Posts Tagged ‘bitcoin’

Posted from:

Paradoxman316 YouTube Channel

Published on Apr 6, 2014

It is my belief that no sane person thinks the current system of finance is sustainable. We’ve been told that even those who have been running it for so long want to crash it. For them, it is problem, reaction, solution. They want to crash the system so that they can implement tighter controls on humanity and bring their dark new world order into being. The problem is, people are waking up, making that scenario more difficult if not impossible. There are those visionaries, seeing the inevitability of collapse, that have created alternative systems, like Bitcoin and Equi, to name two. Frankly, I don’t see how these have a chance to succeed on a worldwide level. SWISSINDO, on the other hand, along with the BRICS nations, have proposed a basket of currencies backed by collateral assets: gold, silver, platinum, etc. To me, these provide a bridge to get from where we are to where we are going, which, I believe, will eventually be a money-less society.



Posted from:
The Alex Jones Channel

Published on Mar 8, 2014

thSatoshi Nakamoto, the alleged Bitcoin founder who was outed yesterday by Newsweek, did classified work for the U.S. military and major corporations, a fact that will sit uncomfortably with many Bitcoin proponents should it be confirmed that Nakamoto is indeed the father of the cryptocurrency.……

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Venture Beats News

Flexcoin shuts down after heist drains it of nearly 900 BitcoinsAnother day, another Bitcoin bank security breach.

Flexcoin, a popular Bitcoin storage service, was robbed from its hot wallet on Saturday, according to a statement on its website. The theft resulted after someone got access to Flexcoin’s servers and sent the entirety of its funds, 896 Bitcoins (roughly $600,000), to two different addresses.


The news comes after popular Bitcoin exchange Mt. Gox announced it had lost 850,000 Bitcoins in a similar attack. As a result, more than $400 million in Bitcoins has gone missing. Flexcoin took to Twitter after that breach, saying that it didn’t store any of its Bitcoins in Mt. Gox.

We hold zero coins in other companies, exchanges etc. While the MtGox closure is unfortunate, we at Flexcoin have not lost anything.

Though the tweet may have been reassuring to Flexcoin users, it only took one week for things to change.

Flexcoin will be shutting its doors.

Flexcoin users

who kept their Bitcoins in cold storage will be able to withdraw them for free, pending identity verification. This type of wallet is safe from Internet attacks because it’s hosted offline.

Using a hot wallet, which is always connected to the Internet, to hold your Bitcoins is risky, according to the Bitcoin Wiki. The Wiki likens a hot wallet to carrying cash; while easily accessible, the chances of recovering losses from theft are slim to none. The resource says the best way to secure large amounts of Bitcoin is to keep it offline. Learn how to do so here.

As for startups entering Bitcoin: Make sure your implementation is secure. The quickest way to destroy your business, and to potentially open yourself to nasty lawsuits, is by offering a new storage solution that has more holes than Swiss cheese.



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Japan-based Mt.Gox CEO Mike Karpele—who may or may not be Chris Farley reanimated with the soul of Reddit—just copped to some very bad news: yes, he lost all your money.

We still don’t know why all the money is gone, or where it went, but a combination of theft and titanic incompetence is likely. The bottom line of anyone who used the Mt.Gox exchange: your account balance is now zero.

But at least we know Karpele hasn’t fled the country, yet. AFP reports Mt.Gox is doing more than just bowing with shame: the virtual currency exchange is bankrupt, and is seeking court protection accordingly. Funny, how these people only want anything to do with the government after they’ve fucked themselves over into another dimension. That dimension is filled with dreams of Kickstarter projects backed with internet money, Dorito-crusted sushi, Doge posters, and now lots of shame and backtracking.


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It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to mention the clueless momentum-chasing, peanut gallery vocally flip-flopping on the “currency” after hating it at $200 only to love it at $1200 that Bitcoin… would promptly crash. And crash it did: overnight, following previously reported news that China’s Baidu would follow the PBOC in halting acceptance of Bitcoin payment, Bitcoin tumbled from a recent high of $1155 to an almost electronically destined “half-off” touching $576 hours ago, exactly 50% lower, on very heave volume, before a dead cat bounce levitated the currency back to the $800 range, where it may or may not stay much longer, especially if all those who jumped on the bandwagon at over $1000 on “get rich quick” hopes and dreams, only to see massive losses in their P&Ls decide they have had enough.

