Re: I can't believe you guys are so gullible
Yes, let's have Indian drivers piloting cars in the US, with even less of a sense of danger than they seem to possess on Indian roads. What could possibly go wrong?
11 publicly visible posts • joined 17 Apr 2009
Actually, even if the value fluctuated a lot and the merchant only issued refunds in fiat, bitcoin payments would work just fine.
The example you provide of buying a TV using BTC and then getting a refund in GBP when BTC/GBP drops is no different than speculating on BTC/GBP directly on an exchange.
The merchant can protect themselves from the exchange risk, if they so wish, by immediately converting their BTC to GBP at the time of the sale. There are bitcoin payment processors (see coinbase, bitpay etc) that already provide this feature.
Bitcoin the protocol and the standard reference client are both open source. This particular issue - transaction malleability resulting from variable number of leading zeroes in the signature field - was reported in 2011. This is just one exchange - a has-been at that - being horribly inept. There is nothing here that affects bitcoin as a whole.
Nothing is duped or hijacked. The recipient and sender addresses and the transaction amounts are cryptographically signed and impossible to tamper with. What can be changed is some other non material data which changes the overall hash of the transaction packet. Mt Gox relied solely on this hash to track payments they sent. This made it possible to fool them into thinking the transaction was not successful and sending a new one in its place. Of the dozens of exchanges in operation, Gox is the only one with this problem.
As for individual users, when you send bitcoins using a standard wallet like electrum.org, mycelium or multibit, you are safe because those wallets do not use the tx hash for traking
Strange how the French state tolerates this nonsense. I guess "la liberte" doesn't apply to stuff like holding people against their will and blocking highways and ports... In some less enlightened anglo-saxon places we would by now be hearing these criminals whine about how their right to "peaceful" protest were being infringed upon by the riot police...