The investor group Sunlot has succeeded with their plan of keeping Mt.Gox running while reimbursing former losses through trade profits. The investors are mainly based in the US and Cananda.
It is Sunlots stated goal to immediately re-distribute the remaining assets among the 127,000 affected customers. The the about 50.000 customers who had significant losses, around 200 million dollars acording to Sunlot, the company offers shares and dividends of future revenue. (Source)
The Bitcoin exchange rate takes the good news with a little rise and international news about Bitcoin ventures do not stop. From ATM's over mobile solutions to the spread of acceptance - Bitcoin is still having a great response from the public.
If you want some too, join us at the Coin-inc Bitcoin Surfbar and collect some free Bitcoin.
See you soon forum!
Tim
Wednesday, April 30, 2014
Thursday, April 24, 2014
Mt.Gox bankruptcy liquidation going ahead, trustee's pledge for patience
Hi forum!
A Tokyo court has ordered the liquidation of Mt.Gox to proceed against the wishes of former investors who made a last-minute effort in April to take over Mt.Gox and pay it's debts from future trade-profits.
According to the bankruptcy administrator, attorney Nobuaki Kobayashi, an investigation into Mark Karpales role and liability regarding the missing funds is also part of the liquidation process.
On July 23rd. a creditors meeting is said to take place according to officially released documents. And further notices are said to be published on the Mt.Gox website. (Source)
It seems at least closure is around the corner. Even though the whole story is still good for surprises.
Stay with us as we follow the news!
As always, when the exchange rate drops, payout rates rise in our Bitcoin surfbar ;-)
Collect now and profit big when the price rises again.
See you soon forum!
Regards,
Tim
A Tokyo court has ordered the liquidation of Mt.Gox to proceed against the wishes of former investors who made a last-minute effort in April to take over Mt.Gox and pay it's debts from future trade-profits.
According to the bankruptcy administrator, attorney Nobuaki Kobayashi, an investigation into Mark Karpales role and liability regarding the missing funds is also part of the liquidation process.
On July 23rd. a creditors meeting is said to take place according to officially released documents. And further notices are said to be published on the Mt.Gox website. (Source)
It seems at least closure is around the corner. Even though the whole story is still good for surprises.
Stay with us as we follow the news!
As always, when the exchange rate drops, payout rates rise in our Bitcoin surfbar ;-)
Collect now and profit big when the price rises again.
See you soon forum!
Regards,
Tim
Sunday, April 20, 2014
Mt.Gox Userbase tries to rescue the exchange, Banks try use the situation lobbying for regulations on Bitcoin
Hi dear forum!
I hope you are well and not too affected by the roller-coaster which is the Bitcoin story at present.
Shortly after Mt.Gox declared bankruptcy, 200.000 Bitcoin were re-discovered in an old wallet..., and Mark Karpeles the french former CEO of Mt.Gox has refused to attend any hearings in the US fearing his arrest should he show up. A about 13 years ago this would have looked awfully like an attempt to wiggle out after cheating users of their cash.
Thirteen years change a lot. Thirteen years changed our trust into Capitalism into healthy mistrust, changed our savings amounts to being worth less than before, and they have certainly changed human relations.
I am not informed about particular areas where you might live, yet in general it becomes really hard for people to organize basics such as a roof above the head, food and care for your family and maybe even a car. If you have been in the unfortunate position to owe money to an organization or bank, everyday life may become somewhat a chore.
The Stigmata attached to the problem are almost worse. Have you ever looked at a homeless person thinking: "Bloody banks f*cked him/her up good..."?
Probably not.
Yet millions of people loose their house while a few fat social parasites get bonuses for bowing deep enough when asking for governmental bailout. Which was paid from your money, be sure.
What a blessing it would be, if some people remembered their rights and asked their elected leaders on how they intend to rectify this wrongful flow of unreasoned funds?
To big to fail... what is this? And when is the number of individuals to big to fail? A handful of banks deserves to be saved, yet millions of us sit back and enjoy the show.
Now, after these 13 years, the whole Mt.Gox story seems either like an orchestrated attack with masterplan against Mt.Gox, a shady story with dark patches and maybe internal intrigue, the not so intelligent attempt of a few to line their pockets or even the possibility i described at the beginning. It just does not seem so likely anymore...
It does not look like the Mt.Gox is going to end soon, yet it is unlikely to spawn a battle as with Kim Schmitz. Yet the latter has several charges against him in the US and still roams free.
