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921  Bitcoin / Press / 2012-08-10 smh.com.au - 'Dark net' drug deals boom on cyber Silk Road on: August 10, 2012, 03:39:45 AM
Quote
'Dark net' drug deals boom on cyber Silk Road

Asher Moses
2012-08-10

http://www.smh.com.au/technology/technology-news/dark-net-drug-deals-boom-on-cyber-silk-road-20120809-23wdj.html

...
Payment is made using the encrypted - but volatile - digital currency Bitcoin.
...
922  Economy / Service Discussion / Re: 1 BTC = 1,000,000,000 USD? on: August 10, 2012, 12:00:27 AM
It's annoying that sell orders placed after the glitch were unceremoniously deleted.

I placed some before going to sleep..  grr.

It would be nice to have the option to have SMS alerts if customer data is being 'deleted' or rolled back for some bizarre reason.

923  Bitcoin / Press / 2012-07-26 Google Ideas INFO Summit - Cyber Money Laundering on: August 09, 2012, 11:53:23 PM
thanks to Zooko Wilcox-O'Hearn for the pointer

(They're going to attack Bitcoin, but they're not going to succeed in killing it.
https://plus.google.com/108313527900507320366/posts/49UmonRzuQb)


Quote
Cyber Money Laundering

2012-07
Derek Gabbard, Founder and CEO of Lookingglass
Sean Tierney, Director of threat intelligence at Chase

http://www.youtube.com/watch?v=JGEppgLna8U&feature=youtu.be

...
FBI released a ...report (they didn't release, it got leaked.. shortly after they had published it internally)  in May of this year
about a specific online virtual currency called Bitcoin.

So ah.. for this example, we wanted to run through, sort of looking at Bitcoin infrastructure and what's tied to it and seeing if there's other centres of gravity and malicious activity around it,
to start to look for, as Sean mentioned, hotspots and the places that it would make sense to ah.. leverage, pressure and look for ah places that deal with flow.
...
with anti money laundering - that's a area of regulation that's needed for virtual currencies
...

TL;DR   bitcoin - herp derp.. threat tags... dark alleys...illicit... crack houses...crime... laundering...
924  Bitcoin / Bitcoin Discussion / Re: Fred Wilson's (Union Square Ventures) thoughts on bitcoin on: August 09, 2012, 05:58:09 AM

An update from Fred Wilson:

Quote
Aug 9 2012
Bitcoin Update
I wrote a post about Bitcoin last November wondering if it was over or if we were just in a down phase in the hype cycle (http://www.avc.com/a_vc/2011/11/bitcoin.html).

In the nine months since that post, Bitcoin has made a nice recovery. The price is up and volume of transactions is increasing.

Bitcoin is still very much a fringe thing and is tiny as these things go. Compared the the volume of transactions Square will do with Starbucks, Bitcoin looks like a joke.

But I like to pay attention to the jokes, the laughing stocks, because occasionally they get the last laugh.

I am curious what the AVC community thinks about Bitcoin these days.

http://www.avc.com/a_vc/2012/08/bitcoin-update.html
925  Bitcoin / Bitcoin Discussion / Re: Gavin will visit the CIA on: August 08, 2012, 02:42:43 AM
ok so just 1 yes/no question:
Is it possible that Gavin gave the CIA a method to shutdown Bitcoin?

Yes - if Gavin has been consorting with Harry Potter recently (I see no evidence he hasn't).
926  Bitcoin / Bitcoin Technical Support / Re: How do I spend a small amount of bitcoins? on: August 08, 2012, 02:36:34 AM
If small amounts of bitcoins become unspendable then over time lots of bitcoins will be destroyed.  

It's not that small amounts are unspendable - it's surely just that certain amounts are unspendable *when aggregated*.
Satoshi dice manages to send you single satoshis no problem.

Try spending 10 satoshis at once rather than 1000.

I can imagine that there may be certain business models which will rely on collecting very small amounts, so It seems highly likely that there will eventually be some script and/or wallet service which will run as a background task and slowly combine your small-value inputs by broadcasting low or no-fee low-priority transactions.


