Price Drops as Mt. Gox Blames Bitcoin Flaw for Withdrawal Delays
Mt. Gox has issued a statement in an effort to address concerns raised by users after it suspended bitcoin withdrawals late last week. The exchange insists it is working hard to address a technical issue that has made it impossible for users to make transfers. The company also points out that currency withdrawals and transfers to any Mt. Gox address are not affected by the issue. Mt. Gox stressed that the problem is not limited to its exchange - it affects all transactions where bitcoins are sent to a third party. Once the problem was identified, Mt. Gox chose to suspend bitcoin....
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While these issues affect centralized exchanges, peer-to-peer trading continues to soar. It appears as if Chinese bitcoin exchanges are dealing with more withdrawal delays right now. A recent post on Reddit shows an email sent out by BTCC explaining they are upgrading their verification system. Bitcoin and Litecoin withdrawals have been suspended until March 15. That is quite surprising, although it highlights a bigger problem for the exchange. Changing from a 10-day delay to a full month is rather disconcerting. Most people are aware of how BTCC imposed a 10-day delay on cryptocurrency....
BTC-e has announced that US dollar withdrawals and deposits sent via bank transfer could be delayed for as long as two weeks. In a 28th May message posted by the BTC-e support team, the European digital currency exchange blamed "a new American policy" for the anticipated delays. The message reads: "Attention everyone who sends us US dollars and trying to withdrawal in US dollars through bank transfer. From tightened for a new American policy correspondence banks in relation to payment institutions deposits and withdrawals of US dollars delayed for 1-2 weeks." BTC-e did not immediately....
Just days following an explanation that withdrawal delays were only affecting some customers, all users of the Japan-based bitcoin exchange Mt. Gox will be unable to withdraw their money, according to a statement released today. "In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state," the statement reads. "In order for our team to resolve the withdrawal issue it is....
Click here to fill in our brief poll. Once the biggest exchange by market share, Mt. Gox looms over the bitcoin economy. But the Tokyo-based exchange has lost its dominant position and complaints about its service from customers are growing louder. Although delays in routine transactions like withdrawals are to be expected of any fast growing startup, the number of complaints about withdrawal delays at Mt. Gox have been mounting. The thread dedicated to the topic at Bitcoin Talk, for example, has accumulated more than 3,300 posts. Forum members have complained about withdrawals taking....
Here is a reality check for all the Bitcoin naysayers, the most widely used conventional electronic payment system – credit/debit cards are not really as secure as we had earlier thought. A serious protocol level flaw exposed by a couple of German security experts bares it all. It is not just the security flaw one has to be concerned about, but also the banks’ apathy towards fixing it! A recent report carried by well-known Russian media channel, Russia Today describes the serious security flaw in POS terminals. According to Karsten Nohl, one of the security experts from the Berlin based....