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Comments

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Bitcoin Is Not Anonymous After All

ASDFnz Re:The article is wrong. (115 comments)

Saying "No way to tell" without stating a reason doesn't advance the discussion.

You first, I say there is no way to tell, if you (or anyone) has a way please tell me.

about three weeks ago
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Bitcoin Is Not Anonymous After All

ASDFnz Re:The article is wrong. (115 comments)

The network favors well connected nodes, so you can make it very likely that a client will choose your node to enter the transaction into the network.

So?

You still don't know if the transaction came from that node or is just being passed on by that node.

about three weeks ago
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Bitcoin Is Not Anonymous After All

ASDFnz Re:The article is wrong. (115 comments)

Even then there is no way to tell if the transaction is coming from the node you are connected to OR another node that is connecting to it.

In some circumstances it could even be from a node that you are connected to but passed through another node you are connected too.

You have no way of knowing.

about three weeks ago
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Bitcoin Is Not Anonymous After All

ASDFnz The article is wrong. (115 comments)

Apart from the whole "bitcoin is only pseudo-anonymous" anyway, the article is wrong.

The IP you can trace a transaction back to is only the IP of the person that told you about the transaction. So unless you're connected directly to the person that made the transaction on the p2p network you're just getting the IP of the client that told you about it. Even then, you don't know if that is the person making the transaction or someone telling you that the transaction was made.

Bad research by people who should know better.

about three weeks ago
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'Star Wars: Episode VII' Gets a Name

ASDFnz Re:Pretty cool (267 comments)

But children are not evil.

We will just have to agree to disagree here.

about a month and a half ago
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The Secret Goldman Sachs Tapes

ASDFnz Re:Bitcoins (201 comments)

Hell no, get your own if you want some.

about 3 months ago
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The Secret Goldman Sachs Tapes

ASDFnz Re:Bitcoins (201 comments)

You need to learn a bit more obviously.

There are many many ways. That is if you just don't spend them with the multitude of vendors that support them. Hell, even PayPal is getting in on the act, you have a paypal account?

about 3 months ago
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The Secret Goldman Sachs Tapes

ASDFnz Bitcoins (201 comments)

Seriously people!

This is the EXACT reason that bitcoins were invented and this is the EXACT problem that is solved.

You no longer have these Banks colluding with the FED to stuff your money supply.

about 3 months ago
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Blizzard Has Canceled Titan, Its Next-gen MMO

ASDFnz Re:The luxury of money (155 comments)

Dude decided to defy the gods and give humans the gift of friggin' technology

It is actually even better than that, he defied the OTHER titans (titans being the level above even the gods).

about 3 months ago
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A 16-Year-Old Builds a Device To Convert Breath Into Speech

ASDFnz Re:IP Stolen (67 comments)

It is simple for most I suppose but dyslexic people like myself really struggle with it.

about 3 months ago
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A 16-Year-Old Builds a Device To Convert Breath Into Speech

ASDFnz Re:IP Stolen (67 comments)

Your probably right but so what?

Unless your saying we should keep innovators poor just in case they get lazy (a ridiculous argument) your point is redundant.

about 3 months ago
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A 16-Year-Old Builds a Device To Convert Breath Into Speech

ASDFnz Re:IP Stolen (67 comments)

It darn well should be about the money.

People like this, true innovators, should be showered with money so they can keep coming up with stuff like this.

about 3 months ago
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A 16-Year-Old Builds a Device To Convert Breath Into Speech

ASDFnz IP Stolen (67 comments)

I say that as if I know it has already happen but I am fairly sure that the guy will never see any return from his invention.

about 3 months ago
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Treasure Map: NSA, GCHQ Work On Real-Time "Google Earth" Internet Observation

ASDFnz Re:This must work by MAC addresses... apk (267 comments)

Thanks for enlightening me. I thought from the post that APK was something meaningful.

about 3 months ago
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Treasure Map: NSA, GCHQ Work On Real-Time "Google Earth" Internet Observation

ASDFnz Re:This must work by MAC addresses... apk (267 comments)

First, your MAC address is not transmitted past the first hop in the network so it never gets anywhere to be of any use to anyone.

