Bitcoin-24 - Bitcoin Wiki

I just downsized my position in crypto, I am not putting in more until Mt.Gox has distributed the BTC and Tether's market share drops significantly... Am I wrong?

Mt.Gox just started approving claims, we have over 140 000 BTC to distribute, it should have a clear market impact, it's economics 101. I could be wrong in the case where this event is already priced into the market, but I doubt it is. People in the crypto market tends to be short sighted until the bomb is on the doorstep.
Tether accounts for 80 - 90 % of the trading volume and they've just admitted to have a variety of assets on their balance sheets they weren't suppose to have to begin with, including outstanding loans to affiliate partners.. Even if, the outstanding loans were to entities who won't have any problems paying back the loans, the legality of Tether's business is highly questionable and a complete shutdown wouldn't surprise me a bit, just like what happened to Liberty Reserve.
Do you have to say anymore, no thanks!
A collapse of Tether would literally collapse this market, we need other stable coins to take over now. Not just due to lower trading volume, but also due to possible fractional reserve practices coupled with a crypto market where 1 Billion USD can cause a 25 Billion rise in market cap due to the "money multiplier". If the valuations were closer to pre-ico craze I could have tolerated some of this risk, but it still feels like we're in some type of hyped up valuation, it looks either manipulated or still irrational if you ask me. Just look at a project like Bitcoin SV, no one in their right mind could say that it's worth the valuation of over 1 Billion USD, irrationality or manipulation is causing these prices and I think I'll keep having patience until this gets resolved.
Am I wrong in my reasoning?
submitted by Malouw to CryptoCurrency [link] [comments]

Cointelpro and Cointelegraph

I had never seen this website coin telegraph before tonight, when I read the following article in my newsreader:
The first thing I noticed was that in my mind I read it as Cointel-egraph (as in COINTELPRO, as in 'covert Government operation') not 'coin telegraph', which I think it's intention. If I've learned anything it's that spy signalling is not that creative. They like to replay their winks in different ways. They are completely obvious to me now. I'm saying I believe this website is very likely run by the deepstate. Not just from this wordplay but I'll explain further below.
And I don't know how 'critical' this shower thought is, but some of you may recall me warning about bitcoin. I am still butthurt from having mined before and getting screwed because of my internet connection and constant ddos attacks on my miner. Which I have assessed as having been from the government itself, on behalf of central bankers.
Anyway, thinking about it some, maybe they did me a favor. After all crypto is backed by nothing but people's willingness to pay for it--same as all fiat. Actually scratch that. It's backed on energy times time: watt-hours or more commonly "power", as a sunken cost.
But all of that is irrelevant because of several things
  1. ) Sun has infinite power and the universe has infinite time (don't ask me how I know the second part, that's another shower thought)
  2. ) The NSA has PRISM (and beyond), which is a giant bitcoin miner. Think about it. No really think about it some. Also there's the texas cryptological center no one talks about but when you look at the public cam map it has hundreds of cams around it which means it's a GD bitcoin miner, erm I mean cracking super secret russian communications. Lol (it's a bitcoin miner)
  3. ) DARPA is heavily invested and investing in quantum computers which will eventually unzip the blockchain like a cheap dress. Then everyone using it is ready to be f*cked but not in a good way
  4. ) If people can manipulate bitcoin like the article above, then it's a bubble waiting to pop
  5. ) If and when the internet or the electric grid is attacked, no more bitcoin, sorry
  6. ) The fact that its rising above the price of gold means it's a bubble, sorry
  7. ) It's a ponzi scheme too because no one can mine it anymore because it's more expensive than the nominal cost per kwh to mine it (too cost expensive unless you got in early and have your own datacenter run on solar), so you have to buy it. Which means that...
  8. ) Hidden interests are selling the bitcoin, setting exchange rates and taking fees and such
  9. ) Who had 50% of the market in bitcoin from asset forfeitures after mt. gox hack an the shutdown of silk road and silk road 2? That's right, the USMS which means essentially the NSA now has it. Which means that the gov has controlling interest in bitcoin as a 'stock'
  10. ) If you think a non quantum safe algo backed virtual coin currency is a good idea, GO FOR IT but when you have people like John McAffee; or David Seaman backing it....beware. David Seaman, who has been recently backbiting on George Webb, calling him a nutty youtuber; alternately whining constantly calling Podesta a pedo based on really no evidence, while smugly having schadenfreude with his 'close knit buddies he smokes up with on livestreams'--whom he's made tons of money on by giving them cryptocoin advice--makes me personally suspect more gaslighting from Cass Sunstain's playbook
Sorry that was kind of a lot to derive from simple wordplay, I go get that. But it gave me an excuse to continue to warn you guys about cryptocoin
I mean it's a decent idea and all, but it has shady as F origins, and even shadier as F backers and lots of really unanswered questions--I don't like that. Been burned many times in the past
Crypto backed by something real--now that is good. Namecoin is good. Gold-backed crypto--if you trust the company--is good. A precious minerals index backed crypto would be better.
But why
Again, control.
No: why would they build up all this equipment, mine this coin and then unzip it effectively destroying all currency that people have traded all their dollars and gold (covertly to the government who again run the exchanges) for....
"Trust your government, kids! I mean what else can you do?"
submitted by 911bodysnatchers322 to C_S_T [link] [comments]

