The 2010 Bitcoin Bug That Created 184 Billion Coins Out of Thin Air
By
lawrenceyan
The bagel they save for the regulars. Don't skim, savour.
Summary
In August 2010, a hacker exploited a bug in Bitcoin's early code to create 184 billion Bitcoin out of thin air, completely bypassing the 21 million supply cap. At the time, Bitcoin was worth only about $0.30 and was still in its infancy. The exploit was quickly spotted and patched via a hard fork, and the fraudulent coins were removed from circulation. The incident highlights the growing pains of early cryptocurrency technology.
Key quotes
· 3 pulledThere will only ever be 21 million Bitcoin.
On the 15th of August, 2010, that limit was destroyed by one person who managed to exploit a flaw to produce 184 billion Bitcoin.
Bitcoin wasn't the cryptocurrency juggernaut it is today; like many new technologies, it experienced growing pains.
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