Second, what is APK? Using abbreviations is great except when it is one you dreamed up yourself and no one else knows WTF you are talking about.

about 3 months ago
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Satoshi Nakamoto's Email Address Compromised

ASDFnz Re:WRONG! (65 comments)

After the GMX account was gained (however that happened), yes the person targeted known Satoshi accounts. P2P Foundation was also hit;-

http://p2pfoundation.ning.com/...

about 3 months ago
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Satoshi Nakamoto's Email Address Compromised

ASDFnz Re:WRONG! (65 comments)

His address expired and someone re-created it.

Nothing to see here, move along...

Even if that is true (and I am not saying it is) it has lead to a host of his other accounts being compromised.

Hardly nothing to see, it is actually quite big. One of the bitcoin download sites (SourceForge) was compromised;-

http://mineforeman.com/2014/09...

about 3 months ago
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The Argument For a Hypersonic Missile Testing Ban

ASDFnz Don't ban them, let everyone have them (322 comments)

I am a firm believer in the balance of power.

The MAD (Mutually Assured Destruction) has kept us safe for the past 60+ years through some really rough times. It seems to be our best bet to continue keeping us safe.

about 3 months ago

Submissions

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Physics and economics will ensure distributed bitcoin mining... I'm not worried

ASDFnz ASDFnz writes  |  about two weeks ago

ASDFnz (472824) writes "Every now and then I read something that I think is inspired. In this instance I came across a reddit post by someone going by the handle of foolish_austrian.

His expertise and unique look on where bitcoin mining may be in the long term really captured my imagination and I thought readers may enjoy his far off vision of where mining may lead is in the future. So, without any more from me, here is the [not so]foolish_austrian;-

As someone who comes from a physics and engineering background, over the long run I’m not concerned with mining centralization. Physics will ensure it is distributed.

To qualify, I think there will be strong ebbs and flows while we catch up to Moore’s law. During the next few years, hardware is simply going to depreciate too quickly.

Around the year 2024, we are expected to hit the quantum mechanical limit, which broadly speaking means we will have perfected the silicon transistor to the atomic level. If we make them any smaller, they become transparent to matter. (Incidentally, I work on replacements for transistors that use the angular momentum of electrons to store data).

As we approach this limit, mining hardware is going to depreciate over years, not months. When this happens, the dynamics of mining investment will substantially change. Mining in Greenland with cheap energy and cool climate will actually be more expensive than decentralization. Actually, the profit from mining will go negative, Greenland mining will become impossible in it’s current form.

What mining does is convert electricity to heat, but not just any heat specifically something between 90C to 120C, or heat around the boiling point of water. This heat density is too low for most industrial uses, except possibly things like water purification. It cannot be used for smelting, semiconductor processes, or anything that requires very high heat density without a heat pump.

As a result, what do you do with the enormous capacity to produce ~100C heat? For discussion sake, I’m going to address residential and industrial water heaters, although you could imagine other similar distributed use cases for small amounts of heat.

I just ran over to Sears website and checked the EnergyStar rating on water heaters, and found the average to be about $300/year. According to the US census there are approximately 115 million households in the United States. This means there is about a 34.5 Billion dollar market for electricity to heat conversion. Since 100C (semiconductor temperatures) is just about right to heat water to 55C, this is an absolutely natural market for bitcoin mining.

One could vaguely argue that with limited industrial uses and expanding worldwide, we could take the 34.5 Billion dollar market and multiply by about 5x to estimate the worldwide market. That puts the total market for heat conversion at just under 2 trillion.

Now for the economic argument. In a stable and predictable market (i.e. post superexponential growth), the profit from mining is going to be capped by the marginal cost of mining ALWAYS. This means that anybody who can ‘recycle’ heat can afford a negative marginal cost, and therefore mine at a loss. The profit from mining will be negative. Simply speaking, approximately 2 Trillion dollars worth of heat can be produced in the mining of bitcoin, and ‘sold’ to the homeowner to heat water.

