Enter The Blockchain: How Bitcoin Can Turn The Cloud Inside Out

Put down whatever you are holding and go read Maciej Cegłowski’s beyond doubt magnificent essay ‘our comrade the election’, and astonishing history of the moving Russian engineer Lev Sergeyevich Termen. Ensure you read its punchline, ‘the most badass answer possible’. However, if time is short, or your struggle to read English, please at least read its angry rant, from that I quote –
Technology concentrates power
Within the 90’s ,it looked like the internet may be an exception which it could be a decentralizing ,democratizing force but those days are gone, what upsets me, what exactly gets my goat is that we did it since it was the easiest thing to do making things short-lived is hard. Getting things spread is tough. Getting things anonymous is tough. Coming up with a sane business model is truly tough; I get exhausted just thinking about it.
We put so much security into making the internet resilient from technical hitches, but make no effort to get it resilient to political turmoil. We treat freedom and rule of law like tiresome organic resources, instead of the fragile and precious treasures that they are. But,now, apparently ,it is time to make the internet of things where we will link everything to everything else and create cool applications on top and nothing can possibly mistaken.
He is right. And so the internet has, for most intents as well as purposes, evolved into a landscape dominated by centralized systems, epitomized through what Bruce Sterling calls the Stacks.
They do not want much, those stacks. Just your identity, allegiance and all of your data. Merely to be your sole provider of messaging, media, products, and metadata. Just to take part in as much of your online existence as they maybe can, and maybe to one day intercede your every interaction with the world around you, online and off.
The stacks subsist in part since less centralized systems are very difficult to erect. Consider, for example, Google plus architect Yonatan Zunger’s definition of distributed consensus, for instance the means by which data can be safely preserved in distributed systems with several editors. It is quite brilliant but none of its 8,000 words go wasted. The gold standard paxos algorithm is actually complex that a pair of Stanford engineers lately published a paper entitled in search of an understable consensus algorithm (PDF); the title of which summaries the state of the art properly in which they present a new choice, ‘propel’.
Distributed algorithms ,spread data, systems and security – messy, tricky, difficult , a maze of vibrating tightropes stretched across an N-dimensional pit full of hungry hitch modes with sharp teeth. Hard thing.
But not difficult

Just ask Satoshi Nakamoto.
Over the hype and the greed, Bitcoin is powered by a real technical breakthrough, to a degree I didn’t exactly appreciate when I first began writing about it. The blockchain ;the engine on which virtual currency is built; is a new type of distributed consensus system which allows transactions ,other data ,to be securely stored and verified without any centralized authority at all ,because they are validated by the whole network. Those transactions never have to be financial; that data does not have to be money. The engine that powers bitcoin can be employed for a whole series of the applications.

 

When Litecoin Hits News Heights, ForexMinute Adds New Section for Litecoin

Litecoin is becoming as a popular choice among digital currency supporters; understanding the trend, forexminute, the top online portal for fore broker’s reviews and bitcoin news, has declared that it has brought in a special section for litecoin. At the moment, it will cover the next best thing in digital currencies known as litecoin.
Jonathan Mellette says the CEO and founder of forex minute litecoin is a revolutionary currency and an attractive trading asset for traders in the last few months. Some brokerage companies and digital currency exchanges have started giving litecoin too. Every passing day litecoin is getting acceptance from different quarters.
Mr. Millet is of the estimation that there is a high need for information from readers and traders who wish to know about the new digital currency, litecoin and for that his company which has catering the same need for bitcoin, has surface with litecoin news section.
In addition, he says that litecoin is quite new as opposed to bitcoin, no majority traders and people know about it; however, with the addition of the litecoin news section, they can all learn all things about the digital currency. Soon forexminute will also bring litecoin brokers reviews so as to traders can find out the brokers to trust in.
The latest litecoin news about traders you may trust
Mr. Millet says that his company was the first to offer bitcoin news to traders and bring reviews of the bitcoin brokerage companies such as Setoption, zoom trader, titan trade, Ava trade and other 500 more companies. So he will try replicating its triumph in bitcoin to litecoin. He declares that as only few brokerage companies are offering trading services, reading the reviews is significant.
About forexminute
Forexminute is the world front forex news and views portal, has emerge a one stop solution offer for forex traders and brokers too bitcoin news. It offers all the need tools to people to become expert forex traders with an array of resources; for example financial news by the minute, elemental analysis, technical analysis, forex tools and others.

