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601  Bitcoin / Bitcoin Discussion / Re: Adi Shamir's paper on bitcoin on: October 18, 2012, 07:11:59 AM

As pointed out by Davout, the paper assumes shared wallets like mt gox are ONE owner of a lot of addresses. This logic is flawed.

Also - it seems a bit strange to count the 2Million+ sub 0.01 balance wallets as the poor end of some sort of wealth pyramid.
Many of these are surely people who just tried it out, e.g by getting some from a freebie site. They may or may not even have kept that wallet, let alone become engaged as an active Bitcoin user.
602  Bitcoin / Press / 2012-10-17 - Mobile phones the only tech to rid dirty money: Expert on: October 17, 2012, 01:19:21 AM
Mobile phones the only tech to rid dirty money: Expert
Summary: Using cash for payments has become unsustainable, and mobile phones are the only viable technology to supplant cash, according to Consult Hyperion Director David Birch.

Spandas Lui

Thanks to the global financial crisis, which has lowered confidence in incumbent payment systems, there is now wider acceptance in using alternative currencies such as bitcoin, according to Birch. Payment companies need to make a note of this trend if these alternative technologies continue to gain momentum, he said.
603  Bitcoin / Press / 2012-10-15 rdigitalife - Jesse Hirsh on Digital Currency on: October 16, 2012, 02:35:39 AM
rdigitalife: Jesse Hirsh on Digital Currency


Jesse Hirsh is the Co-Founder of The Academy of the Impossible and President of In talking about the rise of new digital currencies, Hirsh explains what Bitcoin is, and how it could change the old economic system based on the idea of the nation state, for good. He says, "The nation state is a relic of a past time... But the internet is now. And the idea of digital currency is the idea of value that is rooted in the present empire.

Bitcoin is the first currency on the internet that has no connection to the national government.. has no connection to anything but the internet economy itself
and as a result has quickly grown to be very popular.
604  Bitcoin / Press / Re: 2012-10-08 - The emergence of electronic gold...? on: October 15, 2012, 09:51:51 PM

The article is available in this PDF document:

Bitcoin also mentioned in this related press release, which suggests the fund has been 'established' - as opposed to the previous statement of 'in the process of structuring'.


The Hedgeweek Special Report introduces the recently established Bitcoin Fund, which has been designed to institutionalize one of the most successful electronic currencies - Bitcoin. The purpose of the fund is to give an opportunity for professional investors and eligible counterparties to take an advantage of appreciation of digital currency Bitcoin, which otherwise would not be possible.
605  Other / Beginners & Help / Re: SwitchPoker - Way to convert Credit Card to Bitcoin? on: October 15, 2012, 10:32:09 AM
It appears that switchpoker have an undisclosed additional 5% on certain Bitcoin withdrawals.

They have also stated in email:
Our deposit and withdrawal system is reserved for players and is not to be used purely to move funds from one payment system to another.

Unfortunately - they currently have a 10BTC withdrawal minimum - and so if you have an amount less than this, but try to top up your account to 10BTC - you might still run into their somewhat secret rules on the matter.
edit: Changed to 5BTC minimum on 2012-10-15  (They manually adjust this every now and then based on the recent BTC exchange rate)

I don't begrudge them the 5% *if* it's prominently noted - and I understand they may have to be as careful as exchanges regarding AML/KYC, but as it stands switchpoker is not yet  being descriptive and up front enough.

I could be being naive..  and they may actually be perfectly happy to be used to move funds, so long as they get their 5% - but simply aren't willing to go on record saying so.

edit: Anyway - they do at least seem to be responsive to support emails and so far seem like good folk.

606  Bitcoin / Press / 2012-10-12 economistmagazine - Emerging Technology: A Hangout with The Economist on: October 13, 2012, 12:20:21 AM
Bitcoin discussion starts at about 3:55

Emerging Technology: A Hangout with The Economist

EconomistMagazine -  Mark Johnson, Tom Standage - talking with various - including Bitcoiner Mike Hearn

On Friday 12th October The Economist hosted a live Google+ Hangout on the subject of emerging technologies. The conversation was led by our Community Editor, Mark Johnson, and our Digital Editor, Tom Standage.

