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701  Bitcoin / Press / 2012-09-21 - Currency: The made-up money exchange on: September 21, 2012, 01:17:21 AM
Currency: The made-up money exchange

[entire article text]
This week saw the launch of Britain's latest community currency. But how does its value compare to other imaginative monetary adventures?

Bristol Pound = £1 sterling.

Bristol's new currency is available for use in selected independent stores in Bristol and aims to boost the city's economy. Stroud, Totnes and others have similar schemes.

Bitcoin = £7.70

Bitcoin is an electronic money system designed so that web users can transact without having to use traditional banking methods. Despite being made of binary, £158,000-worth of it was stolen last week from the Bitfloor currency exchange. Don't ask.

One Whuffie = several high fives

Term from a sci-fi book by Cory Doctorow in which currency is replaced by social credit. Since adopted in real life by people who really ought to know better.

One Euro = 80p

Fanciful invented on the idea that European nations could share a monetary union without a complete fiscal union. Whatever next, eh?
702  Bitcoin / Press / Re: 2012-09-20 Goldmoney Interview: Bitcoin, gold and competitive currencies on: September 20, 2012, 11:32:02 PM
I think in explaining Bitcoin to the PM crowd and those who have a strong preference for 'tangibility' - we need to properly explain the ability to hold a 'private key'.

If you know you have the only physical copy of a private key - then you have something 'tangible'.
It is the *only* way to gain access to the value, which is destroyed if it is lost - so it is fundamentally different from say holding the accountID etc of some centralized account.

Casascius coins are a pretty good way to get this idea across - along with printable bitcoin notes etc.

703  Bitcoin / Press / Re: NEW articles in Press Forum on: September 20, 2012, 11:18:47 PM
2012-09-20 - The Near Future: When Silver Does not Protect Your Privacy
704  Bitcoin / Press / 2012-09-20 - The Near Future: When Silver Does not Protect Y on: September 20, 2012, 11:18:12 PM
Looks like more of the PM folk are seeing that Bitcoin is a good thing to add into the mix.

The Near Future: When Silver Does not Protect Your Privacy


All the risks of using bitcoins are present when using the dominant financial system. It’s quite obvious considering the systemic fraud of the way things are that bitcoin can only be safer. As long as you stay away from fantastical bitcoin schemes promising too-good-to-be-true returns, so far in the bitcoin experiment you would have been fine assuming you did not wrongly speculate on market volatility. The reasons to use bitcoin are much greater and diverse than the reasons to use the dominant financial system. For instance, allowing bitcoins to freely circulate will increase options for payment available to all consumers. From a merchants’ perspective, bitcoins can only bring more business, not less.
Where silver and precious metals fail to protect your privacy and you from political persecution, bitcoin does not.
Of course, holding bitcoin alone is, in my opinon, as risk as holding any one thing. In the modern age, we can not only move into alternative currencies, we can diversify in them as well.
705  Bitcoin / Press / 2012-09-20 - Cybercrime: Businesses Using Anonymous-Style Hacking on: September 20, 2012, 11:10:00 PM
Single mention.

Cybercrime: Businesses Using Anonymous-Style Hacking to Ruin Competitors
Online businesses are increasingly employing denial of service attacks against competitors, as criminals monetise Anonymous' preferred hacking technique.

David Gilbert

One of the more prominent services is Gwapo, which promises to take down a personal website for an hour, for just $5. For larger websites the cost moves up to between $10 and $50 per hour.

To avoid detection, the service only accepts payment though anonymous services such as Liberty Reserve and Bitcoin.
706  Bitcoin / Press / Re: NEW articles in Press Forum on: September 20, 2012, 11:03:38 PM
2012-09-20 - Report: Most ZeroAccess zombie computers found in U.S.
707  Bitcoin / Press / Re: NEW articles in Press Forum on: September 20, 2012, 11:03:00 PM
2012-09-20 - The ZeroAccess Botnet – Mining and Fraud for Massive Financial Gain
708  Bitcoin / Press / 2012-09-20 - Report: Most ZeroAccess zombie computers found in U. on: September 20, 2012, 11:02:17 PM
Report: Most ZeroAccess zombie computers found in U.S.

Marcos Colon

According to the SophosLabs report, the two primary tactics used are click fraud, unknowingly clicking on an ad repeatedly to drive up countable hits, and bitcoin mining, a way of stealing virtual currency by using a machine's computational power. These strategies can earn the botnet owners a potential $100,000 each day.
Researchers have been analyzing ZeroAccess for at least three or four years, Chester Wisniewski, senior security adviser at SophosLabs, told on Tuesday. Since the U.S. is one of the richest countries in the world, he believes it's much more likely to be a target.

