Login Area Friday, August 5th, 2011 From the desk of Tom Williams, operator of MyBitcoin.com For immediate release. After careful analysis of the intrusion we have concluded that the software that waited for Bitcoin confirmations was far too lenient. An unknown attacker was able to forge Bitcoin deposits via the Shopping Cart Interface (SCI) and withdraw confirmed/older Bitcoins. Bitcoin: How its core technology will change the world - tech - 05 February 2014 At the coalface: mining for money (Image: Stephen Lam/Reuters) The virtual currency is about more than money – the real innovation is what people are doing with the technology it is based on BITCOIN has been called many things, from the future of money to a drug dealer's dream and everything else in between. But beyond creating the web's first native currency, the true innovation of Bitcoin's mysterious designer, Satoshi Nakamoto, is its underlying technology, the "block chain".
How the Bitcoin protocol actually works Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy account of the underlying cryptographic protocol, omitting many details. Even those articles which delve deeper often gloss over crucial points. My aim in this post is to explain the major ideas behind the Bitcoin protocol in a clear, easily comprehensible way. We’ll start from first principles, build up to a broad theoretical understanding of how the protocol works, and then dig down into the nitty-gritty, examining the raw data in a Bitcoin transaction.
After Crackdown, a New Bitcoin King Emerges in China BTC China CEO Bobby Lee. Photo: BTC China Back in October, we marveled that a then-unknown company named BTC-China had suddenly become the world’s most popular Bitcoin exchange, helping to push the value of the digital currency over $200. But less than three months later, Bitcoin prices have quadrupled, and there’s a new top dog in China: another virtually unknown company called Huobi. At the moment, Bitcoin is the Wild West of international finance — an international peer-to-peer network of computers that, as a whole, lies out of the reach of any one country’s regulation. But when Bitcoin bumps against closely regulated financial services businesses, things become even wilder. Mt.Gox Mt. Gox was a Bitcoin exchange based in Tokyo, Japan. It was launched in July 2010, and by 2013 was handling 70% of all Bitcoin transactions. In February 2014, the Mt. Gox company suspended trading, closed its website and exchange service, and filed for a form of bankruptcy protection from creditors called minji saisei, or civil rehabilitation, to allow courts to seek a buyer. In April 2014, the company began liquidation proceedings. It announced that around 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time. Although 200,000 bitcoins have since been "found", the reason(s) for the disappearance—theft, fraud, mismanagement, or a combination of these—are unclear as of March 2014. There has been some speculation of hackers being responsible for the missing Bitcoins, but no speculation of such matter has been proven.
Digital Black Friday: First Bitcoin "Depression" Hits Much like the New York Stock Exchange, Bitcoin exchanges have suffered from their first massive loss -- a virtual "Black Friday", so to speak. (Source: Google Images) Some say Bitcoins could make buying illegal drugs easier. However, in reality Bitcoins are far from "untraceable". (Source: YouTube/Beardo/Dirt Nasty) Mt.
Bitcoin, mobile payments and the future of money Money is changing, with a range of innovative new technologies looking to disrupt the established financial structures. Chief among these are the crypto-currencies such as Bitcoin. But what are they, where did they come from, and are they really a threat to the traditional monetary system? The origins of Bitcoin Bitstamp Bitstamp is a Bitcoin exchange and in February 2014 was considered the world's largest by CNN, based on trading volume reported by the website BitcoinCharts. The company operates from the United Kingdom, and is headed by CEO Nejc Kodrič, who co-founded the company in 2011 with Damijan Merlak. The company initially operated in Slovenia, but moved its operations to the UK in April 2013. Kodrič is a publicly available, widely known member of the Bitcoin community. The company was founded as a European-focused alternative to then-dominant Bitcoin exchange Mt. Gox. While the company trades in US dollars, it allows money to be deposited through the European Union's Single Euro Payments Area, allowing a relatively quick, low cost way of transferring money from European bank accounts to purchase bitcoins. Bitstamp offers an API to allow clients to use custom software to access and control their accounts.
Bitcoin News Network: Kevin Day Makes Show Of Good Faith In the recent controversy surrounding Mt. Gox and the major security breach they (and the entire Bitcoin community) experienced, the Bitcoin community seems to be in civil dispute about what should happen to the 643 BTC that Kevin Day acquired at a ludicrous rate of 0.0101 USD on Sunday, night of the Bitcoin hackcrash. Community members seem to be trying to burn Kevin at the stake, questioning his actions and morals, some even claiming him to actually be the Mt. Gox perpetrator.