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1461  Economy / Service Discussion / Re: My coins just got stolen from blockchain.info on: April 27, 2013, 03:46:25 AM
a lot of these threads here and on reddit the last few days... common factor always seem to be a cell phone. I think its fair to say some cell phone malware is going around.



IIRC, so far it's only been android devices.
1462  Economy / Service Discussion / Re: My coins just got stolen from blockchain.info on: April 27, 2013, 03:43:57 AM
Assuming this is legitimate, I'm very sorry.  So far it seems what's common among all these blockchain.info heists are linked mobile devices.  In any event, I no longer trust blockchain.info with any amount, whether my phone is linked or not.
1463  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: April 26, 2013, 01:42:47 PM
What's interesting right now is that we are just beginning to enter a phase of institutional interest, and, I think, as luck would have it for larger investors, people were scared into putting lots of bitcoin back on MtGox.  The ask depth is looking very healthy, and that is exactly what is needed and wanted by people who want to invest $100k+.  I think in the next 2 years we could see the bid depth on MtGox reach around $50 million, and the price will need to adjust upward (and there will be a subsequent dramatic correction, no doubt).
1464  Economy / Speculation / Re: Its not bottom yet. It will crash under 100 just wait for it. on: April 26, 2013, 01:35:24 PM
The price is going to fluctuate a lot for a very long time, but despite what I've said over the past 2 years, I think chances are good the price is going to continue up overall.  All that development on the infrastructure, making it scalable and more robust, is just beginning and things are looking promising.
1465  Bitcoin / Bitcoin Discussion / Re: What Should I Convey to Newcomers? on: April 25, 2013, 01:25:35 AM
Quote
Some time needs to be devoted to helping people understand what "wallet" refers to in the context of bitcoin.  Essentially, that "wallet" refers to a system that manages private keys, and that one must have control of the private key associated with a bitcoin address in order to dispense whatever value that address has associated with it.  Understanding that, I think, influences security decisions, and, I hope, rules out online wallets as safe wallets.  That, of course, emphasizes an important value of bitcoin -- namely, that it allows people to secure their own wealth.

I'm of the opinion right now that mainstream adoption of bitcoin is to some degree dependent on elevating the security education of the entire population of prospective users, because I think there's unlikely to be a safe and easy way to secure bitcoins for the foreseeable future.

  • Should the course be wallet neutral or adopt a particular client and invest resources in educating students how to use it?
  • How deep should we go in discussing transactions?

I think it should aim to be wallet neutral and try to convey something like wallet-theory.  I don't think you need to get very technical at all, and I think you can convey the right ideas in a way that most moderately intelligent internet users can understand.  I made a very brief attempt to offer a non-technical introduction to the meaning of "wallet" as it applies to bitcoin, in addition to some basic security habits.  I was aiming at those people whose security habits are really poor, and who don't understand on a very basic level what they've bought into, and who would be very unlikely to secure their bitcoins with an offline air-gapped system.  Here's the little blurb I had about the wallet jargon as it applies to bitcoin:

Quote
To access your bitcoins and transact with the network you're going to use a wallet. This will either be a piece of software you install on your computer or an online wallet service like blockchain.info. The wallet jargon is just a convenient way to refer to what's going on under the hood. Every Bitcoin address has an associated private key, and the private key is really just a string of numbers and letters. You can only spend bitcoins at addresses for which you also have the associated private key. If you happen to find somebody else's private key, then you can import it into other Bitcoin clients or online wallets and then you have the ability to spend any coins associated with that private key's addresses.
1466  Bitcoin / Press / Re: 2013-04-24 TechCrunch "Obama’s Fmr. Chief Economic Advisor On Bitcoin’s Use" on: April 25, 2013, 01:13:18 AM
Wow, these guys are going full retard. The usefulness of Bitcoin as a method of payment is hardly affected by it's price fluctuations, for the simple reason that merchants can easily get all their bitcoins converted to USD or EUR or whatever, through Bitpay. And with a .99% fee, this is still a lot cheaper than credit cards or paypal.
 
For consumers it doesn't matter either, because they can always buy more bitcoins once they've spent some.

I have to call BS on this one, sorry.

If I purchased BTC @ $166 this morning to make a transaction 5 seconds ago @ $146.....that transaction would cost 12% (12% more bitcoin, which is 12% more USD as the store of value has changed) plus the spread, which is usually 0.5% - 1% and must be taken into account in merchant pricing through BitPay. And don't forget BitPay's 1% fee....minimum 13.5% in fees.

No, foreign exchange risk (currency risk) is actually a very serious issue. Hedging for this type of risk was impetus for the futures/forex industry.

And I would hesitate to call a panel that contains Nobel Laureates 'full retard'.

Volatility is probably the best criticism of bitcoin.  I think these are among the important questions to ask related to the volatility criticism:

Is bitcoin a compelling enough idea for enough people that its adoption will continue to increase over time despite that it will likely be very volatile during this adoption phase?  And, once bitcoin has been adopted by a large enough population, will its value stabilize enough to make it a better currency?  I think these are open questions that can't be answered confidently one way or another, and that's why bitcoin is, in a sense, a huge social experiment.

Are there good reasons to think adoption will increase in spite of violent exchange rate swings, and are there good reasons to think that if adoption increases enough the exchange rate volatility will fall to acceptable levels such that bitcoin is a better currency?
1467  Bitcoin / Bitcoin Discussion / Re: What Should I Convey to Newcomers? on: April 25, 2013, 01:04:18 AM
Some time needs to be devoted to helping people understand what "wallet" refers to in the context of bitcoin.  Essentially, that "wallet" refers to a system that manages private keys, and that one must have control of the private key associated with a bitcoin address in order to dispense whatever value that address has associated with it.  Understanding that, I think, influences security decisions, and, I hope, rules out online wallets as safe wallets.  That, of course, emphasizes an important value of bitcoin -- namely, that it allows people to secure their own wealth.

