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  • Cody Wilson Interview at Reason: Happiness Is a 3D Printed Gun

    An anonymous reader writes "Cody Wilson details his conflict with the State Department over 3-D printable guns in this new interview with ReasonTV. In this video, he discusses how 3-D printing will render gun control laws obsolete and unenforceable; why Dark Wallet, his new crypto-currency, is much more subversive than Bitcoin; his legal defense, headed by Alan Gura (attorney in District of Columbia v. Heller and McDonald v. Chicago); and his forthcoming book about anarchy and the future."

    136 comments | 9 hours ago

  • Mt. Gox Ordered Into Liquidation

    An anonymous reader writes "The Japanese edition of The Wall Streeet Journal reports that Mt. Gox has filed for liquidation under Japanese bankruptcy law (link to article in Japanese, U.S. version may be paywalled). The article cites a 'related party' as saying that Mt. Gox was unable to work out how to deal with creditors spread out all over the globe, nor design a realistic rebuilding plan. The article adds a comment from the company lawyer: Mark Karpeles will not be attending the bankruptcy court hearing in the United States scheduled for April 17th." The announcement from Mt. Gox's lawyer.

    44 comments | 4 days ago

  • MtGox's "Transaction Malleability" Claim Dismissed By Researchers

    Martin S. (98249) writes "The Register reports on a paper at the arXiv (abstract below) by Christian Decker and Roger Wattenhofer analyzing a year's worth of Bitcoin activity to reach the conclusion that MtGox's claims of losing their bitcoins because of the transaction malleability bug are untrue. The Abstract claims: 'In Bitcoin, transaction malleability describes the fact that the signatures that prove the ownership of bitcoins being transferred in a transaction do not provide any integrity guarantee for the signatures themselves. ... In this work we use traces of the Bitcoin network for over a year preceding the filing to show that, while the problem is real, there was no widespread use of malleability attacks before the closure of MtGox.'" Quoting El Reg: "By extracting transaction keys from the transaction set, the researchers say, they were able to identify more than 35,000 transaction conflicts and more than 29,000 “confirmed attacks” covering more than 300,000 Bitcoins." And less than 6000 were actually successful.

    92 comments | about two weeks ago

  • China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access

    jfruh (300774) writes "Bitcoin has made many governments and regulators uncomfortable, and the Chinese government is responding to the challenge it poses with its usual lack of subtlety. Two Chinese bitcoin exchanges have found themselves cut off from the money economy, as Chinese banks, under pressure from the government, refuse to do business with them."

    100 comments | about two weeks ago

  • DVRs Used To Attack Synology Disk Stations and Mine Bitcoin

    UnderAttack (311872) writes "The SANS Internet Storm Center got an interesting story about how some of the devices scanning its honeypot turned out to be infected DVRs. These DVRs are commonly used to record footage from security cameras, and likely got infected themselves due to weak default passwords (12345). Now they are being turned into bots (but weren't they bots before that?) and are used to scan for Synology Disk Stations who are vulnerable. In addition, these DVRs now also run a copy of a bitcoin miner. Interestingly, all of this malware is compiled for ARM CPUs, so this is not a case of standard x86 exploits that happen to hit an embedded system/device."

    75 comments | about three weeks ago

  • Square Market Now Accepts Bitcoin

    An anonymous reader writes "Square today announced it has added support for paying with Bitcoin. As a result, buyers can now use the digital currency to purchase goods and services on Square Market, which allows sellers to create an online storefront with online payment processing. The mobile payment company promises the experience won't feel any different for sellers and they 'don't have to change a thing, except potentially expecting new trailblazing customers and more sales.' In other words, Square wants them to be able to offer Bitcoin as a payment option without any headaches." Stripe is also adding beta support for Bitcoin as a funding source. No word from Paypal yet.

    94 comments | about three weeks ago

  • Mt. Gox Questioned By Employees For At Least 2 Years Before Crisis

    Rambo Tribble (1273454) writes "Reuters reports that Mt. Gox employees began to question the handling of funds at least two years ago. Although only CEO Mark Karpeles had full access to financial records, a group of a half-dozen employees began to suspect client funds were being diverted to cover operating costs, which included Karpeles' toys, such as a 'racing version of the Honda Civic imported from Britain.' Employees confronted Karpeles in early 2012, only to be given vague assurances with a 'pay no attention to the man behind the curtain' ring. Unfortunately, since Mt. Gox was not regulated as a financial institution under Japanese law, it is unclear what recourse might be gained in pursuing this question."

