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Friday, June 10, 2011

The Monetary Future: Bitcoin: A Peer-to-Peer Electronic Cash System

Wikipedia describes Bitcoin as "an open source peer-to-peer electronic cash system developed by Satoshi Nakamoto that's completely decentralized, with no central server or trusted parties. Users hold the crypto keys to their own money and transact directly with each other, with the help of the network to check for double-spending."

Bitcoin has been called the gold standard of digital currency. The availability of bitcoins can not be manipulated by governments or financial institutions and bitcoin transactions occur directly between two parties without a middleman. Bitcoin also maintains a lively discussion forum.

Satoshi Nakamoto published an academic paper on November 1, 2008 entitled "Bitcoin: A Peer-to-Peer Electronic Cash System". From the Abstract:
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone."

For further reading:
"Is BitCoin the currency of the future?", The Mises Community Forums, August 6, 2009
"Bitcoin open source implementation of P2P currency", Satoshi Nakamoto, P2P Foundation Forum, February 11, 2009
"Bitcoin P2P e-cash paper"
, Satoshi Nakamoto, The Cryptography Mailing List, November 1, 2008

Thursday, June 09, 2011

The Bitcoin Report: Latest Bitcoin top 100 'Rich List'

Here is the latest rich list. The previous high balance of 400000 bitcoins looks like it has been split into smaller balances/and or spent. See the graph at the bottom of this post if you're curious.

Top 100 Bitcoin addresses by balance. Calculated from block height 110644 created at Feb 26, 2011 3:57:17 PM UTC.

10. 1s4pPJap3eCRLdgxwSKTW5gxeuXZKrRT4 31424.07000000
9. 19k8nToWwMGuF4HkNpzgoVAYk4viBnEs5D 31949.48000000
8. 17CJvRrNdqSPN3Zs2dWfNY6GoCiMRfNG2T 33035.00000000
7. 1NJWs6g6hQsgxqtpRxXLhZJwHYhH2P2bvx 40000.00000000
6. 1Kq6sr5A9bM82u1vRTByjCvvixm5dxwQuV 45592.95000000
5. 1JiTbxqmmkC9izgpC9QLcqGWbQs42PtC7r 46918.92000000
4. 19eJDWL3j3ABd17imWAZjmmPa6FGYGARL7 50000.00000000
3. 12higDjoCCNXSA95xZMWUdPvXNmkAduhWv 72374.36000000
2. 1NMDHMGjJBZjNfAEjvASPjUvT5kwFsHe9U 154704.50000000
1. 12C9c9VQLMrLi4Ffzq2wDvwrKnUPaAaNFp 250000.00000000 (7.5 Million USD @ 30)

RT -@ 12:00 Bitcoin is the Currency of the Resistance

Episode 154 — RT

Bitcoin’s Four Hurdles: Part Three – Escrow - Falkvinge on Infopolicy

Bitcoin is revolutionary in that its transactions are untraceable and irreversible. But in a system as large as The Economy, large changes must come gradually. We are used to dealing with receipts, reversing transactions we’re not happy with, and similar things — so Bitcoin requires all those mechanisms for adoption. We need anonymous, trustable escrow.
You don’t want to build a house for someone based on nothing but trust. You want to see the funds there, ready to be paid out to you on completion and acceptance of your work. Similarly, the homeowner wants a receipt that she paid the funds, that the house is hers. The builder and future homeowner both need to trust a mutually trusted intermediary. This is lacking in the bitcoin ecosystem today.
This is an article in a series on what Falkvinge identifies as Bitcoin’s four hurdles, which will be followed by a series on Bitcoin’s four drivers. This is the third article, on escrow. The others are usability, transactions, and exchanges (coming June 10).

Tuesday, June 07, 2011

Bitcoin: the future of money - What's Trending - CBS News

"(CBS/What's Trending) - This week's Real Time Conversation segment explored the future of money with Bitcoin project developer and founder of Bitcoin watch, Jeff Garzik.

Garzik stopped by to talk about how the currency is being used on Silk Road, the online black market for any drug imaginable, and how he is working with the government to turn Bitcoin into a universal online currency. "

Read More..

What Bitcoin Is, and Why It Matters - Technology Review

"Recent weeks have been exciting for a relatively new kind of currency speculator. In just three weeks, the total value of a unique new digital currency called Bitcoin has jumped four times, to over $40 million.

Bitcoin is underwritten not by a government, but by a clever cryptographic scheme.

For now, little can be bought with bitcoins, and the new currency is still a long way from competing with the dollar. But this explainer lays out what Bitcoin is, why it matters, and what needs to happen for it to succeed."

Monday, June 06, 2011

Bitcoins for sale!

We now have bitcoins for sale! By credit card. Please Contact Us to make a deal! Competitive rates.

10 reasons why you should get your hands on some Bitcoins

previous Memeburn article on the well-known digital currencyBitcoin generated quite a bit of interest and debate from this site’s readers. The article focused on some of the challenges Bitcoin faced as a global currency. But here’s another side of the coin, so to speak. We now give some good reasons, ten of them in fact, why Bitcoin could be an option for the future.

Get 0.05 Bitcoins For Signup

Bitcoin Bonus will give you ฿TC 0.005 when you create an account on our site and claim their bonus for joining. In order to receive the bonus, you need to:

Sunday, June 05, 2011

Bilderberg 2011 To Discuss Potential Collapse of Europe

"Charlie Skelton | As once proud nations fall to their knees in debt, there's only one annual conference of bankers and industrialists that can step in and save us all."

1969 Nixon Government: Carbon dioxide content would rise 25 percent by 2000..raise the level of the sea by 10 feet..Goodbye New York..Goodbye Washington

Documents released Friday by the Nixon Presidential Library show members of President Richard Nixon’s inner circle were discussing the possibilities of global warming more than 30 years ago, The Associated Press reported.

Win Big in the Bitcoin weekly Lotto! One winner every week

This is a network hosing a bitcoin lottery! One winner every week.

"Send 1 Bitcoin to 17PD4dpUyyUMyQvRgee8oo9FSZbXwdpLX2 to enter to win the weekly lotto. Then send a msg to Bitcoin with subject: lotto - If there are less than 3 tickets sold, it will be carried over. There is no limit on the number of entries, just keep each one seperate.
One winner will be chosen every week with a random number generator from the numbers of players by order purchased. The winner will be posted for all to see. You must be regesterd with a wallet id to win.
Good Luck!"