. 331 points: -charlie-kelly-'s comment in a shitcoin startup called Prodeum just exitscammed with millions of investor dollars and left them the following message on their site
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Mt Gox UPDATE

https://www.mtgox.com/press_release_20140210.html
Original message from their website:
Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.
Addressing Transaction Malleability MtGox has detected unusual activity on its Bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely.
Non-technical Explanation: A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.
Technical Explanation: Bitcoin transactions are subject to a design issue that has been largely ignored, while known to at least a part of the Bitcoin core developers and mentioned on the BitcoinTalk forums. This defect, known as "transaction malleability" makes it possible for a third party to alter the hash of any freshly issued transaction without invalidating the signature, hence resulting in a similar transaction under a different hash. Of course only one of the two transactions can be validated. However, if the party who altered the transaction is fast enough, for example with a direct connection to different mining pools, or has even a small amount of mining power, it can easily cause the transaction hash alteration to be committed to the blockchain.
The bitcoin api "sendtoaddress" broadly used to send bitcoins to a given bitcoin address will return a transaction hash as a way to track the transaction's insertion in the blockchain. Most wallet and exchange services will keep a record of this said hash in order to be able to respond to users should they inquire about their transaction. It is likely that these services will assume the transaction was not sent if it doesn't appear in the blockchain with the original hash and have currently no means to recognize the alternative transactions as theirs in an efficient way.
This means that an individual could request bitcoins from an exchange or wallet service, alter the resulting transaction's hash before inclusion in the blockchain, then contact the issuing service while claiming the transaction did not proceed. If the alteration fails, the user can simply send the bitcoins back and try again until successful.
We believe this can be addressed by using a different hash for transaction tracking purposes. While the network will continue to use the current hash for the purpose of inclusion in each block's Merkle Tree, the new hash's purpose will be to track a given transaction and can be computed and indexed by hashing the exact signed string via SHA256 (in the same way transactions are currently hashed).
This new transaction hash will allow signing parties to keep track of any transaction they have signed and can easily be computed, even for past transactions.
We have discussed this solution with the Bitcoin core developers and will allow Bitcoin withdrawals again once it has been approved and standardized.
In the meantime, exchanges and wallet services - and any service sending coins directly to third parties - should be extremely careful with anyone claiming their transaction did not go through.
Note that this will also affect any other crypto-currency using the same transaction scheme as Bitcoin.
Conclusion To put things in perspective, it's important to remember that Bitcoin is a very new technology and still very much in its early stages. What MtGox and the Bitcoin community have experienced in the past year has been an incredible and exciting challenge, and there is still much to do to further improve.
MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers.
More information on the status of this issue will be released as soon as possible.
We thank you for taking the time to read this, and especially for your patience.
Best Regards, MtGox Team
submitted by Chilltyperiod to Bitcoin [link] [comments]

Difficulties with Democracy (Dev update, 5th July 2014)

So, there's three really big, mutually exclusive, themes to change requests for the coin:
Lets say (because I think it's about right from the polls we've seen done), each of these have 30% approval. So, while there's some overlap, lets call that 80% approval for change. As a result, if we pick any single option, we're going to have 70% of the community annoyed at us. If we do nothing, we disappoint 80%, although at least stuck to the original description of the coin. This is why we've held off while we discuss and analyse in depth, before announcing intent to make any change.
With this in mind, we're continuing to warm to the idea of some proof of stake variant, switching somewhere past the 600k block. Note that as a timescale that's at least another 6 months. A lot of discussion has gone on, a lot of issues but some good ideas have been proposed on how we resolve them. Key goals for why we're doing this, and how it will be approached:
  1. Stabilise the coin without depending on conventional mining (which is highly price dependent).
  2. Reduce wastefulness in the mining process.
  3. Give miners the best chance possible to achieve return on investment.
  4. Ensure the staking process is as stable as possible.
  5. Minimise disruption caused by the switch-over.
We're not leaping head-first into this; coin simulation tools are going to be written, to enable modelling of various approaches (PoS, PoS 2.0, PoSV, PoT, etc.), look at strengths and weaknesses, attempt to minimise risks of unexpected forks (as other coins have had with recent technology changes). There's still plenty of time for discussion, but we wanted to let you know we're here, we're paying attention, and we're doing something.
Next up; anonymity, the hot new feature in a lot of coins. Lets first talk about how anonymity works in Bit, Lite, Doge and other similar coins. When an address is generated, it's not associated with anyone. However, there is a public ledger (the block chain) of all transactions. Therefore, when you make an address known to belong to yourself, for example to allow tipping to it, or payment from an exchange, anyone can tell how much money has been sent to that address.
The obvious answer is to move the money to an address that's not publicly known... however that movement is also visible, so this doesn't really help. Instead, anonymisation is supported by something called "change addresses". When you receive Dogecoin, the amount you've received is stored in a transaction. When you spend Dogecoin, the client chooses transactions to spend, such that they exceed the value of the Dogecoin being sent. Transactions received at an address have to be spent as a whole (they're indivisible), however.
So, lets say you receive 50 doge, then another 50 doge, then want to spend 75 doge. Both transactions are spent, and you have 25 doge (I'm ignoring transaction fees for simplicity) left over. That change is sent to a new address, called a "change address". The theory is that in doing so, it's hard to tell which Dogecoin were spent, and which were change (and remained with the sender). Bitcoin have a good page discussing this and other ways of improving anomymity: https://bitcoin.org/en/protect-your-privacy
This is all why it's important to use new addresses when receiving coins (especially for merchants, so your customers can't identify each other by looking for other coins going to the same address). There's also some issues with the change address system as currently implemented, in that typically the change is the smaller output of the transaction, which means it's possible to make statistical inferences over which output remains with the sender, and from that infer other transactions later on.
Darkcoin and similar resolve this by having much stronger anonymity, however this comes at a cost. The same openness of transactions in the blockchain allowed for some auditing of Bitcoins under Mtgox's control (for example http://www.coindesk.com/gox-money-moving-through-block-chain/). It enables external auditing of funds held by companies (as they can sign messages to show they control specific addresses). It assists hugely with debugging of wallet problems (for example, confirming coins are received successfully), a task which is already challenging to perform in cryptocurrency.
So we opt for a balance; we're looking at better coin choosing algorithms to make it harder to statistically determine which addresses are change and which are "genuine" payments. Meanwhile please use new addresses for each transaction where possible.
Lastly, we need to talk about developer motivations. The core development team does not have large Dogecoin holdings, and while there is a development fund, at the moment the amounts paid are relatively small. There is nothing wrong with this, however it's important to understand that this model attracts developers who are not directly motivated by the money. That's good in many ways, but many in the community are displeased that we're not focusing efforts on the price.
You are, as always, welcome to contribute code, or to recruit further developers who contribute such code, or to work on adoption, or to add services that use Doge, if you wish to encourage the value of Doge. The price is not, however, the primary motivation of your existing core devs.
submitted by rnicoll to dogecoindev [link] [comments]

