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Bitcoin In Cryptography We Trust

Security - How Can We Trust Any Crypto Currency If The Nsa Could Use 51% Attacks? - Bitcoin Stack Exchange

Security - How Can We Trust Any Crypto Currency If The Nsa Could Use 51% Attacks? - Bitcoin Stack Exchange

Why do you think this is a trust issue? David Schwartz Apr 29 '14 at 4:20 A correction: even an attacker who controls 100% of the network's hashing ability cannot fake transactions. That would require breaking ECDSA. They may, however, be able to prevent new transactions from confirming, and invalidate past transactions. Nate Eldredge Apr 29 '14 at 4:28 @David if I cant trust that a crypto-currency wont be bought out by a corporation to control then why would i get any? 51attacknsa Apr 29 '14 at 4:30 The NSA can't force anyone to listen to them. They can say whatever they want, but the Bitcoin community will only listen if it's in their interest to do so. If there ever were a real 51% attack on Bitcoin, the design would be changed in a few days. You just have to trust the community to react sensibly, as they did during the blockchain split. David Schwartz Apr 29 '14 at 5:50 @DavidSchwartz Altough I agree with you, you can't marginalize the effect a 51% attack would have on the trustworthiness (and thus the value) of Bitcoin. "the design would be changed in a few days" How exactly? Jori Apr 29 '14 at 16:08 Continue reading >>

In Cryptography We Trust?

In Cryptography We Trust?

// Posted by Sarah on 04/20/2014 (8:46 PM) This months Wired issue was the first time Ive ever heard of this online currency called bitcoin. It is definitely a hard concept to wrap my head around. It is taking our concept of currency and doing a full 360. Everything is virtual, your currency and your wallet and then there are no banks or countries tied to your money. It allows you to make purchases anonymously and across country borders with no problems. This currency is not tied to a government or any rules. Its motto is:Libertas, Aequitas, Veritas or in English: Trust, Justice, Freedom. It is a libertarians ideal, unregulated currency. There is no government or regulatory body scrutinizing your purchases or charging fees for your usage. However that is on the very idealist side of the idea. The problem stems from this idea of anonymity and from the lack of any type of insurance on this type of money. What I immediately thought of when reading about bitcoin was Posters ideas of the netizen and the movement away from countries and certain cultures to a global culture. This idea of bitcoin as a currency goes along perfectly with Posters thoughts. The fact that this acts as a currency with no national regulation where users of this currency have no boundaries between countries is exactly on par with the idea of the netizen. The Internet is maybe slowly allowing this world to become less divided. The thing is as there were problems with the netizen and regulatiosn were imposed on many countrys internet usage these same problems exist with bitcoin. Many people refrain from using bitcoin because of its lack of protection on the money a user holds in their cyber-wallet. A simple virus or hacker could easily erase everything invested in this currency. Along with this is the i Continue reading >>

Why You Should Worry About A Bitcoin, Crypto Bubble

Why You Should Worry About A Bitcoin, Crypto Bubble

Why You Should Worry About A Bitcoin, Crypto Bubble Opinions expressed by Forbes Contributors are their own. My back hairs go up when I see an unregulated financial vehicle that few really understand. When it comes to cryptocurrencies, I have a lot of concerns. Although I understand the concept behind Bitcoin-like currencies, there's always an issue with how something involving money is regulated. With public companies, for example, you know exactly how many shares are outstanding and what they are worth. Cryptocurrency values are subject to coding. Blockchain is certainly a worthwhile technology, although I don't think it's as transparent as it should be. Don't get me wrong. I like the fact that alternative currencies don't need banks as intermediaries. Banks have certainly done their fair share of mucking up the world financial system. Yet bank rules have never been tougher in the wake of the 2008 credit meltdown. That's a good thing. Cryptocurrencies are on the other side of that fence. They certainly need some regulation to curb bubbles, scams and crashes. Regulators are at odds over how to regulate Bitcoin and other cryptocurrencies, though. The U.S. Securities and Exchange Commission, an agency that's never been known for its strict regulation, has no guidelines. The Commodities Futures Trading Commission, in contrast, may green light futures trading on Bitcoins. Where does that leave you, the individual investor? Well, you have to trust the encryption software and market participants that they are pricing cryptocurrencies correctly. Are some investors driving up the price to speculate? I think that's a fair bet, although that's a problem in any market. How do you know if Bitcoin or similar currency is in a bubble? Since thousands are entering the market every da Continue reading >>

