Monthly Archives: January 2015

Rob Kirby Asian Gold demand insatiable and Dollar Demise speeding up
Rob Kirby Dollar Demise speeding up, Asian Gold demand insatiable SUBSCRIBE for Latest on GOLD / SILVER / BITCOIN / GLOBAL RESET / NEW WORLD ORDER / ECONOMC. Rob Kirby - Dollar ...

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Rob Kirby Asian Gold demand insatiable and Dollar Demise speeding up - Video

Jim Rickards Current Economic Developments Financial collapse
Jim Rickards Current Economic Developments Financial collapse SUBSCRIBE for Latest on GOLD / SILVER / BITCOIN / GLOBAL RESET / NEW WORLD ORDER / ECONOMC C. Jim Rickards ...

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EB60 - Robert Sams: Bitcoin, Volatility and the Search for a Stable Cryptocurrency
That the bitcoin price is highly volatile is no secret. Opinions differ on whether that is just an inevitable roadblock to be passed on the way to world domination or whether it represents...

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Building Bitcoin Websites - Building a Bitcoin Faucet 2 of 9
How to build a Bitcoin faucet. This video goes over setting up the database. BTC address: 1J9ikqFuwrzPbczsDkquA9uVYeq6dEehsj.

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Building Bitcoin Websites - Building a Bitcoin Faucet 5 of 9
How to build a Bitcoin faucet. This video goes over creating the login page. BTC address: 1J9ikqFuwrzPbczsDkquA9uVYeq6dEehsj.

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Bitstamp Suspended -- Hot Wallet Hacked? -- Bitcoin $275 -- 5th January 2014
If you enjoy this episode please donate in bitcoins: Donate to Jamie: https://blockchain.info/address/1NgmjuqegdRkzkXpTcCbQcmk1HriwSucmy Donate to Thom: ...

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Bitstamp Suspended -- Hot Wallet Hacked? -- Bitcoin $275 -- 5th January 2014 - Video

Updated below with more information from an emailed statement from Bitstamp.

Not even a year has passed since top bitcoin exchange Mt. Gox collapsed into a pit of burning money, blaming a hacking incident for a nearly half-billion dollar meltdown and bankruptcy. Now another major exchange may be putting its users through a small-scale replay of that crisis.

Early Monday, a UK- and Slovenia-based bitcoin exchange Bitstamp announced that it would be going offline while it investigated a security compromise of some portion of its stored currency that occurred over the weekend. In a statement to WIRED, the company said that less than 19,000 bitcoins were stolen in the attackabout $5.1 million dollarsand warned users to immediately stop making deposits to any addresses it issued before 4 a.m. ET Monday. Meanwhile, Bitstamp users money remains frozen in the companys accounts.

Bitstamp takes our security and soundness very seriously, reads a statement on the companys website. In an excess of caution, we are suspending service as we continue to investigate. We will return to service and amend our security measures as appropriate.

The company also tried to reassure users in its statement that theyre not facing a Gox-level debacle. Only the exchanges operational wallet was compromised, it says, a fraction of coins that are frequently bought and sold. Careful exchanges (and users) keep the majority of their bitcoins in cold storage, on computers without any connection to the Internet to prevent their theft. As a security precaution against compromises Bitstamp only maintains a small fraction of customer bitcoins in online systems, the companys statement reads. Bitstamp maintains more than enough offline reserves to cover the compromised bitcoins.

Bitstamps chief executive Nejc Kodri wroteon Twitter: My sincerest apologies to those who are affected by our service being temporary suspended. He continued, Thank you all for your patience. We are working diligently to restore service and hope to have an ETA later today.

In a followup email to WIRED Monday afternoon,Kodri added that the company is cooperatingwith law enforcement to get to the bottom of the hack, and is working to transfer a secure backup of the Bitstamp site onto a new safe environment and will be bringing this online in the coming days.

Bitstamp is far from Bitcoins biggest exchange; prior to its suspension it accounted for only about 6 percent of transactions according to bitcoin statistics site Bitcoin Charts. But it had become one of the longest-lived and reputable ways to buy and sell currency in bitcoins volatile economy. After Mt. Goxs bankruptcy, Bitstamp became a popular alternative to top exchanges BTC China, based in Chinas uncertain regulatory environment, and BTC-e, a mysterious operation run by unknown owners thought to be based in Bulgaria.

Were the backbone of the entire Bitcoin industry, Kodri told Forbes last year in an interview. The wallet services, ATM machines, mining companies all rely on us. The price of Bitcoin is the de facto price on Bitstamp. Were the go-to exchange.

Its temporary shutdown due to the theft of a still-unknown number of coins could rattle bitcoin at a bad time. On Monday morning bitcoins price hovered below $270, its lowest since 2013 and down from $375 just a month ago. If Bitstamp doesnt quickly emerge from its downtime and replace any lost coins, cryptocurrencys new year could be off to a unpleasant start.

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Major Bitcoin Exchange Bitstamp Goes Offline After Possible Hack

Some, however, are not buying this explanation.

"Don't believe Bitstamp. It's a matter of liquidity," Jeffrey Robinson, author "BitCon: The Naked Truth about Bitcoin" wrote to CNBC. "Who's next? It's as if Bitstamp realized they couldn't internalize the risk anymore so just decided, Let's suspend operations until everything settles down."

Others are in agreement that Bitstamp's issues may go well beyond security. A commentary in the Financial Times posited that the issues could lie in the company's financials becoming unhinged by the falling price, or the economics of mining taking their toll on the exchanges.

Read MoreMarc Andreessen: I still stand behind bitcoin

The price of bitcoin dropped into the $250-range on Sunday after trading for weeks in the mid $300s.

No matter what the cause of the service halt, Monday's news will be of key importance for the future of the cryptocurrency, according to "Fast Money" trader Brian Kelly.

"This is a critical moment for Bitcoin. As Adam Smith said, 'all money is a matter of confidence' and the reaction to this potential hack will either serve to undermine or bolster confidence," he wrote.

While Mt. Gox, the bitcoin exchange that fell apart in 2014, may have seen mismanagement, Bitstamp has a "highly capable venture capital team," according to Kelly.

Here's what Bitstamp CEO Nejc Kodri had to say over Twitter:

Cold storage basically means that the wallet numbers have been recorded off of a hackable server (anything from being written on a piece of paper to stored on a USB drive).

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Major bitcoin exchange suspended