Bug in BitCoin Software Discovered, BitCoin Foundation Refutes Claim

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firefox91

Currency based on vapor. And it is already showing how vulnerable it it. Can't wait to hear the first sob story about how someone lost everything by investing their life savings in bitcoin. I will laugh.

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lordfirefox

Jokes on you I mined my coins 100% never bought any bitcoins. So I lose nothing even if the value drops to $0.00

Looks like I'll be the one laughing.

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Renegade Knight

All fiat currencies are based on vapor. The only reason the dollar is worth anything is because we think it's worth something. Bitcoin is the same.

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vrmlbasic

Government-backed fiat money is based on the "full faith and trust" of the government. That's not worth much, but it is worth something, making it infinitely more worthy than Bitcoin.

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lordfirefox

What's gold backed by?

Seems no one has the answer to that question.

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lifeboat

""full faith and trust" of the government"

All governments can't resist the temptation to create a hidden tax on their citizens by printing more and more money backed by nothing. So a strong currency like the U.S. dollar is down 97% since it was launched and a weaker currency like the yen is down 99.95% since it was launched. Since bitcoin is backed by an algorithm that sets the amount of bitcoin this problem doesn't exist with bitcoin and *surprise* bitcoin is valued higher than it was when it was launched.

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Ghost XFX

Death to BitCoin!!! *,..,*

I want my GPUs back, you bastards!!!

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vrmlbasic

As do I. Having looked at the nigh-impossibility of mining coins solo, the high fees & meager payouts associated with using coin pools and the high energy costs and initial costs of the GPUs I have to wonder if these coin miners are actually hemorrhaging cash and just don't realize it.

Are these miners like the guys who blew money in the gold rushes but only got a few nuggets in return, while AMD is like the guy making bank by selling the pickaxes to the miners?

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RICHARD RIDDICK

only way to really mine bitcoins is with asic hardware.

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vrmlbasic

A currency based entirely upon speculation = your money is more mercurial than oil on the commodities market. :(

Anyone else thinking that Mt. Gox used this opportunity to stockpile some discounted bitcoins for itself? Honestly, since it is this easy to tank BitCoin I'm surprised that more parties aren't doing it more often to stock up on the cheap.

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dgrmouse

vrmlbasic asked, "Anyone else thinking that Mt. Gox used this opportunity to stockpile some discounted bitcoins for itself?"

Nah, unlikely. It's far more likely that they just didn't engineer their software to the degree that one should when handling money. In my view, BitCoin mining has a strong correlation with people who don't know what they're doing; I guess I don't see why this would be any exception.

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AFDozerman

Mt. Gox is just trying to blame their own shortcomings on other people. At least I now have the chance to buy in before the price skyrockets again.

I love it every time Bitcoin "dies". Excellent chances to make money at other people's expenses...I still can't believe people kneejerk this bad every time someone stubs their toe. It's almost like we're working with a population from Idiocracy.

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lifeboat

"Mt. Gox is just trying to blame their own shortcomings on other people."

Luckily there are a lot of other exchanges these days. Mt. Gox used to have an 80+% market share. Personally, I find Coinbase in the U.S. to be convenient to use.

"It's almost like we're working with a population from Idiocracy."

It is best to treat that movie like a documentary.

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AFDozerman

Does coinbase support Peercoin? I've been looking to move away from BTC-e.

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lifeboat

"Does coinbase support Peercoin?"

Coinbase only supports bitcoin. Since the creator of litecoin is on their staff, they may eventually support litecoin. (That creator, Charlie Lee, provided the majority of our litecoin donations at https://lifeboat.com/ex/bitcoin.)

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lordfirefox

Save for the fact that Coinbase isn't an exchange I have to agree with you that it's a damn sight better than MtGox, easier to get verified and they don't take withdrawls down just because they think Bitcoin might have a flaw.

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legionera

and that was the end of bitcoin. Everybody, go home now.

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AEM

You will never understand.

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AFDozerman

He's just trying to FUD down the price. A good technique if executed properly, but unfortunately, I don't think MaxPC's website gets enough hits for this to be effective here.

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legionera

The domino effect is inevitable.

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legionera

Negative publicity my friend. We will all understand when it's already too late

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CobblerSalad

Wow, please actually research a story before you post stories with incorrect facts.

Mt Gox didnt "discover" any bug in the bitcoin protocol. What they're referring to is transaction malleability which has been known about since 2011 and any exchange that's worth anything accounts for this in their wallet software and it hasnt caused a problem for any of them or anyone else.. This is just Mt Gox blaming something else for all the problems they've had as a company.

http://www.coindesk.com/gavin-andresen-jeff-garzik-mt-gox-wrong-bitcoin-isnt-broken/

^If anybody wants to read up on it.

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Sean D Knight

Thank you for pointing this out. I was unaware of the response and will adjust the article accordingly.