Category Archives: Bitcoin

James Angel on Misconceptions Surrounding Bitcoin

By: Georgetown University

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James Angel on Misconceptions Surrounding Bitcoin - Video

SF Bitcoin Devs Seminar: Scaling Bitcoin to Billions of Transactions Per Day
The Slides: http://lightning.network/lightning-network.pdf The Paper: http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf Joseph Poon Thaddeus D...

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SF Bitcoin Devs Seminar: Scaling Bitcoin to Billions of Transactions Per Day - Video

Dobla Tus Bitcoin En Double Coin (Paga)
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Dobla Tus Bitcoin En Double Coin (Paga) - Video

According to the report, the bot, known as "Willy", assigned itself dozens of accounts with apparently faked US dollar balances, allowing it to buy and withdraw the virtual currency at will.

The fact that the bot operated in Asian hours is one of several clues suggesting that the creator could have worked at Mt Gox, said Kim Nilsson, chief engineer at WizSec. At its peak, the holding company run by Mt Gox chief Mark Karpels employed some 30 people, some of them on short-term contracts.

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"We think it is more plausible that it was an insider rather than an external hacker," said Mr Nilsson.

The shuttering of the exchange once the world's most popular venue for trading and storing bitcoins left thousands of creditors in limbo, and provided a stern test of faith in the infrastructure supporting the alternative currency movement. In the weeks following the collapse, during which Mr Karpels claimed to have recovered 200,000 of the 850,000 missing coins in an old format wallet, the price of bitcoin dropped about 40 per cent.

Mr Karpels has said he was unaware that any coins were missing until late in February, weeks after users began to report difficulties withdrawing funds.

Read MoreForget currency, bitcoin's tech is the revolution

In an emailed comment, Mr Karpels said that the activity patterns uncovered by the WizSec report indicating regular gaps in trading between 2am and 5am, Japan time could "show the way to new theories", such as two people operating the bot on shifts, or living in different time zones.

Since the collapse a succession of other, smaller bitcoin-related businesses have hit trouble, with problems ranging from Gox-like hacks to physical raids on bitcoin ATMs. On Thursday bitcoin was trading at $237, about 80 per cent off its peak of November 2013.

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Bitcoin hack report suggests inside job

Leung estimated that more than 3,000 Hong Kong people have invested a total of about HK$3 billion in Bitcoins issued by mycoin.hk.

An investor, surnamed Lau, said a law firm employee persuaded her to buy Bitcoins at mycoin.hk last September. She alleged that the person collected a HK$1.3-million cheque from her to set up an account at mycoin.hk without her consent. No document was signed in the process, she said.

Each of the company's Bitcion has depreciated to less than HK$20 since last December and withdrawal instructions by customers were ignored. The market value of a Bitcoin, as provided by preev.com, was about HK$1,760 on Sunday.

Another 81-year-old investor, surnamed Chan, told media that she had invested HK$3 million in buying Bitcoin on the platform, hoping to make a profit of HK$5 million a year later. But she could only recover HK$1.8 million so far.

Leung said the platform apparently lured investors with rebates and dividends to introduced friends and relatives to buy Bitcoin.

The investors suspected that they were the victims of an illegal pyramid scheme. A group of investors had said that they would report the case to the police this Wednesday. A police spokesperson said they would keep a close eye on the development.

Bitcoin is an online payment system without backing from a central bank or any government. Bitcoins are generated from a computing process called mining. It was first introduced in 2009 and first came to Hong Kong in February last year. As its value is determined by agreements of users, Bitcoin's undulation is severer than normal currencies. Authorities in Hong Kong have long warned that Bitcoin was a product subject to high risk. Hong Kong has no law to regulate virtual currencies like Bitcorn. The once biggest Bitcoin trader, Mt. Gox headquartered in Tokyo, went bust early last year. The value of Bitcoin dropped more than 50 per cent last year.

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Bitcoin platform claims thousands of victims in Hong Kong

MANCHESTER - New Hampshire has become one of the hottest states in the nation for bitcoin transactions per capita, thanks in large part to the influence of Free Staters, big fans of the virtual currency who convene here this weekend in their Liberty Forum at the downtown Radisson.

