The Mt. Gox vulnerability we posted on earlier was confirmed today.
I received an anonymous tip:
Subject: Reports of MtGox being hacked ARE REAL
A member of the bitcoin forums does seem to indicate that a vulnerability in Magic The Gathering Online Exchange’s site was exploited.
Users†corroborate†that 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, a†currency†they can actually use?
The buttcoin libertarians set up their own Fed, the one thing they wanted to get away from.