In the meantime banks try surfing on the wave of grief over lost funds while pushing legislation for regulation on Bitcoin. Probably aiming on giving them the control over the trade into fiat currency which would make anonymity again a plaything of the rich and powerful.
There are words for people who protect what would like to have and not only what they own: Despot, Tyrant, Thief, Warmonger, Murderer.
The state of New York has already drafted a bill on Bitcoin regulation as they proudly pronounced when the rest of the financial world murmured such a plan. How handy...
Ah... banks... always on the lookout for other peoples money.
In case this sounds like a depressing start into the week - Lighten up! It can only get better.
If not, at least you learn how it feels if you want to topple your gov.
Free money - no such thing. Yet i can offer you free Bitcoin! Visit our Bitcoin surfbar and collect free Bitcoin 24/7. With little effort you will gain thousands of dollars worth of pocket money.
Back soon with more news!
See you soon forum.
Regards, Tim
I hope you are well and not too affected by the roller-coaster which is the Bitcoin story at present.
Shortly after Mt.Gox declared bankruptcy, 200.000 Bitcoin were re-discovered in an old wallet..., and Mark Karpeles the french former CEO of Mt.Gox has refused to attend any hearings in the US fearing his arrest should he show up. A about 13 years ago this would have looked awfully like an attempt to wiggle out after cheating users of their cash.
Thirteen years change a lot. Thirteen years changed our trust into Capitalism into healthy mistrust, changed our savings amounts to being worth less than before, and they have certainly changed human relations.
I am not informed about particular areas where you might live, yet in general it becomes really hard for people to organize basics such as a roof above the head, food and care for your family and maybe even a car. If you have been in the unfortunate position to owe money to an organization or bank, everyday life may become somewhat a chore.
The Stigmata attached to the problem are almost worse. Have you ever looked at a homeless person thinking: "Bloody banks f*cked him/her up good..."?
Probably not.
Yet millions of people loose their house while a few fat social parasites get bonuses for bowing deep enough when asking for governmental bailout. Which was paid from your money, be sure.
What a blessing it would be, if some people remembered their rights and asked their elected leaders on how they intend to rectify this wrongful flow of unreasoned funds?
To big to fail... what is this? And when is the number of individuals to big to fail? A handful of banks deserves to be saved, yet millions of us sit back and enjoy the show.
Now, after these 13 years, the whole Mt.Gox story seems either like an orchestrated attack with masterplan against Mt.Gox, a shady story with dark patches and maybe internal intrigue, the not so intelligent attempt of a few to line their pockets or even the possibility i described at the beginning. It just does not seem so likely anymore...
It does not look like the Mt.Gox is going to end soon, yet it is unlikely to spawn a battle as with Kim Schmitz. Yet the latter has several charges against him in the US and still roams free.
In the meantime banks try surfing on the wave of grief over lost funds while pushing legislation for regulation on Bitcoin. Probably aiming on giving them the control over the trade into fiat currency which would make anonymity again a plaything of the rich and powerful.
There are words for people who protect what would like to have and not only what they own: Despot, Tyrant, Thief, Warmonger, Murderer.
The state of New York has already drafted a bill on Bitcoin regulation as they proudly pronounced when the rest of the financial world murmured such a plan. How handy...
Ah... banks... always on the lookout for other peoples money.
In case this sounds like a depressing start into the week - Lighten up! It can only get better.
If not, at least you learn how it feels if you want to topple your gov.
Free money - no such thing. Yet i can offer you free Bitcoin! Visit our Bitcoin surfbar and collect free Bitcoin 24/7. With little effort you will gain thousands of dollars worth of pocket money.
Back soon with more news!
See you soon forum.
Regards, Tim
Saturday, April 5, 2014
Bitcoin standing tall after recent scandals - community as busy as ever
Hello dear forum!
Bitcoin took a serious dive since the Christmas days last year. From 1200$ to now about 450$. But here's the thing. It's still 450$US in exchange! The exchange rate is now oscillating between 420 and 500 dollars but it very much looks like the descent is pretty much over.
We're happy to see that most businesses accepting Bitcoin are still in business and wish the community all the best. We too had to remove some unfortunate faucets from our surfbar but coin-inc.com still features a total of 84 active faucets for you. Free Bitcoin non-stop. If you have not checked it out yet, it's time to take a look.
Be smart and collect Bitcoin now while you get a lot, then spend it when the rates go up again. I can tell from experience that this is very gratifying ;-)
International Bitcoin go on as we speak but no new law on the way yet (at least not at the time of writing).
