Advertise with us!

Author Topic: Technical problems cause Bitcoin to plummet from record high, Mt. Gox suspends  (Read 603 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location: bitcoinforum.com
  • Posts: 1455
  • Country: bz
  • Thanked: 10 times
  • Karma: +25/-0
  • Gender: Male
    • delicious.com/bitcoinforum
    • digg.com/bitcoinforum
    • facebook.com/bitcoinforum
    • flickr.com/bitcoinforum
    • friendfeed.com/bitcoinforum
    • linkedin.com/in/bitcoinforum
    • bitcoinforum.livejournal.com
    • myspace.com/bitcoinforum
    • reddit.com/user/bitcoinforum
    • stumbleupon.com/stumbler/bitcoinforum
    • bitcoinforum.tumblr.com
    • twitter.com/bitcoinforumcom
    • bitcoinforum.wordpress.com
    • youtube.com/bitcoinforum
    • View Profile
    • Bitcoinforum.com
Technical problems cause Bitcoin to plummet from record high, Mt. Gox suspends deposits


Technical problems caused preeminent Bitcoin exchange Mt. Gox to suspend deposits today, and lead to a major sell-off of the cryptographic currency. The news was reported by Ars Technica, and follows an unprecedented run that’s seen Bitcoin rise from a low of $2 in June of 2011 to a high of over $48. While the price at one point fell below $37, losing nearly a quarter of its value, it quickly recovered to within a few dollars of its high.

Each new block of the digital currency relies on the blocks before it for authentication

The sell-off was precipitated by a glitch that prevented a newly-mined Bitcoin block from checking out with an older version (0.7) of the software. Since each new block of the digital currency relies on the blocks before it for authentication, this created a fork in the chain — miners running the newest software (version 0.8) continued on as though nothing had happened, while those running the older version were forced to pick up where the troublesome block had left them. Bitcoin developer Pieter Wuille is suggesting that miners revert to the older version of the software until the problem can be ironed out, and is calling for merchants to stop processing purchases using the newer software. The Tokyo-based Mt. Gox says believes its suspension will be lifted by the end of the day.

  • bitcoin:1FwENMoMzEfkc9JWoF1cjHV8ueDRYjDyvW
  • Bitmessage Address: BM-ooJUZtc3zTCDws3981m4YNVGm9pjqGLrE


guardian:Bitcoin currency value reaches record high of $147 before plunging down

Started by bitcoinforum.com

Replies: 0
Views: 556
Last post April 03, 2013, 08:48:09 PM
by bitcoinforum.com
Bitcoin network hit record-breaking 1,000,000,000,000,000,000 math problems/sec

Started by bitcoinforum.com

Replies: 1
Views: 910
Last post May 14, 2013, 01:57:49 AM
by cryptocoin
Bitcoin new record - 20,000 transactions

Started by bitcoinforum.com

Replies: 0
Views: 788
Last post May 10, 2012, 12:37:46 AM
by bitcoinforum.com
coinlab.com: Mt. Gox teams up with CoinLab to power the global Bitcoin market

Started by bitcoinforum.com

Replies: 0
Views: 456
Last post February 27, 2013, 10:27:18 PM
by bitcoinforum.com
bitcoinmagazine.com: Bitcoin Price Breaks All Time High

Started by bitcoinforum.com

Replies: 0
Views: 716
Last post February 28, 2013, 01:14:41 AM
by bitcoinforum.com

Advertise with us (we do not endorse any site advertised)