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Author Topic: The Week In Bitcoin - Apr 25 through May 01, 2011  (Read 2048 times)
Stephen Gornick
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April 26, 2011, 08:18:38 PM
 #1

Sunday, May 1st, 2011

  • Press: Capital.BG (Weekly newspaper in Bulgaria)
    Торент валута (Torrent Currency) by Andrian Georgiev
    Assuming Google Translate did a fairly accurate job in translation, this was an article that gives a typical general overview of Bitcoin.  What was interesting were the comments — sentiment by those who don’t yet understand Bitcoin is the same worldwide:
    “Banks and government will strangle the idea.”
    ”Without a central guarantor of these they are very risky.”
    - http://bit.ly/jwK81b (in Bulgarian)
  • New IRC channel, #bitcoin-pit (“business only” trading pit)
    - http://wiki.bitcoin-otc.com/wiki/Bitcoin-pit
    - http://webchat.freenode.net/?channels=#bitcoin-pit
  • Update on Plato’s #BitcoinRoadTrip (Alabama)
    Tornadoes in Alabama have waylayed @TheRealPlato after his presentation on Bitcoin at UAH (Huntsville).  He is assisting with the cleanup before continuing west on his cross-country journey.  Over 100 BTC were donated to the Tornado relief fund.
    - http://bitcointalk.org/index.php?topic=6752.msg101417#msg101417
    - http://twitter.com/therealplato @TheRealPlato
  • Bitcoin’s leading exchange, Mt. Gox, resumes service after brief downtime
    The DDoS attack that brought the service to its knees on Saturday evening, early Sunday had subsided “subsided a bit” so the service was brought back online after only a few hours of downtime.  The BTC/USD market rate following the restart bounced around from as low as $2.50 and as high as $3.80 before settling towards the middle of that range.
    The exchange still plans to move to a network that has improved DDoS protection.
    - http://bitcointalk.org/index.php?topic=6931.0
  • Press: The Washington Post (online and print edition [Saturday’s issue apparently … ?])
    Imagining a world without the dollar by Barry Eichengreen
    “There have already been some attempts to create a true electronic currency, such as Bitcoin.”
    “Nothing would ensure that the electronic money you accumulate would hold its value, and nothing would prevent the operators of the platform from issuing more.”  [The author was likely describing electronic currency in general and not Bitcoin, which has protections from that occurance, specifically.]
    - http://wapo.st/lmhaww
  • Article / Blog post:
    Could virtual currency become king in developing countries? by Brendan Burge on ATM Marketplace
    “In developing countries [people] are making a living by performing ‘micro-tasks’ in the virtual economy.”
    “PayPal, Google, BitCoin and others offer or soon will offer accounts that do not require traditional legacy backing from credit cards or other ‘hard currency’ accounts.”
    - http://www.atmmarketplace.com/blog/5628
  • First Bitcoin-related exchange to use a new variant of digital currency.
    Though this editor originally believed this topic to be a hoax, there is apparently yet another currency using bitcoin technology being experimented with.  Details are sketchy yet but this variant skips the gradual issuance of new currency and instead begins with all coins already minted and issued to a “bank”.
    - http://exchange.surething.biz



Saturday, Apr 30th, 2011

  • Bitcoin’s leading exchange, Mt. Gox, retreats following DDoS attack
    “Temporary shutdown” until the appropriate protections [are in place]”.
    Service will resume once a new server is operational on a network with defenses against further distributed denial-of-service attacks.  
    - http://bitcointalk.org/index.php?topic=6931.0
  • Exchange Nanaimo Gold offers automated exchange between HD-Money and Bitcoin
    HD-Money (HDM) is a private digital currency alternative along the same lines as Liberty Reserve and payments made are irreversible.
    - http://www.nanaimogold.com/hdm_exchange.php
  • CoinPal exchange ends service following action by PayPal
    CoinPal, the primary where PayPal could be used for payment of purchases of bitcoins has closed.
    “PayPal’s Acceptable Use Policy specifically states that the service may not be used for a money service business that performs currency exchange activities”.
    - http://www.bitcoinmoney.com/post/5086167006
  • Bitcoin service BitcoinLaundry.com reduces fee
    The fee for the service to mix bitcoins with those from others has been reduced from 1% to 0.5%.
    “Compared to the traditional financial systems this service might be the equivalent of moving funds through banks located in countries that have strict bank-secrecy laws.”
    - http://bitcoinlaundry.com
    - http://en.bitcoin.it/wiki/Bitcoin_Laundry
  • Archive containing block chain (through block 120,000) released:
    Minimizes delay for downloading transaction data when performing a first-time installation. 152MB download file contains all transactions since January 2009 when Bitcoin genesis block was created.
    - http://sourceforge.net/projects/bitcoin/files/Bitcoin/blockchain
  • United States: Virtual Currency -The Legal Issues Are A Reality by Kobus and Schurko of Marshall Dennehey law office.
    “An issuer of virtual currency [might be considered] a “financial institution” for the purposes of the PATRIOT ACT by virtue of creating and managing customer virtual currency [eWallet] accounts.”
    - http://www.mondaq.com/unitedstates/article.asp?articleid=130736



