Bitcoin Exchange Bitfinex Says It Was Hacked ... - Slashdot

Sejarah Asal Usul Bitcoin 2010

Bitcoin Diposting di Slashdot – 11 Juli 2010

Rilis Bitcoin versi 0.3 ditampilkan di, situs web berita dan teknologi populer. Mencapai sejumlah besar peminat teknologi, artikel ini membawa banyak orang yang baru tertarik, mendorong nilai tukar bitcoin tunggal naik hampir sepuluh kali lipat, dari sekitar $ 0,008 menjadi $ 0,08 hanya dalam lima hari. Sumber Bukti Terkait Slashdot Post Bitcoin Rilis V 0.3

Mt. Gox Membuka pertukaran burasa crypto pada tanggal 18 Juli 2010

Nilai Harga Bitcoin $ 0,07 selang beberapa hari kemudia kira-kira 10 hari harga bitcoin menjadi $ 0,06 Jed McCaleb seorang programmer yang terkenal karena menciptakan jaringan peer-to-peer eDonkey yang sukses pada tahun 2000, mengumumkan peluncuran Mt. Gox pertukaran bitcoin full time transaksi.
Berdasarkan sebelumnya, proyek McCaleb yang ditinggalkan untuk membuat pertukaran online untuk Magic: The Gathering cards, ia segera berjuang untuk mengikuti tuntutan bisnis dan menjual ke Mark Karpeles pada tanggal 06 Maret 2011. Mt. Gox perlahan-lahan akan tumbuh untuk mendominasi dunia perdagangan bitcoin selama tiga tahun ke depan. Bukti Terkait Pengumuman Exchange Mt.Gox

Hard Fork Bitcoin Pertama 15 agustus 2010

Hardfork Pertama kali bitcoin karena kasus bug pada tanggal 15 agustus 2010 nilai harga Bitcoin $ 0,07 Dengan menggunakan cara khas khusus komputer memproses angka, orang tak dikenal membuat transaksi penipuan yang menghasilkan 184.467.440.737.08554078 bitcoin – hampir sembilan ribu kali lebih banyak dari jumlah yang dapat secara sah ada di seluruh sistem.
Keanehan dengan cepat terlihat oleh pengembang Bitcoin dan anggota komunitas, dan versi tetap dari perangkat lunak Bitcoin dirilis dalam beberapa jam. Pada hari berikutnya, blockchain yang dikoreksi menyusul yang dieksploitasi, dan Bitcoin kembali beroperasi normal – tetapi tidak sebelum pasar terguncang dengan buruk. Sumber Bukti Terkait Thared BitcoinTalk dan Post
submitted by amsadad to u/amsadad [link] [comments]

I personally started getting into Bitcoin after looking at different ways and places to put extra money in. What were your reasons?

I personally started getting into Bitcoin after looking at different ways and places to put extra money in. What were your reasons? submitted by VeryAngryFish to Bitcoin [link] [comments]

Brief History Of Bitcoin

Brief History Of Bitcoin
Bitcoins have been classed as the world's originally decentralized cash, and for as far back as ten years, they have become all the more notable and keep on developing in notoriety.

The following is a concise history of how the Bitcoin began and what has occurred since.

2007 - It was in 2007 that the idea of the Bitcoin started. It is accepted that it was begun by Satoshi Nakamoto, in spite of the fact that very little is thought about him, other than the reality he is on record as living in Japan. Truth be told, many conjecture this may very well be a pen name more than one individual. Albeit soon, this character totally evaporated from the world.

August 2008 An application for an encryption patent application was recorded by three people who denied having any association with the supposed originator of the Bitcoin idea. They were Neal Kin, Vladimir Oksman and Charles Bry.

Around the same time, they namelessly purchased and enlisted the space

October 2008 In October of 2008, only two months after the space was enlisted, a paper titled, 'Bitcoin: A Peer-to-Peer Electronic Cash System', was distributed on a cryptography mailing list, apparently composed by Satoshi Nakamoto.

The paper laid out the establishment of how the Bitcoin would really work, and takes care of the issue of cash being duplicated, which permitted Bitcoin to develop genuinely.

November 2008 A month after the white paper was distributed, the Bitcoin venture is enlisted on a network joint effort site, SourceForge, which centers around the improvement and circulation of open source programming.

January 2009 In mid 2009, the principal square, which was nicknamed 'Beginning' is propelled, which permitted the primary adaptation of Bitcoin to be discharged.

There was further hypothesis that Bitcoins were created by more than one individual, as it had been accumulated with Microsoft Visual Studio for Windows, yet needed order line interface. It was anticipated as of now that a Bitcoin age framework would make a sum of 21 million Bitcoins during that time 2040.

Later on, right now, first exchange occurred among Satoshi and Hal Finney, a designer and cryptographic lobbyist.

October 2009 In October, New Liberty Standard distributes a Bitcoin swapping scale. The worth was built up and they distributed a pace of a Bitcoin at 1USD = 1,309.03 BTC. This was chosen utilizing a condition that incorporated the expense of the power to run the PC that produced Bitcoins.

Later on this month, the #bitcoin-dev channel is enrolled on freenode IRC, which was a conversation arrange intended for nothing and open source advancement networks.

December 2009 In late 2009, the second form of the Bitcoin was created and discharged; anyway later on in the month, they acquired their first trouble increment.

February 2010 In mid 2010, the Bitcoin money trade was conceived, and the Market was built up by the now ancient organization dollar. Later on in the month, and 18 months after the application was documented, the encryption patent was distributed and endorsed.

May 2010 This month would end up being an achievement for Bitcoins, because of the way that the primary genuine exchange occurred. A software engineer named Laszlo Hanyecz, who lived in Florida pays 10,000 Bitcoins on a pizza, that was initially purchased from Papa Johns by a volunteer in England. The conversion scale at the time put the price tag for the pizza at 25USD.
Given the present swapping scale, today the pizza is esteemed at 1,961,034GBP.

July 2010 The third form of Bitcoin is created and discharged. Later on that month, there were an enormous number of new Bitcoin clients, on account of a notice of the new form on Slashdot.

During a multi day time of this current month, the trade estimation of Bitcoin expanded multiple times, from 0.0008USD/BTC to 0.080USD/BTC which the prompted Jed McCaleb building up a Bitcoin money trade showcase named MtGox.

August 2010 August 2010 end up being a sad month for the Bitcoin, and the framework was hacked. A defenselessness in the framework caused Bitcoins to be inappropriately checked, and accordingly abused, which brought about the age of 184 million Bitcoins. The made the worth drop radically.

September 2010 This was a bustling month for Bitcoins, as they attempted to recoup from the hacking the earlier month. An offer was made by jgarzik as 10,000BTC, which was proportionate to 650USD at that point, to open source their Windows-based CUDA customer. Later on that month, they took this offer and discharged the source, under the MIT permit.

October 2010 Bitcoins confronted a ton of investigation this month, when a between administrative gathering named The Financial Action Task Force gave a report on tax evasion, notice about the utilization of computerized monetary standards to fund fear based oppressor gatherings.