Should You Trust Bitcoin? It Depends What You Think It's For

Should You Trust Bitcoin? It Depends What You Think It's For

Bitcoin with one of the virtual currency community's slogans There is a future when the City of London really doesn't sleep: Trading still stops on the Stock Exchange at five sharp, but the banker doesn't stop. He just switches kit. He checks his bespoke Bitcoin miner humming away on the corner of his desk. 0.6 coins mined this year, not bad. Then he opens up his Bitcoin exchange apps, along with the Google Maps plugin that shows Bitcoin exchange rules for local pubs. The game is on: it's Bitcoin Hour. He runs from bar to bar, prodding live trades of Bitcoins into a touchscreen wrapped round his wrist. He chooses where to go by balancing live prices with the risks of each pub's rules. If he gets stuck at the back of a scrum at a temporarily underpriced bar, the 10-minute rate will revert to something less favourable, and he'll be left drinking slower and at a higher price than the others. Underground dives always offer better rates, but he risks losing enough 3G signal to make a last-minute trade before the bill comes in. Drinking in the City is no longer about overpriced champagne, it's about a personal rating on the Per-Pint futures index. I was shocked at recent online survey results : 69% of UK respondents had heard of the online currency Bitcoin, and of those 32% trusted the currency. The survey was a quick piece of work done partly to promote the first Bitcoin London conference this week, and I worry that the sampling is biased towards super-hip kids with tablet devices. But even so, that's pretty amazing. Bitcoins are nothing more than strings of computer code just like all the other packages of data uploaded and downloaded across the internet. They have value because it's hard to create these particular sequences of code; they are solutions to an ever-changing Continue reading >>

Showerthought: Instead Of

Showerthought: Instead Of "in God We Trust", Bitcoin's Motto Should Be "in Sha We Trust" : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Bitcoin: In Crypto We Trust - Security Boulevard

Bitcoin: In Crypto We Trust - Security Boulevard

The home of the Security Bloggers Network Home Blockchain Digital Currency Bitcoin: In Crypto We Trust Tim Wu, who coined net neutrality, has written an op-ed on the New York Times called The Bitcoin Boom: In Code We Trust . He is wrong is wrong about code. Wu builds a big manifesto about how real-world institutions arent cant be trusted. Certainly, this reflects the rhetoric from a vocal wing of Bitcoin fanatics, but its not the Bitcoin manifesto. Instead, the word trust in the Bitcoin paper is much narrower, referring to how online merchants cant trust credit-cards (for example). When I bought school supplies for my niece when she studied in Canada, the online site wouldnt accept my U.S. credit card. They didnt trustmy credit card. However, they trustedmy Bitcoin, so I used that payment method instead, and succeeded in the purchase. Real-world currencies like dollars are tethered to the real-world, which means no single transaction can be trusted, because they (the credit-card company, the courts, etc.) may decide to reverse the transaction. The manifesto behind Bitcoin is that a transaction cannot be reversed and thus, can always be trusted. Deliberately confusing the micro-trust in a transaction and macro-trust in banks and governments is a sort of bait-and-switch. It was, after all, a carnival of human errors and misfeasance that inspired the invention of Bitcoin in 2009, namely, the financial crisis. Not true. Bitcoin did not appear fully formed out of the void, but was instead based upon a series of innovations that predate the financial crisis by a decade. Moreover, the financial crisis had little to do with currency. The value of the dollar and other major currencies were essentially unscathed by the crisis. Certainly, enthusiasts looking backward like to cher Continue reading >>

Searching For Problems? James Altucher To Bitcoin Critics: You're Dead Wrong - Coindesk

Searching For Problems? James Altucher To Bitcoin Critics: You're Dead Wrong - Coindesk