Mt.Gox bankruptcy proceeding update

I just received this email from [email protected]:
To whom it may concern,
At 5:00 p.m. on April 24, 2014, the Tokyo District Court granted the order for the commencement of the bankruptcy proceedings vis-à-vis MtGox Co., Ltd. (“MtGox”), and based upon such order, I was appointed as the bankruptcy trustee (Tokyo District Court 2014 (fu) no. 3830). The bankruptcy trustee will implement the bankruptcy proceedings, including the administration and realization of the assets and investigation of the claims. For the purpose of providing information to the related parties, we hereby inform you of the basic matters regarding the bankruptcy proceedings as attached.
This email address([email protected]) is used only for the purpose of sending messages, and we are unable to check and respond to any replies to this email address. Since we plan to provide the information regarding the bankruptcy proceedings by posting it on the website hosted by the bankruptcy trustee (http://www.mtgox.com/ ), please check this website.
Bankrupt MtGox Co., Ltd. Bankruptcy trustee Attorney-at-law Nobuaki Kobayashi
Attached to the mail there is this document, which lists the milestones in the proceeding.
Most notably:
Period for filing proofs of bankruptcy claims: By November 28, 2014
Date and place of creditors’ meeting for reporting on the status of the assets: July 23, 2014, 1:30 p.m. Tokyo District Courtroom for Creditors’ Meeting No.1
Date and time for investigation of claims: February 25, 2015, 10:00 a.m.
Creditors are not obligated to attend the creditors’ meeting, and the creditors will not be disqualified from the liquidating distribution due to their absence from creditors’ meetings.
Not a single time in the whole email or document the word "bitcoin" is ever mentioned, it looks like a very standard bancruptcy announcement by a legal office. Still, now we have a couple of dates and the confirmation that the proceeding is ongoing.
EDIT: A press release has been put on http://www.mtgox.com/ mentioning this mail. There's a unsettling statement there: "To participate in the bankruptcy proceedings and to receive the bankruptcy distribution, after separately filing proofs of your claim as provided in the Bankruptcy Act of Japan, investigation thereof is necessary" So most likely they won't use their database to populate the creditors list, we'll all need to do some paperwork. Anyway, they make clear that "your claim may not be approved".
TL;DR: mt.gox bankruptcy is ongoing, on July 23 there will be the creditors' meeting (in Tokio), claims will be accepted till 28 November and will be investigated February 25, 2015. You don't need to attend the creditors meeting to qualify as creditor.
submitted by tartare4562 to Bitcoin [link] [comments]

Time for another *cough-semi-cough* weekly Mycelium feature demo, as well as update on what's going on behind the scenes!

Setting up a Watch-Only address in Mycelium:
First, make sure that you have enabled Expert Mode in Mycelium by going to Settings in the drop-down menu from the main screen, scrolling down to ADVANCED SETTINGS, and turning on the check box next to "Expert Mode."
This will enable key management in the section to the left of the main screen. To get to it, swipe left-to-right. You can set up a watch-only address in one of two ways.
If the address is not in your wallet yet:
After swiping to the KEYS section of the wallet, find and click the Add Key icon at the top right of the screen.
If you have a paper wallet, hit "Scan" and scan only the public key. Or if you can copy/paste the key from your phone, select Clipboard to import it. This will import only the public key, creating a watch-only address. You can tell which addresses in your wallet have private (spendable) keys and which do not by the key icon next to the address. As you can see, the key imported in this example does not have that icon, and thus no bitcoins can be spent from it.
Whether you have Aggregated View enabled or not (more on that next time), simply highlighting the address in the list selects it as the default address, allowing you to receive payments to it (note the "Send" button is now missing).
If you already have a bitcoin address in your wallet, and want to make it a Watch-Only address:
(MAKE SURE YOU HAVE A BACKUP OF THE PRIVATE KEY SOMEWHERE BEFORE PROCEEDING)
In the list of keys, find the address you wish to make Watch-Only, and highlight it. The bar at the top will change to blue, adding options such as Label and Archive. This also changes the functionality of the dropdown menu (the three vertical dots). Click the dropdown menu, and select Delete
In the menu that pops up, asking if you wish to delete the private key, turn on the checkbox for "Keep as read-only..."
Once you click Yes, and confirm, the address's private key will be deleted, and you will be left with only a watch-only address, which you can select as the default receiving address in the same way as in instructions above.
This option allows you to add addresses you wish to keep an eye on to keep track of balances, carry secure addresses to receive payments on that you don't want to get stolen, or even do things like allowing waiters and sales staff to accept payments from customers on multiple devices, without worrying about any of them having direct access to the received funds (yes, we're discussing about future POS options too).
Now, for the "Things We're Working On Now" updates:
  • The next release will include pricing sources from Bitstamp, BTC-E, Kraken, BTC China, Coinbase, and Bitpay. These have been added to the beta version, and are undergoing testing. Note, MtGox is now gone (apologies to those who will miss it). For now, we believe having it there will only confuse newbies.
  • Message signing has been added and is undergoing testing as well.
  • We've added Hebrew, French, and Korean translations.
  • Finally, exchange rates will be MUCH faster at showing up and refreshing, thanks to an upgrade to our servers on the back end.
Progress on Local Trader is also progressing nicely, with Jan and Andreas working diligently on it, and we still expect to have the beta version out some time within a week. HD
Wallets (BIP32) is another major feature that has been heavily requested (not just in Mycelium), and last week Jan and Andreas spent most of one of the Berlin Conference days discussing how to implement and standardize it with the head developers of other major wallets. So, there is definite progress on this, though the most we can promise at this point is that it will be implemented "at some time." Hopefully soon.
As usual, if you want to see any features added, or have any concerns or questions, please let us know!
submitted by Rassah to Bitcoin [link] [comments]

Class action suit cancelled. Some personal accounts of funds people lost included...

