Bitcoin Forum

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Sunday, Feb 20th, 2011

• BitDroid - Bitcoin network protocol implemented in Java.
  http://github.com/cdecker/BitDroid-Network
  http://bitcointalk.org/index.php?topic=3662.0
  [Editor’s note. This is (or soon will be) kind of a big deal.]
• s3052’s special Technical Analysis alert:
  - Long Term Perspective: “Key indicators continue to be strongly bearish.”
  -   http://mtgox.com/blog/?p=255
• New sites and other content:
  - Presentation: Bitcoin - new P2P currency Juraj Bednar http://bit.ly/dRO1iw
  - BitDraw (Gambling) http://en.bitcoin.it/wiki/BitDraw http://bitdraw.nfshost.com

Saturday, Feb 19th, 2011

• Vigilantism - Bitcoin Style: The Case of the Russian Scammer: http://bitcointalk.org/index.php?topic=3628.0

Friday, Feb 18th, 2011

• The pool Is CLOSED. (to new signups, that is.)  The operator of Bitcoin Pooled Mining (BPM) temporarily closed the ability to register new accounts.
  http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed (http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed)
  This follows this week’s earlier announcement regarding how compensation would change to a “score-based” algorithm.
  http://bitcointalk.org/index.php?topic=1976.msg50002#msg50002 (http://bitcointalk.org/index.php?topic=1976.msg50002#msg50002)
• Video of Wednesday's Security Now 288: Q&A:
  http://www.youtube.com/watch?v=RCzsCmhkjMM (http://www.youtube.com/watch?v=RCzsCmhkjMM)
  Steve Gibson talks about bitcoin from 0:44:00 into the video until 1:13:00.
• Unusually heavy selling on the exchanges saw the BTC/USD exchange rate drop from $1.04 to as low as $0.7801 before recovering to roughly a midpoint between those two.
• A service issue was reported with one of Bitcoin’s oldest and largest eWallet providers, MyBitcoin.com.  Forum members had reported that payments made to MyBitcoin addresses were not being credited to the online eWallet accounts.  The issue appears to have been resolved, with the problem lasting nearly one full day.
  http://twitter.com/#!/bitcoinstatus/status/38734315055480832 (http://twitter.com/#!/bitcoinstatus/status/38734315055480832)
• s3052’s Technical Analysis:
  http://bitcointalk.org/index.php?topic=1493.msg51015#msg51015 (http://bitcointalk.org/index.php?topic=1493.msg51015#msg51015)
  - Long Term:
  - Some key indicators have turned bearish so we may see more days/weeks of correction/consolidation.
  - Short Term:
  - The $1 marks the resistance.
  - If prices break out above 1$ the rally can continue to 1.1$ (all time high) and then higher towards 1.5$, 2$, etc.

Thursday, Feb 17th, 2011

• Steve Gibson talks Bitcoin for a second week in a row.  
  Security Now 288: http://twit.tv/sn288  (between 0:44:00 and 1:13:05 of the show)
  http://www.bitcoinmoney.com/post/3345584830/security-now-podcast-questions
  - GRC (Gibson’s company) will add bitcoin as a payment method for customers of its software products.
  - Bitcoin “is like God’s gift to money laundering.”  “That's what happens when you end up with a technology like this that is so powerful."
• Bitcoin uncovered as “the secret” that was allowing Compute4Cash.com to pay money to those running their software:
  http://www.bitcoinminer.com/post/3347178364/compute4cash-geeks3d-article
• Total network hashing strength: 261 Ghash/sec, difficulty 36460
  http://www.bitcoinminer.com/post/3359058885/hashing-difficulty-36460
• The #Bitcoin-OTC web site got a nice facelift:
  Web-based order book: http://bitcoin-otc.com/vieworderbook.php
  Guilde: http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc
  Wiki: http://wiki.bitcoin-otc.com
• Chinese added as an additional language supported on the Bitcoin wiki:
  Chinese: http://zh-cn.bitcoin.it (Nefario has started translating FAQ & others)
  French: http://fr.bitcoin.it
  English: http://en.bitcoin.it
• Subscribers to the Bitcoin Media blog get posts sent via email:
  http://bitcoinmedia.posterous.com

Wednesday, Feb 16th, 2011

• We’re all friends here now.
  - https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity (https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity)
  - https://twitter.com/DwollaX/statuses/37913382627717120 (https://twitter.com/DwollaX/statuses/37913382627717120)  (also see http://bitcointalk.org/index.php?topic=2616.0 )
• Virtual goods purchases to exceed $2 billion in 2011:
  http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation (http://http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation)
• QOTD: If anyone puts a number less than 10,000 in bc,calc, it should just reply ‘LOL’
  - bk128 via IRC #bitcoin-otc after seeing results from gribble: ;;bc,calc nnn
  http://en.bitcoin.it/wiki/Gribble#List_of_commands (http://en.bitcoin.it/wiki/Gribble#List_of_commands)
• s3052’s Technical Analysis: http://mtgox.com/blog/?p=246 (http://mtgox.com/blog/?p=246)
  - Long Term:
  -  The market has consolidated over the past 7 trading days in a narrow range. Volume in the consolidation is lower, which is BULLISH.
  - Short Term:
  -  It is almost impossible to predict if we are in a triangle, a-b-c zigzag correction, flat or any variation of these.
• Bitcoin Minecraft server: IRC: #bitcoin-minecraft  bitcoinholdem.dyndns.biz
  Minecraft in 3 minutes: http://www.youtube.com/watch?v=LnjSWPxJxNs (http://www.youtube.com/watch?v=LnjSWPxJxNs)

