Topic: Bitcoin's endgame? Bitstamp also suspends withdrawals (Read 1824 times)

This actually is a beginning not an end. So stay positive

1. Mt.Gox is much more to blame for spreading FUD that on the developprs for not fixing a non-bug. Mutability is more of a non-feature; anybody expecting non-mutability had not read the docs. I understand that the end users have not; but they don't need to know about txid anyway. Exchange's programmers should have, howevers.

2. It indeed is non-intuitive behavior, AND the wolrd would be better it transactions were non mutable. One could blame the developpers for not making that choice in 2009, but don't forget that bitcoin is still expimental and beta software. (version 0.x!)

3. Changing that now is non trivial however, but that's what the developpers have been working on. The thing is, changing a core specification requires everybody to update their software, because those who havent will not be able to create valid transactions anymore, or mine valid blocks. It would be an extremely frustrating thing, and bad press for bitcoins, if, on some day, you werent able to spend your coins anymore because you wasent awaware there was an update. Past "breaking" updates like that have usually been deployed in steps; in which the specs was implemented first, it was ensured that almost everybody used it; the foundation contacted those who did'nt to encourage then to use it, THEN they enforce it.

4. (un)fortunately, the current crisis provides an opportunity to change this more quickly. Bad press has happent, and broken behavior is being forced by exchanges. All the bad thing that could happen have happened.

It makes us stronger.

In simple terms... NOPE!  Transaction malleability does not allow people to double spend coins.

It allows for people to abuse websites that track deposits by txid instead of tracking address, amount, and time.

why are there always trolls allowed to post on this forum fanning the flames of fear??


The posters always screaming "sell sell!!"  "Bitcoin is doomed!!"

I'm so so sick of these obvious troll posters allowed to stay here.

The weak will sell proclaiming bitcoins death, the hodlers will get a new chance to scoop up some more cheap coins and in a few months the growth cycle will ignite again. Nothing new in BTC world.

Sounds terrible

Until the next bit of news that gets blown out of proportion.

Well its ppl like you guys who spread fake news to drop the price and buy in when it's low and sell when the price goes back to normal.

FYI, such issues which challenge the BTC system will only help to perfect the system.

Greedy humans, eh?
Anyways this is not the endgame. Suspending withdrawals doesn't mean ending them. They will enable them soon enough.

when all these fixed we can expect big rise in Bitcoin prices

The press is so predictable. Even when they don't understand a technology, they will report on it as if they do. The malleable transaction problem has been known for some time (like years). The "blame", if you want to place some, rests on both the exchanges that failed to work around a known issue (and there are many workarounds), and with the underlying Bitcoin protocol as well. I know Bitcoin defenders will say that malleable transactions is not a bug. However, if Bitcoin wants to mature into an established currency, vendors need to easily tag transactions with unique and permanent transaction IDs. Techniques such as matching timestamps/VINSsVOUTs, or embedding messages in transactions are merely workarounds. It may be that a true fix for this problem requires an upgrade to all existing wallet/mining software - which is painful. However, at some point, Bitcoin's underlying technology must evolve to provide a true (non-changing) transaction ID - the world's elite vendors won't settle for workarounds.

+1, that vulnerability was known but no one cared about, they only cared about profit.

Bitcoins can be exchanged for cash @Ripple.

I am not sure if this can be done directly but I am sure that BTC can be exchanged to XNF or XRP and then can be sold for USD.

There are some websites which are buying BTC but they are offering lower rates than ongoing BTC rates.

What is happening is a discredit to the Bitcoin cryptocurrency. The end of net neutrality will also help to kill this "free open-source crytocurrencies".

I think this is the beginning of the end to Bitcoin, but I do not think that the cryptocurrencies will go away. This experience called Bitcoin will be used to the reborn of a new banking system. The public transactions scheme is a dream for Governments and Central Banks. Imagine that you track all money transactions and that transactions made available to all, including governments... all your taxes will be calculated automatically, you will not be able to run paying taxes... this Bitcoin experience is all about selling you a totalitarian financial system.  

Exactly

They had addressed it and it was known. Bitcoin wont be fixed over night.

Don't worry. This is temporary, and I expect those exchanges to be back soon (at least Bitstamp). The foundation however should have done something about it long ago when the problem was first discovered.

No. Stop spreading FUD moron.

this is the end...

https://www.youtube.com/watch?v=aGmAmJFUvzM&hd=1

sell, guys, SEEEEELL, in some days or weeks bitcoin will go back to its own value, which is, 10-50 dollars.

+1. 

Perhaps all of this mess will either 1) get the Foundation off their tails to be more vocal about protocol issues / fixes 2) get the Foundation to implement an actual PR operation that addresses protocol issues / fixes.