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Old 02-11-2014, 12:34 PM
Location: Vancouver, B.C., Canada
10,959 posts, read 23,491,494 times
Reputation: 5321


My Bad was liking at the old the other article they ha doe to see what the fuss is all about here is the one meant to post.

Bitcoin prices plunged about 20% yesterday after MtGox said it would continue to suspend Bitcoin withdrawals as it sorted out a technical issue — and that it was blaming a problem in the Bitcoin protocol itself for the glitch.
The backlash from the Bitcoin community was swift: The issue highlighted by MtGox has been well known for years, they said, and that it was most likely they're inability to adequately code around it that lay at fault.

Today, prices have almost completely recovered from what amounted to a flash crash, and are back around $700. The big news this morning is that a hedge fund announced it had begun accepting Bitcoins for all deposit transactions, and that as of yesterday it had processed $5.4 million worth, Coindesk's Pete Rizzo reports.

Anyway, prices are still down 16% from before MtGox announced it had halted withdrawals last week.

Read more: Bitcoin Price Recovery - Business Insider
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Old 02-11-2014, 12:40 PM
Location: Vancouver, B.C., Canada
10,959 posts, read 23,491,494 times
Reputation: 5321
Dang I thought it had been much worse of a crash but since I never got into it and have nonoting tied up into mining bitcoins I was hoping to get some really good deals on some higher end Graphics cards at wholesale prices.
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Old 02-11-2014, 03:28 PM
947 posts, read 1,201,018 times
Reputation: 779
MtGox has other issues. Namely the lack of security. Remember the little article I posted about the 4 ways the hoarders were screwed. Well this issue with MtGox has been known about since 2011 and they were repeatedly warned about it.


Dear MtGox Customers and Bitcoiners,

As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.

The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.

Addressing Transaction Malleability
MtGox has detected unusual activity on its Bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely.

Non-technical Explanation:
A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue."

So in response to this a lot of bitcoin services have removed MtGox from their mtgox on their price trackers. Hence why the bitcoin went through a crash.
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