Tuesday, Feb 15th, 2011

• http://www.witcoin.com (http://www.witcoin.com) Gets a big update.
• Presentation (video) by Bitcoin principal Gavin: http://blip.tv/file/4771178 (http://blip.tv/file/4771178)
• Bitcoin Pooled Mining (BPM) (aka "slush’s" pool): 59 Ghash/s, up from 32 a week ago.
  http://mining.bitcoin.cz/stats (http://mining.bitcoin.cz/stats)
• Difficulty esimated to change around Friday Feb 18th, 3am UTC to about 35K, a rise over 34%, much faster faster than previous increases:  http://bit.ly/ihYVjK (http://bit.ly/ihYVjK)
• Online Shrink? “Psychological advisory”:
  http://bitcointalk.org/index.php?topic=3509.0 (http://bitcointalk.org/index.php?topic=3509.0)

Monday, Feb 14th, 2011

• s3052’s Technical Analysis: http://mtgox.com/blog/?p=237 (http://mtgox.com/blog/?p=237)
  - Long Term:
  -   Next target is $1.50 then followed by $2, $5, $10.
  -   Price targets should not be confused with time targets.
  - Short Term:
  -  Prices paint a texbook-type ascending triangle just under $1.10.
  -  Typically, this leads to a break out to the upside.
• Bitcoin client v0.3.20 is at release candidate stage, though some modifications pending.
• jgarzik introduced his pushpool project which implements a binary RPC for miners.
  http://bitcointalk.org/index.php?topic=3493.0 (http://bitcointalk.org/index.php?topic=3493.0)
• A vehicle was, for the first time, offered in exchange for a certain number of bitcoins:
  http://bitcointalk.org/index.php?topic=3485.0 (http://bitcointalk.org/index.php?topic=3485.0)

Current week (updated throughout the day):
  http://bit.ly/thisweekinbitcoin (http://bit.ly/thisweekinbitcoin)

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
  http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13 (http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13)

Each day I will post a reply with the previous day's summary, and will update this specific post to include each daily summary as well.

This is great stuff!

Wow! Not only is gavin a great software developer, he also has superb presentation skills.

He's TED Talk material for sure.

 ^^ is a weather forecast. when the exchange rate bumped .5 $ on the way to 1$ his forecast was
"a correction to 0.4 will follow" ... resistance ... blah blah
ok, everyone makes mistakes, let's move one.

how did the price of lama wool socks in bitcoins change since the last week?
how's the price of coffee or cosmetics? do they accept btc at an exchange rate 1:1?
or rephrasing the question, what will the price be at the end of this week?

Just watched Gavin presentation. Very nice!

Come on, the guy predicted dollar parity in February months before it happened! Of course it is a "weather forecast", but he was very accurate on that one.

uhm, i've missed that one. maybe he deserves credit after all.

There is no way he can predict things like Slashdot effect etc. But its amazing how accurate he has been for such a small economy.

Confirmation bias!

Self-fulfilling prophesy!

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Wednesday, Feb 16th, 2011

• We’re all friends here now.
  - https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity (https://www.x.com/community/ppx/devzone/blog/2011/02/12/fyi-virtual-currency-bitcoin-reaches-dollar-parity)
  - https://twitter.com/DwollaX/statuses/37913382627717120 (https://twitter.com/DwollaX/statuses/37913382627717120)  (also see http://bitcointalk.org/index.php?topic=2616.0 )
• Virtual goods purchases to exceed $2 billion in 2011:
  http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation (http://http:/bitcoinmoney.com/post/3328500436/virtual-goods-meeker-presentation)
• QOTD: If anyone puts a number less than 10,000 in bc,calc, it should just reply ‘LOL’
  - bk128 via IRC #bitcoin-otc after seeing results from gribble: ;;bc,calc nnn
  http://en.bitcoin.it/wiki/Gribble#List_of_commands (http://en.bitcoin.it/wiki/Gribble#List_of_commands)
• s3052’s Technical Analysis: http://mtgox.com/blog/?p=246 (http://mtgox.com/blog/?p=246)
  - Long Term:
  -  The market has consolidated over the past 7 trading days in a narrow range. Volume in the consolidation is lower, which is BULLISH.
  - Short Term:
  -  It is almost impossible to predict if we are in a triangle, a-b-c zigzag correction, flat or any variation of these.
• Bitcoin Minecraft server: IRC: #bitcoin-minecraft  bitcoinholdem.dyndns.biz
  Minecraft in 3 minutes: http://www.youtube.com/watch?v=LnjSWPxJxNs (http://www.youtube.com/watch?v=LnjSWPxJxNs)

Current week:
  http://bit.ly/thisweekinbitcoin (http://bit.ly/thisweekinbitcoin)

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
  http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13 (http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13)

great stuff sgornick, thanks.

