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1321  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 29, 2012, 06:02:12 AM
Quote
What Does “the Market” Mean to You?

Joel Bowman for The Daily Reckoning
2012-03-28

http://www.businessinsider.com/what-does-the-market-mean-to-you-2012-3


A recent column that appeared on Forbes.com went all the way to synthesizing two aspects of this market that your editor has addressed in these pages before: System D as a market itself and Bitcoin, the bare-knuckeled cyber-cryptocurrency tapped by adherants as the answer to the tyranny of central banking, as a viable currency to carry and facilitate transactions within it.
Both topics are relatively new; Bitcoin is barely 3 years old and, although System D has been around since people first began contracting and exchanging goods and ideas — or rather, since people claiming the right to do so began trying to regulate and tax them — Neuwirth’s book, published just last year, is the first real effort at quantifying it.

1322  Economy / Speculation / Re: Is it safe to break out the 10:1? on: March 29, 2012, 05:42:01 AM
My guess is that Jon is shorted with high leverage to around 4.20 and is just goading people to attack his fake bull position.

The bid curve is so flat immediately down-side of the monster wall that I don't see how anyone can take this as a genuinely bullish state of affairs.
1323  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 28, 2012, 02:03:22 AM
Quote
Why the P2P Foundation is paying its salaries in Bitcoin

Michel Bauwens
2012-03-28

http://blog.p2pfoundation.net/why-the-p2p-foundation-is-paying-its-salaries-in-bitcoin/2012/03/28

...
It is to demonstrate our commitment to such developments, that we will now pay our collaborators in a mix of currencies, and part of it will be in Bitcoin.
...


discussion: https://bitcointalk.org/index.php?topic=74404.0
1324  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 27, 2012, 07:39:26 AM
Quote
Stossel's Currency Conundrum
Former Federal Reserve Economist David Barker discusses whether Americans should be able to print their own currency.

2012-03-02

http://video.foxbusiness.com/v/1484348139001/stossels-currency-conundrum

I didn't see this reported in this thread earlier this month. (?)

Thanks to Seth King & dailyanarchist...
Quote
Former Fed Economist Plugs Bitcoin

Submitted by Seth King
2012-03-26

http://dailyanarchist.com/2012/03/26/former-fed-economist-plugs-bitcoin/
1325  Economy / Collectibles / Re: CASASCIUS PHYSICAL BITCOIN - In Stock Now! (pic) on: March 27, 2012, 04:18:42 AM
hmm.. that is good to know.
I inspected a coin I've been in the habit of keeping in my wallet - and part of one letter has rubbed off.
I think I'll stop carrying it around!

1326  Bitcoin / Hardware / Re: X6500 Custom FPGA Miner on: March 27, 2012, 03:07:31 AM
When are you planning on getting more in stock?

Well, they're in stock here right now, but we can't seem to supply enough to Cablesaurus to keep them in stock (selling out within hours of listing them). Because each board needs to be tested, then packed up and shipped to Cablesaurus, there's a bit of a lag. They will have more stock later this week.

Sorry, but you guys are just buying these up too fast to keep up! Smiley

I think you'd sell more in the long run, and be able to plan the size of your manufacturing runs better if cablesaurus simply accepted pre-orders.
I've been checking the cablesaurus site over the past weeks and have always been unlucky.
I bought ztex & icarus boards in the meantime.


1327  Bitcoin / Bitcoin Discussion / Re: what is the "scratch"? it's FUD or truth? on: March 27, 2012, 02:17:40 AM

i understand nothing is perfect...ever.  the specific enhancement i suggested was to have the wallet encrypted from the get go.  gavin explained he thought the average user couldn't handle remembering the password they set it up with, so the decision was made to make it easier, but less secure.

The broader picture of security includes user behaviour. Coins lost through mistakes made jumping security hurdles are just as lost as stolen coins.
I'd argue that the chosen path as explained by Gavin is superior from this perspective, and it would be better to pursue improvements along the lines of striking visual cues that the wallet remains unencrypted.

1328  Bitcoin / Mining / Re: LargeCoin Pricing Announced; Taking Pre-Orders on: March 26, 2012, 11:47:30 PM
Assuming 12kWh, is this even possible on a domestic electricity circuit under normal circumstances? (100 Amps @ 110V)

If not, then those 30 GH/s GPU farms are only fictional or very rare.


