Technical problems cause Bitcoin to plummet from record high, Mt. Gox suspends deposits

theverge.com 12 Mar '13, 6am

Technical problems cause Bitcoin to plummet from record high, Mt. Gox suspends deposits

The sell-off was precipitated by a glitch that prevented a newly-mined Bitcoin block from checking out with an older version of the software. Since each new block of the purely digital currency relies on the blocks before it for authentication, this created a fork in the chain — miners running the newest software 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.

Full article: http://www.theverge.com/2013/3/12/4092898/technical-probl...

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