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Bitcoin

The Great Robocoin Rip-off 117

Posted by Soulskill
from the expectation-versus-reality dept.
FhnuZoag writes: Last year, Andrew Wilkinson, founder of MetaLab, bought a Robocoin Bitcoin ATM, figuring it would be a fun little side project and a good way to help move Bitcoin forward. It did not quite turn out that way. He has now written a timeline of the 10-month, $25,000(CAD) struggle. In short: there was a massive shipping delay, a $2,000 charge to clear customs, no knowledge base, unhelpful support, and the ATM itself flat out didn't work.
Bitcoin

Bill Gates: Bitcoin Is 'Better Than Currency' 130

Posted by Soulskill
from the all-about-the-digital-benjamins dept.
An anonymous reader sends this excerpt from Entrepreneur.com: After long remaining mostly mum on Bitcoin, Microsoft's legendary co-founder Bill Gates has spoken. At the Sibos 2014 financial-services industry conference in Boston, America's richest man just threw his weight behind the controversial cryptocash. Well, at least as a low-cost payments solution. ... "Bitcoin is exciting because it shows how cheap it can be," he told Erik Schatzker during a Bloomberg TV's Smart Street show interview yesterday (video). "Bitcoin is better than currency in that you don't have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient." ... While he seems relatively bullish on how inexpensive transacting in Bitcoin can be, Gates isn't singing the praises of its anonymity. The billionaire alluded in an oblique, somewhat rambling fashion to some of the more nefarious anonymous uses associated with Bitcoin.
Bitcoin

PayPal Integrates Bitcoin Processors BitPay, Coinbase and GoCoin 56

Posted by Soulskill
from the betting-on-bits dept.
An anonymous reader writes: PayPal today announced partnerships with three major Bitcoin payment processors: BitPay, Coinbase and GoCoin. The eBay-owned company wants to help digital goods merchants accept Bitcoin payments, although it is starting with those located in the U.S. and Canada first ("We are considering expanding to other markets," a PayPal spokesperson told TNW. "Stay tuned.")

PayPal says it chose to integrate the third-party functionality directly in the PayPal Payments Hub because the aforementioned trio already offers its customers protections when dealing with the virtual currency. The company envisions anything that can be obtained digitally, such as video games and music, being sold in Bitcoin.
Bitcoin

Paypal Jumps Into Bitcoin With Both Feet 134

Posted by timothy
from the in-for-penny dept.
retroworks (652802) writes The BBC, the Wall Street Journal, Bloomberg, Forbes and several other business sites are buzzing with Paypal's incorporation of Bitcoin transactions. According to Wired, Paypal will be "the best thing ever to happen to Bitcoin." Paypal-owned Braintree not only brings 150 million active users in close contact with Bitcoin, it signals "mainstreaming" similar to cell phone app banking, perceived as experimental just a few years ago.
Bitcoin

Satoshi Nakamoto's Email Address Compromised 65

Posted by Soulskill
from the or-as-he-likes-to-be-called,-bitcoin-batman dept.
ASDFnz writes: Satoshi Nakamoto, the respected (and currently missing) inventor of Bitcoin, seems to have had his email address compromised by an unknown agent. Satoshi exclusively used one email address when he was active in the Bitcoin community: satoshin@gmx.com. If you have a look at the original Bitcoin whitepaper (PDF), you will find it there at the top just under the title. He also usually signed his correspondence with his PGP signature. Earlier today, the head administrator of Bitcointalk, Theymos, received an email from Satoshi's email address that appeared to originate from GMX's servers. Theymos made a post on the Bitcointalk forums saying he had received an email from the address without Satoshi's PGP signature. Later, the unknown agent posted to other Satoshi accounts.
Bitcoin

