I am sorry, Terry, but some of you're assumptions are incorrect. There
is no way to 'fork' a wallet. If you have a private key to a bitcoin
address, then the only way to 'fork' that address is to copy it and give
it to someone else. Not even the public key to a bitcoin address
actually goes on
You can fork the wallet if you have total control over the generation
of the wallet such as the exchanges did. You then hide the cloned
wallet behind a firewall in which you control the gate. I think we
will find that MtGox work involved insiders or at least those IT folks
who ran their servers.
Here is Forbes' explanation:
http://www.forbes.com/sites/investopedia/2014/02/28/bitcoin-mass-hysteria-the-disaster-that-brought-down-mt-gox/
The thief changed the transaction id and placed it ahead of MtGox's
transaction and the thief then claimed the transaction never occurred
according to
- Original Message -
From: Terry Blanton hohlr...@gmail.com
To: vortex-l@eskimo.com
Sent: Saturday, March 01, 2014 9:59 AM
Subject: Re: [Vo]:[OT] 740,000 Bitcoins Missing
Here is Forbes' explanation:
http://www.forbes.com/sites/investopedia/2014/02/28/bitcoin-mass-hysteria-the-disaster
The Forbes article concludes:
*The Bottom Line*
Mt. Gox is an exchange created in the early days of Bitcoin that is run by
inexperienced management. Its likely insolvency and seemingly imminent
demise is something that has been long expected by many in the community,
and while it is quite a
On 03/01/2014 02:27 PM, Jed Rothwell wrote:
This is the largest bank robbery in history. Countless people must
have lost fortunes, perhaps their life savings. These people expect
they can move past this event? That's crazy. Bank regulators and
police investigators in Japan, the U.S. and all
Jed, I think you nailed it. However, I should like to add that the way our
government handles our dollars (or Euros or . . ) gives incentive for the
Bitcoin type ventures.
Examples are obvious but bail outs of too large to fail, inflation not
counting food, etc. etc.
Just like the French
If an attempt is made to regulate cryptocurrencies themselves (ie: the
proof of work type transmission/public ledger systems upon which all
cryptocurrencies are based) in addition to the financial services atop
them, it will simply drive more of the economy underground.
The main problem with the
Mark Karpeles interviewed in a chat, using the handle MagicalTux:
[12:01] MagicalTux ... any BTC I own personally were on MtGox
[12:02] JonWickedFire How much did you lose yourself?
[12:04] MagicalTux Well, technically speaking it's not lost just
yet, just temporarily unavailable
Mark Karpeles interviewed in a chat, using the handle MagicalTux:
[12:01] MagicalTux ... any BTC I own personally were on MtGox
[12:02] JonWickedFire How much did you lose yourself?
[12:04] MagicalTux Well, technically speaking it's not lost just
yet, just temporarily unavailable
James Bowery jabow...@gmail.com wrote:
What I expect to happen next is a new cryptocurrency protocol will be put
in place that distributes the network effect along with the underlying
cryptocurrency protocol.
So not only will be it be God-knows-what algorithm, it will be stored
God-only-knows
Just to be clear...
On 03/01/2014 04:19 PM, Jed Rothwell wrote:
James Bowery jabow...@gmail.com mailto:jabow...@gmail.com wrote:
What I expect to happen next is a new cryptocurrency protocol will
be put in place that distributes the network effect along with the
underlying
On Sat, Mar 1, 2014 at 3:19 PM, Jed Rothwell jedrothw...@gmail.com wrote:
James Bowery jabow...@gmail.com wrote:
What I expect to happen next is a new cryptocurrency protocol will be put
in place that distributes the network effect along with the underlying
cryptocurrency protocol.
So not
Craig cchayniepub...@gmail.com wrote:
Bitcoin is trusted for the same reason that Salk's vaccine is trusted --
because it presents a solution to a problem. It's the open source solution
that's trusted; not the man.
Ummm . . . You do realize it failed catastrophically?
There are 12.5
On Sat, Mar 1, 2014 at 1:19 PM, Jed Rothwell jedrothw...@gmail.com wrote:
It does seem to be more idiotic than most Ponzi schemes. It has set a new
record for bank robbery, as I said. It combines the greater fool theory
with amateur, do-it-yourself banking and cybersecurity, and the most
I should have said:
What other banking system ASSETS ARE known to be 1/13 controlled by
criminals?
