lundi 31 mars 2014
Reminder: April fools day is approaching.
PayPal and Google wallet accepting bitcoin!!!
PBOC declares capital punishment for all bitcoin users!!!
Those aren't that clever but some of you crypto-nerds can produce some pretty convincing PUD/FUD. Please spare us.
submitted by bubbasparse
[link] [12 commentaires]
from Bitcoin http://ift.tt/1giGy6m
The future of Bitcoin in an increasingly restricted world
I'm sure by now all of you have read http://ift.tt/1gQhmdm .
I reread the article yesterday, and I have thought a bit about its message. Here are my conclusions, which you are free to disagree with:
I don't think Bitcoin is going to be dead, but rather that its usage may revert to the original purpose it was invented for.
What I am trying to say is that the real value proposition, the killer app of Bitcoin, the one intended by Satoshi himself, isn't low fees, nor speed of transactions, nor decentralized trust, but rather it is an engineering solution to a social problem. The problem is malevolent organized intervention attempts against people, who freely and consensually use their own money, according to their own criteria. The solution is to paralyze and bypass said intervention, decentralized trust being integral to that solution. What an evildoer can't see, he can't attack. Bitcoin delivers that killer app, like any other cypherpunk / cryptoanarchist technology (SSL, GPG, Bitmessage, Open Transactions) in the same category.
So how do I think Bitcoin usage will change? Well, to be able to predict what may happen with Bitcoin in the future, let's look at who wins and loses given this killer app, and their likely behaviors.
Let's start with the losers first.
Quite obviously, rulers of nations (defined here as people believed to have the exclusive power to make up rules for everyone else, to adjudicate the rules, and to enforce them) understand that people gaining control of their own money and paralyzing ruler intervention is a grave threat. In other words: such private control of money means they lose control over the money of their subjects.
We part-time slacker students of history also happen to know how they react to such systemic threats of loss of control, because we have seen what they have tried to do covertly (sabotage, rule violation) and overtly (rule making, rule bending) to subvert prior cypherpunk tech that affords more control to the end user, like SSL and PGP.
Now, comparing PGP to Bitcoin, Bitcoin is obviously more subversive a technology -- heck, it's not just stateless communications, it's stateless money -- so I expect these people to try sabotaging Bitcoin even more frantically.
I predict they will prescribe new, ever-more-restrictive orders against Bitcoin, until any and all use of Bitcoin will trigger a punishment, or at least be heavily surveiled to keep everyone "in the farm" so to speak. Most subjects will elect to "stay in the farm", abandon Bitcoin, and comply with the rulers.
OK, we've analyzed the losers. They lose. Now let's look at who wins.
It's a no-brainer that, if you know someone is spying on your Web browsing, and you are made aware of SSL, your use of SSL will likely go up, not down.
It's the same with money: facing increasing demands of control over how you may use your money or how much of it may you keep -- your use of a technology that protects your money from others taking it / spending it against your will, is likely to go up, not down.
In other words: I expect to see increased use of Bitcoin in the future, that is explicitly intended to disobey orders from rulers.
Bitcoin will undergo a process of evaporative cooling, where the mainstream speculators and obedient actors exit the market, leaving agorists, members of blue markets, people who intend to conduct business in flagrant disobedience while resisting attempts of punishment. Protected by already-known advances in anonymity (like stealth addresses), these many Bitcoin users will remain relatively safe from rulers' attacks against their prosperity and well-being. They will "step out of the farm", if you will.
Of course, this remaining group includes both bad actors (e.g. fraudsters) and good actors (people running honest businesses). This problem will be resolved by increased research in stateless reputation systems to protect everyone against fraudsters (which happened to work very well in the Silk Road, according to users' reports in the /r/SilkRoad subreddit).
In short, this leads me to believe that Bitcoin in the future will be primarily used by two groups of people:
- People living in nations where organized sabotage against Bitcoin has not yet happened, and Bitcoin trade proceeds freely.
- People living in the rest of the nations, who do not mind exercising agorism with caution, thereby (at least partially) deliberately seceding from the "official economy". Think Silk Road for any and all goods and services.
In other words: rather than the future of "mainstream acceptance" that mainstream Bitcoin users envisioned, Bitcoin's future is increasingly looking like the mainstream's absolute worst nightmare: a niche independence tool for widespread yet invisible economic defiance and self-defense against the very orders that the mainstream can't even conceive to disobey. To take an example I have witnessed personally: if you sell copies of DVDs in the streets of Guayaquil, this tech is literally the difference between losing all your capital and your profits, versus only losing a few DVDs, at the hands of the street cops blatantly stealing your stuff.
You may think this is provincial. It really isn't. Given that the blue markets rival the "official economy" in size, and given that Bitcoin may offer a chance to secede quietly, safely, and privately to participate in the blue markets, the potential for Bitcoin and allied technologies like Open Transactions is enormous.
Of course, it could also be the case that the rulers succeed in putting the cat back in the bag, and manage to eliminate Bitcoin completely, or subvert it altogether. I will believe that is possible when they have eliminated BitTorrent. But, so far, I have only seen them act all keystone kops, stealing a few DVDs from street vendors, and the first world equivalent thereof (ruining middle class people).
Satoshi famously said: Bitcoin alone will not solve the problem of financial oligopoly, but I hope Bitcoin would buy us all some time in that struggle for freedom. I, for one, am stocking up on popcorn, to enjoy the slo-mo clash of these two worlds of ideas in the years to come. Heck, it is already very entertaining to witness today.