I wish you all happy collecting, and see you soon!
Tim
Bitcoin took a serious dive since the Christmas days last year. From 1200$ to now about 450$. But here's the thing. It's still 450$US in exchange! The exchange rate is now oscillating between 420 and 500 dollars but it very much looks like the descent is pretty much over.
We're happy to see that most businesses accepting Bitcoin are still in business and wish the community all the best. We too had to remove some unfortunate faucets from our surfbar but coin-inc.com still features a total of 84 active faucets for you. Free Bitcoin non-stop. If you have not checked it out yet, it's time to take a look.
Bitcoin Surfbar (80+ active faucets!!!)
Some of the faucets you find in our surfbar hold additional rewards and cashbacks for users who sign up as coin-inc referral. Earn up to 10% more free money! Our loyalty reward program for you.Be smart and collect Bitcoin now while you get a lot, then spend it when the rates go up again. I can tell from experience that this is very gratifying ;-)
International Bitcoin go on as we speak but no new law on the way yet (at least not at the time of writing).
I wish you all happy collecting, and see you soon!
Tim
Wednesday, April 2, 2014
Mysteries over Mt.Gox bankruptcy won't ebb away as 'old wallets' and protocol discrepancies are revealed - Bitcoin market not overly shaken even though more bankruptcies and hacks are made public
Dear forum!
What a turbulent last month. Mt.Gox is down for good this time with the responsible people being questioned in the US for multiple allegations. That plus the bankruptcy case it filed in Japan and other countries the exchange had funds.
That could have been it and nobody would given a literal sh*t (except the people who lost money on Mt.Gox - no disrespect was meant.) - but hey... a Bitcoin story without excitement twists and turns and more questions than answers that could fit in a newspaper and everybody would understand immediately? Nah!
Shortly after Mt.Gox announced the alleged theft of 854000 of their managed Bitcoins, an "old service wallet" was discovered containing 200000 Bitcoin. Given that Mt.Gox stated a loss of 100000 of their own Bitcoin the 200 grand seem to be an odd number. Speculations are abundant and we have our own ideas about this occurance, but we don't want to judge anybody as long this fund loss is still investigated.(Source)
If that was not weird enough, 2 swiss guys published a paper in which they claim that they have recreated Mt.Gox transactions logged in the blogchain from the timeframe stated by Mt.Gox as the time of attacks. According to the still unconfirmed paper Mt.Gox could only have lost a total of 345 Bitcoin in the stated timeframe through the transaction malleability exploit. (Source)
I am sure more weird discoveries await us in terms of Mt.Gox.
Meanwhile the rest of the planet is divided as whether Bitcoin is a currency or not and most states now opted for a treatment like it is place for stockmarket exchange shares where taxes depend on the time between trades where profits become tax free if the Bitcoin amount in question is held for 12-16 months (time frames vary from country to country).
It seems the world has understood that one or the other crypto-currency will always survive, it might as well be Bitcoin. If it will be Bitcoin surviving the battle though isn't sure.
Time, ease of use and application range for the user will tell which protocol will satisfy its users best.
By the way - the decreased exchange rate has the splendid side effect that the Bitcoin amounts paid are getting higher ;-)
Visit coin-inc.com to find the best offers and our handy Bitcoin surf bar.
See you soon forum!
Yours, Tim
What a turbulent last month. Mt.Gox is down for good this time with the responsible people being questioned in the US for multiple allegations. That plus the bankruptcy case it filed in Japan and other countries the exchange had funds.
That could have been it and nobody would given a literal sh*t (except the people who lost money on Mt.Gox - no disrespect was meant.) - but hey... a Bitcoin story without excitement twists and turns and more questions than answers that could fit in a newspaper and everybody would understand immediately? Nah!
Shortly after Mt.Gox announced the alleged theft of 854000 of their managed Bitcoins, an "old service wallet" was discovered containing 200000 Bitcoin. Given that Mt.Gox stated a loss of 100000 of their own Bitcoin the 200 grand seem to be an odd number. Speculations are abundant and we have our own ideas about this occurance, but we don't want to judge anybody as long this fund loss is still investigated.(Source)
If that was not weird enough, 2 swiss guys published a paper in which they claim that they have recreated Mt.Gox transactions logged in the blogchain from the timeframe stated by Mt.Gox as the time of attacks. According to the still unconfirmed paper Mt.Gox could only have lost a total of 345 Bitcoin in the stated timeframe through the transaction malleability exploit. (Source)
I am sure more weird discoveries await us in terms of Mt.Gox.
