Yet another reason to have a public ledger: A White House review panel report into the activities of the NSA suggested that the government was using the spy agency to launch cyber attacks against financial institutions and change the amounts held in bank accounts.
The 300 page report prepared for President Barack Obama by the Review Group on Intelligence and Communications Technology called for the NSA to be stripped of its power to obtain bulk collections of telephone records. Page 221 of the panel’s report states;
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(2) Governments should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate the financial systems.
...MUCH MORE BELOW... http://www.infowars.com/government-using-nsa-to-change-amount-in-bank-accounts-warns-panel/ |
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How will this affect me in the UK?If it even happens in the UK?As I'm rather concerned about losing all my money in the bank now.If it's going to happen which countries are safe from this scheme where you lose some money to pay off the national debts?I just want to find a safe place to put my money in (paid all dues so no issue of tax avoidance/evasion in my case)
Basically most of the Western banking laws have just been recently changed to accommodate "bail-in" solutions instead of govt. rescues. Read your banking fine print and you may have to go to govt. legal scholars to get the exact state of play such is the thicket that has been created. There are all kinds of considerations like secured note debt holders, unsecured notes, convertible notes, preferential debt obligations, etc, etc ... what it means is that bank depositors have now been placed at the end of a very long queue of people with their hand out when a banking collapse comes along. Rule of thumb, as a depositor you should now view any money deposited in the bank as belonging to the bank, you do NOT have ownership, or possession, of that money any longer. As I understand it, the first Ł85000 deposit per person per bank regulated in the UK are protected by the Financial Services Compensation Scheme. This is government backed and is like an insurance in case banks collapse. I guess if the worst case do come, the UK will be able to print enough to pay everyone back their deposit. In which case you have to examine the solvency of your govt., and the state of it's fiat paper, to make good on the deposit 'insurance'. And being repaid in a highly devaluing currency (because millions of people have just had their 85,000 deposit 'insurance' freshly printed) may not be much of a settlement at all. moa is exactly right. The insurance won't be worth much if it is paid with freshly printed paper. If there are whispers about the banks or the government becoming insolvent, make plans while you can before it happens. |
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The graph is actually quite accurate.
Except in EVERY bitcoin bubble so far, the after-bubble price has been much higher than the incoming price.
In other words, the grey "mean" line at the bottom should be sloping much steeper upwards.
Nailed it. |
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How it could happen? By setting optional transaction fee to 20 BTC in Bitcoin-qt ?
Does he said what wallet he use ? Elsewhere he said brainwallet.org, iirc, and messed up the raw transaction where he specified the change address. So instead of getting any change all the extra went to fees. It is better to use one of the more normal, non raw transaction, wallets for this reason. |
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Hello everyone. I've been lurking for a while, studying, trying to get my head around all of this. I'm a pretty risky person by nature so I've actually already deployed about $100,000 since December 2, 2013. My average cost per coin is about $831 on my BTC which makes up about 80% of my portfolio. The other 20% is made up of LTC which I've averaged around $31 per coin. Up until today I thought I was doing pretty well buying on the dips.
I thought I'd make my first post while watching this Chinese rumor which may or may not be true, drag the price through the mud. I have pretty thick skin and I'll probably just end up buying all the way down. I plan on buying at 600, 550, 500, 450, etc. If that even happens, of course. Hopefully it'll be back over $800 by the time I wake up in the morning. We'll see.
I had an economics professor in business school that taught me that "if we knew what the price would be tomorrow, it would be worth that today". It's all speculation.
Anyway, nice to meet everyone.
Welcome and while a lot of Econ professors are fools, this one's quote is on the moe y. :-) |
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http://www.zerohedge.com/news/2013-12-15/jpmorgans-bitcoin-alternative-patent-rejected-175-times Earlier in the week, we detailed JPMorgan's attempt to create their own "web cash" alternative to Bitcoin (and Sberbank's talk of doing the same). However, as M-Cam details, following the failure of the first 154 'claims', JPMorgan issued a further 20 claims - which were summarily rejected (making JPMorgan 0-175 for approved claims). As they note, The United States Patent & Trademark Office (USPTO)’s handling of applications like JPMorgan’s ‘984 application ("Bitcoin Alternative") highlights the need to fix a broken system - patent applications of existing inventions need to be finally rejected and not be resurrected as zombies (no matter how powerful the claimant). ...