Reprinted at: http://ift.tt/1gUZFsX
submitted by throwaway-o
[link] [10 commentaires]
from Bitcoin http://ift.tt/1dLMlXt
Even by I.R.S. standards, the recent ruling on bitcoin flirts with nonsensical non-logic in a way that is truly shocking to an outsider. Govt officials have called bitcoin "digital currency" thousands of times, not once have they called it "digital property".
Really astonishing. For months, including the Senate hearing and the Treasury Department's own published documents on bitcoin always refer to it as a "virtual currency," "digital currency," or my favorite "convertible virtual currency." Don't take my word for it. Search through publicly available federal government documents that mention or address bitcoin in any way. It's always discussed as a convertible electronic currency, which it is, not as property.
If the government views bitcoin as property - for taxation purposes the same as selling ice cream sandwiches out of an ice cream truck - why was this not a topic broached during the Senate hearing? Why did former Fed chairman Ben Bernanke in his letter refer to "virtual currency" several times, and "virtual property" not once. His successor, Janet Yellen, has had an equally sane approach toward bitcoin.
Even by the sometimes byzantine logic of modern tax agencies, the IRS is simply wrong.
If mining Bitcoins is self employment, so is jerking off to porn.
If Bitcoin is primarily "property" and not currency, then why the focus on KYC/AML compliance? It's not money according to the IRS. And why the need for money transmitter licenses? And why is New York State trying to regulate Bitcoin if it's just property? Lawsky's job is over before it even begins, if this nonsensical IRS classification is not challenged and revised.
Please don't tip me, I don't want the burden of having your property thrown at me unsolicited over these inter web tubes. Thank you.
submitted by CryptoDonDraper
[link] [21 commentaires]
from Bitcoin http://ift.tt/1hWbQRy
You can now buy everything you want on the Internet with your bitcoins at a 7% discount
We recently launched Brawker. It's a platform where owners of bitcoins can order anything they want on the Internet and have it paid by someone else in fiat money who will then take the bitcoins in exchange. Confused? Check out this 30 second video that explains it. - Bitcoins owners can order anything they want on the Internet and get a 7% cash back on their purchase - People interested in buying bitcoins can do so by fulfilling someone else's order with their credit card or Paypal account and obtain the equivalent amount in bitcoins.
Check it out to see if you like it! The Brawker team
submitted by cyril627
[link] [33 commentaires]
from Bitcoin http://ift.tt/O9qsVy
I am a tax attorney, here is the truth about 1099s and the $600 minimum threshold (for U.S. Taxpayers)
Hey guys, I've been seeing an alarming amount of confusion regarding 1099s and the $600 threshold mentioned in the recent IRS Notice. I hope this helps to clear some things up.
I should start off by saying that Form 1099 is an information return used to report certain types of payments that you make during the year. The idea is that the payment recipient might "forget" to include the payment in his taxable income at the end of the year, so requiring the payor to report the payment to the IRS will help make sure this doesn't happen. There are a variety of different Form 1099s depending on the type of payment involved, the details of which aren't really important for our purposes.
Here's the truth about Form 1099s and the $600 minimum threshold:
#1: Personal transactions are not covered
Form 1099s are required only for payments made in the course of a trade or business. You do not need to file a Form 1099 for personal transactions, like buying a new computer or a cup of coffee.
To be clear: If you are not engaged in a trade or business, you do not need to worry about filing a form 1099.
Even if you are engaged in a trade or business, you do not need to worry about filing a form 1099 unless the payment was made in the course of your business. Your personal transactions are never subject to 1099 reporting requirements. If you want to know if you're engaged in a trade or business (perhaps as a bitcoin miner), here is a brief discussion of the test for a trade or business used by the IRS.
#2: The $600 threshold has nothing to do with capital gains
There is no minimum threshold for reporting taxable gains. It doesn't matter if your gain is $0.50 or $500,000. Gain is gain, and if you are required to file an income tax return, you need to report all of your gains.
The $600 threshold refers only to the requirement for filing a Form 1099. Basically, the IRS understands that requiring a 1099 for every single payment made in the course of your business is too cumbersome. So, it requires a 1099 only if the aggregate of all payments to a particular business/person exceed $600 during the year. Again, this $600 is completely unrelated to how much gain/loss you might have on each payments.
#3: There is no special 1099 requirement for bitcoins.
The point of the IRS Notice was to confirm that bitcoin transactions are subject to the same 1099 requirements as fiat transactions. It did not create any new rules or special reporting requirements. So, if your transaction would not be reportable if it was done in cash, then it is not reportable if it is done in bitcoin either.
Feel free to ask any questions.
Legal Disclaimer
This post was created for general guidance on matters of interest only, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a tax professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post, and I do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this post or for any decision based on it.
CIRCULAR 230 DISCLOSURE To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. federal tax advice in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
THE AUTHOR Tyson P. Cross is a tax attorney in San Diego, California. He can be reached at Tel: +1 619-786-0641 or Email: tyson@BitcoinTaxSolutions.com[1] . (this information is necessary due to attorney advertising rules).
submitted by dblcross121
[link] [10 commentaires]
from Bitcoin http://ift.tt/QzB1DB
Getting a hang of this!
Hello all, Just wanted to thank everyone for all the info links, helped a lot I think once I am able to start getting bitcoins I will be ready! Thanks again :)
submitted by Dogecoinracing
[link] [1 commentaire]
from Bitcoin http://ift.tt/QzonEP
IRS should give guidance on "like kind" assets for 1031 exchange with bitcoin
The IRS has ruled bitcoin is "property." Section 1031 under the IRS code allows the exchange of property of "like kind" without being a taxable event. The most common form of 1031 exchange is an investment property which is bought with the proceeds of another investment property (i.e. you don't pay capital gains).
The IRS should give guidance on "like kind" properties which bitcoins can be exchanged for in a 1031 exchange. Maybe someone who cares a little more should email the IRS.