 

 

Vertcoin Set to Poise Major Challenge to Bitcoin

In 2009 when bitcoinwas launched it was very easy to mine, All you needed was just a computer with an internet connection and the recommended software to mine the cryptocurrency. During this time those who ventured into bitcoin got lots of coins very easily but since their value was not as high as now, mining the coins more quickly was not worth it.
Unlike then, today, the the value of the coin has increased greatly over the past six months and this has made it difficult to mine bitcoin as well as litecoin.
Mining bitcoin by use of personal computers as was the case in the early 2009 has become close to impossible, this being the result of the sudden rise in value of bitcoin that consequently attracted magnitudes to begin mining the cryptocurrency. With more people having joined in the wagon it become even more difficult to mine the currency, this led to the mad rush where few fortunate winners spent tens of thousands of pounds on hardware known as ASIC (Application-specific integrated circuit).
What is unique about vertcoin?
The vertcoin cryptocurrency was developed by David Muller and is set to be an alternative. The vertcoin was made on the foundations of bitcoin but of course with some adjustments. Vertcoin tries to monopolize the market by encouraging miners who use reliable machines to work on groups. This strategy is hoped to steer monopoly in the mining market.
In a writing to introduce vertoin, Muller states that: “Now that bitcoin computational power is handled almost entirely by large data centres, the currency has rapidly changed from a distributed, decentralized currency, to one that is much more centralized and vulnerable”.
Vertcoin will be able to make better the mining of cryptocurrency by preventing or better yet reducing the centralization of mining power. This will level the playground that is the cryptocurrency mining arena.
How worthy is vertcoin?

As the trend with cryptocurrencies, vertcoin wasn’t worth much when created. But its value has increased from mere cents as at the beginning of 2014 to $9 per coin and this value keeps increasing by hundred percents everyday.
Where can a vertcoin be bought?
Vertcoin are still very scarce, this is attributed to the fact that it was only created in the early 2014, and is also resistant to large scale mining by powerful computers.
Unlike bitcoins the vertcoin doesn’t have systems were they can be exchanged for real money like dollars and the rest. It can only be bought for exchange with bitcoin in specific sites; Coinedup.com is an example of such site.

It is recommended that you encrypt the digital wallet where your vertoins are held once you have bought them. An offline paper wallet can also be created; this will limit access to your coins to those who has physical access to where the coins are stored.
What next?
The coinmarketcap website has more than 85 cryptocurrencies some of which might never receive the popularity and recognition as bitcoin and litecoin have received, it is likely that some will do better all through.

 

Malwarebytes Accepts Bitcoin

Malwarebytes having been mesmerized by bitcoin ever since its beginning has been following the currency’s growth closely and has at last announced that it now accepts bitcoin as payment. Malwarebytes is a leading anti-malware software provider.
Here are the words of Marcin Kleczynski, CEO of Malwarebytes as he said: “As a leader in security, we are excited to accept a cryptocurrency that provides a level of anonymity to our security-conscious customers,”
“Protecting customer privacy is part of our DNA, and taking payment in bitcoins is a logical extension of that ethos. We think the story behind Bitcoin is an exciting one as well, and we’re thrilled to support the bitcoin community. Malwarebytes is a forward-leaning company, and this is a natural fit.”
For many years malwarebytes has been in the fore front advocating for online privacy rights and has developed very potent anti-spyware detection in its software package.
The decision of the malwarebytes to accept bitcoin will be a good marketing strategy for bitcoin even if they never intended to do so. This is because malwarebytes is one of the best anti-malware providers in the market and therefore deals with security issues. The public will view this as a valid endorsement to bitcoin.
The processing of the transaction for service was then done by both the malwarebytes and Coinbase. So far the process is complete and is now available at the malwarebytes website.
Though the deal seems suitable it’s only limited to the malwarebytes Anti-malware Pro suite which cost $24.95 worth of bitcoins. The deal also has it that for the future products purchased from cryptocurrency will have a bitcoin logo displayed on the page.
Bitcoin and malware are quite compatible when it comes to privacy issues. As you now know users of bitcoin are guaranteed absolute anonymity. Bitcoin has now become a favorite to most malware makers. This is because they have been advantaged by the anonymity that bitcoin offers that makes it easier for them to cash out before they are caught or pay for the services offered to them by other malware makers in the darker corners of the Internet.
Currently bitcoin mining malware have been developed by some rather clever malware makers. The devised malware relies on botnets to mine coins. These attempts have not yielded much tangible fruits though.
A recent yahoo involvement n security breach left many fearing the over two million European computers will be affected by the mining malware, but facts proved that the number of devices infected were much lesser.
Likewise Microsoft was involved in such a breach when the vulnerable Tor browser was hijacked. Microsoft had to dismantle the sefnit botnet.