Meanwhile the rest of the planet is divided as whether Bitcoin is a currency or not and most states now opted for a treatment like it is place for stockmarket exchange shares where taxes depend on the time between trades where profits become tax free if the Bitcoin amount in question is held for 12-16 months (time frames vary from country to country).
It seems the world has understood that one or the other crypto-currency will always survive, it might as well be Bitcoin. If it will be Bitcoin surviving the battle though isn't sure.
Time, ease of use and application range for the user will tell which protocol will satisfy its users best.
By the way - the decreased exchange rate has the splendid side effect that the Bitcoin amounts paid are getting higher ;-)
Visit coin-inc.com to find the best offers and our handy Bitcoin surf bar.
See you soon forum!
Yours, Tim
Saturday, March 1, 2014
Mt.Gox files for bankruptcy and faces a possible lawsuit for tax evasion
Hi dear forum!
The last days have been troublesome for a few people, and not only the ones investing or trading on Mt.Gox. All sorts of ill-informed news have hit me through the overheard conversations of the last week. One of the best went as far as to state that "Bitcoins have vanished from the internet, or something".
As for the facts. There have been attacks on bitcoin daemon running servers in which on one hand the attackers attempted to slow down and max out the servers resources by any means plus the injection of wrong transaction ids into legitimate transfers. The result was the expected movement of bitcoins but a later denial of the transaction within the blockchain as it did not fit the log.
Means; Bitcoin gone, transaction never recorded.
Now this is known since about 2011 - i wrote about it in former articles - and in user applications of Bitcoin the "bug" is accounted for, whereas the owners of a server with a bitcoin daemon must implement most of these fixes themselves.
And that is not the only thing you can do with a bitcoin daemon. It supports a massive option catalog to run and organize myriads of open and private wallets and their interaction.
What has happened on Mt.Gox was that the formerly described exploit did meet a heavily customized Bitcoin daemon and lightened it by about 850.000 Bitcoin in total. (source)
It came to the point where the responsible people at Mt.Gox reportedly discovered a gaping hole of 2.8 billion Yen (~28 million Euro) in their finances. The companies lawyer though has not yet made any comments to holdings of the company in foreign locations or currencies.
Taking anybodies thoughts ahead; if it is/was a self-perpetrated heist: respect ;-) else, if not don't forget the Bitcoin market is bigger than Mt.Gox and that peoples values have indeed been stolen by a third party with (most likely) evil intentions. So please don't bash Bitcoin for your loss. If you should or should not make your anger known towards Mt.Gox is another thing. But given that it will probably only cost you time and more money moving on might be the right thing to do. By the off-chance you now think of me as a cock; how much money did you ever get back by whining about its loss? There you go.
If you count out the deadly wounded Gox and the fear-ridden sheep on localbitcoin the course is dancing between 550 and 600 $US at current (favorite source remains bitstamp as they trade the highest volume at present).
Let's see where the story leads. I will definitely keep you updated. I really do hope they can find the fraudulent transactions in Gox's logs, as the coin itself will remain traceable to other addresses that where used to distribute it.
I related news there has been a thieving bit of malware found in cracked osx apps. This presented us initially with a two edged blade, but after learning that the exploit code is hidden in apps like "Angry Birds" we do rather condemn the stingy people who think they need an apple and don't have the 2 dollars for a bird throwing app. You have no right to complain or be bewildered if you find out that pirated software contained an Easter egg you did not expect.
On the other hand - If former mentioned Apple provides the world with a zero-day-exploit for up to 5 days long - rage is very well in order. If any of you has an idea how to thank Apple that they turned your comp into a paperweight for a week - the comment section is open to you.
I fear thats all for now, but we'll be back soon.
Best regards,
Tim
The last days have been troublesome for a few people, and not only the ones investing or trading on Mt.Gox. All sorts of ill-informed news have hit me through the overheard conversations of the last week. One of the best went as far as to state that "Bitcoins have vanished from the internet, or something".
As for the facts. There have been attacks on bitcoin daemon running servers in which on one hand the attackers attempted to slow down and max out the servers resources by any means plus the injection of wrong transaction ids into legitimate transfers. The result was the expected movement of bitcoins but a later denial of the transaction within the blockchain as it did not fit the log.