More info: http://ift.tt/1hrP6MO
*I doubt this happens. The IRS just wants all your money.
submitted by effallyall
[link] [6 commentaires]
from Bitcoin http://ift.tt/1gh8F5P
Looks like Darkwallet was a scam [x-post TheHub]
3 months and this is where their at
Base wallet
> Key management (bip32) Yes check.png > Receive Yes check.png > Send Yes check.png > Show history Yes check.png
looks like they almost have a basic functioning wallet. No updates, their indigogo page says they will no longer be updating the project there and to go to the above site, which also features no updates.
Look at these comments, the only ones posted over the last three months:
[Quote]
johnfox415 said 3 days ago No update here either. Anonymous Contributor said 15 days ago Did not receive the backerit email :/ Max Küng said 17 days ago Never received anything. Haven’t gotten an email from backerkit either. Even sent an email after the last update saying that we should email if we didn’t get the backerkit link. Didn’t receive a reply in about a month. Just nada… Don Pomeroy said 18 days ago never received my shirt :( tom1gorman said 25 days ago Never received the t-shirt but, more importantly, still no Darkwallet or updates. Whats happening team? Jesse Rodgers said 1 month ago Also wondering about perks, I’m happy to contribute to the campaign but I was looking forward to my Bitcoin magazine subscription. I tried emailing once, but haven’t heard anything. on.yr.shouldr said 1 month ago what is happening? i still have not heard from “backerkit” about claiming my perk, and i’ve been trying to get in touch with you guys for over a week. :( osclark said 1 month ago I’m with peter. WTF is going on? I’ve heard NOTHING since this thing ended. I’m trying to join the BTC market, but I want a secure wallet. That was the whole idea, right? Let’s get this thing going, please. AT LEAST AN UPDATE. peter said 1 month ago hey guys :) whats up with this project? any news? over a month now since the campaign was funded, estimated delivery for some perks was december and still not even an update? ;) looking forward to here some news from you :) cheers
[/quote]
But they do have a highly produced video and a professionally designed website extolling all their fundementals:
$50k in USD and 50 bitcoins raised at $1000/piece,
[Quote]
Never received the t-shirt but, more importantly, still no Darkwallet or updates. Whats happening team? Jesse Rodgers said 1 month ago
[/quote]
and we didnt even get a lousy t-shirt.
submitted by Ji1209019
[link] [5 commentaires]
from Bitcoin http://ift.tt/1iSHOl0
![Rare Stradivarius Violin Purchased with Bitcoin [Video]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_sunr0n1VlusckEp_uxnEd7snjNURWiSna6ozjEGQ-1dqdiue717sTTQOO7rs7orZr_nfLOia_S9w=s0-d "Rare Stradivarius Violin Purchased with Bitcoin [Video]")
Mike Maloney's "Hidden Secrets of money" ep6 will be about Bitcoin.
Top comment in this video: http://ift.tt/17I1C1E
whygoldandsilver 4 days ago "To all the Bitcoin folks - we are making an episode about cryto-currencies right now. Make sure you subscribe so you don't miss it."
Here proof its part of the series and not a short video.
Its almost 1 week old but haven't seen it around here. I think it will be an interesting episode. He is a big gold and silver investor and not anti Bitcoin.
submitted by BTtje
[link] [2 commentaires]
from Bitcoin http://ift.tt/Qz04GP
Trustless P2P Prediction Markets
Previously, I made this post about my Truthcoin project, but it was immediately buried via the MtGox-Apocalypse.
Since that post, I've continued to make a lot of progress, and now consider the design (and the proof-of-concept code for all completely novel elements) to be finished, and await new comments/questions, and/or a development-initiative.
Summary:
USD-based PMs are subject to censorship/removal, and current BTC solutions require trusting a third-party with funds. All existing solutions require the operator to provide the markets you are interested in and correctly arbitrate those markets. This project aims to eliminate all of these problems.
As before, PMs allow you to do a number of remarkable things (are you tired of hearing that Bitcoin "has no intrinsic value?"):
- Use the combined knowledge and intellectual ability of mankind to construct and refine the most accurate possible prediction of the future.
- End debates about the contentious issues of today, such as climate-change, heritability of IQ, effect of GMOs etc.
- Prevent anyone (even politicians, industry leaders) from lying about a target claim.
- Encourage and compensate whistleblowers.
- Provide ‘market advice’ on the relative impact of decisions on outcomes (“If we adopt X Fed policy, what effect on inflation can we expect?”).
- Provide insurance (buying and selling) opportunities for catastrophic global disasters, earthquakes, hurricane, etc.
- Allow tradable binary financial derivatives, for example on the BTC exchange rate, or the solvency of exchanges, or to create replicating portfolios of 'real-world' assets (gold, DJIA, BTC).
- Recreational gambling in real time, always at actuarially fair odds and low fees.
- Allows for the creation of ‘Trustless Dominant Assurance Contracts’ which allow financing of public goods such as lighthouse, roads, etc. with no counterparty risk.
For more details on these applications, see this applications paper.
Other great PM-papers by yours truly.
submitted by TruthcoinPMs
[link] [1 commentaire]
from Bitcoin http://ift.tt/Qz05ut
Europe's largest Bitcoin-only Electronics Shop. e4btc.com is back with over 60,000 products and a new design
Hello r/Bitcoin!
We're the team from e4btc.com, and are happy to share our revamp of Electronics for Bitcoins, now with 50,000 more electronics products and a completely new site design! Watching the Bitcoin community grow exponentially over the last year has been awesome, and we're glad to be a part of this wild ride.
It's been over 10 months since we made our first delivery (reddit post), and after over 200,000 Euro in sales we are happy to give back to our customers with new deals, better design, and improved personal customer support.