Searching for Problems? James Altucher to Bitcoin Critics: You're Dead Wrong Only invest in things that solve problems. At least that's a strategy James Altucher, the former hedge fund manager, business blogger and best-selling author, places at the center of his investment strategy. With that outlook, it might seem strange that he so bullishly invests in bitcoin and other cryptocurrencies emerging technologies typically accused of being "solutions searching for a problem." But Altucher thinks that claim is nonsense. In his eyes, cryptocurrency solves a host of problems caused by the fiat-based financial system particularly, the fees and time it takes to send international payments. Today, every international payment must pass through a network of local banks, central banks and international wire services, taking seven or eight hops to get to their destination, and with every hop involving fees, potential errors, threats to privacy and other security risks, Altucher said. And these are the kinds of problems cryptocurrencies like bitcoin are solutions for. Even with banks and financial incumbents looking for ways to utilize private blockchain technologies, Altucher is a big believer in cryptocurrency's potential to take over the roles of financial intermediaries like banks. Because while technology may be shrinking the economic world, the current payment systems provided by banks are still stuck in the 20th century a sentiment that continues to guide his bullish thesis on the space. According to Altucher, multiple cryptocurrencies are needed to solve the multiple problems inherent in finance and commerce today. While bitcoin could take the role of international payments from banks, he argues ethereum , and its native token, ether, are better suited to provide a cheap an Continue reading >>

Can You Trust Bitcoin?

Can You Trust Bitcoin?

But the reason why is not the usual critique. Let meexplain. Bitcoin was born of distrust. Its original fan-base was an amalgam of nerds, futurists, libertarians and survivalists . They were enticed by several features of the new crypto-currency: a decentralized network, beyond the control of governments and regulators a secure payment system, guaranteed by blockchain technology a fixed supply (fixed by innate technological design), preventing inflation by printing press. All of these features were and are attractive to those who distrust central authority (on some level, all of us). But while the first two features are indeed truly intriguing, the third one turns out to be a poison pill in sheeps clothing. Bitcoin has been a wild success story by most metrics, certainly including its exchange rate, which has been meteoric (see graphic). Many analysts and investors are dazzled by its success, most recently including the famed Motley Fool investor newsletter, which has just jumped on the Bitcoin Bandwagon. A few cynics, most famously Jamie Dimon , have called it a fraud or a bubble. But no one that Im aware of has pointed out a fundamental contradiction at the heart of Bitcoin one which ultimately makes the doomsayers right. (Note: Im not at all criticizing the underlying power of blockchain, of which Bitcoin is merely one instantiation; blockchain has immeasurably great opportunities to transform the world in powerful and positive ways). The most basic argument for Bitcoin is that it will revolutionize the world of currencies, for the reasons stated above: decentralized, secure and that third item, a fixed supply of Bitcoin. Never mind the side arguments about gold and international currencies its stated value is its power as a currency. At some point in the future, th Continue reading >>

In Cryptography We Trust: A Short Guide Tobitcoin

In Cryptography We Trust: A Short Guide Tobitcoin

In Cryptography We Trust: A Short Guide toBitcoin In Cryptography We Trust: A Short Guide toBitcoin Bitcoin is a form of decentralized currency system similar to Dollars or Pounds, except that it is completely digital (based on computer hardware and software). These digital coins can be used like traditional money for transactions between two parties. They are mined (like gold or silver) from a special peer-to-peer computer program that sits on a distributed worldwide network of computers. The mining process involves using computers to solve complex mathematical problems and getting rewarded with the Bitcoins which the miners can then trade for other things just like silver can be exchanged for Dollars or used to pay peoples wages. Bitcoins can be traded on an exchange just like Gold can be traded on the London Metal Exchange. The Bitcoin system makes extensive use of encryption technology (hence sometimes called a crypto-currency) and because it is a peer-to-peer network, there are millions of copies of the records of how many Bitcoins there are and all the transactions between different parties using Bitcoin. Read my full article here: Continue reading >>

The Bitcoin Boom: In Code We Trust

The Bitcoin Boom: In Code We Trust

Opinion |The Bitcoin Boom: In Code We Trust You dont need brilliant financial analysis skills to notice that Bitcoin is in a bubble. It has grown in value from about 39 cents to over $18,000 in just eight years and recently attracted broad media attention by doubling in just a few days. The conventional wisdom had been that illegal and illicit transactions buying drugs or transferring money out of Argentina accounted for much of Bitcoins value. Today the mainstream view sees mere greed and speculation. Yet as Bitcoin continues to grow, theres reason to think something deeper and more important is going on. Bitcoins rise may reflect, for better or worse, a monumental transfer of social trust: away from human institutions backed by government and to systems reliant on well-tested computer code. It is a trend that transcends finance: In our fear of human error, we are putting an increasingly deep faith in technology. Bitcoin may be in a bubble , but not all bubbles are created equal. Some are shimmering nothings, reflecting little more than an underlying pyramid scheme. But others are like ocean swells that could become enormous waves. Consider the tech stocks of the late 1990s a bubble, to be sure, but in retrospect, was Amazon really overvalued? What gives the Bitcoin bubble significance is that, like 90s tech, it is part of something much larger than itself. More and more we are losing faith in humans and depending instead on machines. The transformation is more obvious outside of finance. We trust in computers to fly airplanes, help surgeons cut into our bodies and simplify daily tasks, like finding our way home. In this respect, finance is actually behind: Where we no longer feel we can trust people, we let computer code take over. Bitcoin is part of this trend. It w Continue reading >>