Source: https://bitcointalk.org/index.php?topic=476535.msg5255853
FINAL UPDATE
I'm sure that everyone is aware that MtGox declared bankruptcy yesterday. As such, our lawsuit is off and we, like everyone, will be filing a claim in bankruptcy court. Words cannot express my (our) disappointment in this whole debacle. Over the last week I have spoken to people from all around the world, many of whom are now facing financial catastrophe - and it is heartbreaking. It is especially disheartening given the noble endeavor we had set out to achieve. To create a financial system based on open source principals that would level the playing field for people around the world and liberate them from the various corrupt central banks sabotaging their success and financial freedom. Yet here we are, betrayed by a trust system similar to what we sought to avoid. Ultimately, I still believe in cryptocurrency technology and how it will revolutionize the financial world; but it is clear that still has a lot of growing up to do - both the protocol and the service ecosystem. As a testament to the REAL PEOPLE who've been left in the wake of this lesson, I'd like to share with you a small sample of the personal messages I received (personal information removed).
Hello,
I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at MtGox from October to December 2013. I currently have 175 BTCs and 13,000 Yen in cash at their exchange. I also have a Premium status account.
Please let me know how to proceed. That was most of my retirement money.
Hi.
My name is xxx and I live in Sweden, Malmö. I am writing for me and for my girlfriend and my dad. We all bought and sold bitcoins a last years and made some money. We have taken out some money when we need to and right now me and my girlfriend was going to buy a house and start a family so we tried to withdraw the money in January. Since the money didn't show up after 4 weeks I tried to contact them but still nothing. I hope that together with you and some others get at least some money back. If you need any proof of the withdrawals or such I can provide some of it. We had in total $49000 on the accounts.
we are unsure how to proceed.
Help!
I have about 90 BTC and no USD in my mtgox account, which I would very much like to receive back at some point. It's only just sinking in that it might all be gone.. I can't believe I waited so long before getting it out somewhere safe, but.. here we are.
Hey there, I am interested in being a plaintiff as well. I had about 70k in Mtgox in Dec due to the price explosion in November and attempted to withdraw some funds since I wasn't comfortable having that amount hosted there. I ran into the withdrawal issue back in Dec and opened a support ticket in which I got the run around until they finally officially announced what the problem was. As the moment, I don't have any $$ in Mtgox but around 180 BTC. My stomach has been in knots all week :-(
Hello,
at the time that the withdrawal stopped I have over $3MM in fiat at Gox. I now have ~5,400 BTC there. It maybe sizeable enough for your attorneys to consider taking on a BTC claim? In any case, if they think that I can sue based on my fiat balance prior to withdrawal suspension, based on the idea that any subsequent trading was essentially fraudulent, well then I would be interested in join the effort.
Hi,
My name is xxxxxx and I am from California (if that matters). I have about 650 BTC in Gox. I haven't slept in days and haven't been able to tell my wife how much I've lost. I was an early adopter, just mining in my basement, and I can't imagine all of my time and work vanishing like this. Please contact me with what I need to do
I am a French citizen. I would like to know how to try and join you in reclaiming my lost funds. I had almost 100.000 EUR in my account. It will be a complete disaster for me if it is stolen.
I cannot reasonably afford to lose the funds I have at Mtgox. I currently hold the majority in USD, but also significant amounts of EUR and BTC.
I would like to join your action lawsui as co-paintiff. I try to keep this short since you are probably getting tons of PMs.
I'm resident of Germany and I'm waiting for ~5700 Euros (~7800 US$) to be withdrawn by MTGOX. I also have about 9 BTCs on my account there. I successfully received a MTGOX-withdrawal of 990 EUR on 2013/12/30, which was ordered on 2013/12/03.
I'm a student and this is almost all of my money I have left (I actually have a lot of debt, which I intended to pay back with that money). I'm really panicking right now and not sure what to do!!!
I'm in Tokyo as well and I lost ~8 BTC and 500,000 in JPY. Please let me know how your case progresses and whether at any time you think it would be possible to get others involved. I really hope I can get at least some of that money back. I need it.
I am very interested in your proposal of suing Mt.Gox to get what is ours.
I would need to sue for more than 70000EUR or over 90000USD. The ammount depends of the bitcoin price - not the manipulated Mt.Gox price, but like the Bitcoin price index on coinbase.com. Although it would be best if Mt.Gox let me simply withdraw my more than 170BTC.
So many people are angry about Mt.Gox and me too. They act like scamers.
I have CSV's, screenshots + multiple records everything for owning 994.90514041 BTC through my mtgox accounts.
Hi, I had 100BTC but a friend had $14000 USD on Gox. Can you put me into contact with whomever is organising the class action lawsuit?
I had some 125BTC & $1000 on MtGox. I'd prefer to recover the BTC but if not possible, USD is better than nothing. Technically at the last price the total is well above the $10000 limit. Can you count me in? What should I do next?
Hey, I'd like to get involved in this as well. Gox has yet to deliver a withdrawal of funds from late last year and currently has all my coins locked up because of their withdrawal lock. Email is below, let me know if you need any other info. Thanks,
(originally I tried to withdraw $30,000.00, but Mt.Gox cancelled my withdraw and asked me to change to GBP. Funds never arrived Mt.Gox confirmed they were unable to wire funds, but funds are not re-instated to my account. Mt.Gox admits in the e-mail funds are mine.)
I'm interested in joining as a co-P in Japan, I have $200k+ in cash balance (no bitcoins) locked up on their site right now. Let me know how many other co-Ps will be represented and the estimated legal costs. Do we have an update on the status of Mt Gox? They haven't filed for bankruptcy just yet. I'm a verified member so I'm thinking they might resume operations and just send us a check, but I'm interested in others' opinions on that.
I found your post just today after the Gox closed the site. I had 10,200 USD with them, which I traded just last week for gox coin. I initially deposited USD from bank account on November 2013, and traded on Gox just about 2 weeks ago, not knowing there was a trouble to withdraw any BTC from them. I do have screen shots from last week from trading and all my history since November 2013. My initial deposits in November have been 8000 USD and 2200 USD, so whatever trading I did in last weeks was for vain since gox did not let any BTC out of the site. Current standing on my account is about 27 BTC and around 2200 USD but since gox coin was never a real BTC, as I just learnt recently, I consider Gox owing me 10200 USD which I initially deposited.
I wish to be include in the class action lawsuit, I an non-us (EU) and have lost 50 BTC and 24,600€.
I have 93BTC at stake in mtgox. Money used to acquire it was 29k EUR.
I would like to join the lawsuit if there is any chance of getting the either the BTC or EURO-equivalent at the price determined at the time of judgement.
I want to participate. I have 85 BTC on Mt Gox.
Please update me and let me know, which further steps I have to take to participate.
I had $28500 in, and purchased 50btc @ $570. So now I have the 49.7btc still in and no fiat. Have been waiting for withdrawal to resume to clean myself of gox forever.
I was very lucky, having pulled out the bulk of my btc holdings from gox in mid-January.
Please respond if whether I can or can't participate.
i too am a Gox victim. I have 69 BTC stuck on Gox. At this stage i would be very reluctant to take such a haircut and convert to USD.
Has the lawyer you hired totally ruled out BTC cases? Is he even taking on new cases?
I have roughly $100K in my account, so it might be worth it for the lawyer to squeeze me in.
I have 50BTC in MTGOX and would be interested in joining. If yes, how large would the fees be?
If Mtgox is indeed gone and finished, I would like to know what the status of this suit is and who I can contact regarding it. I had about 111.777 BTC on gox.
I have 158 btc on MtGox and would like to take part to your lawsuit.
Most of our savings were in bitcoin, and at market rates on other exchanges, I had over $40,000 while my friends had $300,000 to 400,000.
I have 154 BTC and 0 USD in MTGOX.
I live in Malta but would like to know what my options are for joining your case?
I'm a very credible trader who pays his American taxes yearly. I feel so stupid for holding the majority of my BTC exposure on mt gox in hindsight......
I have 301 BTC on mt gox and under $10 USD, my account on gox was a verified account as well.
submitted by cardevitoraphicticia to BitcoinMarkets [link] [comments]

PSA: Bitinstant is reliable and I believe they have the best intentions in mind, however beware of their cash to btc wallet service.

Last Friday I committed to spending some cash on bitcoins. I ended up sending $1500 through ZipZap to bitinstant for a btc wallet deposit. I had to do this through 3 separate ZipZap deposits, and was told I would receive $480.05 for each deposit. I expected I'd end up with about 15 BTC, although I was quoted around 17 BTC, because I was aware there would be some time delay involved between me getting the to the store and Bitinstant getting my cash.
There was a gap of about 4 hours between the confirmation of payment and Bitinstant sending me coins. These hours were fairly agonizing since I had no idea how they were going to choose the price I paid for bitcoins, but it made sense to me that I would pay what bitcoins cost when they received my money. I assumed that this would be most fair, since it was the only measure of price that I could have some control over.
My orders according to bitinstant were completed just after 00:00 on Saturday 13th, and the blockchain received the first batch about two hours later (if someone can explain the delay I would appreciate it).
Here's a list of my orders and the MtGox prices at the times each order was updated:
Order: 33593b0b-5488-4f1c-8d24-92b4090b13d4 Quote: apr 12 19:27 $80.61 Confirmation of payment: apr 12 20:11 $93.86 MtGox order loaded: apr 13 00:23 $128.54 Executed: apr 13 00:38 $123.02
Order: c8197c55-2367-44f7-81d6-a85a1bba9014 Quote: apr 12 19:11 $85.46 Confirmation of payment: apr 12 20:01 $89.19 Executed: apr 13 00:09 $118.19
Order: d32aea0d-1ffe-4647-b1f4-b1f57f69f802 Quote: apr 12 19:14 $84.78 Confirmation of payment: apr 12 20:19 $94.77 Executed: apr 13 00:08 $118.26
Wallet for blockchain confirmation: 1Cns9jvnj58mwnsMNQZLk3Rcsa4snkvQ5U
Bitinstant grouped the three transactions and sent me three separate payments of exactly 3.73098775 each. By the time the last coins first showed up on in the blockchain (0 confirmations), I had received $1167.43 worth of bitcoins.
I first went to bitinstant support, but it's been nearly a week and I haven't heard anything except the automated response that confirmed they received my message. I also tried PMing bitinstant because after reading several threads I saw that bitinstant is proactive and seems like a good guy, but I had no luck there either. I recognize now after much reading that there are issues with MtGox and that Bitinstant is dealing with a massive increase in usage (would that I had read it sooner), so I don't feel like Bitinstant intentionally shorted me by so much, but I do want everyone else to be aware that when the Bitinstant changes your currency, you are making a gamble you don't have much control over.
submitted by iwishihadacorgi to Bitcoin [link] [comments]

Could Fortress be the one acquisitioning Mtgox? A full log.

