Mt. Gox hack and vulnerability exploit confirmed, user’s buttcoins lost.

The Mt. Gox vulnerability we posted on earlier was confirmed today.

I received an anonymous tip:

From: buttcoined

Subject: Reports of MtGox being hacked ARE REAL

Message Body:

http://forum.bitcoin.org/index.php?topic=18709.0

A member of the bitcoin forums does seem to indicate that a vulnerability in Magic The Gathering Online Exchange’s site was exploited.

Usersácorroborateáthat their accounts were drained as well.

And earlier today Mt. Gox admitted the flaw in their site.

Why these guys put their faith in trust in this one site beyond my comprehension. Isn’t the whole point of buttcoin is that it’s P2P, decentralized? Then why does the entire bitcoin economy rely on this one site to not only determine the value of a bitcoin, but to even turn it into USB, aácurrencyáthey can actually use?

The buttcoin libertarians set up their own Fed, the one thing they wanted to get away from.