We ship electronics throughout Europe with a flat 9.99 EUR shipping charge for Germany and 19.99 EUR for the rest of Europe.
Using Bitcoin means great prices. We have special deals going on right now for popular brands such as Lenovo, HP, LG, Radeon, and others. You can check out our special e4btc.com launch deals here.
Our developers Kasper and Andreas have worked hard to incorporate an additional 50,000 products and still keeping the site fast and simple enough to easily find what you're looking for.
Since this is a brand new site design, we're interested to know if you have any issues in finding what you're looking for. Feedback from r/Bitcoin is always appreciated so let us know by emailing us at info@e4btc.com
submitted by e4btc
[link] [7 commentaires]
from Bitcoin http://ift.tt/1hUzm1l
YOU should really try the new Armory wallet!
If you have a PC with at least 2GB and more then a few mBTC to your name, you owe it to yourself to test run the latest version of Armory
You'll do a favor for everyone:
Yourself: your bitcoins will be safer using an offline wallet than anywhere else.
The network: you'll be running a full node and contribute to the bitcoin network's strength.
The Armory wallet project: the new version is so stable, they'll give away 0.01 BTC if you find and report a bug. See here
submitted by hnmZYEvzbkHk
[link] [10 commentaires]
from Bitcoin http://ift.tt/1iSbxL1
Satoshi donated to Dorian fundraiser
When the blockchain was only 10 days old 50 bitcoin was mined to 18KrJNtPVu6LWRNPQReqF29iFm7vDhirMk and then three days later shipped to this address 12higDjoCCNXSA95xZMWUdPvXNmkAduhWv. The latest transaction there (0.25btc) is to 1Dorian4RoXcnBv9hnQ4Y2C1an6NJ4UrjX.
It is pretty much accepted that Satoshi mined alone for most of 2009 (based on network strenght which was constant at 7Mhash/s) and most definately the first two weeks. This means Satoshi donated to Dorian :) Not sure if this has been noticed before today.
Blockchain links:
http://ift.tt/1jPOF25 http://ift.tt/1jPOF28 http://ift.tt/1jPODay
The donation date (2014-03-07) is also the day he logged into his old account at http://ift.tt/10yUXUu claiming not to be Dorian.
submitted by Nous322bc
[link] [8 commentaires]
from Bitcoin http://ift.tt/1oi721F
![TEDx: “Bitcoin: the organism” [xpost from r/cryptodev]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_s0eusjJfSeozR-ivk7EYbhuRGJyw_pk5ULI_sqqb0ezQMidFyKVpW-xs5OvtKPqP5kigy9aaMETA=s0-d "TEDx: “Bitcoin: the organism” [xpost from r/cryptodev]")
First real world application of bitcoin for me! Parents have a renter who wants to pay his rent in bitcoin... little advice requested.
Backstory first.
I have been following bitcoin for a long time and long been extolling the virtues of this virtual currency. Unfortunately, I am very poor and never had the chance to invest.
Recently, my parents have had a renter who has lost his job, but is willing to pay his rent in bitcoin. As far as my parents are concerned, they just see it as a way of transferring money to their hands.
My question is which exchange is going to be the most simple way to to get these sent bitcoins turned into a bank deposit or paypal deposit with the minimum amount of hassle? My parents have bank accounts both in the USA and in Europe, where is going to be the most hassle free way of accomplishing this..
submitted by effgee
[link] [40 commentaires]
from Bitcoin http://ift.tt/1jPDFlz
dimanche 30 mars 2014
I know most of you heard the phrase "Buy Low, Sell High", times like these are why most people never actually follow that advice.
Stop all that emotion about your money going away. You bought in already. Hopefully it wasn't your mortgage money. Think of investing as blackjack. You either win and take the cash, or lose the hand. Don't pull out because you're rethinking your decision. You made that decision in more rational times, and it seemed good enough to put money into it. Buy more. Stop being emotional and bitching because you haven't made a 100% return in 4 months.
Do the opposite of these comments. Once these idiot posts are all to the moon memes, sell that shit.
submitted by erikwithaknotac
[link] [15 commentaires]
from Bitcoin http://ift.tt/1fECk9K
You are offered 10,000 bitcoins on the condition that you can never use conventional currency's again do you accept the deal?
How does your life change?
submitted by Theusernamemen
[link] [17 commentaires]
from Bitcoin http://ift.tt/1fEwUeQ
filling out a perfect NCAA basketball tournament bracket vs finding the Bitcoin private key of a specific address
Watching Kentucky vs Michigan and I'm thinking about this.
The Billion Dollar Bracket Challenge will never be won because it's impossible to guess the result of all 63 games in the March Madness tournament. Now imagine a lucky guy able to fill a perfect bracket and win the billion dollar from the pocket of Mr Buffet.
Now think about this. Finding the matching private key to an address is 16 times more difficult than a guy guessing all winning teams in the tournament 4 years in row! 63 games per year, 252 games in total.
submitted by dunand
[link] [6 commentaires]
from Bitcoin http://ift.tt/1hRgKiJ
Bobby Lee on exchange volume deception in China
On the CoinSummit conference Bobby Lee recently spoke about the rampant volume deception that is going on in China. Watch his talk here:
I was wondering if Bobby Lee is correct about how the average Chinese exchange operates, and his observations do seem to be valid explanations of odd market reactions in China, how can you still make any kind of usable market prediction considering all that fraud. To name a few, he lists, exchanges padding volumes with zeros, selling to itself, repeating past sales to hide low activity and phantom liquidity (via fake buy and sell orders that cause flash crashes when someone’s market order falls right through them), add to that zero fees and you've got a rather explosive mix, that's more destructive than helpful to the market.
