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Bitcoin price takes a hit as largest trader halts withdrawals

The price of one bitcoin has fallen from €676 to €451 after a software bug forces MtGox to halt all withdrawals on the site.

BITCOIN TOOK A hit in price as one of the digital currency’s largest traders, MtGox, was forced to halt all withdrawals because of a software bug.

The company has said it’s been forced to take this action due to the way bitcoin withdrawals were being processed, going from a MtGox wallet to an external bitcoin address.

The payment processor, which handles more than 80 per cent of all bitcoin transactions, says that the problem is being caused by “transaction malleability,” a bug in bitcoin software which makes it possible to use the network to alter transaction deals to make it seem like one didn’t occur when it did.

The problem experienced by MtGox could be part of a broader problem that would affect the wider bitcoin community.

The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party.

We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.

Bitcoin itself has fallen in price since withdrawing bitcoins was halted. Back on 7th February, the price of one bitcoin was valued at $922 (€676), now it’s fallen to $615 (€451).

MtGox said it will resume bitcoin withdrawals to outside wallets once the issue has been properly resolved.

Read: So what’s the legal status of Bitcoin around the world? >

Read: So what’s the next step for Bitcoin? >

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11 Comments
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    Mute JohnAbbs
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    Oct 24th 2015, 1:03 PM

    Hailo’s message to Uber:……….. Fc*k Off we don’t wan’t competition.

    203
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    Mute MAN UTD IRISH REDS
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    Oct 24th 2015, 1:39 PM

    Hailo are supposed to be in trouble over spending and no investment so uber def spells trouble for them

    59
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    Mute RoN
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    Oct 24th 2015, 12:09 PM

    The journal will literally use any opportunity to mention the gay marriage referendum. Move on.

    118
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    Mute Carmo Vanderval
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    Oct 24th 2015, 12:55 PM

    Gay people can get married now? Gosh, that must annoy certain types of people.

    64
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    Mute Fiona deFreyne
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    Oct 24th 2015, 12:55 PM

    I had not noticed the passing reference to the free taxi service to the polling booths for the same sex marriage equality referendum until you drew it to my attention, RoN.

    Clearly you would have preferred RoN to have had the service restricted to the opponents of same sex civil marriage.

    Thank you for highlighting the Marriage Equality Referendum passed by more than 68% of those who voted.

    This topic deserves another separate article so that RoN can get his full rant on.

    28
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    Mute James Stratford
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    Oct 24th 2015, 2:03 PM

    When will companies and businesses in all industries cop on that they are not in any way simply entitled to your business? If they are out flanked by someone with an innovative idea, the onus is on them to either catch up or offer more appealing innovative ideas of their own.

    79
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    Mute Kamil
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    Oct 24th 2015, 3:30 PM

    In theory yes but it seems that the playing field isn’t level. Essentially they are both providing the same service but uber drivers are not vetted or regulated in any way and their costs are lower, for example insurance. Also, I don’t think uber drivers are taxed.

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    Mute Ronan Hourican
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    Oct 24th 2015, 12:35 PM

    Harry Potters real?

    58
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    Mute Carmo Vanderval
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    Oct 24th 2015, 12:58 PM

    No, just a fictional character who looks a bit like you.

    69
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    Mute Paul McCabe
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    Oct 24th 2015, 1:37 PM

    Taxi service in Atlanta is dreadful, everyone i know uses uber and they rave about its convenience, low cost etc. I personally have only used it once and it was bang on, great idea, well executed.

    52
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    Mute Sean
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    Oct 24th 2015, 3:47 PM

    Uber is incredible

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    Mute John Joseph McDermott
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    Oct 24th 2015, 11:50 PM

    Ireland is not Atlanta.
    We dont need Uber destroying the jobs of licensed,regulated taxi drivers.
    The industry is overcrowded as it is.
    They are a scourge on the face of the earth.
    The authorities have a responsibility to control this form of unbridled capitalism.
    Can we all do part time work as civil servants/teachers/Gardai etc. and put them out of work.?
    Not likely.

    15
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    Mute Kevin Boland
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    Oct 24th 2015, 5:42 PM

    I hope that Uber is launched in its full form in Ireland, allowing those with a suitable car and a clean criminal background check to apply.

    I used ubers multiple times in San Diego this summer and the system works brilliantly and is very cost effective too

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    Mute Keith Redmond
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    Oct 24th 2015, 4:27 PM

    No Hailo app for windowsphone…but there is an Uber app, so hailo for f**k off

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    Mute Michael Sands
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    Oct 24th 2015, 12:59 PM

    In the U.S. UBER HAS STARTED DOING LOGISTICS NOW, will Hailo start doing the Ambulance service now???

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    Mute Alien8
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    Oct 24th 2015, 1:13 PM

    we only have 12 ambulances in Dublin and these are fully stretched at this time of year… if you need to get to a hospital and a DFB ambulance will be another hour, why not get help?

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    Mute Michael Sands
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    Oct 24th 2015, 2:32 PM

    I can see it happening with the TiSA Agreement privatised hospitals and ambulances, Uber is involved with logistics now. So god knows what the future will bring thanks to TTIP and the Trade in Services Agreement.
    Many things are run down in order to change them and the excuse is cost but getting private firms to run things always costs more as the NHS model has shown and the same is starting to happen here now…
    Help is one thing but cost will be another???

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    Mute John Joseph McDermott
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    Oct 25th 2015, 4:35 PM

    Given the wages of ambulance drivers, I am sure the government would love it.!

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