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16/11/2013

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Gavin Andresen, writing on the Bitcoin Foundation blog today formally addressed the recent paper published by two academics at Cornell University titled ‘Majority is Not Enough: Bitcoin Mining Vulnerable’ saying:“It is unfortunate (but entirely predictable) that the release of a not-yet-peer-reviewe...

16/11/2013

What Is Bitcoin? Small Video Instruction>>

16/11/2013

PayPal May Accept Bitcoin In The Future

The president of eBay has revealed that his company is preparing to expand the range of digital currencies it accepts.
In an interview with the Financial Times, John Donahoe even went as far to say that PayPal could, one day, incorporate bitcoin.
He said digital currency is going to be a “very powerful thing”, but said the ecommerce group is first going to focus on incorporating reward points from retailer loyalty schemes into its PayPal wallet.
Donahoe said using PayPal as a digital wallet will make it a lot easier for consumers to keep track of their reward points.
When asked specifically about bitcoin, he said eBay was not currently working on expanding its PayPal wallet to include the digital currency, but “we are watching it”.
This isn’t the first time someone at eBay/PayPal has indicated that the company is interested in bitcoin.
Members of the online forum reddit had varied views on the significance of Marcus’ comments.
LyndseySimon said there were only two reasons Marcus would mention bitcoin on such a public platform: “[PayPal is] either very close to launch and wanting to generate buzz (unlikely), or they’re floating the idea to gauge response.”
However, -Mahn responded: “Maybe so, but nonetheless this was just an interview where the question popped and he spoke his thoughts at the moment.
It’s great he feels positive about Bitcoin, but we shouldn’t read too much into it just yet.”
What do you think about Marcus and Donahoe’s comments? How long do you think it will be before PayPal integrates bitcoin?

16/11/2013

Bitcoin Price Soars Over $400 And Hits A New All-time High

The bitcoin price just hit $400 on Mt. Gox. This is the highest it’s ever been.
The highest trades at the time of writing have been at $410 at 08:45 GMT. Bitcoin prices have been steadily increasing over recent weeks, but have accelerated pace in the last twenty-four hours.
Today’s price spike follows the discovery of so-called “Silk Road 2.0“, a resurrected version of Silk Road that came to light yesterday.
Senator Tom Carper, Chairman of the Senate Homeland Security and Governmental Affairs Committee, has already issued a statement stressing the “inescapable reality that technology is dynamic and ever-evolving and that government policy needs to adapt accordingly”.
As the price run continues, so too does regulatory discussion, with two Senate committees convening in the coming weeks to discuss the regulatory issues surrounding virtual currencies such as bitcoin.
The price rise in recent days hasn’t quite matched the velocity of that seen in April yet, when the price more than doubled in the course of just one week. But it’s entirely possible that this could change as the week continues.

16/11/2013

US Man Arrested For Selling Guns On Black Market Reloaded

To anyone feeling emboldened by the proliferation of online black marketplaces in the wake of Silk Road’s demise, take heed: a US man has been arrested for selling guns on the Tor-based site Black Market Reloaded.
As well as charges for selling fi****ms without a license, Matthew Crisafi, 38, of New Hampshire, is also being prosecuted for conspiracy to commit money laundering and smuggling goods from the United States.
After a hearing in New Hampshire he will be extradited to New Jersey to face the charges in that state.
Like illegal goods and services marketplace Silk Road, Black Market Reloaded also uses bitcoin as its sole means of transacting.
The rival site opened in April 2013, and almost immediately came under Department of Homeland Security investigation. It is still open for business.
Prosecutors allege Crisafi used regular US Mail services to ship a variety of fi****ms over a three-month period on Black Market Reloaded, including an AR-15 Bushmaster assault rifle to an undercover agent.
Some of the weapons were mailed to New Jersey, in violation of that state’s laws.
Black Market Reloaded has so far been the most popular successor to Silk Road, which was shut down in early October 2013 and its alleged founder/administrator arrested.
One month later, a site almost identical to the original Silk Road went online on Tor with a front page mocking federal justice authorities’ efforts. It claims to be far more secure than its predecessor.

16/11/2013

The US Senate Committee on Homeland Security and Governmental Affairs has set 18th November as the date for its hearing into bitcoin and other cryptocurrencies.
US Senator Tom Carper, chairman of the committee, said last week that the aim of the hearing, titled ‘Beyond Silk Road: potential risks, threats, and promises of virtual currencies’,
is to “dig into what a whole-government approach to this new and unique technology may look like”.
According to a post on the Bitcoin Talk forum, several people representing bitcoin interests have been invited to testify, including members of the Bitcoin Foundation.
The hearing will feature two separate panels, one representing US law enforcement agencies and another representing bitcoin, extolling the virtues of digital currencies.
The US Senate Committee on Banking, Housing and Urban Affairs is also soon to hold a hearing about bitcoin, although the exact date of this is yet to be made public.
Several commenters on the Bitcoin Talk forum questioned the need for bitcoin community cooperation with government and the willingness to offer up information on bitcoin’s inner workings.
Others stressed that, while bitcoin itself is decentralized and independent, to function in the real-world economy it also needs to integrate with widely-used (and regulated) infrastructures and fiat currencies.
The US Senate has shown an interest in bitcoin for some time now, having begun its inquiry in early August. US authorities have so far adopted a neutral approach to cryptocurrencies, with a letter from Homeland Security stating:
“As with all emerging technologies, the federal government must make sure that potential threats and risks are dealt with swiftly; however, we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology.”
Those speaking at the hearing next week on behalf of bitcoin will try their best to ensure the government realises the many benefits and opportunities digital currency offers while arguing against any protestations that it is damaging to society.
Check back this week for further updates on this story.
Story co-authored by Emily Spaven and Jon Southurst