Means; Bitcoin gone, transaction never recorded.
Now this is known since about 2011 - i wrote about it in former articles - and in user applications of Bitcoin the "bug" is accounted for, whereas the owners of a server with a bitcoin daemon must implement most of these fixes themselves.
And that is not the only thing you can do with a bitcoin daemon. It supports a massive option catalog to run and organize myriads of open and private wallets and their interaction.
What has happened on Mt.Gox was that the formerly described exploit did meet a heavily customized Bitcoin daemon and lightened it by about 850.000 Bitcoin in total. (source)
It came to the point where the responsible people at Mt.Gox reportedly discovered a gaping hole of 2.8 billion Yen (~28 million Euro) in their finances. The companies lawyer though has not yet made any comments to holdings of the company in foreign locations or currencies.
Taking anybodies thoughts ahead; if it is/was a self-perpetrated heist: respect ;-) else, if not don't forget the Bitcoin market is bigger than Mt.Gox and that peoples values have indeed been stolen by a third party with (most likely) evil intentions. So please don't bash Bitcoin for your loss. If you should or should not make your anger known towards Mt.Gox is another thing. But given that it will probably only cost you time and more money moving on might be the right thing to do. By the off-chance you now think of me as a cock; how much money did you ever get back by whining about its loss? There you go.
If you count out the deadly wounded Gox and the fear-ridden sheep on localbitcoin the course is dancing between 550 and 600 $US at current (favorite source remains bitstamp as they trade the highest volume at present).
Let's see where the story leads. I will definitely keep you updated. I really do hope they can find the fraudulent transactions in Gox's logs, as the coin itself will remain traceable to other addresses that where used to distribute it.
I related news there has been a thieving bit of malware found in cracked osx apps. This presented us initially with a two edged blade, but after learning that the exploit code is hidden in apps like "Angry Birds" we do rather condemn the stingy people who think they need an apple and don't have the 2 dollars for a bird throwing app. You have no right to complain or be bewildered if you find out that pirated software contained an Easter egg you did not expect.
On the other hand - If former mentioned Apple provides the world with a zero-day-exploit for up to 5 days long - rage is very well in order. If any of you has an idea how to thank Apple that they turned your comp into a paperweight for a week - the comment section is open to you.
I fear thats all for now, but we'll be back soon.
Best regards,
Tim
Friday, February 21, 2014
Free Bitcoin grows in abundance as the exchange rate becomes more moderate. How to earn free money with Bitcoin give-aways
Hi forum!
A quick update for this week on the Bitcoin collector; more than 10 new faucets added with a current total of 77 Bitcoin Faucets in the Collector!
More will be added in the coming days after their payouts have been confirmed. Hopefully we will get close to 90.
From active research i can safely assure you that there is no other list as up to date as the coin-inc bitcoin collector. As you will surely come accross one or the other list you may compare them yourself. And in the future you can save time by letting coin-inc do all the work for you.
Don't miss chances of becoming our referral if possible as we offer cashback programs where possible. Payments are done each sunday.
If you know of an active bitcoin faucet please leave it in the comments in this blog, we will see to add it into the collector.
As always; happy collecting!
See you soon forum!
regards,
Tim
A quick update for this week on the Bitcoin collector; more than 10 new faucets added with a current total of 77 Bitcoin Faucets in the Collector!
More will be added in the coming days after their payouts have been confirmed. Hopefully we will get close to 90.
From active research i can safely assure you that there is no other list as up to date as the coin-inc bitcoin collector. As you will surely come accross one or the other list you may compare them yourself. And in the future you can save time by letting coin-inc do all the work for you.
Don't miss chances of becoming our referral if possible as we offer cashback programs where possible. Payments are done each sunday.
If you know of an active bitcoin faucet please leave it in the comments in this blog, we will see to add it into the collector.
As always; happy collecting!
See you soon forum!
regards,
Tim
Mt.Gox has left the building - things are looking bleak for the first really successful bitcoin exchange
Even though Mt.Gox has lost major market shares during the last years, a significant amount has still been traded on the japan based exchange (source).
Many of the people who came to Japan to find out more about how they could access their funds instead found out that Mt.Gox had in fact moved office with all its entourage.
The company claims working on the problem has become impossible in the old location, due to which reason they have not released at the time of writing.
Naturally this sort of secrecy is not taken too well by the market and the exchange rate on Mt.Gox seems to plummet without end. While typing this it rates at about 150$ US which is a long way of the 570$ US that Bitstamp would pay.