This will require the minimum tx fee 100 times, or 0.05 BTC!

You could also send 1 satoshi at once: this will be even worse, costing 0.5 BTC!

What minimum fee?  Turn it off or crank it down... and put in the IP address of a miner known to process zero-fee transactions just to be sure.
That's what I meant by 'low-priority'.
How would satoshidice be sending single satoshis to people if the 'minimum fee' were actually enforced?
(edit: well.. I guess they could be paying it.. I haven't checked)

I'm not completely up to speed with all the issues involved in fees - but I thought it was the size of the transaction in Bytes (due to large number of inputs) which was most likely to leave a feeless transaction in broadcast limbo, but that other feeless or low-fee transactions which are small and simple will generally get picked up by a miner at some point.




927  Bitcoin / Bitcoin Technical Support / Re: How do I spend a small amount of bitcoins? on: August 08, 2012, 01:32:11 AM
If small amounts of bitcoins become unspendable then over time lots of bitcoins will be destroyed. 

It's not that small amounts are unspendable - it's surely just that certain amounts are unspendable *when aggregated*.
Satoshi dice manages to send you single satoshis no problem.

Try spending 10 satoshis at once rather than 1000.

I can imagine that there may be certain business models which will rely on collecting very small amounts, so It seems highly likely that there will eventually be some script and/or wallet service which will run as a background task and slowly combine your small-value inputs by broadcasting low or no-fee low-priority transactions.

928  Bitcoin / Bitcoin Technical Support / Re: How do I spend a small amount of bitcoins? on: August 08, 2012, 01:04:59 AM
So 0.00001 BTC is 1000 satoshis yeah?

Surely they could be combined into a zero-fee transaction a few satoshis at a time(?)
It'd be slow - but presumably a script could be written to do this.

Hardly seems worthwhile for such a small amount - but might be a nice 'maintenance' feature for wallets in future.
929  Bitcoin / Bitcoin Discussion / Re: Could you live off your Bitcoins? on: August 07, 2012, 11:26:47 PM
The Bitcoin exchange rate (to loaves of bread etc) would have to go up by a factor of a few hundred for me to do this Sad

If/when it does - I intend** to be running at least one BTC generating enterprise, rather than just completely retiring and lounging around on a boat somewhere.
(not that there's anything wrong with that)



** assuming I'm not 100 by the time BTC are worth that much.
930  Bitcoin / Press / Re: NEW articles in Press Forum on: August 07, 2012, 11:13:19 PM
2012-08-07 forbes.com - Parallel Currencies And The Roadmap To Monetary Freedom

https://bitcointalk.org/index.php?topic=99102.0
931  Bitcoin / Press / Re: NEW articles in Press Forum on: August 07, 2012, 11:12:48 PM
2012-08-07 slashdot.org - Bitcoin-Based Drug Market Silk Road Thriving With $2 Million In Monthly Sales

https://bitcointalk.org/index.php?topic=99100.0
932  Bitcoin / Press / Re: NEW articles in Press Forum on: August 07, 2012, 11:12:16 PM
2012-08-07 arstechnica.com - Study estimates $2 million a month in Bitcoin drug sales
Revenues of the drug marketplace Silk Road have doubled since March.

https://bitcointalk.org/index.php?topic=99099.0
933  Bitcoin / Press / 2012-08-07 forbes.com - Parallel Currencies And The Roadmap To Monetary Freedom on: August 07, 2012, 11:05:10 PM
Quote
Parallel Currencies And The Roadmap To Monetary Freedom

Jon Matonis
2012-08-07

http://www.forbes.com/sites/jonmatonis/2012/08/07/parallel-currencies-and-the-roadmap-to-monetary-freedom/

...
Then, a bit of bitcoin drama occurred when Rep. David Schweikert (R-Arizona) initially referred to the cryptocurrency as “um….what was one of them called?….something….coin” near the end of the hearing. To my knowledge, that is only the second time that bitcoin has been entered into the congressional record. The first being when Prof. Larry White mentioned bitcoin in his prepared testimony for the Free Competition in Currency Act of 2011.
...
934  Bitcoin / Press / 2012-08-07 slashdot.org - Bitcoin-Based Drug Market Silk Road Thriving With $2 M on: August 07, 2012, 11:01:14 PM
Quote
Bitcoin-Based Drug Market Silk Road Thriving With $2 Million In Monthly Sales