“Americans have really powerful computers,” Wisniewski said. “When we see malware that's meant to steal banking credentials, [attackers] like to focus on the countries that have the money. If you target Americans, you're going to get a lot more bitcoins.”
709  Bitcoin / Press / 2012-09 - The ZeroAccess Botnet – Mining and Fraud for Massive Financ on: September 20, 2012, 10:58:26 PM
sophos technical paper

The ZeroAccess Botnet – Mining and Fraud for Massive Financial Gain

James Wyke, Senior threat researcher SophosLabs

The ZeroAccess botnet that communicates on port 16471 (32-bit) and 16470 (64-bit) is currently downloading plugins that facilitate Bitcoin mining.
These statistics clearly show that the Bitcoin mining botnet is the most prevalent, followed by the click fraud botnet with the kernel-mode botnet a very distant third.
If we estimate the total size of all ZeroAccess botnets to be 1,000,000 machines and use the statistics acquired from the successful installs data that suggests that the proportion of the total machines that connect to the Bitcoin mining botnet is 62%, then we have 620,000 machines that could be participating in Bitcoin mining.
We can see that ZeroAccess’ mining pool is close in size to some of the biggest public pools. These generate huge numbers of Bitcoins, for example the DeepBit pool [14] has mined over 1 million Bitcoins in the course of one year.
Using botnets to mine Bitcoins deprives hard-working legitimate Bitcoin miners from generating those coins and therefore receiving payment.
More importantly this activity taints the Bitcoin image. There have been several cases of Bitcoin exchanges being broken into and Bitcoins stolen [17], and there are concerns that the currency may die off like some digital currencies have done so before it [18].
A continued association with botnets and malware does nothing to increase the more widespread adoption of Bitcoin.
710  Bitcoin / Press / Re: NEW articles in Press Forum on: September 19, 2012, 07:37:33 AM
2012-09-19 - Bitcoin thieves yet to spend stolen hoard
711  Bitcoin / Press / 2012-09-19 - Bitcoin thieves yet to spend stolen hoard on: September 19, 2012, 07:36:46 AM
Bitcoin thieves yet to spend stolen hoard

Mark Ward

Cyberthieves who stole more than $250,000 (£158,000) in digital money are still sitting on the cash.
The haul, in what is known as bitcoins, was stolen in a raid on the Bitfloor online currency exchange this month.

712  Bitcoin / Press / 2012-09-19 - Who Is Really Commander in Chief? on: September 19, 2012, 05:44:49 AM
single mention.

Who Is Really Commander in Chief?
As the power of nations wanes, and the reach of global money grows, we just may need a great negotiator

Stephen Marche
2012-09-19  (to be published in October 2012)

The development of bitcoin, a species of Internet money, could fundamentally challenge the capacity of governments to distribute money. And that will be the end of the state as an instrument of power.

esquire magazine 2011 total circulation: 719,029  (wikipedia)
713  Bitcoin / Press / 2012-09-18 - Why Bitcoin Acceptance Should Be A Litmus Test Of L on: September 19, 2012, 03:23:33 AM
Well by now Trace Mayer and  are pretty much 'within the Bitcoin community' - so reporting his articles here probably no longer counts as an external 'press hit' - but I guess that's debatable Smiley

Why Bitcoin Acceptance Should Be A Litmus Test Of Liberty Proponents

Trace Meyer

By accepting bitcoins merchants protect their customers from potential identity theft or political persecution from purchasing liberty orientated products and services. Failure to accept bitcoins casts aspersions on their sincerity towards the fight for liberty because it leaves open the possibility of them being a honeypot.
714  Bitcoin / Bitcoin Discussion / Re: Bitcoin uptick in Iran/Middle east? on: September 18, 2012, 11:45:08 PM
Would be great if you provide a history of the matter so we can verify for ourselves that it's a trend, and just a few "uptick".

Well I don't have a history - so yes it's very anecdotal. I too would like to see a more serious analysis.
715  Bitcoin / Bitcoin Discussion / Re: The Perils of Hoarding on: September 18, 2012, 11:44:01 PM
Please don't do this with your Bitcoin

Paper bitcoins left in a safe will be conveyed upon your passing, but what about those in an encrypted wallet??