In Crypto We Trust - Bitcoin

In Crypto We Trust - Bitcoin

Our meetup "In Crypto We Trust - bITCOIN" is a Vibrant Global Bitcoin meetup from Bangalore India. It caters to the entire spectrum of Bitcoin lovers who are looking into both Blockchain & bitcoin. India just crossed USA in number of internet users. Going to show that the country is ready for new online technology to be explored and mastered. Gold is considered to be a must have precious metal/commodity which means the understanding of gold as the only asset who's value has been consistent compared to any other commodity in the world. By that statistic, I believe Bitcoin will be a hit in India for varied monetary services and technology applications. Our meetup plays a very important role in building confidence in entrepreneurs/enthusiasts of bitcoin about the inevitable future of a decentralized currency where the underline trust system aka "Crypto" makes everything possible. We meetup regularly online and in person to interact and answer questions about the whole spectrum of Bitcoin which gives us an immense joy and satisfaction, as in today's world knowledge is everything and we are sharing that knowledge backed with the experience of bitcoin journey from 2009 to date - Building Bitcoin exchange platforms, collaborations with Bitcoin companies, Organising Global Bitcoin Conferences and regular meetups since march 2013. Come and join, lets discuses the endless possibilities of Bitcoin Block Chain Technology. "The true innovation of Bitcoin's mysterious designer, Satoshi Nakamoto, is its underlying technology, the "block chain". So what is the block chain? It is a ledger of transactions that keeps Bitcoin secure and allows all users to agree on exactly who owns how many bitcoins. Each new block requires a record of recent transactions along with a string of letters an Continue reading >>

In Crypto We Trust: Bitcoin Proves Strong And Steady Amidst Trade War Fears

In Crypto We Trust: Bitcoin Proves Strong And Steady Amidst Trade War Fears

In Crypto We Trust: Bitcoin Proves Strong and Steady Amidst Trade War Fears The opinions expressed by columnists are their own and do not represent the views of Townhall.com. The Student Data-Mining Scandal Under Our Noses On the heels of last weeks announcement by President Trump that planned to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum, fear of a potential trade war began to grow amongst investors and spread like wildfire on the ticker. U.S. stocks became wildly volatile, the U.S. dollars value continued to decrease, and the price of gold began to drop. Meanwhile, Bitcoin not only remained stable, but its value continued to increase as it has during other turbulent times. While traditional assets and currencies have long been believed to be reliable and steady, Bitcoin has once again provided fearful investors with superior resiliency and stability. Although the U.S. isnt yet in a trade war, the financial consequences that one could bring are enough to turn investors bearish both domestically and abroad. During a trade war, currencies weaken, and prices rise, which creates an inflationary environment. Investors are acutely aware of the dangers of both inflation and the spillover effect it has into the stock market; thus, they attempt to mitigate their potential loses by hedging their investments or offsetting the risk of one type of investment by investing in another class. Within hours of President Trumps announcement, trading activity involving stocks, gold, and Bitcoin indicated that hedging had already begun. While stocks and gold were faltering last week, Bitcoin continued to rise steadily yet again in the face of tempestuous times . At weeks end, Bitcoin saw gains of 7%, the highest opening and closing prices in weeks, and a steady Continue reading >>

