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Bitcoin Boulevard: Dutch neighborhood now accepting cryptocurrency
Ever more people are using digital currencies to pay for things - though it #39;s still relatively hard to find places that will accept them. But not so in one Dutch neighborhood, where the Bitcoin...

By: RT

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Bitcoin Boulevard: Dutch neighborhood now accepting cryptocurrency - Video

The price of bitcoin continues to languish around the $330 mark as cryptocurrency markets stabilise(IBTimes UK)

After a turbulent weekend that saw bitcoin's price fluctuate between $350 and $320, the world's most valuable cryptocurrency has settled back to its late-October levels.

All other major altcoins saw little market movement over the last 24 hours, with litecoin, dogecoin, peercoin, namecoin and darkcoin all shifting by less than 2%.

Cannacoin, the digital currency dedicated to developing and creating innovative new technology for the cannabis industry, saw the biggest movement of any cryptocurrency, surging by 46% since yesterday to take its market capitalisation above $50,000.

Bitcoin mining manufacturer Bitcoin Brothers is launching a cloud-based mining service that it claims uses supercomputers with processing capabilities of over 6 petahash.

It is hoped that the advanced processing power will help reduce mining costs and increase profit margins.

Recent bitcoin price falls have meant that mining the cryptocurrency has become an increasingly cost inefficient process for many mining firms.

"To put our machines in perspective, on the common LINPACK Rpeak and Rmax benchmarks each of our MSEMs outperform the world's fastest supercomputers," Thomas Ackermann, chief technology officer at Bitcoin Brothers, said in a statement.

"We basically have a business model in different stages. The first stage is selling people services for bitcoin mining. People can rent portions of the machines starting at gigahashes, terahashes up to petahashes."

Customers unfamiliar with cryptocurrencies who wish to frequent the caf will be shown how to operate a bitcoin ATM or paper wallet printer that have been installed in the space.

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Cryptocurrency Round-Up: Bitcoin Mining Supercomputers and Syscoin Push Forward Kennedy Case

Reggie Middleton on cryptocurrency and Dan Geer on market security

By: Reggie Middleton

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Reggie Middleton on cryptocurrency and Dan Geer on market security - Video

Cryptocurrency Juggling
Yet another interesting activity made possible by Coinographic #39;s unique collectible coins. For more information, visit http://coinographic.com.

By: Chronos Crypto

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Cryptocurrency Juggling - Video

The price of bitcoin continues to languish below $350 as cryptocurrency markets stagnate.(IBTimes UK)

The price of bitcoin has been relatively stable over the last 24 hours, but remains at its lowest level for three weeks.

There was little movement across other cryptocurrency markets, with the only significant movement coming from darkcoin. The privacy-centric altcoin saw a 6% rise in value to take its market capitalisation to $8.5m (5.32m).

One of the biggest movers across all markets was carboncoin, the "energy efficient cryptocurrency devoted to lowering the concentration of carbon dioxide in the atmosphere". It saw a 70% price rise since yesterday.

MintPal prepare legal action against Alex Green

The saga surrounding former Moolah chief executive Alex Green, who previously went by the name Ryan Kennedy, could soon be entering a court of law, as bitcoin exchange MintPal look to raise funds to mount a legal case against him.

In a statement released on Pastebin, MintPal detailed the criminal activity that it claims Green has carried out, including the theft of around 4,000 bitcoins in user funds.

"The law firm we have been working with is Selachii LLP, and I am looking into the possibility of raising $25K to cover the remaining costs in our legal battle against Ryan," the statement said.

"A bitcoin wallet has been set up for this and will remain in the custody of one of the most trusted members of crypto community, CryptoCobain (aka Jordan Fish), who has offered escrow and lent his support in our efforts of bringing Mintpal back.

"If we are successful, the legal fees will be awarded against Ryan Kennedy and the bitcoins donated to cover the legal fees will be returned to the donors."

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Cryptocurrency Round-Up: MintPal CrowdFunds Legal Case Against Alex Green Over Missing Bitcoins

$100 of free bitcoin offered to MIT students through Bitcoin Project comes as cryptocurrency markets slide(IBTimes UK)

Following a brief upturn on Monday 27 October, bitcoin and other major cryptocurrencies have taken a significant slide over the last 24 hours.

Bitcoin, dogecoin, peercoin, namecoin and darkcoin all fell by between 4% and 5% since yesterday, with only litecoin faring marginally better with a 2% price fall.

Despite the market-wide downturn, several digital currencies did see some positive movement. The biggest mover was titcoin, which saw its value surge by more than 360%.

One of a handful of cryptocurrenies designed for the porn and adult entertainment industry, titcoin now has a market capitalisation of around $90,000 (56,000).