I hope you do not belong to the users of Mt.Gox that have their funds seized, and if you do, hopefully the situation will be resolved soon.
I will keep you updated as the news come in.
In the meantime you're welcome to collect some free Bitcoin with us at www.coin-inc.com
See you soon forum!
Tim
Many of the people who came to Japan to find out more about how they could access their funds instead found out that Mt.Gox had in fact moved office with all its entourage.
The company claims working on the problem has become impossible in the old location, due to which reason they have not released at the time of writing.
Naturally this sort of secrecy is not taken too well by the market and the exchange rate on Mt.Gox seems to plummet without end. While typing this it rates at about 150$ US which is a long way of the 570$ US that Bitstamp would pay.
I hope you do not belong to the users of Mt.Gox that have their funds seized, and if you do, hopefully the situation will be resolved soon.
I will keep you updated as the news come in.
In the meantime you're welcome to collect some free Bitcoin with us at www.coin-inc.com
See you soon forum!
Tim
Thursday, February 20, 2014
All new free Bitcoin faucets for you!
Hi forum!
I hope you are well and no harm came to you during the recent ddos attacks. We had our own visitors but can't reveal details yet as the investigation is ongoing. The possible exploit that was targeted has been fixed.
To end this 2014 February i can give you 3 newly added faucets at coin-inc.com.
One in particular is very interesting as they pay up to 0.025mBtc per game!!! Which is every hour - so, get collecting ;-)
The amounts to collect get larger as the price drops at some of the faucets. Namely at CoinAd. Currently most of their ads pay 10 times what other faucets pay. If others tune in we will update you here.
And of course we still offer additional 10-15% on faucet payouts if you register as our referral on FreeBitcoin.
We have also implemented an archive for btc rates of all currently running exchanges. In weekly intervals we log the movements of exchange rates, market volumes and bitcoin exchange activity for you ;-)
Happy collecting!
See you soon forum!
Tim
I hope you are well and no harm came to you during the recent ddos attacks. We had our own visitors but can't reveal details yet as the investigation is ongoing. The possible exploit that was targeted has been fixed.
To end this 2014 February i can give you 3 newly added faucets at coin-inc.com.
One in particular is very interesting as they pay up to 0.025mBtc per game!!! Which is every hour - so, get collecting ;-)
The amounts to collect get larger as the price drops at some of the faucets. Namely at CoinAd. Currently most of their ads pay 10 times what other faucets pay. If others tune in we will update you here.
And of course we still offer additional 10-15% on faucet payouts if you register as our referral on FreeBitcoin.
We have also implemented an archive for btc rates of all currently running exchanges. In weekly intervals we log the movements of exchange rates, market volumes and bitcoin exchange activity for you ;-)
Happy collecting!
See you soon forum!
Tim
Tuesday, February 11, 2014
DDOS attacks on Bitcoin exchanges as explonation for the transaction stops
Good morning forum!
What was formerly believed to be an internal error of Mt.Gox Bitcoind application could actually be a widespread attack on major exchanges. Bitstamp has released a statement in which they explain the suspended transaction with a DDOS attack which targets the transaction ids before being confirmed by the blockchain.
Mt.Gox has made no statement to at this point but given that Bitstamp holds about 10% more market-share we can safely assume the attack as the most probable cause for Mt.Gox initial errors.
Bitstamp has also anounced to have a fix ready soon and that no funds have been lost or misguided.
The attacked bug or exploit is actually known since 2011 and has lead to a situation at the time where for six hours two alternate versions of the blockchain existed. Since then there was a lot of work to eradicate this happening. Falsifying Bitcoin transactions this way would need processing power in super-computer terms as you would also to manipulate every subsequent transaction that builds on the one you originally faked. While this would be theoretically possible, the practical barriers to such an undertaking are to steep to reason them with a probable profit of a couple of million dollars. Especially when said actions lead to further loss in worth of the stolen good.
Much more likely is attempted stalling or sabotage of protocol - as sad as it sounds. Enemies are manifold and so it may even be that you are witnessing the secret appendixes of Russia's recent ruling making Bitcoin illegal there. It would certainly befit the new Zar and i feel awkward giving all the credit the NSA.
However, given the effort needed to bring down Bitcoin there is little to no chance it would succeed. Plus, an attack can be dealt with.
I will keep you updated as the situation progesses!
See you soon forum!
