Topic: Bitcoin press hits, notable sources (Read 430939 times)

MintChip Misses the Point of Digital Currency

Jon Matonis
2012-04-12

http://www.forbes.com/sites/jonmatonis/2012/04/12/mintchip-misses-the-point-of-digital-currency/

Ironically, one of the leading ideas for the use of MintChip in the MintChip Challenge is to purchase bitcoin with it since it’s irreversible.

But the banks are under pressure today to change, due to several factors:

- The advent of complementary currencies (such as airline miles or Facebook credits) and digital currencies (such as Bitcoin and Ven)
- The advent of easy, inexpensive person-to-person international payment schemes (Paypal and others)
- The advent of telecom operators as payment processors in mobile payments schemes not involving banks.

Malware taking a bit(coin) more than we bargained for   (Abstract)

Amir Fouda Microsoft
2012-04

http://www.virusbtn.com/conference/vb2012/abstracts/Fouda.xml

Social and technological change often creates new opportunities for positive change. Unfortunately, it also means more opportunities for crime. So, when a new system of currency gains acceptance and widespread adoption in a computer-mediated population, it is only a matter of time before malware authors attempt to exploit it. As of half way through 2011, we started seeing another means of financial profiteering being perpetrated by the malware authors; they started targeting Bitcoins.

Bitcoin mining and stealing functionality has been discovered in a number of the most notable and prevalent malware families, including Alureon, Sirefef and Kelihos. Notably, Bitcoin being open-sourced software means that Windows users are not the only target. Cross-platform attacks have already been seen, with OS X threats such as MacOS_X/DevilRobber.A emerging on the scene in October 2011.

The very nature of the way Bitcoin operates also has telling implications. Bitcoin mining is a legitimate part of the system, allowing Bitcoin clients to compete with other clients in performing complex calculations using the computer's processing power, aiding in the flow of transfers and thus generating Bitcoins for the winning miner. The potential for botmasters is clear: the more computers and resources they can control in this distributed computing technique, the more they are likely to profit.

This paper examines the various malware families that target this currency, provides an analysis of how these families target Bitcoins, and details the methods they use to steal and mine this increasingly popular digital currency. This paper will also give an insight into how malware authors and cybercriminals may exploit the Bitcoin system for their own financial gain, and details what the future holds for this form of exploitation.

Eric Thomson is an independent economist in Ottawa, Ontario.

Eric Thomson is an independent economist in Ottawa, Ontario.

The Canadian Mint Has Unveiled the Blueprint of Bitcoin Successor

Eric Thomson
2012-04-11

http://envelopeeconomics.com/2012/04/11/canada-has-unveiled-the-bitcoin/


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I am certain that someone will develop an app that will allow people to trade Canadian dollars anonymously via cellphones or the internet, thus eliminating the only small advantage that Bitcoin had. Once mints and central banks around the world start unveiling similar portable digital wallets, and developers swiftly move in to ensure that transactions can be done anonymously, the Bitcoin experiment will end.

At the moment, the average Bitcoin transaction fee is .99%, while Square and PayPal’s processing apps charge 2.75% and 2.7% per swipe of your credit card.

In Africa, where inflation is out of control, many merchants are choosing to hang onto their bitcoins so that they don’t have to push around wheelbarrows full of $100 trillion notes.

Unlike your credit card, Bitcoin currently provides no protection or compensation in the event of fraud. Recently, a hacker managed to raid several Bitcoin “bank” accounts – the credit and debit accounts of “rich” Bitcoin users – around the world and got away with $228,845.

Now that money is gone.  In theory, security analysts should be able to trace IP activity while the raids happen, thereby snaring the thieves.

We’re also skeptical about how “decentralized” this digital currency can really be. Though the official wiki claims that the protocol is now mandated by community consensus, it’s impossible to ignore the power that the original developers have over the system.

They have a skeleton key that gives them control of the whole machine, any time they want.

In the U.S., the Federal Reserve handles the printing and regulation of the dollar.

If the bitcoin is to become a widely accepted global currency, a regulating agency more complex and thorough than the Fed is required.

In fact, the market price for Bitcoin has been plummeting since 2011.

It’s easy to see how Bitcoin might remain a fixture on the black market and within the larger shadow economy for years to come. But as for your mobile phone? You might as well pass now and save yourself the trouble.

Don't Bank On Digital Currency 'Bitcoin' Replacing The Dollar

Ben DeMeter
2012-04-11

http://www.businessinsider.com/dont-bank-on-digital-currency-bitcoin-replacing-the-dollar-2012-4

It’s not just safety that has us concerned about Bitcoin, though. We’re also skeptical about how “decentralized” this digital currency can really be. Though the official wiki claims that the protocol is now mandated by community consensus, it’s impossible to ignore the power that the original developers have over the system.

They have a skeleton key that gives them control of the whole machine, any time they want.

No Money, No Problems: Canada Considers Completely Digital Currency

Keith Wagstaff
2012-04-10

http://techland.time.com/2012/04/10/canadian-government-considers-completely-digital-currency/

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If this all sounds a lot like BitCoin — the favorite currency of techies and libertarians alike — that’s because it is, according to the National Post:
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Dropping the penny was just the beginning as the Canadian Mint seeks digital future

2012-04-09

http://news.nationalpost.com/2012/04/09/mintchip-royal-canadian-mint/

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In a recent post, Bitcoin Magazine writer Vitalik Buterin called MintChip “a sign of things to come.” Nevertheless, he questioned MintChip’s security, noting that “unhackable” chips had been hacked in the past with electron microscopes, needles and acid.
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CoinDL: "iTunes Of The Bitcoin World". Can Digital Currency Create New Music Revenue Stream?

Clyde Smith
2012-04-09

http://www.hypebot.com/hypebot/2012/04/coindl-launches-itunes-of-the-bitcoin-world-employing-new-digital-currency.html

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It's unclear whether or not this development can lead to a legitimate revenue stream but it's quite interesting in the short term and certainly opens up the possiblity of a bit of media attention for early adopters in the music world.
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I can't see these.

Hi Everyone,

Let's try to reach an audience of 800000+ facebook users through the Samsung NX page. Amazing photographer Boris Austin put up a series of 10 pictures explaining why the world needs Bitcoin!

I think this is the most concise and creative promotion for Bitcoin made so far for an audience of non-technical users.

To view, please go to this link:

https://apps.facebook.com/nxphotoexhibition/

Is this one?
http://www.zitty.de/d13-r3chnun9-b1tte.html