Bitcoin Buzz

SCMP’s Bitcoin Morning Report: War of words with Mt Gox

PUBLISHED : Tuesday, 11 February, 2014, 10:48am
UPDATED : Tuesday, 11 February, 2014, 12:28pm

Bitcoin core developers Jeff Garzik and Gavin Andresen have hit back at Mt Gox after they claimed to have found a flaw in the heart of the Bitcoin network. Garzik and Andresen said it was a cynical attempt to shift blame from the beleaguered Japanese exchange to developers and Bitcoin itself.

The allegation is that a known issue within the system can open exchanges up to fraud. Mt Gox claims they identified suspect trades which need more investigation. In the meantime, all Bitcoin withdrawals on the exchange are suspended indefinitely. Cash withdrawals are unaffected.

SCMP will have further comment and reaction to Mt Gox later today.


Price recovery

Bitcoin prices have recovered overnight after the shock revelations from Japan’s Mt Gox over the issues that dogged them last Friday. Equally, for fans and speculators of Bitcoin, those who held on during the turbulent trading day – and bought more for their money – will be richly rewarded. That includes the mystery buyer of a Bitcoin holding for just US$102.

Mt Gox price index axe

Coindesk has removed Mt Gox from the Bitcoin Price Index which tracks the average price across major trading exchanges. The digital currency news website said it took action “due to its persistent failure to meet the Index’s standards for inclusion". Last Friday’s failure was the final straw, it said.

Money search

Microsoft’s search engine Bing will now convert real-world currencies into BTC [Bitcoin] prices automatically. Will Google follow suit? The nifty feature allows Bitcoins to be converted into a host of currencies and vice-versa.

Bing says: “For years, you have been able to convert currencies in Bing. Whether you’re looking to compare dollars to pounds, euros to pesos or yuan to rupee, we’ve got over 50 currencies in our index that we’ll display following a few quick keystrokes.

“As Bitcoin (the peer-to-peer payment system and digital currency) makes headlines and captures the world's attention, we thought it was only natural to give you an easy way to track real-time fluctuations.”

Bitcoin award nomination

A glimmer of good news for Bitcoin to bat away the negativity – Bitcoin has been nominated for ‘Best Technology Achievement’ in TechCrunch’s 7th Annual Crunchies Awards. However, it faces stiff competition from Apple’s A7 Processor, node.js, Planet Labs and Project Loon.

Apple peace summit

Blockchain chief executive Nicholas Cary wants a Bitcoin peace summit with Apple to resolve their differences and he has reached out to CEO Tim Cook on Twitter to come round to the idea. On Thursday, Apple controversially booted Blockchain’s digital wallet app off the iOS App Store. Last month, the U.S. tech giant made a patent filing for its own mobile digital wallet system.

Latest Bitcoin price: US$690.13 at 09.39 on Tuesday based on prices from BTC-e and Bitstamp

Source: Coindesk