Bitcoin tranzaction backlog,

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Why Mt. Meanwhile, the clamour of angry bitcoin alternativ voices is growing.

Gox graphic above.

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It has promised an update on Monday 10th February Japan time. The internal workings of Mt. Gox have long been the focus of discussion in the bitcoin community.

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Some respondents said they bitcoin tranzaction backlog still waiting to receive their funds. About a third of respondents said they did successfully withdraw funds from Mt. Gox — many of whom had short waiting times. About half reported receiving their funds within a week.

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But for everyone else, the waiting game continued. Gox did little to reduce withdrawal bitcoin tranzaction backlog.

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The CoinDesk survey has attracted more than 2, responses since it went live on 4th February. The company has posted a notice of delays on its main trading page since the beginning oforiginally citing a backlog caused by Japanese New Year business holidays as the cause.

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Andreas Antonopoulos, who recently joined Blockchain. Gox has built an exchange based on a hodgepodge of technologies that are really not suitable for running an exchange. The root of the problem lies in its decision to use a version of the bitcoin client it customised itself, rather than the standard client.

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As a result, Gox handles the protocol with some discrepancies. One of those discrepancies, as Antonopoulos understands it, is the way transactions are propagated through the network.

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A miner on Gox, for example, will prematurely be credited for a new block before the network has a chance to confirm the transaction. As a result, when the transaction hits the bitcoin network to be corroborated, it is rejected. Gox should not be generating non-standard transactions in the first place. In the case of the mining example, the cancelled and resubmitted transactions cause delays in fulfilling withdrawal requests within Gox.

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