“It’s the 90′s ‘dot.com’ bubble all over again”.
The
bitcoin crashed for the third time in recent months, leaving some to wonder if this is the beginning of the end of the once promising currency.
The latest flap comes as the result of an oversight by Mt. Gox, the largest exchange for allowing bitcoins to be traded for traditional currency. Mt. Gox froze the accounts of all its customers and ceased operations when the company discovered an unfortunate glitch.
According to a statement by Mt. Gox, “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.”
In other words, the flaw would allow someone to be sent additional bitcoin currency and open the system up to all sorts of fraudulent behavior…if the mistake had not been already exploited.
According to CNBC, the news caused the currency to drop 20% in value
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