In spite of this report, the Bitcoin swapping scale, which had slowed down, started to climb once more. This came after the principal open adaptation of an OpenCL digger is discharged.
submitted by Bitcoin12investment to u/Bitcoin12investment [link] [comments]

Subreddit Stats: btc top posts from 2019-01-06 to 2020-01-05 11:19 PDT

Period: 363.85 days
Submissions Comments
Total 1000 86748
Rate (per day) 2.75 237.19
Unique Redditors 317 7747
Combined Score 194633 356658

Top Submitters' Top Submissions

  1. 31014 points, 162 submissions: Egon_1
    1. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... (515 points, 206 comments)
    2. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. Happy New Year. (502 points, 237 comments)
    3. "It’s official Burger King just accepted Bitcoin Cash and GoC token as a payment option in Slovenia." (423 points, 112 comments)
    4. "HOLY SATOSHI! 😱😱 I did it! A smart card that produces valid BitcoinCash signatures. Who would love to pay with a card—to a phone?? Tap took less than a second!👟..." (368 points, 105 comments)
    5. Chrome 'Has Become Surveillance Software. It's Time to Switch' -> Brave to support BCH! (330 points, 97 comments)
    6. Gavin Andresen (2017): "Running a network near 100% capacity is irresponsible engineering... " (316 points, 117 comments)
    7. "Evidently @github has banned all the Iranian users without an ability for them to download their repositories. A service like Github must be a public good and must not be controlled by a centralized entity. Another great example of why we as a society need to make web3 a reality" (314 points, 117 comments)
    8. Roger Ver: "Bitcoin Cash acceptance is coming to thousands of physical shops in Korea" (313 points, 120 comments)
    9. Paul Sztorc: “Will people really spend $70-$700 to open/modify a lightning channel when there's an Altcoin down the street which will process a (USD-denominated) payment for $0.05 ? Many people seem to think yes but honestly I just don't get it” (306 points, 225 comments)
    10. Food For Thought (303 points, 105 comments)
  2. 29021 points, 157 submissions: MemoryDealers
    1. Bitcoin Cash is Lightning Fast! (No editing needed) (436 points, 616 comments)
    2. Brains..... (423 points, 94 comments)
    3. Meanwhile in Hong Kong (409 points, 77 comments)
    4. Ross Ulbricht has served 6 years in federal prison. (382 points, 156 comments)
    5. Just another day at the Bitcoin Cash accepting super market in Slovenia. (369 points, 183 comments)
    6. Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers. (369 points, 207 comments)
    7. History Reminder: (354 points, 245 comments)
    8. It's more decentralized this way. (341 points, 177 comments)
    9. The new Bitcoin Cash wallet is so fast!!!!! (327 points, 197 comments)
    10. The IRS wants to subpoena Apple and Google to see if you have downloaded crypto currency apps. (324 points, 178 comments)
  3. 6909 points, 37 submissions: BitcoinXio
    1. Tim Pool on Twitter: “How the fuck are people justifying creating a world like the one's depicted in Fahrenheit 451 and 1984? You realize that censorship and banning information was a key aspect of the dystopian nightmare right?” (435 points, 75 comments)
    2. The creator of the now famous HODL meme says that the HODL term has been corrupted and doesn’t mean what he intended; also mentions that the purpose of Bitcoin is to spend it and that BTC has lost its value proposition. (394 points, 172 comments)
    3. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (302 points, 66 comments)
    4. Bitfinex caught paying a company to astroturf on social media including Reddit, Twitter, Medium and other platforms (285 points, 86 comments)
    5. WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
    6. Craig Wright seems to have rage quit Twitter (252 points, 172 comments)
    7. No surprise here: Samson Mow among other BTC maxi trolls harassed people to the point of breakdown (with rape threats, etc) (249 points, 85 comments)
    8. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (228 points, 102 comments)
    9. btc is being targeted and attacked, yet again (220 points, 172 comments)
    10. Brian Armstrong CEO of Coinbase using Bitcoin Cash (BCH) to pay for food, video in tweet (219 points, 66 comments)
  4. 6023 points, 34 submissions: money78
    1. BSV in a nutshell... (274 points, 60 comments)
    2. There is something going on with @Bitcoin twitter account: 1/ The URL of the white paper has been changed from into! 2/ @Bitcoin has unfollowed all other BCH related accounts. 3/ Most of the posts that refer to "bitcoin cash" have been deleted?!! Is it hacked again?! (269 points, 312 comments)
    3. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (262 points, 130 comments)
    4. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 170 comments)
    5. Jonathan Toomim: "BCH will not allow block sizes that are large enough to wreak havoc. We do our capacity engineering before lifting the capacity limits. BCH's limit is 32 MB, which the network can handle. BSV does not share this approach, and raises limits before improving actual capacity." (253 points, 255 comments)
    6. What Bitcoin Cash has accomplished so far 💪 (247 points, 55 comments)
    7. Which one is false advertising and misleading people?! or (232 points, 90 comments)
    8. A message from Lightning Labs: "Don't put more money on lightning than you're willing to lose!" (216 points, 118 comments)
    9. Silk Road’s Ross Ulbricht thanks Bitcoin Cash’s [BCH] Roger Ver for campaigning for his release (211 points, 29 comments)
    10. This account just donated more than $6600 worth of BCH via @tipprbot to multiple organizations! (205 points, 62 comments)
  5. 4514 points, 22 submissions: unstoppable-cash
    1. Reminder: bitcoin mods removed top post: "The rich don't need Bitcoin. The poor do" (436 points, 89 comments)
    2. Peter R. Rizun: "LN User walks into a bank, says "I need a loan..." (371 points, 152 comments)
    3. It was SO simple... Satoshi had the answer to prevent full-blocks back in 2010! (307 points, 150 comments)
    4. REMINDER: "Bitcoin isn't for people that live on less than $2/day" -Samson Mow, CSO of BlockStream (267 points, 98 comments)
    5. "F'g insane... waited 5 hrs and still not 1 confirmation. How does anyone use BTC over BCH BitcoinCash?" (258 points, 222 comments)
    6. Irony:"Ave person won't be running LN routing node" But CORE/BTC said big-blocks bad since everyone can't run their own node (256 points, 161 comments)
    7. BitPay: "The Wikimedia Foundation had been accepting Bitcoin for several years but recently switched pmt processors to BitPay so they can now accept Bitcoin Cash" (249 points, 61 comments)
    8. FreeTrader: "Decentralization is dependent on widespread usage..." (195 points, 57 comments)
    9. The FLIPPENING: Fiat->OPEN Peer-to-Peer Electronic Cash! Naomi Brockwell earning more via BitBacker than Patreon! (193 points, 12 comments)
    10. LN Commentary from a guy that knows a thing or 2 about Bitcoin (Gavin Andresen-LEAD developer after Satoshi left in 2010) (182 points, 80 comments)
  6. 3075 points, 13 submissions: BeijingBitcoins
    1. Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo! (410 points, 166 comments)
    2. used to accept Bitcoin payments but, like many other businesses, disabled the option. After some DMs with an admin there, I'm pleased to announce that they now accept Bitcoin Cash! (354 points, 62 comments)
    3. WSJ: Bitfinex Used Tether Reserves to Mask Missing $850 Million, Probe Finds (348 points, 191 comments)
    4. Bitcoiners: Then and Now [MEME CONTEST - details in comments] (323 points, 72 comments)
    5. I'd post this to /Bitcoin but they would just remove it right away (also I'm banned) (320 points, 124 comments)
    6. So this is happening at the big protest in Hong Kong right now (270 points, 45 comments)
    7. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (219 points, 110 comments)
    8. The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
    9. The Bitcoin whitepaper was published 11 years ago today. Check out this comic version of the whitepaper, one of the best "ELI5" explanations out there. (153 points, 12 comments)
    10. Two Years™ is the new 18 Months™ (142 points, 113 comments)
  7. 2899 points, 18 submissions: jessquit
    1. Oh, the horror! (271 points, 99 comments)
    2. A few days ago I caught flak for reposting a set of graphs that didn't have their x-axes correctly labeled or scaled. tvand13 made an updated graph with correct labeling and scaling. I am reposting it as I promised. I invite the viewer to draw their own conclusions. (214 points, 195 comments)
    3. Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
    4. Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
    5. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
    6. Nobody uses Bitcoin Cash (182 points, 88 comments)
    7. Double-spend proofs, SPV fraud proofs, and Cashfusion improvements all on the same day! 🏅 BCH PLS! 🏅 (165 points, 36 comments)
    8. [repost] a reminder on how btc and Bitcoin Cash came to be (150 points, 102 comments)
    9. Holy shit the entire "negative with gold" sub has become a shrine devoted to the guilded astroturfing going on in rbtc (144 points, 194 comments)
    10. This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
  8. 2839 points, 13 submissions: SwedishSalsa
    1. With Bitcoin, for the first time in modern history, we have a way to opt out. (356 points, 100 comments)
    2. In this age of rampant censorship and control, this is why I love Bitcoin. (347 points, 126 comments)
    3. The crypto expert (303 points, 29 comments)
    4. Satoshi reply to Mike Hearn, April 2009. Everybody, especially newcomers and r-bitcoin-readers should take a step back and read this. (284 points, 219 comments)
    5. Bitcoin Cash looking good lately. (235 points, 33 comments)
    6. Roger Ver bad (230 points, 61 comments)
    7. History of the BTC scaling debate (186 points, 54 comments)
    8. MFW i read Luke Jr wants to limit BTC blocks to 300k. (183 points, 116 comments)
    9. Meanwhile over at bitcoinsv... (163 points, 139 comments)
    10. Listen people... (155 points, 16 comments)
  9. 2204 points, 10 submissions: increaseblocks
    1. China bans Bitcoin again, and again, and again (426 points, 56 comments)
    2. China bans Bitcoin (again) (292 points, 35 comments)
    3. Bitcoin Cash Network has now been upgraded! (238 points, 67 comments)
    4. So you want small blocks with high fees to validate your own on chain transactions that happen OFF CHAIN? (212 points, 112 comments)
    5. It’s happening - BTC dev Luke jr writing code to Bitcoin BTC codebase to fork to lower the block size to 300kb! (204 points, 127 comments)
    6. Former BTC maximalist admits that maxi's lied cheated and stealed to get SegWit and Lightning (201 points, 135 comments)
    7. Just 18 more months to go! (172 points, 86 comments)
    8. Bitcoin Cash ring - F*CK BANKS (167 points, 51 comments)
    9. LTC Foundation chat leaked: no evidence of development, lack of transparency (155 points, 83 comments)
    10. A single person controls nearly half of all the Lightning Network’s capacity (137 points, 109 comments)
  10. 2138 points, 12 submissions: JonyRotten
    1. 'Craig Is a Liar' – Early Adopter Proves Ownership of Bitcoin Address Claimed by Craig Wright (309 points, 165 comments)
    2. 200,000 People Have Signed Ross Ulbricht's Clemency Petition (236 points, 102 comments)
    3. Street Artist Hides $1,000 in BTC Inside a Mural Depicting Paris Protests (236 points, 56 comments)
    4. Craig Wright Ordered to Produce a List of Early Bitcoin Addresses in Kleiman Lawsuit (189 points, 66 comments)
    5. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures (163 points, 24 comments)
    6. Ross Ulbricht Letter Questions the Wisdom of Imprisoning Non-Violent Offenders (160 points, 50 comments)
    7. Expert Witness in Satoshi Case Claims Dr Wright's Documents Were Doctored (155 points, 44 comments)
    8. California City Official Uses Bitcoin Cash to Purchase Cannabis (151 points, 36 comments)
    9. Money Transmitter License Not Required for Crypto Businesses in Pennsylvania (141 points, 9 comments)
    10. McAfee to Launch Decentralized Token Exchange With No Restrictions (137 points, 35 comments)

