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Bitcoin / Bitcoin Discussion / Bitcoin XT has backdoor that may reveal real IP address of its users?
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on: August 20, 2015, 02:42:37 PM
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Bitcoin XT contains an unmentioned addition which periodically downloads lists of Tor IP addresses for blacklisting, this has considerable privacy implications for hapless users which are being prompted to use the software. The feature is not clearly described, is enabled by default, and has a switch name which intentionally downplays what it is doing (disableipprio). Furthermore these claimed anti-DoS measures are trivially bypassed and so offer absolutely no protection whatsoever. Connections are made over clearnet even when using a proxy or onlynet=tor, which leaks connections on the P2P network with the real location of the node. Knowledge of this traffic along with uptime metrics from bitnodes.io can allow observers to easily correlate the location and identity of persons running Bitcoin nodes. Denial of service can also be used to crash and force a restart of an interesting node, which will cause them to make a new request to the blacklist endpoint via the clearnet on relaunch at the same time their P2P connections are made through a proxy. Requests to the blacklisting URL also use a custom Bitcoin XT user agent which makes users distinct from other internet traffic if you have access to the endpoints logs. https://github.com/bitcoinxt/bitcoinxt/commit/73c9efe74c5cc8faea9c2b2c785a2f5b68aa4c23Source: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-August/010379.htmlTo conclude. NSA/CIA can run simple ddos attack which activates "Anti-DDOS" backdoor in XT client which blocks Tor connections and de-anonimyzes users by revealing their real IP addresses. |
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Economy / Speculation / Does "Wash Trading" in China cause artificial drop of BTC price ?
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on: September 28, 2014, 07:55:31 PM
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Zero fees and wash trades
While macro factors may account for China’s lead in bitcoin trading, specific details like fee structures on Chinese exchanges give a further boost to the amount of trades on Chinese exchanges.
Danielli pointed to OKCoin’s margin-trading structure as one reason trading volumes have grown on that exchange. As users trade more, they accumulate ‘reward points’ that allow them to borrow more yuan for margin trading. CNY-BTC trading is free on OKCoin and Huobi.
“People are ‘trading with themselves’ to increase volume and get to [the desired points level],” Danielli said.
The sort of trading described by Danielli is illegal in US equities and commodities markets, where it’s known as ‘wash trading’. In these transactions, a security doesn’t technically change hands, and is effectively being traded by one party who takes both sides of the deal.
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Economy / Speculation / Volume on exchanges
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on: September 07, 2014, 03:48:44 PM
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Those who worries about current volume on exchanges should read this article. http://www.coindesk.com/bitcoin-brokers-trade-millions-without-exchange/Trading over the counter offers several advantages over placing an order on an exchange. For one thing, traders get to protect their capital from the effects of price slippage.
Slippage is what can happen when an investor sells a large block of coins on an exchange all at once. If the sell order is large enough, it can cause the price on the exchange to fall as it is filled. As a result, the seller can lose a substantial chunk of the proceeds by the time the entire order is filled.
Just how much of a trade is lost to slippage is difficult to quantify, according to George Samman, a co-founder of BTC.SX and a former portfolio manager at a New York investment firm. In a hypothetical trade where an investor sold 100 BTC on BitStamp at today’s price of about $490, he or she would stand to lose up to 10% to slippage.
“When someone is trying to put a block trade through and there’s not enough takers at a certain price level, then the price keeps dropping as bids keep getting lower and lower,” he said.
Other factors can come into play. Traders could be laying in wait with ‘false’ orders on the exchange to feel for large blocks coming to market. When some of those orders are filled, savvy traders could cancel the rest of their original orders, sensing that a big block is being traded, and quickly place new orders at lower prices
"There are people who put a lot of value in executing a full block of 1,000 or 5,000 coins at once.”
“The problem with OTC trading is that they are private. People get upset about that and they think there is some kind of manipulation going on. But in the markets today, there is less and less volume. Even in the equity markets, institutions are trading with each other and taking trades offline.”
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Bitcoin / Press / [2014-03-27] CCN: Evidence That Transaction Malleability Did Not Bankrupt MtGox
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on: March 27, 2014, 06:45:48 AM
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http://www.cryptocoinsnews.com/2014/03/27/malleability-bankrupt-mt-gox/However, while MtGox claimed to have lost 850,000 bitcoins due to malleability attacks, we merely observed a total of 302,000 bitcoins ever being involved in malleability attacks. Of these, only 1,811 bitcoins were in attacks before MtGox stopped users from withdrawing bitcoins. Even more, 78.64% of these attacks were ineffective. As such, barely 386 bitcoins could have been stolen using malleability attacks from MtGox or from other businesses. Even if all of these attacks were targeted against MtGox, MtGox needs to explain the whereabouts of 849,600 bitcoins. No surprise for me 
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Economy / Speculation / Now we have 750,000 less bitcoins in circulation ?
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on: March 01, 2014, 02:26:22 AM
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If Gox tells us truth, it means that there were up to 1.75M of phantom non existing bitcoins circulating in active trade during recent years.
Now they are vanished and we only have real existing bitcoins on exchanges (I hope).
Guess what would happen to the price soon?
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Bitcoin / Press / 2013-12-02 forbes.com: Bitcoin's $13.50 To $1,200 Eleven Month Climb---Now Taxes
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on: December 02, 2013, 03:15:22 PM
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http://www.forbes.com/sites/robertwood/2013/12/02/bitcoins-13-50-to-1200-eleven-month-climb-now-taxes/One key question these days is whether you are taxable on the appreciation in Bitcoin you bought at $13.50 that is now worth $1,000. Currency wouldn’t be, but it isn’t clear that’s what Bitcoin is in the eyes of the IRS. Transactions in Bitcoin could be property, barter, foreign currency, or a financial instrument. Barter seems most logical, but not everyone agrees. Some suggest marking Bitcoin to market each year, which would be a good deal for the IRS. Essentially, that would valuing and reporting gain or loss at the end of each year even if you continue to hold it. Surely no one will do that this year unless it is mandated, which it is not.
Indeed, until the IRS rules differently, if you are holding highly appreciated Bitcoin you probably won’t be taxed until you dispose of it. That should be easy to track if you buy Bitcoin for cash and then sell it for cash. The difference is income, either capital or ordinary.
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Economy / Speculation / GREED KILLS, or simple rules for your Success
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on: November 27, 2013, 02:57:19 PM
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To all the newcomers.
You will be successful bitcoin investor if you stick with these simple rules
- Never spend more than you afford to lose. It may kill you. This is the main rule.
- Never treat bitcoin as get rich quick scheme. Get ready to wait at least a year before you see gains.
- Never wait for price drops, buy at ATH and be happy when it doubles/triples in a year.
- Don't speculate during "All time highs", it will bite you.
- Don't panic. Never sell with losses, even when you see it's dropping 50% of its value in a minute. As history teaches, it's just another bear trap.
Abiding these rules will help you being happy and benefit bitcoin economy.
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