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

[Giggety]

Why do we drill "mainstream" people with "Decentralized" when one exchange's not so legit announcement can do to the market what mtGox did today? How is that not centralized?

I dont think cryptocurrencies will have a long life if exchanges can have so much effect on the market price

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[FeedbackLoop]

Why do we drill "mainstream" people with "Decentralized" when one exchange's not so legit announcement can do to the market what mtGox did today? How is that not centralized?

People's decision to sell (at 120 USD at BTC-e for example) was a perfectly decentralised decision. No one else was forced to buy or transact at such valuations!  

[nosf009]

http://www.cryptocoinsnews.com/2014/02/10/mt-gox-blames-bitcoin-core-developer-greg-maxwell-responds/
http://blog.oleganza.com/post/76213549017/mtgox-and-malleable-transactions

Sure, it's BTC fault haha.
Again, I only regret not having any buy orders at 150. It's not malice if people give you money themselves, right.

[guybrushthreepwood]

Why do we drill "mainstream" people with "Decentralized" when one exchange's not so legit announcement can do to the market what mtGox did today? How is that not centralized?

People's decision to sell (at 120 USD at BTC-e for example) was a perfectly decentralised decision. No one else was forced to buy or transact at such valuations!  

I don't get why people would sell that low. Surely they can only be losing money.

[drippx]

So much FUD in here I dont even think people REALIZE that theyre FUD'ing

[yatsey87]

Why do we drill "mainstream" people with "Decentralized" when one exchange's not so legit announcement can do to the market what mtGox did today? How is that not centralized?

People's decision to sell (at 120 USD at BTC-e for example) was a perfectly decentralised decision. No one else was forced to buy or transact at such valuations!  

I don't get why people would sell that low. Surely they can only be losing money.

They'll surely lose a lot more when the price climbs back up like it is now.

[guybrushthreepwood]

So much FUD in here I dont even think people REALIZE that theyre FUD'ing

The only people to blame are Gox and panic sellers.

[cr1776]

http://www.cryptocoinsnews.com/2014/02/10/mt-gox-blames-bitcoin-core-developer-greg-maxwell-responds/
http://blog.oleganza.com/post/76213549017/mtgox-and-malleable-transactions

Sure, it's BTC fault haha.
Again, I only regret not having any buy orders at 150. It's not malice if people give you money themselves, right.

Thank you for adding some facts here. Gox should also consider peering with the large pools, p2pool etc which would make the mod somewhat more difficult.

[5flags]

We all know what the doomsday scenario is - a flaw in the protocol renders the currency worthless. I do suspect that they are insolvent and are using this as a last ditch attempt to manipulate the market to buy back in to balance their books. The coins that they prevented people from withdrawing have been pumped to other exchanges, then bought back in at the bottom.

If their solvency issues miraculously solve themselves in the next few days, we'll know why.

[tozak]

It would be in the best long term interests of Bitcoin if Gox actually does fall over, we can only hope

[Grrizz]

I love the coin market... so fickle lol

You get a great view here: http://hypron.net/bitcoinwisdom.html

GOX made some mad coin today, BTC->USD over the w/e and buy back now lol

Hopefully events like this will slowly wash out the weak and make the market stronger over time

[DooMAD]

I think it's reached the point now where we should just organise a mass boycott campaign against Gox.  They're more trouble than they're worth.  Just because they were the biggest exchange at one point, doesn't afford them any special privilege to shit all over our new digital economy to further their own ends.

[Kenshin]

This is a f cking bad news!!! That mean the core developers better hurry. I want to withdraw!!

[tozak]

We all know what the doomsday scenario is - a flaw in the protocol renders the currency worthless. I do suspect that they are insolvent and are using this as a last ditch attempt to manipulate the market to buy back in to balance their books. The coins that they prevented people from withdrawing have been pumped to other exchanges, then bought back in at the bottom.

If their solvency issues miraculously solve themselves in the next few days, we'll know why.

Exactly my thoughts (and posted 5 mins earlier,  )

[Rampion]

This is a f cking bad news!!! That mean the core developers better hurry. I want to withdraw!!

Core devs must do NOTHING. MtGox need to address their mess internally.

[tozak]

I think it's reached the point now where we should just organise a mass boycott campaign against Gox.  They're more trouble than they're worth.  Just because they were the biggest exchange at one point, doesn't afford them any special privilege to shit all over our new digital economy to further their own ends.

+{some huge number}

[seriouscoin]

MOTHERFCKING GOX BULLSHITTING TO SCARE NOOBs. This is not a FLAW but the design of wallet to validate transactions. It has BEEN FIXED by reference design. But fcking retard Marks still didnt get his shitty wallet software updated.

Mark, you're a worthless POS.

[hilariousandco]

For all those that are panic selling.....I'm panic buying.

Thanks for the early birthday present.  

Ha, it's only logical that you need buyers to sell your coins. Are all these panic sellers just stupid newbs? The price always bounces back.

We all know what the doomsday scenario is - a flaw in the protocol renders the currency worthless. I do suspect that they are insolvent and are using this as a last ditch attempt to manipulate the market to buy back in to balance their books. The coins that they prevented people from withdrawing have been pumped to other exchanges, then bought back in at the bottom.

If their solvency issues miraculously solve themselves in the next few days, we'll know why.

Yeah, very poor practise from Gox. I didn't think I could hate those guys more.

[FandangledGizmo]

NXT users unaffected.

I hope people can start to see the benefit of diversifying or hedging into the one alt not based on Bitcoin's source code. All of the clones seem to have the same flaw. Though I agree it's not panic stations just temporary panic but still.

Disclosure: My crypto weighting is 70% Bitcoin, 20% NXT, 10% other

[Gulinborsti]

Wow, people are really trigger happy lately. All this selling on FUD ...

All the educated information already gathered up and linked in this and other threads is not describing the end of the (bitcoin) world.

It might take MtGox some while to clean up the mess they created based on the "flaw" in the protocol, which is more like a flaw in their implementation.
I doubt that much damage can come from this rather than more damage to their already scratched reputation. But we might se BTC withdrawals being unavailable from MtGox for some days to weeks ...

However, this whole story simply points out that there is room for improvement of the bitcoin protocol or implementation routines. The biggest hit this can potentionally cause is a code fork ... again nothing that should make anyone nervous who has the slightest understanding of software development.