    134 comments | about three weeks ago

  • Operation Wants To Mine 10% of All New Bitcoins

    An anonymous reader writes: "Mining new Bitcoins is computationally expensive — you can't expect to do much on your standard home computer. Many miners have built custom rigs to mine more efficiently, but it was only a matter of time until somebody went industrial. Dave Carlson's goal is to mine 10% of all new Bitcoins from now on. He's built literally thousands of units. They collectively use 1.4 million BitFury mining chips, which are managed by a bunch of Raspberry Pis. 'The current rigs each contain 16 boards, with each board containing 16 BitFury chips, for a total of 256 mining chips on each rig. Carlson said about 90,000 processor boards have been deployed, which would put the number of rigs at about 5,600. A new board [being designed] will have 756 chips on each rig instead of 256.' Carlson says his company spent $3-5 million to get everything set up. They current generate 7,000 — 8,000 Bitcoins per month, which, at current rates, would be worth over $4 million."

    275 comments | about three weeks ago

  • IRS: Bitcoin Is Property, Not Currency

    An anonymous reader sends this news from Bloomberg: "The U.S. government will treat Bitcoin as property for tax purposes, applying rules it uses to govern stocks and barter transactions, the Internal Revenue Service said in its first substantive ruling on the issue. Today's IRS guidance will provide certainty for investors, along with potential income-tax liability. Under the ruling, purchasing a $2 cup of coffee with Bitcoins bought for $1 would trigger $1 in capital gains for the coffee drinker and $2 of income for the coffee shop. ... Under the IRS ruling, Bitcoin investors would be treated like stock investors. Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains — a maximum of 23.8 percent compared with the 43.4 percent top rate on property sold within a year of purchase. For investors with losses, U.S. tax law allows taxpayers to subtract capital losses from any capital gains. They can also subtract up to $3,000 of capital losses a year from ordinary income.'"

    273 comments | about a month ago

  • Researchers Find Problems With Rules of Bitcoin

    holy_calamity (872269) writes "Using game theory to analyze the rules of cryptocurrency Bitcoin suggests some changes are needed to make the currency sustainable in the long term, reports MIT Technology Review. Studies from Princeton and Cornell found that current rules governing the mining of bitcoins leave room for cheats or encourage behavior that could destabilize the currency. Such changes could be difficult to implement, given the fact Bitcoin — by design — lacks any central authority." The main problem discovered is that transaction fees do not provide enough incentive to continue operating as "miner" after there are no more bitcoins left to be mined.

    301 comments | about a month ago

  • Cryptocurrency Exchange Vircurex To Freeze Customer Accounts

    Powercntrl (458442) writes "Vircurex, an online exchange for Bitcoin as well as other cryptocurrencies is freezing customer accounts as it battles insolvency. While opinions differ on whether cryptocurrency is the future of cash, a Dutch tulip bubble, a Ponzi scheme, or some varying mixture of all three, the news of yet another exchange in turmoil does not bode well for those banking on the success of Bitcoin or its altcoin brethren, such as Litecoin and Dogecoin."

    357 comments | about a month ago

  • Fake PGP Keys For Crypto Developers Found

    IamTheRealMike (537420) writes "In recent months fake PGP keys have been found for at least two developers on well known crypto projects: Erinn Clark, a Tor developer and Gavin Andresen, the maintainer of Bitcoin. In both cases, these PGP keys are used to sign the downloads for popular pieces of crypto software. PGP keys are supposed to be verified through the web of trust, but in practice it's very hard to find a trust path between two strangers on the internet: one reply to Erinn's mail stated that despite there being 30 signatures [attached to] her key, [the respondent] couldn't find any trust paths to her. It's also very unclear whether anyone would notice a key substitution attack like this. This leaves three questions: who is doing this, why, and what can be done about it? An obvious candidate would be intelligence agencies, who may be trying to serve certain people with backdoored binaries via their QUANTUMTHEORY man-in-the-middle system. As to what can be done about it, switching from PGP to X.509 code signing would be an obvious candidate. Both Mac and Windows support it, obtaining a forged certificate is much harder than simply uploading a fake PGP key, and whilst X.509 certs can be issued in secret until Google's Certificate Transparency system is fully deployed, finding one would be strong evidence that an issuing CA had been compromised: something that seems plausible but for which we currently lack any evidence. Additionally, bad certificates can be revoked when found whereas beyond making blog posts, not much can be done about the fake PGP keys."

    110 comments | about a month ago

  • MtGox Finds 200,000 Bitcoins In Old Wallet

    thesandbender writes: "Today brings news that MtGox has 'found' 200,000 Bitcoins in a 'forgotten' wallet that they thought was empty (PDF). The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely and might offer them the chance to emerge from bankruptcy. There is no explanation yet of why the sneaky thieves that 'stole' the bitcoins used a MtGox wallet to hide them."