How can mobile payments impact the future? How prepared would the world be for driverless vehicles?
607  Bitcoin / Press / 2012-10-13 - The murky world of digital currency on: October 13, 2012, 12:14:15 AM
The murky world of digital currency

Caleb Allison

But the system has been the victim of hackers who have stolen hundreds of thousands of dollars worth of Bitcoins over the past year.

The Bitcoin Foundation was recently established to rebuild their reputation and distance the system from the dodgy, underworld-type business it is associated with.
To many, it is seen as a scam – a Ponzi scheme. Others view it as a way to buy illegal goods without being caught.

To most, however, it is likely to remain a mysterious and complicated initiative, inaccessible to people with limited knowledge of the internet and computer coding.
608  Bitcoin / Bitcoin Discussion / Re: Wikileaks puts up paywall for documents - minus bitcoin on: October 11, 2012, 10:52:37 PM
WTF are you guys talking about? I'm not seeing any paywall anywhere, and the donate page has a Bitcoin address, same as it always did.

Yes I know the donate page has a Bitcoin address as always (sad that it's not more prominent - but at least it's there)

This thread was about the paywall which *was* in place in front of actual document downloads.
It's been removed now. Possibly partly because many people were going apoplectic about it on twitter etc.

Wikileaks has tweeted:
"A tweet, share, wait or donate campaign is not a "paywall". You can read about our blockade and funding systems here: "

This strikes me as dishonest - because when the wall was in place - it really did funnel you to a button for CC donation before you could proceed.
(well - apparently you could still get docs for free by disabling javascript)

There were no 'tweet share or wait' options at the time I looked at it - and no option to use Bitcoin (or any other payment method than CC) to proceed.

edit: There is an image of it in this article about the whole thing:

It even had pics of credit cards in the background - It almost looked like an advertisement for visa/mastercard. 

609  Bitcoin / Press / 2012-10-11 - Bitcoin, or How to Hammer in Nails with a Microscope. on: October 11, 2012, 10:24:17 PM
Pretty obvious from the title that this isn't exactly going to be a glowingly positive piece.

This is pretty snarky & hard-hitting, with some interesting points - but boringly... guilty of tarring the entire community with one brush, and prognosticating that particular failed models / experiments /disasters / frauds involving Bitcoin will inevitably set the tone for the entire Bitcoin ecosystem.  

Bitcoin, or How to Hammer in Nails with a Microscope.


Can you, dear reader, ferret out from the above text the general trend which dooms Bitcoin, firing squads or no firing squads?  And this incident is certainly not the first of its kind. Or even the most destructive in purely financial terms.  A hint: the secret does not lie in the abundance of fraud artists which have flocked to Bitcoin: traditional currency has attracted fraudsters for as long as it has existed.  Nor is it the absence of the customary legal mechanisms for keeping honest people honest (police, courts, prisons.)

The answer instead is that, while the unknown inventor of Bitcoin was quite clever, most of its users are alarmingly dull.  This includes the “pioneers” who set up Bitcoin-based financial services of every kind.  Why? Because they are pounding in nails with a microscope. These fools have been handed a technology so clever, so disruptive and revolutionary, that the rulers of the world would have to fully unmask themselves as ruthless tyrants in order to suppress it, — or give up their thrones on their own free will — if it were used correctly, that is. But at present, the microscope again and again goes “clang!” against the table, the nails slowly and crookedly creep inward, and tiny shards of the world’s finest lenses fly in all directions.

Bitcoiners are pounding in nails with a microscope, because they have insisted on faithfully re-creating the financial institutions of the meatspace world – banks, stock markets, derivatives trading, and the like – without any of the familiar meatspace law enforcement mechanisms (police and courts) or the best-known traditional black-market alternative to these mechanisms: the threat of immediate physical violence as an incentive to promise-keeping.

