Bitcoin

Australian bank closes personal accounts of Bitcoin startup’s founders

"Last Friday we found out that our automatic payouts weren’t being processed. Incoming transactions were fine and unaffected. Our first point of contact was the business banking hotline, CommBiz, which advised us to go in to our local branch to sort things out. Going in to the branch we were told that it had to be settled by the Security team. The worse case scenario we were told, was we would have to close and re-open our bank account with CBA. We were told there would be an update on Friday. We had a call back from our branch to tell us the update was, 'no further information.'" Continue reading →

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Google confirms critical Android crypto flaw used in $5,700 Bitcoin heist

"Google developers have confirmed a cryptographic vulnerability in the Android operating system that researchers say could generate serious security glitches on hundreds of thousands of end user apps, many of them used to make Bitcoin transactions. This weakness in Android's Java Cryptography Architecture is the root cause of a Bitcoin transaction that reportedly was exploited to pilfer about $5,720 worth of bitcoins out of a digital wallet last week. The disclosure, included in a blog post published Wednesday by Google security engineer Alex Klyubin, was the first official confirmation of the Android vulnerability." Continue reading →

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Bitcoin gets the FBI, Homeland Security treatment

"'The Committee directs the FBI, in consultation with the Department and other Federal partners, to provide a briefing no later 120 days after the enactment of this Act on the nature and scale of the risk posed by such ersatz currency, both in financing illegal enterprises and in undermining financial institutions,' said the bill, which was posted on the Committee's website, and reported Tuesday by several industry blogs. Jon Matonis, executive director of the Bitcoin Foundation, told CNBC that the wording of the bill is the type that encourages innovative startups to seek out more acceptable international jurisdictions." Continue reading →

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Here’s What It’s Like To Buy Drugs On Three Anonymous Online Black Markets

"The hardest part of scoring drugs in the age of the digital black market? Choosing among all the consumer-friendly websites ready to sell them. Our results were mixed, and far from scientific, since we made only one buy per site, and each site hosts dozens or hundreds of vendors. (The sites’ third-party seller model is more akin to eBay and Etsy than Amazon or Zappos.) We also couldn’t test the quality of the products–Our lawyer insisted we destroy them. (See video below.) But this much is clear: the age of narcotics e-commerce has arrived." Continue reading →

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9 things you should know about Bitcoins

"There are a number of places where you can spend Bitcoins. If you're a user of Wordpress or popular websites like Reddit, 4Chan, The Pirate Bay, EZTV and The Internet Archive, you can use Bitcoins to make donations. If you're into online storage, you can upgrade the 50GB free storage that Kim Dotcom's Mega.co.nz offers with Bitcoins. If you like trying your luck, you can try Bitcoin gambling at places like www.satoshibet.com and www.bc-casino. com. And just a little bit of digging will even throw up shopping websites like www.somethinggeeky.com that accept Bitcoin payments." Continue reading →

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15 reasons why Bitcoins are better than gold

"Technology is literally at the point where it is disrupting almost everything and this week has been a prime example of this trend. On the one hand Google co-founder Sergey Brin was revealed as the investor behind growing synthetic meat in a lab in order to disrupt the cattle business and Elon Musk proved he can disrupt the auto market with his successful launch of Tesla Motors and the recent public acceptance of his company’s vehicles which surpassed analyst estimates. Can you disrupt a commodity though? After some consideration I would assert you can and this post will explore the top reasons why Bitcoins are better than gold." Continue reading →

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Reserve Bank of India won’t regulate virtual currency Bitcoin, yet

"India's central bank is 'watching' Bitcoin, the virtual currency that is gaining popularity among Net users, but has no intention of regulating it right now. The Reserve Bank of India, which has its hands full trying to arrest the slump in the value of the rupee, will first seek to understand Bitcoins before seeking to bring it under its purview. 'As of now we are watching and learning about the developments in Bitcoins but are not regulating it,' an RBI spokeswoman wrote in an e-mailed response. In a note published in June, the central bank acknowledged that virtual currencies 'pose challenges in the form of regulatory, legal and operational risks.'" Continue reading →

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Bitcoin Comes Under Full Scale Attack by Regulators

"Cryptocurrencies are threatening because no central entity can fully control them and they also represent a nearly free and anonymous payment application. It's an algorithm that has the potential to make central banks, commercial banks, private banks, and the tax collectors obsolete. In other words, cryptocoins may be epoch changing for society. In the same way the Internet killed publishing or how VoIP killed long distance telephone carriers, cryptocoins may in fact kill debt-based money and brick-and-mortar banking. The banking cartel along with the government are scrambling to protect their territory and regulate Bitcoin." Continue reading →

Continue ReadingBitcoin Comes Under Full Scale Attack by Regulators