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Bitcoin

One Year Later, We're No Closer To Finding MtGox's Missing Millions 169

Posted by Soulskill
from the crime-pays dept.
itwbennett writes: When Mt. Gox collapsed on Feb. 28, 2014, with liabilities of some ¥6.5 billion ($63.6 million), it said it was unable to account for some 850,000 bitcoins. Some 200,000 of them turned up in an old-format bitcoin wallet last March, bringing the tally of missing bitcoins to 650,000 (now worth about $180 million). In January, Japan's Yomiuri Shimbun newspaper, citing sources close to a Tokyo police probe of the MtGox collapse, reported that only 7,000 of the coins appear to have been taken by hackers, with the remainder stolen through a series of fraudulent transactions. But there's still no explanation of what happened to them, and no clear record of what happened on the exchange.
United States

US Govt and Private Sector Developing "Precrime" System Against Cyber-Attacks 55

Posted by samzenpus
from the knowing-is-half-the-battle dept.
An anonymous reader writes A division of the U.S. government's Intelligence Advanced Research Projects Activity (IARPA) unit, is inviting proposals from cybersecurity professionals and academics with a five-year view to creating a computer system capable of anticipating cyber-terrorist acts, based on publicly-available Big Data analysis. IBM is tentatively involved in the project, named CAUSE (Cyber-attack Automated Unconventional Sensor Environment), but many of its technologies are already part of the offerings from other interested organizations. Participants will not have access to NSA-intercepted data, but most of the bidding companies are already involved in analyses of public sources such as data on social networks. One company, Battelle, has included the offer to develop a technique for de-anonymizing BItcoin transactions (pdf) as part of CAUSE's security-gathering activities.
The Almighty Buck

Will Greek Finance Minister Varoufakis Support Cryptocurrency In Greece? 253

Posted by timothy
from the for-health-points dept.
giulioprisco writes New Greek Finance Minister Yanis Varoufakis, former Economist-in-Residence at game developer Valve Corporation, sees something like Bitcoin — or, more likely, a state-controlled "Fedcoin" — possibly playing a role in the (necessarily creative) rescue of the Greek economy. "The technology of Bitcoin, if suitably adapted, can be employed profitably in the Eurozone," he said.
Government

Fedcoin Rising? 127

Posted by timothy
from the insert-quarter dept.
giulioprisco writes US economists are considering a government-sponsored digital currency. On February 3, David Andolfatto, Vice President of the Federal Reserve Bank of St. Louis, wrote a blog post based on a presentation he gave at the International Workshop on P2P Financial Systems 2015 [YouTube video]. The title of the blog post is "Fedcoin: On the Desirability of a Government Cryptocurrency."
Encryption

Darkleaks: an Online Black Market For Selling Secrets 44

Posted by timothy
from the hey-bub-psssst dept.
An anonymous reader writes Whistleblowers and those individuals that are simply out to make a buck out of any confidential and valuable information, can now offer it for sale on Darkleaks, a decentralized, anonymous black market on the Internet. The Darkleaks project is built on top of the Bitcoin blockchain, and can be used by downloading this software package (source code is open).
Bitcoin

Another Bitcoin Exchange Fraud 53

Posted by timothy
from the whereas-governments-debase-the-money-instead dept.
Ellie K writes Bitcoin exchange MyCoin has vanished — leaving $387 million in investor funds unaccounted for. MyCoin is a Hong Kong-based virtual currency trading exchange. Bitcoin exchanges are no stranger to controversy. Mt. Gox closed in February 2014, filing for bankruptcy and leaving investors approximately $500 million out of pocket. Others were 'cyberattacked' including Flexcoin, Poloniex and Bitcurex.
Bitcoin

The Technologies That Betrayed Silk Road's Anonymity 129

Posted by samzenpus
from the little-mistakes dept.
itwbennett writes Silk Road was based on an expectation of anonymity: Servers operated within an anonymous Tor network. Transactions between buyers and sellers were conducted in bitcoin. Everything was supposedly untraceable. Yet prosecutors presented a wealth of digital evidence to convince the jury that Ross Ulbricht was Dread Pirate Roberts, the handle used by the chief operator of the site. From Bitcoin to server logins and, yes, Facebook, here's a look at 5 technologies that tripped Ulbricht up.
Bitcoin

Alleged Bitcoin Scam Leaves Millions Missing 148

Posted by samzenpus
from the I-think-I've-heard-this-story dept.
First time accepted submitter OutOnARock writes Yahoo Finance is reporting on the latest Bitcoin scam, this time from Hong Kong. "Investors in a Hong Kong-based Bitcoin trading company fear they have fallen victim to a scam after it closed down, a lawmaker said Monday, adding losses could total HK$3 billion ($387 million). Leung Yiu-chung said his office recently received reports from dozens of investors in Hong Kong who paid a total of HK$40 million ($5.16 million) into the scheme run online by MyCoin, but the total loss may be vastly more. 'The number of cases is increasing. These two days I received calls about more than 30 cases. We estimate more than 3,000 people and HK$3 billion are involved,' he told AFP."
Bitcoin

