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Bitcoin is a Radical Change in the History of Money

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Most people underestimate how old the concept of money really is. While we currently know money in terms of paper bills and various types of coins, this is only the latest iteration of a monetary society. Back when the earliest writings known to man were

The Future of Cryptocurrencies: Bitcoin and Beyond

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The digital currency has caused any number of headaches for law enforcement. Now entrepreneurs and academics are scrambling to build a better version. When the digital currency Bitcoin came to life in January 2009, it was noticed by almost no one apart from the handful

How Wall Street is Embracing Bitcoin

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Rather than shunning potentially disruptive digital currencies, the biggest names in the financial industry are looking at integrating the technology behind bitcoin into everyday use. Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. However, many see the

Introducing Ledger, the First Bitcoin-Only Academic Journal

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Bitcoin has mesmerized academics, computer scientists and economists alike, for cutting out the PayPals and governments usually required for digital money. Finally, researchers have an official setting to nerd out in. Tuesday, the University of Pittsburgh launched the first Bitcoin-only journal, Ledger, which tackles the

Bitcoin Hacking Group Targeting Australian Banks?

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A bitcoin hacking group calling itself “DD4BC” which stands for “distributed denial of service for bitcoin” is allegedly targeting Australian banks like Macquarie and Westpac. These reported extortion campaigns have reportedly been running since May this year, prompting authorities to initiate a new cybersecurity outfit

Chinese Auto Giant Starts $50M Blockchain Tech Initiative

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Wanxiang Group, one of the largest automobile conglomerates in China, has announced its plans to invest in blockchain tech to the tune of $50 million. The company has reportedly purchased 416,000 ETH tokens on the Ethereum blockchain, confirmed by the company’s managing director Chao Deng.

Are the Bitcoin Patent Wars About to Begin?

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Coinbase, a popular platform for people to buy and sell bitcoins, is trying to patent some of Bitcoin’s core services—ones which many companies already provide. Predictably, everyone is losing their shit. Coinbase has filed nine patents over the last 18 months in the US, which

Variety Jones: “A Corrupt FBI Agent Is Hunting Me, So I’m Turning Myself In”

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The man believed to be forgotten Silk Road architect Variety Jones has published a series of accusations against someone he suspects is a corrupt Federal Bureau of Investigation employee, guilty of crimes including leaking sensitive information to criminals, extorting the owners of dark web marketplaces

The Guy Who Ruined Dogecoin

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Dogecoin was never supposed to be taken seriously. The cryptocurrency based on the do​ge meme was originally started for shits and giggles. It attracted lighthearted individuals who were more interested in cracking jokes than in getting rich quick, who preferred to donate coins for causes

New Hampshire Bitcoin Tax Bill Facing Defeat

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A New Hampshire legislative subcommittee has recommended that the state’s House of Representatives kill a bill that, if enacted, would allow citizens to pay their taxes with bitcoin. The bill, filed by state representative Eric Schleien earlier this year, calls for the state treasury to

Naughty America Reintegrates Bitcoin Payments After Hiatus

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Adult entertainment provider Naughty America is once again accepting bitcoin, after the currency vanished from its checkout over a year ago. The payment option’s reappearance was uncovered by Reddit user Logical007 early this morning. The company has so far been quiet on both the return

Stanford University Course Could Grow Bitcoin Community, Says Professor

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American academia has offered courses across the country on cryptocurrencies for a couple of years now. New York University, Duke University, Princeton and others have all offered courses on Bitcoin. The Stanford University School of Engineering in Stanford, Calif. offers a new course, Bitcoin &

Russia Planning to Criminalize Bitcoin Activities

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The debate whether Bitcoin should be banned in Russia is once again picking momentum. According to a report of Interfax, the Russian government lately approached the regulators with its plan to criminalize the use and issuance of Bitcoin under the new money surrogate law. If

Mt Gox CEO Charged with Embezzling £1.7m Worth of Bitcoin

Mark Karpeles, chief executive officer of Tibanne Co., poses for a photograph with a bitcoin in the office operating the Mt.Gox K.K. bitcoin exchange in Tokyo, Japan, on Thursday, April 25, 2013. Bitcoin digital currency, which carries the unofficial ticker symbol of BTC, was unveiled in 2009 by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Supply is capped at 21 million Bitcoins and managed by a software algorithm embedded into the digital currency?s design, rather than a monetary authority such as a central bank. Photographer: Tomohiro Ohsumi/Bloomberg via Getty Images

The former head of defunct bitcoin exchange Mt Gox, Mark Karpelès, has been charged with embezzlement by Japanese prosecutors, according to reports from the Japanese media. Karpelès is alleged to have embezzled ¥321m (£1.7m) from the bitcoin exchange, which collapsed in 2014 after revelations of

A Solution To Bitcoin’s Governance Problem

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A key aspect of Bitcoin’s value proposition is that it’s an open source protocol independent of any particular corporation or government. Similar to other open source initiatives, the software that runs the Bitcoin network is managed and improved upon by a group of volunteer developers.

With Bitcoin use on the Rise, African Countries eye Regulations

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The increasing use of bitcoins in Africa has prompted a growing chorus of government officials, legal experts and e-commerce entrepreneurs to call for the virtual currency to be regulated. In Africa’s largest economy, Nigeria, outlets like leather goods site Minku are now accepting bitcoins. South

Introducing Ledger, the First Bitcoin-Only Academic Journal

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Bitcoin has mesmerized academics, computer scientists and economists alike, for cutting out the PayPals and governments usually required for digital money. Finally, researchers have an official setting to nerd out in. Tuesday, the University of Pittsburgh launched the first Bitcoin-only journal, Ledger, which tackles the interdisciplinary world of cryptocurrency research.

