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Author Topic: 2013-03-12 Quartz: This is how we mint money now: Software upgrade glitch  (Read 497 times)
PawShaker
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March 13, 2013, 12:26:19 AM
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http://qz.com/61893/this-is-how-we-mint-money-now-software-upgrade-glitch-causes-bitcoin-flash-crash/
Quote
Bitcoin suffered a flash crash overnight, falling 22% in the span of an hour before returning to the record-high levels at which the alternative currency has lately been trading.

The cause was a software glitch. Bitcoin, which is operated as a collective with no central bank, recently upgraded its digital mint. Every 10 minutes, bitcoin “miners,” the people who create new units of the currency, compete to decrypt a puzzle that unlocks new bitcoins, which keeps the system running as it should. But it only works if everyone involved can agree the puzzle has been correctly solved.
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