Chart shown above shows steady declined of bitcoin market prices. Feb 1 price marked at 956 USD⁄BTC after series of withdrawal delays by the oldest running bitcoin exchange Mt. Gox‚ which eventually halted bitcoin withdrawal last Feb 10‚ now only costs 673 USD⁄BTC as of writing.
The temporary turned indefinite stop to withdrawal from the exchange was deemed appropriate action to resolve “transaction malleability” issues.
“A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly‚ the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.” mt.gox
Few of the bitcoin community voices out their view on this issue.
“The issues that MtGox has been experiencing are due to an unfortunate interaction between MtGox′s highly customised wallet software‚ their customer support procedures‚ and an obscure (but long–known) quirk in the way transactions are identified and not due to a flaw in the Bitcoin protocol‚” Gavin Andresen on BBC
“It’s a reason to be concerned‚ but it’s a little early to say that there′s something fundamentally flawed with Bitcoin software. Previous problems have been corrected…It reflects the immaturity of the software. Bitcoin is still a technology in the process of being developed‚” Garrick Hileman on BBC
As a result‚ Mt.Gox’s credibility is cutting loose as they′re removed from the Bitcoin Foundation and removed from the Bitcoin Price Index (BPI) list in Coindesk.
Bitcoin enthusiats see this drop as opportunity to buy on other exchanges and gather up bitcion for future use.
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