There are many possible incarnations of this, but we could imagine a water heater with a heater ‘rebate’. Electric power companies could act like mining pools. Since the marginal cost of mining for anyone not recycling heat is negative, the total profit from mining goes negative It would require more than 2 Trillion dollars worth of electricity to be produced for free. (more than because of additional cooling costs required in a data center).

As a result, the mining centralization we see in Greenland and large data centers becomes enormously unprofitable. Any centralization of mining would REQUIRE heat recycling, which severely limits data centers and necessitates distribution unless you introduce heat pumps, which also increase cost.

So this leads to a new threat for centralization mining pools operated by Electric Power companies. However, electricity production and distribution is inherently a geographically localized industry (you cannot cheaply transmit electricity across long distances). Therefore the number of power companies are likely to remain much much higher than the number of mining pools today. In addition, since nation-states distrust each other, Most want their own power generation. This makes at least 196 natural divisions.

Thankfully small amounts of heat is something that is needed every season, in every country, in every household worldwide. Data center heat is useless

Also, 2 Trillion is a huge market for security :-) Just my musings.

"

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Bitcoin difficulty reversing

ASDFnz ASDFnz writes  |  about two weeks ago

ASDFnz (472824) writes "As the graphs from BitcoinWisdom (https://bitcoinwisdom.com/bitcoin/difficulty) shows for the first time since just before ASICs (Application Specific Integrated Circuits) started to work on the bitcoin network it is possible that we may see a decrease in the difficulty of the bitcoin network.

The telling like is the green one, it is the actual hashrate of the bitcoin network derived from the average time that it takes to solve a block. You will see that it is below the actual difficulty represented by the red line.

At present the average time over the past two weeks (or 2016 blocks) is just over 10 minutes meaning that the bitcoin network will soon adjust itself down from the current 40,300,030,328 to an estimated 40,050,115,135, that is a decrease of about -0.62%.

For a good and more in depth of how the difficulty works and how these adjustments are made you may wish to check out the difficulty page on the bitcoin wiki (https://en.bitcoin.it/wiki/Difficulty).

You may wish to go to the full article (http://mineforeman.com/2014/12/02/bitcoin-difficulty-reversing/) for a more indepth explination of what is happining."

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Satochi Nakamoto's email address satoshin@gmx.com is compromised

ASDFnz ASDFnz writes  |  about 3 months ago

ASDFnz (472824) writes "Satochi Nakamoto, much revered and currently missing inventor of bitcoin seems to have had his email address compromised by an unknown agent.

You may or not remember, Satochi exclusively used one email address when he was active in the bitcoin community, satoshin@gmx.com. If you have a look at the original bitcoin whitepaper you will find it there at the top just under the title. He also usually signed his correspondence with his PGP signature.

Earlier today, the head administrator of Bitcointalk Theymos received an email from Satochi’s email address that appeared to originate form GMX’s servers and made a post on the bitcointalk forums saying that he had received an email from the address without Satochi's PGP Signature.

Later developments have the unknown agent posting to other Satochi accounts."

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13th Million Bitcoin Mined

ASDFnz ASDFnz writes  |  about 5 months ago

ASDFnz (472824) writes "It is in truth a minor milestone but for those who like “large whole numbers” block 310001 has just been mined by Ghash.IO pushing the total amount of bitcoin to 13,000,000.

That means that there only another 8 million to be mined over the next 140 years or so until we reach the total maximum of 21,000,000."

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Silk Road 30,000 bitcoin auction causing stirs, what happens with it is 144,341?

ASDFnz ASDFnz writes  |  about 6 months ago

ASDFnz (472824) writes "We did not expect the US Marshals Service to release information about the auction of Silk Road bitcoin last week but in the absence of information speculation both on the markets and on the internet is building.

