- iSDaily Wednesday – March 14th, 2018 – Episode 042
On this episode of iSDaily Wednesday with The One True Niz and Paul Gordon, On NewsFire, the Cattle Car Guide Rally of 2018 On Skynetter, Google Helps Killer Drones On Liberty Tech, Printing Cars in China [...]The post iSDaily Wednesday – March 14th, 2018 – Episode 042 appeared first on iState. […]
A mistake in an exchange opened the door for a wily investor to attempt to purchase 2.2 trillion yen in Bitcoin, but alas, before the transaction could take place, the mistake, or bug was discovered. Bummer. I feel you dude, or dudette, or differently gendered, fluid gendered investor.
The mistake, or bug, was in listing the price of Bitcoin as being zero. Hats off to the investor for trying. Hats off to whoever realized, holy crap we done effed up, we must fix this. Alls well that ends well, though, and we got a nice little moment of lulz out of the affair.
From Digital Trends
|A Bitcoin exchange bug sees one user try to cash out $20 trillion|
As much as cryptocurrencies like Bitcoin might have an inherent volatility that encourages investors to jump on great opportunities, exchange bugs aren’t one of them. In the case of Japan’s Zaif exchange accidentally setting Bitcoin prices to $0, one enterprising investor attempted to pull out 2,200 trillion yen from the service, or around $20 trillion.
The bug in question meant that the government registered Zaif exchange had a 20-minute window last week whereby Bitcoin prices were locked at $0 for all purchases. Unsurprisingly, many customers took advantage of this flaw and tried to buy up mountains of the scarce digital commodity, only to try and resell it later for an enormous profit. Nobody was quite as ambitious as one customer though, who attempted to profit more than 100 times that of Bitcoin’s entire global market value.
Once the bug in its system was discovered, Zaif quickly voided all transactions that took place during that window, as Reuters reports, but that hasn’t stopped the potential Bitcoin trillionaire from trying to hold on to their impossible returns.