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Or it could, again, be stupidity by MtGox: This was a "test account" that had no real user attached to it. After all, if the trade is internal on MtGox, it's j
by romland 15y ago
Or it could, again, be stupidity by MtGox:
This was a "test account" that had no real user attached to it. After all, if the trade is internal on MtGox, it's just a double in a database.
If that is the case, then hell yes, I can see why MtGox would want this rollback.
- ra 15y agoIf it was test entries in a database, then how could the OP transfer real BTC to his wallet?
- mahyarm 15y agoI don't know how Mt.Gox arranges it's accounts, but it's possible it came from the mt.gox BTC pool?
- keeperofdakeys 15y agoUnless it was the BTC mtgox directly own, that would mean that the BTC you upload aren't the ones that are transferred when you trade (remember BTC are unique). Although I haven't used MtGox, I was pretty sure that it is the case that BTC you upload are the ones that are transferred.
- colonelxc 15y agoWhen you transfer money to MtGox, you're essentially giving it to them. They give you a unique address to send to (so they know who sent the money to them), but after that transaction they have your money. Then, they just update the DB reflecting you have X amount of BTC in your account. As you trade with other people on the market, your respective accounts are updated in the DB. When you want to withdraw, you tell MtGox where to send the money. They check the DB and deduct that amount, and send that money from their big stash of everyone's money. That is why trades can be instantaneous, and don't require confirmation the network (except when you are sending to or withdrawing from MtGox itself). In this case, if you could hack the DB and convince MtGox that you had more BTC in your account than you really did, you could still withdraw BTC, but there would no longer be enough BTC for everyone to withdraw.
- dedward 15y agoWhich is why a centralized account holding the majority of BTC out there breaks the entire model.....
- rapind 15y agoShould mt.gox even be allowed to participate in trading? Seems like a massive conflict of interest to me. If it was their account and their account could perform trades, then that sounds like a big problem.
- dangero 15y agoThat's a really good point. Who says that there really was anyone with that many bitcoins in their account? Maybe someone just hacked the database, put 500,000 btc into an account, and then sold them on the market? We know the user database was dumped, so why shouldn't we think that someone edited the account balances too?
- BoppreH 15y agoIt seems the hacker got access of a copy of the database by compromising the machine of an audit. If this is really the case, he couldn't possibly edit the main database with only that.
- aparadja 15y agoUnless an admin reused a password somewhere.
- dkokelley 15y agoThe way I understand bitcoin is that you can't simply sell coins made by adding them to a db record. Perhaps the MtGox system can artificially generate the appearance of those coins, but the actual validation of the transaction by the network would have failed.
- jamie_ca 15y agoI imagine that all BTC available for trade at MtGox are in a MtGox-owned wallet. All trades are just done in their database, and a transaction only hits the bitcoin network when a user wants to withdraw BTC out of the market.
- dkokelley 15y agoIn that case, while adding fake BTC will not let you actually withdraw coins, it would allow one to issue mass sell orders and crash the price for BTC. Then the exploiter could purchase them at their lower valuation. 'Sell' fake coins. Crash the price. Buy 'real' coins. A virtual coin laundering. Fascinating.
- rapind 15y agoIf this was the case though, don't you see a really big issue? They're running test data through a financial production system? That wouldn't just be retarded, it would be illegal anywhere else. If you're *SX and creating fake money in a real system you're going to get into a lot of trouble.
- haakon 15y ago> After all, if the trade is internal on MtGox, it's just a double in a database. Dude, don't use double to represent money.
- batterseapower 15y agoThere are 21 million bitcoins and they divide down to 8dp, so you need 16 decimal digits to represent them exactly. Coincidentally (?) double precision floating point is capable of precisely representing exactly 16 decimal digits. http://en.wikipedia.org/wiki/Double_precision http://en.wikipedia.org/wiki/Double_precision So using double is in fact perfectly OK in this case.
- TylerE 15y ago16 digits of precision != 16 digits of accuracy.
- tedunangst 15y agoDoubles are capable of accurately and precisely representing 16 digit decimal numbers.
- JeffL 15y agoNot 10^100 + 0.0000000000000001
- tedunangst 15y agoA 116 digit number is not a 16 digit number.
- wladimir 15y ago+1 -- I keep warning people about this, but them don't seem to get it through their thick skull :) The bitcoin client and protocol itself doesn't use doubles internally, but fixed-point numbers. I don't know about MTGox, though.
- thilo 15y ago> After all, if the trade is internal on MtGox, it's just a double in a database. Floating point representation for financial data. That does sound like something MtGox would do...