Students at the Massachusetts Institute of Technology have become eligible to receive their share of a bitcoin fund worth around half a million dollars.

The MIT Bitcoin Project is offering undergraduates $100 worth of bitcoin in return for completing a surveybefore 2 November.

Students Dan Elitzer and Jeremy Rubin raised the money for the project, and they received donations from university alumni and members of the bitcoin community.

Rubin said: "Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the internet era."

Former chairman of the US Securities and Exchange Commission (SEC) Arthur Levitt is to join bitcoin payment processing firm BitPay and bitcoin exchange Vaurum.

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Cryptocurrency Round-Up: MIT Students Claim Free Bitcoin Amid Market-Wide Dive

Cryptocurrency is the name given to a system that uses cryptography to allow the secure transfer and exchange of digital tokens in a distributed and decentralised manner. These tokens can be traded at market rates for fiat currencies. The first cryptocurrency was Bitcoin, which began trading in January 2009. Since then, many other cryptocurrencies have been created employing the same innovations that Bitcoin introduced, but changing some of the specific parameters of their governing algorithms. The two major innovations that Bitcoin introduced, and which made cryptocurrencies possible, were solutions to two long-standing problems in computer science: the double-spending problem and the Byzantine Generals Problem.

Until the invention of Bitcoin, it was impossible for two parties to transact electronically without employing a trusted third party intermediary. The reason was a conundrum known to computer scientists as the double spending problem, which has plagued attempts to create electronic cash since the dawn of the Internet.

To understand the problem, first consider how physical cash transactions work. The bearer of a physical currency note can hand it over to another person, who can then verify that he is the sole possessor of that note by simply looking at his hands. For example, if Alice hands Bob a $100 bill, Bob now has it and Alice does not. Bob can easily verify his possession of the $100 bill and, implicitly, that Alice no longer has it. Physical cash transfers are also final, in the sense that to reverse a transaction the new bearer must give back the currency note. In our example, Bob would have to hand the $100 bill back to Alice. Given all of these properties, cash makes it possible for different parties, including strangers, to transact without trusting each other.

Now, consider how electronic cash might work. Obviously, paper notes would be out of the picture. There would have to be some kind of digital representation of currency. Essentially, instead of a $100 bill, we might imagine a $100 computer file. When Alice wants to send $100 to Bob, she attaches a $100 file to a message and sends it to him. The problem, as anyone who has sent an email attachment knows, is that sending a file does not delete it from ones computer. Alice will retain a perfect digital copy of the $100 she sends Bob, and this would allow her to spend the same $100 a second time, or indeed a third and fourth. Alice could promise to Bob that she will delete the file once he has a copy, but Bob has no way to verify this without trusting Alice.

Until recently, the only way to overcome the double spending problem was to employ a trusted third party intermediary. In our example, both Alice and Bob would have an account with a third party that they each trust, such as PayPal. Trusted intermediaries like PayPal keep a ledger of all account balances and transactions. When Alice wants to send $100 to Bob, she tells PayPal, which in turn deducts the amount from her account and adds it to Bobs. The transaction reconciles to zero. Alice cannot spend the same $100, and Bob relies on PayPal, which he trusts, to verify this. At the end of the day, all transfers among all accounts reconcile to zero. Note, however, that unlike cash, transactions that involve a third party intermediary are not final, as we have defined it, because transactions can be reversed by the third party.

Like PayPal, the Bitcoin system employs a ledger, which is called the block chain. All transactions in the Bitcoin economy are recorded and reconciled in the block chain. However, unlike PayPals ledger, the block chain is not maintained by a central authority. Instead, the block chain is a public document that is distributed in a peer-to-peer fashion across thousands of nodes in the Bitcoin network. New transactions are checked against the block chain to ensure that the same bitcoins have not been previously spent, but the work of verifying new transactions is not done by any one trusted third party. Instead, the work is distributed among thousands of users who contribute their computing capacity to reconcile and maintain the block chain ledger. In essence, the whole peer-to-peer network takes the place of the one trusted third party.

Bitcoins solution to the double spending problem distributing the ledger among the thousands of nodes in a peer-to-peer network presents another problem. If every node on the network has a complete copy of the ledger that they share with the peers to which they connect, how does a new node connecting to the network know that she is not being given a falsified copy of the ledger? How does an existing node know that she is not getting falsified updates to the ledger? The difficult task of reaching consensus among distributed parties who do not trust each other is another longstanding problem in the computer science literature known as the Byzantine Generals Problem, which Bitcoin also elegantly solved.