One topic likely to generate some buzz is the effort by bitcoin backers in the Legislature to make New Hampshire the first state to accept bitcoin for payment of state taxes and fees.

A bill filed by newly elected state Rep. Eric Schleien, R-Hudson, would require the state treasurer to develop a plan for the state to accept bitcoin beginning July 1, 2017. The bill (HB552) calls for the state to contract with a third-party vendor that would convert bitcoin payments into cash at no cost to the state.

"Just to be crystal clear, New Hampshire would receive payment in U.S. currency," said Schleien, an avowed Free Stater himself. "The state will never have to touch a bitcoin."

You can't actually touch a bitcoin, anyway. The virtual currency resides only on the Internet, with values that can fluctuate wildly from day to day.

Bitcoin has slowly been growing in popularity since it debuted in 2009. It's based on the notion that if enough people believe in it, and enough merchants accept it, bitcoin can eventually become a form of international currency free of government and central bank authority, thus the appeal to liberty-minded folks like Schleien.

It's also a popular method of payment for suspect transactions on the "dark web" since it is untraceable.

A sophisticated computer program developed by an anonymous programmer ensures that only a fixed number of bitcoins will ever be made available. A handful of skilled experts with access to incredibly powerful and expensive computers can "mine" bitcoins, but that has become more and more difficult as the total available begins to decline.

Most users buy previously "mined" bitcoins with hard cash through online exchanges.

Bitcoin is a very speculative investment. Its value versus the U.S. dollar has fluctuated wildly over the years, reaching as high as $1,000 per coin, and dipping below $100. On Friday, a single bitcoin was trading for $274.

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It's a match Free Staters and bitcoin

Summary:Bitcoin exchange MyCoin has vanished -- leaving up to $387 million in investor funds unaccounted for.

Bitcoin exchange MyCoin has closed its doors, potentially leaving up to 3,000 investors out of pocket.

The closure of the Bitcoin exchange was originally reported by the South China Morning Post on Monday. MyCoin, a supposed Hong Kong-based virtual currency trading exchange, has reportedly closed its doors leaving as many as 3,000 local investors with combined losses of HK$3 billion ($387 million).

Bitcoin exchanges are no stranger to closures and controversy. The most famous example is that of Mt. Gox, once one of the dominant Bitcoin exchanges online. Tokyo-based Mt. Gox closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million out of pocket. The closure of Mt. Gox was followed by others struck by cyberattack, including Flexcoin, Poloniex and Bitcurex.

See also: Police suspect Mt. Gox Bitcoin theft was an inside job

However, MyCoin's case may be different. Approximately 30 MyCoin clients are filing reports with local police that MyCoin was less of a Bitcoin exchange and more like a pyramid-style Ponzi scheme.

MyCoin customers were promised up to HK$1 million as a return on their money in four months for buying a HK$400,000 Bitcoin contract. The contract, which was meant to produce 90 bitcoins on maturity, also encouraged clients to lure others to the fold with new customer recruitment rewards such as extra profit, prizes and cars.

No customer was given written proof of their investment, and in December, MyCoin changed its trading rules -- forbidding clients from withdrawing their virtual currency unless they recruited other customers.

One MyCoin client, who has lost HK$1.3 million ($168,000) in four Bitcoin contracts, told the publication:

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MyCoin closes its doors, $387 million in investor funds vanishes

Andreas M. Antonopoulos testimony for Australian Senate
Testimony at the Senate Economics References Committee of the Australian Senate, on March 4, 2015. Presenting on digital currencies and bitcoin. Text of the ...

By: aantonop

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Andreas M. Antonopoulos testimony for Australian Senate - Video

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SoulConfiscator 002 PerdiendoElNorte InnerEarth Conspiracy Vril Ufo MindControl AI SciFi Bitcoin EEV - Video

James Angel on the Future of Bitcoin

By: Georgetown University

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James Angel on the Future of Bitcoin - Video