Excessive delays and a lack of communication at Poloniex—are we heading for another Mt. Gox?

My profile at Poloniex has been awaiting Level 2 verification for nearly a month now. I opened a support ticket 18 days ago, and that hasn't even gotten a response. As a result, most of my crypto-assets are trapped in Poloniex with no sign of when they will be released.
I'm not the only one who's affected -- the Trollbox on Poloniex is filled with complaints similar to mine. It is uncomfortably reminiscent to what happened in the months leading to the shutdown of Mt. Gox.
Wired Magazine reported in November 2013 that customers were experiencing delays of weeks to months in withdrawing cash from their accounts. [...] Customer complaints about long delays were mounting as of February 2014, with more than 3,300 posts in a thread about the topic on the Bitcoin Talk online forum. [...] On 7 February 2014, Mt. Gox halted all bitcoin withdrawals.
Wikipedia - Mt. Gox
What is happening at Poloniex? Why hasn't the company made a statement about these excessive delays?
submitted by muguthemangler to ethtrader [link] [comments]

History of Bitcoin: An analysis of where it's been, where it is, and where it's going.

What is Bitcoin? A brief history.
Okay. So we know that cryptocurrencies are non-state issued currencies that seek to maintain value through scarcity (usually), security (hopefully), and easy transferability regardless of national borders (indubitably).
Bitcoin does all of these things...but so do other cryptocurrencies. Why is Bitcoin special? Let's start with a bit of history.
Beginning in the 1980s, a group of developers and activists formed a list serve and named themselves the Cypherpunks. This group was obsessed with societal privacy and anonymity. They believed that only complete privacy and security could guarantee a free and open society and that the government could not be relied upon to ensure it. Members of the group sought different modes to achieve this goal. Among others:
Bram Cohen: BitTorrent -> Peer to Peer information sharing
Nick Szabo: Bit Gold -> predecessor of Bitcoin, originator of smart contracts
Julian Assange: WikiLeaks -> classified and secret document archive and disclosure
Another person (?) on this list was "Satoshi Nakamoto" who, in his seminal whitepaper in 2009, outlined Bitcoin. Note that "Satoshi Nakamoto" is in quotation marks because his or her or their true identity is thus far unconfirmed. Regardless, Nakamoto's whitepaper conceptualized Bitcoin and in the process created the idea of the blockchain and solved the double spending problem. The double spending problem was something that had plagued digital currencies since they were first proposed. The problem, characterized by a digital currency's lack of physical permanence and resultant ability to be copied, forged, or otherwise falsified, prevent digital currency from progressing past the point of "internet money".
Nakamoto managed to resolve double-spending this via implementation of the blockchain. Let me explain how:
Traditional transactions are pretty straightforward. Party A gives Party B some number of dollars. Party B accepts this money without concern because, the possibility of counterfeiting not withstanding, he is pretty sure that the dollars that he is receiving are legitimate. Since dollars are physical, they can only be spent in one place at a time.
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This works great when both parties are confident that the money being transacted can only be spent once as is the case with physical money. Digital money is intangible by its nature and therefore, double spending is a concern.
Say that Party A has BitCash A. He wants to purchase goods from Party B and Party C. The goods to be purchased EACH cost BitCash A. If Party A is honest, he will only purchase one of the goods since he can't afford both. Party A is a bad dude, though, and decides to try to pull a fast one on Party B and Party C. Since BitCash is just internet money, it's easily reproducible and requires only a quick copy and paste to dupe the system. Party A sends BitCash A to Party B as well as to Party C. Someone is loses money (likely the whole network since this is a fatal flaw in the currency and indicates underlying unreliability).
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For those of you wondering how credit cards and other digital systems alleviate this issue, they do it through a centralized ledger. In other words, a third party is needed to mediate transactions and to ensure that money only exists in one place at a time. While this works in the context of traditional banking, this system goes against the ethos of Bitcoin, which is predicated on decentralization, privacy, and anonymity. Additionally, the idea of trusting a third party to verify all transactions introduced a single point of potential failure, something that cryptocurrencies sought to avoid.
