Archive | bitcoin

Ponzi schemes: The Danger of High Interest Savings Funds

Over the past five months, the Bitcoin community has seen the emergence of savings funds offering interest rates far higher than any seen in the traditional economy. The most innocuous form of high-interest deposits, mining contracts, have been around for a long time, allowing anyone to financially participate in mining operations by buying shares and […]

10 Questions with Zhou Tong

This interview can also be found on Coinabul’s official blog A 17 year old coder and entrepreneur named Zhou Tong (pictured above) created a website last year. The growth that his website exhibited is inspirational. In less than 6 months Bitcoinica.com was home to over one million dollars in assets. That young entrepreneur sold Bitcoinica […]

Bitcoin is Uninsured: A Misconception

Faced with the growing need to justify the fees, delays, chargebacks and centralization of power that are behind modern fiat currencies, one argument that Bitcoin detractors are turning to more and more to attack the alternative is that Bitcoin is uninsured. As Forbes writer Tim Worstall writes, for example, “Sure, it’s true that real world […]

Microsoft-Funded Startup Aims to Disrupt File Sharing Networks; Is Bitcoin Vulnerable?

The Russian-based PiratePay startup is attempting an old, but in this application novel, strategy to help Hollywood fight against the file sharers that they claim are costing the economy 373000 jobs and $58 billion per year: DDOSing them. As Pirate Pay CEO Andrei Klimenko describes his company’s strategy, “We used a number of servers to […]

The Strange Antics of the Bitcoinica Thief

The internet and the blockchain that power Bitcoin are unique in that they make any significant events in the Bitcoin ecosystem public, even if the identities carrying out the acts may sometimes be pseudonymous. Anomalies like the so-called “mystery miner”, large buys and sells on MtGox and SatoshiDice causing the Bitcoin network to exceed its […]

MtGox: What the largest exchange is doing about the Linode theft and the implications

This article was originally written on March 28, 2012 Following the recent Linode theft, in which over 43000 total bitcoins were stolen from Bitcoinica, MtGox enacted a new policy in an attempt to help stop the thief get away with his illicit gains: they began freezing accounts with bitcoins that could be traced back to […]

Adam Kokesh on Bitcoin and Free Market Money

The rising career of Adam Kokesh maintains a steady and distinct focus on liberty and individual empowerment.  Since serving in the United States Marine Corps in Iraq, he has built a reputation as an anti-war, pro-freedom activist and outspoken independent journalist.  His peaceful civil-disobedience and direct actions range from mega-phone powered outbursts to debatably awesome […]

Bitcoinica: An Obituary

The last few days have unfortunately brought one piece of grim news after another to the Bitcoin community. As if the 43000 BTC Linode theft in March was not enough, another 18457 BTC was stolen from Bitcoinica’s reserves, and Zhou Tong was barely able to prevent the thief from getting his hands on 30000 more. […]

Bitcoin Funded Debit Cards

By Jon Matonis Forbes Monday, May 7, 2012 http://www.forbes.com/sites/jonmatonis/2012/05/07/bitcoin-funded-debit-cards/ Yes, it’s entirely possible to fund your existing debit card, or credit card, with your accumulated bitcoin. And I don’t mean th…