bitsaber (OP)
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February 10, 2014, 10:13:46 PM Last edit: February 10, 2014, 10:25:51 PM by bitsaber |
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The issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox’s implementation of their highly customized wallet software, their customer support procedures, and their unpreparedness for transaction malleability, a technical detail that allows changes to the way transactions are identified.
Transaction malleability has been known about since 2011. In simplest of terms, it is a small window where transaction ID’s can be “renamed” before being confirmed in the blockchain. This is something that cannot be corrected overnight. Therefore, any company dealing with Bitcoin transactions and have coded their own wallet software should responsibly prepare for this possibility and include in their software a way to validate transaction ID’s. Otherwise, it can result in Bitcoin loss and headache for everyone involved.
The Bitcoin core development team has worked to limit transaction malleability. There is broad agreement in the community that this needs to be eliminated. Finding the best and most responsible solution will take time. In the meantime, users of the reference implementation do not need to be concerned. Transactions are always tracked properly by the Bitcoin-Qt/bitcoind software.
This is a good reminder that Bitcoin is still young and experimental. There are best practices to think about and account for by those who want to build companies. To help improve both the reference implementation and third party software, the Foundation is committed to working with companies to produce best practices to help improve software. I hate to be the devil's advocate here (especially being a newbie), but how does "known about since 2011" fit with "cannot be corrected overnight"? Edit: Changed the subject to clarify the question.
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Kouye
Sr. Member
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Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
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February 10, 2014, 10:15:32 PM |
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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bitcoinminer
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February 10, 2014, 10:15:49 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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LostDutchman
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February 10, 2014, 10:17:52 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
Hence the email I received from them: "Klaatu barada nikto!"
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bitcoinminer
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February 10, 2014, 10:18:25 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
Hence the email I received from them: "Klaatu barada nikto!" Included with every GOXXXING is a copy of our free cookbook - "To Serve Man"!
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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LostDutchman
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February 10, 2014, 10:19:36 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
Hence the email I received from them: "Klaatu barada nikto!" Included with every GOXXXING is a copy of our free cookbook - "To Serve Man"! LOL! That one is going to go over a lot of pinheads around here!
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bitcoinminer
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February 10, 2014, 10:20:40 PM |
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I should just open an exchange of my own. www.EventuallyImGoingToStealYourBitcoins.comAnd just have it be part of the EULA that "Management may or may not keep some or all of your BTC".
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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bitsaber (OP)
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Activity: 14
Merit: 0
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February 10, 2014, 10:22:51 PM |
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Actually, I was interested in an answer to my question: I hate to be the devil's advocate here (especially being a newbie), but how does "known about since 2011" fit with "cannot be corrected overnight"?
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bitcoinminer
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February 10, 2014, 10:23:30 PM |
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Actually, I was interested in an answer to my question: I hate to be the devil's advocate here (especially being a newbie), but how does "known about since 2011" fit with "cannot be corrected overnight"?
Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth. Also there is no concept of ownership. "Your Coins" are "Our Coins".
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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bitsaber (OP)
Newbie
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Activity: 14
Merit: 0
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February 10, 2014, 10:30:35 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
Actually, I was quoting Gavin Andresen of the BTC Foundation.
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LostDutchman
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February 10, 2014, 10:32:50 PM |
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Now that would be acting like Paypal!
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bitcoinminer
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February 10, 2014, 10:33:14 PM |
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Nights are extremely long on Mt. GOXXX. They don't experience Linear Time as we do, down here on Earth.
Also there is no concept of ownership. "Your Coins" are "Our Coins".
Actually, I was quoting Gavin Andresen of the BTC Foundation. Oh, that's weird. I was paraphrasing him.
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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bitcoinminer
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February 10, 2014, 10:33:53 PM |
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Now that would be acting like Paypal! I'm not sure I can allow a man with an eyepatch to wink at me. How can I tell you're not just blinking?
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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LostDutchman
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February 10, 2014, 10:36:01 PM |
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Now that would be acting like Paypal! I'm not sure I can allow a man with an eyepatch to wink at me. How can I tell you're not just blinking? Gimmee a day or so until my parrott returns from his tour of Costa Rica; I'll put on a hat with a skull and crossbones, put the parrott on my shoulder and speak like a pirate, matey! LOL!
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bitcoinminer
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February 10, 2014, 10:38:10 PM |
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Now that would be acting like Paypal! I'm not sure I can allow a man with an eyepatch to wink at me. How can I tell you're not just blinking? Gimmee a day or so until my parrott returns from his tour of Costa Rica; I'll put on a hat with a skull and crossbones, put the parrott on my shoulder and speak like a pirate, matey! LOL! Seriously though you gotta get a nice handmade one like The Governor on The Walking Dead.
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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justusranvier
Legendary
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Activity: 1400
Merit: 1013
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February 10, 2014, 10:42:32 PM |
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I hate to be the devil's advocate here (especially being a newbie), but how does "known about since 2011" fit with "cannot be corrected overnight"? Because it wasn't considered to be high priority problem.
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bitsaber (OP)
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Activity: 14
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February 10, 2014, 10:48:56 PM |
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Because it wasn't considered to be high priority problem.
So why not just state that instead of talking about correcting overnight?
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LostDutchman
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February 10, 2014, 11:16:40 PM |
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Now that would be acting like Paypal! I'm not sure I can allow a man with an eyepatch to wink at me. How can I tell you're not just blinking? Gimmee a day or so until my parrott returns from his tour of Costa Rica; I'll put on a hat with a skull and crossbones, put the parrott on my shoulder and speak like a pirate, matey! LOL! Seriously though you gotta get a nice handmade one like The Governor on The Walking Dead. Hey, that is one Helluvanidea! I know a guy who runs a quirky shop. Sells cult style jewelry and does leather work.............. I'll give that one a shot!
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bitsaber (OP)
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Activity: 14
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February 10, 2014, 11:23:53 PM |
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Thanks for contributing, LostDutchman and bitcoinminer!
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bitcoinminer
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February 11, 2014, 04:56:38 PM |
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Now that would be acting like Paypal! I'm not sure I can allow a man with an eyepatch to wink at me. How can I tell you're not just blinking? Gimmee a day or so until my parrott returns from his tour of Costa Rica; I'll put on a hat with a skull and crossbones, put the parrott on my shoulder and speak like a pirate, matey! LOL! Seriously though you gotta get a nice handmade one like The Governor on The Walking Dead. Hey, that is one Helluvanidea! I know a guy who runs a quirky shop. Sells cult style jewelry and does leather work.............. I'll give that one a shot! It's gotta be on Etsy if anything. I'll even send you 0.01 BTC to contribute!
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Be fearful when others are greedy, and greedy when others are fearful.
-Warren Buffett
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