Which incidentally, like gold, is to be expected when one treats what is explicitly as a currency on its own merits in a world of dying fiat – with the appropriate much required patience – instead of as an asset, with delusions of grandure that some greater fool will pay more for it tomorrow than it is worth today. Sadly, in a world of HFT trading, patience is perhaps the most valuable commodity.

As for Bitcoin, while the bubble may or may not have burst, and is for now kept together with the help of the Winklevoss bros bid, all it would take is for another very vocal institutiona rejection be it in China or domestically, where its “honeypot” features are no longer of use to the Fed or other authorities, for the euphoria to disappear as quickly as it came…

Two day chart, showing the epic move from $1155 to $576 in hours:

And longer term chart showing the overnight action in its full glory:



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Beyond Bitcoin

Prepare for the coming deluge of digital currencies
                        —and meet the people who would control them

August 10, 2013

The Pembury Tavern sits in a modest 19th-century building at the corner of five roads in Hackney, a relatively poor neighborhood in east London. There is little to distinguish it from the hundreds of other pubs sprinkled around the area, except for one thing: The Pembury made headlines in late June for becoming the first pub to accept bitcoins, the digital currency that earlier this year experienced a brief bubble—and a bit of fame—when it traded for over $250 to one bitcoin before quickly falling back to around $100. One evening last week, alongside an office party, scattered groups of friends and the occasional lone drinker, a disparate set of men (and one woman) gathered around a table to talk about Litecoin, a digital currency whose proponents push it as the silver to Bitcoin’s gold.


The attendees were a mixed bunch. One worked at a company that tests apps, another at a financial technology fund, and a third was a part-time Tube driver who spends his spare time trying to organize people into some sort of anarcho-libertarian movement. The convenor of the meeting, a computer-science doctoral student in London, enthused about Litecoin, which is based on Bitcoin, as the next big thing.


Both bitcoins and litecoins are essentially strings of numbers that have to be discovered, or “mined,” by using a computer to decipher codes. Once mined, they can be used as currency and exchanged with other currencies. Both are capped: There can be no more than 21 million bitcoins and 84 million litecoins in circulation. They are set up so that the more are mined, the harder it gets to mine new ones. Though more than half of all bitcoins have already been mined since its creation in 2009, it will take until 2140 for the last one to be found.


Bitcoin, the convenor said, is already is too big and increasingly difficult to mine without groups of peers to pool resources with. And those pools sometimes come under attack from rival groups, rendering a whole day’s work pointless. The returns do not justify the effort (see chart below).


Bitcoin miners’ revenue minus estimated electricity and bandwidth

But look at Litecoin, he argued. The supply remaining is greater. It is also a harder system to fool, he said, because the mechanisms that determine whether a miner really has done the mathematical calculations to generate a litecoin are more secure. Moreover, Bitcoin has reached a stage where miners are using special machines that are useless for any other purpose. Litecoin can still be made using normal computers.


Since the start of the year, the value of a litecoin has risen from $0.07 to about $2.50. And it has begun to fulfill the most important characteristic of any currency: It is winning the trust of users for transactions. ”They’re already accepting it for payments for drugs online,” the doctoral candidate explained.


An uncertain future

There lies the nub of the problem with digital currencies. Litecoin, and before it Bitcoin, first gained traction in the corners of the internet where most forms of payment will not go. In unregulated marketplaces on Tor, a software that renders its users anonymous, Bitcoin and Litecoin are preferred methods of payment for contraband goods. As a result, crypto-currencies (so called because they are created using cryptographic algorithms) have come to be associated with crime: money-laundering, tax evasion, trafficking.


No wonder governments and big firms are tetchy about its use. Last week Thailand’s central bank issued a preliminary ruling that it is illegal to to use bitcoins. Similarly, Apple has not banned Bitcoin but is extremely cautious about it. In May, the US government shut down payment providers that forwarded money on to Bitcoin exchanges. And even without government, the companies that facilitate trade in digital currencies are not helping themselves. Mt. Gox, the biggest Bitcoin exchange, finds itself facing a lawsuit for breach of contract with Coinlab, a payments company.


On the other hand, the Israel Bar Association last week made the first move towards authorizing the use of Bitcoin for payments to attorneys. In what will be a significant decision, a US judge ruled on Wednesday (Aug. 7) that for all practical purposes, Bitcoin is money. For participants in the digital-currency economy, it is hard to know what to make of these mixed messages.


Ven do we get there

The day after the pub meeting, I met another proponent of digital currencies—or digital assets, as he referred to them. Stan Stalnaker is the founder of Ven, a currency used by members of Hub Culture, a social network he also founded. It too is better than Bitcoin, Stalnaker explains over a coffee at a cafe that does not accept any form of non-cash payment except old-fashioned credit cards.


If we had met at one of the “hubs” (co-working spaces) run by Hub Culture, we would have been able to pay with ven. Members use ven to buy coffee as well as to trade goods and as non-tangible things such as time on the web service. “It’s a little bit like going to a virtual country. You arrive inside the borders of a hub and that’s the currency we use,” says Stalnaker.


One US dollar buys between eight and nine ven, depending on the exchange rate. Stalnaker says that his currency has several advantages. Its value is based on a basket of big currencies and commodities, such as gold, silver, wheat and carbon credits. That, he says, makes it more stable than the volatile Bitcoin, likening it to an exchange-traded fund. Like other digital currencies, it also allows for easy transfers across borders but without the onerous fees charged by banks and remittance companies. And since it includes carbon credits, it is environmentally friendly (if you believe carbon credits actually work).


Crypto-currencies such as Bitcoin or Litecoin are drastically different from social currencies like Ven or the now deceased Facebook Credits. The first kind promise anonymity, have no central exchange mechanism, and their mining requires technical skill and cryptography. The second class are transparent and centralized, and can be created in various ways.


Ven’s creator has big plans for it. He wants it to be used for online purchases on mobile. He sees it being traded on the open market. His brochure grandly calls it “the internet’s reserve currency.”


Mining for DATA

One way to tackle the haphazard manner in which virtual currencies are evolving is to create a self-regulatory organization. Such a body could set standards for its members (and if it grew big enough, impart legitimacy through membership); lobby for recognition with governments; and help protect the interests of the people putting their money into digital assets. It could work with tax authorities, banks and financial institutions to integrate emerging currencies into the existing financial system. Most importantly, it could help remedy the perception of new currencies as a facilitator of crime: After all, cash too is anonymous, untraceable and used for illegal purchases.


The first such effort became visible last week, with the announcement of the formation of a committee to discuss the formation of a body called the Digital Asset Transfer Authority (DATA). Its list of initial members includes exchanges (which handle transactions between digital currencies and national ones), payment mechanisms, venture capitalists, founders of yet more digital currencies such as Ripple and Ven, and the Bitcoin Foundation, a non-profit established to promote and standardize Bitcoin. (Notable for its absence is Mt. Gox, though it is represented through its membership of the Bitcoin Foundation.)


It is not surprising that these groups are setting up a “committee to establish” a self-regulatory body rather than the body itself. Considering the suspicions surrounding digital currencies in general and Bitcoin in particular, the founders of DATA need all the support they can get. There are also clear advantages to be being seen as the first to do something. If DATA manages to establish itself as the go-to body for all matters related to digital currencies, it has a chance of setting the standards and influencing laws and rules as they are written. The rush to go public is also a signal from the industry that it is willing to bring some order to the digital-asset economy before governments decide to do it themselves.


The US Treasury, and its agency for fighting money laundering, the Financial Crimes Enforcement Network (FinCEN), will be watching closely. In March, it released guidance explaining how its regulations should apply to virtual currencies. In a meeting with some of the founders of DATA soon after, it indicated it would like to see a self-regulatory body evolve from within the industry.