Friday, Apr 29th, 2011

  • Mining difficulty adjust to level that exceeds 100,000
    Landed at 109,670 — an 18.75% increase in just under 12 days.
    “Calculations for the next adjustment indicate continued rapid growth”.
    - http://www.bitcoinminer.com/post/5062580829
  • Podcast:
    Cypherpunkd Global Bitcoin Stock Exchange and Bitdrop by Hiro White on AgoristRadio.com
    Interviewed is longtime Bitcoin community member Nefario who discusses GLBSE, an equities exchange powered by Bitcoins.
    - http://agoristradio.com/?p=285 (length: 1 hour, 36 minutes)
  • Podcast: (from earlier this past week)
    Cypherpunkd “Bitcoin Mania Part 2” - The Bitcoin API by Hiro White on AgoristRadio.com
    Interviewed is mids who describes integrating with Bitcoin through the API using XMLRPC-JSON, programming a shopping cart, and much more.
    - http://agoristradio.com/?p=263 (length: 1 hour)
  • First DNS server supporting censorship-resistant .bit top level domain (TLD) appears
    The first DNS servers configured to support namecoin (.bit) domains are coming online. (e.g., 178.32.31.41).  Namecoin is built using peer-to-peer concepts and technology pioneered by Bitcoin.
    “The future of DNS starts now.”
    - http://bitcointalk.org/index.php?topic=6793.0
  • Press: Bitcoin mention on CNN.com blog
    4 trends shaping the emerging “superfluid economy” by @VenessaMiemis
    “On the fringes of society exists the complementary currency market”.
    ”[…] it’s reasonable to expect a serious challenge to the ingrained public perception of money.”
    - http://bit.ly/k2Mruh



Thursday, Apr 28th, 2011

  • s3052’s Bitcoin Market Technical Analysis
    “The forecast is even more than 'on track'.”
    Long term: “If [stays below trendline] we still continue the overall channel uptrend, but in a more normal pace.”
    Short term: “A break below 2.20 $ can lead to a test of old resistance and new support of $1.95 – $2.00.  Next support then is the $1.60 – $1.70 area.”
    - http://bit.ly/mbXsaQ
  • Bitcoin exchange Mt. Gox prepares to accept Dwolla as funding method
    Dwolla is an ACH-based payment network in the U.S.  Withdrawal of funds to Dwolla will also be made possible.  Dwolla charges $0.25 per transaction.
  • Custom pool server produces split allocation of generation reward
    A new mining pool introduced the ability to split the generation reward (currently 50 BTC per block) into multiple allocations.  This allows those mining in the pool to receive their payouts immediately.  Block 120,630 was the first block generated in this manner.
    - http://bitcointalk.org/index.php?topic=6667.0
    - http://blockexplorer.com/b/120630


Wednesday, Apr 27th, 2011



Tuesday, Apr 26th, 2011



Monday, Apr 25th, 2011

  • s3052’s Bitcoin Market Technical Analysis (short term update #2)
    Short term: “Looking like a bull flag”. “Break above $1.57 - $1.60 will likely mark the start of the next rally to and above $2.”.
    - http://bit.ly/dIDcWs
  • Bitcoin poker site hacked, funds withdrawn
    Online poker site betco.in suffered a 1,390 BTC loss and downtime resulting from theft after a security breach.  The site’s owner kept a reserve for losses and all players were allowed to withdraw their balances in full.  The service has since been taken offline for maintenance.
    The addresses for the stolen coins were publicly disclosed though with Bitcoin being a pseudonymous digital currency, that likely won’t help much towards recapture of the funds.
    - http://bitcointalk.org/index.php?topic=840.msg93927#msg93927
  • Article / Blog post:
    Bitcoin Poker by Tom Collins
    Describes the history of online poker, the passage of the UIGEA and the subsequent reaction by the industry, the players and enforcement with the recent actions that shut down the popular poker website domains.
    - http://bitcoinweekly.com/articles/bitcoin-poker
  • Recent additions to Bitcoin Merchant Directory / Trade wiki article:
    - http://www.memorydealers.com Networking hardware online store
    - http://etfett.net 3D printing service and printed output goods
    - http://stamit.gr/bnc4btc IRC bouncer (BNC) service
    - http://www.chessmaniac.com Online chess playing community
    - http://www.ottonormalo.de Postcard artisan
    - http://www.ayarikubazar.com Jewelry ecommerce (uses MyBitcoin shopping cart interface)
    There are numerous other recent additions including freelancers, online gambling and organizations accepting bitcoins as donations.
    - http://en.bitcoin.it/wiki/Trade
  • s3052’s Bitcoin Market Technical Analysis (short term update)
    Short term: “Consolidating, looking like  a bull flag with breakout to the upside more likely.”
    - http://bit.ly/gLHXii


Have a news tip, suggestion or comment?
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Current week (updated throughout each day):
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Previous summaries:
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Each day I will post a reply with the previous day's summary, and will update this specific post to include each daily summary as well.