It is like Las Vegas in the 1970s, or Atlantic City during the Prohibition.
The criminals are not officially in control, although in the case of Mt.
Gox they sure were. I would not bet that an
On 03/01/2014 04:52 PM, Jed Rothwell wrote:
Craig cchayniepub...@gmail.com mailto:cchayniepub...@gmail.com wrote:
Bitcoin is trusted for the same reason that Salk's vaccine is
trusted -- because it presents a solution to a problem. It's the
open source solution that's trusted; not
Craig cchayniepub...@gmail.com wrote:
Borders are opening up as people are now able to trade with each other
without the expensive exchange rate tax, which every merchant in every
third-world country experiences when he tries to compete with countries
which do not want his government's
On Fri, Feb 28, 2014 at 10:39 PM, Terry Blanton hohlr...@gmail.com wrote:
I doubt any exchanges were involved in Silk Road assets. The
advantage of VCs is that you can make transactions between individuals
without any bank or exchange involved. Silk Road held their assets in
their own
-
From: Jed Rothwell
To: vortex-l@eskimo.com
Sent: Saturday, March 01, 2014 2:26 PM
Subject: Re: [Vo]:[OT] 740,000 Bitcoins Missing
Craig cchayniepub...@gmail.com wrote:
Borders are opening up as people are now able to trade with each other
without the expensive exchange rate
On Sat, Mar 1, 2014 at 4:26 PM, Jed Rothwell jedrothw...@gmail.com wrote:
Bitcoin is to the telephone as the burner throw-away cell phones are to
regular cell phones: an ideal way to conduct criminal activities.
The US government didn't need Bitcoin to turn its population into a href=
On 03/01/2014 05:26 PM, Jed Rothwell wrote:
Craig cchayniepub...@gmail.com mailto:cchayniepub...@gmail.com wrote:
Borders are opening up as people are now able to trade with each
other without the expensive exchange rate tax, which every
merchant in every third-world country
On Sat, Mar 1, 2014 at 5:26 PM, Eric Walker eric.wal...@gmail.com wrote:
Silk Road may have had their assets in their own wallet.
How the FBI took down the proprietor of Silk Road (they got lucky):
http://arstechnica.com/tech-policy/2013/10/how-the-feds-took-down-the-dread-pirate-roberts/
TOKYO (AP) ― The Mt. Gox bitcoin exchange in Tokyo filed for
bankruptcy protection Friday and its chief executive said 850,000
bitcoins, worth several hundred million dollars, are unaccounted for.
The exchange's CEO Mark Karpeles appeared before Japanese TV news
cameras, bowing deeply. He said a
Terry Blanton hohlr...@gmail.com wrote:
The exchange's CEO Mark Karpeles appeared before Japanese TV news
cameras, bowing deeply. He said a weakness in the exchange's systems
was behind a massive loss of the virtual currency . . .
That should be the top story on NHK 7 o'clock news. I think
On Fri, Feb 28, 2014 at 2:15 PM, Jed Rothwell jedrothw...@gmail.com wrote:
Ridiculous flim-flam artists thrive in Japan. I guess because people take
things so seriously, they are wide open to grifters and phonies.
I don't know how it is now; but, when I was working with Mitsubishi in
the 80s,
Coinbase isn't an exchange, but rather a market maker for Bitcoin. You
buy and sell bitcoins from them at agreed-upon rates; unlike an exchange
where you place 'buy' or 'sell' orders against other account holders'
orders.
Here is Coinbase's method of keeping Bitcoins in cold storage; which is
I do not know anything about bankruptcy laws in Japan.
As I expected, this was the lead story on NHK news, with Mark Karpeles
bowing. He seemed to smirking too, oddly enough. His Japanese is not as
good as I thought, but I guess he is stressed.
Here is Reuters' take on the story:
Feb 28
What is the Bitcoin missing were actually seized by the US government in
the ongoing investigation of Silk Road and Karpales cannot say because of a
gag order?
On Fri, Feb 28, 2014 at 9:49 PM, Jed Rothwell jedrothw...@gmail.com wrote:
I do not know anything about bankruptcy laws in Japan.
As
On Fri, Feb 28, 2014 at 8:23 PM, Giovanni Santostasi
gsantost...@gmail.comwrote:
What is the Bitcoin missing were actually seized by the US government in
the ongoing investigation of Silk Road and Karpales cannot say because of a
gag order?
