5 ms·

When logged in on the balance page it says: "DO NOT DEPOSIT TO PREVIOUSLY PROVIDED BITCOIN DEPOSIT ADDRESSES. Deposits sent to previous address will not be hono

When logged in on the balance page it says: "DO NOT DEPOSIT TO PREVIOUSLY PROVIDED BITCOIN DEPOSIT ADDRESSES. Deposits sent to previous address will not be honored. New deposit addresses are forthcoming.".

Animats 12y ago
Well, at least they're doing that. But there's still no explanation on their site, blog, Twitter, or Facebook, and it's after 8 AM on Monday in London. Expect this to start hitting the financial press in London in the next hour or two.
- davidgerard 12y ago
  I think you overestimate Bitcoin's media profile. FT Alphaville is just mentioning yesterday's crash. Apart from that, only the Bitcoin press and fragments of the tech press (Wired, TechCrunch) have mentioned Bitstamp. edit: whoops, added to the FT Alphaville article! http://ftalphaville.ft.com/2015/01/05/2079012/who-needs-caveat-emptor-when-youve-got-bitcoin/ http://ftalphaville.ft.com/2015/01/05/2079012/who-needs-cave... Come in via Google News for full text. They're using it as one example in a piece on how Bitcoin's infrastructures and the community's ability to assess expertise are not very good.
  - Animats 12y ago
    I think you overestimate Bitcoin's media profile. Two days later, it's in the Economist, Wall Street Journal, USA Today, etc. Mt. Gox underestimated Bitcoin's media profile. When they went down, they acted as if the event would mostly be ignored and they could quietly get away with it. Instead, they got coverage in just about major business newspaper worldwide: WSJ, NYT, Forbes, South China Morning Post, China Daily, even al-Jazeera and Russia Today. Bitstamp seems to be dead. They said they'd be down for "24-48 hours". Two days later they're still down. They haven't issued any new statements. There's a good chance they're in "take the money and run" mode.
    - davidgerard 12y ago
      Evidently I underestimated it. It's pretty clear Bitstamp is buggered. Wonder what Bitpay are going to do, since their "aggregate price" turns out to have long closely tracked ... Bitstamp. How in the bag are they? Did they in fact cash out daily?
nullc 12y ago
::sigh:: This is one of the reasons that Bitcoin core discourages address reuse.
- zo1 12y ago
  It looks like they use a specific/unique deposit address for each user. Where exactly is the address reuse in this case that you mention?
  - csomar 12y ago
    I think he means you use a new address for each deposit.
    - tedunangst 12y ago
      How is this supposed to work in the real world? Imagine if you had to mail the payment for your electric bill to a different address every month.
      - csomar 12y ago
        The site gives you a new address for each deposit. You are not going to remember the address anyway. So it doesn't matter if it changes.
        tedunangst 12y ago
        More generally, though. "Bitcoin core discourages address reuse." I work for the company of the future and I get paid in bitcoins. I'm supposed to log into the payroll system and enter a new address every two weeks?
        maxerickson 12y ago
        If you trust the other party, you don't have to clear the transaction through the block chain. You could also just log in and supervise two automated systems interacting, rather than entering numbers. (Mind you, I don't believe in the glorious future of bitcoin, but any wider usage will certainly be accompanied by better UX)

Animats 12y ago

Well, at least they're doing that. But there's still no explanation on their site, blog, Twitter, or Facebook, and it's after 8 AM on Monday in London. Expect this to start hitting the financial press in London in the next hour or two.

davidgerard 12y ago
I think you overestimate Bitcoin's media profile. FT Alphaville is just mentioning yesterday's crash. Apart from that, only the Bitcoin press and fragments of the tech press (Wired, TechCrunch) have mentioned Bitstamp. edit: whoops, added to the FT Alphaville article! http://ftalphaville.ft.com/2015/01/05/2079012/who-needs-caveat-emptor-when-youve-got-bitcoin/ http://ftalphaville.ft.com/2015/01/05/2079012/who-needs-cave... Come in via Google News for full text. They're using it as one example in a piece on how Bitcoin's infrastructures and the community's ability to assess expertise are not very good.
- Animats 12y ago
  I think you overestimate Bitcoin's media profile. Two days later, it's in the Economist, Wall Street Journal, USA Today, etc. Mt. Gox underestimated Bitcoin's media profile. When they went down, they acted as if the event would mostly be ignored and they could quietly get away with it. Instead, they got coverage in just about major business newspaper worldwide: WSJ, NYT, Forbes, South China Morning Post, China Daily, even al-Jazeera and Russia Today. Bitstamp seems to be dead. They said they'd be down for "24-48 hours". Two days later they're still down. They haven't issued any new statements. There's a good chance they're in "take the money and run" mode.
  - davidgerard 12y ago
    Evidently I underestimated it. It's pretty clear Bitstamp is buggered. Wonder what Bitpay are going to do, since their "aggregate price" turns out to have long closely tracked ... Bitstamp. How in the bag are they? Did they in fact cash out daily?

nullc 12y ago

::sigh:: This is one of the reasons that Bitcoin core discourages address reuse.

zo1 12y ago
It looks like they use a specific/unique deposit address for each user. Where exactly is the address reuse in this case that you mention?
- csomar 12y ago
  I think he means you use a new address for each deposit.
  - tedunangst 12y ago
    How is this supposed to work in the real world? Imagine if you had to mail the payment for your electric bill to a different address every month.
    - csomar 12y ago
      The site gives you a new address for each deposit. You are not going to remember the address anyway. So it doesn't matter if it changes.
      - tedunangst 12y ago
        More generally, though. "Bitcoin core discourages address reuse." I work for the company of the future and I get paid in bitcoins. I'm supposed to log into the payroll system and enter a new address every two weeks?
        maxerickson 12y ago
        If you trust the other party, you don't have to clear the transaction through the block chain. You could also just log in and supervise two automated systems interacting, rather than entering numbers. (Mind you, I don't believe in the glorious future of bitcoin, but any wider usage will certainly be accompanied by better UX)