Ross Ulbricht Found Guilty On All 7 Counts In Silk Road Trial 257

Posted by samzenpus
from the throwing-away-the-key dept.
blottsie writes Ross Ulbricht was convicted on Wednesday of running Silk Road, a Dark Net black market that became over a $100 million Internet phenomenon before Ulbricht's 2013 arrest. Ulbricht was found guilty on all seven felony charges he faced, including drug trafficking, continuing a criminal enterprise, hacking, money laundering, and fraud with identification documents. He faces up to life in prison for these convictions.
Bitcoin

Winklevoss Twins Plan Regulated Bitcoin Exchange 80

Posted by timothy
from the trust-us-there-are-two-of-us dept.
itwbennett writes They of the square jaws and famous dispute with Mark Zuckerberg over the origins of Facebook, are also believed to be among the largest holders of Bitcoin in the world. Now they want to launch a regulated Bitcoin exchange—named Gemini, of course. To bolster confidence, they said they have formed a relationship with a chartered bank in the state of New York. "This means that your money will never leave the country," the twins wrote in a blog post. "It also means that U.S. dollars on Gemini will be eligible for FDIC insurance and held by a U.S.-regulated bank.
Crime

Silk Road Journal Found On Ulbricht's Laptop: "Everyone Knows Too Much" 180

Posted by timothy
from the that's-not-my-bag-baby-honestly dept.
sarahnaomi writes On Wednesday, prosecutors in the Silk Road trial began to lay out the wealth of evidence found on the laptop taken from accused kingpin Ross Ulbricht in a San Francisco library in October 2013. The evidence presented by prosecutor Timothy Howard was the most comprehensive and damning thus far, including more than a thousand pages of chats between the site's pseudonymous operator Dread Pirate Roberts and Silk Road administrators. Also entered into evidence was a journal that dates back to at least 2010 describing the creation and operation of the site. FBI computer scientist Thomas Kiernan, the second witness in the trial, testified about the day Ulbricht was arrested and the evidence gathered from his laptop.
Bitcoin

Jim Blasko Explains 'Unbreakable Coin' (Video 2 of 2) 39

Posted by timothy
from the is-it-cryptocurrency-or-cryptic-currency? dept.
Today, the conclusion of my talk with Jim Blasko (here's part 1), who encourages you to go start your own crypto currency, because it's a fun exercise and because every entrant adds new ideas to the mix. As you'd expect, he's bullish about both his own Unbreakable Coin and cryptocurrencies more generally; how any given given currency performs, though, is an open question: U.S. dollars, Euros, or Yen may not go experience any meteoric rises, but their stability, even with inflation, is a nice feature, and so is their worldwide convertibility.

Regulation, speculation, fraud, and cultural fashions all play a role in making new currencies risky; reader mbkennel yesterday asked an insightful question: "Are you up to loaning bitcoin or something less popular for 10 years?" Confidence in any given currency can be tested with the terms current holders are willing to accept to make loans payable in that same currency. (On the other hand, if large companies will accept it in payment, they've probably got an idea that a given currency will be around next month or next year.) If you've bought any form of crypto currency, what's been your experience, and what do you expect in 10 years? (Alternate Video Link)
Bitcoin

Jim Blasko Explains BitCoin Spinoff 'Unbreakable Coin' (Video 1 of 2) 55

Posted by timothy
from the yet-another-cryptocurrency dept.
Las Vegas seems an appropriate place for cryptocurrency businesses to emerge, both because the coins themselves are so volatile that some gambling instinct may be required, and because Vegas is a high-tech outpost with lower taxes and lower rents than many other West Coast hot-spots, well-suited to risky startups with ambition but without huge venture backing.Jim Blasko moved there to work on low-voltage engineering for Penn & Teller, and is a qualified Crestron programmer, too (useful in a town that looks from the air like one giant light-show), but has shifted to a quite different endeavor, or rather a complex of them — all related to cryptocurrency. I ran into Blasko during this month's CES, at a forum with several other cryptocoin startups, and the next day we met to talk about just how hard (or easy) it is to get into this world as an entrepreneur.