M of N escrow will provide more options.  The appointed executor of a will is given one key and family members are each given a copy of the other key (or told the secure location where it is stored).

This is one of those things though that nobody thinks will happen to them, but over time it will happen somewhere.

Yeah.. I'm guilty of storing quite a few coins in my head - with no other copy. 
I'll certainly revisit that when the multikey stuff is more mature and I have a chance to investigate it fully.

Aside from death - there's the risk of loss due to minor brain damage/ memory loss, so I don't feel really comfortable with keeping too big a stash as a brainwallet.
716  Bitcoin / Hardware / Re: FPGA development board "Lancelot" - accept bitsteam developer's orders. on: September 18, 2012, 11:39:14 PM
Eh... If the patch.exe is a crack/keygen for Altium Designer this kind of sounds logical Smiley

yeah.. that was my assumption... so  ssshhh! Wink
717  Bitcoin / Bitcoin Discussion / Bitcoin uptick in Iran/Middle east? on: September 18, 2012, 11:26:15 PM
Over the past couple of weeks, I've noticed a few more nodes appearing in Iran on the blockchain 48hr node map:
(Also a few more on the Arabian peninsula than there used to be.)
A month or 2 back - it was rare to see a dot in Iran

It's nice to see Bitcoin worming it's way into new territory. (uptake in Africa still seems glacial though)

Anyone have any other news/info regarding Bitcoin penetration/publicity in Iran?
718  Bitcoin / Hardware / Re: "Avalon" ASIC mining machine, announcement & pre-order start. update:9/18 on: September 18, 2012, 08:58:16 AM
if you guys all consider that, the MH/W is a very important value, we could pay more effort on energy consumption optimize.

Two sides of the bitcoin :

- You need to deliver fast to be among the first to mine with ASICs
- ASICs will at the end place the profitability of mining to the lowest possible value, and within a year or something only the low consumption systems will be profitable.

These two concepts being contradictory, you'll have to find a compromise

I've been repeatedly surprised at the speed of developments regarding FPGAs & ASICs.
With so much competition - it seems to me that 'within a year or something'  may be a short time indeed, and so low power consumption should be a pretty high priority.

719  Bitcoin / Hardware / Re: Quad XC6SLX150 Board - Initial Price £400/$640/520€ on: September 18, 2012, 08:49:53 AM
bfgminer version 2.8.0 - Started: [2012-09-18 08:24:01] - [  0 days 00:21:36]
 5s:559.2 avg:795.6 u:258.4 Mh/s | A:78  R:0  HW:0  E:229%  U:3.6/m
 TQ: 0  ST: 3  SS: 0  DW: 0  NB: 1  GW: 34  LW: 744  GF: 0  RF: 0
 Connected to http://x.x.x.x:8777 with LP as user x
 Block: 00000040412b763328116fea4b69a1f3...  Started: [08:24:01]
 [P]ool management Settings Display options Quit
 ECM 0:                | 399.1/398.4/ 59.6Mh/s | A:18 R:0 HW:0 U:0.83/m
 ECM 1:                | 399.0/397.2/198.7Mh/s | A:60 R:0 HW:0 U:2.78/m

This probably isn't specifically related to the cairnsmore.. but what is the 'u:' field here?  Any idea as to why it's so low?  The speed at the mining pool is currently showing as around 250Mh too.

720  Bitcoin / Bitcoin Discussion / Re: Are miners or investors more important? on: September 18, 2012, 07:57:38 AM
My take on buying mining equipment is that if you've made a decent gain in terms of Bitcoin value - it's reasonable to spend some of that towards decentralising and securing the network and helping protect your investment.
Of course from a purely selfish perspective, it makes sense to just let others do that. (tragedy of the commons)

I have a very modest mining operation, and would be happy just to break even.

Quote from: Stephen Gornick
Anyone buying one today either has free electricity or doesn't understand math hasn't performed the proper profitability computations.
Guilty (not of having free elec.. the other bit!)... but as I can't predict the future price, mining difficulty, merchant uptake, technology changes, regulatory environment, etc etc  - I wouldn't have a clue what numbers to plug in to such a computation anyway.

It's perhaps a hedge against the possible edge case where both Bitcoin price and difficulty drop massively due to a sustained slump in the whole bitcoin phenomenon....keep on mining til it eventually returns to its former glory. (well.. not really a 'hedge' as presumably then you could just buy cheap coins - but a way of buying via elec bill without exchange & bank transfer fees)

I also like the idea of having some freshly mined coins which have no 'history'.
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