Posted on 02/21/2018 12:41:22 PM PST by dynachrome
A system glitch at a cryptocurrency exchange site run by an Osaka-based firm enabled users to obtain digital money for free, with one apparently “purchasing” Bitcoin valued at 2,200 trillion yen ($20 trillion) and then attempting to cash in on it.
Tech Bureau Corp., a registered cryptocurrency exchange operator, is now subject to a Financial Services Agency investigation into the safety of the system and other business practices.
The company announced Feb. 20 that the incident on its Zaif exchange website occurred four days earlier, when seven users obtained quantities of cryptocurrencies. Tech Bureau later invalidated the transactions and corrected the users’ balances.
The glitch, which lasted for 18 minutes from 5:40 p.m. to 5:58 p.m. on Feb. 16, affected Zaif’s price calculation system, enabling customers to buy cryptocurrencies for nothing.
(Excerpt) Read more at asahi.com ...
Well that should probably cause Bitcoin to drop like a rock in value now.
Oops
I’ve never been a fan of investing in things that... ummm... don’t actually exist. Bitcoin sounds like the greatest racket since someone invented pet rocks. Thanks, but I will stick with gold.
Those “glitch” things always crack me up. :)
Doesn’t this sort of cut to the heart of why Bitcoin advocates think it is so great?
Actually it didn't. I checked the value chart. Bitcoin started rising again on Feb. 6, 2018 and is continuing it's rise. There wasn't a burp either way on the 16th.
LOL!
Bitcoins.
Possibly the 21st Century’s biggest Ponzi scam.
Should be called TulipCoin.
Buy cryptocurrency and you’ll end up in a crypt before your time
FWIW, gold has vastly underperformed bitcoin the last few days. Bitcoin seems to be regaining some of its losses.
That’s yen. Not dollars. The entire market of bitcoin is not even close to one trillion dollars.
No such thing as a glitch. The system is screwed up. They say “glitch” when they want you to think that the “computer burped.” Computers don’t burp. They do exactly what you tell them to do, even if it is not what you wanted them to do.
How’s that gold working out for ya? I saw it got ass-raped again today. Barely above $1,300. And it hasn’t moved but a few percent in a few years.
I have zero interest in short term movements in markets. Get back to me when the $%^& hits the fan, the banks and financial markets are closed and people are using $100 bills for toilet paper. But if you want to talk about short term market moves, when is the last time gold lost 40% of its value in two months?
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