    227 comments | about a month ago

  • Bitcoin's Software Gets Security Fixes, New Features

    itwbennett (1594911) writes "The software driving Bitcoin's network was upgraded Wednesday, with security fixes addressing a problem that defunct bitcoin exchange Mt. Gox blamed for losing nearly half a billion dollars worth of bitcoins. The latest version of bitcoin's software, 0.9.0, contains more than a half dozen fixes for transaction malleability, according to the release notes for the software. Bitcoin Core also contains a new feature for payment requests. Previously, merchants couldn't attach a note describing an invoice, and people also could not supply a refund address to a merchant. The latest version automatically supplies a refund address." This wouldn't have prevented the Mt. Gox implosion since they weren't using the reference implementation. The foundation also renamed the software to "Bitcoin Core" to avoid confusion between Bitcoin-the-network and Bitcoin-the-reference-implementation,

    173 comments | about 1 month ago

  • Kaspersky: Mt. Gox Data Archive Contains Bitcoin-Stealing Malware

    itwbennett writes "An archive containing transaction records from Mt. Gox that was released on the Internet last week also contains bitcoin-stealing malware for Windows and Mac, say researchers at Kaspersky Lab who have analyzed the 620MB file called MtGox2014Leak.zip. The files masquerade as Windows and Mac versions of a custom, back-office application for accessing the transaction database of Mt. Gox. However, they are actually malware programs designed to search and steal Bitcoin wallet files from computers, Kaspersky security researcher Sergey Lozhkin said Friday in a blog post."

    169 comments | about a month ago

  • Dorian Nakamoto Officially Denies That He Created Bitcoin

    sumoinsanity writes "A succinct and comprehensive rebuttal has been distributed from this Mr Nakamoto about being the founder of Bitcoin. His statement reads in part: 'The first time I heard the term "bitcoin" was from my son in mid-February 2014. After being contacted by a reporter, my son called me and used the word, which I had never before heard. Shortly thereafter, the reporter confronted me at my home. I called the police. I never consented to speak with the reporter. In an ensuing discussion with the reporter from the Associated Press, I called the technology "bitcom." I was still unfamiliar with the term.' Newsweek copped a lot of criticism regarding their original expose on the purported uncovering of a BitCoin founder following their two month investigation. They defended with, 'Ms. Goodman's research was conducted under the same high editorial and ethical standards that have guided Newsweek for more than 80 years. Newsweek stands strongly behind Ms. Goodman and her article.'"

    102 comments | about a month ago

  • OKCoin Raises $10 Million To Become China's Largest Bitcoin Exchange

    edibobb writes "Despite recent cryptocurrency crackdowns by the Chinese government, OKCoin announced a round of $10 million funding by three prominent venture capital firms and other investors. OKCoin is supposed to be the largest bitcoin exchange in China. From the article: 'Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese.'"

    48 comments | about a month ago

  • Mt. Gox Knew It Was Selling Phantom Bitcoin 2 Weeks Before Collapse

    An anonymous reader writes "Mt. Gox CEO Mark Karpeles wrote in a sworn declaration in the company's U.S. bankruptcy filing he suspected hundreds of thousands of bitcoins were missing on Feb. 7, more than two weeks before it finally halted trading. That means Mt. Gox allowed its customers to continue trading, knowing that its bitcoin stash was wiped out and collecting as much as US$900,000 in trading fees. Since Mt. Gox said it was also missing $27.3 million in cash from customer deposits, it raises the possibility that customers — despite seeing a cash balance displayed in their account — might have actually been buying bitcoins that did not exist, with cash that was already long gone."

    263 comments | about a month ago

  • Singapore To Regulate Virtual Currency Exchanges

    SpankiMonki writes "Following on the heels of the Mt Gox bankruptcy, the Monetary Authority of Singapore (MAS) plans to impose new regulations on currency exchanges dealing in bitcoin and other virtual currencies. Virtual currency exchanges would need to verify their customers' identities and report any suspicious transactions under the new rules.

    The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."

    51 comments | about a month ago

  • The Future of Cryptocurrencies

    kierny writes "Today, Bitcoin, tomorrow, the dollar? Former Central Intelligence Agency CTO Gus Hunt says governments will learn from today's crypto currencies and use them to fashion future government-protected monetary systems. But along the way, expect first-movers such as Bitcoin to fall, in a repeat of the fate of AltaVista, Napster, and other early innovators. But the prospect of fashioning a better, more stable crypto currency system — and the likelihood that Bitcoin may one day burn — is good news for anyone who cares about crypto currencies, as well as the future and reliability of our monetary systems."

    221 comments | about a month ago

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