I'm of the opinion right now that mainstream adoption of bitcoin is to some degree dependent on elevating the security education of the entire population of prospective users, because I think there's unlikely to be a safe and easy way to secure bitcoins for the foreseeable future.
1468  Economy / Service Discussion / Re: This redditor claims 160 BTC stolen from his blockchain acct even with 2 factor on: April 25, 2013, 12:49:32 AM
The thread: http://www.reddit.com/r/Bitcoin/comments/1czrua/just_lost_160_btc_from_address_managed_with/

I was wondering if someone more versed in security could comment on it.  Some users seem to think that he mismanaged and the coins got sent to a "change" address still under his control, while the OP insists that this isn't the case here, and someone actually managed to bypass both his password protection and 2-factor security, possibly through an Android wallet App.   Needless to say, such news scares the shit out of us.

This underscores the fact that bitcoin isn't ready for mainstream, as the simplest and most secure way to store bitcoin wealth is still more trouble and more technical that what most people are prepared to implement  (i.e. offline, air-gapped private keys with encrypted and physical backups).

Right now, I wouldn't be pairing blockchain.info wallets with mobile devices.  I actually do pair a blockchain.info wallet with my iPhone, but that account only watches addresses associated with offline private keys.  I cannot spend from it, and neither could anyone else.
1469  Bitcoin / Bitcoin Discussion / Re: I'm back! on: April 23, 2013, 06:32:35 PM
This thread just reminded me that I forgot to send in my info for the liquidation claims process.  I think the deadline was sometime in January.  Oops.  But, the odds of getting those 150BTC back, or anything remotely close to that amount, seemed, and still seemed, so remote that it just wasn't on my mind.  I guess somebody's got them, will get them, so you're welcome zou, or Amir, or liquidators, or whoever ends up with them.  I've just been counting that as the cost of learning the value of offline security.
1470  Economy / Service Discussion / Re: URGENT :: Can´t access my Blockchain.info´s Wallet on: April 21, 2013, 02:27:15 AM
Did you take any backups of your blockchain.info wallet?
1471  Economy / Speculation / Re: I sold at $57, fml. on: April 20, 2013, 11:20:18 AM
I don't see why people are so hostile to the OP.  After all, for any speculative bubble to be profitable to someone, someone else has to be fool enough to buy high and sell low.  As they say in poker, don't tap the aquarium, it scares the fish.

I'm going to take all my coins out of gox and put them into a paper wallet. Maybe dice whatever btc I have left.

I'm in the process of moving everything offline again. 
1472  Economy / Speculation / Re: R.I.P. double digits on: April 18, 2013, 11:45:02 PM
Things are looking pretty healthy, and I'm not just talking about price.  Its still only a week out from a pretty violent market events, so I wouldn't want to be too quick at pronouncements about leaving double digits.  I feel like the project is at a crossroads now because of all the exposure over the past few weeks.  I hope service providers are thinking further ahead in the future now with respect to scalability.
1473  Bitcoin / Bitcoin Discussion / Re: Can bitcoin websites handle a Colbert Bump right now? on: April 18, 2013, 11:06:16 PM
Did you guys even watch the thing?

He totally butchered Bitcoin.  He said no one should ever buy them.



In context he essentially said that you shouldn't buy them, unless it's with money you can afford to lose, because the exchange rate is all over the place.  I thought it was a pretty fair, albeit very short, discussion about bitcoin.  The bitcoin infrastructure is still in development and so is the protocol.  I do think the value is likely to go up, at this point, even if it does so in violent moves, but let's not forget this is still an experiment.
1474  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: April 18, 2013, 11:27:01 AM
Not much trading going on, but we've hit $20M in bids. No shortage of money waiting to buy  Smiley



Was just about to post that.  Wasn't expecting to see that so soon.
1475  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 11:21:38 AM
As a precaution I wiped my blockchain.info wallet using MultiBit and the latest encrypted backup I had.  Back to your offline wallet bitcoins, go on, get in there, go on now.
1476  Bitcoin / Bitcoin Discussion / Re: Can bitcoin websites handle a Colbert Bump right now? on: April 18, 2013, 03:41:09 AM
to da MOON!!!!!

Hopefully not that.  And hopefully the load on websites doesn't bring them down.  Still, I think with all the attention the project has been getting it might be time for website operators to up their bandwidth.
1477  Bitcoin / Bitcoin Discussion / Re: Can bitcoin websites handle a Colbert Bump right now? on: April 18, 2013, 03:34:14 AM
I think you're overestimating the impact of Bitcoin appearing on colbert.

Maybe so.
1478  Bitcoin / Bitcoin Discussion / Re: Can bitcoin websites handle a Colbert Bump right now? on: April 18, 2013, 03:29:40 AM
Bitcointalk.org, bitcoin.org, blockchain.info, bitcoincharts.com.  The exchanges too, but mostly other stuff.
1479  Economy / Speculation / Re: NPR Planet Money guy on Colbert tonight talking bitcoins on: April 18, 2013, 03:28:12 AM
I wouldn't expect this to have too much of an effect on price in the short term.  I'm more concerned about what that kind of attention could do to bitcoin websites.  Especially with many still vulnerable to DDoS. 
1480  Bitcoin / Bitcoin Discussion / Can bitcoin websites handle a Colbert Bump right now? on: April 18, 2013, 03:23:56 AM
Not sure how I feel about this.  It's neat that it'll be talked about in that forum, but I'm not sure most bitcoin services are prepared for the kinds of loads that things like Colbert can bring.
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