Top Commenters

  1. jessquit (16708 points, 2083 comments)
  2. Ant-n (7878 points, 1517 comments)
  3. MemoryDealers (7366 points, 360 comments)
  4. Egon_1 (6205 points, 1001 comments)
  5. 500239 (5745 points, 735 comments)
  6. BitcoinXio (4640 points, 311 comments)
  7. LovelyDay (4353 points, 457 comments)
  8. chainxor (4293 points, 505 comments)
  9. MobTwo (3420 points, 174 comments)
  10. ShadowOfHarbringer (3388 points, 478 comments)

Top Submissions

  1. The perfect crypto t-shirt by Korben (742 points, 68 comments)
  2. The future of Libra Coin by themadscientistt (722 points, 87 comments)
  3. when you become a crypto trader... by forberniesnow (675 points, 54 comments)
  4. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (637 points, 209 comments)
  5. Imagine if in 2000 Apple just sat around all day shit-talking Microsoft. Apple would have never gone anywhere. Apple succeeded because they learned from their mistakes, improved, and got better. BCH should do the same. by guyfawkesfp (552 points, 255 comments)
  6. Bitcoin made The Simpsons intro! Sorry for the potato quality by Johans_wilgat (521 points, 44 comments)
  7. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... by Egon_1 (515 points, 206 comments)
  8. Can't stop won't stop by Greentoboggan (514 points, 78 comments)
  9. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. Happy New Year. by Egon_1 (502 points, 237 comments)
  10. Blockchain? by unesgt (479 points, 103 comments)

Top Comments

  1. 211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
  2. 203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
  3. 179 points: Chris_Pacia's comment in The BSV chain has just experienced a 6-block reorg
  4. 163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
  5. 161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
  6. 156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻‍♂️
  7. 155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
  8. 151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
  9. 147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
  10. 147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

How is bitcoin going to fail?

I messed with bitcoin in 2010 after reading about it on slashdot. The last seven years has seen incredible growth in not only bitcoin but a whole ecosystem of blockchains, exchanges, and unique financial vehicles.
So temper my excitement.
How is this going to fail?
Can "the government" kill it? Will hackers destroy the trust in the network somehow? Quantum attacks on private keys?
Open war against bitcoin users?
Dimons remarks go farther than just denouncing bitcoin and crypto but hinted at powerful people not allowing this to continue.
Assuming trust is never threatened and the global communications network that allows bitcoin to function never fails, what else could kill bitcoin?
I feel like /bitcoinmarkets is more reasonable than other subs and less mired in ideology and I want to see why you think bitcoin will never reach the moon.
EDIT: One thing I also thought about...bitfinex. There is a cold wallet tagged as bitfinex that has over 190k bitcoins in it. On the exchange that appears to allow wash trading (I can't verify however given the fact that they are kicking us users out due to what I think is regulatory compliance issues, this does seem to be an elephant in the room) What happens to bitcoin if something really bad happens to bitfinex?
submitted by Soggy_Stargazer to BitcoinMarkets [link] [comments]

The Bitcoin Strikes Back

The Bitcoin Strikes Back submitted by genjix to Bitcoin [link] [comments]

21 months ago, Gavin Andresen published "A Scalability Roadmap", including sections called: "Increasing transaction volume", "Bigger Block Road Map", and "The Future Looks Bright". *This* was the Bitcoin we signed up for. It's time for us to take Bitcoin back from the strangle-hold of Blockstream.