The Byzantine Generals Problem posits that a number of generals each have their armies camped outside a city that they have surrounded. The generals know that their numbers are large enough that if half their combined force attacks at the same time they will take the city, but if they do not attack at the same time they will be spread too thinly and will be defeated. They can only communicate via messenger, and they have no way of verifying the authenticity of the messages being relayed. They also suspect that some of the generals in their ranks are traitors who will send fake messages along to their peers. How can this large group come to a consensus on the time of attack without employing trust and without a central authority, especially when there will likely be attempts to confuse them with fake messages?

In essence, this is the same problem faced by Bitcoins miners, the specialised nodes that verify new transactions and add them to the distributed ledger. Bitcoins solution is to require additions to the ledger to be accompanied by the solution to a mathematical problem that is very difficult to solve but simple to verify. (This is much like calculating prime factors; costly to do, but easy to check.) New transactions are broadcast in a peer-to-peer fashion across the network by parties to those transactions. Miners look at those transactions and confirm by checking their copy of the ledger (the block chain) that they are not double-spends. If they are legitimate transactions, miners add them to a queue of new transactions that they would like to add as a new page in the ledger (a new block in the block chain). While they are doing this, they are simultaneously trying to solve a mathematical problem in which all previous blocks in the block chain are an input. The miner that successfully solves the problem broadcasts his solution to the problem along with the new block to be added to the block chain. The other miners can easily verify whether the solution to the problem is correct, and if it is they add that new block to their copy of the block chain. The process begins anew with the new block chain as an input of the problem to be solved for the next block.

The mathematical problem in question takes an average of 10 minutes to solve. This is key because the important thing is not the solution itself, but that the solution proves that the miner has expended 10 minutes of work. On average, a new block is added to the block chain every 10 minutes because the problem that miners must solve takes on average 10 minutes to solve. However, if more miners join the network, or if computing power improves, the average time between blocks will decrease. To maintain the rate at which blocks are added to six per hour, the difficulty of the problem is adjusted every 2016 blocks (every two weeks). Again, the key here is to ensure that each block takes about 10 minutes to discover.

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cryptocurrency : The New Palgrave Dictionary of Economics

MOSCOW, September 22 (RIA Novosti) The value of Bitcoin stood at almost $400 as of Monday, September 22, with more and more people and businesses turning to the cryptocurrency because of the speed and low cost of bitcoin transactions.

Bitcoin was first introduced in 2009. Unlike the US dollar, or any other traditional currency, bitcoins aren't printed or backed by a central government. They are created by individuals and businesses using high-powered computers. Creators of bitcoins are allowed to keep some of what they create as payment for the service. The rest is sold on unregulated online exchanges.

After purchasing a bitcoin, the buyer gets two strings of numbers called a public key and a private key. For encryption and convenience purposes, the numbers are often expressed as letters and digits. The public key is the number a person must know in order to send bitcoins to a given individual. The private key is the number that only you are supposed to know. By "signing" a transaction with their private key, a user authorizes the movement of all or some of the bitcoins from their trading account, or virtual" wallet," into another.

CoinDesk, an online publication that tracks digital currencies, estimates that by the end of this year there will be eight million bitcoin "wallets," and 100,000 companies that accept bitcoins.

All bitcoin transactions are instantly published in a ledger so that anyone can keep track of the overall money supply. The ledger floats on a collaborative online document, rather than a centrally managed account. Users have adopted this mechanism for shopping, transferring money and speculation.

For users, the perceived value of Bitcoin, or any other cryptocurrency, can be compared to the price of a tool in limited supply. Demand is fueled by parties interested in peer-to-peer forms of payment that don't involve banks and other intermediaries, making such payments cheaper and faster. For investors, a cryptocurrency becomes attractive the more popular it proves to be among users.

Other virtual currencies, such as Litecoin, Namecoin, Peercoin and Ripple, have developed out of the bitcoin technology and have added improvements on that platform. Litecoin is the second-largest cryptocurrency in terms of market capitalization.

Investors don't have to mine coins or speculate on the exchanges to make money in cryptocurrencies. Some observers recommend investing in companies that use or service cryptocurrency and other peer-to-peer payment forms.

These include companies that process payments, including Colored Coins or Ripple Labs Inc., with open-source protocols that allow users to trade anything of value instantly online for virtually no cost. These companies are in the early stages of development and so, by and large, are not publicly traded.

The most notable danger associated with bitcoin transactions is fraud.

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Factbox: Bitcoin Investments

Michele Marchesi: Using an Artificial Financial Market for studying a Cryptocurrency Market 1/2
http://bitcoinference.com/2014/Michele-Marchesi.html Bitcoin chat here: http://chat.bitcoinference.com/

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Michele Marchesi: Using an Artificial Financial Market for studying a Cryptocurrency Market 1/2 - Video