A “massive” distributed denial of service (DDoS) attack is hitting Bitcoin, according to trading venues, in what has been a tense week over alleged flaws in the various systems run by the virtual currency and its exchanges.
The attack picks on the very area – transaction malleability, or the potential renaming of transaction messages – that has become a bone of contention between different venues, and is blocking some transactions from being confirmed. The source of and reason for the attack have not been disclosed[...]
The DDoS attack, detected yesterday, directly targets the malleability issue and is preventing some transactions from being confirmed. It has prompted exchanges Blockchain and Bitstamp to halt Bitcoin trading, a block that is still in place at the time of writing. Other exchanges have not stopped trading but have warned of transaction confirmation delays[...]
Andreas Antonopoulos, Blockchain’s chief security officer, has told the Coinbase site that the attack was “massive and concerted”, with parallel transactions being executed to create a “fog of confusion” around the currency. Meanwhile, Bitstamp said in a statement that the attack was using transaction malleability “to temporarily disrupt balance checking”.
Bitcoin exchanges and the Foundation itself have begun a concerted effort to fix the problem and get things back to normal. Gavin Andresen, chief scientist at the Bitcoin Foundation, said in a statement that traders should “rest assured that we have identified the issue and are collectively and collaboratively working on a solution”.
Andresen explained there were bugs in both the main Bitcoin software and in that of exchanges, leading to the problem.
“This is a denial-of-service attack; whoever is doing this is not stealing coins, but is succeeding in preventing some transactions from confirming,” he added. “It’s important to note that DoS attacks do not affect people’s bitcoin wallets or funds.”
Wednesday, February 12, 2014
FORBES: Bitcoin Hit By 'Massive' DDoS Attack As Tensions Rise; Now Blockchain Halts Trading
Leo King writes at FORBES:
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Yeah, this is definitely something I want to get involved in. Shitcoins are faaaar superior to gold or the dollar. Bwahahahahahahahahaha! Hey, Honey badger, come on here and tell us all how it's all going to be all right and everyone should be using shitcoins. The writing is on the wall! BUY GOLD!!!
ReplyDeleteWhy do you persist in this false dichotomy? Many people own both Bitcoin and gold - I certainly do.
DeleteBitcoin is still in its early days. Will it still be around in a year? In 5 years? Who knows. I think it is likely, others don't. I've placed my bet and it seems you have also. There are ups and downs until the day you cash out - why such vitriol over every minor setback or fluctuation?
Because he is a childish anti-Bitcoin troll.
DeleteThere is no reason for anyone to hate Bitcoin this much without it being a purely emotional affair. His insistence on using the phrase "shitcoin" proves - first of all - that he has the mind of a 15 year old, and second of all that he would have NEVER accepted he was wrong. You don't call something "shitcoin" from the very start and then later say: "oh yes, i was wrong."
There is a personal interest here to see Bitcoin fail.
I don't think I've ever actually seen a bitcoin fanboy who advocates for buying only bitcoins. Isn't diversification a good thing, Chris?
Deletediversification is definitely a good thing. that's why I recommend silver as well. why put anything towards shitcoins (and, yes, I love that I upset the pro-shitcoin lovers on here...the ones who defend this volatile crap that isn't worth the paper...uh, metal...uh, program? it's printed...uh, made...uh.....get my point now?). They won't have much to say about it for long. here today, gone later today. and everyone avoids directly answering anything I say on it because they can't. they can say I'm a troll or childish but none of that will change the fact that I won't be the one losing my shirt when it all comes crashing down...and it will. My gold and silver will only go up, up, up. Put that in your pipe and smoke it!
DeleteHey Tony, I am definitely anti-shitcoins. they are a waste. dollars, gold, silver, are FAR superior and much easier to use. And you refer to me as a "15 year old" but that's ok because I could ask any 15 year old what shitcoins are and they wouldn't know. They WOULD KNOW what gold, silver, and dollars are. So, basically the average 15 year old is smarter than you.
