[I want to make it very clear that TradeHill is not spamming the compromised user list from Mt Gox.]

                                                                                                                                                                                                                                                             
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Subject: Mt Gox has been hacked
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From: A Bitcoin Supporter <Bitcoin@unknown.com>
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Date: Sun, 19 Jun 2011 18:15:16 -0500
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Dear Sir or Madam,

A few hours ago the Bitcoin trading website Mt Gox has been hacked. Malicious individuals have been able to obtain a database containing usernames, email address and encrypted passwords. This information has been posted publicly on the internet.

As a Bitcoin supporter I'm now sending a message to every email address contained in the hacked database. This is to warn you that your username, email address and password have been leaked. I therefore strongly advice you to change your passwords. If you have used the same password on different websites it's highly recommended to change your password on all of your accounts!

For a more secure alternative to Mt Gox, the community appears to be moving to TradeHill. So this is no reason to lose faith in Bitcoin itself. It must be seen as a warning that not every website can be trusted with your data however! Their link is http://www.tradehill.com/?r=TH-R15683 (Note: You can remove the Referral Code when registering if you want!) This is certainly not the only website where you can exchange Bitcoins, also check out http://www.thebitcoinlist.com/dp_bitcoin/bitcoin-exchange/

Sincerely,

A Bitcoin supporter
1CWSjov2N7ix41bZ8bJfHXkdLLbkUsG9Y7

I for one, think that TradeHill should block referrer TH-R15683 from any commission.

This is not the way we want to grow our business. At the very least we will remove all the referrals from this users account.

I want to make it very clear that TradeHill is not spamming the compromised user list from Mt Gox.


Posting his personal information would violate our privacy terms which we take very seriously.

http://en.wikipedia.org/wiki/Bank_run

A bank run (also known as a run on the bank) occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent.

Everyone is panic'ing about their emails and passwords
or crying because MtGox reversed their bargain transactions.

We know MtGox suffers from DDOS, will the website work when their is a "run on the bank" when it comes back live June 20th 11:00am?

After a run, will MtGox sill be able to meet its payments? Will it be around in a year?.. How will it effect the BTC value?

... .I guess we dont have long to wait and find out.

http://answers.yahoo.com/question/index?qid=20080827115251AAYDgdW
Q: What world currencies are actually backed by gold?
A: None

Im no economist, but what would it take for bitcoins to be "backed by gold"?

Possible, Plausible or Impossible?
I see two possibilities either a wealthy person puts up some gold to back the whole currency, or a bitcoin wallet provider purchases gold and its customers wallets are backed by the gold standard.


P.S. I have no gold. Just thinking out loud.

Just a brainstorm really, I am not currently planning on building this.

The premise is that we create categories and in each category contains  multiple services that do not take bitcoins as currency.

The community then submits bitcoins into that category in order to create a bounty.

It then turns into a race, the first service in the category to officially accept bitcoins Wins! ..The company get the monies or have a choice to donate it to a charity of their choice.



If people fund this "bribe" service then I think it could work, the operator could take monies out off the coffins to mass mail the companies to make them aware of the bounty and benefits of joining. Plus the whole X amount of people want you to accept Bitcoins they have together built up the fund of Y BTC / $.

To make it more "fun" for the people contributing you could add a gambling dimension to it as in bet which service adopts bitcoin first.

Just an idea to fund PR really, once theirs a critical mass using bitcoins the rest should fall in line.

http://timothyblee.com/2011/04/19/bitcoins-collusion-problem/

If a group of nodes colluded to change the rules (say, awarding themselves 100 Bitcoins rather than 50 for “winning” a round), the result would be a “fork” of the Bitcoin network. Nodes that enforced the original rules would reject blocks with the higher rewards, effectively expelling them from their network. The “rogue” nodes would recognize one another’s blocks, and would effectively establish a second, rival Bitcoin network. Theoretically, these different networks could continue in parallel indefinitely, but it’s likely that relatively quickly one of them (probably the larger one) would come to be regarded as the “real” Bitcoin network and cash spent on the other network would become worthless.

Does Timothy B Lee raise a good point here? We don't want splinter networks do we?

[The Premise]

Love Your Thoughts  

Tag: Help Quantify Risk in Transactions

The Premise
This is a Karma system. It will allow a user to create an Account, the user can then add a Bitcoin Address and other information to their Account to add Karma. The Account holds the Karma, so add of as many Bitcoin Address to share Karma between.

What is the need?
A Unique Selling Point for Bitcoin is that it is anonymous this puts Trust to the test. Bitcoin Karma will help all involved quantify risk in the transaction.

What is Karma
This will be an evolving score and happy to take suggestions. Points will be awarded for :

• Quantity of Transactions
• Value of Transactions
• Age of Bit address
• Karma of others you interact with

Please suggest more. The Karma will be made up of just Bitcoin data though may expand into ebay style feedback, telephone verification and address verification at a later date if system is used.

How to Verify Bitcoin Address?
Users will be ask to send a decimal of a bitcoin to us (then sent back) to verify they have ownership.

The end of being anonymous?
You select the BitCoin addresses to link to your account, the API wont show any PI information except your addresses will have the same karma points. I see this as a hot topic.

The Future
The idea is to adding extras: OpenID Server, Intergeneration with Bitcoin-Contact, Integration with an Exchange.
If the project is useful and is used then I will incorporate at Companies House in England.

The Code
The main website (http://bitcoinkarma.com/) will be closed but wholly run from the API which I hope to open on GitHub once its structure is established.
I code in PHP but the API will be open, my hope is that the API can be used by other websites or add-ons.

Help me, Help You
Please reply with your concerns, ideas and suggestions. My time is finite and so happy to delegate. I hope their are some reply's and will be on #bitcoin-dev as user H4U if you want to talk.

Website: http://BitcoinKarma.com
Twitter: @BitcoinKarma
Email: beta@BitcoinKarma.com

P.S. The project needs a logo.