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1081  Bitcoin / Project Development / Re: New Bitcoin Exchange Co-founders Needed on: April 13, 2013, 07:54:43 AM
I'm looking for other entrepreneurial people with skills in coding, web design, finance, advertising and public relations to share in this project.

Requisite reading:

So you think you're going to start a Bitcoin business, right?
 - http://bitcointalk.org/index.php?topic=124441.0
1082  Bitcoin / Technical Support / Re: Public Key + Half Private Key... on: April 13, 2013, 07:41:37 AM
I am just wondering if this is possible to do on the ECDSA generated key pairs for bitcoin. It would be a new interesting way to store paper wallets, that would require you to bruteforce the last half of your own key

From another thread:

You don't want to cut the key in half.  There are lots of complicated ways to share secrets (some even involving redundancy i.e 3 of 5 key fragments needed to rebuild key) but the simplest way is an XOR.

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

or:

pybtcsplit - m-of-n Private Key Splitting made easy in one simple python utility
 - http://bitcointalk.org/index.php?topic=104086.0
1083  Economy / Economics / Re: I think exchanges have a vested interest and are defaming Paypal / direct deals on: April 13, 2013, 07:32:30 AM
so they call PayPal a scam

PayPal is a scam.  Well, maybe not a scam but what they do is scammy.  They have a user agreement that specifically prohibits the use of PayPal for payment for various types of transactions and digital currency is one of those types.

They are a private company and are perfectly entitled to have those restrictions.

What is scammy is to freeze your account and all funds within it (for 180 days) if they determine you've been trading for bitcoins.  

Ironically, this was the cause of one of the first "flash crashes" to hit bitcoin.  In October 2010, Mt. Gox was accepting deposits from PayPal.  Then Owner Jed's personal PayPal account was frozen, which resulted in the suspension of that funding method and a subsequent crash of the exchange rate.   Then another bitcoin seller, CoinCard, with permission from PayPal and a very customized and carefully monitored risk algorithm was operating until PayPal froze that party's PayPal account.



 - http://www.bitcoinmoney.com/post/5086167006

You'ld think with a 0% batting average, people would learn.  But no, it has happened over and over.   Some approaches tried by selling one and two dollars worth at a time.  Bzzzzt.  Thank you for playing, but no -- that was not the right answer either.  

Not only that, those who bought bitcoins would find funds in their account frozen as well.

So basically, those who are able to get away with it are those who fly under the radar ... individuals doing a personal trade here and there.

Every other seller has had PayPal come down and come down hard.

Every.   Single.    Seller.



Now VirWoX has a different approach.  They sell Second Life Lindens (SLLs) for PayPal, and then let you trade those SLLs for BTCs.    That works fine.
1084  Bitcoin / Press / Re: 2013-04-12 Roger Ver Rocks on FoxBusiness!! on: April 13, 2013, 06:47:09 AM
From the professor ... "Too shadowy, too speculative" ...

There's not much more transparent than an open protocol implemented with open source software.

At some point bitcoin will have enough total dollar valuation (TDV) so that Wall Street will get into it with an ETF.  That will then provide a method for shorting and that will provide resistance on the way up and support on the way down.
1085  Bitcoin / Press / Re: 2013-04-12 krugman.blogs.nytimes.com - Adam Smith Hates Bitcoin on: April 13, 2013, 06:18:22 AM
And because I said so because I'm Paul Krugman and fuck you.

I see this pendulum swing ... bitcoin rallies and gains momentum then a concerted effort at talking it down from the academics and others occurs and bitcoin idles for a while, but then it gains traction again and that becomes undeniable where it starts to rally again and the cycle repeats.  But each time bitcoin ends with higher highs and higher lows.     

The exposure these people bring to bitcoin is invaluable.

I wish Krugman would pen a post on bitcoin each and every day!
1086  Bitcoin / Meetups / Re: SoCAL BITCOINERS Poll: Where to meet??? on: April 13, 2013, 04:45:06 AM
Incidentally, the Orange County Register today had a full page in the Business section for Bitcoin:

NO date, man?

I just read it.  It was today's paper (April 12th, 2013).

It included the one-paragraph masthead teaser on the front page of the business section.  Then the entire page 8 was devoted to Bitcoin.  (Incidentally, page 9 was a large article about the dangers of mobile payments and had a picture of a merchant's Square register setup.)