Good call. As it was once the largest bitcoin
I doubt any exchanges were involved in Silk Road assets. The
advantage of VCs is that you can make transactions between individuals
without any bank or exchange involved. Silk Road held their assets in
their own wallet. When busted by the FBI, it took that agency several
days to access the
proceeded=preceded
Interesting error, eh?
On Sat, Mar 1, 2014 at 1:39 AM, Terry Blanton hohlr...@gmail.com wrote:
I doubt any exchanges were involved in Silk Road assets. The
advantage of VCs is that you can make transactions between individuals
without any bank or exchange involved. Silk
I don't think litecoin will suffer the errors of bitcoin. With
litecoin, the entire blockchain exists in every wallet. Mind you,
this is a huge database and can take days to create a wallet unless
you order the blockchain on DVD.
Bitcoin only links resident coins to the blockchain along with
On Wed, Feb 26, 2014 at 8:43 PM, Eric Walker eric.wal...@gmail.com wrote:
I wrote:
Some important details:
- There's no hard evidence at any point that anyone has lost their
bitcoins. ...
The details that are coming to light are somewhat different than I had
understood them. I
From: James Bowery
If Karpeles didn't notice something was going wrong when 50% of his Bitcoin
assets were gone -- which should by extrapolation been at least a year ago
-- then he wasn't the one running the show. I suspect foul play by some
outside agency that saw Karpeles as a central
For conspiracy enthusiasts, it sounds as if it was the NSA deliberately
trying to discredit cryptocurrency ( but it will fail at that. ).
Hoyt
From: Jones Beene [mailto:jone...@pacbell.net]
Sent: Thursday, February 27, 2014 8:40 AM
To: vortex-l@eskimo.com
Subject: RE: [Vo]:[OT] 740,000
This is one of the better insights I've read about cryptocurrency on
vortex-l -- in part because it is so obvious that the Japanese mafia are
the prime suspects; although they could be doing the dirty work of powerful
allies in the US -- allies to whom a billion dollars are crumbs they leave
I can't find a futures market for bitcoin. ;-)
Yakuza might be the tool but the operators are the Rothchilds since
VCs would wrench control of humanity from their tight grip.
As will FE.
I'd say the same thing about socialism or fascism: Wouldn't it be nice if
human nature were different than it is, then this would work.
The trouble is it isn't and isn't changeable either.
From: Jed Rothwell [mailto:jedrothw...@gmail.com]
Sent: Tuesday, February 25, 2014 7:56 PM
On Thu, Feb 27, 2014 at 11:54 AM, Terry Blanton hohlr...@gmail.com wrote:
Yakuza might be the tool but the operators are the Rothchilds since
VCs would wrench control of humanity from their tight grip.
A suspect has been identified http://imgur.com/6m1Nocw .
for people interested there is a french (and italian translated) book by a
famous architect Yona Firedman : feasible utopia
http://translate.google.com/translate?hl=ensl=autotl=enu=http%3A%2F%2Fwww.esprit68.org%2Futopies.htmlsandbox=1
http://www.esprit68.org/utopies.html
one key analysis is that
Jones Beene jone...@pacbell.net wrote:
Can you spell “Yakuza”? I can’t, but my spell-checker helps J
やくざnowadays, but supposedly it comes from 八九三 which are the numbers 8, 9
and 3. (That would be yatsu, ku, san but it could ya-ku-zan or za in
card-shark lingo, as 2 in English is deuce.)
many interesting points.
Bitcoin interesrt beside being anonymous like coins and bills.
Some people like libertarians and gold lovers loke bitcoins because they
think the quantity of physicical bitcons, like gold (but more predictably
than gold) cannot be fudged by central banks.
In fact it is
@Terry
Don't forget freicoin, my favourite. Anti banker by design.
http://freico.in/
2014-02-26 13:28 GMT+01:00 Alain Sepeda alain.sep...@gmail.com:
many interesting points.
Bitcoin interesrt beside being anonymous like coins and bills.
Some people like libertarians and gold lovers loke
Alain, what you are talking about are what I previously called the
exchange layer of cryptocurrency infrastructure.
That layer of the infrastructure is not necessary.
Cryptocurrency differs from gold in that the safest place to keep it is not
in a central location but in your own electronic
Edison's Renegade Currency:
http://pro.moneymappress.com/NVXBITCOIN49/WNVXQ116/
I have been following this discussion with interest because I bought a bitcoin.