On the 20th of February I posed as MagicalTux when he quit. I quickly changed back after a few seconds and got this private message some hours later on my bnc while away. I replied when I came back online and this was the conversation:
❯ cat freenode_bitinstant_20140221.log [02:28:44]  Hey [02:28:57]  My buddy and investor Peter [02:29:02]  Psmith [02:29:07]  sent you an IRC query [02:29:10]  Hes legit [02:29:14]  if you need liquidity [02:29:23]  He wants to wire you asap [17:28:12]  cool [17:28:12]  ok [17:28:14]  thanks [17:28:18]  wire me up [17:31:06]  Hey [17:31:13]  We need to talk about something totally different [17:31:33]  gonna make coffee 1 sec [17:31:53]  I need to confirm you are Mark [17:32:29]  If you are Mark, what did I offer to ship you from NY to tookyo that you love from Israel ? [17:38:37]  ? [17:42:10]  cigars ofcourse! [17:42:26]  No way [17:42:29]  (im not Mark) [17:42:29]  Mark does not even smoke [17:42:32]  Your a hacker [17:42:42]  no I'm not [17:42:46]  Who are you? [17:43:00]  this is my registered nick 
This was on the 21st of February and, while I could have handled it better (I was really surprised..), there is some information to take away. Besides that we won't see Mark die from lung cancer any time soon, psmith is interesting.
What if psmith is actually Peter Smith from Fortress: http://www.fortress.com/AboutFortress/Leadership/ManagementCommittee.aspx?id=31
And Fortress was or is the one that might be acquisitioning MtGox?
Also bitinstant is apparently the identified nick for Charlie Shrem
Edit: Added evidence from log
freenode_#bitcoin-tradetalk_20140220.log:[19:31:26] *** shadylog is now known as MagicalTux freenode_#bitcoin-tradetalk_20140220.log:[19:31:34]  /kill MagicalTux freenode_#bitcoin-tradetalk_20140220.log:[19:31:35] *** MagicalTux is now known as shadylog freenode_#bitcoin-tradetalk_20140220.log:[19:32:39]  ./nick MagicalTux 
Also:
freenode_##mtgox-chat_20140225.log:[14:27:56]  !seen MagicalTux freenode_##mtgox-chat_20140225.log:[14:27:56]  MagicalTux (*!*[email protected]) changed his nick for shadylog , 4days 18hrs 56mins 21secs ago. 
submitted by shadyl to Bitcoin [link] [comments]

Instawallet.org vs. Easywallet.org

So, I decided to give a couple eWallet services a spin today. I started off small and worked up to larger amounts. My findings so far:
The first thing that is obvious about these two sites is that they are incredibly similar. One person must have been "inspired" by the other. There are very minor visual differences between the two sites. Easywallet (EW) was registered less than a month ago while Instawallet (IW) has been around since April of last year. Easywallet shows shows you a QR tag for the bitcoin address itself and gives you an option to display a QR code for the wallet URL, while IW displays no QR code immediately, but provides them with a click of a link.
Started with IW first for no particular reason. I noticed immediately upon clicking the MtGox confirm button that the funds were credited to IW. A number of blocks had to be confirmed before the funds were made available, as is SOP for BTC. I did not time this duration, but it seemed reasonable and my internal clock would say it was around 10-15 minutes. I was able to send multiple payments to the same address. Using three accounts created minutes earlier, I was able to complete 8 transactions in about 2hrs, with a couple being done in parallel. I have 100 BTC in IW accounts at the time of this writing, and I feel fine about it. Though, I will be transferring them to a more secure account.
On EW, I noticed that immediately after my deposit was credited, my bitcoin address changed as well. I rather liked that feature and made a couple more deposits into that account for the novelty of the address change. It was great fun to watch, all the while knowing that my anonymity is further being protected. The sticky widget with EW is this: I have deposited 10 coins in that address over an hour ago and have no bitcoin available to send. That bitcoin was deposited in small amounts sporadically within a time period of 60-90 minutes ago. I have no idea if or when my coins will be available on EW.
That's it so far. I'll update when I have more info.
EDIT: Ok, so it took about 90-120 minutes to confirm MOST of my 10 bitcoin from Easywallet. The exact figure is 9.998. Though my balance says 10, I tried to send 10 BTC and this was the exact message I got from the website:
Not enouch balance or confirmations, sendable amount is 9.99800000 BTC
EDIT2: So, the point may be made mute by this revelation (SHIT): http://www.reddit.com/Bitcoin/comments/qevvu/instawallet_is_shutting_down/
At least Easywallet isn't shutting down. If they would make obvious their fees, I think that would be sufficient to most consumers to be enticing.
EDIT3: Another thing that has been bothering me, which I think is the lynchpin in my argument, revolves around the secondary hiding of fees: When you are presented with your balance on the EW site, the balance is shown without any indication that a fee has been incurred. So, if you deposit 10 bitcoins on the main page, you would assume that many would be available. But, I received the error indicating the actual BTC available was less than I would have liked to transfer. The most obvious method of informing customers of their actual credited amount is to display that amount simply and prominently. This current behavior is, in my opinion, deliberate misdirection on the part of EW. The "system" knows that I only have 9.998BTC but my balance show 10. Bad programming or deliberate? How hard is it to display floating numbers on a web page when many BTC enthusiasts expect denominations to the 8th decimal?
submitted by bithipster to Bitcoin [link] [comments]

