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1141  Bitcoin / Press / Re: NEW articles in Press Forum on: April 11, 2013, 08:25:09 PM
2013-04-11 Dealbook.NYTimes.com - As Big Investors Emerge, Bitcoin Gets Ready fo

https://bitcointalk.org/index.php?topic=173772.0
1142  Bitcoin / Press / 2013-04-11 Dealbook.NYTimes.com - As Big Investors Emerge, Bitcoin Gets Ready fo on: April 11, 2013, 08:23:04 PM
As Big Investors Emerge, Bitcoin Gets Ready for its Close-Up
by NATHANIEL POPPER AND PETER LATTMAN

Quote
Cameron and Tyler Winklevoss have been many things in a short time: Olympic rowers. Nemeses of Mark Zuckerberg. Characters on “The Simpsons.” Now they can add a new label: bitcoin moguls.
[...]
The Winklevii — as they are popularly known — say they own nearly 1 percent of that, or some $11 million.
[...]
Now mainstream investments in the digital money are starting to emerge. On Thursday, a group of venture capitalists, including Andreessen Horowitz, announced that they were funding a bitcoin-related company, OpenCoin.
[...]
But the 6-foot-5 Winklevii were unfazed by the latest tumult. Indeed, the brothers said they used the low prices to buy more. They argue that bitcoin will have much further to soar once a broader audience sees its virtues: a unit of exchange that can be moved around the world at the click of a button without requiring any payments to Western Union or American Express.

“People say it’s a Ponzi scheme, it’s a bubble,” said Cameron Winklevoss. “People really don’t want to take it seriously. At some point that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.”
[...]
For their part, the Winklevoss twins have used some of their bitcoin to pay for the services of a Ukrainian computer programmer who has worked on the site of their venture capital firm.
[...]
In addition to the purchase of bitcoins, they also say they have invested in a bitcoin-related company, but declined to disclose which one.
[...]
“It has been four years and it has yet to be discredited as a viable alternative to fiat currency,” said Tyler Winklevoss. “We could be totally wrong, but we are curious to see this play out a lot more.”

 - http://dealbook.nytimes.com/2013/04/11/as-big-investors-emerge-bitcoin-gets-ready-for-its-close-up/
1143  Bitcoin / Bitcoin Discussion / Re: How do I attempt a double spend? on: April 10, 2013, 10:21:09 PM
... umm for science  Wink


But in all seriousness, I attempted to send some trivial amount (.1 mBTC) without a fee from the Android wallet app and the transaction has been hanging in limbo for the better part of a week, leaving a few bitcents that I can't use. My understanding is that the only way to use those coins is to a) wait an indeterminate amount of time until that transaction gets accepted or b) double spend that "chunk" to myself with a fee to get it into the block chain in short order.

From the Bitcoin Android wallet app?  or from Blockchain.info for Android?   or something else?

That's a long time for a transaction to hang out there without getting a confirmation.  The original sender must be re-broadcasting it periodically (which is what the client is supposed to do).  

But because it has an output below 0.01 BTC and it has no fee, not all nodes are relaying it.  So you still might be able to spew out a double spend that would get relayed.

So if you have the private key for the address from one of the inputs for that send transaction you can import that address into the Bitcoin-Qt client, or Multibit, or Electrum, etc. and try to spend from one of those.  You'll have the same problem if the amount is below 0.01 BTC  and you don't pay a fee though so make sure to pay the freight.

[Update: Just remember though, with Bitcoin-Qt if that is a failed double spend attempt there's no way to delete the offending transaction from the wallet (without using the third party tool, pywallet, to perform wallet surgery).  So don't do this with your normal wallet.dat for Bitcoin-Qt, or at least make a backup right before so you can restore the old one if the double spend attempt never confirms.]
1144  Bitcoin / Bitcoin Discussion / Re: Can i get my bitcoins back? on: April 10, 2013, 09:50:45 PM
Can you give me some names of the bitcoin wallet services that got hacked in 2011

Maybe in this list?

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

There was really only one "E-Wallet" that saw losses, MyBitcoin.  There were a couple of exchanges in which accountholders had losses, like Bitcoin7, and some services ... like Mooncoin, but E-Wallet services MyBitcoin was the biggie.   And that's long long gone.
1145  Economy / Trading Discussion / Re: Mt.Gox to US bank - avr time on: April 10, 2013, 04:08:29 PM
Follow up to question below.