As best as I can tell, the personal wallet that contains my coin is located at
and is under the control of an exchange, such as MtGov. This is no different
from the money in my account at the bank. If the exchange
-Original Message-
From: Terry Blanton
Edison's Renegade Currency:
http://pro.moneymappress.com/NVXBITCOIN49/WNVXQ116/
Here's the vid-
http://www.youtube.com/watch?v=PPM3OKFYH-o
However, if anyone can do this kind of thing - then thousands of
entrepreneurs will be tempted. Everyone
So, as for safety of money, it seems we are at the mercy of the
location where the money is stored. That is why the mattress is looking
better all the time.
Because Bitcoin is digital, you can also store your bitcoins on your
personal computer, or print out your private key and store it in a
In the event of EMP all bets are off. The only community I know that has
taken my advice regarding preparation for a post-EMP america is an Assembly
of God congregation run by a childhood friend of mine. They'll have a
local economy based on a monetary system I designed as well as EMP-hardened
On Wed, Feb 26, 2014 at 12:08 PM, Jones Beene jone...@pacbell.net wrote:
-Original Message-
From: Terry Blanton
Edison's Renegade Currency:
http://pro.moneymappress.com/NVXBITCOIN49/WNVXQ116/
Here's the vid-
http://www.youtube.com/watch?v=PPM3OKFYH-o
However, if anyone can do
as far as I understood, a bit coin is just an elliptic curve (a numeric key
like RSA key is), which allow you to sign transactions on the account it
represent.
if I understand well, it is not a balance, but simply a key.
you can store it as printed paper, but the community store the history of
The value of money is predicated on trust. If people loss trust in the
system that defines the value of money, money loses all its value. For
example, is the U.S. government does not back its currency, the U.S, dollar
is worthless. This is the reason why a default in the US debt commitment
will be
OK Craig, if the bitcoin can be stored in a person's computer, why are people
upset that they lost money from MtGov. How is that loss possible? Did they
fail to transfer the coin to themselves? In any case, for me to sell my coin, I
need an exchange that has money and access to my bank
You can store them on your droid:
https://bitcoin.org/en/choose-your-wallet
Some people keep them with the exchange because of the transaction lag time.
They can reside in only one wallet, however.
BTW, if you want to sell your coin, I'll buy it. I'll send you my
wallet address and when the transaction is complete, I'll send cash to
your paypal account.
On Wed, Feb 26, 2014 at 3:54 PM, Terry Blanton hohlr...@gmail.com wrote:
You can store them on your droid:
On 02/26/2014 03:38 PM, Edmund Storms wrote:
OK Craig, if the bitcoin can be stored in a person's computer, why are people
upset that they lost money from MtGov. How is that loss possible? Did they
fail to transfer the coin to themselves? In any case, for me to sell my coin, I
need an
Well, they can reside wherever the private key is.
That's the problem:
Some people entrusted their private key to a third party (the exchange) and
the third party did not engage in best practices.
The transaction time is no different for a private key on your personal
computer -- the
That is essentially correct.
A couple of nitpicks:
1) MtGox traded in only one cryptocurrency Bitcoin. It had multiple
sovereign currences against which Bitcoins could be traded. There were
continual rumors that MtGox was going to expand its cryptocurrency
offerings to, say, Litecoine, but
Errata:
Litecone - Litecooin
The exchange to ask - The exchange doesn't ask
possess the privatekey - possess the cryptocoin
On Wed, Feb 26, 2014 at 4:13 PM, James Bowery jabow...@gmail.com wrote:
That is essentially correct.
A couple of nitpicks:
1) MtGox traded in only one
I wrote:
Some important details:
- There's no hard evidence at any point that anyone has lost their
bitcoins. ...
The details that are coming to light are somewhat different than I had
understood them. I now read in the New York Times that Mt. Gox is
suspected to have had 744,000
To be clear, the source of this news was a document that apparently was
forged.
http://www.theguardian.com/technology/2014/feb/25/bitcoin-exchange-mtgox-offline-amid-rumours-of-theft
On Tue, Feb 25, 2014 at 11:18 AM, Terry Blanton hohlr...@gmail.com wrote:
From Japanese exchange MtGox, now
What are you talking about?
