This was the week from hell for the bitcoin community, but the top cryptocurrency has weathered the storm fairly well, overcoming the near collapse of Tokyo-based Mt. Gox, formerly the top exchange, and a barrage of malicious denial-of-service attacks on other exchanges.
Bitcoin is trading in the $650 range Saturday across most major exchanges after flirting with $500 at the lowest point in the week.
Now, Mt. Gox is attempting a rebound.The exchange posted a message Saturday informing traders of a six-hour halt to deposits and internal transfers, in addition to the days-old shutdown of withdrawals.
“In order to implement our solution to the ‘transaction malleability’ issue being faced by bitcoin exchanges and businesses, we are going to have a 6-hour downtime on all bitcoin deposits and internal bitcoin transfers in addition to the current pause on bitcoin withdrawals. Trading will otherwise still be open as usual.”
Mt. Gox goes on to say that “a longer-term solution is being discussed with the Bitcoin Core Dev team and the Bitcoin Foundation.” The company also said it is discussing its problems with other exchanges and businesses.
Meanwhile, distrust among bitcoiners continues to intensify. More protestors outside of Mt. Gox offices have shown up attempting to get more answers. But their actions won’t likely help much.
Less Than a Third of Bitcoiners Get Withdrawals
A CoinDesk survey of nearly 3,000 readers found that Mt. Gox traders have been waiting months to get their withdrawal orders finalized, despite being designated ‘verified’ or ‘trusted’ account holders.
Of the 1,434 survey respondents, less than a third (31.59 percent) reported successful withdrawals, while 68 percent said they were still waiting for their funds, CoinDesk said.