First Barry Silbert, Founder of SecondMarket and BitcoinTrust has tweeted that they were outbid on all blocks.

Since then Alex Walters (a former core Bitcoin developer and the then chief technology officer of Bitinstant) has posted on reddit saying “I Lost” in his $400 to $500 per coin. That post was closely followed by another reddit user saying that his bid of $451.13 per coin was also unsuccessful.

Routers is also now reporting that investment firm Pantera Capital has also been notified that their bids were also unsuccessful.

Meanwhile the actual price of bitcoins of the various exchanges has risen close to 15% from just under $600 a coin to close to $650.

In the end, we may never know who bought the confiscated coins or how much they bought them for but it does seem that it will be a pivotal point in bitcoins evolution.

It is anyone’s guess what will happen when they decide what to do with the remaining 144,341 bitcoins."

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BrainWallet.org exploited and bitcoins stolen

ASDFnz ASDFnz writes  |  about 6 months ago

ASDFnz (472824) writes "It has long been known that JavaScipt's Math Functions are not up to a good enough standard to be used in Cryptography. In particular the random function has many documented flaws easily available with a quick google search.

It appairs that someone has exploited the weaknesses and stolen bitcoins from people that used brainwallet.org to generate paper wallets.

In a post earlier today reddit user LostAllOfMyBtc said that "35 of my BTC gone. PC not compromised.". The user went on to explain that the bitcoins were stored in 18 different bitcoin addresses that were generated using brainwallet.org's random button.

The BrainWallet.org's "Random" button uses JavaScript's Math.random() function to generate private keys. While it has been hypothesised in he past that because of the low entropy in JavaScript's Math.random() someone could re-generating private keys this, to my knowledge, is the first time that it has happened."

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Another Credit Card breach, please use Bitcoin!

ASDFnz ASDFnz writes  |  about 6 months ago

ASDFnz (472824) writes "It has only been six months since Target Customers had their credit card details sold on rescator[dot]so and today we have news of another Credit Card breach at P.F. Chang’s with users details once again up for sale on the nefarious website.

While it cannot be denied bitcoin is still in it’s infancy, this is one of the (very many) problems that it aims to solve. It is becoming evident that Credit Card technology is very dated and is fundamentally flawed in our online aware civilization, in this case the magnetic strips are up for sale after P.F. Chang’s systems were compromised but in reality all that is needed is a very low tech pen and paper to “hack” your credit card.

If you wanted to use a bit of technology a Photocopier will get the job done.

In my opinion Bitcoin is nearly ready, in the five years since it’s inception all of the “component bit’s” have been put together. We now have Hardware Wallets, payment processors are now ready and eager (even PayPal is looking into it). Bitcoin ATM machines are popping up all over the map. Point Of Sale (POS) machines are availible.

The Bitcoin Network is now secured by a tremendous amount of hashpower, greater than any supercomputer! And it is growing every day.

The last component, the fundamental component behind bitcoin, the consensus and the will of the people is all that seems to be needed."

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Last Forking Warning for Bitcoin

ASDFnz ASDFnz writes  |  about a year and a half ago

ASDFnz (472824) writes "It has been just over two months since the bitcoin block chain was rocked by a near disastrous fork causing the bitcoin price to crash.

The culprit of the crash was found to be a bug that prevented pre version 7.1 bitcoin clients accepting large blocks that could be generated by version 8 clients. A temporary fix was put into place by Bitcoin Project lead developer Gavin Andresen that forced version 8 clients to generate blocks that version 7.1 could understand."

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Bitcoin ASIC race vendor status update

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "It has been an eventful few days in the bitcoin ASIC race and to be honest it would not surprise anyone if you where wondering where, when and even if bitcoin ASIC mining devices will start to make a dent on the bitcoin difficulty.

In order to attempt to clarify things, and to put the information all in one place with relevant links I have put together a few paragraphs detailing the progress of each of the four ASIC vendors so you can decide for yourself what might be happening.