A Scalability Roadmap
06 October 2014
by Gavin Andresen
Increasing transaction volume
I expect the initial block download problem to be mostly solved in the next relase or three of Bitcoin Core. The next scaling problem that needs to be tackled is the hardcoded 1-megabyte block size limit that means the network can suppor[t] only approximately 7-transactions-per-second.
Any change to the core consensus code means risk, so why risk it? Why not just keep Bitcoin Core the way it is, and live with seven transactions per second? “If it ain’t broke, don’t fix it.”
Back in 2010, after Bitcoin was mentioned on Slashdot for the first time and bitcoin prices started rising, Satoshi rolled out several quick-fix solutions to various denial-of-service attacks. One of those fixes was to drop the maximum block size from infinite to one megabyte (the practical limit before the change was 32 megabytes– the maximum size of a message in the p2p protocol). The intent has always been to raise that limit when transaction volume justified larger blocks.
“Argument from Authority” is a logical fallacy, so “Because Satoshi Said So” isn’t a valid reason. However, staying true to the original vision of Bitcoin is very important. That vision is what inspires people to invest their time, energy, and wealth in this new, risky technology.
I think the maximum block size must be increased for the same reason the limit of 21 million coins must NEVER be increased: because people were told that the system would scale up to handle lots of transactions, just as they were told that there will only ever be 21 million bitcoins.
We aren’t at a crisis point yet; the number of transactions per day has been flat for the last year (except for a spike during the price bubble around the beginning of the year). It is possible there are an increasing number of “off-blockchain” transactions happening, but I don’t think that is what is going on, because USD to BTC exchange volume shows the same pattern of transaction volume over the last year. The general pattern for both price and transaction volume has been periods of relative stability, followed by bubbles of interest that drive both price and transaction volume rapidly up. Then a crash down to a new level, lower than the peak but higher than the previous stable level.
My best guess is that we’ll run into the 1 megabyte block size limit during the next price bubble, and that is one of the reasons I’ve been spending time working on implementing floating transaction fees for Bitcoin Core. Most users would rather pay a few cents more in transaction fees rather than waiting hours or days (or never!) for their transactions to confirm because the network is running into the hard-coded blocksize limit.
Bigger Block Road Map
Matt Corallo has already implemented the first step to supporting larger blocks – faster relaying, to minimize the risk that a bigger block takes longer to propagate across the network than a smaller block. See the blog post I wrote in August for details.
There is already consensus that something needs to change to support more than seven transactions per second. Agreeing on exactly how to accomplish that goal is where people start to disagree – there are lots of possible solutions. Here is my current favorite:
Roll out a hard fork that increases the maximum block size, and implements a rule to increase that size over time, very similar to the rule that decreases the block reward over time.
Choose the initial maximum size so that a “Bitcoin hobbyist” can easily participate as a full node on the network. By “Bitcoin hobbyist” I mean somebody with a current, reasonably fast computer and Internet connection, running an up-to-date version of Bitcoin Core and willing to dedicate half their CPU power and bandwidth to Bitcoin.
And choose the increase to match the rate of growth of bandwidth over time: 50% per year for the last twenty years. Note that this is less than the approximately 60% per year growth in CPU power; bandwidth will be the limiting factor for transaction volume for the foreseeable future.
I believe this is the “simplest thing that could possibly work.” It is simple to implement correctly and is very close to the rules operating on the network today. Imposing a maximum size that is in the reach of any ordinary person with a pretty good computer and an average broadband internet connection eliminates barriers to entry that might result in centralization of the network.
Once the network allows larger-than-1-megabyte blocks, further network optimizations will be necessary. This is where Invertible Bloom Lookup Tables or (perhaps) other data synchronization algorithms will shine.
The Future Looks Bright
So some future Bitcoin enthusiast or professional sysadmin would download and run software that did the following to get up and running quickly:
  1. Connect to peers, just as is done today.
  2. Download headers for the best chain from its peers (tens of megabytes; will take at most a few minutes)
  3. Download enough full blocks to handle and reasonable blockchain re-organization (a few hundred should be plenty, which will take perhaps an hour).
  4. Ask a peer for the UTXO set, and check it against the commitment made in the blockchain.
From this point on, it is a fully-validating node. If disk space is scarce, it can delete old blocks from disk.
How far does this lead?
There is a clear path to scaling up the network to handle several thousand transactions per second (“Visa scale”). Getting there won’t be trivial, because writing solid, secure code takes time and because getting consensus is hard. Fortunately technological progress marches on, and Nielsen’s Law of Internet Bandwidth and Moore’s Law make scaling up easier as time passes.
The map gets fuzzy if we start thinking about how to scale faster than the 50%-per-increase-in-bandwidth-per-year of Nielsen’s Law. Some complicated scheme to avoid broadcasting every transaction to every node is probably possible to implement and make secure enough.
But 50% per year growth is really good. According to my rough back-of-the-envelope calculations, my above-average home Internet connection and above-average home computer could easily support 5,000 transactions per second today.
That works out to 400 million transactions per day. Pretty good; every person in the US could make one Bitcoin transaction per day and I’d still be able to keep up.
After 12 years of bandwidth growth that becomes 56 billion transactions per day on my home network connection — enough for every single person in the world to make five or six bitcoin transactions every single day. It is hard to imagine that not being enough; according the the Boston Federal Reserve, the average US consumer makes just over two payments per day.
So even if everybody in the world switched entirely from cash to Bitcoin in twenty years, broadcasting every transaction to every fully-validating node won’t be a problem.
submitted by ydtm to btc [link] [comments]

Sono tornato e voglio sapere tutto quello che è successo in mia assenza!

Buongiorno eccomi qui. Per anni ho avuto la fissa della tecnologia. Appena mi alzavo la mattina la prima cosa che facevo pipì. Ma poi correvo a leggere tutte le news che ruotavano intorno al mondo tecnologico e quindi: slashdot, techchrunch, punto-informatico ecc...
Poi nel 2011 ho perso completamente interesse, mi sembrava che il mondo con le app si fosse appiattito e che la tecnologia intorno al mondo IT fosse meno interessante, ma forse ero solo io che avevo bisogno di staccare la spina. Ora però voglio tornare, voglio di nuovo sapere tutto ciò che sta accadendo e che è accaduto negli anni passati.
Ho voglia però di essere aggiornato. Quali sono state secondo voi le tecnologie software/hardware, i servizi e le acquisizioni più importanti degli ultimi sei anni?
Aggiornerò questo post creando una timeline man mano che ognuno di voi fornirà informazioni attraverso i commenti.
submitted by ildormiglione to ItalyInformatica [link] [comments]

This will all end in tears.

Ideas are not harmless. Ideas can be destructive, regardless of whether they are right or wrong. New ideas run at risk of disturbing the homeostasis that evolved in the environment they contaminate.
I worry everyday about what we have created. Inventions can not be put back into the box they came from. As soon as we announce a new invention, we lose control over it. Worse, there is no guarantee that a new invention ends up benefiting humanity in the long run.
With the discovery of nuclear weapons we ensured that another great war would be the last one. With the discovery of heroin we ensured the death through addiction of millions. With Bitcoin, we have changed the natural laws that governed the global economy. This will inevitably trigger the largest social upheaval in modern history.
Governments know that technology is the most disruptive power in the world. The American government knew this was going to happen. The NSA came up with a theoretical implementation of Bitcoin in 1996. They knew. And they prepared themselves.
Today the US government is the owner of 144.336 Bitcoin, or one percent of the total current supply. Don't expect your government to let go of those coins. If the US government would ever see a need to purchase Bitcoin, it's own acquisition of new Bitcoin would inevitably trigger a rise in prices. This was the easiest way for your government to step into the game and preserve its own relevancy in the coming global economy.
The official narrative is that Bitcoin surged as a result of the stability found through the closure of Silk Road. The Chinese then stepped into the market and we ended up at 200 dollar a coin. The official narrative is a lie.
The sudden massive increase in volume on Chinese Bitcoin exchanges was completely unexplainable. There was no rise in client downloads in China. There was no rise in Bitcoin search volume on Baidu. There was no rise in Bitcoin visits on the Chinese Wikipedia. There was no Chinese bubble. You can all look this up for yourself, and you'll see that I'm right.
What happened is that the world's second largest superpower took an emergency response upon discovering that the world's largest superpower seized 1% of the global Bitcoin supply. The closure of Silk Road was never about drugs, it was about seizing Bitcoin without causing a price spike.
Who was capable of causing the April 2013 DDOS attacks that brought Mt Gox to its knees, triggering a price collapse? The US government owns a massive botnet.
The US government thinks about the long term. Their goal is to make the worldwide adaptation of Bitcoin as little disruptive as possible. They know what's going to happen and the chaos it will cause. We're only barely beginning to understand what we have unleashed.
As mentioned earlier, you have no power to stop the use of a technology. Mr. Nobel was horrified to see how dynamite was used, you will be horrified to see how Bitcoin will be used. You can't decide how Bitcoin will be used any more than Bram Cohen could decide what you will and won't get to download with Bittorrent. There is no "Stop" sign that Bitcoin has to obey. There is 32 trillion dollar worth of wealth hidden off shore to avoid paying taxes. This is sooner or later going to end up stored in Bitcoin.
People who own Bitcoin will see no need to pay taxes, thus leading to a rise in taxes for people who do pay taxes, thus leading to more people fleeing to Bitcoin. Eventually, this leads to a situation where all financial transactions are done in Bitcoin. Fiat currency is going to be worthless.
This is good news for you, but not for the rest of humanity. We are about to witness the largest transfer of wealth in human history. The victims will be those a few years from now who didn't invest and are forced to buy Bitcoin to pay for their groceries when the value of the dollar starts to take a nosedive.
How will your neighbor feel when his savings have become worthless and his bank won't let him withdraw the money? How will people in third world countries without access to Bitcoin feel? How will the people of the world feel about people becoming billionaires through sheer luck? Will those people use their power in a responsible manner?
You're going to feel thankful for every crash we've had, as every crash encouraged people with a large balance to divest and thereby lead to a more egalitarian distribution of Bitcoin. The problem is nonetheless unavoidable. There will be anonymous Bitcoin billionaires. There will be social and economic chaos.
I genuinely hope that I'm wrong and shake my head a few years from now. We can't count on such luck however. Think about what you're going to do. You successfully inverted the global economic order. Now you are at the steering wheel.
submitted by accountt1234 to Bitcoin [link] [comments]