Your question will vary based on a few factors including how much you are transferring, is your account verified, what day of the week is it, what hour of the day is it, the size of the payout queue, the size of the support queue if there is a problem, the color of "the developer"'s socks, and more.

If you are asking for International wire, that will always be at best about a half day because of the difference in time zones.

For the transfer from Mt. Gox to Dwolla, that can range from very quick (hour to several hours range).     Once they do the send though the Dwolla transaction (an account-to-account A2A transaction) is instant.   

Then your withdrawal from Dwolla is about two business days, assuming you've already linked a bank account to your Dwolla account.  They may do a hold if they decide to require your identity (upload a photo of your driver's license).
1146  Bitcoin / Press / Re: 2013-04-09 What Bitcoin Is Teaching Us on: April 10, 2013, 10:43:14 AM
Here's the money shot:

Quote
Here’s what beautiful about this experience: It doesn’t matter in the slightest what Paul Krugman thinks. It doesn’t matter how many economic experts Paul Krugman lines up to oppose Bitcoin. It doesn’t matter how many Nobel Prize winners denounce it and oppose it. That’s because Bitcoin is not a “policy” invented by elite and privileged intellectuals. It is a market-based currency, one created by an entrepreneur and chosen by market players.
[emphasis mine]

And that is exactly the message that needs to be shared.

If bitcoin continues on its current trajectory being wildly successful (specifically its recognition and use as a currency) and that success will bring huge shifts and dislocations, then there will be a huge shifts and dislocations.  (And hopefully they come to the bloated financial sector first  Grin )  But it is like the entertainment industry saying how they don't like MP3 sharing.  Well, they can stomp their feet and make a bunch of theatrics but in the end MP3s will be shared.  Bitcoin, like the internet, routes around "damage".

The genie is out of the bottle.
1147  Local / Other languages/locations / Re: Bitcoins.co.ke - Kenya/Africa Bitcoin portal on: April 09, 2013, 02:40:14 PM
New Post:

Afrinnovator - Bitcoin Crypto-currency and the opportunity for a truly Pan-Africa money revolution

 - http://www.bitcoins.co.ke/forum/showthread.php?tid=36
 - http://afrinnovator.com/blog/2013/04/01/bitcoin-crypto-currency-and-the-opportunity-for-a-truly-pan-africa-money-revolution/
 - http://bitcointalk.org/index.php?topic=164451.0
1148  Bitcoin / Press / Re: 2013-04-08 Bar in NYC accepts Bitcoin on: April 09, 2013, 12:36:45 AM
and for the designated drivers: the Merkle Root Beer

Ha, clever!  I stole that for a tweet.
1149  Bitcoin / Development & Technical Discussion / Re: Make transactions in blockchain untracable on: April 09, 2013, 12:13:06 AM
If we trust cryptography we dont need to see the transactions to accept that double spending has not occured - correct?

No.

This is the data that is needed.



Quote
A transaction is a signed section of data that is broadcast to the network and collected into blocks. It typically references previous transaction(s) and dedicates a certain number of bitcoins from it to one or more new public key(s) (Bitcoin address).
- http://en.bitcoin.it/wiki/Transactions

1150  Bitcoin / Development & Technical Discussion / Re: Make transactions in blockchain untracable on: April 08, 2013, 11:25:02 PM
Is it technically possible to encrypt the blockchain so the transactions becomes totally impossible to trace for others than the two parts involved in the transaction?

The reason: make it impossible for government to trace how much bitcoins you have, who you have transactions with and so on.

The architecture of the Bitcoin ledger is such that each node can verify that a transaction has not been previously spent.  There's no way to verify that the transaction hasn't previously been spent without knowing the address and the transaction details (transaction hash and index).