A guide to using Silk Road, specifically for /r/UKtrees

Hey all, I’ve seen a few posts on here asking about using Silk Road to purchase trees. I’m not an expert, but I have used it successfully a few times now, so I figured I’d write a guide to help anyone out.
1. Getting on Silk Road.
Silk Road exists on what is commonly referred to as the ‘Hidden internet’, or ‘Deep Web’; Websites on the hidden internet are not indexed and thus not accessible by regular search engines or DNS lookups. You can do more research on this if you want - to be perfectly honest, I don’t understand it entirely - but you don’t need to.
To access Silk Road and the rest of the Hidden Internet, you need to download a piece of Software, called Tor. This software allows you access hidden websites via a regular browser window. Just head to Tor’s Website and click the download. Once the files are downloaded, unzip and click Start Tor.
To head to Silk Road, enter the following address silkroadvb5piz3r.onion
You’ll need to make an account, this is pretty straight forward. (Make sure you remember your pin. You don’t need it when logging in, but you do need it when confirming transactions. Also, your pin doesn’t actually have to be a ‘pin’, mine is just another regular password)
Note: Due to the nature of the Onion network/service, it’s quite slow. And a busy site like Silk Road can be even slower. So, it may be that you have trouble connecting. If it doesn’t work, hit refresh a couple of times, and then just try again later. I usually have better luck in the morning 9pm-12pm and late evening 10pm-4am
2. Bitcoin.
Bitcoin is a decentralised peer 2 peer based currency. Essentially, it’s an untraceable and anonymous currency. Purchasing Bitcoin can be a little tricky, there are a number of ways to do it.
There are exchanges such as MTgox and Intersango, and many direct Bitcoin purchasing sites such as Bitstamp, and BitInstant. The problem with many of these sites is they operate outside of the UK, and as such getting money into them can be tricky. They tend not to accept debit credit cards, and often require bank transfers via IBAN. However, banks will often charge you a fee for using IBAN (I know Natwest charges £10).
These websites will allow you to deposit money into your account, and then place orders to convert that money into Bitcoin.
Other easier websites are Virwox, and Block Chain.
With Virwox, you first need to convert currency into Linden Dollars (SLL) (a currency used in the game Second Life) then into Bitcoins. However, Virwox does not allow for fractions of bitcoins, which means you can easily end up being just shy of a full bitcoin and having ‘worthless’ SLL. One nice thing about Virwox is that they accept UKash vouchers. So if you want no trace of your purchases, you can go buy UKash vouchers at any Paypoint and then deposit those.
Block Chain used to only be depositable via Barclay’s Pingit, but has since opened up regular bank transfers, I found this worked really well the last time I used it, so I’d recommend it.
You can also buy bitcoins in person by searching on Local bitcoin. In addition, there are also people selling Bitcoins on Ebay, but very overpriced, so I wouldn’t recommend that.
There are a tonne of places to buy bitcoin, some accept cash/cheques in the mail as well. You can always find more by googling.
3. The purchasing process.
You need to send your purchased Bitcoins to your SR account, you can find your bitcoin address under ‘Account’ at the top of the screen. It can take a few hours for the transfer to take place.
Once in your account, you’re ready to purchase, simply find whatever it is you wish to buy, click add to cart, and then head to the checkout. Select a postage method for your items and click go to confirm the postage.
Now, you need to input your address and your pin.
Now, you might have heard of PGP encryption by this point, it’s a form of public/private key encryption used on SR to protect the addresses of its users.
For this, I’m just going to steal mr_kyitty’s guide from this thread.
  1. Get gpg4win, install, and open 'GPA'
  2. Now you need to make your own key. Go to Keys>New Key, and follow the prompts. Use a fake name/e-mail. Before entering a passcode, write it out (the longer the passcode, the better, and you have to enter it every time you encrypt something). Once that's done, you have your own key.
  3. Import the seller key from the seller page. To do this, copy the public key from the page, paste it into a blank notepad file, and save the file. Then click 'Import' in GPA and load that file. You now have that seller's public key.
  4. To encrypt your address, open the clipboard in GPA and type in your address. Click encrypt, select the seller's public key, and in the lower box, check "sign" and select your own key. Then you will be prompted to enter your passcode. Once complete, copy the block from the clipboard and paste it into the address box on the shopping cart page.
I’d like to add, that you don’t need to ‘sign’ the encryption. What this does is allows the seller to verify that you are the actual sender of the message. However, I’d argue this isn’t entirely necessary, as it will also require you to post your public key somewhere.
Click to confirm the transaction, and that’s the order placed.
It will now show up under your ‘orders’ section. You’ll notice an option to ‘finalize’.
Silk Road uses escrow, i.e. they hold your money when you place an order, and when the order is confirmed to have gone through (after x days) the money will be sent to the vendor. You can Finalise early, by clicking the finalise button and sending them their payment. It’s common courtesy to do this once your item has arrived. If an issue arises, you can click resolve, and attempt to claim a refund/resolve the issue. I don’t have any experience with this so I’d recommend you search /silkroad for advice if you need assistance on resolving a matter.
Some vendors might ask you to finalise early before they will send your order. Now, this is actually against Silk Road policy, but its common for vendors to ask for this from first time buyers. Personally, I would say just don’t do it. You never know what’s going to happen. But generally speaking, a vendor's reputation is probably worth more than your particular order, so the risk of being 'ripped off' is low.
Still, I wouldn't recommend it.
4. Additional Comments
Do I recommend it for weed?
I started using SR Last year after I moved back home from Uni, because I no longer had a dealer. Personally, if I had a choice, I would choose to buy from a dealer every time. SR is a lot of hassle, so I wouldn’t recommend it for your general Eighth or quarter, unless you have no other connection (as is unfortunately the situation for me).
However, there are a variety of strains and products available, ranging from hashes to oils to edibles, so some of you might like to have those options.
In terms of price, I’d say it’s fair. A lot of Weed vendors will have a standard strain that they’ll sell for a (roughly) standard £20/eighth. You will generally be spending a little more given the nature of the process.
Is it risky?
In terms of general legal risk, you can't control what people send to you. If there's no record of you having bought it (Which there isn't, buying bitcoins is not a crime) then you should be fine. In terms of 'Will I get scammed risk' - it's just like ebay, people value their reputation. Buy from high repped vendors, and you should be fine.
Anyway, that’s all folks, I hope you’ve found this helpful. If you have any questions, leave a comment, and I’ll do my best to help you out.
Also, if any other more experienced SR users have noticed any mistakes or things I should alter in this guide, please leave a comment and let me know, and I’ll make the necessary amendments.
And here are some other great subreddits which you may also find useful.
/SilkRoad - For everything Silk Road. /Bitcoin - For everything Bitcoin. /onions - For everything hidden internet.
submitted by Rosetti to uktrees [link] [comments]

Bitstamp has been sending me some weird messages, now my account is "closed"?

Hello Reddit!
I get the email message "You are late to confirm your account balance", in fact I got it twice now, the second one saying that
"Hello ! We are apologize Your Wallet Has Been Closed ."
Been really worried that it is some kind of phishing attempt: it attaches some kind of weird rar file inside of which is a "document" (even though it is of screensaver file-type (!) and mentions the word MtGox, what does MtGox have to do with my Bitstamp account??).
The email seems to be from their regular bitstamp.com domain though. I emailed their support, still no reply (which is why I am writing here). Now I get an email saying my account is closed: if this is a phishing attempt I suppose this is supposed to "stress me out" into making unforced errors. I have a fair amount of fiat inside bitstamp, which I double-checked yesterday. When I logged into the bitstamp website itself, there was no mention or warning or message anywhere that anything had changed or was required of me (note that I only have fiat, not bitcoins).
Has anyone else got these messages? Am I being phished or is Bitstamp trying to steal my cash?
submitted by AllTheStarSystems to BitcoinMarkets [link] [comments]

Something is going on with Coinbase (something bad...)

I am new to this forum. I have been following it for a couple of months now but never actually joined Reddit until yesterday. I joined because my Coinbase account was made inaccessible to me for 24 hours. I use Authy for 2FA and when I tried to log in yesterday afternoon (PST) I never received, via text, my Authy code. I then selected the option to have Authy call me and give me the code over the phone. My phone rang right away and there was a message that said there was an error with my app and then it hung up. I then tried to log in again and Coinbase said that there were too many unsuccessful attempts and my account was locked for 24 hours. This has never happened to me before.
I went onto the Chat and asked if anyone else had something similar happen. No one did. So I thought that it was just me. I then contacted Coinbase via email (cuz they have no online chat or phone number). I explained what happened. I finally heard back from them 12 hours later (this morning). I was speaking with them for several minutes (via email) and they said that there was no suspicious activity in my account. I kept asking them why I cannot log in and they kept avoiding that question...We were communicating then, all of a sudden, they stopped responding.
If you are tired of reading this cuz it is too long then I apologize. But for anyone interested I would keep reading if I were you and you use Coinbase. And I will also try to honor this sub-reddit (by talking about..sort of...my bitcoin strategy). Anyhow, I was finally able to log in tonight. I waited 25 hours after the warning from Coinbase and then was able to log in. Here's where it gets weird: All of my bitcoins that were not pending are there, but the bitcoins that I bought in the last 8 days are still pending. That, I suppose is not too weird (but it should be cuz they claimed that they would be in my account this Monday (Nov 18th). Now they say that I purchased them today and they are still pending. They already withdrew the money for those bitcoins a week ago. My bank confirms that it happened a week ago today.
So, maybe that isn't something that I should be concerned about...but it is. Here's why: I decided yesterday (Sunday, Nov 17th) that the difference between Bitstamp and Coinbase was enough for me to move most of my bitcoins over and then sell them on Coinbase. I have been day-trading bitcoins for about a year now and I have a lot of bitcoins (I am not trying to be arrogant...so..please...don't take this the wrong way). I feel that Coinbase saw the amount of coins that came into them and they knew that they had been using their clients' bitcoins without their clients' approval. I believe that they thought there was a chance that I would buy more and they were in a bind (because, I believe that they were using our bitcoins to fund their bets...and the crazy rise in the last few days back-fired on them and they were screwed). I believe that they shut my account down so that I couldn't jeopardize them. I feel that they thought I was a big player and could hurt them.
I am, in fact, almost certain of this. There is no way that I can be the only person that this happened to. I am pretty sure that the number I sent to them over the course of that day was one of the largest amount of bitcoins that they have received in a while (from one person)...and they knew that it would have possibly made it impossible for them to hide what they are doing with our bitcoins. As an aside, I am pretty sure that MtGox did something similar (plus the $5 million they probably lost with Dwolla).
I am just letting people know my opinions because I feel that they are up to something really bad. And I am pretty sure that all they really have to do is take a bunch of peoples' bitcoins by saying that your account was hacked (all they have to do is steal your bitcoins themselves and then launder them). Now I know this sounds crazy but I truly believe it. Has anyone else had something similar with their Coinbase account?
Now...about my trading strategy. I am a mathematician by trade. I have been working on day-trading algorithms for about 25 years. Bitcoin is the best thing that I have ever been able to day-trade with my solutions. And I have been able to increase my earnings because I have bank accounts in Japan, Europe, and the US. I was able to use the differences in the exchanges to turbo-boost my earnings very often. I started with a fairly small amount of bitcoins about a year ago and now I have a lot. I am sharing this because I like this forum. And no one can really steal my strategy because it was very hard to set up.
Sorry that this post was so long. I really try not to be so wordy.
I hope I get some comments. Also, for anyone that cares: yes, traders with a lot of bitcoins can collaborate and push the market in a direction they want (sometimes). It should be illegal but it won't be (at least for a while, in my opinion). Also, I feel that bitcoin should be altered to only work with accounts that are verified fully. I am pretty sure that we could make bitcoin even better if it were impossible to steal (like marking everyone's bitcoins with the owners' "fingerprints" and being able to return any coin that was stolen...but I am pretty sure people will disagree with that desire of mine).
submitted by dan_from_san_diego to BitcoinMarkets [link] [comments]