Anonymity of Bitcoin

So i read this article recently and can't find a flaw in it's logic. Can some one help me shine some light on where this poster is wrong please.
"Bitcoin is the globalist tool of your financial enslavement
Let me preface my remarks by saying that I’m no expert on Bitcoin technology, but I do know bullsh*t when I smell it. So let me explain in a very simple way why Bitcoin and other digital currencies are globalist fronts. I’ll start by showing you the key elements of Bitcoin from the Simple English Wikipedia…
“Bitcoin is a digital and global money system (currency). It allows people to send or receive money across the internet, even to someone they don’t know or don’t trust. Money can be exchanged without being linked to a real identity. The mathematical field of cryptography is the basis for Bitcoin’s security…
One of the differences between using bitcoin and using regular money online is that bitcoin can be used without having to link any sort of real-world identity to it. Unless someone chooses to link their name to a bitcoin address, it is hard to tell who owns the address. Bitcoin does not keep track of users; it keeps track of addresses where the money is. Each address has two important pieces of cryptographic information, or keys: a public one and a private one…
Sites or users using the Bitcoin system are required to use a global database called the blockchain. The blockchain is a record of all transactions that have taken place in the Bitcoin network. It also keeps track of new bitcoins as they are generated. With these two facts, the blockchain is able to keep track of who has how much money at all times.”
So Bitcoin records EVERY TRANSACTION, which is something the Globalist Banksters have always wanted to do. But people think it doesn’t matter because they are supposedly protected by anonymity and encryption. THEY MOST DEFINITELY ARE NOT. Let’s recall what we learned about the Intel Management Engine in the 5-6 December mini-update…
The Intel Management Engine (ME), also known as the Manageability Engine, is an autonomous subsystem that has been incorporated in virtually all of Intel’s processor chipsets since 2008. The subsystem primarily consists of proprietary firmware running on a separate microprocessor that performs tasks during boot-up, while the computer is running, and while it is asleep. It continues to run when the system is turned off. Intel claims the ME is required to provide full performance. Its exact workings are largely undocumented and its code is obfuscated using confidential huffman tables stored directly in hardware, so the firmware does not contain the information necessary to decode its contents. Intel’s main competitor AMD has incorporated the equivalent technology Platform Security Processor (PSP) in virtually all of its post-2013 CPUs…
Critics like the Electronic Frontier Foundation (EFF) and security expert Damien Zammit accuse the ME of being a backdoor and a privacy concern. – from Wikipedia <<<
Matthew Garrett, the well-known Linux and security developer who works for Google, explained recently that, “Intel chipsets for some years have included a Management Engine [ME], a small microprocessor that runs independently of the main CPU and operating system. Various pieces of software run on the ME, ranging from code to handle media DRM to an implementation of a TPM. AMT [Active Management Technology] is another piece of software running on the ME.” […] At a presentation at Embedded Linux Conference Europe, Ronald Minnich, a Google software engineer reported that systems using Intel chips that have AMT, are running MINIX. So, what’s it doing in Intel chips? A lot. These processors are running a closed-source variation of the open-source MINIX 3. We don’t know exactly what version or how it’s been modified since we don’t have the source code. In addition, thanks to Minnich and his fellow researchers’ work, MINIX is running on three separate x86 cores on modern chips. There, it’s running: TCP/IP networking stacks (4 and 6), file systems, drivers (disk, net, USB, mouse), web servers. MINIX also has access to your passwords. It can also reimage your computer’s firmware even if it’s powered off. Let me repeat that. If your computer is “off” but still plugged in, MINIX can still potentially change your computer’s fundamental settings. And, for even more fun, it “can implement self-modifying code that can persist across power cycles.” So, if an exploit happens here, even if you unplug your server in one last desperate attempt to save it, the attack will still be there waiting for you when you plug it back in. How? MINIX can do all this because it runs at a fundamentally lower level. […] According to Minnich, “there are big giant holes that people can drive exploits through.” He continued, “Are you scared yet? If you’re not scared yet, maybe I didn’t explain it very well, because I sure am scared.” – from <<<
Since your encryption and passwords are handled at the operating system and software levels, these embedded “management/security” chips, which operate at a fundamentally lower level, have access to EVERYTHING on your computer, smartphone, etc. This includes your encryption keys. So when you put this processor-level access together with the blockchain database and forensic algorithms, it means that…
Globalist Big Data (GBD) knows exactly who owns each and every fraction of a Bitcoin. There is no such thing as anonymity. GBD knows both your public and private Bitcoin keys. There is no such thing as security. GBD can track every single Bitcoin transaction. There is no such thing as privacy. GBD can seize your Bitcoins whenever they want, and for whatever reason they wish. They can do this by setting up a “hack of your system” or through government action.
submitted by comrade_panther to Bitcoin [link] [comments]

Help a Rip Van Winkle out

I need some ELI25 on segwit2x, the conspiracy it represents, and exactly why bitpay's announcement has created such angst.
I've tried Google and I've tried here, but Google offers up old news and posters here are so closely following events that they are posting comments and links fraught with detailed knowledge of wtf is going on that someone like me, who has awakened from a years long slumber, can't make any sense of it.
I first heard about Bitcoin in the slashdot post in the summer of 2011. I immediately understood the beauty and started solo mining using my video card and doing lots of research. Within days that led me to switch to a mining pool.
I understood the algorithms better than most. I could explain what a merkle tree was in detail and follow the esoteric discussions about theoretical attacks.
I opened a MtGox account and wisely pulled my Bitcoin well before the end when I realized I couldn't pull any cash.
I bought an SLR camera with Bitcoin from Roger Ver and an ASIC miner that was delivered so late as to be useless. I even declared them on my taxes.
I stopped running a node. I moved my wallet files offline. I watched the price moves with some interest, but despite having a kraken account, I wasn't tempted to sell. I figured Bitcoin made sense and waiting would be the right move.
I'd occasionally read /bitcoin. I felt comfortable in my decisions and my understanding of the situation.
At current exchange levels, my Bitcoin is valued more than my savings. And, I have a few months of expenses in savings, so that puts me ahead of most. My Bitcoin is valued less than my 401k, which has a value typical or slightly less so for someone my age.
That comfort I've felt with my decision to continue sitting on my Bitcoin hasn't changed. However, that comfort I've felt that I understood what was being discussed in /Bitcoin is gone.
Can someone explain it or point me to a resource that does without the need for tons of prior assumptions? I'd love a detailed technical discussion instead of some simpler analogy, but I'll take either.
submitted by ljapa to Bitcoin [link] [comments]

