Following Bitcoin volatility over the last 24 hours, Ziglu’s Head of Growth, Yang Li, said:
“While an example of double spending would indeed be a worrying event, upon further investigation it is clear that this is just a blockchain reorganization where two competing transactions were entered but later bitcoin blockchain did exactly as it was designed and ‘ to self-correct so only one transaction was received.
It is interesting to note that while there are rumors of such a fundamental flaw being triggered, bitcoin fell only 11%. Had this happened in equities or another financial market, it is likely that there would have been a significantly larger fall. Imagine if there was mention that the NASDAQ had sold the same stock several times ?! “
Yang is available to talk about the implications for the retail community and the broader crypto-currency market. He is happy to talk in more detail over the phone, or on a video conference call.