215 posts • joined 10 Nov 2009
I doubt there is another country in the world where removing a person's rights to life, liberty and security would be a vote winner.
Investing in bitcoin
If you put your money into bitcoin or other non income-producing assets that are dependent on what someone else values them in the future, you are in speculation, not investing
Picture the world’s entire gold supply melted together into a cube 68 feet (21 meters) on each side valued at $8 trillion. For the same amount, an investor could purchase all the farmland in the US, 11 replicas of Apple Inc or 20 Googles, and still have about $1 trillion of walking around money.
A century later, the farmland will be producing valuable crops no matter the currency, and dividends from the companies would probably add up to trillions of dollars. The 170,000 metric tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond.
Apologies to Warren Buffett
Re: Un-Unknown hacker
Every single day Bitcoin reminds me why markets need regulation. Scam after scam after scam.
Rival hackers posted the identity and contact information of the hacker and the hacker's entire family on pastebin yesterday. Bitcoin really brings the scum to the surface.
Re: Obvious question.
As with most things in Android land it is a mess of competing carriers, handset manufacturers and os versions. Everyone wants to cream money off of mobile payments, but they can't agree on how. Apple should help them come together.
There must be hundreds of websites that are setup purely for the means of attracting users and harvesting passwords. It is such an obvious scam. A completely different password for each site is a minimum in my book.
Re: Huh ?
I am guessing the people who click on spam are also probably the least likely to have 2fa set up on their account. It isn't mandatory.
Re: @Jonathan 29
I am confused that you are confused. Kraken and Cryptsy do the selfie thing. Bitstamp has a fairly long AML procedure. I wouldn't use BTC-E if you paid me. Any exchange that wants to operate within the law should have stringent Anti Money Laundering/Know Your Customer rules in place.
Re: In other news
Firstly, it is bitcoins not BitCoins.
Secondly, the price has been falling pretty consistently since December.
Thirdly, there is no easy way of acquiring bitcoins anonymously. All the exchanges require you to upload identification and some want selfies of you with your id. You might be able to mine or find a trusted source on localbitcoins, but mining is barely profitable and there have been charges filed against localbitcoin sellers for money laundering.
Swiper no swiping
I happened to be in line behind a bunch of American tourists the other day trying to pay by credit card. The shop only had an EMV (chip and pin) reader, so the poor girl had to go to the back to get an old card imprinter and be taught how to use it.
I dare say that by the time American banks have rolled out their new fangled dangled cards, the US will be the market leaders in contactless biometric secured mobile wallets, just as they were behind in mobile phone technology, but eventually bought and destroyed Europe's best known phone manufacturer.
Re: Are there any defenses to this law?
The maximum in a national security case or child abuse case is 5 years. I would advise not forgetting your keys.
The defence would have had to show that the person to whom the disclosure notice was given was not in possession of the keys at the time.
Failure to hand over the password is an offence in and of itself. They don't have to prove anything else.
Re: Hang on a minute ...
Forgetting a password can't be a valid excuse or what's the point. Sending something illegal that can be tracked back to you sounds like an odd thing to do, but go ahead if you want to see Rolf's wobble board.
Re: Er, isn't this like...
Shares can be manipulated, especially small caps, which is why there are usually a lot of regulations about what you can and can't do. Sensible regulation and rules that make it clear who the lead developers are should be welcomed.
Banks, like people can get pulled in by hype and risk more than they ought on very risky investments. Since they have recently shown themselves incapable of self restraint, it seems like a very good idea to warn banks against bitcoin investments.
Re: @ Jonathan 29 Cash... ?
Bank accounts are insured by the Government for up to £85,000. Boring, but about as safe as it gets. If you are worried about societal collapse, I guess gold and chickens.
Bitcoin is more stable and less crooked - are you kidding?
Nitroglycerin is more stable than bitcoin and to be honest I would sooner do business in Mos Eisley.
Re: Cash... ?
The banks would dearly love to get rid of grubby cash from their nice banks and preferably grubby people too. It is also somewhat harder to steal cash from my wallet over the Internet, but I would think the same advice applies. It is not a good idea to store more than a few hundred pounds in cash or bitcoin.
Re: WTF is anyone still using PayPal for?
Many companies are entering this space. Most recently Amazon announced they were going to be expanding Amazon payments for 3rd parties. There are no monthly fees.
Also using the GoPro3 is the possibly better and cheaper hexo.
I believe a singular ASIC operation will most likely come to dominate this proposed system. Individuals and smaller enterprises can currently make some profits providing they are members of the big successful pools. As the article states, time is everything with depreciating hardware and smaller pools make less money. This is one of the reasons GHash has grown so big and why miners are reluctant to leave. Take away the pools and there won't be many people left who can profit.
If ASIC manufacturers can't sell hardware to pools or individuals they will either stop making the stuff or focus on becoming a manufacturer/miner. The most successful companies will come together through mergers to take a greater share of profits until we are left with 1 or maybe 2 organisations responsible for the security of Bitcoin.
