Breaking: Bitstamp to Resume Bitcoin Withdrawals Later Today

By
Kyle Torpey @kyletorpey
February 14, 2014
Bitstamp has announced they have a fix for their DDoS problems.

Bitstamp has just released a statement about their intentions to resume Bitcoin withdrawals later today. It seems they’ve been able to implement the transaction malleability fixes created by Bitcoin developers, and they are now ready to fight back against the recent DDoS attacks. As of right now, there is no official word from MtGox on when they will be able to fix their own issues.

Could This Stop the Bitcoin Crash?

The Bitcoin price has continued to fall over the past few days, although the damage seems to be much more sever on MtGox. Many people in the Bitcoin community are beginning to think that MtGox could be insolvent, which is why there are people willing to sell their MtGox bitcoins at a discount for “real” bitcoins. It should be noted that Roger Ver, aka Bitcoin Jesus, has given MtGox a vote of confidence by publicly stating that he is looking to buy a large chunk of those discounted bitcoins from MtGox customers. It’s also possible that the recent Silk Road 2.0 “hack” could be having detrimental effects on the Bitcoin price. Overall, this has been a rather horrible week for Bitcoin, so we’ll have to see how far down the price can actually go.

MtGox Fix Coming Soon

Mark Karpeles has now also publicly claimed that they are implementing a fix for the transaction malleability issue. They will likely need to stop Bitcoin deposits as they make the required changes to their code base, and there was also a new mention of support for Litecoin in the future. We are still waiting for an official statement from MtGox, but here are Karpeles’s comments from the Bitcoin Github repo:

Just to update this thread, it seems that this discussion is mostly stale now. We (at MtGox) will implement this new hash index in our transactions database and start working with it (we will announce a maintenance as we will have to stop bitcoin deposits too during the database schema update) and will start providing this new hash when customers are withdrawing bitcoins, litecoins, or any other coin based on Bitcoin we may support in the future.

We will also provide an API that will allow our customers to use this hash to retrieve the transaction hash as seen in the blockchain once the transaction is confirmed, and will hope others (blockchain.info?) will index this value one day.

We also invite other exchanges and businesses which may need to keep track of bitcoins they send to use this same method, since dealing with multiple variations of the same thing wouldn’t be very productive.

If nobody does it, we will also post some test vectors for regular (in=>out) transactions in the near future.

Last modified (UTC): February 14, 2014 11:15

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