ASICMiner(Bitfountain): After receiving their first batch of ASIC’s back on the 28th of December friedcat has been giving steady weekly updates in their official thread over at BitcoinTalk and they are progressing towards making their ASIC’s operational. In the latest update friedcat is still concerned that Chinese New Year (10th February) may interfere with their plans, but he remains hopeful.

The process of recovering and re-organising their shareholder registry after the collapse of GLBSE also appears to be progressing with many users reporting that they have received confirmation of their shares.

Avalon ASIC: BitSyncom recently upgraded their speed estimate for Avalons ASIC devices from 60 GH/s to 66 GH/s bringing their cost per GH/s down to $19.68 and as their countdown shows, they are still expecting to ship next week with their first batch of 300 units.

That is a total of 19,800 GH/s (close to 20 TH/s) to added to the bitcoin network and that has the potential to double the network hash rate to 40 TH/s brining the network difficulty to 6 million within the next month, possably before anyone else even ships.

BTCFPGA: After requesting that everyone puts in refund requests (or does a credit card charge back) buzzdave over at the BTCFPGA official forums still seems to think that some deal may be reached to bring bASIC devices to a desktop near you sometime in March.

While March is still a long way off the way that delivery dates have been constantly pushed back by most vendors in the race for bitcion ASIC devices miracles do happen and they still may be the first to market (I do doubt this very much though, it seems that it will be a miracle if they ship at all).

Butterfly Labs: BFL_Josh has published a comprehensive plan that ends in the week of February the 10th with the start of their 1/3 shipping plan where one third of available stock will be shipped to new orders (first order number in, first ASIC out), the second third will be shipped to people who have upgraded their existing Butterfly Labs FPGA units (and sent them back in the week of Febuary the 3rd) and the final third will be randomly picked from both upgrades and pre-orders.

Butterfly Labs does not have the best reputation when it comes to meeting shipping dates though, the original date was closer to the middle of last year than February this year."

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Bitcoin 3 years on, what Satoshi didn't know

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "3 years ago today (or 6:15 pm on the 3rd of January, 2009 UTC/GMT) Satoshi Nakamoto’s computer generated the fist ever bitcoin block. Weighing in at just under .3 of a Kilobyte it is a testament to the old adage ”good things come in small packages”.

While the future of bitcoin and crypto currencies in general is still far from certain, can you imagine what Satoshi was thinking when he got the notification that the first block was found? It seems unlikely we will ever know (After all, Satoshi Nakamoto is a pseudonym) but we can say for certain, he did not know this;-

  Bitcoins Lost 35,608.36304319
  Bitcoins Stolen 261,666.05847975
  Bitcoins Scammed 535,350.05786728

I have been conservative with my figures, but that is a total of 832,624.47939022 or 7.8% of of the current bitcoins in circulation that have been scammed, stolen or destroyed. If you consider that there will only ever be 21,000,000 bitcoins (unless the blockchain is altered) that works out to be 3.964% of bitcoins ever to be created."

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ASICMiner the dark horse in the bitcoin ASIC race may have just come in first

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "In a shock move it seems that ASICMiner ( https://bitcointalk.org/index.php?topic=99497.0) have announced ( https://bitcointalk.org/index.php?topic=91173.msg1422891#msg1422891 ) that they have received their chips and may be the first to mine bitcoins with the new ASIC technology in a move shutting out independent miners while the other ASIC Chip providores Butterfly Labs ( http://www.butterflylabs.com/ ) , Avalon ASIC ( http://www.avalon-asics.com/ ) and BTCFPGA ( https://www.bitcoinasic.net/ ) struggle to play catch up.

It seems that ASIC mining if finally here."

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New Bitcoin ODP Editor in town

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "he ODP (Open Directory Project) or dmoz.org is one of the true grandfathers of the Internet. Started in 1998 it had a simple but very ambitious goal, to organise and categorise the Internet.