If you consider this, then I'm having a real hard time seeing what is supposed to be so bad about the news that China is banning exchanges. If what Bobby says is even a little true, then the ban can't come soon enough in my opinion, in the meantime it might be a good idea for the market to completely disregard any market prices from China, because it looks like they do not have even remotely the market share or volume that everyone seems to believe they have and therefore should not have the same impact on marketprice either.
submitted by MrGoogz
[link] [4 commentaires]
from Bitcoin http://ift.tt/1hRgIr9
To the haters—have you actually ever even tried Bitcoin?
Completely serious question to all the tulip mania and ponzi/pyramid scheme people out there—have you ever even tried bitcoin?
I realize that there are potentially several groups of people who hate/dislike/don't trust bitcoin
- People who had the potential to get in early and missed it
- People who got in early and got out too early
- People representing 'The System/The Man'
- People pumping other things (gold/silver, altcoins, good ole' fiat, etc)
- Classic trolls/haterz who just have nothing better to do (sorry bastards)
But I honestly wonder how many of these people (sans #1 & #2) have actually ever even owned a single bitcoin.
Mining, owning, securing, buying, selling, and creating transactions are core to the bitcoin experience. If you've not done them then not only are you not at all authorized to speak but you're honestly missing out on something amazing.
There are so many things to learn and experience when you use bitcoin instead of hoarding it or dismissing it:
- Transactions aren't instant (when factoring in confirmations)
- Bitcoin isn't anonymous. It's pseudonymous at best and completely open at best/worst (depending on your viewpoint).
- Security is HARD ™
FWIW I count myself in group #1 though of course I'm not a hater. I found out about btc in early 2011 on hacker news and was super jazzed for like 1 month. It was early in my software career and awareness and unfortunately I just didn't realize how fast and how far things would move. I didn't really commit and come on board til last year.
So feel free to blast me with downvotes but I'd like to hear back from anyone who usually hates in subreddit.
submitted by cgcardona
[link] [75 commentaires]
from Bitcoin http://ift.tt/1iPxXMP
If you have been with BTC for some time you know that the wild highs and lows are part of the game, and will be for some time.
If you wanted a sure thing you should have put your money in an index; this investment return should be measured after 12 to 18 months... possibly up to 40 months (this is not for the feint of heart)
submitted by BTCthought
[link] [3 commentaires]
from Bitcoin http://ift.tt/1ge9zA9
How trustworthy are the authors of Electrum and MultiBit ? Why are their signing keys not verified?
Hello,
I was a bit alarmed by these two posts some weeks ago:
In the first case, basically somebody registered a PGP key which at first glance looked like the signing key from Gavin Andresen. Such a key could be used to sign malware which appears as the true bitcoin client. This would only be detected if people check carefully. If people do NOT check it - maybe rushing in a situation where the network needs a quick fix - the consequences could be truly disastrous.
In the second case, the Electrum website was actually faked to distribute malware which was camouflaged as the Electrum client. If people install such a client, it could send their bitcoins anywhere - this kind of attack can really cause a lot of grief, too.
Note that in some simple setups, it might be possible to recognize the faked web site by its address, but in other cases, this will not be possible - think of insidious attacks on home routers or exploits of the recent Apple "goto" bug, which essentially disables SSL protection.
In these cases, and whenever youinstall bitcoin software, it is always important to check for digital signatures of the maintainers, which can warrant the authenticity of the code. And, doing this properly includes verification of their keys.
To make it short, I was newly installing Electrum and I decided to do it right and to look after the digital signatures and whether the signatures properly certified in a web of trust. Now, trust paths can be looked up by databases like these:
It works so that in the "from" field, you enter YOUR key ID (which needs to be connected to the web of trust graph). In the "to" field, you enter the key ID of the signing key for the software. Now, you should be able to find at least one trust path from you to the signing key for the software. For example, if Mark Shuttleworth wants to verify the key of Gavin Andresen, he enters his key ID: D54F0847 into the "from" field, and Gavin's key - 1FC730C1 - into the "to" field. This will look as here:
The trouble is, if Mark looks up the key for ThomasV, this looks so:
that is currently, no trust paths to ThomasV's key are found. The same is true for Jim Burton, maintainer of Multibit.
In other words, ThomasV's key cannot be verified, if somebody does not has other means. Well, somebody could look into the bitcoin forum - but first, the forum can be and has been hacked. And second, a forum identity does not mean much. Pirateat40 had an account, too, as well as the owner of bitcoinica.
I do not suspect the developers of working in an evil plot, but honestly, I'd really like to know a bit more.
Now, I have a few questions:
Who knows ThomasV ? Can a few prominent GPG users from the Bitcoin community who know him kindly sign his key and connect him to the larger web-of-trust ? Otherwise, it would be much more difficult to thwart attacks like against Gavin.
What do we know about Electrum's (and MultiBit's) developers? What is actually their expertise? Doing crypto well is damn hard. Why should we assume that the have the technical astuteness to move many many coins around safely?
Bitcoin-qt has been audited many many times by knowledgeable people. Has the Electrum source code been audited as well? To which degree? Has it been audited at all?
Thanks!
submitted by DrunkRaven
[link] [15 commentaires]
from Bitcoin http://ift.tt/1ofwjcJ
[Idea] A $30 hardware Bitcoin wallet
Idea:
- Modify Rockbox open source MP3 player firmware adding Bitcoin tx signing functions to it.
- Buy SanDisk Sansa Clip Zip MP3 player for $30 (or something similar).
- Install custom firmware.
- You have a device which can sign Bitcoin transactions, and it costs only $30.
