16 Mar '13, 6pm

value marches upward. Legitimacy in resiliency?

value marches upward. Legitimacy in resiliency?

After reaching a new all-time high just three weeks ago, the Bitcoin ecosystem has since weathered a security breach and a software “glitch” that resulted in what some have labeled a “flash crash.” Hackers were able to swindle $12,480 worth of bitcoins from BitInstant, a company that manages Bitcoin transfers. The attack knocked the firm offline over the weekend. Meanwhile, a glitch in the Bitcoin transactions blockchain saw the digital currency’s value tumble 23 percent. It’s a familiar tale of fear, uncertainty, and doubt for Bitcoin, which remains in the nascent stages of development and adoption. Two years ago, fears spawned from multiple security breaches prompted its value to tumble below $2. The Bitcoin "flash crash," as Business Insider called it . (Bitcoin Charts ) This time around, however, Bitcoin has maintained its value. The hacker story was largely ignored in...

Full article: http://motherboard.vice.com/blog/weathering-the-storm-bit...

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