Fast forward 14 years to today the ODP contains just under 5 million unique websites and is still growing but there is, and always has been an issue with the ODP and it also happens to be its greatest advantage. Every single listing is reviewed and maintained by a small crew of volunteer editors, and compared to the amount of listings the number of editors are truly microscopic.

This can lead to delays of months (or even years in some cases) to get your site listed or updated as an editor finds the time to review your site manually and ensure that it fits into a strict set of rules and guides. Once you were listed though you could expect higher priorities from search engines and more hits.

Well, things are about to change in the bitcoin category. After going through the application process quite some time ago I yesterday received a notification that I had become an ODP editor for the bitcoin category (on christmas day no less). Suffice to say, I am stoked and I promice to get submissions dealt with in a quick and timely manor (and be fair and impartial as I can)."

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Another bitcoin exchange in trouble

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "As early as last September there has been talk in the bitcoin community about concerns with BitMarket.eu. BitMarket was one of the very first exchanges in the European Union and began operating on February 25th, 2011, just under two years ago.

There have been a few issues with BitMarket account details being stolen (along with the bitcoins in those accounts) and yet other accounts being mysteriously frozen without explanation or response from support.

It now appears that those concerns were justified, in a thread on BitcoinTalk the user M4v3R who is the Owner/Operator of BitMarket made a post announcing "Right now there are 1786 BTC pending withdrawal, which I can't honor..."

M4v3R goes on to explain that he considers the problem with the 1786 BTC pending withdrawal (approximately $24,111 USD at today's rates) is his own fault and explains that the difficulties began when he decided to provide a hedge fund service using his previous trading experience and yet another bitcoin service, Bitcoinica.

When Bitcoinia went offline and subsequently into liquidation on August 1st, 2012 19,980 of BitMarket's clients bitcoins went with it. BitMarket did not decide to inform its users it seems.

M4v3R is asking for donations to be sent to 1Km5GFMat1DXcbvMTeH9ZvLGKvFCLBA9dM and is now looking for investors to bail BitMarket out."

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World ending? Take your money with you using a Bitcoin Brainwallet!

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "The end of the world is nigh! With traditional currencies there is a saying “you cannot take it with you” but believe it or not with Bitcoin you can.

It occurred to me that when the world ends in the upcoming apocalypse tomorrow on the 21st 2012 you can use a BrainWallet to take your fortune to [fill in your appropriate afterlife location] with you. Once there you can connect up to the local blockchain and you are ready to go, complete with your earthly wealth."

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Bitcoin ASIC Mining Hardware Roundup

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "With the recent press activity surrounding Bitcoin ASIC miners I thought it time for an article explaining what they were and what might soon to be available. I say might because as so far as I can tell even the supposed suppliers of these ASIC devices have not seen a single “retail ready” unit.

First, a word about ASIC. ASIC stands for Application-Specific Integrated Circuit. I realise that’s quite a mouthful to say and sounds quite exotic but they are more common than you might think, chances are that from where you are sitting you can touch two or three devices containing ASIC’s. In fact if you look under your right hand right now (or left if you are a lefty) your mouse almost certainly contains one or more.

ASCI’s are chips designed to do one thing and one thing only, but they do that particular task very well. When it come to talking about bitcoin up until now (or more precisely shortly from now) people have mined with general purpose processors designed to do other tasks such as the CPU and GPU in your computer, while they can mine for bitcoins that is not what they were designed to do. FPGA devices, or Field Programmable Gate Array devices have also been used to mine bitcoins and while they are far superior to CPU’s and GPU’s they are still general purpose devices that have had the bitcoin mining software “programmed” into them.

ASCI’s bitcoin miners on the other hand are built ground up and fully optimised to do those complicated SHA256 computations at rates that totally obsoletes any mining technology seen to date at a fraction of the running cost.