You might ask, how much Bitcoin research can there possibly be? Bitcoin has seen scrolls of papers, exploring everything from improving information propagation across the Bitcoin network to advice for regulating cryptocurrency-inspired financial instruments. Ledger’s editors argue that cryptocurrency is too sprawling of a field of study for any “traditional journal.”

The peer-reviewed academic journal will cover technical, social, economic, and philosophical cryptocurrency developments. A paper might address, for instance, the new cryptocurrency algorithm designs, or a macroeconomic study.

It may be about time—the number of academic research papers about it tripled from 2013 to 2014.

The idea was born during a discussion between managing editors Dr. Peter R. Rizun and Prof. Christopher E. Wilmer on the Bitcoin forum bitcointalk.org.

“I wanted to build an academic and interdisciplinary communication channel that would allow bright minds in economics, sociology, physics, law and political science to contribute at the highest-level towards the evolution of Bitcoin,” Rizun said.

Apparently, the academic community agreed. Ledger’s editorial board is a star-studded crew, with representation from Oxford, Standford, and MIT.

Researchers take note, the journal takes a unique approach to publishing. One unique thing about Bitcoin is that it can store information forever. Before publishing an article the staff will take the manuscript, cryptographically hash it—or turn it into a fixed-sized message—and embed it in the Bitcoin blockchain, offering irrefutable proof that it existed on that date. Authors are “strongly encouraged” to sign the hash, in what’s known as a digital signature, to demonstrate their approval.

“I’m glad to see Ledger launch,” former lead Bitcoin developer Gavin Andresen said, “and am looking forward to absorbing the great research that will be published there.” Ledger emerges among a pretty enthusiastic community of researchers. And it’s open access, so any nerdy Bitcoin enthusiast can dig into the research (for free) in the first issue next year.

Bitcoin may be reaching crisis mode over a technical parameter, but academia doesn’t seem any less intrigued by the peer-to-peer currency.

Bitcoin Hacking Group Targeting Australian Banks?

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A bitcoin hacking group calling itself “DD4BC” which stands for “distributed denial of service for bitcoin” is allegedly targeting Australian banks like Macquarie and Westpac. These reported extortion campaigns have reportedly been running since May this year, prompting authorities to initiate a new cybersecurity outfit called the Australian Cybersecurity Center (ACSC).

This follows news that Australian banks have discontinued transactions to several bitcoin companies by terminating their bank accounts, spurring speculations that the announcements may have something to do with the bitcoin hacking attacks.
Bitcoin Hacking in Australia

As it turns out DD4BC demands bitcoins from brokers in the country, threatening with a DDOS attack on the company server. For online stock broker Rick Klink interviewed by the Australian Financial Review, the bitcoin hacking group demanded 25 bitcoins otherwise the ransom would rise. He refused to respond to the criminals and decided to contact authorities instead, including the Australian Federal Police, cloud provider Amazon, and ACSC.

According to ACSC, the DD4BC group has launched roughly 150 attacks on businesses in Australia, the US, and the UK. Cloud security provider Akamai reported that more than 50% of these attacks are focused on the financial sector.

With major Australian banks unwilling to be associated with business accounts that could be processing transactions for these bitcoin hacking perpetrators, it’s not surprising that most of these institutions have declined services to bitcoin companies in the country. Westpac and Macquarie haven’t divulged any details on whether or not they’ve also been targeted by these bitcoin hacking attacks, although Westpac was one of the banks that sent account termination letters to bitcoin companies this month.

“Australia is experiencing increasingly sophisticated attacks on networks and systems in the public and private sectors, including the finance sector,” ACSC coordinator Clive Lines said. “If you are connected to the internet, you are vulnerable – financial markets and stock exchanges are not immune from this threat.”

via NewsBTC

Chinese Auto Giant Starts $50M Blockchain Tech Initiative

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Wanxiang Group, one of the largest automobile conglomerates in China, has announced its plans to invest in blockchain tech to the tune of $50 million. The company has reportedly purchased 416,000 ETH tokens on the Ethereum blockchain, confirmed by the company’s managing director Chao Deng.

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

Blockchain Tech Development

Indeed blockchain tech has been at the front and center of the latest cryptocurrency industry developments, as the distributed public ledger has been tapped by large and established global institutions for its various practical applications. In the financial industry, more than twenty top banks are already teaming up in a project known as R3 CEV to collaborate on blockchain tech initiatives.

Wanxiang Group also created a non-profit called Blockchain Labs dedicated to exploring and investing in blockchain tech applications. This was co-founded by Buterin, BitShares co-founder Bo Shen and Feng Xiao, vice chairman and executive director of Wanxiang Holdings, which is the company’s investment arm. This will be followed by the creation of a $50 million venture capital fund that will invest in blockchain tech companies, not just in China but in other parts of the world also.

In line with this, the company will sponsor a conference to be held in Shanghai next month called the 2015 Global Blockchain Summit. It will feature guests from Deloitte, Huarui Bank and Shanghai Steel Union, as well as Circle VP of Trading Joshua Lim, Koinify CEO Tom Ding and Tether CTO Craig Sellars. Topics to be discussed include the use of blockchain tech in payments, securities trading, digital asset management and global supply chains.

via NewsBTC

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