PATREONItems tagged with bitcoin
A couple of months ago, iBUYPOWER got into the coin-mining craze by designing a PC series targeted squarely at it. Called Mine, the PCs feature only AMD Radeon graphics cards, since those currently give the best returns. In that post, I mentioned, "Given the incredible growth that cryptocurrencies have seen over the past year, I'm willing to bet that iBUYPOWER is going to be starting a trend of targeted machines here." - lo and behold, we have our second entrant: CyberPowerPC. As competitors often do, CyberPowerPC one-upped iBUYPOWER in the naming department; its coin-mining series is called Mega Miner. Like iBUYPOWER's solution, the Mega Miner series utilizes AMD Radeon graphics cards exclusively,...
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2014 is quickly shaping up to be a paramount year for Bitcoin, with this month in particular kicking-off with some non-stop action. At the start of the month, we learned that popular Bitcoin exchange Mt. Gox had declared bankruptcy, causing many to suddenly see their coins turn to nothingness. At that time, that was one of the biggest stories Bitcoin had ever seen, but this week, attention has turned to the currency's potential creator. In an upcoming issue of Newsweek, reporter Leah Goodman claims to have found the creator of Bitcoin, Dorian Satoshi Nakamoto, and despite his repeated claims since then that he's not the creator, Goodman stands firm on her findings. Nonetheless, this article...
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It's not as though crytocurrencies like Bitcoin are in need of any more bad publicity, though that being the case, it didn't stop MtGox from giving it to them. MtGox, formerly a popular Bitcoin exchange based in Tokyo, Japan, has filed for bankruptcy protection after admitting to having lost 850,000 Bitcoins worth approximately $477 million. Most, if not all of the virtual currency was stolen by hackers who took advantage of what MtGox called "weaknesses in the system." Some 750,000 of those Bitcoins belonged to customers, while the remaining 100,000 units were MtGox's prior to the theft. Image Source: Flickr (zcopley) This doesn't come as a complete shock considering MtGox froze withdrawals...
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The wild and wonderful state of West Virginia isn't so wild about Bitcoin, Litecoin, and every other type of virtual currency that's hotter than a southern summer day. More specifically, West Virginia Senator Joe Manchin (Democrat) takes issue with crytpocurrencies and asked the U.S. to ban Bitcoin and any other virtual currency like it. Manchin made his disdain known for Bitcoin and other currencies like it in an open letter to U.S. regulators. In the letter, he points out that virtual currency is unregulated and has already allowed users to engage in illicit activity. Image Source: Flickr (btckeychain) "The very features that make Bitcoin attractive to some also attract criminals who are able...
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The Bitcoin craze is about to get a whole lot crazier once Robocoin starts installing ATMs in the U.S. that support the virtual currency. Robocoin said it's planning to install Bitcoin ATMs in Seattle, Washington and Austin, Texas. These kiosks will function like ordinary ATMs except they'll have scanners than can read driver's licenses, passports, and other government-issued IDs to confirm a user's identity. Bitcoin ATMs will allow users to turn Bitcoin currency into cold, hard cash. Users will also be able to deposit cash to buy Bitcoins by transferring funds to or from a virtual wallet on their smartphone devices, Reuters reports. While these will be the first Bitcoin-supported ATMs in the...
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Bitcoin digital currency is somewhat controversial as many people are just completely confused by it, but that hasn’t stopped Bitcoin from being used around the world--nor has it protected the currency from cybercriminals. SecureMac detailed the discovery of a Trojan called OSX/CoinThief.A that specifically targets Apple computers running Mac OS X. “The malware, which comes disguised as an app to send and receive payments on Bitcoin Stealth Addresses, instead covertly monitors all web browsing traffic in order to steal login credentials for Bitcoin wallets,” reads the post. Image Source, above: Flickr (antanacoins); Inset, via Ross Burgess The malicious app that facilitates...
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As more and more online retailers warm up to the idea of accepting Bitcoin currency, widespread acceptance is still a long way off. This is especially true of Russia, which just dropped the ban hammer on Bitcoins on the basis that it runs afoul of existing laws. Russia actually went one step further and called the digital currency "suspicious." The announcement was made by the General Prosecutor of the Russian Federation. Serving as justification for the ban is the fact that the Central Bank of Russia views Bitcoin as a money substitute, which is restricted under Russian law. Image Source: Flickr (antanacoins) Russia isn't the only territory to ban Bitcoins. The virtual currency is also unwelcome...