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There must be some way to develop a system where this type of thing won't be allowed to happen. It's things like this that hurt the credibility of BTC in the public's eyes - I mean what if that happened when BTC is way more popular, years from now, I could see that Yahoo headline story now  A lot of wallets would flag this, but from what I read, the person was using a particular web site ( http://brainwallet.org) which lets you create raw transactions. He apparently wasn't paying attention to what he was doing and screwed up. If he had imported his keys to the reference client, blockchain.info, electrum, Armory, Multibit etc, they would have flagged it. We don't have to prevent someone using a blowtorch to light a candle and setting the house on fire, if you don't know what you are doing, you use the appropriate tool. The simple answer, is use a match. I feel bad for this guy, but it isn't a bitcoin protocol problem. The tools are there, you just have to use them properly. I wouldn't use something allowing a raw transaction unless I was on the test net. |
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...
They went on to say that if and when this happens, people will still be able to withdraw their money from Chinese exchanges, they just won’t be able to deposit new funds.
“There’s no need to panic and do a run on the bank. People will still be able to sell their bitcoins for local currency and then withdraw that currency,” they concluded.
The question is, if you are not a speculator in China, why would you WANT to withdraw your money to local currency there when it is subject to capital controls, inflation, seizing etc? If I were in China and was part of the richer class there and had bitcoin,it would be insurance. |
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And mining doesn't stop then, just the block rewards. (And you should check out Alcor.org - Ralph Merkle - of the merkle tree used in bitcoin - is a director. Who knows, maybe then you'll see the end of the block reward. :-). )
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I hear a lot about zerocoin but I was wondering if they plan to implant it in Bitcoin in the future ? If so, in what timeframe could we see it implanted ?
It will launch as an alt, and then after that test it may be added. This avoids a lot of risk. If you check the dev area this has been discussed there. |
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That's so bad  How could the attacker hack a multibit wallet? A custom trojan? Well, I know the hacker had access to my email (I saw a login using the security questions in the GMAIL logs, it comes from some guy in Austria, but I think he was just running a TOR node). Now, since the wallet backup was sent by email to another person, I think that's how he got it. I don't know how he got the password tough... I have some suspicion it has something to do with Dropbox, but I can't find any logs in Dropbox to confirm this. I moved the wallet to Blockchain.info, it's not that I trust my gmail account (and dropbox) is completely safe now but I guess it must be impossible to enter the account after I put up the google key two factor authentication. If your computer was compromised, be sure to change your password at blockchain.info from a different machine or be absolutely sure that it is clean now. |
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When the Barclays Silver ETC (SLV) was approved in 2006 (after about a year), there was a period of about a month after they “cleared the last regulatory hurdle” from the SEC, and when it got final approval. Likewise, there was a potential a period of about a week from when they got final approval and when it could begin trading, although iirc it was only a day or two. So, there could conceivably be some notice. I agree though that I think the SEC is going to drag its heels and be slow to approve this if they ever do. Silver did go from around $10/oz in April 2006 to around $50 to around $20, some of which may have been due to the ETF. It is good that there is money behind this because it could be a long, expensive process. I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.
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OR "Why The Atlantic Will Never be a Reliable News source" in one article.... |
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Not seeing a resolution here. Do we know who owned the domain in 2000 or not?
Domaintools.com has a history tool - but it is paid. In all likelihood it was a private registration anyway, and if so, it won't show much. :-) If it really matters to someone, it is worth the money. iirc, it only goes back to around 1995 so it doesn't capture a good amount of information, but it is still useful and should cover these names. |
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I have been seeing this other places, such as DailyKos (I know), but this seems to be the best summary. In short it hasn't been widely reported yet, and it should seem obvious but the NSA gets access to all financial records from major financial institutions. This is supposedly in the remaining 99% of Snowden's documents. Dark Wallet, CoinJoin etc anyone? http://www.informationclearinghouse.info/article37098.htm |
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Yes. Both on the phone and computer
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The wolf warning the sheep about the sheperds.
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It may be dns cache related, but I'm going to see if I get the site or the parked page later.
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For virtual currency to become mainstream, however, it would need regulation, said Gref, who was also reported as saying that virtual currency “‘experiments’ must end in one or two crashes” before they are firmly established. Russia has been relatively silent on regulation of virtual currencies to date I can't simply comprehend how this could possibly go for an "endorsement" to use virtual currencies... Perhaps the thinking is "crash" one was 2011, "crash" two was April 2013, so a crypto is now "firmly established"? :-) |
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