Bitcoin problems blamed on Mt Gox failings
Suggestions that cryptocurrency Bitcoin is flawed have been denied by the Bitcoin Foundation.
The foundation claims that the bug Mt Gox has identified – known as "transaction malleability" – has been known about since 2011.
In simplest of terms, it is a small window where transaction ID’s can be “renamed” before being confirmed in the blockchain.
And while the bug is "something that cannot be corrected overnight", any company dealing with Bitcoin transactions "should responsibly prepare for" the problems that can result.
The Bitcoin Foundation says that Bitcoin's core development team has worked to minimise the problem, and there is broad agreement that the defect needs to be eliminated.
Mt Gox is suffering, they say, because of their "unpreparedness".
Bitcoin prices have risen to $680, having fallen below $540 earlier in the day.