[Table] IAmA Owner of MTG Internet Retailer Untapped Games (Also Yu-Gi-Oh & Pokemon TCG)

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-07-14
Link to submission (Has self-text)
Questions Answers
1: can you hook me up with some free yugioh cards? 1: We do give away some free stuff on our monthly facebook contest. There are usually only a couple hundred entrants so you odds are pretty good!
2: How do u deal with potential scammer? Ex: They got the card but say they didnt, card was damaged, etc. 2: It's always a challenge. Large orders have signature confirmation which is usually adequate proof. Large international orders go registered with a physical return receipt. Once things are signed for we are usually fine. Smaller orders we refund sometimes, but if we think it is fraud we will blacklist the buyer.
3: How big of a staff do you keep? 3: There are currently 10 of us including myself. I usually add a couple people before the holidays.
4: What do you think about the future of TCG's? 4: I think the future looks great. It really depends on the game. Right now MTG, Yu-Gi-Oh, Pokemon, and Cardfight are all going strong.
What do you, as a card retailer, wish we consumers knew or did differently? 1) I wish more people would buy directly from our site so we can avoid fees that are usually around 10% to 15% of the purchase. Our prices on our site are thus typically lower and we also almost constantly have coupons to save more. We really pass most of the savings on to the customer in the hopes of future direct business! A lot of people do switch to buying direct from us, but even some big buyers don't. Some repeat eBay buyers could have saved hundreds over time if not more just buying direct from us.
2) Pricing. Sometimes people get upset if something is more than retail. We value collectables in real time. Just like any normal person we aren't going to sell a box of Modern Masters for $168. It's especially frustrating because most of our prices are so much lower than retail. We charge only $87.95 for a Magic 2014 booster box pre-order currently when the retail is like $144. Those hot products that go above retail are really how MTG shops make their money to stay in business today. Pricing is determined by the internet.
Have you thought about putting a post card in with the orders with a coupon directing them to the site? I did this and it has been wonderful. Thanks for the suggestion! We do include coupons with every order though :)
If we went directly to your site to buy singles, we would almost always be paying more than if we were to go to TCGplayer.com and buy from the lowest price on their (which is sometimes you guys). We love selling on TCGPlayer and I think it is a great place to shop especially if you are buying a lot of rarer cards that we might not have every one in stock of.
Our prices on TCGPlayer are already higher than our direct prices though! Plus, we almost always have 10% off coupons that work for standard MTG sets and recent sets from other games! If you enjoy shopping on TCGPlayer though definitely don't stop! Great deals can be found!
M14PREORDER - Save 10% on an order containing only MTG singles with at least one M14 single.
NUMBER10 - Save 10% on an order containing only YuGiOh singles with at least one Number Hunters single.
What is the worst example of you being burnt by speculative investment in a MTG card? What set has been the most popular of all time for you? Which card has been the most popular? Have you ever been lucky with a speculative investment in a card/set? How much did you make? 1) I can't really say we have made any investments in a particular card that turned out so poorly I remember it. MTG is usually pretty safe, but card values obviously fluctuate. 3) Black Lotus seems to be the most well known MTG card, but for what is selling it is often based on our supply. Popular cards from new sets can be hard to keep in stock. We sold out of our pre-order allocation for Archangel of Thune. We were pre-selling them for $13.95 originally and now we sold out, but they were up to $29.95. 4) Every new set is a speculative investment! A lot of the time you have to order product before it is fully revealed. Yu-Gi-Oh is more volatile than MTG. Some sets you make thousands of dollars in profit and other sets you lose thousands of dollars!
I have a small cache of Magic and Pokemon cards in my attic. 1995-2000 highlights like (a few) dual lands, Mox Diamonds, and cards of similar caliber. I also have some non-Charizard 1st edition foils. What's your recommendation on liquidating these and still doing my childhood justice? I agree with Beerblebrox's post below! MTG is enjoyable at any age! If you really don't plan to play ever again though I personally keep a couple of my favorite items from each era of my childhood and that has worked out well! That said I meet a lot of MTG players who play the game quit and then play again. Buying cards and then selling them back to the shop just to buy them again is not good for your wallet!
How do I go about acquiring a whole sale license so I can buy boxes for cheap and circumvent the middleman? To buy Magic: The Gathering product you need to have a brick and mortar store and a sales permit.
As a retailer how do you feel about the reserved list for mtg? We don't have large numbers of older cards, but I think it is a good idea. I don't know if a particular list is required. I just hope that Wizards refrains from reprinting too much. It's really easy to make a massive amount of money quick with good reprints (Modern Masters), but I'm not so sure it is good for the long term.
Yu-Gi-Oh seems to reprint everything and they kind of encourage a culture where vendors can't hold onto product for long because it will devalue. I know vendors who have stopped selling YuGiOh because their inventory would just be constantly devalued and when there are less vendors there are less places to play the game.
I don't know if a particular list is required. I just hope that Wizards refrains from reprinting too much. I'm not sure if they realize what the impact would be. If a card is valuable that card's value is held by the players and stores who own those cards. When they reprint something those cards all go down in value and the value of the reprint mostly just goes to the manufacturer.
Don't mention this over at /MagicTCG. That subreddit tends to want everything to be reprinted so every card is insanely cheap. I'm not doubting players would like MTG to be more affordable. Lowering the price on everything is certainly not what any company is going to want to do though. If Wizards of the Coast pursued an aggressive reprinting policy what would happen is you would have cards at least as expensive as you do now when new sets come out. Then once everyone bought those who could months later they would reprint them and destroy the value of that investment. Personally, I don't think standard is difficult to keep up with if you do some smart trading and play any type of limited format even semi-frequently.
Why is Solar Flare Dragon the greatest Yu-Gi-Oh card ever? 1) Everyone has a favorite!
What's your favorite of the TCGs? 3) I enjoy Magic: The Gathering the best. It is what I played during my childhood and what I still play today. I have played some Pokemon TCG and Yu-Gi-Oh as well and they are both enjoyable games.
How have profits changed in the last decade? Has the popularity dwindled as much as I expect or am I just getting old? 4) A decade ago, I was beginning college and only doing this part time. I didn't realize how good it was. Margins are lower today, but the market is tremendously larger! I think it is much tougher to get into this market than it was years ago and I wouldn't be able to build up to what i have if I had started later (or at least not as easily). If you want to retire early you might want to look for a more profitable career lol. I just love what I do! I don't know why you perceive the popularity as declining. Game popularity changes, but overall the market is strong. Obviously, Pokemon was a fad many years back and it is no where near what it was, but even it is doing solid.
How did you get started in the business? It's hard to say what was really the starting point. It's like a lot of things coming together. My interest in MTG started as early as elementary school and I played (incorrectly) on and off until high school. I used to sometimes sell some cards on eBay and it kind of just grew from there!
I'm considering a career change from kitchens and have been toying with the idea of starting an online re-selling business around one of my hobbies. I considered MTG, lately been revolving around Lego, both being products I'm familiar with. My plan at this stage is to just buy a few sets each of the next release (Lego), sell them individually through eBay and other local online classifieds, then re-invest the proceeds into more sets, using the first few batches to determine how feasible this will be and to not sink too much money into a pipe dream. 3) I'm slightly OCD when it comes to collectables, always thought that if I were in the Magic business I'd keep one of each card that passed through my hands, keep the first black lotus, sell the second on. How extensive is your personal collection? 1) I pretty much started my business in high school selling cards I traded for. I just did it on eBay and it was profitable immediately, but it was pretty much just like a small allowance of $10 or $20 per week. 2) If you plan to just sell on Ebay I think it is pretty easy if you can compete on pricing. I know that it would be very difficult for me to start my business as it is today. For MTG you need to have a brick and mortar store to buy from wholesalers, so I think you would have to stick with legos if you are considering just selling new product. It might be difficult to compete too. I'm able to buy product for good prices from distributors because I buy a large volume. They also know I'm likely to do future business since I have a history of selling the types of items I do. I don't think someone would be able to offer to buy the same volume and get the same price without that history. 3) That's a dangerous attitude to have lol. You want to make sure you sell the product that runs your business. I don't have any personal collection except my decks which I sell back to my business when I'm done with them.
