New Mt Gox Press Release - Feb 10 - they are claiming flaw in bitcoin protocol !

[G K G]

If it is a issue with the new bitcoin wallet then they can revert back to a older version, which worked for them correctly. Isn't it that simple or am i missing some points

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[nosf009]

FFS I missed the crash, how long was it at 110 for?

I was online at that moment, took me 30 sec to refresh, already was just line down, and back to 500+, so a guess would be: 3 secs
Basically someone just blindly believed mtgox statement and did their own doom. I mean, to be roughly even on sale at 1xx USD, you'd have to have bitcoins since when? 2012? LOL.

Well, not exactly.  The price was in the low 100's not too long ago - last September.  In 2012 you got Bitcoins still much, much cheaper than $ 100!  Seems like the memory is really short in the Bitcoin world.

Nah, not so much about memory, more that I wasn't here before Nov 2013 And aside few graphs I didn't bother writing down all ups and downs in memory.
Basically you did understand the point, but you had to go to extra trouble to clarify. Thanks.
But point proven - with such sale, you're going almost 6 months back, and in this particular case, 6 months with quite a ride. Which is to date biggest panic move I've witnessed.

On other topic; that pcworld thing - aaaah. I can see what journalists do; it's same everywhere. Basically you have this guy sitting at the computer, doing some "research" about potential article, and to earn more per hour, first clue is good enough. So, no surprise really. I'm more affraid that it'll get worse as more news carry this as there will be just more and more misinformation distributed. Bad day.

[Gulinborsti]

Great, this non issue got real FUD potential outside Bitcoin land.

I hope that MtGox already realized that this update they published on a problem in theIR bitcoin software will back fire really bad on them.
From a business perspective I would fire whoever is responsible for the published "excuse"

[nosf009]

Great, this non issue got real FUD potential outside Bitcoin land.

I hope that MtGox already realized that this update they published on a problem in theIR bitcoin software will back fire really bad on them.
From a business perspective I would fire whoever is responsible for the published "excuse"

Rarely any CEO fires himself But I agree, yap.

[cventura]

This actually isn't as bad as it seems if your smart and hold your coins, but the bad press might be limiting but this is a great opportunity to buy A LOT of coins  

[yatsey87]

Great, this non issue got real FUD potential outside Bitcoin land.

I hope that MtGox already realized that this update they published on a problem in theIR bitcoin software will back fire really bad on them.
From a business perspective I would fire whoever is responsible for the published "excuse"

 Nevermind outside of Bitcoin land, look what happened inside it. I cannot stand fickle panic sellers.

[illpoet]

none of this would have happened if they had just added litecoin last may.  The chikun has now cast a voodoo curse on mtgox.

[atp1916]

This type of stuff must and will happen.  Sucks for the people who have their coins in Gox, and nothing can be done to alleviate that feeling or loss.

BTC has never been stress-tested in the public eye in its history ever before like this, and thus this situation is nothing more than an excellent PR opportunity for the BTC community to demonstrate the innate resiliency of the network as a whole.

[hgamezoom]

Who knows how many bitcoins MtGox may have been lost(double spent to the attackers) due to this bug before they notice it?

Do they still have enough coins for withdrawal?

[crazy_rabbit]

This type of stuff must and will happen. 

BTC has never been stress-tested in the public eye in its history ever before like this, and thus this situation is nothing more than an excellent PR opportunity for the BTC community to demonstrate the innate resiliency of the network as a whole.

Agreed. The more you break bones, the stronger they heal together.

[nosf009]

Who knows how many bitcoins MtGox may have been lost(double spent to the attackers) due to this bug before they notice it?

Do they still have enough coins for withdrawal?

I wouldn't actually say that that happened AT ALL, at least on any noticeable scale.
If they had any bigger amount of such activities, well fuck you Gox then, learn to code better and cover your business ass.
Other than that, that statement is just a BIIIIG speculation, aside it being simple chicken responsibility transfer too.
Who gives a damn if one exchange didn't watched their steps? The people? No. Crypto Community? No, they're victims here. Dunno, just seems like a bunch of shit and I can't shake that off.

[SirWilliam]

This type of stuff must and will happen.  

