“A Bug in the Bitcoin Software”

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Published : February 11th, 2014
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Category : Opinions and Analysis

Bitcoin is having another rough day today after Mt. Gox, the biggest exchange for the digital currency, announced an indefinite extension on the withdrawal ban that it originally announced last Friday. Not surprisingly, the currency as measured in U.S. dollars has been struggling lately as shown in the Blockchain chart below and lower prices are likely ahead.

A Reuters report noted the price dipped as low as $500 earlier today and that a Mt. Gox spokesman blamed “a bug in the bitcoin software” that left transaction details vulnerable.

I don’t have any strong feelings about Bitcoin, but I”m starting to favor the view of former Rep. Ron Paul (R-TX) who doesn’t think much of any money that you can’t put in your pocket. In this item at the LA Times, Michael  Hiltzik thinks even less of the digital currency noting that the current problems at Mt. Gox are symptoms of much bigger problems.

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Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
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So, safe to say the creators of Stuxnet have refocused on Bitcoin to ensure people flee from the service and thereby eliminate at least this challenger to reserve banks around the world.
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The BBC just reported that Silk Road 2 just got hacked for $2.7 million worth of bitcoins.

Don't forget that Bitstamp (Slovenia) and BTC-e (Bulgaria) just shut down to protect the bitcoin wallets entrusted to them.

I find it a bit odd that the Bitcoin Foundation originally reported the problem was just Mt Gox and their use of proprietary software.
Please stand by for Bitcoin Foundation credibility adjustment.
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The last cyrpto-currency chart I looked at showed 99 individual digital currencies with various capitilizations, Bitcoin being the highest. I certainly am in favor of any form of exchange competing with a government controlled one but this recent fraud is disturbing. With ALL of these currencies how does a buyer and seller do business or even agree on which to choose?

I would agree with Ron Paul, and I don't agree with him often, that the best currency is still the one jingling in your pocket -- gold and silver.
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"... a Mt. Gox spokesman blamed “a bug in the bitcoin software” that left transaction details vulnerable."

In simple English, it appears the supposed heavily encrypted, secure, digital currency got hacked.
No mention so far as to how long this bug existed.
Were these vulnerabilities exploited by law enforcement and/or tax authorities?
Do you really expect the cheerleaders for bitcoin to be open and honest about this "bug"?

Can you spell counter-party risk in light of this Mt Gox fandango?
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So, safe to say the creators of Stuxnet have refocused on Bitcoin to ensure people flee from the service and thereby eliminate at least this challenger to reserve banks around the world. Read more
Hart - 2/14/2014 at 9:30 PM GMT
Rating :  5  4
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