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1201  Bitcoin / Press / 2012-05-13 fiercehomelandsecurity.com Bitcoin's limited anonymity means it'll... on: May 14, 2012, 01:40:17 AM
Quote
Bitcoin's limited anonymity means it'll mainly be for donations to 'disreputable groups,' says FBI

David Perera
2012-05-13

http://www.fiercehomelandsecurity.com/story/bitcoins-limited-anonymity-means-itll-mainly-be-donations-disreputable-grou/2012-05-13
1202  Economy / Speculation / Re: Speculate: Difficulty on: May 13, 2012, 10:58:31 PM
Many people believe bitcoin's value will go up when the block reward halves.  I think the better question should be, why should it go up just because the reward has halved?  We saw last year that when difficulty was too high (ie. reward too low) that many miners stopped mining and difficulty readjusted itself.  The higher difficulty did nothing to sustain the price, and likewise I postulate that a lower reward (the same as a higher difficulty) doesn't automatically translate to more USD$ per bitcoin.
...

Obviously a lower reward is only the same as a higher difficulty from each miner's perspective.
From the perspective of bitcoiners as a whole, less coins are being added to the system per unit time - so it's necessary to consider that aspect when thinking about a possible price effect.
1203  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 05:53:33 AM
2012-05-11 cybercrimereview.com  What Bitcoins can buy you in the criminal underground

https://bitcointalk.org/index.php?topic=81422.msg895951
1204  Bitcoin / Press / 2012-05-11 cybercrimereview.com What Bitcoins can buy you in the criminal underg on: May 12, 2012, 05:52:48 AM
Quote
What Bitcoins can buy you in the criminal underground

Justin P. Webb
2012-05-11

http://www.cybercrimereview.com/2012/05/what-bitcoins-can-buy-you-in-criminal.html

...
It is actually pretty startling to see what exactly Bitcoins can be used to purchase in the criminal underground. Because I would prefer not to draw the ire of those who run these sites by sharing screenshots of all of them, I will merely describe a few of the interesting things I have seen.
...
1205  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 05:08:18 AM
2012-05-11  Zooko Wilcox-O'Hearn  -  Bitcoin-mining Botnets observed in the wild?

https://bitcointalk.org/index.php?topic=81420.0
1206  Bitcoin / Press / 2012-05-11 Zooko Wilcox-O'Hearn Bitcoin-mining Botnets observed in the wild on: May 12, 2012, 05:07:35 AM
A notable posting from Zooko Wilcox-O'hearn  (cypherpunk known for digicash/ZRTP/Zooko's triangle etc)
on google plus and cryptography mailing list

Quote
Bitcoin-mining Botnets observed in the wild

Zooko Wilcox-O'Hearn
2012-05-11


https://plus.google.com/108313527900507320366/posts/1oi1v7RxR1i

http://lists.randombit.net/pipermail/cryptography/2012-May/002883.html


introduction

Someone is posting to reddit claiming to be a malware author, botnet operator, and that they use their Botnet to mine Bitcoin: .
I asked them a question about the economics of using a Botnet for the Bitcoin distributed transaction-verification service ("Bitcoin mining"): .
They haven't provided any proof of their claims, but on the other hand what they write and how they write it sounds plausible to me.
...

1207  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 03:12:22 AM
2012-05-12 arstechnica.com Bitcoins worth $87,000 plundered in brazen server breach
Unknown hackers broke into Bitcoinica, a site that trades the virtual currency.

https://bitcointalk.org/index.php?topic=81410.0
1208  Bitcoin / Press / 2012-05-12 arstechnica.com Bitcoins worth $87,000 plundered in brazen server... on: May 12, 2012, 03:10:03 AM
Quote
Bitcoins worth $87,000 plundered in brazen server breach
Unknown hackers broke into Bitcoinica, a site that trades the virtual currency.

Dan Goodin
2012-05-12

http://arstechnica.com/uncategorized/2012/05/bitcoins-worth-87000-plundered/
1209  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 02:01:44 AM
2012-05-11 americanbanker.com The Week in Security (Bitcoin's Bad Side)

https://bitcointalk.org/index.php?topic=81379.0
1210  Bitcoin / Press / 2012-05-11 americanbanker.com The Week in Security (Bitcoin's Bad Side) on: May 12, 2012, 02:00:49 AM
Bitcoin mentioned in AmericanBanker's  'The Week in Security' slideshow

Quote
The Week in Security
Google places a price on glitches and Bitcoin makes enemies in law enforcement in the major security stories of the week through May 11.