In Crypto We Trust? | Bitcoin Life

In Crypto We Trust? | Bitcoin Life

Watching banks get caught out for serious failings , the ongoing Euro problems and continued IT problems ,Im reminded why Bitcoin is fundamentally different to existingand alternative economies and why people need to pay attention not (just) to Bitcoin itself, but to the underlying paradigm shift. That shift is from trusting Money as asocially-controlled mechanism, to trusting it as anmathematically-controlled one. Sure, big banks run on electronic networks as fast and as big as the Sun, but at the end of the day, the decisions around how much cash is in the system and where it is are made by a bunch of people sitting around a table . (In the UK, at least. But the imagery holds for most places.) Id argue that Bitcoin is a direct descendant of the cypherpunk movement the politics involved in setting fiscal policy to determine the value and balance of global currency exchange has, in effect, been replaced by a very small shell script . And sitting behind that shell script is a whole bunch of very strong mathematical theory. Ironically, the same mathematical theory that lets you communicate securely with your traditional banking institution on-line or, at least (and more importantly), the same techno-led paradigm I mentioned in the first paragraph. In other words, Bitcoins strength is that it exists in (and is made possible by) a stage of history where we trust maths (crypto) more than we trust people. (With a caveat: not everything can or wants to be automated. Money likes to be automated now that it is just a bunch of numbers, so Bitcoin is possible. But trade between non-automated entities, such as people, makes it less willing to be automated, and hence cryptography becomes less useful. Relatively.) What does this all mean for the future of money? Who knows. For now, Continue reading >>

"in Cryptography We Trust"-canada's First Bitcoin Expo Coming In 2014

"In Cryptography We Trust"-Canada's First Bitcoin Expo Coming in 2014 TORONTO, ONTARIO--(Marketwired - Nov. 22, 2013) - On behalf of the Bitcoin Alliance of Canada, I wish to invite you to one of the largest planned international Bitcoin events to date. Join us on April 11th-13th at Bitcoin Expo 2014 in Toronto. The prevailing theme will revolve around the growth and development of Bitcoin communities worldwide with a focus on collaborative and decentralized models. The Expo will be a showcase of prominent Bitcoin leaders, speakers, and businesses, and will be a stage where Canada can display its world class Bitcoin communities and business startups. Canada is fast becoming known for its Bitcoin innovation and leadership charge. Recently, the world's first Bitcoin ATM went live within our borders. This was made possible by the legal and regulatory environment we're currently enjoying in Canada which is proving to be more Bitcoin friendly than many other nations around the world. We're excited to show you firsthand the enthusiasm and dedication of the Canadian Bitcoin community. The Expo will be held at Metro Toronto Convention Center, Canada's largest conference and meeting facility, located next to Toronto's renowned financial district. Toronto is within a five-hour drive of some of the most populated cities in Canada, and is an hour drive from Niagara Falls and the border to the United States. In addition to Bitcoin community building, other themes will revolve around Bitcoin and charitable giving, benefits Bitcoin can offer to developing nations, and policy and regulatory environments that we see being constructed around the world in response to this disruptive new innovation. The Bitcoin Expo 2014 will be an event hosted by the Canadian Bitcoin community. However, Continue reading >>

"in Cryptography We Trust" (yet Another Bitcoin Icon)

"In cryptography we trust" (yet another Bitcoin icon) Seems like a good motto for our favourite cryptocurrency. Here's my take on an icon with the phrase inline: And here's the original bitcoin.svg (done in Inkscape). Consider this licensed under public domain. Mashups and improvements are welcome. Enjoy! Did I just make an awesome? Maybe if you send some coins to 1BZYH24gDB5KZfr3fh2LahkqbYrGppZTPS right away, I can be conditioned to do more of that! Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Making snowclones of the U.S. motto is a bit overused, tbh. Let's try Latin* instead: quod latet, libera est (What lies hidden is free) Google translate does latin in case anyone wants to try *I'm shit at Latin; Cue Monty Python references This is not a bitcoin address; do not send anything to it: 112sNU2PA3odvzvFvZtbu1tR2pr88ssrpk If you go with Latin I'd put the translation of: *Next Draw Feb 1* BitLotto : monthly raffle (0.25 BTC per ticket)Completely transparent and impossible to manipulate who wins. TOR Seems like a good motto for our favourite cryptocurrency. Here's my take on an icon with the phrase inline: And here's the original bitcoin.svg (done in Inkscape). Consider this licensed under public domain. Mashups and improvements are welcome. Enjoy! Sorry, i disagree with any promotion of BTC that implies we have something to hide, ie, the "crypto" part. Quote from: cypherdoc on April 25, 2011, 04:16:38 AM Sorry, i disagree with any promotion of BTC that implies we have something to hide, ie, the "crypto" part. Crypto isn't only for hiding things. It also makes it VERY hard to steal other peoples coins, fake coins, it's what makes Bitcoin work. It all depends on cryptology. *Nex Continue reading >>

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