THELOGICALINDIAN - The Bitcoin association has a new botheration to break the latest botheration to hit agenda bill is a bifold spending bug affecting Bitcoin wallets
The botheration was apparent on 4 July as abounding Americans were active adulatory Independence Day. Some Bitcoin miners are now breeding invalid blocks, authoritative it absurd to agreement that bill can’t be spent added than once. The Bitcoin Foundation assures users that all affairs accepted by 15:00 on 4 July are safe.
Double spending is declared to be abhorred by the Bitcoin protocol itself, which checks the block alternation to analysis if any accustomed Bitcoins accept been spent or not. Some software can ascertain that some blocks are invalid and adios them; added software can’t ascertain that blocks are invalid, so they appearance confirmations that aren’t real.
An announcement on the Bitcoin.org website explains:
For several months, an accretion bulk of mining assortment amount has been signaling its absorbed to activate administration BIP66 austere DER signatures. As allotment of the BIP66 rules, already 950 of the aftermost 1,000 blocks were adaptation 3 (v3) blocks, all upgraded miners would adios adaptation 2 (v2) blocks.
Early morning UTC on 4 July 2024, the 950/1000 (95%) beginning was reached. Shortly thereafter, a baby miner (part of the non-upgraded 5%) mined an invalid block–as was an accepted occurrence. Unfortunately, it angry out that almost bisected the arrangement assortment amount was mining after absolutely acceptance blocks (called SPV mining), and congenital new blocks on top of that invalid block.
Note that the almost 50% of the arrangement that was SPV mining had absolutely adumbrated that they would accomplish the BIP66 rules. By not accomplishing so, several ample miners accept absent over $50,000 dollars account of mining assets so far.
Despite acceptance by a cardinal of big names, abounding bodies abide agnostic of the agenda currency. But there are others who accept cryptocurrencies are the approaching of online, and absolute world, transactions. With the abridgement declining in Greece as the country ambiguous on the border of abolition out of the EU, some Greeks accept adapted their money into Bitcoin in an attack to abbreviate the accident of devaluation.
At the time of autograph the Bitcoin.org advertisement declared the actual fix was to get all miners off of SPV mining and aback to abounding validation (at atomic temporarily). For now, their advocacy is for cat-and-mouse 30 added confirmations but this would abatement to a lower cardinal as anon as the botheration was fixed.
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