Blasko has some advice for anyone who'd like to try minting a new cryptocurrency. Making your own coin, he says, is the easy part: anyone can clone code from an existing entrant, like Bitcoin, and rename the result — and that's exactly what he did. The hard work is what comes after: making worthwhile changes, building trust, and making it tradeable. Blasko's done the legwork to get his own currency, which he's bravely called "Unbreakable Coin," listed on exchanges like Cryptsy, and is working on his own auction site as well. He's also got an interesting idea for cryptocoin trading cards, and had a few prototypes on hand. (Part 1 is below; Part 2 to follow.) Alternate Video Link
Bitcoin

Silk Road Trial Defense: Mt. Gox CEO Was the Real Dread Pirate Roberts 119

Posted by timothy
from the rabbit-out-of-hat dept.
rossgneumann writes The defense team for Ross Ulbricht, the 30-year-old man accused of running the online black market Silk Road under the pseudonym Dread Pirate Roberts, just dropped an unexpected new theory: Mark Karpeles, the CEO of failed Bitcoin company Mt. Gox, is the real Dread Pirate Roberts. "We have the name of the real mastermind and it's not Ulbricht," Joshua Dratel, Ulbricht's lawyer, said in court today. He plans to argue that Karpeles framed Ulbricht.
Bitcoin

Bitcoin Volatility Puts Miners Under Pressure 290

Posted by timothy
from the coulda-shoulda-woulda dept.
An anonymous reader writes "The virtual currency Bitcoin lost 21 per cent of its value yesterday, equating to a total loss this year of 44 per cent. Reports have suggested that this rapid fall is squeezing computer supporting systems and is raising alarm about its future viability. Bitcoin's value fell to $179.37, 85 per cent lower than its record peak of $1,165 at the end of 2013. In total, nearly $11.3bn has been lost in Bitcoin's value since its 2013 high. The decline has raised concern for Bitcoin 'miners' who support the transactions made in the digital currency, and whose profits become squeezed as its price falls against traditional currencies." The Coindesk article in the linked story gives a blow-by-blow on yesterday's valuation drop; right now, Bitcoin has jumped back up and stands at just over $216.
Crime

There's a Problem In the Silk Road Trial: the Jury Doesn't Get the Internet 303

Posted by timothy
from the of-your-peers dept.
sarahnaomi (3948215) writes "The trial began this week for Ross Ulbricht, the 30-year-old Texas man accused of being the mastermind behind the dark net drug market, Silk Road. But as the jury began hearing testimony in the case, it was clear the technological knowledge gap would impede the proceedings. Judge Katherine Forrest said right off the bat when the case began that "highly technical" issues must be made clear to the jury. "If I believe things are not understandable to the average juror, we will talk about what might be a reasonable way to proceed at that time," she said. After the first day of proceedings, Forrest told the prosecution to be more clear with explanations of concepts central to the case, noting she was unhappy with its "mumbo-jumbo" explanation of the anonymizing service Tor. She also requested all readings of chat transcripts include emoticons."
Crime

US Government Lurked On Silk Road For Over a Year 129

Posted by samzenpus
from the I-am-one-of-you dept.
angry tapir writes "In order to build a case against the notorious Silk Road underground marketplace, a team of U.S. law enforcement agencies spent well over a year casing the site: buying drugs, exchanging Bitcoins, visiting forums and even posing as a vendor, although they did stop short of selling any illicit goods. From March 2012 until September 2013, Federal agents closely tracked the site, making over 50 drug purchases, according to Jared DerYeghiayan, an agent with the Department of Homeland Security who was part of a special investigation unit looking into the site.
Bitcoin

How Bitcoin Could Be Key To Online Voting 480

Posted by timothy
from the vote-at-mt-gox dept.
blottsie (3618811) writes If implemented correctly, the proliferation of online voting could solve one of the biggest problems in American democracy: low voter turnout. The 2014 midterms, for example, boasted the lowest voter turnout in 72 years. Making it easier to vote by moving the action from a polling station to your pocket could only increase turnout, especially in the primaries. Making online voting work is infinitely harder than it initially seems. However, in the past few years, there's been a renewed effort to solve the conundrum of online voting using a most unexpected tool: Bitcoin. The key idea is this: The main job in online voting is ensuring that the election system records someone’s vote the way they intended. Running votes over the blockchain, which is public, creates an auditable trail linking a person and their vote. Bitcoin-enabled voters don’t have to place their trust in Florida ballot counters trying to discern the difference a hanging chad and a dimpled chad—nor in black box online voting systems from private companies where what’s happening inside is a mystery. The proof is right there on the blockchain.
Bitcoin

Hackers Steal $5M In Bitcoin During Bitstamp Exchange Attack 114

Posted by Soulskill
from the digital-wild-west dept.
itwbennett writes: After a weekend hack forced the Bitcoin exchange Bitstamp to shut down, Bitstamp has revealed that $5 million worth of bitcoin was stolen during the attack. And that's not all the bad news for Bitcoin this week: Canadian Bitcoin exchange Vault of Satoshi announced it is is no longer accepting new deposits and will close Feb. 5. But in this case the operators are pursuing new business opportunities, saying in a post that the shutdown "has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario."