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Bitcoin Explained

Bitcoin Graphique. Realtime Bitcoin. Bitcoin Statistics. Bitcoin Hits $1 Billion. Bitcoin, the world’s first open-source cryptographic currency, which has been on a tear since the beginning of this year, set a new record on 28 March, when the price listed on the largest online exchange rose past US $95.

Bitcoin Hits $1 Billion

With nearly 11 million bitcoins in circulation, this sets the total worth of the currency at just over $1 billion. For a bit of perspective, that’s how much Facebook spent on its acquisition of Instagram last April. Your Source For Investing Education.

Bitcoin Technica

Breaking Bitcoin, Litecoin, and alt-coin news - digital virtual currency updates. Digiti$€ Living On Bitcoin For A Week: The Bitcoin Diet. Bitcoin Analytica. Bitcoin Politica. Bitcoin Mondiale. Bitcoin Services Integration. The Bitcoin Trader. The Bitcoin Master. Bitcoin - P2P digital currency. By reading this page, you are mining bitcoins. The morning of Friday, Feb. 7, the prominent Japanese bitcoin exchange Mt.

By reading this page, you are mining bitcoins

Gox announced that, due to technical problems, it would be putting bitcoin withdrawals on hold. Customers would still be able to cash their bitcoins in for other currencies, or trade on the market. But getting bitcoins out of Mt. Gox would be impossible. The price of a bitcoin tumbled over the weekend at the news, from roughly $850 to closer to $675. This morning Mt. A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur…This defect, known as “transaction malleability” makes it possible for a third party to alter the hash of any freshly issued transaction without invalidating the signature, hence resulting in a similar transaction under a different hash.

So what does that mean? Transaction malleability So far, so good. So why is this a problem? Mt. Mt. Bitcoin. Bit coin. Promote Bitcoin Flyers. Earbits lance une monnaie virtuelle, pour un modèle économique réellement novateur. The Bitcoin Richest: Accumulating Large Balances. Everyone is familiar with Forbes 400 as the definitive list to wealth in America.

The Bitcoin Richest: Accumulating Large Balances

But few people know about the world’s up-and-coming bitcoin richest and what motivates them to accumulate and maintain large balances. The Bitcoin Richest ranks the top worldwide holders of bitcoin wealth on the blockchain. The caveats are that we cannot identify the affluent person or business (but you know who you are) and the same entity may hold the private keys to multiple bitcoin addresses. At the current exchange rate of $6.50 per BTC, the top address on the list holds control to an astonishing $2.85 million in total value (as of 6/20/12). Top ten balances are clickable to show dates with transaction history and my analysis follows: A Rally in Bitcoin. By Jon Matonis Bitcoin has had about a 64% rally recently which is not surprising given that more and more people are learning about its existence and circulation as a new P2P anonymous digital currency.

A Rally in Bitcoin

The massive viral effect of a P2P digital currency have now kicked in and it seems as though a new merchant or a new exchanger emerges daily. As of October 19th, 2010, total Bitcoin in existence equalled 4,315,250 with 86,305 Bitcoin blocks generated (source: Bitcoin Exchange). One such exchanger, Mt. Gox, does an excellent job of tracking and charting the USD:BTC exchange rate on a daily basis: Trading volume at Mt. Bitcoin robbery leaves currency exchange empty handed. The new online currency Bitcoin has always been proud of its lack of government oversight.

Bitcoin robbery leaves currency exchange empty handed

But that might be a less touted feature now that Bitfloor, the currency-trading environment for Bitcoin, has been robbed. Bitfloor founder Roman Shtylman posted an open letter on the Bitcoin forums admitting that: “Last night, a few of our servers were compromised. As a result, the attacker gained accesses to an unencrypted backup of the wallet keys… This attack took the vast majority of the coins Bitfloor was holding on hand.” A later update stated that the hackers transferred 24,000 Bitcoins — around $250,000 in U.S. currency — to an unknown location, clearing out all of Bitfloor’s virtual cash reserves. Shtylman promises to pay back users who’ve lost their Bitcoins using “current available funds.” Bitcoin’s Collusion Problem. Yesterday I questioned whether we should expect demand for Bitcoins to be stable over the long run.

Bitcoin’s Collusion Problem

Today I want to look at the supply side. A constrained supply of money is important to a currency’s stability. One of Bitcoin’s key selling points is that the number of Bitcoins issued will never exceed 21 million. But this promise isn’t credible. To understand why, we need to dig a little bit into how the protocol works. Funny Money: Why Bitcoin Is a Scam Why Bitcoin Is a Scam. In 2009, Satoshi Nakomoto (possibly a real person, possibly a pseudonym for one or more hackers) invented Bitcoin, the first peer-to-peer currency.

Funny Money: Why Bitcoin Is a Scam Why Bitcoin Is a Scam

Bitcoin, which works along the same lines as the Bittorrent network you might use to download movies and music, isn’t the first online currency. Linden Dollars, the unit of exchange in Second Life, are widely traded and regulated by game's maker, Linden Lab. Nakomoto’s innovation was using math-heavy cryptography techniques to create a medium of exchange that doesn’t require a central authority or physical tangibility (like gold) to deter counterfeiters and regulate the money supply. Each time bitcoins change hands, so does a transaction history encoded in a string of characters.

This “hash value” or digest can be decoded by anyone with sufficient computer power and time to devote to the effort. In other words, Bitcoin isn’t just a currency, it’s a massive experiment in group trust. More problematically, the economics don’t quite work. Bitcoin Exchange Scam – Bitcoins Are Now Worthless. After considerable thought, I’ve decided to put the Bitcoin Exchange Scammer comment back up as I believe it’s in the public interest, especially so given recent events on Bitcoin Exchanges.

Bitcoin Exchange Scam – Bitcoins Are Now Worthless

For those unaware, every now and then, I receive a comment through the wonderfully inefficient spam filter from someone who couldn’t quite find my email address. That’s fine and most times it’s a small fire that’s quickly put out, or a start-up proposal to consider. All good fun. Yesterday was a little different. I came across a message that sent a shiver down my spine. Game over, Bitcoin. Long live human-based currencies! While being a tremendous proof of concept, the distributed cryptocurrency Bitcoin is fundamentally flawed as an alternative money system, critics say. It is now time for truly radical monetarists to build on this technical experiment and move to the next level of the monetary revolution: a truly human-based digital monetary system. Economy.