Excuse my non-technical, conceptual-only questions / thoughts / checking if I have this right in my head:
1) There was no *permanent* "double spend" right? i.e. the transaction on the .8 fork would have eventually been orphaned / dumped / never credited to the address specified in the .8 block?
2) The risk here (and reason why SwC shut off all deposits / withdraws for a few hrs until this was resolved) was that during this very odd period a sophisticated user could use multiple 0-conf services that would all at the same time believe they were getting the same coins, but after the blockchain becomes 1 again only 1 of the transactions would actually be included in the "real" blockchain?
Your points are my understanding. The double spend was allowed only because the service provider here wasn't on the ball. |
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Humanitee, where are you? I need you to hold me in your mammal flippers, stroke my hair, and tell me everything will be alright.
And maybe warm me up a plate of pizza rolls.
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Since it was pointed out that I "clearly [didn't] understand" the forking situation after I made reference to the idea that lots of people might lose money due to reversed transactions, I'd like to know if something similar happened to you yesterday.
I was running my Bitcoin client and Armory together when I learned about the fork. After I received word of the "all clear," I sent a small test transaction from one wallet to another. After I sent the funds, my wallet indicated that the funds had left, but I received no confirmation that my other wallet had received the transaction. Within seconds, Armory told me it was no longer synced to my Bitcoin client, and within a few minutes after that, Armory crashed.
I quit my client and Armory and rebooted both of them and let them both resync. After the resync, my BTC balance returned to what it was prior to the test transaction as if I had never sent it to begin with. I checked blockchain, and there was no record of the test transaction despite my client indicating that the transaction had cleared.
So, wtf? How did this happen?
Sounds like you were on the dead chain still? |
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This might be an equally effective but less centralized approach. What do you think?
How does one detect a fork? Some guy in his basement can create a fork with his own new code but be useless due to most transactions going with the main fork, but it would still be a fork. I have a whole drawer full of forks, but so far all have been ignored  |
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I mean by this that the price will go up and actually bring buy volume with it instead of having the price bounce around an entire $1 range.
Not real enough buy volume to you ? btw, we already beat the daily record volume today Sorry, what I meant was that the buy orders would start at $47 and not really gain any depth until $46 somewhere while the sells were at $48 or so. This caused huge price swings anytime more than 5 BTC at a time were moved. |
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No. BTC is international and all any sort of "trading hours" would do is, by definition, leave some people out of the process. Besides, you'd have zero way of enforcing any and the exchanges without hours would win.
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Phew, what we really needed was another entire thread on this. I mean, honestly, who thought 20 threads already was really enough?
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Am I being delusional or with the introduction of Bitcoin the creativity of the charlatans have emerged with cryptography, all I see are cryptographically complex systems which aim to cloud the judgement of the user and give the illusion of safety (because it's so complex!) yet in the end you are still unbelievable vulnerable and can still be swindled out of your coins.
E.g. SatoshiDice can still make selective bets with private information which is available only to them and win their own coins thereby stealing from their investors and promoting themselves through "Rare Wins"
Meh, I think you are just underestimating the power of scamsters in real life and everywhere. You'd be amazed at how complex scams can run and how many otherwise "normal, intelligent" people fall for them everyday. |
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There has been far less FUD than I anticipated. Bitcoin faced a serious bug and faced it successfully. It was handled as professionally as efficiently as it could've been handled under the circumstances. The net effect for me is that I have increased trust in Bitcoin now. Bugs are always a possibility in any software project, even if it is serious and well tested software.
Not sure how the average Bitcoiner will react but I'm starting to think the effect of this won't be so massively negative as I thought at first. I was panicking for a while like many others, but the situation is much clearer now.
+1 Hear hear and cheers! Also, another benefit may turn out to be "real" increases in price. I mean by this that the price will go up and actually bring buy volume with it instead of having the price bounce around an entire $1 range. The sort-of reset the incident caused yesterday may improve this an, thus, increase demand. |
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unbelievable
buy now were going to 100$! its like ... for sure!
If, by the time I wake tomorrow, the price is still mid-$40s I'm gonna totally flip and sell everything I own for BTC. You hear that cat?! The days of me scooping your litter are over! OVER! |
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Look at all those people desperately trying to buy back in.
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That buttcoin guy sounds mad. Is he mad? |
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A wave of panic selling due to the 0.8 accidental blockchain fork.
Then the permabulls hauled the price back into place.
No one should underestimate the power of da bulls. |
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But if you sold hoping to jump back in at a lower price, and you haven't jumped, you've just made Gox and some other soul some money.
Guilty  . I am also wearing a dunce cap right now. The lesson for me is that day trading bitcoin may not be my strong suit. There has been a lot of volatility and I was not quick enough on the trigger to benefit. I've just been staring at the screen in bewilderment. I get a dunce again as well. My greed got the better of me and I tried to cash in again. I got lucky this time and broke exactly even. Phew. |
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We need a really sappy commercial with images of sad, hungry blocks. Who will adopt these poor blocks? Send BTC today to the "Feed the Blocks" foundation. |
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There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.
The issue was most likely communicated to certain community members before it was made public, so that these could stand first in the que to sell out to secure profits if needed. Well, that just means if you were on irc or not. At least one moderator sold before it became news here. He knew it was best to log onto gox before coming here and telling the chumps. Conspiracy theories! I love 'em! |
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If someone can clarify: Are the prices we're seeing on Mt. Gox "real" or are they going to be reset once the switch back to the old one or whatever takes place?
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I've gathered up some headlines from various sources regarding the recent blockchain fork. Got any headlines? Add yours!
"Bitcoin Broken, Bug Bogs Blockchain!" - Bitcoin Informer
"Bitcoin Crash is Litecoin Cash" - Altcoin Watch
"Blockchain Stops While Bitcoin Drops" -MPOE Newswire
"Exchanges Paused While Devs Bash Banking Bugs" -De Central Banker
"Price Plummets Pending Programmer Patch" -Bitcoin Enquirer
"Bitcoin Cripple Good For Ripple" - ClosedCoin press wire
"Oversized Block Cock Blocks Blockchain" - Larry Flynt Tech Blog
I lol'd |
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Price is holding up quite well thus far.
Can't believe it. Hold brothers! A bit early to think this rebound will hold, but for the moment the attitude seems to be, "Bug? Need to fork the chain? Meh, buy the dip!" Oh please be true, please be true. I'm not going to sell MY coins. No matter how bad the panic, I always lose out from lag. Last time I tried was during the pirate crash last summer. I don't know how I did it, but I totally didn't make any coin. |
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