The Apache Software Foundation Now Accepting BitCoin For Donations 67

Posted by samzenpus
from the a-different-way-to-give dept.
rbowen writes The Apache Software Foundation is the latest not-for-profit organization to accept bitcoin donations, as pointed out by a user on the Bitcoin subreddit. The organization is well known for their catalog of open-source software, including the ubiquitous Apache web server, Hadoop, Tomcat, Cassandra, and about 150 other projects. Users in the community have been eager to support their efforts using digital currency for quite a while. The Foundation accepts donations in many different forms: Amazon, PayPal, and they'll even accept donated cars. On their contribution page the Apache Software Foundation has published a bitcoin address and QR code.
Bitcoin

Hal Finney, PGP and Bitcoin Pioneer, Dies At 58 40

Posted by timothy
from the that's-a-legacy dept.
New submitter brokenin2 writes Hal Finney, the number two programmer for PGP and the first person to receive a Bitcoin transaction, has passed away. From the article on Coindesk: "Shortly after collaborating with Nakamoto on early bitcoin code in 2009, Finney announced he was suffering from ALS. Increasing paralysis, which eventually became near-total, forced him to retire from work in early 2011."
Bitcoin

Euro Bank Santander Commissions Study On Bitcoin's Impact On Banking 50

Posted by timothy
from the first-they-commission-a-story-about-you dept.
First time accepted submitter Nikkos (544004) writes Digital currency news website HashReport broke the news Monday that European megabank Santander has commissioned a study to "Analyze the impact of bitcoin and other cryptocurrencies on banks and devise a strategic course of action." The study is being facilitated as a challenge through Yegii, an 'Insight Network' founded by Trond Undheim. Undheim is also a Senior Lecturer at MIT Sloan School of Management, as well as Managing Director at Tautec Consulting. The challenge was initiated by Julio Faura — Head of Corporate development for Banco Santander. According to Dr. Undheim, Faura was "looking for additional outside perspective onto the topic of Bitcoin. While acquiring consulting services from top tier consulting firms can be exciting, he thought that an outsider, multidisciplinary perspective, would be particularly helpful."
Bitcoin

Early Bitcoin User Interviewed By Federal Officers 92

Posted by Unknown Lamer
from the just-wasting-electricity-officer dept.
MrBingoBoingo (3481277) writes Recently a Bitcoin user reports being interviewed over their past use of a now defunct exchange service by agents from the FBI and Treasury Department. This encounter raises concerns that earlier Bitcoin users who entered the space inocuously and without ties to Dark Markets or The Silk Road might need to prepare for Law Enforcement questioning about their early Bitcoin related activities.
Bitcoin

Are Altcoins Undermining Bitcoin's Credibility? 267

Posted by samzenpus
from the least-of-your-worries dept.
An anonymous reader writes The editor of a Bitcoin advocacy site believes the proliferation of altcoins (cryptocurrencies other than Bitcoin) is harming Bitcoin's long-term potential as an alternative to traditional currencies. Posting at BadBitcoin.org, a site that seeks to expose online scams that target Bitcoin users, the pseudonymous ViK compares altcoins, including the Internet meme inspired Dogecoin, to a pump-and-dump scheme where developers create their own version of the Bitcoin wallet and blockchain and then "pre-mine" or generate a significant number of cryptocurrency units before the altcoin's official release. Later, when their value has risen, the pre-mined altcoins are exchanged for Bitcoin or in some cases converted directly to cash. While critics of cryptocurrencies in general might find ViK's comments about the altcoin "tulip" mania ironic, the self-confessed Bitcoin fan is nevertheless calling for an altcoin boycott: "The easiest way to stop them is to not participate. We all know that they only have one purpose, and that is to make Bitcoin for the so called developers."
Bitcoin

