Quote from: XTR on February 10, 2014, 08:24:58 PM

Quote from: DieJohnny on February 10, 2014, 08:19:02 PM

Quote from: XTR on February 10, 2014, 08:13:23 PM

Quote from: mikekolba on February 10, 2014, 06:15:53 PM

Nice response here...

https://bitcoinfoundation.org/blog/

Sounds like he is basically saying Bitcoin is broken and that Gox should have implemented their own way to find out if a transaction is real or not. I hate to say it but if a flaw like that really does exist how can one say it's not broken.

Well imagine you pay a plumber $100 dollars with a check and a week later he says he lost the check and wants another one. What would you do??

If your answer is that you would write the plumber another check for $100 without thoroughly checking with the bank first, then you would be like Mt Gox.

They are stupid beyond belief.

That is a good analogy. So basically Mt. Gox was supposed to but did not implement in their wallet software a way to verify the funds in that transaction.

Their wallet actually intends to check whether the withdrawal completes in the blockchain, but they are using a portion of the withdrawal details (txn ID) that is known to be insecure. So their own software was betraying them as they would get a failure notice and assume the payment did not succeed when it actually could have succeeded. The result of this false negative would cascade into other problems essentially backing up the train depot on withdrawals, massive traffic jam....