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Paymium, which operates the Bitcoin-Central exchange, has announced a partnership with a French payment service provider. The relationship will allow Paymium and Aqoba to create payment accounts, issue debit cards, and bring many of the advantages of the banking service to the Bitcoin community.
This is a major milestone for the electronic currency, which has attracted a small but loyal user base, despite several high-profile incidents of hacking and fraud.
This is a major milestone for the electronic currency, which has attracted a small but loyal user base, despite several high-profile incidents of hacking and fraud.
Hey, that sounds interesting, but:
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Underground trade
Online marketplaces for illegal trades such as drugs, weapons, child pornography, and human trafficking have benefited from Bitcoin. Services such as Tor (“The Onion Router”) provide encrypted, anonymous networks, allowing sites to escape detection (as well as many legitimate uses).
Online marketplaces for illegal trades such as drugs, weapons, child pornography, and human trafficking have benefited from Bitcoin. Services such as Tor (“The Onion Router”) provide encrypted, anonymous networks, allowing sites to escape detection (as well as many legitimate uses).
Human trafficking, WTF.
Can I really already buy a Chinese Whore with BTC? (Apologies in advance, don't want to offend anyone here).
Well, Bitcoin is evil. Check.
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If the parties involved do try to keep personal identities out of the loop, Bitcoin can become, if not wholly anonymous, then at least heavily veiled – certainly more private than a credit card payment. Whether Bitcoin transactions would withstand the focused attention of an intelligence operation remains to be seen – hacking group Lulzsec thought it was untouchable until the Federal Bureau of Investigation successfully “turned” one of its senior members, Hector Monsegur, leading to multiple arrests.
Silk Road, for all its hype, may simply be too small to attract the attention of the major agencies. As with much cryptography, the math behind Bitcoin is sound, but its users will always be a weak point.
In terms of reputation, the weaknesses in the Bitcoin network are not in the math or the users, but in the exchanges. Bitcoin exchanges have had a rocky few years, with several suffering attacks leading to hefty losses.
Silk Road, for all its hype, may simply be too small to attract the attention of the major agencies. As with much cryptography, the math behind Bitcoin is sound, but its users will always be a weak point.
In terms of reputation, the weaknesses in the Bitcoin network are not in the math or the users, but in the exchanges. Bitcoin exchanges have had a rocky few years, with several suffering attacks leading to hefty losses.
Bitcoin has weak spots. Check.
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Stealing ‘coins’
Several exchanges have suffered breaches. Mt.Gox, for example, one of the largest exchanges, was comprehensively hacked in 2011, sending tremors through the entire Bitcoin ecosystem. Mt.Gox survived, unlike Bitcoinica, which counted Taaki among its managers and which was hacked multiple times in 2012, resulting in lost money (43 000 Bitcoins, over $220 000 at the time), acrimony among the principals, lawsuits, and the eventual collapse of the exchange.
BitFloor, the largest US exchange, was also looted in 2012, with hackers making off with around 24 000 Bitcoins (worth around $250 000 at the time).
Several exchanges have suffered breaches. Mt.Gox, for example, one of the largest exchanges, was comprehensively hacked in 2011, sending tremors through the entire Bitcoin ecosystem. Mt.Gox survived, unlike Bitcoinica, which counted Taaki among its managers and which was hacked multiple times in 2012, resulting in lost money (43 000 Bitcoins, over $220 000 at the time), acrimony among the principals, lawsuits, and the eventual collapse of the exchange.
BitFloor, the largest US exchange, was also looted in 2012, with hackers making off with around 24 000 Bitcoins (worth around $250 000 at the time).
Bitcoin is insecure. Check
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Ultimately, Bitcoin is growing despite setbacks because it aligns to a human need, Taaki (who describes himself as a ‘crypto anarchist’) says. “We can build our own reality. We can define our world through infrastructure we have built. It is true that a lot of classical authority has been eroded by technology, and this trend will only continue.
“We are in a silent but forceful revolution. I create technology for people to realise themselves. To create their own realities free from outside control. To experience that liberating feeling. That is freedom. Not how much money you have in the bank, or the taxes you must file.”
“We are in a silent but forceful revolution. I create technology for people to realise themselves. To create their own realities free from outside control. To experience that liberating feeling. That is freedom. Not how much money you have in the bank, or the taxes you must file.”
And its run by Anarchist Hippies (Sorry Taaki) Check.
Read the full piece: http://www.itweb.co.za/index.php?option=com_content&view=article&id=60908:bitcoin-gains-banking-access
To the author: Obviously you didn't even invest 5 Minutes to do you research about Bitcoin and just wrote down some cliches you found using Google. Do you really get paid for that kind of work? If so, where do I get such a job, I would be able to do like 10 of them simultaneously.