Network Hijacker Steals $83,000 In Bitcoin 101

Posted by Unknown Lamer
from the rerouting-the-internet-for-fun-and-profit dept.
An anonymous reader writes with news that bogus BGP announcements can be used to hijack work done by cryptocurrency mining pools. Quoting El Reg: Researchers at Dell's SecureWorks Counter Threat Unit (CTU) have identified an exploit that can be used to steal cryptocurrency from mining pools — and they claim that at least one unknown miscreant has already used the technique to pilfer tens of thousands of dollars in digital cash. The heist was achieved by using bogus Border Gateway Protocol (BGP) broadcasts to hijack networks belonging to multiple large hosting companies, including Amazon, Digital Ocean, and OVH, among others. After sending the fake BGP updates miners unknowingly contributed work to the attackers' pools.
The Almighty Buck

Ecuador To Forge Ahead With State-Backed Digital Currency 85

Posted by samzenpus
from the lets-make-money dept.
First time accepted submitter jaeztheangel writes Ecuador's government has approved plans to start a new Digital Currency backed by the state. With defaults in recent history, and dwindling oil reserves it will be interesting to see how this decision turns out. From the article: "Congress last month approved legislation to start a digital currency for use alongside the U.S. dollar, the official tender in Ecuador. Once signed into law, the country will begin using the as-yet-unnamed currency as soon as October. A monetary authority will be established to regulate the money, which will be backed by 'liquid assets.'”
Bitcoin

Inside BitFury's 20 Megawatt Bitcoin Mine 195

Posted by Unknown Lamer
from the fools-and-their-megawatts dept.
1sockchuck (826398) writes Bitcoin hardware vendor BitFury has opened a 20-megawatt data center to expand its cloud mining operations. The hashing center in the Republic of Georgia is filled with long rows of racks packed with specialized Bitcoin mining rigs powered by ASICs. It's the latest example of the Bitcoin industry's development of high-density, low-budget mining facilities optimized for rapid changes in hardware and economics. It also illustrates how ASIC makers are now expanding their focus from retail sales to their in-house operations as Bitcoin mining becomes industrialized.
Bitcoin

US States Edge Toward Cryptocoin Regulation 172

Posted by timothy
from the hey-these-still-smell-like-dollars dept.
SonicSpike points out an article from the Pew Charitable Trusts' Research & Analysis department on the legislation and regulation schemes emerging in at least a few states in reaction to the increasing use of digital currencies like Bitcoin. A working group called the Conference of State Bank Supervisors’ Emerging Payments Task Force has been surveying the current landscape of state rules and approaches to digital currencies, a topic on which state laws are typically silent. In April, the task force presented a model consumer guidance to help states provide consumers with information about digital currencies. A number of states, including California, Massachusetts and Texas, have issued warnings to consumers that virtual currencies are not subject to “traditional regulation or monetary policy,” including insurance, bonding and other security measures, and that values can fluctuate dramatically. ... The article focuses on the high-population, big-economy states of New York, California and Texas, with a touch of Kansas -- but other states are sure to follow. Whether you live in the U.S. or not, are there government regulations that you think would actually make sense for digital currencies?
IT

Ask Slashdot: What Would You Do With Half a Rack of Server Space? 208

Posted by timothy
from the give-it-a-piece-of-my-mind dept.
New submitter Christian Gainsbrugh (3766717) writes I work at a company that is currently transitioning all our servers into the cloud. In the interim we have half a rack of server space in a great datacenter that will soon be sitting completely idle for the next few months until our lease runs out. Right now the space is occupied by around 8 HP g series servers, a watchguard xtm firewall, Cisco switch and some various other equipment. All in all there are probably around 20 or so physical XEON processors, and probably close to 10 tb of storage among all the machines. We have a dedicated 10 mbs connection that is burstable to 100mbs.