Benefits of using MP3 player hardware:
- SanDisk produces it in high quantities, anybody can buy it, anywhere.
- It is relatively cheap.
- It has relatively good screen, which can be used to display tx details for better security.
- It also works as an MP3 player, so people won't be upset about the need to spend money specifically on Bitcoin wallet
Drawbacks:
- I don't know if USB connection it has can be used for fast and convenient signing. (I.e. whether it is customizable enough.)
submitted by killerstorm
[link] [11 commentaires]
from Bitcoin http://ift.tt/1fDpl8k
[UPDATE] 530 Relief...Thank You!!! Sitting at 9 BTC!
Dogecoin and Digibyte Donation Thread
Since we posted our original thank you, donations have been coming in non-stop. We are now at 9 BTC, not even counting the amount of of Dogecoin and Digibyte donations that have been collected in other threads. Once again, the crypto community has shown it has a huge heart. An immense thank you from all of Darrington and Oso to those that donated from 2BTC on down to a few Satoshis. Everything helps.
Since it was the community that helped make this happen, we want help from the community in how to get this money to people in need. As many of you know the price has been going down since last night. One of our main concerns going into this was subjecting donations to market fluctuations, and unfortunately that is happening. Our Coinbase account is still not connected with the main donation checking account (that is expected Monday or Tuesday) so if we don't do anything we'll just have to wait.
We do have another option, but we want to hear from the community before executing. Paden (my friend who is from Darrington and set this up) has a personal Coinbase account attached to his bank. If the community thinks it is a good option, the BTC could be transferred there and cashed out, then given to the town as a check as soon as it shows up.
Obviously this will sound sketchy to many of you, and if most people do not want this to happen we will not do it. The official Coinbase account should be verified in the next two days and a transfer can take place then. But these were the community's donations, and as such we feel it should be up to the community do decide if they want to secure the BTC value as it is or wait for Coinbase.
Thank you all again. This has been an amazing thing to witness and be a part of.
submitted by 530sliderelief
[link] [6 commentaires]
from Bitcoin http://ift.tt/1fDpl8e
I haven't bought any BTC since I bought at over $1000 until today. Feels good to buy again.
I can't describe it, but I really missed buying BTC. I'm not really a spender of BTC, so here's some BTC you can consider that won't be in circulation for at least a few years.
submitted by Sephyre
[link] [12 commentaires]
from Bitcoin http://ift.tt/1gQIsAU
Bitcoins are my back-up plan - Am I Doing It Right?
I see many "invest" in Bitcoins, hoping to sell some day at a significant profit.
I bought them as my back-up plan in case in the long run the world's confidence in the dollar crashes...
So I never intend to sell. Rather I intend to be able to switch from spending in dollars to spending in Bitcoins some day when/if the dollar lost too much of its value.
Am I doing it right?
submitted by brilliantnsa
[link] [10 commentaires]
from Bitcoin http://ift.tt/1kcKHMU
#$!? I wish I had more money for bitcoins! All you guys are complaining when really you should be buying.
Look at the former Facebook PayPal and Visa employees who just migrated to bit pay and coin base. The future is light, the future is compact, the furture is easy, the future is bitcoin.
submitted by bcmcg
[link] [11 commentaires]
from Bitcoin http://ift.tt/1oeWK2p
I am a 15MH/s Scrypt miner. I trade 50% of everything I mine straight to Bitcoin. How on earth do I calculate tax obligations with the IRS?
I have been mining Scrypt since December. I have about 4 Bitcoins, and about another 6 Bitcoins worth of Doge, Lite, Redd, and Feather. I also like to play-trade on Cryptsy regularly.
I have read through the new IRS regulations, and have determined there is no way on earth I can calculate my obligations? Can anyone help.
I really don't want to be Wesley Sniped by Uncle Sam.
submitted by appleluckyapple
[link] [4 commentaires]
from Bitcoin http://ift.tt/1iONSeq
In January I started Project Bitcoin - a social experiment to turn a coin into a house making only bitcoin transactions. I've made 9 transactions with Casascius and others around the world. It's been a wild ride, and I am excited to share an update with the community that's taken the ride with me.
Here's the website for Project Bitcoin: http://ift.tt/1a7E4sK.
Overview of the Project: I started with a coin and I am making only international transactions with bitcoin until, hopefully, I arrive at a house. The purpose, in addition to the social experiment, is to showcase our global bitcoin community, and to tell a (hopefully positive) story about bitcoin and the bitcoin community.
My transactions - which have traversed Peru, the US, Brazil, England, Austria, and now France:
- for 17 mBTC I found a Peruvian metal worker to engrave one side of a central bank issued Peruvian Sol to Jonathan in England for .1 bitcoin.
- For 150 mBTC, I purchased 4 hand crafted leather wallets with the bitcoin logo from Phinnaeus Gate and sold them to Eduardo in Brazil.
- For 273 mBTC, I purchased two .1btc Casascius coins from Casascius and sold them to Daniel in Austria.
- For 1 BTC, I purchased a statue that blew up from Michael: http://ift.tt/1jnEOxZ
- For 1 BTC, I purchased the Last (Bitcoin) Supper painting from Youl. http://ift.tt/1kkuczf
Quick Summary: The project began January 10th. For 6 weeks, things moved FAST. The Gox debacle and declining price of bitcoin have seemed to really shake things up. The Last (Bitcoin) Supper painting is, I believe, a crazy genius commentary on bitcoin... and there is nothing in the world like it. But it hasn't yet received any real offers.
When I started Project Bitcoin in January, I understood that this would be a wild ride - and I signed up for that ride... rain or shine. It hasn't disappointed. I've gotten to meet AMAZING people in the bitcoin community, people who've kept up my belief in the kind of transformation bitcoin and the surrounding community can make in the world.