There were a few articles on the page.  One was an interview of Casascius.  The top of the page had a "What is a bitcoin" infographic.  Another article titled "Bitcoin Economics" was a primer on teh evil deflations and why Bitcoin will never work (I'm paraphrasing roughly what the article said).   The main article was this:  

Bitcoin bursts: Hacker currency gets wild ride
 - http://news.yahoo.com/bitcoin-bursts-hacker-currency-gets-wild-ride-174931830--finance.html
1087  Bitcoin / Press / Re: 2013-04-11 CNBC adds a Bitcoin ticker on: April 13, 2013, 04:38:29 AM
They were even kind enough to add a smilie face for us!

Code:
(MTGOXUSD :)

Well, that's the format for the exchange.  e.g.,   (AAPL :NASDAQ).    But MTGOXUSD has no exchange so it is blank  (MTGOXUSD Smiley

1088  Bitcoin / Press / Re: Bitcoin in the AP - Orange County (CA) Register on: April 13, 2013, 04:30:29 AM
NO date, man?

I just read it.  It was today's paper (April 12th, 2013).

It included the one-paragraph masthead teaser on the front page of the business section.  Then the entire page 8 was devoted to Bitcoin.  (Incidentally, page 9 was a large article about the dangers of mobile payments and had a picture of a merchant's Square register setup.)

There were a few articles on the page.  One was an interview of Casascius.  The top of the page had a "What is a bitcoin" infographic.  Another article titled "Bitcoin Economics" was a primer on teh evil deflations and why Bitcoin will never work (I'm paraphrasing roughly what the article said).   The main article was this:  

Bitcoin bursts: Hacker currency gets wild ride
 - http://news.yahoo.com/bitcoin-bursts-hacker-currency-gets-wild-ride-174931830--finance.html
1089  Economy / Service Discussion / Re: bitbargain.co.uk - Excessive prices on: April 12, 2013, 11:49:11 PM
I think bitbargain.co.uk deserve a mention. They don't appear to be scammers as such but they do have a market setup with a very limited pool of sellers who are charging 10% to 25% over mtgox prices for BTC. Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends. This allows the sellers to make excessive profits by simply buying coins on GOX and reselling on bitbargain.

Sounds like a huge opportunity exists for a competitor.

Which is probably what is motivating Max Keiser to begin offering one.

Also, BitcoinFridge has re-opened:
 - http://bitcoinfridge.co.uk
1090  Economy / Service Announcements / Re: MtGox generation of USD redeemable codes will stop at 10 Apr 2013 on: April 12, 2013, 09:32:34 PM
I just received an email too:

Whoah ... that's different.  Not just MTG USD and MTG CAD but all "non-BTC" codes it says.

And I looked just now and there's not even a method to withdraw a BTC code, at least as far as I can tell.
1091  Economy / Service Discussion / Re: Exchanges should allow fiat xfers between my verified accounts. on: April 12, 2013, 09:30:17 PM
How can we raise this feature request with these 2 (as well as other) exchanges?

Presumably you are looking to do this to take advantage of the price difference (arbitrage).

That arbitrage exists because of the difficulty in moving cash into the exchanges.

So once this friction is removed there will not be the price differences.

And thus little need to move your cash from one exchange to another.

If Bitfloor offered account-to-account (A2A) transfer, then at least you could have private individuals willing to sell their USD funds at a premium.  For instance, instead of withdrawing to a bank a person might be willing to deliver those funds directly to you in exchange for your consideration elsewhere (e.g., a deposit of cash into that person's bank account.)

That would possibly qualify them as being a money transmitter though, which is insanely expensive to offer due to compliance requirements.  That's why Mt. Gox quick completely offering their redeemable codes.
1092  Bitcoin / Press / Re: 2013-04-12 Introducing MigCoin on: April 12, 2013, 08:30:21 PM
Ben Bernanke over at the US Federal Reserve should take a look a this. Using his DNA as a way to ensure the US currency cannot be counterfeited does have merit you know.

Now my coins can be spent by anyone who snags my empty beer glass after I've finished it.   Great idea!

p.s.,  That is about five articles today with Bitcoin spelled "BitCoin".   I think they know it drives us OCD people nuts and keep doing it purposely.
1093  Bitcoin / Press / Re: 2013-04-11 - CNBC adds a Bitcoin ticker on: April 12, 2013, 08:18:02 PM
Now this is big! Mainstream we are here!

Agreed ... huge!

Now one thing is needed.  Accurate quotes.  It does show "accumulating data" though.