 

BitTag boosts bitcoin’s popularity

Since the launch of bitcoin several other bitcoin like cryptocurrency has come to surface thanks to the robust creativity of their creators. Most of these cryptocurrencies have come into existence with the help of Silicon Valley’s coffers.
Taking a more DIY approach to cryptocurrency innovation, A London based technologist has created BitTag which is a device that automatically updates the prices of items in bitcoin. The electronic device has proved necessary as the value of bitcoin is known to be very volatile.
Inspired by the desire to bring bitcoin from the digital space to the physical shops, Samuel Cox says that Bitcoin being a virtual currency that has made online transactions easier, he wanted the currency to seen offline. So as an answer to his question “what can I make to facilitate offline transactions with this virtual currency?” prompted him to create BitTag
Just like the normal price tags the BitTag has the detailed product information, this information includes, name of the product, its price in local currency and the up to the minute price in bitcoin. As the value of bitcoin changes so do the bitcoin price o the BitTag. The technologist further assures that the retailer cannot lose any money due to the changes on BitTag as he explains on his website

The creator puts it that his intentions were to find a way to make it easier for people to purchase things in exchange for the cryptocurrencies offline. There are other cryptocurrencies that are also displayed by BitTag so you can bet your choice of the cryptocurrency is taken care of with BitTag. The volatility of most cryptocurrencies is a discouraging factor to many users, having a way to show the changes in values is assuring to users as they avoid losing money by spending too much on an item.
The BitTag also has other features that make the IRL Bitcoin shopping process more faultless for example the BitTag is able to process transactions as well. This is made possible by use of an iPad application that is used to set up the price tags, it enacts the payment when the tag is placed on top of the screen of the tablet. You can also shake the application to reveal a QR code on the tags display which you can scan and use with existing apps to pay.
The BitTag is currently in its model form and costs about $65. The founder further promises that the cost of the final units will be much cheaper. Cox says, “As for BitTag taking off, it’s very much tied to Bitcoin, so it depends on how fast/if Bitcoin is socially accepted,” he wrote. “But the reaction has been really good so far.”

 

Bitcoin plunges 50% on Mt. Gox to hit USD230 as troubles continue

Bitcoin prices lost half their value to hit USD230 on the Tokyo-based Mt. Gox Exchange on Sunday, as traders shied away from the virtual currency amid ongoing concerns over withdrawal issues.
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BTC/USD fell to a session low of USD220.30 on Mt. Gox, before trimming losses to trade at USD253.90 during U.S. morning hours, down 45.1%.

Tokyo-based Bitcoin exchange Mt. Gox was forced to halt all Bitcoin withdrawals on February 7 due to a technical issue, with the issue yet to be fully resolved.

Mt. Gox was once the world’s largest Bitcoin trading exchange, with volume topping 1 million trades a day at its peak. It is now the third-largest Bitcoin exchange.

Meanwhile, sentiment remained jittery after Bitcoin marketplace Silk Road 2 was hacked over the weekend, with hackers stealing approximately 4,500 Bitcoin worth nearly USD2.7 million in the latest development to roil the virtual currency.

The hackers exploited the transaction malleability bug, the same bug that forced Mt. Gox to halt all withdrawals.

