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Started By
Message
Major glitch in Bitcoin network sparks sell-off
Posted on 3/12/13 at 2:18 am
Posted on 3/12/13 at 2:18 am
LINK
quote:
A technical glitch in the core Bitcoin software forced developers to call for a temporary halt to Bitcoin transactions, sparking a sharp sell-off. The currency's value briefly fell 23 percent to $37 before regaining much of its value later in the evening.
The core of the Bitcoin network is a shared transaction register known as the blockchain. Approximately every 10 minutes, a new block is created containing a record of all Bitcoin transactions that occurred since the previous block. Nodes in the network, known as miners, race to "discover" this next block by solving a cryptographic puzzle. The winner of this race announces the new block to the other nodes. The other nodes verify that it complies with all the rules of the Bitcoin protocol and then accepts it as the next official entry in the block chain, starting the race anew.
It's essential for all miners to enforce exactly the same rules about what counts as a valid block. If a client announces a block that half the network accepts and the other half rejects, the result could be a fork in the network. Different nodes could disagree about which transactions have occurred, potentially producing chaos.
That's what happened on Monday evening. A block was produced that the latest version of the Bitcoin software, version 0.8, recognized as valid but that nodes still running version 0.7 or earlier rejected.
4
Posted on 3/12/13 at 2:21 am to rickgrimes
:omg:
Posted on 3/12/13 at 7:43 am to rickgrimes
You obviously don't understand cryptography, especially the sophisticated cryptography used by bitcoins.
It is sharable, fresh-thinking unit enhancer cryptography using extended exuding hexidecimal projection technology which cannot be reversed even using a reverse-engineered heuristic instruction counterweight via a cross-platform optimal open system.*
I hope this helps you understand the wonderfulness that is bitcoins...
* Source
It is sharable, fresh-thinking unit enhancer cryptography using extended exuding hexidecimal projection technology which cannot be reversed even using a reverse-engineered heuristic instruction counterweight via a cross-platform optimal open system.*
I hope this helps you understand the wonderfulness that is bitcoins...
* Source
Posted on 3/12/13 at 7:46 am to LSURussian
quote:
* Source
That link is full of awesome...
Posted on 3/12/13 at 8:17 am to rickgrimes
Bitcoins motherfricker
Posted on 3/12/13 at 8:36 am to LSURussian
live by the free market, die by the free market
sovereign citizens reign supreme!
sovereign citizens reign supreme!
Posted on 3/12/13 at 8:50 am to boosiebadazz
I wonder how much overreaction will be contained in this thread.
FWIW, I was present for the whole event last night and I watched as the issue was discovered to it being resolved, all in just a few hours. That's a pretty good response time, as opposed to this bank, wouldn't you agree?
FWIW, I was present for the whole event last night and I watched as the issue was discovered to it being resolved, all in just a few hours. That's a pretty good response time, as opposed to this bank, wouldn't you agree?
This post was edited on 3/12/13 at 8:51 am
Posted on 3/12/13 at 8:57 am to WikiTiger
"I bought this hat online using bitcoins!"
Posted on 3/12/13 at 8:59 am to WikiTiger
quote:
That's a pretty good response time, as opposed to this bank, wouldn't you agree?
Sure, but it was an incident isolated to only that bank and their customers. It also didn't devalue the currency of those with holdings.
Question for you Wiki, would it be possible for a group of individuals to manufacture one of these events to trigger a sell off? Are there limits on acquiring bitcoins and how quickly do the transactions occur?
Posted on 3/12/13 at 9:05 am to Waffle House
quote:
would it be possible for a group of individuals to manufacture one of these events to trigger a sell off?
Doubtful. This issue was related to the new version of the bitcoin software processing blocks that were larger than the old versions could handle. Since there are still people using the older version, it caused a fork in the blockchain. In order to intentionally pull something like that off, you'd have to somehow get a very large amount of people to simultaneously use your new version of the software. And in that case, it would only cause a fork and would not effect the official blockchain. The confusion might cause a temporary price drop, but just as last night, it would probably quickly recover.
quote:
Are there limits on acquiring bitcoins and how quickly do the transactions occur?
The bitcoin protocol itself has no limits on acquiring other than the overall limits on the total amount of bitcoins being released. Exchanges, however, do have rules on this, and have been known to shut down trading when necessary.
Posted on 3/12/13 at 9:40 am to rickgrimes
Here's a major problem... A simple glitch that should have been foreseen caused the whole currency to cease.. That's a major problem whether they want to admit or not.
Posted on 3/12/13 at 9:49 am to WikiTiger
quote:
FWIW, I was present for the whole event last night and I watched as the issue was discovered to it being resolved, all in just a few hours
What does this even mean? You were on the Internet?
Posted on 3/12/13 at 9:50 am to TigerDeBaiter
quote:
You were on the Internet?
Well frick, I was there too
Posted on 3/12/13 at 9:55 am to TigerDeBaiter
quote:No, it means Wiki was actually inside the Matrix....
What does this even mean? You were on the Internet?
Posted on 3/12/13 at 9:58 am to LSURussian
Wiki took the Red Pill 
Posted on 3/12/13 at 9:59 am to TigerDeBaiter
quote:yes, he was on the internet during the hours that bitcoin was not being accepted for transactions. in case this caused you to have doubts - KEEP CALM, WIKI WAS PRESENT.
What does this even mean? You were on the Internet?
and the appropriate analogy wouldn't be a bank closing. the correct analogy would be that for multiple hours, with no warning and without anyone knowing why, US dollars were no longer accepted anywhere as currency. i know, big deal, dollars dont even have cryptography lolz!
Posted on 3/12/13 at 10:08 am to el duderino III
I do not know why, but these threads always deliver several laughs....
Posted on 3/12/13 at 10:26 am to LSURussian
Posted on 3/12/13 at 10:28 am to Vols&Shaft83
quote:
Wiki took the Red Pill
instead of the blue pill?
Posted on 3/12/13 at 10:29 am to TROLA
quote:
A simple glitch that should have been foreseen caused the whole currency to cease
That's not what happened at all.
quote:
That's a major problem whether they want to admit or not.
Is it? It doesn't seem like the market is treating it that way. It's exchanging at $44.30 right now.
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