And on the positive side, a few die-hard activists might thus avoid facing the firing squad.  Using Bitcoin will become its own punishment, the way sniffing glue is.

610  Bitcoin / Bitcoin Discussion / Wikileaks puts up paywall for documents - minus bitcoin on: October 11, 2012, 01:06:10 AM
It's bad enough they throw up a paywall in front of their docs - but to funnel it via a 'donate with Visa/Mastercard' button?

Wikileaks doesn't even mention Bitcoin on their 'Banking Blockade' page either.

I'm not so keen to throw any BTC their way any more.
611  Economy / Speculation / Re: Thoughts on mid term gain Litecoin v. Bitcoin on: October 10, 2012, 09:54:13 PM
I just don't see the point of using Litecoin instead of Bitcoin.  What is the point of Litecoin even existing, when Bitcoin can already do everything Litecoin can do?

The only real plus is the block times! There's just something nice about having a fully confirmed transaction in 20 mins or so.

I don't get this.  20 minutes of hash-power securing the chain is still only that much hash-power that an adversary needs to work against.
All this is doing is lowering the chain's security level of what is called 'fully confirmed' surely.

612  Bitcoin / Press / 2012-10-10 - Bitcoin: geld zonder bank (Dutch) on: October 10, 2012, 10:26:25 AM
Bitcoin: geld zonder bank
(Bitcoin: money without bank)

Karina Meerman

(via machine translation)
Bitcoins are digital cash, currency valid on the Internet. It is a decentralized electronic currency that is not managed by banks or governments or under their control. Bitcoins works without straw men or credit cards.

Why should I?
Well, why not? Prophets of doom predict the end of the financial system as we know it today and exploring alternatives may not be a bad idea. Enough discussion online at least the value of gold versus bitcoin ( golden standard versus cyber currency ). Personally, I regret that there is much debate whether bitcoin the money of the future "or hype." Why only those two choices? Why not a brilliant development that may or may not be inspired to rethink payment? Because something relatively short time a lot of media attention - and thus a boom is - it does not useless. And if you have a label considering messing preventing, testifies that I think of looking beyond today.

Via the dodgy machine translation - it looks like a relatively positive article.

Look than fifty episodes of The Bitcoin Show on YouTube. Here

Bitcoins works without straw men or credit cards
Well.. I'm relieved to know I don't need any straw men!  Could someone familiar with Dutch explain the idiom 'strawmen' in this context?  Does it just mean middlemen/intermediaries?

613  Bitcoin / Press / Re: 2012-10-09 - As Inflation Rages In Iran, Bitcoin Software Not Availab on: October 10, 2012, 06:18:49 AM
This censorship is disgusting and what's even more disgusting is that it's led by US. Where is the famous american "freedom"? So much dictatorship.

Dictatorship or scared off their pants Americans?

Dictatorship is so much easier when it's 99% self-policed.  ChillingEffects!
614  Bitcoin / Press / Re: 2012-10-09 - As Inflation Rages In Iran, Bitcoin Software Not Availab on: October 10, 2012, 05:50:02 AM
This censorship is disgusting and what's even more disgusting is that it's led by US. Where is the famous american "freedom"? So much dictatorship.

I think the 'famousness' of American freedom is more for internal consumption.
615  Economy / Service Discussion / Re: Be careful using Blockchain as your wallet... on: October 10, 2012, 05:28:42 AM
I'm cool with blockchain, but their app doesn't have any sort of authentication (or at least I haven't seen it).  I think my hard limit on what I keep in there is going to be 10BTC for the moment - no reason to risk losing it if I lose my phone.

For the android app - you can put on a second password which is required when spending. (edit:  ^^ what he (Stephen Gornick) said!)

I believe when you 'pair' a device - the QR code contains the main decryption password, which I suppose may be somewhat vulnerable when stored in your phone.