Fedcoin is bad because its not always fungible

Was just reading on Slashdot: "Fedcoin: On the Desirability of a Government Cryptocurrency"
So I was thinking: Who wants their money in such a way that the government can just turn it off / blacklist it / deny its exchange back to USD, whenever the government doesn't like you or becomes corrupt?
Its crazy that we have something that already solves these problems. Its called Bitcoin.
submitted by luffintlimme to Bitcoin [link] [comments]

Ethereum Startup Vanishes After Seemingly Making $11, Leaves Message: 'Penis'

This is the best tl;dr I could make, original reduced by 15%. (I'm a bot)
CaptainDork shares a report from Motherboard: An Ethereum startup called Prodeum disappeared from the web on Sunday after raising a grand total of $11 USD from investors in a crowdsale.
Shortly after the website disappeared, a message appeared on its homepage: "Penis." Prodeum's website now redirects visitors to the Twitter account of a cryptocurrency trader, and its Twitter account has been deactivated.
Prodeum is at least the second Ethereum startup to pull up stakes after raising money from people in events called Initial Coin Offerings, or ICOs, in which a startup funds their enterprise by taking cryptocurrency from people in exchange for digital tokens.
Some ICOs have managed to raise millions of dollars, and the last startup to vanish after conducting an ICO - Confido, which disappeared from the internet in late 2017 - made off with roughly $374,000.
Prodeum, by comparison, only seems to have raised $11 based on the Ethereum address that was advertised on Prodeum's site as being the ICO address.
Prodeum's pitch, according to a cached version of its webpage, was to track vegetables in a supply chain using digital addresses on a blockchain - a decentralized ledger at the heart of Ethereum and other cryptocurrencies like Bitcoin.
Summary Source | FAQ | Feedback | Top keywords: Prodeum#1 startup#2 ICO#3 Ethereum#4 raised#5
Post found in /technology.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

All known Bitfinex Lawsuit Information

Lawsuit filed 4/05/2017:
Notable Documents Dump:
Email Chain between Bitfinex and Wells Fargo Lawyers:
Withdrawal delays known at least since 03/23/2017:
No official announcement on Bitfinex website as of 4/12/2017
First court hearing is 04/25/2017 at 10:00 AM
submitted by AtlasRand1 to bitfinexinsolvency [link] [comments]

How Bitcoin could become its antithesis (an open letter)

x-post from Bitcoin Forum:
First off let me say right away that I’m a newbie. I’ve known about Bitcoin for a few years, and have been watching from afar, but only recently decided to immerse myself in the technical details — and equally important, the culture. I stayed away out of a suspicion that one of Bitcoin’s main claimed virtues (privacy) was oversold, and because I knew that it would hard for me to get into Bitcoin in a casual way.
What I’ve found so far is a an environment that’s far more complex and captivating then I’d imagined. It could help liberate the world from the chains of fait currency and the banking establishment, but it could also become a powerful tool for statist control. I’m sure this latter possibility is inconceivable to many within the space, but it would’t be the first time a vehicle of liberation spun around 180 degrees.
From what I can tell, the early adopters of Bitcoin skewed heavily libertarian, anarcho-capitalist, Rothbardian. As use of Bitcoin spreads to the general public, the culture surrounding it changes, becomes more mainstream. There’s a long history of online communities which, over time, became hostile to the original crowd and their laissez-faire ideals. Slashdot, Wired, Reddit. You can see the transition happening right now in the comments section at Zerohedge.
The reaction to the fall of MtGox shows that many Bitcoiners are now muggles (or matrix dwellers, if you prefer). These new users were raised on an intellectual diet of “market failure” and “much needed government regulation.” Their first instinct when things go wrong is to look for government to fix it. They’re comfortable with filing requirements, identity verification, withdrawal limits. They’re shocked to find out the BTC exchanges don’t have deposit insurance.
Here we get to an essential weakness of the protocol, at least so far as how it compares to the promised benefits. As a pseudonymous currency with a full public ledger of transactions, the privacy of everyone depends on the privacy of everyone else. Every single input and output from the real world to Bitcoin (every wire transfer you send to an exchange, every purchase of items shipped to your home), is a potential crack in the veil of privacy not just for you, but for everyone else.
I can see that developers are working on interesting technologies, like CoinJoin, which could be baked into the the protocol to enhance privacy. But right now, securing your privacy within Bitcoin requires additional, complicated steps (using tumblers, creating a new address for each transaction). The lessons from PGP email could not be more clear: if it’s a hassle, the vast majority of users won’t do it, which means that users of these privacy measures will be the ones who really need it. But because the defining feature of our new age is data interconnectivity, true privacy in can only come from increasing the amount of noise in the system, not decreasing the amount of signal. When the privacy of the network as a whole depends on individual users taking steps that make their lives more complicated, this privacy won’t survive.
Even if changes to the protocol make tracking harder by default, political changes could allow governments to view a nearly complete record of every BTC purchase and movement of funds. What’s going to happen if the IRS adds an addendum to the FBAR that requires you to list all of your public keys? What will happen when thousands of law-abiding citizens report their capital gains (and losses) from Bitcoin on their returns?
If your Bitcoin profits are turned into fiat and taxed to support the continued bailout of Wall Street, then nothing’s really changed. Bitcoin trading becomes one more acceptable way for people to make money that can be funneled back to the state and its favored groups.
Meanwhile, Bitcoin’s virtues compared to dealing with credit cards, in terms of lower transaction costs and reduced counter-party risk, could speed adoption among merchants, which in turn generates more data to connect buyers and sellers with public BTC addresses.
Volatility, transaction malleability, exchanges gone bad… to me these seem like minor issues, taking the long view. They’re not why I’m still looking in from the outside, without a single satoshi to my name. These aren’t the reasons I decided to write this open letter to the Bitcoin developers and community at large.
I’m writing this because I’m worried that Bitcoin could become a far greater threat to fiscal independence than anything that’s come before. The history of the United States itself should serve as a warning. What began with a constitution to strictly restrain the government’s role, and a Bill of Rights as safeguard, is now a leviathan with effectively unlimited power. The massive economic surplus, fostered by the country’s laissez-faire roots, is now used to fund the largest welfare-warfare state the world has ever known.
submitted by dacdan to Bitcoin [link] [comments]

Somehow a relevant read about Bitcoin, to have right now.

This is the best tl;dr I could make, original reduced by 79%. (I'm a bot) examines past bitcoin bubbles and explores when the next one could be.
The first bitcoin price spike occurred on July 12, 2010, on the first bitcoin exchange, "The Bitcoin Market" after an article about Bitcoin Version 0.3 appeared the day before on a popular news site, Slashdot.
With a flood of new bitcoin users, the exchange's bitcoin price jumped tenfold, from $0.008/BTC to $0.080/BTC over the five days period.
The following day, a new version of bitcoin, Bitcoin Version 0.8 was released and soon the Internet Archive started accepting bitcoin.
This drove the price of bitcoin above $30 and took bitcoin market cap to a new high of $1 billion.
While speculative in nature, he provided compelling and detailed arguments, comparing bitcoin price charts to the Gartner Hype Cycle, the S-curve, and Fractal mathematics.
Summary Source | FAQ | Feedback | Top keywords: bitcoin#1 price#2 bubble#3 new#4 spike#5
Post found in /Bitcoin, /Bitcoin, /CryptoCurrency, /btc, /Bitcoin and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

TIL that May 22, 2010 someone paid 10.000 bitcoin for a pizza, which is now worth more than 17 million dollars