DeleteHey Chris B. - Explain why Bitcoin refuses to fail then? Hack attacks, Massive Crashes, Government Hate, Media Lies, and a bunch of coward libertarians spreading nonsense (like you and Wenzel). Why won't it die? Gone on longer then the Tulip Bubble, gone on longer than the real estate bubble, gone on longer than the South Seas Bubble, gone on longer than the Mississippi Bubble, etc. And none of those bubbles had a second act (rising higher after their crash), and yet Bitcoin has had 4 already. I could keep going, but answer this question..."How is Bitcoin been able to defy all the patterns we know about bubbles?"
ReplyDeleteYou don't understand the difference between a bubble (malinvestment in a specific area caused by artificially maintaining low interest rates and/or a rapid increase in money supply) and a "pump and dump" scheme ... of course bitcoin does have aspects of a bubble, like equities, bonds, etc., due to the fed's actions, but that's not the fundamental problem with bitcoin
DeleteOk Danger Pioneer...Since you know the difference explain it to me? And while you are are at it...Show me a pump and dump scheme that has had a second act?
DeleteWhat second act? It peaked around 1200 and has been declining ever since ... I'd wager a great deal the price will be even lower by the end of March than it is now ... just a shame I'm not aware of any vehicle through which bitcoin can be shorted
DeleteYou display your ignorance Danger
DeleteBitcoin has had 4 parabolic tops, with drops from the highs of over 50% and from a technical position this one has been the strongest post-crash chart we have seen. One of those kills every other mania we've ever seen. Show me one that has been reborn after one of those events.
Danger Pioneer, don't bother, these pro-shitcoin people are crazy. shitcoins are down to $300 and they still defend this crap. I bet Honey Badger $100,000 of shitcoins for gold to see which would outperform which in 1 year's time. Of course he didn't take that bet. No one would. I would rather hold physical cash (dollars) then .0000001 of shitcoins. these shitcoin lovers are the equivalent of the makers of the Titanic standing on the iceberg defending the unsinkability of the ship as they watch it go down.
DeleteHey Wenzel - You have basically boiled down your argument against Bitcoin to "The government will kill it". Answer me this, would you have given the same advice to Washington's Continental Army? Their prospects sure looked daunting and the power of the British Empire was at a zenith. And anecdotally we know that most citizens were spouting that exact cowardice non-sense that you are now spreading about the modern continental army, Bitcoin.
ReplyDeleteWenzel reminds me of the King of Rohan under the spell of Wormtongue and the evil wizard Saruman. He's forgotten how to draw a sword.
Deletepa2013- king of the nerds.
DeleteAnon, Wenzel doesn't hate bit coin and the fact that a few zealots try to paint him as a "H8R" is not only disingenuous but juvenile and does NOT help your cause.
I argued with Wenzel a year or so ago that, IMHO, Bitcoin actually seemed to fulfill Mises' regression theorem. I no longer find that to be the case, since the early attraction- anonymity, convertibility and safe transactions- has been proven ephemeral.
Wenzel doesn't "hate" Bitcoin or actively hopes it fails- I know I would, and I am sure RW would, love to be proven dead wrong. I would celebrate my wrongness if Bitcoin became the "new world currency" and displaced or competed openly and powerfully against the dollar. I would LOVE to be able to hold all my currently banked cash in Bitcoin and screw the Federal Reserve.
But. It's. Not. Going. To. Happen. Not while the Good Grey Men who run the world banking system still draw breath. They will use every tool, every trick, every weapon to destroy it if it becomes a real threat.
They will lose, eventually, but it won't be Bitcoin. Bitcoin will be revered in history as the first threat, and the saga of the steps the government took to destroy it will fill many chapters. The crypto currency that finally wins will be hailed, and it will have Bitcoin to thank.
But it won't be Bitcoin. I hope I'm wrong (I've got a few from about 2 years ago that I'm saving) but history, unfortunately, indicates that I'm not.
And that sucks.
Viva la Bitcoin!
I love how Bob leaves off the part about this not effecting people’s bitcoin wallets or funds. That's pretty important information to know,don't ya think?
ReplyDeleteMajor banks have been hit by DoS attacks. This isn't any different. I'm not sure why we should believe the present super-manipulated ponzi banking system is any better than bitcoin.
The banks are not better- they just have more ammunition.
DeleteRW doesn't hate Bitcoin and it shows a real lack of maturity that so many Bitcoin Zealots refuse to debate and just attack.
You're almost (ALMOST!) as bad as Jerry Wolfgang. And that's a curse I usually level towards total commies