While the cost for each individual ASIC is also quite low, sometimes even measured in cents for large orders of hundreds of thousands of individual units the cost to design, prototype and manufacture a single ASIC is measured in the millions so while the cost to the manufacturer for an individual unit may be low they still need to recoup those millions"

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Butterfly Labs push back bitcoin ASIC delivery (Again)

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "In a not totally unexpected move Butterfly Labs have pushed back the delivery date of their next generation ASIC bitcoin mining products. In a statement on the Butterfly Labs Forums dated the 10th of December BFL_Josh writes “After talking with our liaison tonight and still having not received a final confirmation date, we were as tired of this as everyone else is, so we continued to push for a date and they gave us 30 days from today”.

While he also says in the same statement “it may very well be that things will wrap up sooner than that” with receiving, repacking and outward shipping it seems that the 9th of January is going to be the very earliest anyone is going to have an ASIC device on their desk."

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Want to destroy bitcoin? I am going to tell you how.

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "For every person that advocates bitcoin it seem there is at least one person who will tell you that it is a colossal waste of electricity, effort and time as well as being some sort of scam. If you are one of those people, this article is for you.

There is a badly kept secret with bitcoin, it is vulnerable to attack. The attack itself is technically quite easy to execute and would result in the total paralysis of bitcoin. Properly executed you would be in control of the entire bitcoin network and you would be able to bring the entire thing to a screaming halt destroying bitcoin once and for all (or at least as long as you can keep the attack going)."

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Bitcoin-Central begins operating as a Bank (Sort of)

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "In an announcement on BitcoinTalk earlier today Bitcoin-Central reviled that they have partnered with Aqoba and Credit Mutuel to begin operations as Payments Service Provider (or a PSP). While not quite exactly the same as a bank a PSP falls under all the regulatory restrictions and requirements as a bank except they are not able to issue credit.

They will fall under the European Union regulatory body but they are open to international clients so no matter where you live you can now open the equivalent of a European bank account (assuming your government allows it).

If you look at the story on BitcoinTalk you will find quite a few advantages to this move but a short list of advantages to this are;-

* Non bitcoin Deposits stored in individual Credit Mutuel accounts.
* An IBAN Number will be issued within the next few months.
* Non bitcoin deposits 100% guaranteed by the French Government.
* You will soon be able to get a Debit Card issued.
* You will be able to use your BTC with your Bitcoin-Central Debit Card.

As with any new service there are downsides, the one that I can see most bitcoin users borking at is to take full advantage of the service you must positively identify yourself with a scan of a government-issued photographic identification document (Passport, National ID Card, Driver’s License etc..). While this is not an issue for most bitcoiners quite a few value their anonymity and it also opens a new avenue for Identity Theft.

It seems to me that Bitcoin-Central has just gained a step ahead of the other bitcoin exchanges."

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Reddit bitcointip bot in Beta

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "As the bitcoin Reddit users will tell us, Reddit has taken the plunge into the bitcoin world with its new feature, the bitcointip bot.

After last months post from Reddit CEO Yishan Wong saying that “So – no promises, but we’re looking into it.”. The expectation was that if anything was going to happen it would be months away, but no, it seems that they have had something cooking all along.

I wont go into the specifics of how to use the bitcointip bot, Reddit already has it well documented. I will say that this seems to be large step forward for the general acceptance of bitcoin. According to Alexa who track global internet traffic, Reddit is the 131st most visited website in the world and 66th in the US.

The idea is that you can use bitcointip bot to reward Reddit authors for comments and posts you particularly enjoy. While I cannot see anyone actually earning a living out of this (I have been wrong before though) it seems a nice way to give people the thumbs up."

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Bitcoin GPU Miners still going strong

ASDFnz ASDFnz writes  |  about 2 years ago

ASDFnz writes "One of the predictions that I posted might happen when the mining reward dropped from 50 BTC to 25 is that GPU Miners will get switched off because the price in electricity to run them would far outweigh the bitcoin reward they generate, I proposed that this would lead to a drop in the bitcoin network computation speed.

Well, I was wrong.

If you have a look at the graph provided by the great team over at http://bitcoin.sipa.be/ you will see that today, the 3rd of December 2012 a full 4 days after the reward drop the network computation speed is actually growing."

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