The above issue remained unsolved until Nakamoto's invention of Bitcoin. Nakamoto introduced the idea of the blockchain, a constantly updated decentralized universal ledger that existed everywhere and nowhere, that was maintained by multiple parties on the network, and that was permanently reliable. Each transaction had to be verified by multiple parties (known as miners) as being legitimate before becoming irreversibly codified in the universal ledger known as the blockchain. Should a party seek to double spend, one of the transactions put forth would be rejected: either the one that was placed second, or the one that received fewer confirmations from the network. By relying on a second party system, the double spending problem was solved.
Image 3
In the above case, Party A attempts to double spend his Bitcoin A to Party B and Party C. Both proposed transactions are sent to miners to verify. Only one of the two is accepted by the network and added to the blockchain. In this case, the Bitcoin A sent to Party B is confirmed as legitimate while the proposed transaction to Party C is rejected. Bitcoin A is NOT double spent. Party B ends up with Bitcoin A and Party C ends up with nothing.
With the double spending problem and others worked out, Bitcoin became a viable mode for transaction. The first official Bitcoin transaction occurred on January 12, 2009 between Nakamoto and Hal Finney. Bitcoin ceased to be theoretical and entered the real world. Exchanges began carrying Bitcoin and facilitating its transfer between people. Over the next several years Bitcoin's value grew from fractions of a cent to over $11000 (as of 12/3/17).
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In addition to its own growth, Bitcoin is also responsible for the rise of cryptocurrencies in general as the majority of cryptocurrencies today have used Bitcoin as their foundational model.
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Bitcoin's ascent has been marred by several controversies both internal and external.
Advantages of Bitcoin over other cryptocurrencies
I've broken down the major advantages of Bitcoin as follows:
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Ubiquity/cachet: Ultimately, much of the advantage that Bitcoin possesses boils down to its place as the cryptocurrency leader. Odds are that when people say "cryptocurrency", they really mean Bitcoin. There's value to being at the top of the market and its position affords it a host of benefits. It has the largest user base of any of the cryptocurrencies which fuels its dollar value. Because it was first to market, and because of its users, it also has a robust development community working both internally and externally. One of the perks of investing in Bitcoin is the exposure that one gets to Bitcoin forks. Bitcoin Cash, a fork that occurred on August 1, 2017, is currently trading over $1600/coin. Every user of Bitcoin received Bitcoin Cash...just for holding Bitcoin. There have been other forks since, and there will continue to be forks in the future, all adding potential value to a Bitcoin investment. Furthermore, Bitcoin is relatively established and more robust to insults than other cryptocurrencies, making it a safer store of value.
In order to be unseated as the clear crypto king, a new product would need to show up that is not only qualitatively better than Bitcoin, but better enough that it makes ditching the Bitcoin environment worth it.
Technology: Bitcoin was the first cryptocurrency to reliably show that digital money could be used for transactions and as stores of value. As mentioned above, most cryptocurrencies today use the Bitcoin white paper as their model. We know that the foundations of Bitcoin are comparatively sound and that it is stable. This stability has allowed a healthy ecosystem of development to take root. Interested in buying a hardware wallet for your Bitcoin? They exist. More interested in creating a free online wallet? Those exist. Interested in mining? It's easy, albeit expensive to get started. The technology being proven has allowed the adjacent technologies to thrive.
Price: While most would consider an $11000 entry tag to be a massive barrier to entry and potentially stifling, it's actually a major boon to Bitcoin. The price tag attracts investors and users, which encourages development, which makes the product more functional, which attracts users, which increases price, etc. Bitcoin is worth something and makes it difficult to dismiss. Furthermore, its high price tempers volatility and manipulation. Unlike other currencies that are worth pennies or dollars, Bitcoin is able to weather large capital inflows and outflows and is less prone to overt market manipulation precisely because its market cap is so high.
