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re: Major glitch in Bitcoin network sparks sell-off
Posted on 3/12/13 at 8:59 am to WikiTiger
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?
1
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.
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