Re: Um, what?
Dumping that many coins on an exchange would cause bitcoin to implode and you would never get their current value. Besides which the biggest exchanges operate out of Bulgaria and Slovenia and are barely legitimate themselves.
Re: Doing it wrong.
Getting 80% of their value in one transaction is better than the time wasted administering multiple auctions.
Re: Why is it ironic?
These are Silk Road coins. The coins found in possession of Ross William Ulbricht will be dealt with after trial.
Getting the data from the backup will not magically restore the coins, but it will help identify which users lost money and how much. This will be important if the operator or the community chooses to reimburse those who lost out as they did after another online dogecoin wallet site was hacked at Christmas time.
In the future we will probably move towards mandatory multi-signature transactions. That means that an attacker will have to compromise several servers and offline key storage areas to move coins. Please remember that all crypto currency is an experiment in progress. Bitcoin and dogecoin are in beta at the very least and serious money should not be invested unless you can afford to lose it.
Most sites do store the bulk of their coins in offline storage. We will have to wait to see why this wasn't the case with dogevault if the coins have indeed been stolen.
The Cheezburger connection is more accurate than you know. The co-founder of the successful web meme company I Can Has Cheezburger, Eric Nakagawa, is a prominent supporter of dogecoin and spearheaded one of the charity initiatives there to build water wells in Kenya using dogecoin donations.
Morons is a little unfair, but 'morons' is a large demographic.
Re: Bitcoin - the new Second Life
I ain't Spartacus
I am interested in all crypto not just bitcoin. New coins are experimenting with ways to limit expensive mining operations. Hull City council for example are experimenting with a new Crypto that will be centrally mined and distributed for community work. They will be doing all the mining on a couple of gaming machines. Other coins are experimenting with different algorithms or community funded mining operations which may run at a loss. Even in bitcoin the miners are essentially a utility rather than a 3rd party. I don't think any coin has found the right balance yet, but give it time.
Re: Bitcoin - the new Second Life
Beenz and every other digital currency pre-bitcoin used a central infrastructure to manage it. Bitcoin-like currencies do not need a 3rd party, do not need central servers, employees, HR, customer service reps or anything else that inflates the cost of the transaction. It is pure peer to peer and you absolutely can maintain an entire global transaction payment system on very low end hardware. Innovative solutions to a 51% attack are being worked on.
Bitcoin and all crypto has an acquisition problem in that you currently need to use exchanges or invest in mining hardware in order to acquire coins. My hope is that as this technology progresses you will be able to acquire coins as you would acquire traditional money - by exchanging goods and services for them. The crypto Ebays and Craigslists are all a little primitive at the moment, but it seems like these would be a good entrance route for many.
Re: Bitcoin - the new Second Life
There are things that we can do with digital crypto money that we cannot do with traditional payment methods. We can monetise comments on a forum or allow individuals to tip a video or a picture on a website. We can open up a whole layer of nano payments below £1 that would be uneconomic to do in any other way. Whether internet tipping becomes popular remains to be seen, but it is a unique selling point.
Re: Bitcoin is strongly deflationary
There are other crypto currencies that agree that deflation is a bad way to grow a currency. Dogecoin is adopting a 5% annual inflation after its initial mining run comes to an end in January and then gradually tapering it back.
Re: Who the hell leaves their wallet without encryption?
You could write your password down or even your private key, but personally I would have to write my wife detailed instructions which I am sure a burglar could follow too. I am however inclined to rate burglars with more intelligence than they usually have - the last one posed for my security camera.
Re: Who the hell leaves their wallet without encryption?
I obviously understand what you are saying, but there are a few good reasons. You might want to leave an unencrypted wallet as a canary to detect whether someone had planted something on your computer. If funds from the open wallet disappear you know you have to take immediate action to protect the other. Secondly, have you given any though to what happens to your wallet in the event of your death or a head trauma that causes you to forget your passwords? An unencrypted wallet in cold storage might be better for your family than a heavily encrypted one.
I read a lot of these stories about coins being stolen and I am very impressed with the level of skilled manipulation and hacks. I am on the fence about bitcoin banks, but when people are breaking through 2 factor security to get at wallets it is a little worrisome.
Re: News just in
Transaction malleability is not a million miles away from credit derivative swaps though is it? Take something, call it something else, sell it on and leave the original holder with the bad debt.
i understand all the schadenfreude surrounding MtGox and the feelings of superiority that even bitcoiners feel because they were too sensible to use it, but lets be clear - all the crypto exchanges are operating on very shaky ground.
There isn't a country in the world that has welcomed bitcoin and several look like being 2 steps away from outright bans. The US is using the same tactic it used against the poker sites and accusing everyone within reach of money laundering and scaring people into submission.
It is unsafe to leave large amounts online anywhere currently and pretty risky leaving it on a PC that is connected to the Internet. So other than not being able to use it safely, bitcoin is great.
