5 ms·

This is among the critical differences between MtGox and Coinbase.

by wyldfire 7y ago

ceejayoz 7y ago
"We're not run by idiots"?
- wyldfire 7y ago
  Well, sure, I suppose that's step zero. But there's a lot more work required beyond that in order to survive continuous attacks.
- apl002 7y ago
  this gave me a good laugh
- notriddle 7y ago
  "We didn't literally start out with trading cards."
  - arcticbull 7y ago
    That's not a great one, Nintendo started out as a playing card company after all. Where you start is quite irrelevant. It's where you end up that matters, and I think MtGox demonstrates that quite clearly.
    - wyldfire 7y ago
      I don't hold MtGox's origins against them (plus I'm a MtG fan). But Nintendo didn't pivot from playing cards to guarded stagecoaches, they stayed in the entertainment focus and evolved over a century into electronics. The stakes were always low.
      - arcticbull 7y ago
        Pretty low bar honestly, even if they had pivoted to stagecoaches it’s hard to knock them if they’d been successful. The ends are more important. Gox was really stupid though.
- grubles 7y ago
  That doesn't explain listing Bitcoin Cash (Bcash) - an altcoin that shares its mining algorithm with Bitcoin but only has a very small amount of hash rate backing it. Any small Bitcoin miner can decide at any moment to switch to mining Bitcoin Cash and cause block reorgs or mine blocks with no transactions at all. A similar event actually happened with another asset they offer - Ethereum Classic. https://cointelegraph.com/news/ethereum-classic-51-attack-the-reality-of-proof-of-work https://cointelegraph.com/news/ethereum-classic-51-attack-th...
  - hollerith 7y ago
    Huh, I would've thought that since people will pay over 300 usd for one Bitcoin Cash coin (according to 3 web sites I just sampled), there would always be plenty of miners competing for them.
    - wmf 7y ago
      BCH is and will be mined proportionately to its price; since its price is far lower than BTC it also has far lower security.
      - hollerith 7y ago
        OK, but I would've guessed that the reward for hijacking BCH's blockchain would be proportionally lower. And please keep in mind the context of my first comment: I was replying to the assertion that the mere fact that Coinbase continues to let its customers trade in BCH is evidence that Coinbase is run by idiots.
        TylerE 7y ago
        The thing with those silly altcoints is that there really isn't much market liquidity. Even if you were able to steal a large number of them, any attempt to convert them into something useful (i.e. dollars) with crash the price.
        wmf 7y ago
- NullPrefix 7y ago
  We didn't implement ssh server in php
deleted 7y ago
[deleted]

This is among the critical differences between MtGox and Coinbase.

ceejayoz 7y ago

"We're not run by idiots"?

wyldfire 7y ago
Well, sure, I suppose that's step zero. But there's a lot more work required beyond that in order to survive continuous attacks.
apl002 7y ago
this gave me a good laugh
notriddle 7y ago
"We didn't literally start out with trading cards."
- arcticbull 7y ago
  That's not a great one, Nintendo started out as a playing card company after all. Where you start is quite irrelevant. It's where you end up that matters, and I think MtGox demonstrates that quite clearly.
  - wyldfire 7y ago
    I don't hold MtGox's origins against them (plus I'm a MtG fan). But Nintendo didn't pivot from playing cards to guarded stagecoaches, they stayed in the entertainment focus and evolved over a century into electronics. The stakes were always low.
    - arcticbull 7y ago
      Pretty low bar honestly, even if they had pivoted to stagecoaches it’s hard to knock them if they’d been successful. The ends are more important. Gox was really stupid though.
grubles 7y ago
That doesn't explain listing Bitcoin Cash (Bcash) - an altcoin that shares its mining algorithm with Bitcoin but only has a very small amount of hash rate backing it. Any small Bitcoin miner can decide at any moment to switch to mining Bitcoin Cash and cause block reorgs or mine blocks with no transactions at all. A similar event actually happened with another asset they offer - Ethereum Classic. https://cointelegraph.com/news/ethereum-classic-51-attack-the-reality-of-proof-of-work https://cointelegraph.com/news/ethereum-classic-51-attack-th...
- hollerith 7y ago
  Huh, I would've thought that since people will pay over 300 usd for one Bitcoin Cash coin (according to 3 web sites I just sampled), there would always be plenty of miners competing for them.
  - wmf 7y ago
    BCH is and will be mined proportionately to its price; since its price is far lower than BTC it also has far lower security.
    - hollerith 7y ago
      OK, but I would've guessed that the reward for hijacking BCH's blockchain would be proportionally lower. And please keep in mind the context of my first comment: I was replying to the assertion that the mere fact that Coinbase continues to let its customers trade in BCH is evidence that Coinbase is run by idiots.
      - TylerE 7y ago
        The thing with those silly altcoints is that there really isn't much market liquidity. Even if you were able to steal a large number of them, any attempt to convert them into something useful (i.e. dollars) with crash the price.
      - wmf 7y ago
NullPrefix 7y ago
We didn't implement ssh server in php

deleted 7y ago

[deleted]