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Stephen Gornick
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April 27, 2011, 10:52:47 PM
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Tuesday, Apr 26th, 2011




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Current week (updated throughout each day):
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Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

Stephen Gornick
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April 28, 2011, 09:18:05 AM
 #3

Wednesday, Apr 27th, 2011




Got a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
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Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

Stephen Gornick
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April 29, 2011, 08:44:28 PM
 #4

Thursday, Apr 28th, 2011

  • s3052’s Bitcoin Market Technical Analysis
    “The forecast is even more than 'on track'.”
    Long term: “If [stays below trendline] we still continue the overall channel uptrend, but in a more normal pace.”
    Short term: “A break below 2.20 $ can lead to a test of old resistance and new support of $1.95 – $2.00.  Next support then is the $1.60 – $1.70 area.”
    - http://bit.ly/mbXsaQ
  • Bitcoin exchange Mt. Gox prepares to accept Dwolla as funding method
    Dwolla is an ACH-based payment network in the U.S.  Withdrawal of funds to Dwolla will also be made possible.  Dwolla charges $0.25 per transaction.
  • Custom pool server produces split allocation of generation reward
    A new mining pool introduced the ability to split the generation reward (currently 50 BTC per block) into multiple allocations.  This allows those mining in the pool to receive their payouts immediately.  Block 120,630 was the first block generated in this manner.
    - http://bitcointalk.org/index.php?topic=6667.0
    - http://blockexplorer.com/b/120630



Got a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
  http://www.bitcoinnews.com   (RSS) (mobile) (email)

Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

Stephen Gornick
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April 30, 2011, 10:04:10 AM
 #5

Friday, Apr 29th, 2011

  • Mining difficulty adjust to level that exceeds 100,000
    Landed at 109,670 — an 18.75% increase in just under 12 days.
    “Calculations for the next adjustment indicate continued rapid growth”.
    - http://www.bitcoinminer.com/post/5062580829
  • Podcast:
    Cypherpunkd Global Bitcoin Stock Exchange and Bitdrop by Hiro White on AgoristRadio.com
    Interviewed is longtime Bitcoin community member Nefario who discusses GLBSE, an equities exchange powered by Bitcoins.
    - http://agoristradio.com/?p=285 (length: 1 hour, 36 minutes)
  • Podcast: (from earlier this past week)
    Cypherpunkd “Bitcoin Mania Part 2” - The Bitcoin API by Hiro White on AgoristRadio.com
    Interviewed is mids who describes integrating with Bitcoin through the API using XMLRPC-JSON, programming a shopping cart, and much more.
    - http://agoristradio.com/?p=263 (length: 1 hour)
  • First DNS server supporting censorship-resistant .bit top level domain (TLD) appears
    The first DNS servers configured to support namecoin (.bit) domains are coming online. (e.g., 178.32.31.41).  Namecoin is built using peer-to-peer concepts and technology pioneered by Bitcoin.
    “The future of DNS starts now.”
    - http://bitcointalk.org/index.php?topic=6793.0
  • Press: Bitcoin mention on CNN.com blog
    4 trends shaping the emerging “superfluid economy” by @VenessaMiemis
    “On the fringes of society exists the complementary currency market”.
    ”[…] it’s reasonable to expect a serious challenge to the ingrained public perception of money.”
    - http://bit.ly/k2Mruh



Got a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
  http://www.bitcoinnews.com   (RSS) (mobile) (email)

Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

Stephen Gornick
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May 01, 2011, 10:13:45 PM
 #6