According to my household power monitor... our instantaneous water heater alone uses around 15kW.   
That thing is on a 3-phase 240V supply (Australia). 

I've seen household usage spike up to near 20kW - so I guess an electrician could put in circuits to supply a nice big GPU farm.

Not sure how well that would go *on top of* the already heavy usage of some households like this one though!
1329  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 26, 2012, 11:12:06 PM
Quote
Introduction To Bitcoins And The Tor Network

Jake Rocheleau
2012-03-26

http://www.hongkiat.com/blog/introductions-to-bitcoins-tor-network/
1330  Bitcoin / Bitcoin Discussion / Re: what is the "scratch"? it's FUD or truth? on: March 26, 2012, 11:25:56 AM
Someone was paid by the banking industry to discredit Bitcoin?


Doesn't seem that way to me.
Assuming he's correct... The bitcoin system has proved useful in revealing a minor issue with SHA256 ... which the banks (and military) also use.

Note that many US military systems are still in the process of migrating *to* SHA256.

It's highly unlikely that these surface scratches indicate a massive reduction in the security and utility of SHA256.
It's more a case of 'orderly migration' to something stronger - rather than 'panic exit'.
1331  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 26, 2012, 10:54:29 AM
Quote
Bitcoin: a mobile money alternative

Gareth van Zyl, Editor - ITWeb Africa
2012-03-26

http://www.itweb.co.za/index.php?option=com_content&view=article&id=52931:[url]bitcoin:-a-mobile-money-alternative[/url]



Virtual currency Bitcoin could be an alternative to mobile phone payment systems in Africa, such as M-Pesa, say experts.
...

Secure to use?
E-money specialist Jon Matonis does, however, say that Bitcoins are safe to use, despite exchanges such as Mt Gox having had its security compromised.
“The cryptography is sound, as it is based on cryptographic primitives that have been peer-reviewed and tested.

Almost comical timing for the quote from Jon Matonis given the previous 'scratches on the surface of SHA256' Wink 
Still - if these scratches do weaken any aspects of bitcoin, they're probably also going to weaken a myriad of other systems that the military and traditional banks rely on. 
1332  Bitcoin / Bitcoin Discussion / Re: what is the "scratch"? it's FUD or truth? on: March 26, 2012, 10:49:04 AM
see also the brief bio:

Quote
Frans Lategan is a security consultant with Absa Bank. His presentation, titled SHA256 vulnerabilities exposed by Bitcoin, will contextualise Bitcoin, discuss the technical workings of Bitcoin and SHA256, and look at divergences between expected and actual findings for SHA256.

(from http://www.itweb.co.za/index.php?option=com_content&view=article&id=50468)

So it seems the original title was 'SHA256 vulnerabilites exposed by Bitcoin'.

Ahh..  who would have thought bitcoin would be so useful to the banking industry as to help expose cryptographic weaknesses!?  Smiley
1333  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 26, 2012, 10:45:31 AM
Quote
Scratches on the Surface of SHA256
A closer look at the cryptography in use for digital currency Bitcoin shows new vulnerabilities in SHA256, says Absa information security researcher Frans Lategan.

Press Release Issued by: ITP Communications, Johannesburg
2012-03-26

http://www.itweb.co.za/office/securitysummit2012/PressRelease.php?StoryID=228225

I thought it notable that a security consultant who works for a bank should choose to mention Bitcoins out of all the usecases for SHA256...
Quote
Lategan says his findings nevertheless indicate that vulnerabilities can exist even in trusted algorithms in use to protect currency as valuable and widespread as Bitcoin.

...it makes more sense however when you see the brief bio for Frans Lategan here:
Quote
Frans Lategan is a security consultant with Absa Bank. His presentation, titled SHA256 vulnerabilities exposed by Bitcoin, will contextualise Bitcoin, discuss the technical workings of Bitcoin and SHA256, and look at divergences between expected and actual findings for SHA256.

(from http://www.itweb.co.za/index.php?option=com_content&view=article&id=50468)



Discussion thread here: https://bitcointalk.org/index.php?topic=74122.0
1334  Economy / Speculation / Re: You guys watching this shit live! on: March 25, 2012, 10:14:09 PM
All I said was that it would be irrational to say something like "we're going to $8" just because of a 25 cent correction up from 4.3...
Yes. What happened to the irrational inau?

What’s going on here? Cheesy

I don't believe in rockets anymore Sad

Me neither.

