Items tagged with bitcoin

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... Read more...
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... Read more...
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... Read more...
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,... Read more...
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... Read more...
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.... Read more...
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... Read more...
If you had any doubts that MegaUpload, and its outlandish founder, were a big deal: let this assure that it is. As sharing and cloud hosting services become a natural extension of the Internet, Kim Dotcom's new service ("Mega") is poised to make a huge impression. It's not a stretch to think that most of MegaUpload's users will be giving Mega a whirl, and tons of people who had never heard of the prior service will be joining as well. But Mega is evidently going to keep to its name in terms of scope: it'll do more than just host files. According to Dotcom, it's going to grow into a provider of secure e-mail, chat, and voice services -- not to mention "video and mobile." #Mega now accepts #BITCOIN... Read more...
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