Saturday, Apr 30th, 2011

  • Bitcoin’s leading exchange, Mt. Gox, retreats following DDoS attack
    “Temporary shutdown” until the appropriate protections [are in place]”.
    Service will resume once a new server is operational on a network with defenses against further distributed denial-of-service attacks.  
    - http://bitcointalk.org/index.php?topic=6931.0
  • Exchange Nanaimo Gold offers automated exchange between HD-Money and Bitcoin
    HD-Money (HDM) is a private digital currency alternative along the same lines as Liberty Reserve and payments made are irreversible.
    - http://www.nanaimogold.com/hdm_exchange.php
  • CoinPal exchange ends service following action by PayPal
    CoinPal, the primary where PayPal could be used for payment of purchases of bitcoins has closed.
    “PayPal’s Acceptable Use Policy specifically states that the service may not be used for a money service business that performs currency exchange activities”.
    - http://www.bitcoinmoney.com/post/5086167006
  • Bitcoin service BitcoinLaundry.com reduces fee
    The fee for the service to mix bitcoins with those from others has been reduced from 1% to 0.5%.
    “Compared to the traditional financial systems this service might be the equivalent of moving funds through banks located in countries that have strict bank-secrecy laws.”
    - http://bitcoinlaundry.com
    - http://en.bitcoin.it/wiki/Bitcoin_Laundry
  • Archive containing block chain (through block 120,000) released:
    Minimizes delay for downloading transaction data when performing a first-time installation. 152MB download file contains all transactions since January 2009 when Bitcoin genesis block was created.
    - http://sourceforge.net/projects/bitcoin/files/Bitcoin/blockchain
  • United States: Virtual Currency -The Legal Issues Are A Reality by Kobus and Schurko of Marshall Dennehey law office.
    “An issuer of virtual currency [might be considered] a “financial institution” for the purposes of the PATRIOT ACT by virtue of creating and managing customer virtual currency [eWallet] accounts.”
    - http://www.mondaq.com/unitedstates/article.asp?articleid=130736


Have a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
  http://www.bitcoinnews.com   (RSS) (mobile) (email)

Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

Stephen Gornick
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May 02, 2011, 10:15:49 AM
 #7

Sunday, May 1st, 2011

  • Press: Capital.BG (Weekly newspaper in Bulgaria)
    Торент валута (Torrent Currency) by Andrian Georgiev
    Assuming Google Translate did a fairly accurate job in translation, this was an article that gives a typical general overview of Bitcoin.  What was interesting were the comments — sentiment by those who don’t yet understand Bitcoin is the same worldwide:
    “Banks and government will strangle the idea.”
    ”Without a central guarantor of these they are very risky.”
    - http://bit.ly/jwK81b (in Bulgarian)
  • New IRC channel, #bitcoin-pit (“business only” trading pit)
    - http://wiki.bitcoin-otc.com/wiki/Bitcoin-pit
    - http://webchat.freenode.net/?channels=#bitcoin-pit
  • Update on Plato’s #BitcoinRoadTrip (Alabama)
    Tornadoes in Alabama have waylayed @TheRealPlato after his presentation on Bitcoin at UAH (Huntsville).  He is assisting with the cleanup before continuing west on his cross-country journey.  Over 100 BTC were donated to the Tornado relief fund.
    - http://bitcointalk.org/index.php?topic=6752.msg101417#msg101417
    - http://twitter.com/therealplato @TheRealPlato
  • Bitcoin’s leading exchange, Mt. Gox, resumes service after brief downtime
    The DDoS attack that brought the service to its knees on Saturday evening, early Sunday had subsided “subsided a bit” so the service was brought back online after only a few hours of downtime.  The BTC/USD market rate following the restart bounced around from as low as $2.50 and as high as $3.80 before settling towards the middle of that range.
    The exchange still plans to move to a network that has improved DDoS protection.
    - http://bitcointalk.org/index.php?topic=6931.0
  • Press: The Washington Post (online and print edition [Saturday’s issue apparently … ?])
    Imagining a world without the dollar by Barry Eichengreen
    “There have already been some attempts to create a true electronic currency, such as Bitcoin.”
    “Nothing would ensure that the electronic money you accumulate would hold its value, and nothing would prevent the operators of the platform from issuing more.”  [The author was likely describing electronic currency in general and not Bitcoin, which has protections from that occurance, specifically.]
    - http://wapo.st/lmhaww
  • Article / Blog post:
    Could virtual currency become king in developing countries? by Brendan Burge on ATM Marketplace
    “In developing countries [people] are making a living by performing ‘micro-tasks’ in the virtual economy.”
    “PayPal, Google, BitCoin and others offer or soon will offer accounts that do not require traditional legacy backing from credit cards or other ‘hard currency’ accounts.”
    - http://www.atmmarketplace.com/blog/5628
  • First Bitcoin-related exchange to use a new variant of digital currency.
    Though this editor originally believed this topic to be a hoax, there is apparently yet another currency using bitcoin technology being experimented with.  Details are sketchy yet but this variant skips the gradual issuance of new currency and instead begins with all coins already minted and issued to a “bank”.
    - http://exchange.surething.biz



Have a news tip, suggestion or comment?
  http://www.bitcoinnews.com/submit

Current week (updated throughout each day):
  http://www.bitcoinnews.com   (RSS) (mobile) (email)

Previous summaries:
  http://www.bitcoinnews.com/archive  Follow on Twitter: @BitcoinNews

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