Monthly Archives: October 2013

Jon Southurst – PSA: Protect Your Wallets

Jon Southurst – PSA: Protect Your Wallets:

Jon Southurst (@SouthTopia) provides in a post on CoinDesk some examples of how with Bitcoin is not just 9/10ths of the law, it is the law.  Bitcoin is a bearer instrument — meaning if a payment gets sent to the wrong party, or a thief gains control of a wallet, the funds can be spent.  Excerpts:

“A simple concentration lapse can see exponentially more bitcoin leave your wallet than you’d intended, never to be seen again.”

“The difference between bitcoin and cash, though, is that much larger amounts may be at stake. Cash transactions tend to be smaller, while (reputedly safer) credit cards and bank transfers handle larger ones. Bitcoin allows you not only to transfer a million dollars in a heartbeat, it gives you a chance to send it to the wrong place. Or nowhere at all.”

“Mike Hearn, developer at the Bitcoin Foundation, says most loss-causing errors are the result of users not backing up locally-stored wallet files at the right time, and by misusing paper wallets.”

“The bitcoin development team also hopes to add human-memorable address aliases and a messaging function to transactions. Messaging would allow users to include a refund address with transactions.”

 – http://www.coindesk.com/dumb-mistakes-costly-bitcoin-losses

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Video: Life On Bitcoin Newlywed Couple Hits The Road

Video: Life On Bitcoin Newlywed Couple Hits The Road:

Beccy and Austin Craig (@LifeOnBitcoin) have been filming their lives for the first three months of their marriage while they live on Bitcoin for a documentary.  Provo Utah’s KSL5 TV news reporter Jed Boal (@JedBoal) interviews them.  Excerpts:

“The Craigs will test the principal of currency when they begin roadtripping across the county Saturday. ”I am nervous about food,’ Beccy said. ‘As soon as we leave Utah County, we are starting over, we don’t have food.’”

“During their travel, the Craigs expect to discover more businesses using Bitcoin, and they’ll continue to negotiate with those that don’t. When they return home, the Craigs plan to end their experiment of living only on bitcoins.  ’I am super excited to go back to good old American currency, just for its convenience,’ Beccy said. But, the Craigs said they believe in Bitcoin and plan to make it part of their financial future.”

 – http://bit.ly/GKMxqr
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Brian Krebs – Feds Arrest Silk Road Founder, Shutter Website

Brian Krebs – Feds Arrest Silk Road Founder, Shutter Website:

Security expert Brian Krebs (@BrianKrebs) was first with news that the FBI had taken over the Silk Road marketplace website and later that the site’s founder was arrested by U.S. authorities. Excerpts:

“Federal agents in San Francisco arrested the Silk Road’s alleged mastermind. Prosecutors say 29-year-old Ross William Ulbricht, a.k.a “Dread Pirate Roberts” (DPR), will be charged with a range of criminal violations, including conspiracy to commit drug trafficking, money laundering, computer hacking and murder for hire.”

“[The FBI’s big break came] on July 23, 2013, when investigators gained access to a Silk Road server and made a complete copy of the data on the machine.”

“Finally, DPR tripped himself up when he ordered some fake IDs from an international Silk Road vendor and had them sent to his residence. The fraudulent IDs were intercepted at the border by customs agents working with the U.S. Department of Homeland Security, which paid a visit to the address to which the documents were to be delivered.”

“Ulbrich graduated from the University of Texas with a bachelors degree in Physics in 2006, and that from 2006 to 2010, he attended graduate school at the University of Pennsylvania School of Materials Science and Engineering.”

“The government also announced today that pursuant to this action, it has also seized approximately 26,000 Bitcoins worth roughly $3.6 million, in what it’s calling the largest ever seizure of Bitcoins.”

 – http://bit.ly/17tnJgs
 – http://bitcointalk.org/index.php?topic=306331.0 (Further discussion on the topic)

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