I've learned a lot since the Project Bitcoin began in January, and I am happy to answer any questions. I am also hoping that people don't kneejerk downvote before they get to know me and the project. This has been a labor of love, and the best way I've known to make a contribution to our community!
submitted by bitcoincito
[link] [11 commentaires]
from Bitcoin http://ift.tt/1hPAi77
see you all in one year!
I believe that open ledger block chain technology is the future.
i have 500 BTC to my name.
In one year i will open the bitcoin client again but for now i am sick of reading about all this speculation.
:)
submitted by vv7k23dfw8iL5jUr
[link] [7 commentaires]
from Bitcoin http://ift.tt/1gQ85BW
Chute du cours : théories prospectives
C'est la chute finale Commençons par la vision la plus pessimiste : Bitcoin n'aurait été, au mieux, qu'une expérience passagère, au pire un phénomène de mode. Tout est fini aujourd'hui et le système est voué à disparaître. C'est sans doute la théorie la plus improbable, mais elle rencontre toujours un certain succès pendant les périodes de baisse.... Lire Chute du cours : théories prospectives
from Bitcoin http://ift.tt/1ptmhSH
via Gagner des Bitcoins
Here's my financial strategy regarding Bitcoin
- Take all your coins
- Place in cold storage
- Wait a few years
- ????
- No coins lost or stolen + Profit on value increase!
submitted by xabbix
[link] [8 commentaires]
from Bitcoin http://ift.tt/1gQ24Fg
How to take the bull by the horns and generate positive PR in a decentralized system?
Let's brainstorm some ideas here. Seems like you need a central authority to create and develop a constructive narrative, and right now the only narrative that is being told is the bad-actor, destructive narrative. We see all of the good news and see the fundamentals getting stronger because we read about this all of the time. But Joe and Jane Doe need a simple story about Bitcoin that explains where it's going and why it matters to them. Is it time for a Bitcoin ad council?
submitted by _nightengale_
[link] [5 commentaires]
from Bitcoin http://ift.tt/1hOPAc9
WHY ISN'T TREZOR AVAILABLE YET? Maybe Someone Needs to Make a Simpler Hardware Wallet...
I don't understand why we don't yet have a hardware wallet. Why is Trezor not yet available?
I am an electrical engineer, and I think that a simple hardware wallet, even simpler than Trezor, would be straightforward to make. It would require less than $20 in hardware and could be sold for $50 at 150% profit. It would have no screen at all -- only one or two buttons, a USB Micro-B device port to connect to any computer running Armory in "watch-only" mode, and a USB host Micro-AB ("On-The-Go") port to connect to a printer (for backups) or flash drive (for backups/restores) or keyboard (for restores). It would require no external power supply, since it would be powered by the port to the PC. Inside, it would have a Microchip PIC32 full-featured 32-bit microcontroller ($5), plus a second microcontroller just to provide the second USB port ($2). Other than this, only some power circuitry, PC board and a case would be needed.
The device could be attached to any computer, because it would NEVER expose private keys to the computer's USB port. It would internally create the random numbers that are the basis for private keys, or they could be loaded from backups. The user could operate it from the computer, using the computer's screen as a graphic display and its keyboard for input, and cause wallets and keys to be generated. The button(s) would be used to ensure that no computer malware could wreak havoc, since critical commands would require button-presses for authorization. The unit would be integrated into an Armory client running on the computer in "watch-only" mode for seamless operation. The unit could appear to Armory as an external flash drive and be used with no modifications to Armory. In this case, Armory would write files to the "flash drive" for signature, and read back the signed file. Or, Armory could be modified to work directly with the external wallet, so that only a button-press on the external wallet would be required for authorization.
The hardware wallet could print paper wallets to a printer, or wallet files to an external flash, through its second USB port. It could receive paper wallets via a USB keyboard, or wallet files from an external flash, also through that port. The computer's keyboard and display could direct the process; as a string of characters for a restore from a paper wallet are entered, the computer's display could display an "X" for each character as it is entered. It might even be possible to enter paper wallets from QR codes via a video camera and the second USB port.
I think such a device would make it possible for even a novice to work with Bitcoin on any computer. With just a few words of caution on how to handle paper backups and the need to NEVER connect the USB flash memory directly to any computer, the novice would be protected from attack by malicious parties.
Comments? Criticism? Flaws? Suggestions? Anyone want to do this?
submitted by ShatosiMakanoto
[link] [commenter]
from Bitcoin http://ift.tt/1rTjB2R
[Need Technical Help] A network analysis tell me i'm passing by a proxy who appear to be involved in bitcoin. Anyone can clarify?
First of all. Sorry if i'm using the wrong subreddit. The only result using google was a post here of some times ago talking about a malware.
If the mod think this is not appropriate for the subreddit, i just ask for direction to where to post.
Now, onwards with the situation.
It all starts with my wife complaining that she can't play any multiplayer game while my notebook was connected to the home network.
I've first run a full check with spybot and malwarebytes but nothing comes up.
So i've tried for a network analysis with The ICSI Netalyzr.
The results are freely accessible here.
I'm connected to internet using a simple D-Link Router using an ethernet cable. The router's model is DSL-2740R just for information. The router has a built-in modem to connect itself to internet.
The thing that catch my attention was the DNS Tests. The section about DNS external proxy who report this message:
Your host, NAT, or firewall acts as a DNS server or proxy. Requests sent to this server are eventually processed by 162.248.99.164. This is probably a bug in your NAT's firmware, and represents a minor security vulnerability.