I'm curious what Slashdot readers would do if they were in a similar situation. Is there anything productive that could be done with these resources? Obviously something revenue generating is great, but even if there is something novel that could be done with these servers we would be interested in putting them to good use.
The Almighty Buck

New Digital Currency Bases Value On Reputation 100

Posted by Soulskill
from the for-everyone-who-wanted-to-rep-grind-in-real-life dept.
An anonymous reader writes: If digital currencies are fundamentally different than physical ones, why do they work in the same way? That's a question being asked by Couchbase co-founder J. Chris Anderson, who's building a currency and transaction system where reputation is the fundamental unit of value. "Unlike with bitcoin—which keeps its currency scarce by rewarding it only to those who participate in what amounts to a race to solve complex cryptographic puzzles—anyone will be able to create a new Document Coin anytime they want. The value of each coin will be completely subjective, depending on who creates the coin and why. 'For example, the coin my disco singer friend created and gave me at my barbeque might be what gets me past the rope at the club,' Anderson says. A coin minted by tech pundit Tim O'Reilly might be highly prized in Silicon Valley circles, but of little interest to musicians. 'It's a bit like a combination of a social network with baseball trading.'" Anderson isn't aiming to supplant Bitcoin, or even challenge the money-exchange model that drives society. But he's hoping it will change the way people think about currency, and open up new possibilities for how we interact with each other.
Bitcoin

Dell Starts Accepting Bitcoin 152

Posted by Soulskill
from the strength-in-numbers dept.
An anonymous reader writes: Mainstream retail companies have been slow to adopt Bitcoin, perhaps skeptical of its long-term value or unwilling to expend the effort required to put a payment system into place. Today, Bitcoin adoption got a momentum boost with Dell's announcement that it will accept Bitcoin as a payment method. Dell is by far the biggest company to start accepting Bitcoin. It's interesting to note that Dell, like many of the larger companies interacting with Bitcoin right now, is doing so through a third-party payment processor. On one hand, it's good — we don't necessarily want each company building their own implementation and possibly screwing it up. On the other hand, it scales back slightly the decentralized and fee-less nature of Bitcoin, which are important features to many of its supporters.
Bitcoin

New York State Proposes Sweeping Bitcoin Regulations 121

Posted by samzenpus
from the we've-got-some-rules-around-here dept.
An anonymous reader writes On Thursday, Benjamin M. Lawsky, the superintendent of financial services, announced proposed regulations for virtual currency companies operating in New York. The "BitLicense" plan, which includes rules on consumer protection, the prevention of money laundering and cybersecurity, is the first proposal by a state to create guidelines specifically for virtual currency. "We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity—without stifling beneficial innovation," he said in a statement.
Bitcoin

Finnish National TV Broadcaster Starts Sending Bitcoin Blockchain 73

Posted by timothy
from the in-the-air dept.
New submitter Joel Lehtonen (3743763) writes "The Finnish national digital TV broadcaster Digita is co-operating with startup company Koodilehto to start transmission of Bitcoin blockchain and transactions in Terrestrial Digital TV (DVB-T) signal that covers almost the entire Finnish population of 5 million people. The pilot broadcasting starts September 1st and lasts two months. The broadcast can be received by a computer with any DVB-T adapter (like this $20 dongle). A commercial production phase is planned to begin later this year."
The Courts

Judge Shoots Down "Bitcoin Isn't Money" Argument In Silk Road Trial 135

Posted by samzenpus
from the I-fought-the-law dept.
An anonymous reader writes in with the latest in the case against the alleged creator of the Silk Road, Ross Ulbricht. The government and legal community may still be arguing over whether bitcoin can be defined as "money." But the judge presiding over the landmark Silk Road drug case has declared that it's at least close enough to get you locked up for money laundering. In a ruling released Wednesday, Judge Katherine Forrest denied a motion by Ross Ulbricht, the 30-year-old alleged creator of the Silk Road billion-dollar online drug bazaar, to dismiss all criminal charges against him. Those charges include narcotics trafficking conspiracy, money laundering, and hacking conspiracy charges, as well as a "continuing criminal enterprise" charge that's better known as the "kingpin" statute used to prosecute criminal gang and cartel leaders.

Facts are stubborn, but statistics are more pliable.

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