On Tue, Feb 25, 2014 at 2:37 PM, James Bowery jabow...@gmail.com wrote:
To be clear, the source of this news was a document that apparently was
forged.
http://www.theguardian.com/technology/2014/feb/25/bitcoin-exchange-mtgox-offline-amid-rumours-of-theft
On Tue,
On 02/25/2014 02:59 PM, Terry Blanton wrote:
What are you talking about?
Bitcoins are an international crypto-currency which exist solely in a
decentralized fashion on the internet. They allow people to send and
receive bitcoins, as money, from anywhere in the world, with almost
immediate
Just one word: FUD. I don't think it is true that many BTC are missing.
On Tue, Feb 25, 2014 at 2:23 PM, Craig cchayniepub...@gmail.com wrote:
On 02/25/2014 02:59 PM, Terry Blanton wrote:
What are you talking about?
Bitcoins are an international crypto-currency which exist solely in a
Craig cchayniepub...@gmail.com wrote:
On 02/25/2014 02:59 PM, Terry Blanton wrote:
What are you talking about?
Bitcoins are an international crypto-currency which exist solely in a
decentralized fashion on the internet. They allow people to send and
receive bitcoins, as money, from
744,408 missing coins. I understand how it works. I was asking James
why he said something about a forged document? I read nothing about
any forged documents. There are rumors of money laundering.
This comes on the heels of JP Morgan announcing their intent to launch
a virtual (read
Recently posted by the Chinese bitcoin exchange btc-e.com :
BTC-e Statement regarding MtGox possible insolvency
25.02.14 17:31 from admin
Dear BTC-e.com participants,
We are concerned by MtGox shutdown and would like to assure you that:
1. MtGox losses do not affect account balances or the
Today's ruckus started with the anonymous posting of this document:
http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
The veracity of the document has not been established and there are reasons
to believe it is not authentic.
On Tue, Feb 25, 2014 at 1:59 PM, Terry
On 02/25/2014 03:47 PM, Jed Rothwell wrote:
So I've heard. Ummm . . . What was that again are you talking about? I
still don't get it.
I have heard it is evil but I wouldn't know. See:
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/
- Jed
Well, it's a political issue to call
My take on the document is that it makes no sense for the following simple
reason:
If you take a look at the page that says Financial Assets and
Liabilities, they list their Bitcoin assets as 2,000 and the Bitcoin
liabilities as 744,408 all of which they count as theft that took place
over a 5
James Bowery jabow...@gmail.com wrote:
My take on the document is that it makes no sense for the following simple
reason:
If you take a look at the page that says Financial Assets and
Liabilities, they list their Bitcoin assets as 2,000 and the Bitcoin
liabilities as 744,408 all of which
What is sensible about not noticing that you were being robbed of a
significant portion of your assets for years on end?
The Wall Street debacles were nothing like this. Those were market
bubbles. While there may be a market bubble popped by this the thing
popping it is this theft.
Perhaps
BTC-e is not chines but Bulgarian.
On Tue, Feb 25, 2014 at 2:57 PM, Terry Blanton hohlr...@gmail.com wrote:
Recently posted by the Chinese bitcoin exchange btc-e.com :
BTC-e Statement regarding MtGox possible insolvency
25.02.14 17:31 from admin
Dear BTC-e.com participants,
We are
Bitcoin will be 1 Million dollars by 2019.
And it is not evil. It is a revolutionary technology. Look it up.
On Tue, Feb 25, 2014 at 6:19 PM, Giovanni Santostasi
gsantost...@gmail.comwrote:
BTC-e is not chines but Bulgarian.
On Tue, Feb 25, 2014 at 2:57 PM, Terry Blanton hohlr...@gmail.com
Giovanni Santostasi gsantost...@gmail.com wrote:
Bitcoin will be 1 Million dollars by 2019.
Until a 16-year-old Russian Hacker gets into the bank, the way one got into
the Target credit files. A week after that, the Bitcoin will be worth
$14.38.
- Jed
There are two layers to the Bitcoin infrastructure:
The wire-transfer/public ledgers.
The exchanges.
The wire-transfer/public ledger software is compact and highly vetted.
The exchanges are just websites.
The exchanges are not necessary.
On Tue, Feb 25, 2014 at 6:46 PM, Jed Rothwell
On 02/25/2014 07:46 PM, Jed Rothwell wrote:
Giovanni Santostasi gsantost...@gmail.com
mailto:gsantost...@gmail.com wrote:
Bitcoin will be 1 Million dollars by 2019.
