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BREAKING NEWS: Trolls exist who try to get discount bitcoins via FUD and DDoS tactics. You don't have to fall for it.
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3. it seems like the gox omnibus acct should net out even at the end of the day. double deliveries would raise red flags (one would think) when all has been netted
You assume MtGox is doing daily reconciliation. Even daily reconciliation isn't really good enough. It's the 21st century - why shouldn't these kinds of services be expected to reconcile with each new block? |
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What assurance do your customers have that you'll never steal their coins.
Note that when I use the word "you" I mean any present or future employee or owner of the company.
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Feel free to invent your own currency with this feature and leave Bitcoin alone.
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Not entirely. A shitload went for prices ranging from $600 to $102. ALL open buy orders in that range were filled, only the few at the very bottom went for $102.
Dang, that really makes me wish I'd had a standing buy order setup for some ridiculously low price. But then you would have to use Gox and you wouldnt get your money or bitcoins back  The flash crash was on btc-e. |
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What the world need is a crypto currency that is linked to physical assets such as gold, or financial assets such as obligations, stocks, ETF's or derivatives.
Maybe Ripple, MasterCoin, Protoshares, NXT or something new will become the established asset linked crypto currency.
Nobody needs this. That kind of kills the point of crypto. That's what they want. The only question is how many people they'll be able to fool. |
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You'll probably get those coins back eventually. Probably.
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Bitcoin the currency is linked to bitcoin the network, and the capabilities of that network are very useful and much better than anything offered by the traditional banking system. That to me seems like more than enough "intrinsic value" to sustain bitcoin. Of course it is. That's why they are so scared. As long as Bitcoin as existed, there's been a FUD campaign running to convince the clueless that Bitcoin's greatest strength - lack of counterparty risk - is actually a weakness that needs to be "fixed" by backing it with something. |
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Feel free to implement your own currency that includes this feature and leave Bitcoin alone.
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Wasn't that a reasonable conclusion from sendtoaddress being updated to return a txid? No. Only the blockchain is canonical. It's been that way since day 1. If you're implementing a wallet you already have to account for the fact that the blockchain can change during a reorg, so you should already be constantly checking what you think you know according to what is actually true. There's no excuse for not noticing that outputs you thought hadn't been spent yet have been included as inputs to a transaction in the blockchain just because you weren't expecting that txid. |
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I want to keep track of the particular transactions in the bitcoin network that correspond to actions my application takes. That's the part Mt Gox missed. In order to do this you've actually got to pay attention to the network to make sure that what you think it's going to do is actually what it does. They fucked up by assuming that if the txid they sent didn't make it into a block, then no other txid could have spent those coins so they didn't bother checking the blockchain to make sure that was the case. |
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After. So revans had prior knowledge. Good to know. |
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Did that start before or after this post? Coming to a blockchain new you soon. |
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So the transaction malleability problem was created in 2010 and reported in 2011. No. Transactions have always been malleable prior to being included in a block. This wasn't really apparent until 2011. There's nothing wrong with txid, the only problem is inaccurately assuming that it's immutable, and especially not noticing when changes to the blockchain affect your balance in ways you weren't expecting. |
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The problem is, if I'm understanding it reduced to its simplest level, relying on transaction information that is NOT YET ON THE BLOCKCHAIN. It kind of boggles my mind anyone could base any reliance for verifying deposits to a system on anything whatsoever not on the blockchain, even for tracking purposes. Not only relying on information that is not yet in the blockchain, but also not paying attention to relevant information in the blockchain because you think you preliminary information is canonical. |
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I hate to be the devil's advocate here (especially being a newbie), but how does "known about since 2011" fit with "cannot be corrected overnight"? Because it wasn't considered to be high priority problem. |
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How does the cryptocurrency community "control", "monitor", and/or "influence" a company like MG when it "appears" to have gone rogue?
How does the a "responsible" cryptocurrency industry standardize principled behavior in the CC community, particularly from it's major actors (ie MG)?
Why do you keep asking questions that have already been answered? |
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As much money as MtGox has made over the last four years they could have hired someone who knew what they were doing There are companies who do know what they are doing offering to send a team of coders to Japan to fix their problems free of charge, just because of how much damage Mt Gox is doing right now. |
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