Tag Archives: bitcoin

a P2P microblogging platform

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This paper proposes a new microblogging architecture based on peer-to-peer networks overlays. The proposed platform is comprised of three mostly independent overlay networks. The first provides distributed user registration and authentication and is based on the Bitcoin protocol. The second one is a Distributed Hash Table DHT overlay network providing key/value storage for user resources and tracker location for the third network. The last network is a collection of possibly disjoint “swarms” of followers, based on the Bittorrent protocol, which can be used for efficient near-instant notification delivery to many users. By leveraging from existing and proven technologies, twister provides a new microblogging platform offering security, scalability and privacy features. A mechanism provides incentive for entities that contribute processing time to run the user registration network, rewarding such entities with the privilege of sending a single unsolicited “promoted” message to the entire network. The number of unsolicited messages per day is defined in order to not upset users.

via [1312.7152] twister – a P2P microblogging platform.

 

Massive surge in Litecoin mining leads to graphics card shortage

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Litecoin confirms transactions faster (every 2.5 minutes, rather than every 10 minutes for Bitcoin) and it contains more coins — 84 million coins will be found in total under the LTC protocol, as opposed to 21 million for BTC. Bitcoin and Litecoin prices tend to move together; Bitcoins stratospheric leap over the past month (it’s down from a high of $1200 but trading at $873 as of this writing) has created an odd situation where it’s easier to mine Litecoin and then convert LTC to BTC then it is to just mine BTC to start with.

via Massive surge in Litecoin mining leads to graphics card shortage | ExtremeTech.

How the Bitcoin protocol actually works

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It may seem surprising that Bitcoin’s basis is cryptography. Isn’t Bitcoin a currency, not a way of sending secret messages? In fact, the problems Bitcoin needs to solve are largely about securing transactions — making sure people can’t steal from one another, or impersonate one another, and so on. In the world of atoms we achieve security with devices such as locks, safes, signatures, and bank vaults. In the world of bits we achieve this kind of security with cryptography. And that’s why Bitcoin is at heart a cryptographic protocol.

via How the Bitcoin protocol actually works | DDI.

Bitcoin Thefts Surge, DDoS Hackers Take Millions

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Bitcoin users have echoed that suggestion. “One note of warning: don’t trust any online wallet,” read a comment on a recent Guardian feature. “The two biggest ones have already been robbed. Use your own wallet on your own computer and back it up on a USB stick.”

“Remember, you don’t have to keep your Bitcoins online with someone else: you can store your Bitcoins yourself, encrypted and offline,” said Ducklin at Sophos.

via Bitcoin Thefts Surge, DDoS Hackers Take Millions – InformationWeek.

New Skype malware spreading at 2,000 clicks per hour makes money by using victims’ machines to mine Bitcoins

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To avoid this threat and others like it, don’t click on random links you receive on Skype. You’ll be doing yourself a favor, helping stop the spread of malware, and ensuring criminals get a smaller pay day.

via New Skype malware spreading at 2,000 clicks per hour makes money by using victims’ machines to mine Bitcoins – The Next Web.

At least it’s just bitcoin mining and not stealing credentials.  This is why I always have three performance monitors on my dashboard; CPU usage, bandwidth, and memory.  With this piece of malware you would immediately see a problem because the CPU monitor shouldn’t be full of color.  Then simply take the PC offline and do some investigation or bring it to someone.  On Windows machines there’s Perfmon to look at these performance monitors.  Just like a car has its fuel and temperature guages, computer users would be far more secure getting used to performance monitor guages.  I often wonder why distributors don’t display these somewhere as a default option much like they have for the clock.

As Bitcoin Soars in Value, Alternative Cryptocurrencies, Such as Litecoin and PPCoin, Also Climb

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Bitcoin transactions are verified by the work of software run by other people using the currency, a process that takes on average 10 minutes and can be much longer, an hour in the case of many exchange sites. Lee says that hinders operators of online stores from using the currency. “With Bitcoin, sometimes merchants are forced to accept unconfirmed transactions because confirmations are way too slow,” he says. “Faster confirmations lead to a more useful currency.” Litecoin transactions are confirmed on average every 2.5 minutes, which Litecoin’s developers say is more practical for businesses.

via As Bitcoin Soars in Value, Alternative Cryptocurrencies, Such as Litecoin and PPCoin, Also Climb | MIT Technology Review.

Bitcoin crashes, losing nearly half of its value in six hours

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On Wednesday afternoon, the Bitcoin bubble appears to have burst. As of this writing, its current value is around $160—down from a high of $260. (It fell as low as $130 today.) There is no obvious explanation for why the digital currency has fallen so far and so fast, although the market correcting after such a huge rise might be a good explanation. (Update 4:05pm CT: Bitcoin seems to have somewhat recovered and appears to be hovering around $200.)

via Bitcoin crashes, losing nearly half of its value in six hours | Ars Technica.

More info from Slashdot and Techcrunch.  From:  Bitcoin Suffers A Correction Amid Apparent DDOS Attacks On Some Exchanges

This also happened last week when Mt. Gox when Bitcoin reached $142 and hackers attacked the exchange. At that point, Mt. Gox said it had suffered ”its worst trading lag ever.”

First Bitcoin Hedge Fund Launches From Malta

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The private key itself is AES-256 encrypted. After exporting Bitcoin private keys from wallet.dat file, data is stored in a TrueCrypt container on three separate flash drives. Using Shamir’s Secret Sharing algorithm, the container password is then split into three parts utilizing a 2-of-3 secret sharing model. Incorporating physical security with electronic security, each flash drive from various manufacturers is duplicated several times and, together with a CD-ROM, those items are vaulted in a bank safety deposit box in three different legal jurisdictions. To leverage geographic distribution as well, each bank stores only part of a key, so if a single deposit box is compromised, no funds are lost.

via First Bitcoin Hedge Fund Launches From Malta – Forbes.

Halving day is almost upon us!

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Bitcoin is built so that this reward is halved every 210,000 blocks solved.  The idea is as bitcoin grows the transaction fee’s become the main part of the reward and the introduction of new bitcoin’s slows down to a trickle.  This also means that there will only ever be 21,000,000 bitcoins in circulation.

Well, in less than 4 days the block count will reach the first of these 210,000 block milestones and the reward for solving a Bitcoin block will half from 50BTC to 25BTC. (Have a look at bitcoinclock.com)

via Halving day is almost upon us! | Mineforeman.