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15 Apr 13
11:32
Joined:
Date Joined:
05 Jan 10
or otherwise known as the toys for the big boys. All the news's were saying last month how wonderful this reality money is.
15th April, 2013
Source: http://www.azonlinecasinos.com
Volatile market prompts a rush of online business that shuts down Mt. Gox
Following a roller coaster month of the Cyprus banking debacle, rocketing Bitcoin value, DDoS attacks and then a huge sell-off of the virtual currency, the principal Bitcoin exchange, Tokyo-based Mt. Gox, ceased trading Thursday.
Immediately before the shutdown, the currency dropped over half its value only hours after it had peaked. Worth around a unit price of $20 in January this year, the currency soared in the aftermath of the Cyprus banking crisis, peaking at $266 just hours before plummeting to $100 on Thursday.
Despite a brief recovery to $145, Mt. Gox closed its virtual doors soon thereafter, announcing that the massive sell-off had triggered a three-fold rise in transaction volume that the company's still-being-improved trade engine had not been able to handle.
That was followed on Friday by a resumption of trading, when the currency immediately lost another 35% of its value before rebounding to the $135 level, reports The Next Web.
However, after just two hours the site went offline again, this time claiming that it was the target of a significant Distributed Denial of Service attack from unknown entities.
"We are experiencing a stronger than usual DDoS," the Mt. Gox said in a Google+ post. "We are working in it."
Bitcoin has grown in popularity in recent months thanks largely to financial uncertainty in Europe and nascent investor curiosity. But the platform also has been the frequent target of hackers who are allegedly trying to disrupt trade execution to manipulate the currency's value (see previous reports).
This is not the first DDoS attack suffered by Mt. Gox - the exchange was the target of a "major" DDoS attack that it said created "its worst trading lag ever" last week.
"Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can," the Japan-based exchange said in a statement at the time. "Repeat this two or three times like we saw over the past few days and they profit."
15th April, 2013
Source: http://www.azonlinecasinos.com
Volatile market prompts a rush of online business that shuts down Mt. Gox
Following a roller coaster month of the Cyprus banking debacle, rocketing Bitcoin value, DDoS attacks and then a huge sell-off of the virtual currency, the principal Bitcoin exchange, Tokyo-based Mt. Gox, ceased trading Thursday.
Immediately before the shutdown, the currency dropped over half its value only hours after it had peaked. Worth around a unit price of $20 in January this year, the currency soared in the aftermath of the Cyprus banking crisis, peaking at $266 just hours before plummeting to $100 on Thursday.
Despite a brief recovery to $145, Mt. Gox closed its virtual doors soon thereafter, announcing that the massive sell-off had triggered a three-fold rise in transaction volume that the company's still-being-improved trade engine had not been able to handle.
That was followed on Friday by a resumption of trading, when the currency immediately lost another 35% of its value before rebounding to the $135 level, reports The Next Web.
However, after just two hours the site went offline again, this time claiming that it was the target of a significant Distributed Denial of Service attack from unknown entities.
"We are experiencing a stronger than usual DDoS," the Mt. Gox said in a Google+ post. "We are working in it."
Bitcoin has grown in popularity in recent months thanks largely to financial uncertainty in Europe and nascent investor curiosity. But the platform also has been the frequent target of hackers who are allegedly trying to disrupt trade execution to manipulate the currency's value (see previous reports).
This is not the first DDoS attack suffered by Mt. Gox - the exchange was the target of a "major" DDoS attack that it said created "its worst trading lag ever" last week.
"Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can," the Japan-based exchange said in a statement at the time. "Repeat this two or three times like we saw over the past few days and they profit."
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AD this Bitcoin has me puzzled if I had some could I go to a local cafe and pay for my lunch in Bitcoin?
http://metro.co.uk
What is bitcoin? An idiot’s guide to the virtual currency
Once exclusively the domain of tech-savvy libertarians, virtual currency bitcoin has shot to prominence after a massive rise in value and the financial crisis in Cyprus. We explain what bitcoin is, how it works and whether it represents a glimpse into the future of the world economy.
What is bitcoin?
Bitcoin is a decentralised virtual currency, meaning neither does it exist in the physical world, nor does it have a central bank such as the Federal Reserve or the Bank of England. There are also a finite number of bitcoins in the world, with a limit of 21million bitcoins set to be reached by 2014.
Why all the fuss now?
Bitcoin was introduced in 2009 by a mysterious programmer known only as Satoshi Nakamoto, which is thought to be a pseudonym, and who has never given an interview. Previously the domain of technology-friendly libertarians, bitcoin has shot to mainstream financial attention after its value increased by up to 1,000 per cent since the start of the year.
The rise of bitcoin also coincided with the tipping point of the financial crisis in Cyprus, when it was announced individual savers faced a one-off levy in order for a eurozone bailout to go ahead. In light of governments raiding savings in this way, the prospect of a currency free from government regulation and interference suddenly becomes much more enticing. However, the US Treasury has recently made moves to apply laundering rules to virtual currencies such as bitcoin.
OK I’m interested, how does it work?
The first step is to visit bitcoin.org and download a ‘wallet’ on your computer or mobile. Bitcoin uses peer-to-peer networking and digital signatures where the money supply is automated and given to servers known as ‘bitcoin miners’. Bitcoins, in blocks of 25, are awarded to these miners when their computer generates a 64-digit number from a complex algorithm. It is helpful to think of bitcoin more as a commodity being mined rather than a traditional currency of which central banks can always create more of.
Can I buy bitcoins directly?