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iBUYPOWER offers a handful of PC series that target different audiences, and with the world of cryptocurrency on fire, the company has now decided to target that audience as well. The biggest difference between iBUYPOWER's 'Mine' PCs and the others is that AMD's graphics cards come standard - something that won't strike those who already mine digital coin as a surprise. To help those wanting to get into mining that might not be too familiar with it, iBUYPOWER gives some performance figures to help the basic gauge of performance be better understood. A configuration with a single Radeon R9 270X, for example, will generate 420KH/s (kilohashes-per-hour), whereas 3x Radeon R9 290X boosts that...
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While the Chinese government wants nothing to do with Bitcoin, a Lamborghini dealership in Costa Mesa, California, has enough faith in the digital currency to begin accepting it as legal tender. That move would be impressive enough for a "regular" car dealer; for one that sells cars that average $200,000 USD, it's quite notable. The dealer, Lamborghini Newport Beach, hasn't only made it known that it's begun accepting Bitcoin, but it also confirms via a website post that it's already concluded its first sale. While no Lamborghini changed hands in this particular deal, a Tesla Model S Performance did, a car which retails for about $100,000 USD. Lamborghini Sesto Elemento As Bitcoin values change...
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Bitcoin, the virtual currency that's exploding in popularity on the web, isn't finding many fans among Chinese government officials, Just the opposite, really. China's central bank issued a warning to financial institutions that trading Bitcoins is risky business, and not long after, the country's government put in place a ban on the Bitcoin trade. One of the problems with Bitcoin is that the currency is highly volatile. After skyrocking in value to over $1,000 per Bitcoin in recent weeks, the virtual currency dipped 20 percent following China's announcement, and some predict it could be cut in half. Another issue governments have with Bitcoin is that due to its anonymous, untraceable nature,...
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Without any formal government regulation, Bitcoin prices have been surging and falling, and surging and falling. It's a roller coaster ride that only the bold can stomach, but those who are willing to invest in something like a new digital currency already have some wild stories to tell. Earlier this month, a university in Cyprus announced that tuition could be paid in Bitcoins, and a number of online e-tailers are accepting the currency as well. A currency really only takes shape once it's accepted "everywhere," or close to everywhere. But here's something that few currencies can say: Bitcoins are now accepted in space. Virgin Galactic, which is just years away from taking civilians to space,...
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As crazy as this sounds, a single Bitcoin is worth almost as much as a single share of Apple. Bitcoin, a volatile virtual currency that's decentralized and uses cryptography to control transactions and prevent double-spending, has been steadily soaring for the past several months. It was viewed as a big deal when shares of Bitcoins went north of $300 earlier this month, and for the first time, it's now trading at a little over $500 (Apple shares are going for around $524 currently). The virtual currency's recent growth is interesting on a number of levels, and as an investor, it can be both exciting and obviously rewarding, as well as stressful. In April of this year, Bitcoins were trading for...
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If you stop a random stranger on the street and ask that person what a Bitcoin is, you might get a confused stare. Try asking that same question a year from now and maybe every person you ask will say, "It's a digital currency that's decentralized and uses cryptography to use control transactions to prevent double-spending." Or they'll simply tell you it's a digital currency. Either way, Bitcoins are growing too large to ignore. Bitcoins have nearly doubled in value in the just the last month alone, going from $125 at the start of October to around $310, depending on where you look. The virtual currency is currently trading at an all-time high, and that has some scratching their heads and others...
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Despite still being in its infancy and having a highly sporadic value, Bitcoin has quickly established itself as a real, respected currency. Now, thanks to Bitcoin trading service Bitcoiniacs, and ATM builder RoboCoin, Bitcoin's validity is set to become strengthened even further. Next week, Vancouver will welcome the world's first Bitcoin ATM. Located downtown near coffee shop Waves, people will be able to use this ATM to convert their Canadian money into Bitcoin, and vice versa. In order to adhere to Canadian anti-money-laundering laws, a maximum of $3,000 per day can be withdrawn or deposited, and to help enforce this, a palm scan will be required. Yes, a palm scan to access your money. The...
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Bitcoin is a digital currency that has been rather volatile both in regard to its legality and in terms of its value. Up and down it goes, and the value has dropped again to $129 after hitting $140 the previous day in the wake of the shutdown of online marketplace Silk Road by the FBI. Silk Road was a space where illegal drugs and other shady miscellany were allegedly sold, and the anonymity afforded by Bitcoin was certainly an appeal for buyers. Those Bitcoins--all $3.6 million worth--have now been “seized” by the FBI, and Silk Road’s owner Ross William Ulbricht (aka “Dread Pirate Roberts”) has been arrested. It’s likely that the arrest had something to do...
