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On March 11, 2013, Bitcoin experienced a technical crisis. Versions 0.7 and 0.8 of the software diverged from each other in behavior due to a bug, causing the block chain to “fork” into two. Considering how catastrophic a hard fork can be, the crisis was resolved quickly with remarkably little damage owing to the exemplary competence of the developers in charge. The event gives us a never-before-never-again look into Bitcoin’s inner workings. In this post, I’ll do a play-by-play analysis of the dramatic minutes, and draw many surprising lessons. For a summary of the event, see here.