'criminals don't trust Bitcoin'
Of all the damning things I have heard about Bitcoin this has to be one of the worst. It was a good run, but I think it is time to pack up and go home now.
The data is well worth a quick skim through. Quite impressive how many people think disney and tigger are acceptable passwords. Stop it.
I checked the data and just found out that someone who has the same name as me also has a dog with the same name as my dog. It took me 10 minutes to work out whether it was me and I had been drunkenly creating accounts or not.
Re: Surprised/Not Surprised....
I suspect most manufacturers were waiting to see if there would be a sudden surge of interest in new Windows PCs over Christmas and New Year. As this clearly failed to materialize now is the perfect time to shutter things up.
As I recall probably incorrectly Woz championed putting iTunes on Windows when others at Apple thought the iPod would be best served by keeping it OS exclusive. That one decision setup Apple for the next decade.
I am also pretty sure Microsoft do support Linux on Azure.
Re: Suck it, fanbois
Apple have just removed an app from the store, they are not deleting all copies of it. This isn't quite as bad as Amazon who actively erased books from people's kindles without warning. There's all sorts of things I would like on the app store including XBMC and the nudey ladies, but you pay your money and make your choice.
I don' understand all the violence though. Haven't they already given Apple their money. I would just jailbreak it, though I suppose the video of this would be less dramatic.
Re: if only they would offer
I was paying £10 a month through the Sky HD sub last year just so I could get F1. This has been changed now and I think the only way to watch F1 is through a sports subscription or the £10 a race fee. Not good.
Re: Popular delusions and the madness of crowds
Please bear in mind that Mackay's book is extremely biased overall, uses a plagiarized account of the tulip bubble and the book itself was written to help pump up a bubble in railway stocks which Mackay was invested in. The best way to explain why railway stocks weren't a bubble was to discuss previous bubbles and why this time was apparently different.
Re: Many coin, very whimsy
"I'm sticking with a pile of gold."
I might buy some gold when the price stops dropping. Maybe when it hits £300 oz.
Re: Using Sinofsky As A Scapegoat
I always thought that a major rewrite was one of the goals of Longhorn with WinFS, but ultimately they couldn't keep postponing the release and had to scrap the whole project.
In parallel universe Bill Gates was forced by this failure to leave Microsoft. He formed a new company where he rediscovered his passion for building software and developed WinFS into a fully functional OS. Microsoft ended up buying this company and Bill Gates returned as CEO, successfully incorporating WinFS into all future Windows releases to much acclaim and success.
Re: Use strong, memorable passwords
You can always write your password locker password down on paper and keep it in a file. It is still more secure than reusing passwords or using memorable passwords.. If you get burgled, just change it.
If lastpassword of 1password get hacked and expose user details it is their entire business down the toilet, so I am inclined to believe them when they say that only you can expose your data. I still won't put everything in it, but you can also add a multi factor authenticator to beef up your login password.
Maybe they should buy Stardock?
It sounds like Windows 9 is just going to be Windows 8 with Start8 and ModernMix.
Re: Tulips !
I rather loathe the Tulip example. Most accounts are based on a single 1841 work by Charles Mackay which itself is based on propaganda. There is a growing body of research that says that far from being a widespread mania was just confined to a small group of bored rich gentlemen trying to distract themselves from the horrors of the plague. Other bubble examples may be more pertinent.
Re: Too be fair
Keeping a couple of hundred bucks in a virtual digital wallet to pay for small stuff was exactly my intention when I started and I think was probably the intention of the inventor. Bitcoin is supposed to make small value items cheaper by removing the costs imposed by banks and credit card companies. I have never been convinced it works for larger transactions even when you have to pay a bank to transfer funds via a banker's draft or CHAPS payment. it definitely has a niche though.
Re: a crypto christmas
Just to clarify I wasn't talking about hacking a wallet. There are thousands and thousands of coins that were mined probably by a singular entity in the beginning that have remained untouched. Maybe he lost his wallets or passwords, but it seems unlikely.
a crypto christmas
As a concept Bitcoin is great, but it does seem to provoke a lot of negativity which is a shame and may harm greater adoption and usage even if the volatility is greatly reduced in the future.
There is no question in my mind that crypto currency is here to stay. It has been tested by fire and remains unscathed. However, I believe that a newly branded crypto currency with real world corporate backing and shorter confirmations will soon be launched and go places that Bitcoin can't because of the perceived risk, fear and possibly even envy.
I enjoy the stories about Satoshi. There is a convincing case to be made that he is an NSA employee or even a Google employee project secretly launched, but whoever he is, he must have very wealthy backers. There are hundreds of millions of dollars in Bitcoins that have never been touched and I don't care how altruistic you are that is a lot of money.
Ignoring Android and iOS seems a little short sighted - I do wish they hadn't appealed against their anti-trust judgement all those years ago and Office and Windows were now separate companies.
People have been working on mobile versions of office tools since Symbian days and no one has really cracked it, but there are plenty of developers out there with fresh ideas. The clock is ticking.
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