13 Mar '13, 12pm

Anatomy of a problem - Bitcoin loses 25% in value due to a long-missed bug

Anatomy of a problem - Bitcoin loses 25% in value due to a long-missed bug

"Winning" the next bitcoin in a chain means happening upon a bitstring, or nonce, that when combined with the data in the chain so far, produces a SHA-256 hash with a certain number of leading zeros. The probability of finding such a pattern by chance - and there is no better way known - is 1/2z , where z is the number of needed zero bits. The Bitcoin protocol estimates the amount of CPU power currently in the Bitcoin mining network, and continually adjusts z so that, on average, one successful solution turns up every ten minutes. Each successful solution is currently worth 25 bitcoins; this halves every four years so as to limit the total number of bitcoins in circulation. By 2140, each successful solution will be worth just 0.00000001 bitcoins; when this reward gets halved, it will effectively round down to zero, because bitcoins are denominated to eight decimal places, ...

Full article: http://nakedsecurity.sophos.com/2013/03/13/anatomy-of-a-p...

Tweets

Do you keep a personal bug log? via

rubylearning.com 13 Mar '13, 7pm

The value of a personal bug log This guest post is by Brian Tarbox , who is a Distinguished Member of Technical Staff at M...

Today’s Scuttlebot: Bitcoin Problem and Tracking the Papacy

Today’s Scuttlebot: Bitcoin Problem and Trackin...

bits.blogs.nytimes.com 13 Mar '13, 12am

March 12, 2013, 8:28 pm Today’s Scuttlebot: Bitcoin Problem and Tracking the Papacy By THE NEW YORK TIMES Here are some of...

Software bug sees Bitcoin lose 25% in minutes: ...

forexlive.com 16 Mar '13, 2am

Copyright © 2013 ForexLive · Forex tools · Site Map · Log in HIGH RISK WARNING: Foreign exchange trading carries a high le...

Houston, We Have a Supply Chain Problem:

Houston, We Have a Supply Chain Problem:

ebnonline.com 12 Mar '13, 11am

Most people have heard the acronym "VUCA" as used to describe changing and sometimes dangerous situations. The military us...

The Intrinsic Value of Bitcoin.

The Intrinsic Value of Bitcoin.

silveristhenew.com 15 Mar '13, 11pm

Be prepared for the next great transfer of wealth. Buy physical silver and storable food . goldsilverbitcoin.com / by zapa...

Bug in Bitcoin-software leidde tot koersval: Een bug in de basissoftware van Bitcoin heeft maandagavond geleid...

Bug in Bitcoin-software leidde tot koersval: Ee...

tweakers.net 12 Mar '13, 11am

Een bug in de basissoftware van Bitcoin heeft maandagavond geleid tot een koersval van 23 procent, waarna transacties tijd...

Bitcoin add-on makes your virtual purchases pri...

newscientist.com 13 Mar '13, 5pm

Hal Hodson, technology reporter Bitcoin is the perfect currency in many ways. The distributed network that governs the cre...

Major Bug In The Bitcoin Software Tests The Com...

spectrum.ieee.org 12 Mar '13, 9pm

Bitcoin went into crisis mode early this morning. This time, the threat wasn't from hackers tampering with poorly secured ...

What is the Value of a New Client? How to Value...

ricksblog.com 16 Mar '13, 11am

If you want to know, understand and value domains then you MUST ask a very simple question. One of many but this one is so...

The 25 Best #Sneakers of the Past 25 Years

The 25 Best #Sneakers of the Past 25 Years

complex.com 18 Mar '13, 4pm

The concept was simple enough - look back at the past 25 years and pick the best new sneaker model introduced in each year...

Bitcoin Value Drops 23 Percent After Software Glitch Discovered: March 12, 2013 -- Bitcoin transactions were t...

Bitcoin Value Drops 23 Percent After Software G...

thewhir.com 12 Mar '13, 4pm

A Bitcoin software glitch caused its value to drop 23 percent Related Topics: bitcoins , mt.gox , payment Bitcoin transact...

ALERT: Serious Bug in Bitcoin Client, Details T...

bitcoinnews.com 12 Mar '13, 12am

ALERT: Serious Bug in Bitcoin Client, Details To Follow There is a developing situation in which a bug in the Bitcoin clie...

Bitcoin Crashed. Again.

Bitcoin Crashed. Again.

zerohedge.com 13 Mar '13, 6am

When writing about economics (as opposed to trading), one does not expect to be proven right within days of publishing som...

Thanks to @complexsneakers for naming the Skytop as one of 25 greatest sneakers in last 25 years!

Thanks to @complexsneakers for naming the Skyto...

complex.com 18 Mar '13, 6pm

By 2007, high-tech had reached a high water mark. Basketball shoes and running shoes seemed to be on the brink of Skynet-l...

Bitcoin 'Glitch' Sparks 23% Flash Crash

zerohedge.com 13 Mar '13, 1am

While we are used to seeing insta-crashes in our highly-regulated and trustworthy equity markets, the unregulated digital ...