Elsewhere, the price of a Bitcoin last traded at USD631.95 on Slovenia-based BitStamp, while prices on BTC-e traded at USD596.20. BitStamp is the world’s largest Bitcoin exchange, while Bulgaria-based BTC-e is the second-biggest.

BitStamp allowed redemptions to resume on Friday, three days after the exchange halted customer withdrawals to deal with cyber attacks against its platform.

According to the CoinDeskBitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency dropped 5.2% to hit USD611.75.

Bitcoin is digital cash for the internet and it is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Prices of the virtual currency soared to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.

 

The Dark Side of Cryptocurrency (Bitcoin)

In Feb 11, 2014 (CHICAGO) (WLS; The ABC7 I-Team probes something that does not even physically exist, though is making headlines daily. Bitcoin, an electronic currency used online, is now giving law enforcement officials a run for their cash.
If a $20 bill is public funds, Bitcoin is a private funds system. The electronic currency is seizing new users daily, and as the I-Team follows the cash, we have found Bitcoins also result to criminal networks.
The alternative digital currency has only a virtual value; the coins just represent a digital dollar. They actually exist only as numbers in a public database, operating parallel to those prepaid prize cards you purchase at the store.
“I resolute to take the currency because to it liberates me of lots of fees that I pay when I take credit cards,” says Alex Anon, possessor, Bucephelus Bikes.
Thousands in fees this Evanston bike shop disburses each year were removed according to the possessor through virtual currency.
Here is how it works: let us say you purchase a bike with Bitcoin. The store sends the bill to an online currency trade where the whole owed is converted into a Bitcoin alike, and turned into a scan bar, called QR.
“The shopper would, with his application and phone, would get this request and approve it and in less than a second the funds would move from his wallet to my wallet, that is the digital wallet of course,” says Anon.
But Bitcoin’s status has taken a pounding. Consider the closed Silk Road, explained as “criminal eBay,” selling “forged identification, narcotics as well as weapons” and pulling in a twelve-monthly revenue stream of over $250 million.”
Bitcoin millionaire Charlie Shrem was indicted last month with money laundering; purportedly selling more than $1 million in online currency to Silk Road consumers. Shrem appealed not guilty.
“When they blocked Silk Road, they grabbed $30 million of Bitcoin. It was a greatest way that people were able to pay each other,” says Austan Goolsbee, economics professor in the University Of Chicago Booth School Of Business.
The feds also discontinued Liberty Reserve; a digital currency bank that prosecutors say laundered $6 billion in ensues of criminals’ crimes.”
“By the time you start looking at the online drug markets where Bitcoin became the basic means of circulation, you see the money gambling,” says Goolsbee, who was Barrack Obamas frontline economist when bitcoin was launched in 2008.
“We kind of have yet to see the government pushback,” said Goolsbee.
As opposed to conventional currency, there is no state regulation. Yet, during senate hearings in Dec:
-Homeland Security officials swear they are “actively probing the impending threat as well as criminal exploitation of virtual currency systems”
-the Justice Department uttered that cryptocurrencies make it difficult for law enforcement to follow the currency.
-the FBI crafted a new task force, Virtual Currency Emerging Threats working group
-the Treasury Department directed these warnings to banks reminding thrifts to watch out for money laundering.
-and then Fed Chief Ben Bernancke swore that the reserve does not “have authority to control “cyber currency
The Bitcoin groundwork, an international non-profit, says their currency’s transactions are clearer than local ones.
Bitcoin is not some magical cloaking system that allows criminals free reign, nor does Bitcoin create an exclusive or unsolvable menace to the law enforcement and regulatory community. Hard work led efforts are underway to help curb abuse,” said Patrick Murck, lawyer, The Bitcoin Foundation Inc.
“Government is torn between, should we have nothing to do with this, is this like a video game, should people like do whatever they wish, or is this an main currency to transact illegitimate things. The taxes powers are not going to, I think, allow this to get to be bigger than a small curiosity,” said Goolsbee.
States regulators have not touched Bitcoin even though an FBI intelligence Assessment two years back reported cracks in Bitcoin security and a high likelihood of theft and criminal hacking.
Federal agents finished by saying Bitcoin would likely carry on to draw cyber criminals needing to launder money and fund illegitimate organizations including terrorist sectors.