Gold collapsing. Bitcoin UP.

[jmw74]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

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[Dacm4n]

Resistance broken on high volume today. Good sign, but 1400 is the magic number. We'll be retesting that soon, shorts are in control til that gets taken out. Then it'll be squeeze time like a mofo and the mega-bull cycle begins.

Gold is dead, YAY ! Keep believin' that, FUDsters...

It's always a good time to buy when people hate the stuff.

[cypherdoc]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

i agree.

the only way it works is if the organization itself is criminal and suspicion reigns supreme throughout.  even then, it might be a dangerous thing to do in that situation.

[Erdogan]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

i agree.

the only way it works is if the organization itself is criminal and suspicion reigns supreme throughout.  even then, it might be a dangerous thing to do in that situation.

And, they can also divide their stash and give control to separate departments within the organization.

[Peter R]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

i agree.

the only way it works is if the organization itself is criminal and suspicion reigns supreme throughout.  even then, it might be a dangerous thing to do in that situation.

And, they can also divide their stash and give control to separate departments within the organization.

Yes.  Once high-quality multi-sig tools are place (along with better key-management solutions), it will be easier for organizations to manage bitcoins than to manage dollars. 

A friend of mine recently fired his accountant for embezzling $50k from the corporate account.  Multi-sig + BIP32 + BIP70 + automated accounting systems would make embezzlement difficult and accountants obsolete.   

[jmw74]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

i agree.

the only way it works is if the organization itself is criminal and suspicion reigns supreme throughout.  even then, it might be a dangerous thing to do in that situation.

I'm not sure that bitcoin makes theft easier in a criminal org, either.   I mean, whether they use bitcoin or not, they can't rely on authorities.

[Trader Steve]

decent article by Krawisz:

http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

He basically says that storing bitcoin is easy for individuals, but for organizations of diverse type it is difficult and costly. Interesting.

Which to be perfectly honest, is a stupid thing to assert.  If you think about it for a minute you'll see that it really is not possible for employees of an organization to get away with stealing the org's bitcoin, any more than they can get away with draining their traditional bank accounts.

If they use multisig, and the bitcoins disappear, the blockchain will show who signed.  Organizations aren't so idiotic that they wouldn't bother to record whose keys are whose.  They'll see Bob and Mallory signed the 2/3 and stole the funds, Bob and Mallory are arrested.  They may say "we were hacked" but they can save it for the judge.

Now, in the case of bitcoin, Bob and Mallory can refuse to cooperate so the org might not get their money back.  But I don't see what's tempting about this crime, seems like a dumb thing to do.

i agree.

the only way it works is if the organization itself is criminal and suspicion reigns supreme throughout.  even then, it might be a dangerous thing to do in that situation.

And, they can also divide their stash and give control to separate departments within the organization.

Yes, multi-sig on the main accounts and then officers of the corporation can have "expense account wallets" where they control their own private keys and turn in receipts for their purchases when it is time to "top up" the expense account.

[molecular]

Multi-sig + BIP32 + BIP70 + automated accounting systems would make embezzlement difficult and accountants obsolete.   

I'm not sure, but I think there might be some caveats with using BIP-32 in such a context. Say you give extended private keys (subtrees) to divisions of you company and say you also give the extended public root key to an accountant or auditor, I think the two could collude to derive all private keys.

I read this and it might've been FUD. Not sure. Would be happy if someone could clear that up.

[cypherdoc]

Multi-sig + BIP32 + BIP70 + automated accounting systems would make embezzlement difficult and accountants obsolete.   

I'm not sure, but I think there might be some caveats with using BIP-32 in such a context. Say you give extended private keys (subtrees) to divisions of you company and say you also give the extended public root key to an accountant or auditor, I think the two could collude to derive all private keys.

I read this and it might've been FUD. Not sure. Would be happy if someone could clear that up.

you can securely hand out child private keys with no risk to the parent private key, and you can hand out master public keys with no risk to the master private key, you cannot do both at the same time.

[jmw74]

Multi-sig + BIP32 + BIP70 + automated accounting systems would make embezzlement difficult and accountants obsolete.   

I'm not sure, but I think there might be some caveats with using BIP-32 in such a context. Say you give extended private keys (subtrees) to divisions of you company and say you also give the extended public root key to an accountant or auditor, I think the two could collude to derive all private keys.

I read this and it might've been FUD. Not sure. Would be happy if someone could clear that up.

https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki#Implications

[cypherdoc]

James Turk:

http://www.fx-mm.com/35745/news/trading-news/netagio-launches-first-british-bitcoin-gold-sterling-exchange/

[cypherdoc]

whoops:

[User705]

Hahaha
You might as well post ripple, ltc, dogecoin and all other crap exact BTC copies.  The reality is it's BTC vs everyone else.  Kinda like the dollar was after WWII.  All trade will go through BTC so NXT is really in competition with Alts not bitcoin and it's done pretty good so far there.

[cypherdoc]

Hahaha
You might as well post ripple, ltc, dogecoin and all other crap exact BTC copies.  The reality is it's BTC vs everyone else.  Kinda like the dollar was after WWII.  All trade will go through BTC so NXT is really in competition with Alts not bitcoin and it's done pretty good so far there.

that's been my point all along but it doesn't hurt highlighting the individual pain.

[cypherdoc]

"An Ad Campaign for Whistleblowers"

http://takingnote.blogs.nytimes.com/2014/07/09/an-ad-campaign-for-whistleblowers/?_php=true&_type=blogs&_r=0

[cypherdoc]

"Are Uber and Lyft responsible for reducing DUIs?"

http://www.washingtonpost.com/blogs/wonkblog/wp/2014/07/10/are-uber-and-lyft-responsible-for-reducing-duis/

[bitrider]

Love this thread.

As posted above...

http://nakamotoinstitute.org/mempool/speculative-attack/

Seems to be just around the corner...and they are beginning to see...

http://www.coindesk.com/argentinian-money-regulator-mandates-reporting-bitcoin-activity/

[cypherdoc]

Love this thread.

As posted above...

http://nakamotoinstitute.org/mempool/speculative-attack/

Seems to be just around the corner...and they are beginning to see...

http://www.coindesk.com/argentinian-money-regulator-mandates-reporting-bitcoin-activity/

yeah, that last article just adds fuel to the fire.  personally, i'm sick and tired of all these pathetic central banks banning Bitcoin b/c of the 4 horsemen of child  porn, drugs and cartels, ML, and terrorism.  

excuse me, but give me one example please Mr. Central Bankster.  yes, Shrem and Ulbricht do NOT count.

other than that, they are just preventing their citizens from engaging in free private tx.

[smoothie]

I wonder where we will be in a year from now. 

[bitrider]

I wonder where we will be in a year from now. 

I thought you of all people would at least have a prediction for us!