Tim
What was formerly believed to be an internal error of Mt.Gox Bitcoind application could actually be a widespread attack on major exchanges. Bitstamp has released a statement in which they explain the suspended transaction with a DDOS attack which targets the transaction ids before being confirmed by the blockchain.
Mt.Gox has made no statement to at this point but given that Bitstamp holds about 10% more market-share we can safely assume the attack as the most probable cause for Mt.Gox initial errors.
Bitstamp has also anounced to have a fix ready soon and that no funds have been lost or misguided.
The attacked bug or exploit is actually known since 2011 and has lead to a situation at the time where for six hours two alternate versions of the blockchain existed. Since then there was a lot of work to eradicate this happening. Falsifying Bitcoin transactions this way would need processing power in super-computer terms as you would also to manipulate every subsequent transaction that builds on the one you originally faked. While this would be theoretically possible, the practical barriers to such an undertaking are to steep to reason them with a probable profit of a couple of million dollars. Especially when said actions lead to further loss in worth of the stolen good.
Much more likely is attempted stalling or sabotage of protocol - as sad as it sounds. Enemies are manifold and so it may even be that you are witnessing the secret appendixes of Russia's recent ruling making Bitcoin illegal there. It would certainly befit the new Zar and i feel awkward giving all the credit the NSA.
However, given the effort needed to bring down Bitcoin there is little to no chance it would succeed. Plus, an attack can be dealt with.
I will keep you updated as the situation progesses!
See you soon forum!
Tim
Monday, February 10, 2014
Dear Forum! No panic advised as Bitcoin plunges in early fevruary 2014! Modified Mt.Gox wallet allows modiefied transaction hashes
Dear Forum!
As the bitcoin exchange rate plunges beneath 600 USD again i would like to add a few words myself. You could read it at bloomberg, but i somehow guess thats not why you are here (Source).
The reason for the drop has been a possible exploit in the modified wallet daemon of the Mt.Gox exchange. Apparently is was/is possible to change the Hashes of a transaction thus marking said transaction as invalid for the rest of the system. The problem is apparently known since 2011 (Source) and has been addressed in current wallet applications. The described problem is the possibility to change the transaction id before the transaction is getting acknowledged by other nodes.
So it does not wonder that Mt.Gox is blamed directly, and their wallet application is named as the source of the trouble (Source).
I urge you not to loose confidence or sell your coins in panic! Bitcoin is still experimental (so are all the other "coins" out there - don't forget) and the occurring problems are usually swiftly dealt with by a very active developer community.
So don't forget; Gox can't pay at present, but they only hold about 20% of market share. Don't let the 20% drive you to participate in the panic affecting all.
If you have been so tactical that you need the cash you wold gain from the coins then we have some future advice:
- Don't design your earning model to revolve solemnly on Bitcoin
- Spread out your funds between exchanges and wallets to minimize chances of theft or however caused inflation (it may be confined to the operator)
- Choose a conversion model that does not out to much. We have noticed a few other exchanges and currencies that have shown almost no sign of the Mt.Gox trouble. Ripple for example shows a stable rate and allows trading into fiat currencies as well.
So don't be alarmed by the current drop of Bitcoin value. It's one black sheep and their handling of the software that caused this.
See you soon!
Tim
As the bitcoin exchange rate plunges beneath 600 USD again i would like to add a few words myself. You could read it at bloomberg, but i somehow guess thats not why you are here (Source).
The reason for the drop has been a possible exploit in the modified wallet daemon of the Mt.Gox exchange. Apparently is was/is possible to change the Hashes of a transaction thus marking said transaction as invalid for the rest of the system. The problem is apparently known since 2011 (Source) and has been addressed in current wallet applications. The described problem is the possibility to change the transaction id before the transaction is getting acknowledged by other nodes.
So it does not wonder that Mt.Gox is blamed directly, and their wallet application is named as the source of the trouble (Source).
I urge you not to loose confidence or sell your coins in panic! Bitcoin is still experimental (so are all the other "coins" out there - don't forget) and the occurring problems are usually swiftly dealt with by a very active developer community.
So don't forget; Gox can't pay at present, but they only hold about 20% of market share. Don't let the 20% drive you to participate in the panic affecting all.
If you have been so tactical that you need the cash you wold gain from the coins then we have some future advice:
- Don't design your earning model to revolve solemnly on Bitcoin
- Spread out your funds between exchanges and wallets to minimize chances of theft or however caused inflation (it may be confined to the operator)
- Choose a conversion model that does not out to much. We have noticed a few other exchanges and currencies that have shown almost no sign of the Mt.Gox trouble. Ripple for example shows a stable rate and allows trading into fiat currencies as well.
