The implementation of the Protocol Segwit exchange Coinbase has led to the disappearance of bitcoins

The implementation of the Protocol Segwit exchange Coinbase has led to the disappearance of bitcoins

It’s only been two weeks since the implementation of the Coinbase cryptocurrency exchange Protocol Segwit as the error is discovered. The bug led to the fact that in case of payment through Coinbase Commerce in the system of lost bitcoins.

Most likely a problem with the Protocol for data exchange between the seller and the client BIP70. Coinbase apparently haven’t updated it.

With a deep knowledge of cryptocurrency developer wrote in the thread on Reddit:

“They have not updated BIP70 for use SegWit addresses. The result is that your coins are sent-SegWit locations and get lost in their tracking system”

In fact, once you have sent your bitcoins, the seller never sees the confirmation, since all the information is still somewhere in the system Coinbase.

Representatives from Coinbase still has not commented on what is happening, but this little-known BIP70, apparently, not for the first time adds to the problems.

In 2016, it was reported on failed payments due-process BIP70. At that time the tester bitcoin products Patrick Patton described the problem as follows:

“The last few times, when he used the payment request received from Coinbase in your wallet jumped out of a fatal process error BIP 70, which required a return to BIP 21 (this is the old version of BIP 70), or leave things as they are without the ability to ask for help”.

The implementation of the Protocol SegWit was definitely hasty. And the reason is not that other, as the constant pressure from users to support Bitcoin Core. But SegWit — complex software, especially when it comes to services processing commercial payments.

Despite the fact that from the moment of activation Segwit almost a year has passed, its popularization remains at the level of 30%.

Probably the reason is that complex organizations, serving millions of customers and more than 100,000 sellers, changes in the system of irreversible payments can be costly.

That is why testing and safety precautions is given the lion’s share of attention. But in this case, it seems it was all too difficult.

The good news is that the tools are not irretrievably lost, and just “hanging out” somewhere in the space Coinbase.

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