This is how we mint money now: Software upgrade glitch causes bitcoin flash crash

QZ.com 12 Mar '13, 3pm

This is how we mint money now: Software upgrade glitch causes bitcoin flash crash

Bitcoin suffered a flash crash overnight, falling 22% in the span of an hour before returning to the record-high levels at which the alternative currency has lately been trading. The cause was a software glitch . Bitcoin, which is operated as a collective with no central bank, recently upgraded its digital mint. Every 10 minutes, bitcoin “miners,” the people who create new units of the currency, compete to decrypt a puzzle that unlocks new bitcoins, which keeps the system running as it should. But it only works if everyone involved can agree the puzzle has been correctly solved. Last night, bitcoin miners running the upgraded software disagreed with those running the previous version, grinding the mint to a halt and threatening to split bitcoin into two separate currencies. The market responded as it should, falling sharply to a low of $36.80 as the programmers who manage ...

Full article: http://qz.com/61893/this-is-how-we-mint-money-now-softwar...

Tweets

@ScottHMarlow » 13 Mar '13, 7pm
#bitcoin continues to fascinate. Heightened volatility & confidence just like a new economy's promising debut? [link] on @qz
@HostelVegan » 13 Mar '13, 5pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash ...: Every 10 minutes, bitcoin “mi... [link]
@BitcoinOz » 13 Mar '13, 5pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash ...: Every 10 minutes, bi... [link] #bitcoin
@BradBottsischil » 13 Mar '13, 2pm
RT @BitCoinReporter: This is how we mint money now: Software upgrade glitch causes bitcoin flash ... - Quartz [link] #bitcoin
@BitCoinReporter » 13 Mar '13, 2pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash ... - Quartz [link] #bitcoin
@CryptoCurrent » 13 Mar '13, 1am
This is how we mint money now: Software upgrade glitch causes bitcoin flash ... [link] #cryptocurrent
@BitcoinOz » 13 Mar '13, 12am
This is how we mint money now: Software upgrade glitch causes bitcoin flash ...: Bitcoin suffered a f... [link] #bitcoin
@OTPGlobal » 12 Mar '13, 7pm
RT @LifeOfIRC: Software upgrade glitch causes bitcoin flash crash [link] #Bitcoin #Anonymous
@binarybits » 12 Mar '13, 7pm
"Experts I’ve spoken to recently are at a loss to explain the surge." I'd be curious to know which experts. [link]
@LifeOfIRC » 12 Mar '13, 7pm
Software upgrade glitch causes bitcoin flash crash [link] #Bitcoin #Anonymous
@Balmich » 12 Mar '13, 6pm
“@qz: This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link]” @maxkeiser
@addiegibson » 12 Mar '13, 5pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash ...: Bitcoin suffered a flash cras... [link]
@LouisDelage » 12 Mar '13, 4pm
I learned something new today: Bitcoin #digitalcurrency [link]
@MerrittJennifer » 12 Mar '13, 3pm
RT @zseward: Bitcoin flash crash: [link] Gold is worst investment of 2013: [link] What's left for preppers to invest in?
@zseward » 12 Mar '13, 3pm
Bitcoin flash crash: [link] Gold is worst investment of 2013: [link] What's left for preppers to invest in?
@cyrusradfar » 12 Mar '13, 3pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link] via @mims @qz
@JamesDiGioia » 12 Mar '13, 3pm
You know Bitcoin has made it when it's reported like this RT @qz: Software upgrade glitch causes bitcoin flash crash [link]
@TimFernholz » 12 Mar '13, 3pm
The fail currency is back! RT @qz: This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link]
@mims » 12 Mar '13, 3pm
RT @qz: This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link]
@qz » 12 Mar '13, 3pm
This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link]
@BarbarianCap » 12 Mar '13, 3pm
RT @qz: This is how we mint money now: Software upgrade glitch causes bitcoin flash crash [link]