Until a 16-year-old Russian Hacker gets into the bank, the way one got
into the Target credit files. A week after that,
Craig cchayniepub...@gmail.com wrote:
There is no bank. There are over 100,000 nodes maintaining a shared public
ledger as to who owns what. Every time a transaction is made, it goes into
the public ledger.
Whatever there is or is not, someone walked off with 700,000 units of it,
if this
On Tue, Feb 25, 2014 at 8:58 PM, Jed Rothwell jedrothw...@gmail.com wrote:
Whatever there is or is not, someone walked off with 700,000 units of it, if
this report is accurate. That's worth $70 million, or maybe it is worth $7
million, or maybe it is worth nothing.
Go to btc-e.com. Currently
According to the current blockchain
https://blockchain.info/charts/total-bitcoins
there are 12,400,000 units in circulation representing a lot of money.
Google mining bitcoins.
On Tue, Feb 25, 2014 at 9:04 PM, Terry Blanton hohlr...@gmail.com wrote:
On Tue, Feb 25, 2014 at 8:58 PM, Jed
You can mine your own bitcoins using an application specific integrated circuits
http://www.amazon.com/ASICMiner-Block-Erupter-USB-Sapphire/dp/B00CUJT7TO/ref=sr_1_2?ie=UTF8qid=1393380571sr=8-2keywords=bitcoin+asics
You should really study this Jed. It's sorta free money. Next we
will talk
Litecoin is an improvement over bitcoin. Every holder of a litecoin
wallet maps the blockchain.
On Tue, Feb 25, 2014 at 9:11 PM, Terry Blanton hohlr...@gmail.com wrote:
You can mine your own bitcoins using an application specific integrated
circuits
That's $6.9B in mined bitcoins.
On Tue, Feb 25, 2014 at 9:09 PM, Terry Blanton hohlr...@gmail.com wrote:
According to the current blockchain
https://blockchain.info/charts/total-bitcoins
there are 12,400,000 units in circulation representing a lot of money.
Google mining bitcoins.
On
I've studied bitcoin and litecoin for several months now. Both have
wiki articles which take a while to understand what's going on. You
create the coins by solving encryption puzzles. As more coins are
mined, the puzzles get more complex. Bitcoin has been around for a
while and are very
On 02/25/2014 08:58 PM, Jed Rothwell wrote:
As Krugman says, To be successful, money must be both a medium of
exchange and a reasonably stable store of value. BitCoins fail #2
because the value fluctuates and also, apparently, because they are
not secure against theft.
- Jed
The only thing
, February 25, 2014 7:25 PM
To: vortex-l@eskimo.com
Subject: Re: [Vo]:[OT] 740,000 Bitcoins Missing
I've studied bitcoin and litecoin for several months now. Both have wiki
articles which take a while to understand what's going on. You create the
coins by solving encryption puzzles. As more coins
Craig cchayniepub...@gmail.com wrote:
The only thing that bugs me about your statement is that you think
bitcoins are not secure against theft. They are, in fact, as secure as you
make them. It's not a Bitcoin flaw.
Oh yes it is. The problem is built into the BitCoin origin in
Well, I can tell you that the Bilderbergers DO NOT LIKE BITCOIN. LOL!
On Tue, Feb 25, 2014 at 9:44 PM, Hoyt A. Stearns Jr.
hoyt-stea...@cox.net wrote:
Impressive!
Virtual Currencies (VC) allow anonymous transactions. Look up Silk
Road. People were buying drugs of all sorts. Today people have
bought houses with bitcoin.
Banking hates it. China banned bitcoin
Hoyt A. Stearns Jr. hoyt-stea...@cox.net wrote:
It's supposed to be analogous to mining gold. The minimum value is
determined by the value of the effort
to extract it ( man-hours or power equivalents, etc. ). That's why they
call it mining.
That sets the lower limit on its value and
The recent Mt. Gox development is fascinating to watch.
Some important details:
- There's no hard evidence at any point that anyone has lost their
bitcoins. Bitcoin transactions are permanently recorded in a distributed
ledger, whose distributed character makes it quite difficult to
It's an exchange. It could be embezzlement.
It is not possible. Bitcoin network itself is not hackable as credit cards
are. The vulnerabilities are in centralized places like exchanges that do
not take precautions to protect customers accounts (as cold wallets). A
network is very resistant to attacks like this. Look what is happening to
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