Why Mt. Gox, the World’s First Bitcoin Exchange, is Dying

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    Why Mt. Meanwhile, the clamour of angry customer voices is growing.

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    Gox graphic above. It has promised an update on Monday 10th February Japan time.

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    The internal workings of Mt. Gox have long been the focus of discussion in the bitcoin community. Some respondents said they were still waiting to receive their funds. About a third of respondents said they did successfully withdraw funds from Mt. Gox — many of whom had short waiting times.

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    About half reported receiving their funds within a week. But for everyone else, the waiting game continued.

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    Gox did little to reduce withdrawal delays. The CoinDesk survey has attracted more than 2, responses since it went live on 4th February. The company has posted a notice of delays on its btc markets directori trading page since the beginning oforiginally citing a backlog caused by Japanese New Year business holidays as the cause.

    Andreas Antonopoulos, who recently joined Blockchain. Gox has built an exchange based on a hodgepodge of technologies that are really not suitable for running an exchange.

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    The root of the problem lies in its decision to use a version of the bitcoin client it customised itself, rather than the standard client. As a result, Gox handles the protocol with some discrepancies.

    • Помню, лежал я на спине в своем спальном мешке и глядел на небо, на эти крошечные мерцающие огоньки.

    One of those discrepancies, as Antonopoulos understands it, is the way transactions are propagated through the network.

    A miner on Gox, for example, will prematurely be credited for a new block before the network has a chance to confirm the transaction.

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    As a result, when the transaction hits the bitcoin network to be corroborated, it is rejected. Gox should not be generating non-standard transactions in the first place.

    • Studiul a concluzionat că principala monedă a sferei crypto — nu mai face parte dintr-o simplă clasă a activelor marginale.

    In the case of the mining example, the cancelled and resubmitted transactions cause delays in fulfilling withdrawal requests within Gox.