Bitcoin Crash: Beginning Of The End?

“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.

I'm waiting for it to get to 'zero' so I can buy in cheap. :sneaky:

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Originally Posted by pythoncancer

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“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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http://www.webpronews.com/bitcoin-cr...he-end-2014-02

Now corrected to give proper credit to the person you stole that from and also better reflect the level of your integrity/intelligence.

Anyway stupid stuff created simply to make money is at the heart of all great economies,so good on you, evildoers.:)

A bit more perspective (via /r/bitcoin): http://falkvinge.net/2014/02/11/the-...press-release/

I wouldn't call a 20% dip a 'crash' when BTC is already volatile as all get out. I'd call it 'Tuesday'j


EDIT: Slashdot's got a more concise summation: http://developers.slashdot.org/story...t-gox-problems

Can't wait for ByteCoin.

Bill Gates did a second Reddit AMA yesterday where he stated there was a good future in "digital currency". He didn't specifically mention Bitcoin or any of the others by name, but that's a pretty good endorsement.

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Originally Posted by Skiz

Bill Gates did a second Reddit AMA yesterday where he stated there was a good future in "digital currency". He didn't specifically mention Bitcoin or any of the others by name, but that's a pretty good endorsement.

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It is a fascinating question, really: Who is trustworthy enough to create the currency of the future, possibly world, economy? M$? Google? The US? China? Some hermit writing code from inside an abandoned building?...

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Originally Posted by TheFoX

Can't wait for ByteCoin.

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:happy:

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Originally Posted by Skiz

Bill Gates did a second Reddit AMA yesterday where he stated there was a good future in "digital currency". He didn't specifically mention Bitcoin or any of the others by name, but that's a pretty good endorsement.

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Yeah the guy how basically invented the computer as we know it,doesn't have any invested interest in promoting digital stuff.

Maybe if he owned a paper mill or foundry or something I could put more trust in his words.

I don't think he gives a flip about making more money. He has clearly moved on to other ventures, most of which make him zero money. I think he has a lot of other interests and is keyed in on loads of different things, but again, he didn't promote any of them.

For context.