What is my Fog of Gnats card worth? Lol.
What us the most expensive purchase someone has made on your site? I'm not sure the most expensive purchase, but we regularly have people who buy about $1000 worth of cards when a new set comes out. It is especially true for YuGiOh where we have a lot of Japanese customers. I suspect they are probably vendors who sell the cards themselves in Japan.
Do you feel like there are more Magic players nowadays than ever before? I've been a casual player for the past 5 years and rarely go into a store anymore but I read the other day that the number of MTG players tripled since Shards of Alara. Do you feel like it? The growth has been incredible. I'm not sure how to measure the number of MTG players there are, but I wouldn't be surprised if tournament attendance was at least 3 times what it was during Shards of Alara. Our online sales have definitely at least doubled in the past 3 years.
In my local area; I moved to Providence, RI in 2006 and there were no shops I could find that had tournaments in the immediate local area. Now my shop exists and there are at least 4 other MTG retailers running tournaments within 10 miles.
Hows business? Business is good this year! MTG, Yu-Gi-Oh, Cardfight, and Pokemon are all doing fantastic.
How do you feel about some of the best card games out right now (Netrunner, AGOT, Star Wars) being LCGs. Do you think the living format is the future of card games and have you seen a shift in costumers from big money games like mtg to fixed priced games? I thing CCGs are here to stay. I haven't noticed anyone who has quit MTG, YuGiOh, Pokemon, or Cardfight Vanguard specifically to instead play an LCG. I definitely think there is a place in the market for them especially on a less hardcore level.
I think that the formula for CCG's is more profitable for manufacturers. I can't imagine any LCG bringing in the revenue per player to have the development budget that MTG has. I also think the luck aspect of opening boosters and the ability to trade cards has appeal to many players especially younger ones.
Could you take a guess at what most of your buyers are like? Do you see more younger or older people, male vs. female? It really depends on the game. Being a seller specifically of TCG's we probably reach a different audience than say Walmart does when they sell cards. YuGiOh and Pokemon both have tournaments scenes that even attract a lot of college aged adults. Obviously, a lot of our sales for those two games are to kids as well. Most MTG players we see in our shop are adults in their 20s or older, but there are still a lot of kids who come play that too! MTG has just been around a while and people have stuck with it over the years!
Most players in tournaments are male, but I think people often underestimate the number of female gamers. They just tend to not come to tournaments as much.
When selling booster packs, do you do any tricks to figure out what's in them (look at them through bright light, analyzing the pack/booster box product id, etc.) to figure out if it has an expensive rare? No. That would just result in negative feedback and unhappy customers. We are in the business for the long term and aren't shutting down our site to make a new one or remaking eBay accounts every month. When we have cards we don't need from new sets we make booster box repacks...
YuGiOh Lord of Tachyon Galaxy Booster Box Repack
MTG Avacyn Restored Booster Box Repack
Although you aren't going to get any $10 cards in these they are popular, especially for MTG where you can use them to draft for less than $3 per person (depending on the set).
Has anyone tried to buy a bulk amount of seemingly bad cards like Wood Elemental? How about Tibalt? Our site has a maximum quantity people are allowed to buy of any particular card, but it is not uncommon for people to amass collections of one bad card as a hobby or because they like the artist. I have met many players who just pick a card and try to get as many copies of it as they can!
If I'm looking to open my own Magic: The Gathering brick and mortar store in the near future, what are the most important variables to consider? How important are online sales in keeping the doors to your store open? Location and having a friendly sociable person at the counter are both extremely important. I think there is a lot of luck involved! How much money you need depends on how you live and probably where you are opening. I don't want to hypothesize on a number because we didn't really start from scratch since we had a strong online operation before opening our brick and mortar store.
Our online sales are absolutely vital to keeping our normal store open the way we have it set up now. However, there are many shops that have great tournament organizers and are quite profitable without online operations. Just my skill is really in the online market and I treat our store like a community establishment. I honestly don't try to make money off it. If it does make a lot of money one day that would be great, but I just want people to have a fun and comfortable place to play!
What's the best way to get back into MTG? I've been out of the scene for about 9 years, and it seems like it's changed drastically since then. The core game is still the same! It depends on what format you want to play and how much you know, but the Duals of the Planeswalkers 2014 video game has an excellent tutorial on how to play!
Other than that you can easily find out about recent happenings on different forums like MTG Salvation, Wizards of the Coast's own forums, and even here on Reddit!
If you want physical product, the upcoming M14 Core Set that releases on July 19th is probably a simple start. I personally think something like a M14 fat pack is a good choice because you get some basic lands, a life counter, and a nice box to put some cards/decks in.
How do you see the recent developments in online card games? Magic 2014, Blizzard's Heartstone to name the one's I know. The free to play model works extremely well for them and their execution is AAA. Do think they will impact your business negatively? Are you preparing to move into online trading? I actually was initially worried that these types of games would eat into our business, but it turned out to be the opposite. A lot of people play games like Duals of the Planeswalkers 2014 and then start playing MTG for real. I think DotP 2014 is a great way to learn the game, but being in a room with real people I think that is social experience that online TCG's can't replicate yet and I don't see them doing in my future as a vendor. Online TCGs keep getting better, but they have been around for years and the physical TCG industry has continued to grow tremendously. As someone mentioned below MTG just had their biggest tournament yet! Even with Hearthstone, when it was revealed our limited remaining inventory of World of Warcraft card sales skyrocketed.
There is certainly a market for online trading and we have thought about it, but haven't taken any action yet.
What are your thoughts on the World of Warcraft TCG? You don't claim to carry it, so I'm curious if there's a reason or something. I played it a bit and think it is a fine game, but it definitely does not have an extremely large hardcore following and its popularity seems to be directly derived from how well the video game is doing.
The card game was initially very popular when it came out, but even then people were buying it for code cards to unlock stuff in the video game primarily. Now, there are many unlockables in WoW through different means, so there is not as much interest in buying packs of the TCG for codes. Since Cryptozoic has taken over the game they seem to be trying to build a strong gaming community so perhaps that will help, but for now we are at max capacity selling other games.
How is your relationship with other MTG retailers? Are you a large TO as well? Although we are all competitors I think most MTG retailers get along pretty well. I do a lot of business with other vendors, so we certainly help each other as well as compete.
On a local level, the Providence, RI area has a great TCG gaming scene and I think a lot of that has to do with the wide selection of shops. There really is a place for gamers of every type! I think all the events and happenings have really led to growth in the gaming scene in the area. I don't know how much better or worse it would be for us if our competition wasn't there. However, I do believe the gaming scene would be much smaller.
We aren't a large TO presently, but maybe one day! Our core business is currently online and just revenue wise it is hard to imagine our physical location could ever come close. Our online site sells all over the world! That said our physical store might be expanding soon!
Do you have / have you ever considered a "deck-building" feature on your website where customers can build a deck made of singles and then be given a quote on the price for it? I always felt like that would be useful when I played TCG's some 7 or 8 years ago. That sounds like a great idea! We have a feature called deck builder which essentially lets you search a list of cards, but it doesn't automatically give you a total for all of them. I may check and see if we could implement a feature that does!
