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Potentially more punishing, the flaw let anyone paying with bitcoin reap many times the authorized bitcoin refund amount on any canceled Overstock orders. In January , Overstock. As a result of the change, Coinbase customers with balances of bitcoin at the time of the fork were given an equal amount of bitcoin cash stored by Coinbase.
However, there is a significant price difference between the two currencies: During the checkout process for those paying by bitcoin, Overstock. The solar lights I purchased from Overstock.
After indicating I wished to pay for the lamps in bitcoin, the site produced a payment invoice instructing me to send exactly 0. The site responded that the payment was complete. Within a few seconds I received an email from Overstock congratulating me on my purchase and stating that the items would be shipped shortly.
Crypto-currency alchemy at last! So I cancelled the order. To my surprise, the system refunded my purchase in bitcoin, not bitcoin cash! Consider the implications here: A dishonest customer could have used this bug to make ridiculous sums of bitcoin in a very short period of time. Reached for comment, Overstock. After working with the researcher to confirm the finding, that method of payment was disabled while we worked with our cryptocurrency integration partner, Coinbase, to ensure they resolved the issue.
We have since confirmed that the issue described in the finding has been resolved, and the cryptocurrency payment option has been re-enabled. No other Coinbase customer had this problem.
To our knowledge, a very small number of transactions were impacted by this issue. The snafu comes as many businesses that have long accepted bitcoin are now distancing themselves from the currency thanks to the recent volatility in bitcoin prices and associated fees. Earlier this week, it emerged that Microsoft had ceased accepting payments in Bitcoin , citing volatility concerns. And, as KrebsOnSecurity noted last month, even cybercriminals who run online stores that sell stolen identities and credit cards are urging their customers to transact in something other than bitcoin.
Instead, I donated it to archive. A previous version of this story stated that neither Coinbase nor Overstock would say which of the two was responsible for this issue. The modified story above resolves that ambiguity. Bancsec , bitcoin cash , Coinbase , J. Snyder , microsoft , overstock. This entry was posted on Tuesday, January 9th, at 1: You can follow any comments to this entry through the RSS 2.
Both comments and pings are currently closed. Best story so far this year! Now we all know to check out new adopters of Bitcoin to see if the same thing can be replicated with them.
This is at least two separate Krebs articles in the last couple of weeks on the topic of cryptocurrency now where your comment has been a clear standout as the most facepalm worthy. I suspect not… As there are far superior technologies, which are directly completing against each other. There will be some winners and losers, but Bitcoin is currently the gold standard of the Crypto world…. Besides money laundering and crime what is the real advantage of a currency backed by nothing with widely varying fees?
No major country in the world is going to stand by while billions of tainted dollars flow unseen, untaxed, and unregulated. Sure sounds like the current currencies being used around the world.. Have you not considered that your current currency is digital? Only the bank has a copy of that database.
If they lose their copy, there goes the proof of your finances. Blockchain provides everyone with an exact copy of the database.
You say that like it matters. I would prefer in fact for the drug dealers and high dollar money launderers to get caught and prosecuted by the IRS and FBI. The inevitable result is what we see today, governments not recognizing these as legitimate ways to process transactions and rightfully seeing them as a smoke signal for criminal activity.
I wonder how much longer Overstock will even be accepting Bitcoin. Like the others that you mentioned, most retailers cannot manage the volatility. Bitcoin is hardly a currency anymore. Long-time supporters of Bitcoin, as I am, are saddened by this. Theyre the 1st public corp I know of to hodl BTC. Good luck trying that during the next post-natural disaster situation. Is it truly any different than the current money system?
I go months on end without touching a paper bill. In that case, what happens when the power goes out?? Can I go to an ATM? Everything is play money now. You can bury the private keys printed on paper or etched on metal. You can transact with no power the same way you do with no cash during a blackout. You agree to even things up when the power comes back on.
The US Dollar has value because every believes it has value. Read up on how Brazil launched their new currency and stopped the crazy inflation of the old Real. Nothing changed, except public perception.
The old dollar is bad. Not unfixable, but breathtaking. Brian, maybe Amazon is too volatile for you too? Amazon stock is a commodity. Comparing the two only undermines your argument that Bitcoin is a currency.
What I think Greg is saying is that generally a currency should be a 1 medium of exchange and 2 a store of value. That value is obviously not a constant, but we expect still our currency to be more dependable predictable? I see where he is coming from. Nice job of distancing yourself from the caper. Great research you did on this article! And thumbs up for supporting archive. But I think you miss one point here: The more complicated it is, the more likely it will happen.
I have implemented online payment methods into online shops myself and I know from experience, both in my own work and from other developers. I remember when MasterCard secure code was introduced a few years ago and online shops started adapting it: What happend was the purchase was completed and marked as paid. The item was sent to me, even though I never paid for it. Bitcoin may be groundbreaking as an idea, but the current implementation has been proven completely unfit as an everyday payment method.
There will most definitely be a crypto currency or multiple currencies that will replace PayPal and credit cards for online payments, but it has to be different to Bitcoin in a way that is yet to be found.
Bitcoin is one of the few that actually has real engineering and coding talent behind it. Bcash is a patch job run by a criminal. Support of that trash was the first mistake.
And they are real scalable solutions. The volatility is natural and healthy at this stage. The laws are clear about how they wish to treat it, at least right now. The major difference being your responsible for securing your money or pay someone to do it for you. The real test will be when government inevitably pushes for their own controlled cryptocurrency.
Will people refuse and fight back in the centralization of power and lack of freedom that entails or roll iver thinking. Most people learned how to use debit cards for online payments simply by intuition. Good luck trying to explain the problem of unspent outputs with a paper wallet to 10 random people you meet on the street! If you think that Bitcoin or any crypto currency can replace credit cards if you just solve the scalability issues, it is wishful thinking. The idea behind Bitcoin is great, but the revolution has just begun.
The guy who runs Bitcoin cash is a criminal? You continue with only wishful thinking, or simply utter dreams. Already another one replied to you on that too.. Crypto will remain but bitcoin is doomed already. Bitcoin Cash, Ethereum , Monero and countless others have already surpassed it!