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Thursday, Feb 17th, 2011

• Steve Gibson talks Bitcoin for a second week in a row.  
  Security Now 288: http://twit.tv/sn288  (between 0:44:00 and 1:13:05 of the show)
  http://www.bitcoinmoney.com/post/3345584830/security-now-podcast-questions
  - GRC (Gibson’s company) will add bitcoin as a payment method for customers of its software products.
  - Bitcoin “is like God’s gift to money laundering.”  “That's what happens when you end up with a technology like this that is so powerful."
• Bitcoin uncovered as “the secret” that was allowing Compute4Cash.com to pay money to those running their software:
  http://www.bitcoinminer.com/post/3347178364/compute4cash-geeks3d-article
• Total network hashing strength: 261 Ghash/sec, difficulty 36460
  http://www.bitcoinminer.com/post/3359058885/hashing-difficulty-36460
• The #Bitcoin-OTC web site got a nice facelift:
  Web-based order book: http://bitcoin-otc.com/vieworderbook.php
  Guilde: http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc
  Wiki: http://wiki.bitcoin-otc.com
• Chinese added as an additional language supported on the Bitcoin wiki:
  Chinese: http://zh-cn.bitcoin.it (Nefario has started translating FAQ & others)
  French: http://fr.bitcoin.it
  English: http://en.bitcoin.it
• Subscribers to the Bitcoin Media blog get posts sent via email:
  http://bitcoinmedia.posterous.com

Current week (updated throughout the day):
  http://bit.ly/thisweekinbitcoin

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
  http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Friday, Feb 18th, 2011

• The pool Is CLOSED. (to new signups, that is.)  The operator of Bitcoin Pooled Mining (BPM) temporarily closed the ability to register new accounts.
  http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed (http://www.bitcoinminer.com/post/3364505716/mining-pool-registration-closed)
  This follows this week’s earlier announcement regarding how compensation would change to a “score-based” algorithm.
  http://bitcointalk.org/index.php?topic=1976.msg50002#msg50002 (http://bitcointalk.org/index.php?topic=1976.msg50002#msg50002)
• Video of Wednesday's Security Now 288: Q&A:
  http://www.youtube.com/watch?v=RCzsCmhkjMM (http://www.youtube.com/watch?v=RCzsCmhkjMM)
  Steve Gibson talks about bitcoin from 0:44:00 into the video until 1:13:00.
• Unusually heavy selling on the exchanges saw the BTC/USD exchange rate drop from $1.04 to as low as $0.7801 before recovering to roughly a midpoint between those two.
• A service issue was reported with one of Bitcoin’s oldest and largest eWallet providers, MyBitcoin.com.  Forum members had reported that payments made to MyBitcoin addresses were not being credited to the online eWallet accounts.  The issue appears to have been resolved, with the problem lasting nearly one full day.
  http://twitter.com/#!/bitcoinstatus/status/38734315055480832 (http://twitter.com/#!/bitcoinstatus/status/38734315055480832)
• s3052’s Technical Analysis:
  http://bitcointalk.org/index.php?topic=1493.msg51015#msg51015 (http://bitcointalk.org/index.php?topic=1493.msg51015#msg51015)
  - Long Term:
  - Some key indicators have turned bearish so we may see more days/weeks of correction/consolidation.
  - Short Term:
  - The $1 marks the resistance.
  - If prices break out above 1$ the rally can continue to 1.1$ (all time high) and then higher towards 1.5$, 2$, etc.

Current week (updated throughout the day):
  http://bit.ly/thisweekinbitcoin (http://bit.ly/thisweekinbitcoin)

Previous Week in Bitcoin (Feb 7 to Feb 13, 2011) summary:
  http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13 (http://www.bitcoinmoney.com/post/3282585386/twib-2011-02-13)

This Week In Bitcoin - Feb 14 through Feb 20, 2011.

Note - These daily and weekly summaries now have a home:

• http://www.BitcoinNews.com
• Follow us on Twitter @BitcoinNews (http://twitter.com/bitcoinnews)

Sunday, Feb 20th, 2011

• BitDroid - Bitcoin network protocol implemented in Java.
  http://github.com/cdecker/BitDroid-Network
  http://bitcointalk.org/index.php?topic=3662.0
  [Editor’s note. This is (or soon will be) kind of a big deal.]
• s3052’s special Technical Analysis alert:
  - Long Term Perspective: “Key indicators continue to be strongly bearish.”
  -   http://mtgox.com/blog/?p=255
• New sites and other content:
  - Presentation: Bitcoin - new P2P currency Juraj Bednar http://bit.ly/dRO1iw
  - BitDraw (Gambling) http://en.bitcoin.it/wiki/BitDraw http://bitdraw.nfshost.com

Current week (updated throughout the day):
  http://www.bitcoinnews.com (http://www.bitcoinnews.com)

Previous weekly summaries:
  http://www.bitcoinnews.com/archive (http://www.bitcoinnews.com/archive)