2012-05-11

http://www.americanbanker.com/resource-center/?id=1049247

Bitcoin's Bad Side
The digital currency Bitcoin behaves like cash; transactions using Bitcoin are anonymous and irreversible. The FBI is concerned that these qualities are attracting money launderers and other criminals to use Bitcoin. At least one website uses Bitcoin to accept payments for illegal narcotics.
1211  Bitcoin / Bitcoin Discussion / Re: is this a working concept? on: May 12, 2012, 01:22:24 AM
Can't get it to work in chrome.
Address box won't let me type or paste into it.
1212  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 01:02:53 AM
2012-05-11 securityaffairs.co/infosecisland.com FBI on Bitcoin,between cybercrime opportunity & digital choice

https://bitcointalk.org/index.php?topic=81372.0
1213  Bitcoin / Press / 2012-05-11 securityaffairs.co/infosecisland.com FBI on Bitcoin,between cyber... on: May 12, 2012, 01:02:07 AM
Quote
FBI on Bitcoin,between cybercrime opportunity & digital choice

Pierluigi Paganini
2012-05-11

http://securityaffairs.co/wordpress/5148/malware/fbi-on-bitcoinbetween-cybercrime-opportunity-digital-choice.html

...
Bitcoin and other payment systems peer2peer have introduced a revolutionary and uncomfortable concept of decentralization of the currency. The concept is at odds with the monopoly power of governments that are the only holders of the issue of currency, such a system puts into question the legitimacy of monetary policies in a global and digital economy.
...

also: http://www.infosecisland.com/blogview/21290-FBI-on-Bitcoin-Cybercrime-Opportunity-and-Digital-Choice.html

1214  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 12:57:08 AM
2012-05-11 news.ycombinator.com  Bitcoinica hacked. ~$100k USD stolen.

https://bitcointalk.org/index.php?topic=81370.0
1215  Bitcoin / Press / 2012-05-11 news.ycombinator.com Bitcoinica hacked. ~100k USD stolen on: May 12, 2012, 12:56:38 AM
Quote
Bitcoinica hacked. ~100k USD stolen

2012-05-11

http://news.ycombinator.com/item?id=3960906
1216  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 12:27:51 AM
2012-05-11 uproxx.com The FBI Is Terrified Of Nerd Fad Bitcoin

https://bitcointalk.org/index.php?topic=81365.0
1217  Bitcoin / Press / 2012-05-11 uproxx.com The FBI Is Terrified Of Nerd Fad Bitcoin on: May 12, 2012, 12:27:16 AM
Quote
The FBI Is Terrified Of Nerd Fad Bitcoin

Dan Seitz
2012-05-11

http://www.uproxx.com/webculture/2012/05/the-fbi-is-terrified-of-nerd-fad-bitcoin/


...
The problem is that Bitcoin is backed by, well, nothing. It basically runs on clapping your hands and believing, which makes it incredibly volatile, as enthusiasts are learning the hard way. Once it becomes too hard to mine blocks, people will simply stop caring and move on to some other fad, and Bitcoins will become worthless.
...
1218  Bitcoin / Press / Re: NEW articles in Press Forum on: May 12, 2012, 12:24:11 AM
2012-05-11 zdnet.com Why the FBI should be worried about Bitcoin

https://bitcointalk.org/index.php?topic=81363.0
1219  Bitcoin / Press / 2012-05-11 zdnet.com Why the FBI should be worried about Bitcoin on: May 12, 2012, 12:22:21 AM
Quote
Why the FBI should be worried about Bitcoin

Eileen Brown
2012-05-11

http://www.zdnet.com/blog/feeds/why-the-fbi-should-be-worried-about-bitcoin/4795

...
So your transactions can be identified with careful analysis of activity tracking which takes time and money. If the transactions are ignored by law enforcement agencies, then Bitcoin will be considered a safe haven for hackers and criminals to freely conduct their activities.

The challenge for the FBI will be whether it has have the extra resources and funding available to track down the criminals it so badly needs to find.
1220  Bitcoin / Bitcoin Discussion / Re: On Bitcoin mining on: May 12, 2012, 12:06:07 AM
... The incentive structure in Bitcoin is designed to encourage people to mine as efficiently as possible, since this provides the maximum security for the network. That's what mining is all about: you get paid to secure the network. Do a better job of securing the network, and get you paid more. There is not, and will never be, any incentive for people to mine inefficiently, since that doesn't help anything.

I don't get your point.  
The 100 Mhashes of some inefficient GPU miner are indistinguishable to the network from some random 100 Mhashes belonging to a monster mining farm.
Mathematically - every hash adds to the security.

The 100Mh inefficient miner's 'incentive' may be that they only need a trickle of BTC anyway, are not worried about the electricity consumed, and have no means/desire to buy on exchanges. They are still contributing to the overall hashpower as I understand it.
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