Bitcoin's Software Gets Security Fixes, New Features

itwbennett (1594911) writes "The software driving Bitcoin's network was upgraded Wednesday, with security fixes addressing a problem that defunct bitcoin exchange Mt. Gox blamed for losing nearly half a billion dollars worth of bitcoins. The latest version of bitcoin's software, 0.9.0, contains more than a half dozen fixes for transaction malleability, according to the release notes for the software. Bitcoin Core also contains a new feature for payment requests. Previously, merchants couldn't attach a note describing an invoice, and people also could not supply a refund address to a merchant. The latest version automatically supplies a refund address." This wouldn't have prevented the Mt. Gox implosion since they weren't using the reference implementation. The foundation also renamed the software to "Bitcoin Core" to avoid confusion between Bitcoin-the-network and Bitcoin-the-reference-implementation,

Re:LOL .. 0.9.0?

[Animats]

The base Bitcoin technology is surprisingly good. Nobody has been able to double-spend yet. The "mallability" bug has to do with programs which incorrectly decide a transaction didn't go through and redo it.

Most of Bitcoin's problems aren't with the software. Bitcoin's irrevocable money sends to anonymous remote parties are the con man's dream. At last, you can rip people off without ever giving them enough info to find you. That's why Bitcoin is such a scumbag magnet.

Mt. Gox's problems stem from a combination of incompetence and criminal activity. They're not technical. Karpeles was running a business that handled a billion dollars a year without an accountant, a controller, an inside auditor, an outside auditor, or a compliance officer. You can't do that and succeed. You have to have enough separation of functions that no employee can steal without detection. Mt. Gox didn't have that. Probably so that Karpeles could steal.

Re:What?

[pla]

Are you fucking kidding me? Bug fixes for a currency?

Why? The Federal reserve calls these "Quantitative Easing". We've had three major patches in as many years, along with quite a few minor updates to those outside the normal update release cycle.

Re:LOL .. 0.9.0?

[DaveV1.0]

Because it is generally accepted that the three digit version number system works as major.minor.patch_level. A 0 major version level means the software is still in beta and not fit for production use.

Does that answer your question, Trolio?

A Warning to the Uninitiated

[Anonymous Coward]

If you want to join the experiment and get some Bitcoin, this software is not a good choice for your wallet. The official Bitcoin client does not support any way of securing your Bitcoins against theft through malware. While the wallet can be encrypted, you have to decrypt it to use it, and at that time, your BTC are up for grabs by any of a multitude of BTC stealing trojans. (The official client software is what's called a hot wallet. You shouldn't use a hot wallet for any amount that you can't afford to lose.) Also, backups are an issue. You absolutely have to have a backup, or a hard disk crash or other computer problem can irrevocably wipe out your entire wallet. But backups are difficult with the official Bitcoin client: In order to be sure that all keys are in the backup, you have to keep making backups, because new information is added to the wallet file from time to time, and without that information, you can't access all your BTC.

Re:Just in time for another price dive

[Archangel Michael]

Problem is, the value of BitCoins exceeds the market demand / use for them. This means it is well into "speculation" arena, and will remain so, until there is a large thawing of coins by the people currently hording them. As these people age, their goal of making a fortune will diminish as "unrealized" profit becomes lost to Bitcoin dustbin.

The problem with hording, is that the value is gone once the person who hid it is dead, and nobody knows it even existed. But unlike Gold, bitcoins burried will be lost forever if there is nobody to remember the password for the wallet.

http://www.cnn.com/2014/02/25/... [cnn.com]

Once BitCoin starts to become viable alternative currency, actively traded for goods and services, then I'll become a believer in the value. The problem right now, the only people using BitCoins, are traders. It may end up being just a tool to hold accumulated wealth, and that would be a shame.