Yes, the most popular way is via online exchanges such at Mt GoX, or via bank transfer on websites including Coinbase. Sellers can also be found directly online or even by meeting them in person.
The most important question: What can I buy with bitcoins?
Technically anything, although virtually no mainstream retailers currently accept them. Blogging platform WordPress and WikiLeaks both accept bitcoin, while some sites offer gift vouchers for retailers such as Amazon. There are also websites selling electronic goods that exclusively accept bitcoin. The dark side to bitcoin is how it is accepted on sites such as anonymous marketplace Silk Road, where users can buy illegal drugs such as LSD.
It all sounds a bit too good to be true, what’s the catch?
The big question is whether bitcoin is truly a self-stabilising currency, with all the evidence so far pointing to no, with it having already shown massive fluctuations in price. Two months ago a single bitcoin was worth $20, but on April 10 its value crashed from $266 to $105 before returning to $160 within several hours. Many mainstream economists regard bitcoin as a bubble waiting to pop, with comparisons made with Dutch tulip mania in the 17th century. Exchanges can also be vulnerable to distributed denial of service attacks, which can lower prices
WHERE YOU CAN SPEND BITCOINS
http://bitcoinmagazine.com/where-to-spend-your-bitcoins/
What is bitcoin? An idiot’s guide to the virtual currency
Once exclusively the domain of tech-savvy libertarians, virtual currency bitcoin has shot to prominence after a massive rise in value and the financial crisis in Cyprus. We explain what bitcoin is, how it works and whether it represents a glimpse into the future of the world economy.
What is bitcoin?
Bitcoin is a decentralised virtual currency, meaning neither does it exist in the physical world, nor does it have a central bank such as the Federal Reserve or the Bank of England. There are also a finite number of bitcoins in the world, with a limit of 21million bitcoins set to be reached by 2014.
Why all the fuss now?
Bitcoin was introduced in 2009 by a mysterious programmer known only as Satoshi Nakamoto, which is thought to be a pseudonym, and who has never given an interview. Previously the domain of technology-friendly libertarians, bitcoin has shot to mainstream financial attention after its value increased by up to 1,000 per cent since the start of the year.
The rise of bitcoin also coincided with the tipping point of the financial crisis in Cyprus, when it was announced individual savers faced a one-off levy in order for a eurozone bailout to go ahead. In light of governments raiding savings in this way, the prospect of a currency free from government regulation and interference suddenly becomes much more enticing. However, the US Treasury has recently made moves to apply laundering rules to virtual currencies such as bitcoin.
OK I’m interested, how does it work?
The first step is to visit bitcoin.org and download a ‘wallet’ on your computer or mobile. Bitcoin uses peer-to-peer networking and digital signatures where the money supply is automated and given to servers known as ‘bitcoin miners’. Bitcoins, in blocks of 25, are awarded to these miners when their computer generates a 64-digit number from a complex algorithm. It is helpful to think of bitcoin more as a commodity being mined rather than a traditional currency of which central banks can always create more of.
Can I buy bitcoins directly?
Yes, the most popular way is via online exchanges such at Mt GoX, or via bank transfer on websites including Coinbase. Sellers can also be found directly online or even by meeting them in person.
The most important question: What can I buy with bitcoins?
Technically anything, although virtually no mainstream retailers currently accept them. Blogging platform WordPress and WikiLeaks both accept bitcoin, while some sites offer gift vouchers for retailers such as Amazon. There are also websites selling electronic goods that exclusively accept bitcoin. The dark side to bitcoin is how it is accepted on sites such as anonymous marketplace Silk Road, where users can buy illegal drugs such as LSD.
It all sounds a bit too good to be true, what’s the catch?
The big question is whether bitcoin is truly a self-stabilising currency, with all the evidence so far pointing to no, with it having already shown massive fluctuations in price. Two months ago a single bitcoin was worth $20, but on April 10 its value crashed from $266 to $105 before returning to $160 within several hours. Many mainstream economists regard bitcoin as a bubble waiting to pop, with comparisons made with Dutch tulip mania in the 17th century. Exchanges can also be vulnerable to distributed denial of service attacks, which can lower prices
WHERE YOU CAN SPEND BITCOINS
http://bitcoinmagazine.com/where-to-spend-your-bitcoins/
Its had even bigger problems, if you own bit coins you effectively hold the 'money' on your machine.
A massive con has alledgedly been implemented where criminals create instablilty and talk of thefts from 'wallets' and to offer advice through links only to follow the links and get their bitcoins stolen.
A massive con has alledgedly been implemented where criminals create instablilty and talk of thefts from 'wallets' and to offer advice through links only to follow the links and get their bitcoins stolen.
furthermore apparently viri are now around that hijack you comp just to use its processing power to 'mine' coins without you knowing
I think so.
But I can see you are a classical scholar
But I can see you are a classical scholar
So it's very like banking then?
to be totally honest I didnt quite get my head around the concept completely, I was always intending to read up on bit coins, but seems it may end up being pointless now
to be totally honest I didnt quite get my head around the concept completely, I was always intending to read up on bit coins, but seems it may end up being pointless now
yes I gathered,
however bit coins are said to be different to other fads that have occurred and are limited in number so are governed by the rules of economics
however bit coins are said to be different to other fads that have occurred and are limited in number so are governed by the rules of economics
ponzi scheme. Unless more suckers join in to prop up the cyber market, the imaginary currency sounds about as valuable as a Betfair account incurring premium charges....
So does that mean bit coins are now suddenly two-bitcoins? 
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