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Who could have ever guessed that a digital currency would cause so much commotion, and for so long? Well beyond the "fad" stage is Bitcoin -- a digital currency that suddenly has the investing world's attention, and even high-stakes players are investing in what amounts to nothing in hopes of it paying off. While it's a bit more legitimate than materials in World of Warcraft, it's not very far from that notion. Still, a popular U.S. Bitcoin exchange (Tradehill) has had to suspend trading of the currency as financial regulators continue to grapple with the legalities involved. The currency has seen its trading start, stop, peak, drop, start, and stop again, all in the last couple of months. It's...
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You have to give a little credit to Google; just a couple of days after Bitcoin announced that it found vulnerabilities with Android wallets, the Android dev team figured out the root cause of the problem and issued patches to developers. (Google credited Soo Hyeon Kim and Daewan Han of ETRI and Dong Hoon Lee of Korea University for the heads-up.) “We have now determined that applications which use the Java Cryptography Architecture (JCA) for key generation, signing, or random number generation may not receive cryptographically strong values on Android devices due to improper initialization of the underlying PRNG,” wrote Android Security Engineer Alex Klyubin in a blog post. “Applications...
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It’s not news that Android has some security problems, but here’s another one: Android wallets aren’t secure. According to Bitcoin, the issue stems from a secure random number generator in the OS itself, which is vulnerable to exploits. The generator is needed to secure the wallets, so thus, the wallets are not secure. Bitcoin notes that apps where users don’t control private keys, such as exchange frontends Coinbase or Mt Gox, aren’t affected, but many apps are. Bitcoin posted an “incomplete list” that includes Bitcoin Wallet, BitcoinSpinner, Mycelium Bitcoin Wallet, and blockchain.info. blockchain.info app The apps are being updated, so users can head...
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Bitcoin, the digital currency that has its fair share of supporters and haters, has been deemed illegal in Thailand. Writing in a blog post on Monday, Bitcoin announced that over the last several months, it has been trying to get its currency registered by the Thailand government to ensure it was offering its digital funds through legal means. After initially denying Bitcoin the legal status to allow citizens to buy and sell its currency, the government's financial watchdog, the Bank of Thailand, offered to hear its case on July 29th. At a Bank of Thailand conference yesterday, Bitcoin showed off to 15 members of the financial agency how the currency works, and provided insight into its operation,...
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When you're suddenly launched into money, you have the potential to do some wild things. Not that the Winklevoss twins were ever poor, but after the Facebook ordeal that landed 'em millions, they've started to make a serious name for themselves. They've rekindled a start-up scene in Southern California, and now, they're planning a fund for Bitcoins. Yes, seriously. Bitcoins. The flucuating digital currency that has little grounding in reality beyond those absorbed in the technology universe. This week, Cameron and Tyler Winklevoss filed a proposal with securities regulators that would essentially enable any and all investors to trade Bitcoins, exactly as if they were stocks. They'd establish...
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Of all the current Internet curiosities, Bitcoin is one of the most fascinating. The digital/virtual currency is decentralized, has no change fees, and no state oversight to speak of, and nobody seems to know exactly what to do with it even as it grows in popularity and value. Case in point: On Mt. Gox, a major Bitcoin trading site, the value of Bitcoin exploded from about $100 to $265 in less than a day. Before the day was out, however, the price dropped sharply to $200. A few hours hence saw the value bottom out at $125 and then bounce around from to $180 to $140. (Click to enlarge) Then, Mt. Gox got hit with a DDoS attack--or maybe not. According to Mt. Gox, it was a victim of its own success....
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The first time I heard of "Bitcoin", I admit that I found the premise to be a little far-fetched... something that simply wouldn't work. But time and time again, examples creep up that give some credence to the currency, and even today, online vendors have been adding Bitcoin to their lists of accepted payment methods. Most recently, Kim Dotcom's Mega site recently began accepting the currency. Now, we receive word that Bitcoin has become more valuable than 20 other currencies in the world, such as Liberia's and Bhutan's. Today, about $1 billion worth of Bitcoin floats around the Internet, and because some countries are facing severe financial crisis, it has opened the eyes of some at risk to...
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