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Technology: While Bitcoin functions completely adequately today, it will need to scale tremendously to reach its potential. While the technology behind Bitcoin is impressive, it pales in comparison to established modes of exchange. VISA averages 2000 transactions per second and has a peak capacity of 56000 transactions per second. Bitcoin presently averages 7 transactions per second. Certain solutions are being explored, like the Lightning Network, but there are no guarantees that there will be successful implementation.
As can be said with any technology, Bitcoin is fundamentally dependent on its underlying code. Thus far it has had only one major exposed flaw (which resulted in the accidental creation of 184 billion Bitcoin).
Development: Mentioned above was the advantage conveyed by forks. They can provide additional value. This is a good thing. They can also create competitors. This is a bad thing. While it is unlikely that a Bitcoin offshoot will unseat Bitcoin outright, there is the risk of market cannibalization and confusion with each new iteration. Which is the real Bitcoin?
Legislative: Because Bitcoin can so ably provide for functions that were once strictly in the government domain, it is likely to become the target of governmental limits at some point. We've already seen China try to crack down on Bitcoin and it's reasonable to assume that other countries will follow suit.
Despite this risk, however, Bitcoin has proven to be incredibly resilient and is still traded by the Chinese. Since the Chinese ban, Bitcoin's price has nearly doubled from $6000 to over $11000 today (12/3/17).
Competitive: I mentioned earlier that one of Bitcoin's main advantages was that it was first to market. While this is a tremendous benefit today, it does not guarantee ongoing success. History is littered with famous "firsts to market" that were overtaken by savvy competitors. The World was the first ISP to market. Magnavox released the first video game console. You'd be hard pressed to find someone that equates ISPs with The World or video game consoles with Magnavox.
Bitcoin is not on the precipice of being overtaken by another cryptocurrency. However, the risk of an existing competitor, or more likely a new competitor that doesn't yet exist, supplanting Bitcoin is always a possibility and investors should mitigate risk appropriately.
Investment opportunities: Bitcoin provides the surest cryptocurrency investment for the reasons mentioned above. Its status as the cryptocurrency leader makes it the most stable investment in the arena. Furthermore, its cachet makes it an attractive investment to lay investors looking for exposure to this particular market which subsequently makes it an even more attractive investment. While many may balk at investing in something whose single unit is priced at more than $11000 and that has experienced explosive growth, I believe that Bitcoin still has opportunity for upward movement.
The number I keep coming back to is $7.8T (trillion). That's the market cap for gold. I use this as a bench mark because I see Bitcoin supplanting gold as a storage of wealth from fiat currencies. As I've discussed, the blockchain provides permanence in a way that is akin to gold's physical permanence.
The present market cap for ALL cryptocurrencies is $340B (billion). Bitcoin presently accounts for 55% of the cryptocurrency market cap with $188B.
Assuming that over the next year growth slows over the next year and that Bitcoin loses some of its dominance, I still think that it's reasonable to project an approximate Bitcoin value of $50000. This assumes that the crypto market continues to grow, albeit at a slower relative pace and still does not approach gold's market cap.
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This is bullish and I assume that no major stumbling blocks present themselves. I am drawn to the fact that market penetration is still relatively low and that institutional money has barely begun to enter the market. These two factors mean that organic growth can continue for the foreseeable future.
Bitcoin represents the present pinnacle of the cryptocurrency market. As an investment, it provides the best combination of stability and potential growth precisely because it is the market leader. Through its innovation of the blockchain, it has spurred the cryptocurrency explosion that we have witnessed over the last several years.
submitted by TheCryptoDoc to BitcoinBeginners [link] [comments]