I find it annoying that the QR code even contains this password - as otherwise I'd carry around a printout of various pairing QRs in my wallet and scan them as necessary.
The second password still wouldn't make this safe as with the decryption password they can still go to the website and change all the account settings... I guess 'two factor' is the way to stop that.
616  Economy / Service Discussion / Re: Be careful using Blockchain as your wallet... on: October 10, 2012, 02:46:09 AM
That they don't store the password on their server is a good feature.  I don't see how Blockchain can get that money eventually - unless you used a pretty simple password and they run a brute force against it.
Highly unlikely anyone external could brute force any but the simplest of passwords - as blockchain seems to do IP lockouts  (though perhaps via botnet?)

Also - check your keyboard isn't damaged.

..and - look for keyloggers. Perhaps someone got in via your system and changed the pass.

617  Bitcoin / Press / 2012-10-10 - VIRTUAL WORLD CASHING IN ON CURRENCY on: October 10, 2012, 02:27:37 AM
'Bitcoin' is 'legal gray area' but attracting up to $500k per day

Phil Elmore

The virtual world now is cashing in, to the tune of up to $500,000 daily, on online transactions, even though there remains a “legal gray area” about Bitcoin.

Kaplanov explains that, as of this writing, there are no cases that challenge the ability of parties in the U.S. to make transactions in bitcoins. In other words, the currency is legal only because no one has yet enacted policy asserting that it isn’t.

“It’s a sophisticated math algorithm,” insists James Angleton of Aegis FinServ Corp. “[Satoshi] was dissatisfied with the way FOREX works and [the way] government uses it. His ideological theory was to introduce a monetary supply and system that is off grid, yet maintains integrity via stock and mining for its currency rather than [from printing], like the U.S. Treasury creates dollars.”

“[Bitcoin] is running viral now,” says James Angleton. “If enough people are fed up with Big Brother, the IRS, misuse of funds… they are turning to this system.”

“Like the Internet,” says Vorhees, “Bitcoin will change the way people interact and do business around the world. But it’s a process that takes years, and it’s only just getting started.”

Re WND (from wikipedia)
WorldNetDaily (WND) is an American web site that publishes news and associated content from the perspective of U.S. conservatives and the political right. It was founded in May 1997 by Joseph Farah with the stated intent of "exposing wrongdoing, corruption and abuse of power" and is headquartered in Washington, D.C.

618  Bitcoin / Press / Re: 2012-10-08 - Paper Money = Despotism on: October 09, 2012, 08:08:36 AM
Yeah, I can only guess they (these mysterious 'some politicians') mean the various businesses that use Bitcoin, in particular exchanges... or at least, that's what they'd mean if they knew what they meant.
619  Bitcoin / Bitcoin Discussion / Re: The future of Bitcoin is illegal on: October 09, 2012, 07:38:32 AM
Credit cards are just the easiest and safest way to buy things. You know it and I know it, so don't be ridiculous.
There are a whole class of people who can't get credit cards, for example young people, students (in Europe) who have no regular income. Poor people who are too poor to get even a bank account, in developing countries. Illegal immigrants who can't go to a bank where they live. People with bad or no credit rating, ...

The list can go on and on.

This is a sizable chunk of the market which is currently not served by regular credit card companies.

Yes, but the banks aren't standing still as far as moving to serve that market.
This just making headlines today:

Prepaid Enters Mainstream
Venture Between Wal-Mart and American Express Illustrates Industry Shift

Not long ago, mainstream financial institutions shunned people without checking accounts. Now those former undesirables are among the industry's most coveted customers.

The latest example of the shift came Monday when American Express Co. and Wal-Mart Stores Inc. rolled out a prepaid card aimed at tens of millions of middle-class and lower-income Americans eager to avoid fees charged by banks.
620  Bitcoin / Press / Re: NEW articles in Press Forum on: October 09, 2012, 03:40:17 AM
2012-10-08 - Digital Currency Anonymous Like Cash? Introducing Bitcoin.- Ep35 (video)
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