There is a somewhat related project, Open Transactions, that allows Bitcoin transactions with blinding.
 - https://github.com/FellowTraveler/Open-Transactions/wiki
1151  Economy / Gambling / Re: [BITLOTTO] Mar 1 draw over $2000 or 50BTC! Tickets now 0.1 BTC for Apr 5 on: April 08, 2013, 11:16:18 PM
Time to label a scammer tag, And really remind people that just because someones trustworthy for a little while, Doesnt mean that they always will be

Does anyone know anything about this service?
 - http://bitcoinfunding.com/

It is hosted at the same IP address as BitLotto.com.  They also are registered with privacy protection.  And it was another service that, if successful, would receive payment and then hold large amounts of funds until eventual payout.   Which is an interesting coincidence.
1152  Bitcoin / Press / Re: 2013-04-08 Bar in NYC accepts Bitcoin on: April 08, 2013, 08:52:18 PM
This is one of those use cases where the race attack double spending method is definitely a risk they are exposed to but it is simply uneconomic for the attacker to try.  The bar will earn more profit from my unsuccessful attempts than they would lose from an occasional successful one.    And the attacker would be passed out long before a successful trial anyway.

So I'ld be curious what method EVR is performing to know if a double spend had been attempted (e.g., using a payment processor that has multiple monitoring nodes and upon nodes seeing double spends an alert occurs?)

And I'ld be curious what would happen if a double-spend attacker tried (and was caught)?    Would the attacker simply be escorted to the door, ... or charged with broadcasting some bits out port 8333 that resulted with the ability to get "free" drinks?
1153  Economy / Speculation / Re: Ways to Short BTC/USD on: April 08, 2013, 08:25:24 PM
Don't know how reliable it is or who the owner is, but I used it yes, to short a little bitcoins from $98 as a hedge for the main position. It worked as expected (i.e, margin call when prices moved above 140 Smiley ).

Yup, leverage is a bitch.  Now if the exchange rate drops back down below $98 you have no hedge left and have direct exposure again.


Simply sell your BTC, and pretend you're going long the dollar.


If you are going to do that and don't need the cash right now ... there is a high level of contango so that gives a way to sell and lock in a certain exchange rate.

So let's say using the example above BTC/USD was $90 and BUM3 (June 14th 2013 settlement) was $98 as you said.    With 1 BTC to short, you could sell 10 BUM3 contracts and essentially have essentially zero exposure to margin call.

So let's say BTC/USD on June 14th is $140.   You then have about 0.7 BTC remaining on June 14th but the exchange rate at that time is $140 so you can sell  those 0.7 BTC and get $98.    But if the exchange rate drops to $70, you then have a little over 1.4 BTC, which at BTC/USD $70 can be sold for ... $98.   

So instead of selling today at the spot market you can sell futures contracts and gain a nice little profit from contango.
1154  Other / Beginners & Help / Re: [Solved] Please move: "additional script for finding lost passphrase" on: April 08, 2013, 07:33:56 PM
Without your script, I probably wouldn't have recovered my wallet.

Great to see access to another wallet saved!  There's going to be a growing need for someone to offer this service commercially.
1155  Economy / Speculation / Re: What is the deal with hoarding? on: April 08, 2013, 06:42:26 PM
So it appears that the impression is that hoarders are hurting Bitcoin because we are not using it as its intended purpose, as a currency.

Which is only a problem when instead of hoarding these speculators turn into dumpers.   If the coins were mostly used in commerce for purchases, then there would be less volatility based on whatever the response is to the next news article on Bitcoin.     But when the (temporary) price top is reached and the exchange rate direction turns south -- those hoarders all stop hoarding and race to the exits.  Some will have made it out with plenty of gains, others roughly break-even, and the last ones who bought will see losses, sometimes heavy.

Now if the merchant can set prices in dollars and uses a payment processor who converts all bitcoin revenues to dollars at the spot rate at the time of sale (less the conversion fee), then the merchant can be pretty much agnostic about the exchange rate (though 10% swings in a day mean delays simply in waiting the hour for payment to confirm before the coins can be sold is something that will eat into profits)

But if the exchange rate is dropping and the hoarders start dumping, they will also be using their coins making spend purchases.

So bitcoin wins either way thanks to hoarding.   When the exchange rate is on the way up hoarding causes the exchange rate to rise which attracts others to buy bitcoins causing them to become familiar with buying bitcoins and using them in transactions.   When the exchange rate is headed down bitcoins get spent with merchants causing it to gain traction as a payment method.
1156  Economy / Service Announcements / Re: [ANN] bitaddress.org Safe JavaScript Bitcoin address/private key on: April 08, 2013, 05:54:07 PM
1. If i generate an address offline by going to the page, disconnecting wifi and generating a new address is this address now good to go?

