Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%

A technical glitch in the core Bitcoin software forced developers to call for a temporary halt to Bitcoin transactions, sparking a sharp sell-off. The currency's value briefly fell 23 percent to $37 before regaining much of its value later in the evening. The core of the Bitcoin network is a shared transaction register known as the blockchain. Approximately every 10 minutes, a new block is created containing a record of all Bitcoin transactions that occurred since the previous block. Nodes in the network, known as miners, race to "discover" this next block by solving a cryptographic puzzle. The winner of this race announces the new block to the other nodes. The other nodes verify that it complies with all the rules of the Bitcoin protocol and then accepts it as the next official entry in the block chain, starting the race anew. It's essential for all miners to enforce exac...

Full article: http://arstechnica.com/business/2013/03/major-glitch-in-b...

Tweets

» 19 Mar '13, 7pm
someone explain bitcoin to me? please? because i don't get it at all. [link]
@ModalUrsine » 14 Mar '13, 5pm
Uh oh. We be old and we be slow. The bitcoin thing is two days old. D'oh! [link]
@zeb » 14 Mar '13, 11am
I'm long bitcoin… Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% | Ars Technica [link]
@tlam100 » 13 Mar '13, 10pm
The only thing more speculative than Vancouver housing is Bitcoin [link]
@ZmK » 13 Mar '13, 7pm
oops Major glitch in #Bitcoin network [link] https://t.co/WRS3sRaJ0H
@mjlonsda » 13 Mar '13, 7pm
Minor incompability between Bitcoin software verions causes drop in value of Bitcoins. [link]
@WebVendetta » 13 Mar '13, 3pm
Bitcoins still at 45$. Didn't fret => Major glitch in #Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@rohy » 13 Mar '13, 1pm
de bitcoin werd gisteren getroffen door een flash crash, raakte even een kwart van zijn waarde kwijt: [link]
@SBGTS » 13 Mar '13, 12pm
#Bitcoins, the digital currency, suffers due to a glitch in its network, price temporarily falls significantly. [link]
@ArtByAlida » 13 Mar '13, 10am
Major glitch in #Bitcoin network sparks sell-off; price temporarily falls 23%. Meh. Acts like stock market. [link]
@bug_deal » 13 Mar '13, 8am
@Hermit_Thrush this happened a couple of adys ago [link] or at least this article was posted then. i didnt really read it
@fcassia » 13 Mar '13, 5am
RT @cl0p3z: A bug in #bitcoin causes a block chain fork. Exchange value drops 23% in few hours [link] More info: [link]
@aaroncrunch » 13 Mar '13, 2am
RT @IRDTP: RT @nytimesbits: Bitcoins, the digital currency, takes a nose dive after a nasty glitch. [link]
@cl0p3z » 13 Mar '13, 1am
A bug in #bitcoin causes a block chain fork. Exchange value drops 23% in few hours [link] More info: [link]
@ThePantau » 13 Mar '13, 1am
@TheStalwart Not sure if you saw this about the #BitCrash || [link]
@Mr_Sheldrake » 13 Mar '13, 12am
@lebowskithedj @jodamico1 @BadNewsCentral @TarsTarkasnet I think they're talking about this: [link]
@riskpundit » 12 Mar '13, 10pm
Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% | Ars Technica #infosec [link]
@anselm » 12 Mar '13, 8pm
Well that was neat [link]
@irwebreport » 12 Mar '13, 8pm
Bitcoin's flash crash [link] << no clue why this fascinates me, but it does.
@nethead » 12 Mar '13, 7pm
Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% #ITM [link]
@XBOSoft » 12 Mar '13, 7pm
[link] #glitch #bitcoin
@thams » 12 Mar '13, 7pm
Coincidence: During my talk, discussing consequences of a Bitcoin block chain fork, one happened! Overview: [link] #payments
@TheAndyCamps » 12 Mar '13, 6pm
wut? [link]
@sben_links » 12 Mar '13, 6pm
“A block was produced that Bitcoin version 0.8 recognized as valid but that version 0.7 or earlier rejected.” [link]
@joncamfield » 12 Mar '13, 6pm
#JonTag Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% | Ars Technica [link]
@hardymaritz » 12 Mar '13, 5pm
RT @shapshak: Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@AdamSingle » 12 Mar '13, 4pm
RT @Idealaw: Why I won't touch Bitcoins -> Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@Alex__Pickett » 12 Mar '13, 4pm
Just one reason why #bitcoin is a terrible idea. [link]
@daytonlawton » 12 Mar '13, 4pm
Major glitch in Bitcoin (A decentralised digital currency created in 2009) network sparks sell-off, price falls 23% [link]
@NetNewsCheck » 12 Mar '13, 4pm
RT @nytimesbits: Bitcoins, the digital currency, takes a nose dive after a nasty glitch. [link]
@nytimesbits » 12 Mar '13, 4pm
Bitcoins, the digital currency, takes a nose dive after a nasty glitch. [link]
@R1ck_L4n3 » 12 Mar '13, 4pm
Another trading glitch, though most people probably won't hear about it. [link]
@lanalana » 12 Mar '13, 4pm
RT @amelia_acker: Glitch in Bitcoin network sparks sell off cc @lanalana [link]
@MiroWare » 12 Mar '13, 3pm
Buy! RT @fantomaster: Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@LibertyWatchr » 12 Mar '13, 3pm
Major glitch in Bitcoin network sparked a sell-off last night; price temporarily dropped 23% | Ars Technica - [link]
@amelia_acker » 12 Mar '13, 3pm
Glitch in Bitcoin network sparks sell off cc @lanalana [link]
@calu » 12 Mar '13, 2pm
no todo lo que brilla es #Bitcoin [link]
@OklahomaDog » 12 Mar '13, 2pm
La otra bolsa economica [link]
@tijshofmans » 12 Mar '13, 2pm
Ars Technica legt duidelijk uit hoe de glitch in het #Bitcoin-network in elkaar zat, en waarom bitcoinrates daalden [link]
@Alberto_Abruzzo » 12 Mar '13, 2pm
RT @AnonymousPress: Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link] Do you think now is a good time to buy?
@AnonymousPress » 12 Mar '13, 2pm
Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link] Do you think now is a good time to buy?
@c0k3in » 12 Mar '13, 2pm
RT @beala: The 0.7 blockchain has taken over, and the price has mostly recovered (still -10%). A good overview of the incident: [link]
@beala » 12 Mar '13, 2pm
@haglermatt haha well if you’re interested here’s a good overview of the incident: [link] // @compston
@beala » 12 Mar '13, 2pm
The 0.7 blockchain has taken over, and the price has mostly recovered (still -10%). A good overview of the incident: [link]
@DaveThackeray » 12 Mar '13, 2pm
Bitcoins plummet in value by nearly a quarter: [link]
@MonicaEvanchik » 12 Mar '13, 2pm
RT @palafo: Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@kellz_fisher » 12 Mar '13, 1pm
Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link] (Cc: @skillachie)
@eltonbowie » 12 Mar '13, 1pm
#TrueTwit Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% [link]
@binarybits » 12 Mar '13, 1pm
Looks like the Bitcoin network has recovered from this: [link] The 0.7 branch is now ~30 blocks longer than the 0.8 branch.
@extremeradical » 12 Mar '13, 1pm
Down from an all-time high. Maybe I should buy one? [link]