Why
This Exec
Says Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Is the ‘
Most Reliable Monetary
System’
Why This Exec Says Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Is the ‘Most Reliable Monetary System’
So far, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has seen only two downtime events: One in 2010 and one in
2013. In 2010, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin went down due to the “value overflow incident.”
By Adrian Zmudzinski
Jan 6, 2025 Jan 6, 2025
4 min read
Going mobile with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. Photo: Shutterstock
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There's a strong case to be made for claiming that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is the "most
reliable monetary system," according to Riot Platforms executive Pierre
Rochard.
In a Jan. 5 tweet , Rochard, vice president of research at the crypto mining
firm, claimed that “Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is engineered to be the most reliable monetary
system in the world for savings and payments.” His statement is backed by
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin's uptime of almost 99.99% since its launch on Jan. 3, 2009.
So far, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has reported only two downtime events: One in 2010 and one in
2013. In 2010, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin went down due to the “value overflow incident.”
As the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin wiki recounts , the value overflow incident occurred on Aug.
15, 2010, when miners approved block 74638 with a transaction that created
over 184,467,440,737 BTC for three separate addresses. Two of those addresses
received 92.2 billion BTC, and the miner who mined the block received an extra
0.01 BTC, which shouldn’t exist either.
The transaction in question exploited a value overflow vulnerability. When the
value is set too high, the check on how much Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin can be spent is not
performed correctly. This is known as a stack overflow vulnerability .
Within five hours of discovering the faulty block, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin developers
published a soft fork that resolved the issue and rejected the illegitimately
created Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. This fork split the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн into two, but the right
blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн took hold at a block height of 74691.
Then, in 2013, it was a bug linked to CVE-2013-3220 that caused downtime on
the network . downtime. The Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network split into two as versions 0.7 and
0.8 of the node software diverged, and a non-malicious actor mistakenly
executed a large double spend .
Unlike in 2010, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin had already seen some adoption before the bug caused a
23% price fall. The issue was resolved by widely rolling back to version 0.7.
After those two early incidents, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has operated without issues for
years. Last week , Rochard tweeted that the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network processed “more
than $19 trillion worth of BTC transactions in 2024.” According to him, this
proved “that Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is both a store-of-value and a medium of exchange.”
As of press time, the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price has made its way north of $102,000, the
first time it's seen six figures in the new year. BTC has gained 4.2% in
the past day and 11% compared to this time last week, according to CoinGecko
data.
Things weren't always looking this rosy, though. Earlier today, before
BTC climbed past $100,000, Obchakevich Research founder Alex Obchakevich told
Decrypt that “if we see a breakout of the $100k resistance level this week, it
will be a powerful signal for further growth.”
Tom Wan, Head of Data at Entropy Advisors also suggested that “Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price
is poised to retest $100,000 soon,” after reaching this milestone for the
first time in early December . He highlighted that “we’ve seen a strong start
to the year with $908M in BTC ETF net inflows on January 3, 2025, marking the
5th highest single-day inflow since BTC ETFs were launched.”
According to Wan, those inflows highlight the sustained interest in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
from institutional investors “fueled by optimism around the U.S. market
potentially expanding under the upcoming Trump administration.” He expects
that more financial advisors, pension funds, family offices, private banks,
corporations, and asset managers will gain access to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs and make
larger allocations to those products.
Furthermore, Wan pointed out that BTC perpetual funding rates have decreased
significantly, “dropping from overheated levels of around 20% back to a more
normalized rate of approximately 10%.” He highlighted that “this suggests that
a market deleveraging event has occurred, resetting the market dynamics and
potentially paving the way for continued growth."
Edited by Stacy Elliott .
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