Two sides of the same coin

What unites the various forms of digital currency is the belief of people who hold and trade them that there is a lot of real money to be made. The PhD candidate I met at the Pembury Tavern in Hackney told me he doesn’t use Bitcoin or Litecoin to actually pay for things. Instead he spends part of his day trading the currencies for profit. Stalnaker, an entrepreneur, believes that digital currencies could be a “new asset class” to rival the rise of derivatives in the 1980s. Whether as a trader or creator, both are clearly looking to get in early enough to reap the rewards. There are thousands more like them—and 20 or more currencies for them to buy into, albeit most of them tiny, with names like Namecoin, Feathercoin, and Worldcoin. More are in the works.


The sums of money involved in creating and participating in the digital currency economy could become become enormous. At today’s exchange rate of around $100 to 1 bitcoin, there are nearly $1.2 billion worth of bitcoins in circulation—still small beer, but over ten times the value a year ago. As other currencies are invented and expand, the digital asset economy can only grow. Exchanges, user-friendly transfer systems, and funds stand to earn millions as more are created and the volume of transactions increases. Even at the most basic level, a small percentage from transactions goes to miners, who between them earned $5,000 on the basis of 55,000-odd transactions during one day this week. That number too will surely go up.


In a statement accompanying DATA’s announcement, Jeremy Liew, a partner at Lightspeed Venture Partners, which is part of DATA, stressed the need for “trust in the integrity of the companies in the ecosystem” if digital currencies are to take off. It is hard to argue with that. One reason Bitcoin so worries regulators is that it works outside the current system. If it is brought into the fold, they would rest more easy. Yet illegal activity is also where new, bottom-up currencies are coming from. Self-regulation is to be welcomed, but any body that takes on the task will have to walk a line between nurturing the nascent movement and throttling it.



Published on Mar 7, 2013

Abby Martin talks to Max Keiser, host of the Keiser Report, about the global economy and the growing popularity of the decentralized digital currency known as the Bitcoin.

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Published on Mar 6, 2013

With Bitcoin up to $48 I think it is time to separate the hype from reality.

This is a Part 1 of a 7 part series on the Bitcoin.
Listen to all. Follow none.


Always do the due diligence with any subject that interest you. Enjoy…


‘The one thing that proponents of this idea are really pushing,’ explains Jan Piotrowski from the Economist magazine, ‘is that Bitcoins are a wonderful way to transfer money across borders at very, very little cost. Normally when you transfer money between banks, the banks charge through the roof. Now with exchanges such as this one [Bitcoin Central], where the accounts will be guaranteed by the French equivalent of America’s Federal Deposit Insurance Corporation – so guaranteed by the state – you can convert your Euros to Bitcoins at a very cheap rate. You can then transfer your Bitcoins, or pay for a service in Bitcoins, in any country you wish because the system is globally distributed and there are no borders within the virtual peer-to-peer network that governs it.’

Living With The Future

While many of the world’s currencies are struggling to emerge from the devastating economic crash of recent years there is one that continues to rise and increase in value. The strange thing is that it isn’t issued by any bank, controlled by any government, or even freely available in physical form. Yet in February 2013 the total worth of the fledgling global currency was valued at over £180 million, and it just keeps growing.

Bitcoin is an online, decentralised, crypto-currency, that is monitored and administered by the massive peer-to-peer network that uses it. The currency has online exchanges that trade in the commodity, one of which – Bitcoin Central – recently partnered with a French bank to become a registered Payment Services Provider (PSP) under EU law, meaning it can now offer debit cards, account insurance, and many other normal banking facilities to Bitcoin customers. The currency has also seen…

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“TruthLoader, a UK-based daily YouTube show which describes its mission as “bringing investigative and citizen journalism together,” has announced that tomorrow’s episode will be on a topic that is bound to interest many Bitcoin users: can we govern ourselves with digital technology and collaboration? The show, which will air at 7:00 PM GMT (that’s 2:00 on the US East Coast or 11:00 on the West Coast), will feature a live Google+ hangout including two guest speakers, both of whom are known in the Bitcoin community: lead developer Gavin Andresen, and Icelandic parliamentarian and Wikileaks supporter Birgitta Jonsdottir. Gavin Andresen is well-known for his role as lead developer of the Satoshi client and the Bitcoin protocol, and Birgitta Jonsdottir appeared in the London Bitcoin conference in 2012, where she gave a talk entitled “No Privacy – No Freedom“.”