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Author Topic: 2013-03-12 VentureBeat: Technical glitch knocks Bitcoin prices down 23%  (Read 704 times)
PawShaker
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March 13, 2013, 12:09:01 AM
 #1

http://venturebeat.com/2013/03/12/bitcoin-technical-glitch/
Quote
It’s hard out there for a virtual currency. Bitcoin prices collapsed 23 percent Monday night after a technical glitch forced developers to call for a temporary halt to Bitcoin-related transactions, but prices have since gone back up.

Bitcoin has been trading at record prices in recent weeks, likely due to a number of major deals to get more people and companies easy access to the currency. But the “miners” that create new Bitcoins from powerful computers must work on making new Bitcoins using the same rules or else it can cause havoc for all parties.
[...]

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March 13, 2013, 12:19:50 AM
 #2

http://venturebeat.com/2013/03/12/bitcoin-technical-glitch/
Quote
It’s hard out there for a virtual currency. Bitcoin prices collapsed 23 percent Monday night after a technical glitch forced developers to call for a temporary halt to Bitcoin-related transactions, but prices have since gone back up.

Bitcoin has been trading at record prices in recent weeks, likely due to a number of major deals to get more people and companies easy access to the currency. But the “miners” that create new Bitcoins from powerful computers must work on making new Bitcoins using the same rules or else it can cause havoc for all parties.
[...]

"since gone back up?"

This dip has been greatly exaggerated.

More like, 'went back up on Mtgox almost instantly and never went down very much on BitFloor.'   Tongue


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whether we have a dictatorship or a real democracy." 
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PawShaker
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March 13, 2013, 12:34:01 AM
 #3

What is appalling for me is the fact that software incompatibility (even intentional one) has been factored into Bitcoin design. Things like this blockchain split may and will occur. These are rare events and very unprofitable for miners. However, they are not valid reason for any panic. One can compare them to eclipse, it lasts several hours and sun shines again.

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March 13, 2013, 12:46:42 AM
 #4

PPS miners using auto payout were not effected.  That's why I'm very happy to give The Guild 5%.  They get the risk, I get the reward.


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Monero
"The difference between bad and well-developed digital cash will determine
whether we have a dictatorship or a real democracy." 
David Chaum 1996
"Fungibility provides privacy as a side effect."  Adam Back 2014
Buy and sell XMR near you
P2P Exchange Network
Buy XMR with fiat
Is Dash a scam?
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March 13, 2013, 01:17:51 AM
 #5

http://venturebeat.com/2013/03/12/bitcoin-technical-glitch/
Quote
It’s hard out there for a virtual currency. Bitcoin prices collapsed 23 percent Monday night after a technical glitch forced developers to call for a temporary halt to Bitcoin-related transactions, but prices have since gone back up.

Bitcoin has been trading at record prices in recent weeks, likely due to a number of major deals to get more people and companies easy access to the currency. But the “miners” that create new Bitcoins from powerful computers must work on making new Bitcoins using the same rules or else it can cause havoc for all parties.
[...]

"since gone back up?"

This dip has been greatly exaggerated.

More like, 'went back up on Mtgox almost instantly and never went down very much on BitFloor.'   Tongue

I wouldn't say its exaggerated, it shows anyone thats thinking about investing some serious money that Bitcoin is still beta software and can, and most likely will have technical problems.
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