This is an automatic summary, original reduced by 82%.
February 6 Bitcoin Market established May 22 laszlo first to buy pizza with Bitcoins agreeing upon paying 10,000 BTC for ~$25 worth of pizza courtesy of jercos July 7 Bitcoin v0.3 released July 11 Bitcoin v0.3 release mentioned on slashdot , bringing a large influx of new bitcoin users.
September 18 puddinpop released source to their windows-based CUDA client under MIT license September 29 kermit discovered a microtransactions exploit which precipitated the Bitcoin v0.3.13 release October 01 First public OpenCL miner released October 04 Original Bitcoin History wiki page established on's wiki.
December 16 Bitcoin Pooled Mining, operated by slush, found its first block January 2 Tonal Bitcoin units standardized.
March 31 The first market for exchanging bitcoins to and from Brazilian Reals, Bitcoin Brazil, opens.
July 19 "Let it go on record that at 4:05pm CET , my manager Tadek was the first person in the world to receive [testnet] Bitcoins via NFC ;)" - Mike Hearn July 22 BitCoins Mobile, the first Bitcoin application for iPad was released by Intervex Digital.
August 20 First Bitcoin Conference and World Expo held, in NYC. August 23 P2Pool, the first P2P decentralized pool, mines its first Bitcoin mainnet block.
Summary Source | FAQ | Theory | Feedback | Top five keywords: Bitcoin#1 first#2 exchange#3 MtGox#4 block#5
Post found in /todayilearned.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Newsdumps issue 2 (text)

News dumps issues 2#

Date: 14/10/2016
Welcome to newsdumps issue 2 All the links is dump into one text file
Movie of the week:French Connection
SJW section
technology section
Gaming Section
local London news
SJW Section :
 Feminist film-maker criticised for making 'balanced' men's rights documentary
 CNN Caught on Tape telling "unbiased" debate watchers what answers to give
Woman screams at Reporter to leave because he is a "fucking white male". Isn't it sad that this considered fairly normal now
 Female Cop Was Afraid to Pull Gun in Fear of Backlash. She Staggered Away Nearly Beaten to Death... thanks blm thanks for screwing everything 
 Chris Kluwe-less(blacklist from the nfl), whose locker room talk included jokes about Penn State rape victims & about fellow player raping underage girls but didn't report) lectures Trump on how nicer "real" locker room talk
 Man on tram labelled 'sexual predator' by viral feminist witch hunt is actually just a harmless autistic guy who wants a high-five
 In light of Trump and Faraci, this is more relevant than ever: Unapologetic NeoGAF owner EviLore sexually assaults a woman in 2012, defends his actions, bans dissenting Gaffers, threatens anyone else who dares bring it up
 reddit world news is cernsoring hate speech
 milo wants to buy 4chan
Black Lives Matter’ Protesters Block Bridge, Delay Child’s Medical Emergency
 Canadian Students Demand Censure of ‘Bigoted’ Professor Who Refuses to Use ‘Correct Gender Pronouns’
*Thursday *
 People Are Upset Bob Dylan, Another White Man, Won Nobel Prize for Literature
 CUNY Prof Accused of Sexual Harassment Because His Syllabus Says Effort Is 10% of Grade
 6 Ways The Fight For Trans Rights Is Civil Rights Repeating
 Black-owned Portland cupcake shop accused of racism
 YouTube censoring videos from conservative group
 Popular YouTuber Casey Neistat Wants His Viewers to Harass Other YouTubers That Aren’t With Hillary

technology section

 LinkedIn now lets you look for work without your boss finding out
 T-mobile wants to recall sumsung s7 note
 In the UK, running a blog over HTTPS is an act of terrorism, says Scotland Yard
 Google Releases an open source font that supports 800 languages
 Biz Stone: How Jelly Integrates A.I. Into Its Search
 elon musk open ai is using reddit
Sumsunng Stops s7
Yahoo turned off emails
Scum centers has been raided IRS
Sumsung tells users turn off your phones
google problem
Future of Java
Sumsung profits is slashed
World's Largest Solar Project Would Generate Electricity 24 Hours a Day, Power 1 Million U.S. Homes
Samsung will credit you with $100 if you exchange your Note7 for another Samsung phone
NL Parliament makes open standards mandatory
 DARPA may borrow blockchain tech from Bitcoin to secure military networks
 Hyperloop One and Dubai Future Accelerators will build the first ‘hyperloop for cargo’
 Windows 10’s next major update to debut in March
Google's memory-boosted AI could help you navigate the subway
Facebook Pays Indian Hackers The Most For Its Bug Bounty Program
 IBM, Google, others to unveil new open interface to take on Intel

Gaming Section

 Star Citizen's single player campaign will miss 2016 launch date
 WTF Activision explains why Call of Duty: Infinite Warfare will need 130 GB
 Mafia 3 comes with Patch
 Despite what Sony says, the PlayStation 4 Pro cannot compete with PC
 Shadow Warror Gameplay
 'League of Legends' pro suspended and fined $2K for racist language
 Valve shows off new VR controller prototypes
Hitman news
PlayStation VR Works On PC Afterall, Along With Other Consoles
 Looks like xbox is coming up
 Theme Park GETS VR

Local London News

 Man find hundreds for dumping waste near Wanstead Flats
 Chigwell businessman jailed for £4.75m VAT fraud
 Google expedition takes Snaresbrook pupils on trip around the world
 Gentrification Gentrification Gentrification Gentrification Gentrification has hit ilford as of late
 Stephen Port murder trial: Man 'awoke sore and naked' at flat
 clowns has hit university campus in the uk
 ‘Drugged-up, urinating youths’ are tarnishing Woodford Green estate, says councillor
 Police siege in Woodford Green as man barricades himself on roof of flats
 The clown Problem takes place in Brunel University
 Motorbike crash in Wanstead causes congestion on A12
 23 things you only know if you grew up in Redbridge
 Harimbe Brother is going to his brother Finueral
 Hainault Business Park sends warning to would-be burglars at SmartWater launch
submitted by pi3dpip3r to Newsdumps [link] [comments]

I am here to tell you why we are at the top of the current price rise, and why not to worry about it

Bitcoin adoption works in waves.
A group of people is introduced to it, and the price is affected by this.
The very first wave occurred at the very beginning when Satoshi introduced the very first people to Bitcoin. This is when the value of a Bitcoin changed for 0 to "something". Nobody knew how much a bitcoin was worth at that point, and there were no exchanges.
The next wave is when people outside of that little group started to find out about Bitcoin. At this point there was still no set value for Bitcoin, but it was certainly worth more than before.
The third wave is when the next generation of people is introduced, at this point we have people exchanging Bitcoins for pizza, and the first exchanges are established. Now a price is put onto the Bitcoin, and it is less than $1.
The fourth wave occurs when the media first finds out about Bitcoin. It appears on sites like slashdot which introduces a whole lot of new people, the price goes up and new services start to get introduced.
It is the fifth wave in which the 2011 bubble occurs. Several factors are at play here, one of which being the hacker collective lulzsec who mention Bitcoin while being in the media spotlight. There is now a huge demand for Bitcoin, but several thefts and hack attacks occur in quick succession and the price crumbles as people lose faith. At this point a large amount of people leave Bitcoin thinking that it was a failure.
The sixth wave is highlighted by Bitcoins Savings & Trust and the pirate passthroughs which led to the rise and fall of GLBSE. The price goes up and then tumbles down.
We are at the seventh wave. Some big names have started accepting Bitcoin, and there is also the coinlab deal.
Now for the kicker. After every crash people will leave Bitcoin. But, when something interesting comes up, like a impending price rise they are ready to jump back in and know exactly how to use the exchanges. The result of this is the price shoots up from the newbies and also the people that are coming back from the previous crash.
My point is this: The price is going to drop very soon. But it doesn't matter because it will rise well beyond it in a months.
submitted by bitcoin_pro to Bitcoin [link] [comments]

