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China

Bitcoin In China Still Chugging Along, a Year After Clampdown 30

Posted by timothy
from the government-vs-the-people dept.
angry tapir writes A year after China began tightening regulations around Bitcoin, the virtual currency is still thriving in the country, albeit on the fringes, according to its largest exchange. Bitcoin prices may have declined, but Chinese buyers are still trading the currency in high volumes with the help of BTC China, an exchange that witnessed the boom days back in 2013, only to see the bust following the Chinese government's announcement, in December of that year, that banks would be banned from trading in bitcoin.
Bitcoin

Silk Road Investigators Charged With Stealing Bitcoin 142

Posted by samzenpus
from the was-that-wrong? dept.
itwbennett writes Two former U.S. government agents face charges related to stealing hundreds of thousands of dollars worth of bitcoin while assisting with an investigation of the Silk Road underground online marketplace, with one accused of using a fake online persona to extort money from operators of the site. Facing charges of wire fraud and money laundering are Carl Force, 46, of Baltimore, a former special agent with the U.S. Drug Enforcement Agency, and Shaun Bridges, 32, of Laurel, Maryland, a former special agent with the U.S. Secret Service. Both served on the Baltimore Silk Road Task Force, which investigated illegal activity on the Silk Road website, the Department of Justice said Monday in a press release.
United Kingdom

UK Setting Itself Up To Be More Friendly To Bitcoin Startups 42

Posted by samzenpus
from the anything-goes dept.
An anonymous reader writes While various states in the U.S. (most notably: New York) are trying to regulate every last aspect of Bitcoin, making it very difficult to innovate there, the UK appears to be going in the opposite direction. It's been setting up much more open regulations that would allow for greater freedom for Bitcoin startups to innovate without first having to ask for permission. In fact, the British government decided that what is most appropriate is to work with the digital currency community to develop a set of best practices for consumer protection and create a voluntary, opt-in regime. Hopefully other governments take note.
Bitcoin

Evolution Market's Admins Are Gone, Along With $12M In Bitcoin 254

Posted by Soulskill
from the digital-golden-parachute dept.
tsu doh nimh writes: The Evolution Market, an online black market that sells everything contraband — from marijuana, heroin and ecstasy to stolen identities and malicious hacking services — appears to have vanished in the last 24 hours with little warning. Much to the chagrin of countless merchants hawking their wares in the underground market, the curators of the project have reportedly absconded with the community's bitcoins — a stash that some Evolution merchants reckon is worth more than USD $12 million.
IBM

IBM Reported To Be Developing Blockchain-Based Currency Transaction System 78

Posted by Soulskill
from the mining-your-own-business dept.
An anonymous reader writes: According to a Reuters source, IBM is working with the U.S. Federal Reserve and other central banks to develop a digital currency transaction system using the same blockchain technology that underpins Bitcoin — but which will deal with existing national currencies. The anonymous source says: "These coins will be part of the money supply...It's the same money, just not a dollar bill with a serial number on it, but a token that sits on this blockchain," Despite vocal community protest about the potential "co-opting" of a geographically-neutral cryptocurrency in favor of a centrally-controlled distributed transaction ledger, the IBM project, if true, is only one among hundreds seeking to leverage the blockchain for new transaction systems.
Bitcoin

California Looking To Make All Bitcoin Businesses Illegal 224

Posted by samzenpus
from the your-money-is-no-good-here dept.
An anonymous reader writes A new law has been proposed in California that would effectively outlaw all Bitcoin-related businesses that don't first get "permission." The details are vague within the bill itself, which is part of what makes it dangerous. If you're doing anything with virtual currency, you may have to go line up in Sacramento to get permission first.
Software

uTorrent Quietly Installs Cryptocurrency Miner 275

Posted by Soulskill
from the your-cpu-is-our-cpu dept.
New submitter Eloking sends news that uTorrent, a popular BitTorrent client, is silently installing cryptocurrency mining software for many users. [uTorrent] brings in revenue through in-app advertising and also presents users with “offers” to try out third-party software when installed or updated. These offers are usually not placed on users’ machines without consent, but this week many users began complaining about a “rogue” offer being silently installed. The complaints mention the Epic Scale tool, a piece of software that generates revenue through cryptocurrency mining. To do so, it uses the host computer’s CPU cycles. ... The sudden increase in complaints over the past two days suggests that something went wrong with the install and update process. Several users specifically say that they were vigilant, but instead of a popup asking for permission the Epic Scale offer was added silently.
Bitcoin

One Year Later, We're No Closer To Finding MtGox's Missing Millions 178

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)