And the symbol is bad.  It shouldn't be "MTGOXUSD :", it should be maybe MTGOXBTC  ?    (as it is the spot price of a BTC expressed in dollars).    Just like AAPL :NASDAQ is a share of that stock expressed in dollars.

It is too bad there isn't an ETF up and running they could quote.
1094  Bitcoin / Press / Re: 2013-04-12 Business Insider - I tried hacking Bitcoin and I failed on: April 12, 2013, 08:10:21 PM
he also can't seem to understand the anonymity features around stolen coins even though their movement can be tracked via the blockchain.

I haven't looked closely but at a minimum there were stolen coins from bitcoinica that were distributed randomly to IRC users and others:

Bitcoinica stolen coin returns
 - http://bitcointalk.org/index.php?topic=82581.0

and there've been many various successful exchange hacks so while some might have held onto the loot, others certainly have mixed and cashed out.

List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses
 - http://bitcointalk.org/index.php?topic=83794.0

1095  Bitcoin / Bitcoin Discussion / Re: Discount at bitcoinstore? on: April 12, 2013, 07:42:37 PM
And I really feel sorry for all bitcoin merchants like bitcoinstore and bitpay. They were operating blindly when mtgox was down for 12 hours, and took huge risk in the extremely volatile market.

BitcoinStore doesn't set the rate, their payment processor does.
- https://bitpay.com/bitcoin-exchange-rates

And they use a rate from multiple exchanges.

Just because it is difficult to move enough funds into Mt. Gox to meet the selling pressure doesn't mean the more favorable prices at other exchanges can't be utilized.

We are getting to the point that there is no longer just one marketplace that dictates what is the current bitcoin spot price
 
1096  Economy / Service Discussion / Re: My funds and BTC have just disappeared from my Gox account! on: April 12, 2013, 11:52:38 AM
did you have 2 factor authentication?

Hindsight is 20/20.   But to help persuade anyone who does not yet use 2-factor auth, hopefully this helps in making an informed decision:
 - http://bitcointalk.org/index.php?topic=173227.msg1817257#msg1817257
1097  Economy / Service Discussion / Re: How I got robbed of 34 btc on Mt.Gox today on: April 12, 2013, 11:50:38 AM
They should compensate me 100%. First because their site is not secured against such rudimentary attacks as has been demonstrated today. I'm not the first and certainly not the last so long as they don't deal with this.

Incidentally, they do have a method that is secure against this ... Yubikey, and Google Authenticator.

Happens a lot:

MtGox account got cleared out
 - http://bitcointalk.org/index.php?topic=85533.0

All BTC disappeared from my Mt. Gox account
 - http://bitcointalk.org/index.php?topic=88368.0

Another:
 - http://bitcointalk.org/index.php?topic=80562.msg941759#msg941759

And another: My mtgox account got compromised, what can I do?
 - http://bitcointalk.org/index.php?topic=84585.0

Yet more: MT.Gox account hacked - lost 2k USD - MT.GOX will not explain how.
 - http://bitcointalk.org/index.php?topic=89142.0

And more again: Bitcoins stolen from MtGox
 - http://www.reddit.com/r/Bitcoin/comments/x8lcv/bitcoins_stolen_from_mtgox

And yet more: Stolen from Mt.Gox coins. Help return the coins.
 - http://bitcointalk.org/index.php?topic=119816.0

Or more here: Email from Mt.Gox this morning.
 - http://www.reddit.com/r/Bitcoin/comments/z0na5/email_from_mtgox_this_morning

And even more here: I just had $715 stolen out of my Mt. Gox account.
 - http://www.reddit.com/r/Bitcoin/comments/12j9gi/i_just_had_715_stolen_out_of_my_mt_gox_account

And the biggie: Bitcoinica MtGox account compromised
 - http://bitcointalk.org/index.php?topic=93074.0

With more here: Unauthorized Account Activity on my Mt.Gox Account - Account Compromised/Hacked?
 - http://bitcointalk.org/index.php?topic=94140.0

And even more: *MY* Mt Gox Account was Hacked - lost it all today... now what!?
 - http://bitcointalk.org/index.php?topic=137795.0

Ditto: My MtGox account was just exploited - 3 BTC stolen
 - http://bitcointalk.org/index.php?topic=141816.0

Ditto on the ditto: Just lost 190 bitcoins through Mt. Gox
 - http://bitcointalk.org/index.php?topic=141831.0

