Bitcoin Flaw That Caused Mt.Gox Disaster Gets Patched

So, the transaction malleability hole in Bitcoin has finally been patched with the latest version of Bitcoin, version 0.90 available on Github. This version fixes the problem that plagued the popular exchanges across the world and resulted in many of them getting hacked by this vulnerability and losing many if not all of the Bitcoins they held. As a result, Bitcoin exchanges like Mt.Gox were forced to shut down and file for Bankruptcy.

This patch is the result of people probably having lost hundreds of millions of dollars worth of Bitcoins, severely damaging the trust and security of this once strong cryptocurrency. Sure, the problem has supposedly been fixed, but the real question will be whether or not this fix will restore the faith in Bitcoin. While Bitcoin isn’t necessarily in the dumps, at about $580 per BTC, it still has nowhere near its $1000+ highs. If people are to restore their faith in Bitcoin, there will need to be more reputable companies involved and bigger organizations willing to accept Bitcoins as payment.

Bitcoin still has a chance in the long term and it really remains to be seen if this update to Bitcoin will be the last one, as it appears to be a very needed one. What other security flaws does this supposedly secure method of transaction really have? Perhaps the Winklevoss twins should be paying hackers a bounty to try to hack Bitcoin in order to make Bitcoin better? After all, they did have a lot of money invested in Bitcoin. It also begs the question of how secure are the other altcoins if Bitcoin had such a glaring security flaw that ultimately resulted in some serious losses for their users. Not just that, but why didn’t the Bitcoin foundation notify users to stop trading Bitcoins until they could resolve this flaw?

Do you still have faith in Bitcoin? We’re not sure many do anymore.

Original Author: Anshel Sag

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