So don't be alarmed by the current drop of Bitcoin value. It's one black sheep and their handling of the software that caused this.
See you soon!
Tim
Saturday, February 1, 2014
Even more free Bitcoin for you! Loyalty pays off - literally
Hi forum!
Entering the second month of 2014 i have to report some changes on the Coin-inc.com Bitcoin Collector Tool.
Much to my pleasure we now have 64 faucets for you!!! 18 new ones since the last update. And we scour the web constantly for more of them.
Also new is that we pay a 10% dividend to all of our referrals on freebitco.in. At the end of each week you will receive a free 10% bonus from us on all the coin you collected that week!
Going further in the updates; we have added new commodities and online goods available for bitcoin which we could test during the last weeks.
The casino, in development for ages, at least now has it's API. So hopefully an implementation is just arround the corner. Bingo and Black Jack have been selected as follow up games.
If you'd like to see other games drop us a comment.
We also have now a possibility for you to earn while you sleep! Simply run the IPU-Service software while you do other things and have your computer generate hard cash for you while you go swimming, to the gym, take care of the kids or other things.
There haven't been much legal news around bitcoin recently except that the FBI in the US is planning to sell of their seized coins. Until this happens the market shoud be safe ;-)
Have a good time collecting!
See you soon forum,
Tim
Entering the second month of 2014 i have to report some changes on the Coin-inc.com Bitcoin Collector Tool.
Much to my pleasure we now have 64 faucets for you!!! 18 new ones since the last update. And we scour the web constantly for more of them.
Also new is that we pay a 10% dividend to all of our referrals on freebitco.in. At the end of each week you will receive a free 10% bonus from us on all the coin you collected that week!
Going further in the updates; we have added new commodities and online goods available for bitcoin which we could test during the last weeks.
The casino, in development for ages, at least now has it's API. So hopefully an implementation is just arround the corner. Bingo and Black Jack have been selected as follow up games.
If you'd like to see other games drop us a comment.
We also have now a possibility for you to earn while you sleep! Simply run the IPU-Service software while you do other things and have your computer generate hard cash for you while you go swimming, to the gym, take care of the kids or other things.
There haven't been much legal news around bitcoin recently except that the FBI in the US is planning to sell of their seized coins. Until this happens the market shoud be safe ;-)
Have a good time collecting!
See you soon forum,
Tim
Thursday, January 9, 2014
A happy, healthy and wealthy new year to you all!
Hi forum!
I hope all of you had a good start into 2014!
Our Bitcoin-collector site certainly has got a few additions.
Exchange rate and market data statistics have been extended and include now interactive charts for the developments on the 17 biggest exchanges. If you need any more or have special wishes please leave us a comment. The current ones were chosen due to market volume.The collector tool has also had a revival as the web underwent changes that rendered the old collector obsolete. We are working on restoring the same functionality for you.
Nevertheless have we added over 10 additional Bitcoin faucets and dispenser sites to collect even more free Bitcoin!
For some sites collected we even cash out loyalty rewards to our referrals! At the moment it is FreeBitcoin!
We have added lots of new retailers for all kinds of goods we came to test during the holidays. There's hosting, xbox and steam credits, rc models, multi-region blue ray players, computer RAM and so much more you can buy for bitcoin!
One offer we had to remove from our services as we do not want to supply you with suspected scammers (http://bitcoinscammers.com/coinurl-com/#comments).
A lot has been going on. Two times in succession BTC hit the 1000 USD mark though the second time was not followed by the former panic-sales. At least not at the time of writing. We're still on a good 916 USD.
As prices soared the banks were warning again from investment into bitcoin. "The investors could loose everything." was said. How ridiculous. Said by the people who lost other peoples savings by trying to stuff their own pockets. The message seems to be that you don't know what is right for your money. But, sorry to say (well actually not), the stingy 1.5% of banks don't even cut the inflation cost - why give my hard earned cash to them? To pay additional account, card and transaction charges? To be penny-less at the whim of some suit-warrior who won't be accountable for it?
People you are right to try Bitcoin and use it. No staged option sales on grain or milk will influence this market. In fact, the bigger the Bitcoin user base becomes, the more stable the whole market will get.
See you soon forum and thanks for reading.
Leave a comment if you have thoughts to this.
Regards, Tim
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