- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Bitcoin's value dropped after flaw found in currency software
Posted on 2/10/14 at 2:54 pm
Posted on 2/10/14 at 2:54 pm
quote:LINK
MtGox said it had halted transfers to external Bitcoin addresses on Friday after detecting "unusual activity".
It said an investigation had revealed it was possible for thieves to fool the transaction process so that double the correct amount of bitcoins would be sent.
Bitcoins fell from $700 (£427) to $540.
The Tokyo-based firm said it was now working with the Bitcoin core development team to "mitigate this issue", which it said was not limited to its own Bitcoin-wallet system.
A Bitcoin wallet is the place where Bitcoin addresses - the virtual post-boxes where each bitcoin is stored -are kept.
It added that cash withdrawals and transfers of bitcoins to - rather than from - Bitcoin Wallets were unaffected.
12
Posted on 2/10/14 at 2:57 pm to alexman
:wiki bat signal:
Posted on 2/10/14 at 2:57 pm to alexman
LIES!!!!!!
Love, WikiTiger
Love, WikiTiger
Posted on 2/10/14 at 2:58 pm to alexman
1 million pages
Posted on 2/10/14 at 2:58 pm to Broke
Beat you to it old man. You getting slow on the draw in your golden years? 
Posted on 2/10/14 at 2:59 pm to Broke
Wiki will be here soon to explain that a $260 drop is not a big deal
Posted on 2/10/14 at 2:59 pm to ThaKaptin
quote:
Beat you to it old man. You getting slow on the draw in your golden years?
I've been slow for the last 10 years
Posted on 2/10/14 at 3:01 pm to alexman
It seems like every other day we have a thread for the collapse of bitcoin
Posted on 2/10/14 at 3:02 pm to alexman
So now is the time to buy.. Can someone give me $540 so I can have 1 when the market takes an upswing
Posted on 2/10/14 at 3:02 pm to Turkey_Creek_Tiger
quote:one aboyt a flaw in the software?
It seems like every other day we have a thread for the collapse of bitcoin
Posted on 2/10/14 at 3:03 pm to Broke
Posted on 2/10/14 at 3:03 pm to Grim
quote:
Wiki will be here soon to explain that a $260 drop is not a big deal
For bitcoin it's not a big deal, its completely normal. The extreme price fluctuations of Bitcoin is what makes its so attractive to investors.
Posted on 2/10/14 at 3:06 pm to Turkey_Creek_Tiger
quote:
The extreme price fluctuations of Bitcoin is what makes its so attractive to investors.
That. And it's inability to actually buy anything. It's a wonder the entire world hasn't started using it yet.
Posted on 2/10/14 at 3:06 pm to alexman
Posted on 2/10/14 at 4:41 pm to alexman
it's a Mt Gox problem, genius.
how about you read the whole article...
how about you read the whole article...
quote:
Gavin Andresen, chief scientist at the Bitcoin Foundation - which oversees and develops the Bitcoin software - denied the problem was its fault.
"The issues that MtGox has been experiencing are due to an unfortunate interaction between MtGox's highly customized wallet software, their customer support procedures, and an obscure (but long-known) quirk in the way transactions are identified and not due to a flaw in the Bitcoin protocol," he told the BBC.
Posted on 2/10/14 at 4:43 pm to alexman
Mt.Gox is full of shite. They halted trading due to them having 40k BTC in queue that they wouldn't release them to anyone, because they were scared they were about to have a run on them. No one in the US can get money out of Mt.Gox, and now they've started resorting to doing really shady shite to try and get people to stop transferring BTC out. Speculation is that Gox was having a liquidity problem. They've been accused using the BTC that is in queue(their customer's)to pump the price to make Gox look more appealing. Gox was buying BTC that didn't exist on their exchange. Doing that is what would cause the liquidity problem, because they have essentially manufactured BTC out of thin air(the btc that they were buying) and then when they sold it to someone else, the btc wasn't actually there. It showed up in their account, but it wasn't true. Thus, when a lot of BTC tried to get moved out, they closed the gates because they new that the blockchain could not verify BTC that wasn't there. I hope that sort of makes sense. Gox is as corrupt as it gets. It's not a BTC problem, it's a GOX problem. The double spending issue has been around, and the majority of the problem was fixed months ago. The new wallet has just fixed the rest of the exploits.
Posted on 2/10/14 at 4:45 pm to brucevilanch
let's not bring facts to the discussion.
thank god I've never used mt gox
thank god I've never used mt gox
Posted on 2/10/14 at 4:49 pm to TH03
for realz. I have BTC on several different exchanges, and can move it and have it in my bank within 72 hours. Gox is using the silk road debacle to their advantage by enforcing all sorts of silly rules that make it near impossible to take anything off of their exchange.
Posted on 2/10/14 at 4:49 pm to brucevilanch
quote:Aren't ALL bitcoins manufactured out of thin air?
they have essentially manufactured BTC out of thin air
quote:Why didn't the verification of the blockchain fail when the btc were placed in the account?
when they sold it to someone else, the btc wasn't actually there. It showed up in their account, but it wasn't true. Thus, when a lot of BTC tried to get moved out, they closed the gates because they new that the blockchain could not verify BTC that wasn't there.
Page 1 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News