BTC has never been stress-tested in the public eye in its history ever before like this, and thus this situation is nothing more than an excellent PR opportunity for the BTC community to demonstrate the innate resiliency of the network as a whole.

Exactly. Each time a gov't attacks it, an exchange F's up or whatever else happens to crash the price and then the BTC survives and even bounces back in price, the more obvious it becomes that it is here to stay and can't be stopped. Whatever doesn't kill it makes it stronger, and nothing has even come CLOSE to having the ability to kill it.

[atp1916]

Agreed ^^

At least someone in the media gets it:
http://siliconangle.com/blog/2014/02/10/bad-news-is-good-news-for-bitcoin/

All the "traditional" Keynesian economists will be embarrassed and shamed, one by one. 

[guybrushthreepwood]

This type of stuff must and will happen. 

BTC has never been stress-tested in the public eye in its history ever before like this, and thus this situation is nothing more than an excellent PR opportunity for the BTC community to demonstrate the innate resiliency of the network as a whole.

Agreed. The more you break bones, the stronger they heal together.

Unless you get kneecapped lol.

[bobalo]

MtGox knows what they're doing , they are lowering the price on BTC so they can buy it at lower rates..
Well done

[TTBit]

Trying to dumb this down for me so I can understand it better and explain it to my friends:

I request $1,000 to be wired to me from Company A. Since there are so many wires with Company A, they have developed their own automated process. I notice a flaw in their code, so that after they send the wire, I can screw with the receipt that they get from the bank, making it seem to them that the wire didn't go through. Their flawed system doesn't check the bank balance, it just goes off of their flawed receipt. Therefore, I can request they send again.

Is this about accurate?

[hilariousandco]

This type of stuff must and will happen.  Sucks for the people who have their coins in Gox, and nothing can be done to alleviate that feeling or loss.

BTC has never been stress-tested in the public eye in its history ever before like this, and thus this situation is nothing more than an excellent PR opportunity for the BTC community to demonstrate the innate resiliency of the network as a whole.

Yeah, whilst I don't sweat the fluctuations, the only comforting thing about them is the price bounces back quite quickly. Bubbles and crashes usually don't.

[seriouscoin]

from gmaxwell
21 January 2013‎
And you'll note that page is citing a forum thread from 2011.  Bitcoin v0.8 rolled out the first round of fixes to eventually remove malleability way back then too... and we've seen bouts of amounts of malleability use on the network, back in 2012 if not sooner— I haven't grepped my logs.

I overlooked the 2013  

But if it did occur, then a spend with the same input,output and quantity should have shown up to the receiver address right? Just not with the original txout. It wouldn't explain a transaction delay where nothing is transacted or would it?

Let me explain further, ppl dont receive their coins isnt because of this. Its because Gox system (bookkeeping) got messed up and send out non available coins since all tx are chain-linked.

[DieJohnny]

If I am correct, I think a class action against Gox is in order. Please tell me if I am right....

1. This "flaw" will never be exposed to an individual paying another individual as you can always use your eyeballs to check your address for payment. If you got paid, and if your payment went to the address... then Blockchain.info or any blockchain site would show your payment.
2. This "flaw" is really just an exploit against stupid exchanges or people that write their own program to confirm payments are complete. If the program you write is not smart enough to see that the transaction was actually successful you might stupidly pay again....

So Gox blames the protocol so they don't look so dumb. Isn't this like screaming fire in a theater or spreading rumors that all cows have mad-cow disease.

Am I right? If so, Gox is doomed.... and we should all be buying bitcoin crazy at these prices.

One other thought. I think the US government is behind this exploit as they are just paying Gox a little revenge for not using AML effectively. Gox will know which accounts are stealing from them, but they won't be able to do anything about it because all they will have is an email address for an account created three years ago....... funny....

[njcarlos]

I haven't read this entire thread yet, but is this true? The TX ID can be modified and re-broadcast to effectively double-spend? If this is the case, not only is MtGox justified in their issues, but they've also demonstrated to the entire world how stupid this community is to believe BTC is without flaw and can't be taken to $0 if the right individuals were to go through this protocol with a fine-toothed comb. What a terrible concept to implement. What is the purpose of a TX ID if not to identify a TX? What could possibly be achieved by allowing such an ID to be modified?