Depending on whether or not your system is compromised.   Let's say you have malware that does a screen shot a couple times each second and uploads next time you reconnect the images of QR codes it snagged?

[Update: The solution is to use a LiveOS, i.e., boot to an operating system you know was not tampered with.   Then while offline load the static .html page that was originally obtained from bitaddress.org and verified using the sha1sum to be the same release as from github or from the site.]

2. How do i check the balance on the address?

Blockchain.info will show transactions where that address was used.

3. How do i move the balance from there to another address?

You need to import the private key somewhere.  

Bitcoin-Qt from the debug console has a way to import private key.
 - http://en.bitcoin.it/wiki/How_to_import_private_keys

Blockchain.info/wallet provides an import private key method.

Using a mobile, EasyWallet.org has "one touch" scanning to do this.

Also Mt. Gox has the ability to redeem a private key in which they sweep the funds into your Mt. Gox exchange account.
1157  Economy / Gambling / Re: [BITLOTTO] Mar 1 draw over $2000 or 50BTC! Tickets now 0.1 BTC for Apr 5 on: April 08, 2013, 05:39:07 PM

Funds have now moved.

[Update: And the domain was just renewed another year.   Ughh.]
1158  Bitcoin / Bitcoin Discussion / Research Paper: Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Ris on: April 08, 2013, 11:56:59 AM
by Tyler Moore and Nicolas Christin
Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk [Short Paper]

Presented at Financial Cryptography and Data Security 2013
Seventeenth International Conference, April 1–5, 2013, Okinawa, Japan


 - http://fc13.ifca.ai/proc/1-2.pdf
 - http://docs.google.com/viewer?url=http%3A%2F%2Ffc13.ifca.ai%2Fproc%2F1-2.pdf  <-- Web browser view using Google Docs

 - http://fc13.ifca.ai/slide/1-2.pdf
 - http://docs.google.com/viewer?url=http%3A%2F%2Ffc13.ifca.ai%2Fslide%2F1-2.pdf  <-- Web browser view using Google Docs


Quote
Abstract:
We study the risk investors face from Bitcoin exchanges, which convert between Bitcoins and hard currency.
[...]
An exchange’s transaction volume indicates whether or not it is likely to close. Less popular exchanges are more likely to be shut than popular ones. We also present a logistic regression showing that popular exchanges are more likely to suffer a security breach.
1159  Bitcoin / Bitcoin Discussion / Research Paper: Evaluating User Privacy in Bitcoin on: April 08, 2013, 11:42:30 AM
by Elli Androulaki, Ghassan Karame, Marc Roeschlin, Tobias Scherer and Srdjan Capkun
Evaluating User Privacy in Bitcoin

Presented at Financial Cryptography and Data Security 2013
Seventeenth International Conference, April 1–5, 2013, Okinawa, Japan

 - http://fc13.ifca.ai/proc/1-3.pdf
 - http://docs.google.com/viewer?url=http%3A%2F%2Ffc13.ifca.ai%2Fproc%2F1-3.pdf  <-- Web browser view using Google Docs

 - http://fc13.ifca.ai/slide/1-3.pdf
 - http://docs.google.com/viewer?url=http%3A%2F%2Ffc13.ifca.ai%2Fslide%2F1-3.pdf  <-- Web browser view using Google Docs


Quote
Abstract:
We evaluate the privacy that is provided by Bitcoin (i) by analyzing the genuine Bitcoin system and (ii) through a simulator that faith-fully mimics the use of Bitcoin within a university. In this setting, our results show that the profiles of almost 40% of the users can be, to a large extent, recovered even when users adopt privacy measures recommended by Bitcoin. To the best of our knowledge, this is the first work that comprehensively analyzes, and evaluates the privacy implications of Bitcoin.
1160  Bitcoin / Press / Re: 2013-04-07 New York Times - Bubble or no virtual Bitcoins show real worth on: April 08, 2013, 11:23:50 AM
it's in today's PRINT EDITION of NYT.

It's going to be an interesting week.
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