/r/bitcoinsec - Wiki: Timeline of Heists

Hey all!
This stickied thread is temporary: Data will be moved to wiki so users can update.
therealbobsaget proposed the idea of keeping a relatively accurate record of Bitcoin heists. I believe the idea is great, and we can utilize the Wiki to store this information down for historical reasons.
From History_of_Bitcoin#Theft_and_exchange_shutdowns:

Mt. Gox:

On 19 June 2011, a security breach of the Mt. Gox Bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price reverted to its correct user-traded value. Accounts with the equivalent of more than US$8,750,000 were affected. Source Source Source Source


On July 2011, the operator of Bitomat, the third largest Bitcoin exchange, announced that he lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers. Source


In August 2011, MyBitcoin, a now defunct Bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US$800,000 at that time) unaccounted for. Source Source


In early August 2012, a lawsuit was filed in San Francisco court against Bitcoinica — a Bitcoin trading venue — claiming about US$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests. Source Source

Bitcoin Savings and Trust:

In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, allegedly leaving around US$5.6 million in Bitcoin-based debts; this led to allegations that the operation was a Ponzi scheme. Source Source Source Source. In September 2012, the U.S. Securities and Exchange Commission had reportedly started an investigation on the case. Source


In September 2012, Bitfloor, a Bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US$250,000) stolen. As a result, Bitfloor suspended operations.[116][117] The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear. Source


On 3 April 2013, Instawallet, a web-based wallet provider, was hacked,[119] resulting in the theft of over 35,000 bitcoins[120] which were valued at US$129.90 per bitcoin at the time, or nearly $4.6 million in total. As a result Instawallet suspended operations. Source

Bitcoin+Android PRNG:

On 11 August 2013, the Bitcoin Foundation announced that a bug in a pseudorandom number generator within the Android operating system had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013. Source

A Bitcoin bank, operated from Australia but stored on servers in the USA, was hacked on 23 and 26 October 2013, causing a loss of 4100 bitcoins, worth over A$1 million. Source

Global Bond Limited (GBL):

In Hong Kong a Bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors on 26 October 2013. Source


After the arrest of SilkRoad's owner, the FBI claims it has confiscated over 144,000BTC. Source

Sheep Market (post-silkroad):

The debate concerning the Sheep Market heist of 96,000+ BTC is still ongoing, there has been talks of the owners simply taking the money and running, while the owners claim that their operations were "hacked". Source


301BTC were taken from SatoshiChrist's wallet. Attack method unknown, what is known is lack of 2FA may have lead to attacks capturing his wallet information from either phone or system.
Found a great thread over at containing even more heists:

Linode hacks:

Besides the aforementioned Bitoinica, and Bitcoin faucet among others were affected by this attack. Response by Linode

Allinvain Theft:

In 2011 a miner and user "Allinvain" awoke to find 25,000BTC were transferred out of his wallet. He believes his system may have been infected by the attackers. Source
Will be updating periodically. Leave heist information and sources in comments, thanks!
submitted by bitcomsec to bitcoinsec [link] [comments]

Insider BTC: Josh Jones of talks Mt. Gox Remove your bitcoins from Mtgox MtGox Bitcoins To BTC Bitcoins - YouTube BITCOIN EXCHANGE MT. GOX COLLAPSE - MtGox Offline Amid Rumours of THEFT. 75k Bitcoins Missing Bitcoin Report Volume 82 (Empty Gox)

limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" find submissions from "" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or ... was the biggest bitcoin exchange in Europe and was only surpassed by MtGox in terms of EURO volume. They offered instant registration and trading and imposed no restrictions and limits on withdrawals and deposits. EUROs could be deposited instantly by credit card and bank transfer. You could also trade in USD, which could be added by credit card, bank wire and MtGox Code ... Mt. Gox, called "Mount Gox" or simply "Gox", was the most widely used bitcoin currency exchange market from shortly after its inception in 2010 to its insolvency late 2013. The market was closed February 25, 2014 and has since filed for bankruptcy protection in Japan and the United States, after losing 640 thousand bitcoins. 2014 Mt. Gox Shutdown. In February 2014 Mt. Gox had stopped withdrawals and trading on its exchange reportedly due to maintenance issues. However, on 28th February 2014, it filed for bankruptcy claiming that the most significant exchange of the world at the time had been hacked of 850000 Bitcoins. The Bitcoin market soon plummeted, and investors lost around $425 million worth of Bitcoins at ... Shutdown []. Mt. Gox issued a press release on 10 February stating that withdrawals were completely halted due to transaction malleability: “A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur.

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Insider BTC: Josh Jones of talks Mt. Gox

BITCOIN EXCHANGE MT. GOX COLLAPSE - MtGox Offline Amid Rumours of THEFT. 75k Bitcoins Missing Bitcoin exchange Mt. Gox has received a subpoena from federal prosecutors in New York, the Wall Street ... Java Project Tutorial - Make Login and Register Form Step by Step Using NetBeans And MySQL Database - Duration: 3:43:32. 1BestCsharp blog 7,431,020 views Mt Gox site disappears Bitcoin future in doubt What was once the world's largest trading platform for bitcoins is now a blank page. The Bitcoin-trading website Mt.Gox was taken offline late Monday ... The infamous Mt Gox Bitcoin Exchange has had another sell off in May of 2018. This time, 24,000 Bitcoin (Approx $225M) has been sold sending the price of Bitcoin plummeting under $9,000 USD. MtGox Bitcoins To BTC Bitcoins BITCOIN PRICE , BITCOIN FUTURE in doubt What is NAMECOIN BITCOIN'S First Fork