Going for an IP Lookup i found that this IP is a static assignation to this hostname: 164-99-248-162-static.reverse.queryfoundry.net
Then i proceed to a thing that usually I hate seeing. Writing an url into google search. Looking for Google result from the hostname produce some concerning results as you can see here.
These are the title results (copy-paste) from the google link above:
IP address 162.248.99.164 - getaddr.bitnodes.io
Snapshot of reachable nodes in the Bitcoin network - Bitnodes
Snapshot of reachable nodes in the Bitcoin network - Bitnodes
Snapshot of reachable nodes in the Bitcoin network - Bitnodes
Bitcoin เชื่อมต่อรายชื่อโหนด - Blockchain.info
SpamCannibal Mirror3
SpamCannibal Mirror4
SpamCannibal Mirror4
The question: I'm not really into the Bitcoin world. I'm just an IT worker, specialized in developing commercial web application with some basic knowledge of the technology revolving around the PC universe. I cannot understand, due to my ignorance of this field, if this results (both the The ICSI Netalyzr and the following Google results) are something that should concern me. And if it is, how can fix it?
Thanks in advance to anyone that can helps.
submitted by thecrius
[link] [5 commentaires]
from Bitcoin http://ift.tt/1jn6P8H
I just moved 95% of my BTC to cold storage
This needs to be WAY easier. As I wrote in http://ift.tt/1kjHJHo I decided to manually split the private key into three parts, and distribute these three parts to three trusted parties (including myself). To spend the BTC, only two of those parts are necessary.
Spending my BTC only partially is a bit tricky, as (as far as I know) I need to re-construct the private key on a single computer. This computer then, again, is a single point of risk (in the sense of theft), so to get rid of that risk I should move the "change" of my transaction to another 2-of-3 address. This, again, means that I need to re-distribute the secrets.
For the future I'd love to see a 2-of-3 approach that actually is easy to use, without the need to have all data on a single computer.
PS: Now that my "wealth" is in cold storage, feel free to let the price rise again :)
submitted by HappyTrace
[link] [8 commentaires]
from Bitcoin http://ift.tt/1psET58
Petition! Newbies have right to ask simple questions here without searching old posts.
First, I would show respect to veterans, without you Bitcoin can't reach this position in as short as 5 years.
When all we were newbies, we were curious about Bitcoin and discussed about any question we thought we should find it out. However, as we become more familiar with Bitcoin, we are getting more and more bothered when we see newbies asking VERY simple questions again and again, because we have known it fully and have taught people many times. So many of us tell newbies to shut up and search old posts, in which all those simple questions have been given answers.
Personally, I understand this feeling, veterans want this subreddit to evolve with their knowledge level. It's the nature of people.
But, veterans, please listen to me.
Why do we come here everyday? I think the answer is that we want to help Bitcoin to succeed, more than the need of creating a strong academic atmosphere to stimulate technologic inspiration.
Newbies come in with the curiosity, some of them submit posts asking simple questions, which are too simple for us, without bothering to search old posts. This is also the human nature. For example, sometimes we will ask others questions without google searching.
Newbies are very important. some of them will contribute much to Bitcoin even he is lack of common sense about Bitcoin now.
Please don't expel them by excoriating. Bitcoin can't get further success only with the strength of people who now believer Bitcoin. We need more and more fresh strength.
I hope, newbies have the right to ask same simplest questions, again and again. Veterans who are bored with it have the right to ignore it, while some zealous veterans can give newbies a passionate response.
I think, that's the way for us to help Bitcoin to succede.
submitted by tianrui81317
[link] [7 commentaires]
from Bitcoin http://ift.tt/1psEUGh
Who are the most reputable leaders within the Bitcoin community?
People (or even organizations) that are generally well regarded, and listened to when they speak publicly on a given issue? The people who are most trusted?
submitted by jmdugan
[link] [15 commentaires]
from Bitcoin http://ift.tt/1hNMPI7
Paper wallets, most confusing thing ever
I mean, public and private keys...QR codes, QR scanning apps, smart phone wallets (nothing for iOS) computer wallets...WTF this all makes no sense and is completely nerdy it will never reach mass adoption. Anyone have a completely noob process of creating a paper wallet? How do you easily get funds back into a hot wallet from paper?
submitted by smackramen
[link] [14 commentaires]
from Bitcoin http://ift.tt/1mixC61
samedi 29 mars 2014
We need to get in the habit of not saying "to prevent money laundering" and instead saying "under the pretense of preventing money laundering".
I know everyone is all up in arms about the IRS ruling and while I believe that's important I think what will harm bitcoin more in the long run is AML regulation. We need to put a stop to allowing governments to dictate the common narrative. As long as the public continues to believe that scanning a passport and jumping through numerous hoops to acquire any crypto-currencies is for their own safety nothing will ever change. This subreddit is visited by a large number of individuals that know more about crypto-currencies than the general public. If we begin using the same or similar phrases when discussing various topics will bring more attention to a counter perspective that governments have successfully downplayed for long enough.
Here are some points we should hammer in any relevant conversations.
- AML regulation does no more to prevent money laundering than the NSA spying prevents terrorist attacks.
- HSBC was able to circumvent existing AML regulation easily and was only charged a fine when caught. We as citizens deserve the same rights.
- Who stands to benefit from using AML regulation as an excuse to stifle the growth of a new digital currency system?
- What sort of negative outcomes would result if money laundering occurred through a crypto-currency? Can you name a single outcome that doesn't already occur on a global scale?
I want to start seeing articles that question the effectiveness of AML regulation or at the very least use phrasing which recognizes it's not a foregone conclusion. We need to erode the confidence that has been built around these regulations and this subreddit seems like a great place to start.
submitted by definitely_in_doubt
[link] [10 commentaires]
from Bitcoin http://ift.tt/1prlwJU
