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Title: [2018-1-11] Overstock flaw confused Bitcoin Cash and Bitcoin Post by: DowBit on January 11, 2018, 10:40:41 AM Confused by the difference between Bitcoin and its fork, Bitcoin Cash? Apparently online retailer Overstock.com is. A faulty code allowed customers to buy items at the Bitcoin price, but with much cheaper Bitcoin Cash instead.
For about three weeks customers could pay with both BTC and BCH even though Bitcoin Cash is about 85% cheaper. More painful for the company, however, was that if a customer requested a refund, Overstock refunded the original Bitcoin value — potentially causing massive losses. Unscrupulous shoppers could have exploited the bug to make huge gains in Bitcoin. Overstock was the first major online retailer to accept the cryptocurrency Bitcoin in 2014. Currently, Bitcoin is trading at $13,958.80 and Bitcoin Cash is $2,575.08 according to coinmarketcap. More: https://dowbit.com/overstock-bitcoin-cash-bitcoin-flaw/ Title: Re: [2018-1-11] Overstock flaw confused Bitcoin Cash and Bitcoin Post by: davis196 on January 11, 2018, 11:19:14 AM I`m pretty sure that Overstock will deny bitcoin payments (both BTC and BCH) after this ridiculious mistake.
A few months ago,i predicted that all the bitcoin forks (and having a bunch of altcoins called "bitcoin") will confuse a lot of people and businesses and actually,it will stop the mass btc adoption. I guess,i was right. :( By the way,i didn`t knew that Overstock had accepted bitcoin payments back in 2014.I`ve never used that online retailer anyway. Title: Re: [2018-1-11] Overstock flaw confused Bitcoin Cash and Bitcoin Post by: DowBit on January 11, 2018, 11:56:24 AM I`m pretty sure that Overstock will deny bitcoin payments (both BTC and BCH) after this ridiculious mistake. A few months ago,i predicted that all the bitcoin forks (and having a bunch of altcoins called "bitcoin") will confuse a lot of people and businesses and actually,it will stop the mass btc adoption. @Davis196 yes it's a good point. Several other retailers also seem a bit wary of Bitcoin payments lately including Microsoft (although they've reinstated). I just wonder if we'll see each retailer with its own independent cryptocurrency. Thanks for your comment. :) -- DowBit team Title: Re: [2018-1-11] Overstock flaw confused Bitcoin Cash and Bitcoin Post by: cr1776 on January 12, 2018, 01:35:36 AM Confused by the difference between Bitcoin and its fork, Bitcoin Cash? Apparently online retailer Overstock.com is. A faulty code allowed customers to buy items at the Bitcoin price, but with much cheaper Bitcoin Cash instead. For about three weeks customers could pay with both BTC and BCH even though Bitcoin Cash is about 15% cheaper. More painful for the company, however, was that if a customer requested a refund, Overstock refunded the original Bitcoin value — potentially causing massive losses. Unscrupulous shoppers could have exploited the bug to make huge gains in Bitcoin. Overstock was the first major online retailer to accept the cryptocurrency Bitcoin in 2014. Currently, Bitcoin is trading at $13,958.80 and Bitcoin Cash is $2,575.08 according to coinmarketcap. More: https://dowbit.com/overstock-bitcoin-cash-bitcoin-flaw/ They seem to have trouble with math. If bitcoin was about $15000, a "15% cheaper" bitcoin cash would be about $12750. They probably meant it was about 15% of the price of bitcoin which is roughly where it has been. And overstock understands the importance of bitcoin, they won't drop it. (Or you might say, "Confused by the difference in math between 15% cheaper and 85% cheaper"? You're not alone. So is doubt.com.) ;D |