Gox is giving intermittent 502 bad gateway errors.
Am I missing something? I get
Oops! This page doesn't exist right now.
for that link
I was just posting what the link will be when it's posted, based on the naming conventions of prior Gox articles.
https://www.mtgox.com/press_release_20140210.html"Dear MtGox Customers and Bitcoiners,
As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.
The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.
Addressing Transaction Malleability
MtGox has detected unusual activity on its Bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely.
Non-technical Explanation:
A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.
Technical Explanation:
Bitcoin transactions are subject to a design issue that has been largely ignored, while known to at least a part of the Bitcoin core developers and mentioned on the BitcoinTalk forums. This defect, known as "transaction malleability" makes it possible for a third party to alter the hash of any freshly issued transaction without invalidating the signature, hence resulting in a similar transaction under a different hash. Of course only one of the two transactions can be validated. However, if the party who altered the transaction is fast enough, for example with a direct connection to different mining pools, or has even a small amount of mining power, it can easily cause the transaction hash alteration to be committed to the blockchain.
The bitcoin api "sendtoaddress" broadly used to send bitcoins to a given bitcoin address will return a transaction hash as a way to track the transaction's insertion in the blockchain.
Most wallet and exchange services will keep a record of this said hash in order to be able to respond to users should they inquire about their transaction. It is likely that these services will assume the transaction was not sent if it doesn't appear in the blockchain with the original hash and have currently no means to recognize the alternative transactions as theirs in an efficient way.
This means that an individual could request bitcoins from an exchange or wallet service, alter the resulting transaction's hash before inclusion in the blockchain, then contact the issuing service while claiming the transaction did not proceed. If the alteration fails, the user can simply send the bitcoins back and try again until successful.
We believe this can be addressed by using a different hash for transaction tracking purposes. While the network will continue to use the current hash for the purpose of inclusion in each block's Merkle Tree, the new hash's purpose will be to track a given transaction and can be computed and indexed by hashing the exact signed string via SHA256 (in the same way transactions are currently hashed).
This new transaction hash will allow signing parties to keep track of any transaction they have signed and can easily be computed, even for past transactions.
We have discussed this solution with the Bitcoin core developers and will allow Bitcoin withdrawals again once it has been approved and standardized.
In the meantime, exchanges and wallet services - and any service sending coins directly to third parties - should be extremely careful with anyone claiming their transaction did not go through.
Note that this will also affect any other crypto-currency using the same transaction scheme as Bitcoin.
Conclusion
To put things in perspective, it's important to remember that Bitcoin is a very new technology and still very much in its early stages. What MtGox and the Bitcoin community have experienced in the past year has been an incredible and exciting challenge, and there is still much to do to further improve.
MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers.
More information on the status of this issue will be released as soon as possible.
We thank you for taking the time to read this, and especially for your patience.
Best Regards,
MtGox Team"
The last few weeks have made me feel as though bitcoin is a long, long, LONG way off from truly mass adoption. If I were a business, no way would I want to introduce this kind of volatility into it. As an individual, it hurts to see just how unstable bitcoin has been lately because one day I have x amount and by the next hour, I might have something worth only a fraction of that investment!
I'm still in, but I see a long road ahead.
The last few weeks have made me feel as though bitcoin is a long, long, LONG way off from truly mass adoption. If I were a business, no way would I want to introduce this kind of volatility into it. As an individual, it hurts to see just how unstable bitcoin has been lately because one day I have x amount and by the next hour, I might have something worth only a fraction of that investment!
I'm still in, but I see a long road ahead.
You should stop thinking in fiat terms, then.
Believe it or not, there are some of us who live in a world that operates on / with fiat and not all of us can simply "stop thinking in fiat terms."
The last few weeks have made me feel as though bitcoin is a long, long, LONG way off from truly mass adoption. If I were a business, no way would I want to introduce this kind of volatility into it. As an individual, it hurts to see just how unstable bitcoin has been lately because one day I have x amount and by the next hour, I might have something worth only a fraction of that investment!
I'm still in, but I see a long road ahead.
The crazy thing is that we are way better off now than we were even a year ago. I was told that it used to feel like the wild west at the beginning with so many hackers and DDOS attacks on the exchanges which seemed like a daily occurrence a year or two ago. We have come a long way but we still are enjoying some of the fun of being early adopters!
I've been here for about 1.5 years so I absolutely remember how it was. My fear is that it's not ready for mass adoption yet and that all these things that keep happening reiterate that.
The last few weeks have made me feel as though bitcoin is a long, long, LONG way off from truly mass adoption. If I were a business, no way would I want to introduce this kind of volatility into it. As an individual, it hurts to see just how unstable bitcoin has been lately because one day I have x amount and by the next hour, I might have something worth only a fraction of that investment!
I'm still in, but I see a long road ahead.
The crazy thing is that we are way better off now than we were even a year ago. I was told that it used to feel like the wild west at the beginning with so many hackers and DDOS attacks on the exchanges which seemed like a daily occurrence a year or two ago. We have come a long way but we still are enjoying some of the fun of being early adopters!
I've been here for about 1.5 years so I absolutely remember how it was. My fear is that it's not ready for mass adoption yet and that all these things that keep happening reiterate that.
As adoption grows the problems will show themselves for what they are, as in the case of Mt. Gox right now. With Second Market announcing intentions to develop an exchange we are starting to see that the much needed infastructure is being built in front of our eyes. This is why Gox's demise is probably a really good thing and the fact that it happened now, before Wall Street is throwing money in, is actually helpful in the long run. It is a bit painful for us but if someone said that Gox going down would only cause the price to tank around $100 then I would have said that was a good trade in the long run. Maybe I am crazy.
Yes, this was a long time coming since Gox has been such shit for so long. Good riddance! (and no, not crazy!)
It about to get ugly tonight
How so? Even uglier than Gox?
Bitstamp seriously slow for me right now.
Bitstamp's down ATM.
Bitstamp seriously slow for me right now.
It's still trading as is BFX.
Briefly giving me an error page, but Bitstamp seems to be back.
Getting Bitstamp's DDoS-protection page saying it's down.
Poor Mt.Gox, close to its low again.
i hadn't looked at the gox chart in a while, my god does it ever look ugly
That's a glimpse of the future @ stamp
Sub 500$ coins are in a few days overpriced.
Poor souls that bought too high.
Posts like this are useless with nothing to back them up.
Anyone else feeling like it's only a matter of time before the heavy dumping starts today?
Going back to 200$ this is obivous. Maybe even lower. Bitcoin is broken, it's a bubble and also bitcoin is useless.
Then why are you here? This is BITCOINTALK, no? You prefer Ripple, I see.
BitcoinSteve said we would hit the 500s on BTC-e/Bitstamp today, so far he was right. What if he is right about the sub-100s coins by Friday.
Not unless it's a fluke like that last brief $100 btc-e grab.
Not unless it's a fluke like that last brief $100 btc-e grab.
It's the guy who foretold that fluke last time. Just saying.
It's also the guy who demands donations (of at least $100) if you want to know his "inside info."
Thirded.