13 Mar '13, 1am

Bitcoin 'Glitch' Sparks 23% Flash Crash

While we are used to seeing insta-crashes in our highly-regulated and trustworthy equity markets, the unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica , the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but 'forking' Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars (and hence the drop in the value) . This latest glitch is different from the problem that caused Bitcoin prices to briefly crash to zero in June of 2011. In that case, the sell-off was caused by the compromise of the exchange itself, whereas this time the glitch occurred in the core Bitcoin software . Obviously, the incident will be another important test of the cryptocurrency's decentralized governance str...

Full article: http://www.zerohedge.com/news/2013-03-12/bitcoin-glitch-s...

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