2012-08-07

http://news.slashdot.org/story/12/08/07/1910238/bitcoin-based-drug-market-silk-road-thriving-with-2-million-in-monthly-sales


"Every day or so of the last six months, Carnegie Mellon computer security professor Nicolas Christin has crawled and scraped Silk Road, the Tor- and Bitcoin-based underground online market for illegal drug sales. Now Christin has released a paper (PDF) on his findings, which show that the site's business is booming: its number of sellers, who offer everything from cocaine to ecstasy, has jumped from around 300 in February to more than 550. Its total sales now add up to around $1.9 million a month. And its operators generate more than $6,000 a day in commissions for themselves, compared with around $2,500 in February. Most surprising, perhaps, is that buyers rate the sellers on the site as relatively trustworthy, despite the fact that no real identities are used. Close to 98% of ratings on the site are positive."
935  Bitcoin / Press / 2012-08-07 arstechnica.com - Study estimates $2 million a month in Bitcoin drug on: August 07, 2012, 10:57:08 PM
Quote
Study estimates $2 million a month in Bitcoin drug sales
Revenues of the drug marketplace Silk Road have doubled since March.

Timothy B. Lee
2012-08-07


http://arstechnica.com/tech-policy/2012/08/study-estimates-2-million-a-month-in-bitcoin-drug-sales/
936  Bitcoin / Bitcoin Discussion / Re: Are Bitcoins concidered Stock Shares or Bonds? on: August 06, 2012, 11:57:05 PM
Bitcoins are a mechanism for storing a mixture of reasonable hope and outrageous delusion.
The basic unit might better have been termed the 'speculaton' than the satoshi.

It's arguable that shares and bonds are similar stores of speculative value - but Bitcoin is purer in that regard.

Wink
937  Bitcoin / Press / Re: NEW articles in Press Forum on: August 06, 2012, 11:34:24 PM
2012-08-06 wired.co.uk - Study: Online marketplace Silk Road sells £1m worth of drugs each month

https://bitcointalk.org/index.php?topic=98902.0
938  Bitcoin / Press / 2012-08-06 wired.co.uk -Study: Online marketplace Silk Road sells £1m worth ... on: August 06, 2012, 11:32:53 PM
Quote
Study: Online marketplace Silk Road sells £1m worth of drugs each month


Olivia Solon
2012-08-06

http://www.wired.co.uk/news/archive/2012-08/06/silk-road-drugs

...
The research discovered that there was a very tight coupling between the Silk Road and Bitcoin market, saying that "daily sales on Silk Road correspond to almost 20 percent fo the average daily volume of US dollar to Bitcoin exchanges on Mt.Gox. As a result, a potentially effective intervention policy would be to destabilise the value of the Bitcoin, creating instability in the market.
...

939  Bitcoin / Press / Re: NEW articles in Press Forum on: August 06, 2012, 10:52:25 PM
2012-08-06 forbes.com - Black Market Drug Site 'Silk Road' Booming: $22 Million In Annual Sales

https://bitcointalk.org/index.php?topic=98893.0
940  Bitcoin / Press / 2012-08-06 forbes.com - Black Market Drug Site 'Silk Road' Booming: $22 Million on: August 06, 2012, 10:48:49 PM
A forbes article mentioning Bitcoin but not by Jon Matonis.. how about that!

Quote
Black Market Drug Site 'Silk Road' Booming: $22 Million In Annual Sales

Andy Greenberg
2012-08-06

http://www.forbes.com/sites/andygreenberg/2012/08/06/black-market-drug-site-silk-road-booming-22-million-in-annual-mostly-illegal-sales/


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The business takes significant precautions: Tor masks both the location of its servers and of its users by ricocheting Internet traffic through proxies, and Bitcoin makes its payments difficult to trace by avoiding traditional banks or payment companies.
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