Subreddit Stats: techsnap submissions from 2012-01-18 21:39 PDT to 2012-02-17 15:13 PDT

Submissions % Comments %
Total 279 179
Unique Redditors 68 69
Upvotes 1833 89% 241 94%
Downvotes 211 11% 15 6%

Top Submitters' Top Submissions

  1. 487 pts, 110 submissions: metalfreak
    1. You Will Never Kill Piracy, and Piracy Will Never Kill You (15 pts, 4 comments)
    2. Valve: hackers may have gained access to Steam transactions (15 pts, 0 comments)
    3. Central Europe Countries Continue to Oppose ACTA (14 pts, 0 comments)
    4. State of New Hampshire votes for open source (12 pts, 1 comments)
    5. Dutch ISPs Refuse To Block The Pirate Bay (11 pts, 2 comments)
    6. Backdoor in TRENDnet IP cameras (11 pts, 0 comments)
    7. Chinese hackers had free rein at Nortel (11 pts, 0 comments)
  2. 140 pts, 17 submissions: ChrisLAS
    1. What Piracy? The Entertainment Industry is BOOMING! (17 pts, 2 comments)
    2. SOPA sponsor has another Internet bill that records you 24/7 (15 pts, 4 comments)
    3. Microsoft Store hacked in India, passwords stored in plain text (14 pts, 1 comments)
    4. Anonymous Just Deleted and Took Down Universal 1/23/12 (13 pts, 1 comments)
    5. A Copyright Quickie: Canada Is About To Pass Sopa’s Evil Little Brother. Politely. (13 pts, 2 comments)
    6. Anonymous: "A New Era Has Come" (12 pts, 0 comments)
    7. The EU signs up to ACTA (9 pts, 1 comments)
  3. 80 pts, 11 submissions: Gooberslot
    1. Internet crackdown in Iran continues, but Tor users are all back online (11 pts, 0 comments)
    2. Canadian Politician: You're Either In Favor Of Letting The Gov't Spy On Your Internet Usage... Or You're For Child Pornography (10 pts, 0 comments)
    3. Police: download a file, go to jail for 10 years and pay an "unlimited" fine (9 pts, 0 comments)
    4. From encryption to darknets: As governments snoop, activists fight back (9 pts, 1 comments)
    5. As Anonymous protests, Internet drowns in inaccurate anti-ACTA arguments (8 pts, 0 comments)
    6. Son of ACTA: meet TPP (8 pts, 0 comments)
    7. Crypto crack makes satellite phones vulnerable to eavesdropping (6 pts, 0 comments)
  4. 71 pts, 11 submissions: fgordon
    1. EU ACTA Chief Resigns (22 pts, 0 comments)
    2. Acta: Germany delays signing anti-piracy agreement (9 pts, 0 comments)
    3. Tor Tests Undetectably Encrypted Connections In Iran (8 pts, 0 comments)
    4. Massive Street Protests Wage War On ACTA Anti-Piracy Treaty (8 pts, 0 comments)
    5. The Pirate Bay Moves to .SE Domain To Prevent Domain Seizure (7 pts, 0 comments)
    6. The Target Isn’t Hollywood, MPAA, RIAA, Or MAFIAA: It’s The Policymakers (5 pts, 0 comments)
    7. Pirate Bay Verdict SignalsThreat Of Huge New Anti-Piracy Campaign (4 pts, 0 comments)
  5. 64 pts, 6 submissions: madmaze
    1. SOPA didnt need to pass - US Govn't takes down for user generated content (21 pts, 4 comments)
    2. Spark Tablet pre-order registration is open! (21 pts, 0 comments)
    3. Cracking WPA on the cloud.. now as a service (13 pts, 0 comments)
    4. Google Public DNS - 70 Billion requests per day (4 pts, 0 comments)
    5. TradeHill shutting down - Major Bitcoin exchange shuts down, blaming regulation and loss of funds (4 pts, 0 comments)
    6. x-post from /sopa: This is Why I Oppose the MPAA : SOPA (1 pts, 0 comments)

Top Commenters

  1. metalfreak (26 pts, 22 comments)
  2. Gooberslot (16 pts, 12 comments)
  3. jdmulloy (11 pts, 8 comments)
  4. ChrisLAS (9 pts, 5 comments)
  5. techsnapp (8 pts, 7 comments)
  6. l4than-d3vers (7 pts, 6 comments)
  7. ShaneQful (7 pts, 5 comments)
  8. wakizaki (6 pts, 6 comments)
  9. bzzzzbzzzfwoomlights (6 pts, 5 comments)
  10. Trolly_Pole (6 pts, 4 comments)

Top Submissions

  1. You guys are awesome. by CableHermit (25 pts, 4 comments)
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submitted by aagavin to techsnap [link] [comments]

Code Valley | A silver bullet for software and killer app for Bitcoin? Only the market can decide.

At present, there is no true way to earn bitcoin that doesn't have some hidden (and often instantaneous) bitcoin-fiat conversion occurring behind the scenes. You pay your contractor in bitcoin, they exchange it for fiat. But what if your contractor's expenses were all paid in bitcoin? And that contractor had other contractors who only dealt with bitcoin? A closed-loop environment such as this is just what we are intending to bring to bitcoin (whilst only lightly loading the blockchain).
Code Valley technology is an entirely new method of developing software; one that doesn't require small groups of developers, but is instead capable of harnessing the expertise of thousands of developers to build a single software program. Software programs are built in minutes by this 'supply-chain' of software developers who all transact exclusively using bitcoin. In the supply-chain, one spends bitcoin to deliver their expertise (which is an amalgamation of others' expertise), and is also paid in bitcoin for that expertise (with a tidy little profit margin in between, of course!).
There is no denying that we are making some provocative statements (and have received responses in kind), but we hope that you can put your initial incredulity and pre-judgement aside before making your assessment of this technology. Feel free to have a read through the documentation on our site, which is continuously updated based on (welcome) feedback from the community.
We are proposing a decentralised marketplace for software expertise. There is only one logical monetisation scheme that can match such an ambitious proposal; bitcoin.
Welcome to the design-domain.
submitted by jlovisa to Bitcoin [link] [comments]

BITCOIN HACKING - YouTube Bitcoin hack Bitcoin mining software - YouTube Bitcoin Hack Private key on PC 2020 - YouTube Fast Bitcoin miner How to download and start mining Bitcoin Hack 30 BTC Free Bitcoin Mining Blockchain Script Hack Giveaway

David Marcus, the head of Facebook's cryptocurrency projects, says that Bitcoin is digital gold, but it's not a good currency for transactions.From a report: "I don't think of Bitcoin as a currency. It's actually not a great medium of exchange because of its volatility," Marcus said speaking at the New York Times DealBook Conference in New York. Bitcoin_exchange writes: Coinbase Pro is a genuine cryptographic cash trading stage guaranteed and worked by Coinbase, Inc.It was dispatched in the year 2015 as GDAX, Based in San Francisco, Coinbase has in excess of 20 million customers that have traded over $150bn since the exchange opened its entrances. Check out all of SourceForge’s improvements. Follow Slashdot on LinkedIn × Bitcoin Exchange Bitfinex Says It Was Hacked, Roughly $60M Stolen ( 117. Posted by BeauHD on Tuesday August 02, 2016 @08:10PM from the security-breach dept. An anonymous reader quotes a report from Reuters: Hong Kong-based digital currency exchange Bitfinex said late on Tuesday it has suspended trading ... An anonymous reader quotes a report from The Guardian: The amount of energy required to "mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended. An anonymous reader writes in with this story about some questionable numbers reported from bitcoin exchange OKCoin. "Top Chinese bitcoin exchange OKCoin has been accused of publishing fake trading data, artificially inflating the number of currency transactions it is handling.Once China's second-largest bitcoin exchange, OKCoin is claimed to have published unrealistically high trading volumes ...

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