And other ones get added to the list: Unauthorized withdrawal on Mt. Gox
 - http://bitcointalk.org/index.php?topic=147070.0

And now this: How I got robbed of 34 btc on Mt.Gox today
 - http://bitcointalk.org/index.php?topic=173227.0

And another recent one: My funds and BTC have just disappeared from my Gox account!
 - http://bitcointalk.org/index.php?topic=174556

And on other services as well. Here same thing happened to some GLBSE users:
 - http://bitcointalk.org/index.php?topic=84893.0

And elsewhere, BitMarket.eu in this instance:
 - http://bitcointalk.org/index.php?topic=5441.msg1259168#msg1259168

And on bitcoin.de as well: Bitcoins stolen from bitcoin.de.
 - http://bitcointalk.org/index.php?topic=130264.0


In none of these was the person using multi-factor authentication. Mt. Gox has had Yubikey support for a while. Mt. Gox accounts now support Google Authenticator:
 - https://mtgox.com/press_release_20120605.html

If the exchange you are storing funds with doesn't provide OTP, consider using a different exchange:
 - http://bitcoin.stackexchange.com/questions/4113/which-two-factor-authentication-methods-are-available-at-which-exchanges

If you are storing funds in an EWallet, consider using a paper wallet.

Also, here is a fantastic guide: How to use 2-factor auth on mtgox, even without a smartphone (from a second device, of course, not from the same computer you log in on).
 - http://bitcointalk.org/index.php?topic=111943.0
1098  Bitcoin / Bitcoin Discussion / Re: Here comes the interesting part on: April 12, 2013, 11:40:57 AM
In a normal stock market, if it crashes hard like bitcoin is doing now, then FED must step up and print a lot of money to support the exchange price of major banks. But for bitcoin, the only support is its limited supply. I believe, this single support is powerful enough to achieve the things that FED can not do, let's see how this will play out  Wink

There was a huge inflow of funds over the past few weeks due to the speculative run ... nobody was losing money and the value of their holdings increased nearly each day. 

But that's partly because there are no decent methods to short bitcoin.  If there were methods to short, then on the way back down there would be short covering. 

The reason there's no decent methods to short bitcoins is because that would require a lot of pioneering in the legal arena to seek regulators approval to trade bitcoins as a commodity.   So the methods that exist are like icbit.se, which operate pseudonymously.

But the point was, it isn't just the FED that is needed.  If we were to transact freely, there would exist options markets, futures contract trading, lenders, etc. all of whom, in concert, would help lessen the volatility that Bitcoin sees today.
1099  Bitcoin / Press / Re: NEW articles in Press Forum on: April 12, 2013, 11:03:11 AM
2011-04-11 AmericanBanker.com - Bitcoin and the Rebirth of Financial Safe Havens

https://bitcointalk.org/index.php?topic=174567.0
1100  Bitcoin / Press / 2011-04-11 AmericanBanker.com - Bitcoin and the Rebirth of Financial Safe Havens on: April 12, 2013, 11:02:13 AM
Bitcoin and the Rebirth of Financial Safe Havens
by Jon Matonis


Quote
'Private individuals should have more privacy [than politicians would be afforded], as they have not placed themselves into the political arena. They have not agreed to give up their privacy,' [says Attorney Jenice Malecki]. However, she also concedes that when it comes to offshore numbered accounts, 'it does seem that banking secrecy is eroding. Slowly, but surely, banks are releasing information for governmental investigations.'
[...]
Decentralized cryptocurrencies such as bitcoin arrived on the scene in early 2009 and now provide an outlet for personal wealth that is beyond restriction and confiscation. The exchange rate for government fiat currencies may be volatile now, but as the market price eventually finds equilibrium and stabilizes, bitcoin will become an important store of value.
[...]
Think of bitcoin as your own personal financial safe haven or offshore bank.
[...]
Future regulatory and confiscatory attacks on safe havens and banking secrecy will become irrelevant, because bitcoin provides for a personal 'offshore center' under direct and sole control of the individual.
[...]
Legitimacy is a politically charged term. One person's legitimacy may be another person's aggressive and unjustifiable overreach. Also, what a certain government sees as legitimate may be viewed in other parts of the world as a violation of fundamental human rights. This is clearest in authoritarian regimes that impoverish and imprison their political opponents for so-called crimes against the state.

 - http://www.americanbanker.com/bankthink/bitcoin-and-the-rebirth-of-financial-safe-havens-1058216-1.html
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