• 13 Feb 2014 at 4:41 PM

The Bitcoin Bugle: Everyone Sucks

Sure, bitcoin may have a fundamental flaw in its very nature, but its would-be fake-currency rivals do, too!

We’re not seeing especially large fresh demand for the alt.coins — at least not yet.

Why not? Well, besides the fact that many don’t trade on the biggest exchanges and that the two that do — Litecoin and Namecoin — are also trapped by a withdrawal freeze at BTC-e, a more fundamental problem is that most are built right off the same protocol on which bitcoin is based. They are carrying the very same bug in the hashing algorithm that the bitcoin network uses to ID transactions, the flaw that allows rogue actors to disguise completed transactions and demand undue repayment….

So, alt.coin coders must also now wait on a global team coordinated by the Bitcoin Foundation Chief Scientist Gavin Andresen, which is working around the clock to come up with a fix that can prevent future attacks. The solution, many say, lies in coordinating a response by exchanges to modify how they track transactions.

If you should have some spare bitcoins, and you happen to have access to your instawallet, and you haven’t made any accommodations for tomorrow, and your squeeze is not interested in porn or broadloom or last-place basketball (or you are not in the Sacramento area), then here’s something you could do.

The floral startup BloomNation is now accepting Bitcoin for its products. That means it’s now possible to buy floral arrangements with bitcoin—and, more importantly, to convert bitcoins into tulips, exchanging one famously volatile currency for another.

BitBeat: Alt.Coins Bitten by Same Bitcoin Bug [WSJ MoneyBeat blog]
It Is Now Possible to Buy Tulips With Bitcoin [Atlantic]

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  1. Posted by Guest | February 13, 2014 at 5:01 PM

    I'll pay 69 Shazcoins a year to DB for this type of content.

  2. Posted by Guest | February 13, 2014 at 5:09 PM

    Everyone sucks except for Adam Smith and lawless virtual currencies.