First we have to climb a mountain, then build a skyscraper on top of it...  then survive a series of earthquakes.
Unless we can demonstrate that - there will be no bitcoin space-program.
1335  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 25, 2012, 09:41:48 PM
A single mention of bitcoins in a Reuters blog post by Felix Salmon: "a financial journalist, formerly of Portfolio Magazine and Euromoney, and a blogging editor for Reuters"

Quote
The problem of fake gold bars

Felix Salmon
2012-03-26

http://blogs.reuters.com/felix-salmon/


Any store of value has problems, be it fiat currency or sovereign debt or bitcoins.


1336  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 25, 2012, 03:06:22 AM
The National is an 'Abu Dhabi Media company' English-language publication

Quote
Murder now comes as an online option

Tony Glover
2012-03-25

http://www.thenational.ae/thenationalconversation/industry-insights/technology/murder-now-comes-as-an-online-option

...
Crucially, the would-be assassin also requests payment in an experimental new internet-based currency called Bitcoin, which uses the same sort of peer-to-peer software employed by digital video pirates to manage transactions and issue payments away from the watchful eye of any central fiscal authority.
...
1337  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: March 24, 2012, 03:31:28 PM
Looks like Jon Matonis's articles are a regular thing now in Forbes Smiley

Quote
Bitcoin Doesn't Need a Dongle

Jon Matonis
2012-03-24

http://www.forbes.com/sites/jonmatonis/2012/03/24/bitcoin-doesnt-need-a-dongle/?utm_source=twitterfeed&utm_medium=twitter



...dongles equip your mobile phone to accept and process credit cards securely by inserting the device into the smartphone’s 3.5mm audio input jack. Apparently, this passes for financial innovation in mobile payments but I file it under the ‘not-disruptive-enough’ category. Truly-disruptive financial innovation is already here with decentralized bitcoin. And, bitcoin doesn’t need a dongle!

...

The easiest way to circumvent the high-fee transaction networks is to utilize a different currency unit since it does not come with the same handicaps and legacy restrictions of a political currency unit. Erik Voorhees states that we need to advocate “the separation of money and state.”
..

1338  Bitcoin / Hardware / Re: FPGA development board "Icarus" - DisContinued/ important announcement on: March 24, 2012, 02:42:31 PM
Just for the record..  I had one of the plug packs that came with the icarus die on me.

No big deal, I've got other suitable power packs - but thought I should mention it as a data point in case others experience failures.
1339  Bitcoin / Mining / Re: LargeCoin Pricing Announced; Taking Pre-Orders on: March 24, 2012, 02:24:51 PM
...
An equally strong motivation for me is the prospect of a portable, anonymous and potentially even unaccountable and untraceable income stream
...

I also see that as desirable.. but I wonder if the 'stream' will be in the order of a few cents(ie those trashy 'fiat' cents) per month by the time the unit has paid for itself.

If I were to buy one of these - I'd actually be content if it paid itself off by the end of 2013 even if it was making negligible amounts after that.
The motivation in that case for me would simply be the satisfaction of supporting the security of the Bitcoin network with 20GH.

The counterpoint to that is that I also worry that before it's even recovered 50% of the cost price, it could be as obsolete for Bitcoin mining as CPUs are today.
I'm still tempted as a gamble.. but it's a pretty big gamble, with an obvious downside, and a not so obvious upside.

For this to actually be 'exciting' - wouldn't we need to see a massive and extended crash in network hash power (and also presumably price), followed by a recovery?


1340  Bitcoin / Bitcoin Discussion / Re: p2pfoundation Bitcoin criticism on: March 24, 2012, 01:56:22 PM
As I see it - p2pfoundation is just cataloguing some possible and perceived issues with bitcoin and putting them forward for discussion.

Michael Bauwens - one of the founders of the p2pfoundation is clearly taking a positive interest in Bitcoin.
Check out some of his recent tweets:
(twitter.com/mbauwens)

Quote
mbauwens interview on @KeiserReport planned for April 4 (cc @stacyherbert); primary theme likely Bitcoin; great, it's my #1 tv favourite

Quote
bitcoin as "global reserve currency": if national currency collapses, you can switch to 'global' bitcoin, and back again;

And this gem from a couple of days ago!!   Shocked
Quote
Today, the P2P Foundation has payed its first salary in Bitcoin, the new global reserve currency based on social sovereignty cc @stuhood
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