Are you moving a lot of Modern staples right now (fetch lands, Dark Confidant, Tarmogoyf, Vendilion Clique, Thoughtseize, etc.)? How does the demand for these staples compare with prior years? 1) Those cards all sell out pretty quick when we get them in. I would say Modern as a format is more popular than ever and that the release of Modern Masters really boosted it.
How has the release of Modern Masters impacted your business? 2) Modern Masters is extremely popular, but was tightly allocated. We didn't receive an extremely large amount. However, I'm sure our return on our investment is higher than any other MTG new release. It's intense popularly I think did reduce demand for Dragon's Maze and possibly M14 though.
What game is most profitable in single sales? 1) I wouldn't say there is a wide deviation between them typically as we buy single restocks on the secondary market using similar buy pricing. Each new set is a different story. For YuGiOh, I at least doubled our investment on Legendary Collection 2, but then I probably lost half of our investment if not more on Hidden Arsenal 5.
Have you done anything with kaijudo (new version of duel masters)? 2) I have researched it quite a bit, but Cardfight Vanguard was getting big at the same time as Kaijudo was being pushed to me. Cardfight seemed like a better way to expand, so we decided to invest more in that instead. I don't notice much demand at our local physical shop for Kaijudo, but most of the kids who come in are 12+, while Kaijudo packs say 8+ on them.
Do you play yugioh? 3) I have played it to learn how to play. Honestly, I didn't expect it to be as deep, strategic, and fun as it was. However, I already am more of an MTG player and mostly stick to that.
Personally, do you love the pokemon games? I do enjoy the Pokemon games. I played a ton of Pokemon Blue & Red years ago. I feel like they continue to refine them, but they don't hold my interest as long anymore. I played a bit of Pokemon Black & White, but the formula just isn't as fresh and exciting as it was to me back in Blue & Red.
What is the single most expensive card you have sold? We don't carry many of the older extremely valuable MTG cards, but we do sometimes acquire and sell cards in the $200 to $300 range.
What advice would you have for someone who is looking to start playing Magic but has no idea how to play? Download Duels of the Planeswalkers 2014! It has a great tutorial!
You guys run a fun weekly draft, just wanted to say thanks. (You are the ones in Providence RI, right?) Technically, our tournament area is right over the border in Pawtucket! We do run weekly Thursday night drafts at 7:00 PM though!
(1) Is there any sort of format that you can see being "the future of card games" ? For instance, since Magic was the first game, it seems we're moving away from power creep to a more balanced card game, but is there going to be another progression from this? 1) I think the internet and game communities are shaping the future heavily and will continue to do so. I wouldn't be surprised if MTG picks up more officially supported formats like EDH as people create new ideas.
(2) Do you think more games like The Penny-Arcade board/card games will ever take over sales due to their cheaper price? 2) I think there is a place in the market for these, but I don't think people are going to quit MTG to play them and MTG is not really difficult or expensive to get into on a casual level. I also think MTG's huge revenue at this point gives it a very healthy development budget that keeps the game continually fresh,exciting, and balanced.
(3) Is there any card game that you loved and wanted to see successful? I miss Magination, personally. 3) I pretty much grew up playing MTG so it is the game I like. As a kid I used to enjoy Overpower and I'm kind of sad that didn't work out. I haven't played as an adult, but I'm guessing it wasn't as strong of a TCG.
I have read that a brick-and-mortar storefront is a requirement of ordering booster boxes at wholesale prices. How do you operate around this? You can't! We have a brick and mortar store! Come visit us! Learn about our store HERE!
Worst customer you have ever had to deal with? Are all your orders in the US, I live in the uk and have barely seen card games existing. The worst customers don't always have the biggest problems. It's really how they interact with my people.
Recently, we had one guy buy a bunch of YuGiOh packs and before they got there he requested to return them. We told him that was fine as long as they were still sealed. He ended up opening the packs though and then still wanted to return them, which obviously is a no go in a collectable card game with cards of different values and rarities. These types of problems happen every so often, but it was really how he was just screaming and swearing at my employee for not wanting to take back his open product. If people treat my people badly I'm less inclined to help them out.
We sell all over the world. We definitely ship some orders to the UK, but most of of our customers are in the United States. We don't send enough shipments there to have a set idea of how big a market it is.
Do you feel like video games an online games based off TCGs have or could have a threat toward the sale of the physical product? Someone below had a similar question... Here is my response from that...
I actually was initially worried that these types of games would eat into our business, but it turned out to be the opposite. A lot of people play games like Duals of the Planeswalkers 2014 and then start playing MTG for real. I think DotP 2014 is a great way to learn the game, but being in a room with real people I think that is social experience that online TCG's can't replicate yet and I don't see them doing in my future as a vendor. Online TCGs keep getting better, but they have been around for years and the physical TCG industry has continued to grow tremendously. As someone mentioned below MTG just had their biggest tournament yet! Even with Hearthstone, when it was revealed our limited remaining inventory of World of Warcraft card sales skyrocketed.
How much do you take out of you booster box repacks? They look like a good deal but i wouldn't want to purchase one and get nothing but 50 cent or lower cards. You get a lot of great commons, uncommons, and bulk rares from the set of the repack! However, you probably aren't going to find many if much if anything worth more than $1. That is what you should assume you will receive. However, we do make most of the repacks when the sets come out so if cards change in value later it might be possible to snag some good cards. I know we had some Craterhoof Behemoths in the Avacyn Restored booster box repacks because it wasn't a valuable card when the set came out, but then it skyrocketed to over $20 for a little while before coming back down. That kind of price movement is uncommon though and you shouldn't buy expecting to receive anything like that.
Is your staff local based or do you hire people online as well? All of my staff is local, but we do utilize many services from other companies that have employees elsewhere. It is certainly possible for us to hire a non-locally based employee, but for coordination and communication it's a lot easier to have everyone in one place. I have noticed even when people have jobs that can be done at home it is still good to have everyone in one place. This way if our e-mail customer service rep finds out someone needs a refund they can just say 'Hey, John Doe needs a refund' directly to the person in charge of refunds and etc.
Do girls look hotter in yoga pants or jeans? I think it depends on the girl!
Magic the gathering online exchange (mtgox) switched to Bitcoin a few years ago, and have made millions. Are you miffed that you didn't get into Bitcoin too? Lol, I actually didn't know that. I don't know near enough about bit coins to have done anything like that and I'm certainly not miffed! It's great that they had the foresight to see that opportunity!
Do you ever open any of the packs yourself and what kind of cards do you collect personally? When new sets come out it can be pretty busy and I often help open packs myself! I play MTG, but don't really have a separate collection from my store inventory.
Did you ever sell mechwarrior clicks? I LOVED the game, but it didn't catch on very well :( Sorry, we pretty much concentrate on trading card games! I dabbled in some Warhammer minis a few years ago and we do sell a small amount of HeroClix.
Do you have a buy list and do you buy bulk cards, i got yu-gi-oh cards i wanna unload, the coolest card is properly an original left arm of the forbidden one, and most of the cards are first edition if that matters? Our buy list is here. We do buy bulk cards! We mostly concentrate on newer sets though for singles!
I noticed that you haven't updated prices on fetchlands in quite some time. But then, you also appear to be out of stock on them all. Were you caught unaware by the price spike, and was your stock bought out? There was no specific price spike that caught us by surprise. We just mostly concentrate on standard cards. The fetch lands are in sets that aren't on our buy list, so we don't get restocked. Most popular cards on our site would sell out within a couple weeks if were weren't constantly restocking them. We open hundreds of boxes per month and probably receive even more singles from people selling to us through our buy list! I'm hoping to expand our buy list into all modern sets very soon though!
Last updated: 2013-07-18 23:00 UTC
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MT GOX BITCOIN EXCHANGE COLLAPSE MtGox ShutDown & 740,000 MISSING BITCOINS

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