Thought Bitcoin Was Dead? 2016 Is the Year It Goes Big
http://www.wired.com/2016/01/thought-bi ... -goes-big/
BITCOIN as an alternative to regular currency
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
I hope 2016 will be the year the mtgox trustee distributes what's left of the bitcoins and funds 
Lead developer quits bitcoin saying it "has failed"
http://www.reuters.com/article/us-globa ... SKCN0UT2II
http://www.reuters.com/article/us-globa ... SKCN0UT2II
The article it is referring to, worth a read,weemac wrote:Lead developer quits bitcoin saying it "has failed"
http://www.reuters.com/article/us-globa ... SKCN0UT2II
https://medium.com/@octskyward/the-reso ... .61l76svkm
That's a really interesting read.
I remember working for a Bay area ISP in the mid 90's. Back then the internet was doomed because there wasn't enough capacity. But the industry solved the problem.
At a conference I said that I didn't care as bandwidth will be like Oil. If there is demand then people will find more. Thought I was relying on the commercial incentives to do so. It will be interesting to see if that bubbles up on BitCoin.
I remember working for a Bay area ISP in the mid 90's. Back then the internet was doomed because there wasn't enough capacity. But the industry solved the problem.
At a conference I said that I didn't care as bandwidth will be like Oil. If there is demand then people will find more. Thought I was relying on the commercial incentives to do so. It will be interesting to see if that bubbles up on BitCoin.
Why Wall Street Is Embracing the Blockchain—Its Biggest Threat
http://www.wired.com/2016/02/wall-stree ... st-threat/
http://www.wired.com/2016/02/wall-stree ... st-threat/
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
There's progress in the bankruptcy handling of mtgox. The trustee has already awarded 7,952 people (out of a total of 9,863) with bitcoin-only claims, their claims. ¥12,583,717,791 JPY in bitcoin has been approved to creditors, with ¥27,547,026,403 JPY in bitcoin on hold.
According to today’s report, 24,733 people around the world have filed bankruptcy claims related to the MtGox exchange. The total amount of bankruptcy claims filed in both bitcoin and fiat currencies are ¥2,695,239,249,594 JPY. The Trustee is currently in possession of 202,163.41191816 bitcoin, currently worth over $84 million USD.
Apparently you can check the status of your claim at http://claims.mtgox.com/assets/index.html but it is down at the moment.
More info here: http://blog.kraken.com/post/13951401123 ... s-in-mtgox
According to today’s report, 24,733 people around the world have filed bankruptcy claims related to the MtGox exchange. The total amount of bankruptcy claims filed in both bitcoin and fiat currencies are ¥2,695,239,249,594 JPY. The Trustee is currently in possession of 202,163.41191816 bitcoin, currently worth over $84 million USD.
Apparently you can check the status of your claim at http://claims.mtgox.com/assets/index.html but it is down at the moment.
More info here: http://blog.kraken.com/post/13951401123 ... s-in-mtgox
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
Read this on slashdot:
http://developers.slashdot.org/story/16 ... me-to-pass
Ben Popper writes at The Verge that bitcoin's nightmare scenario has come to pass as the bitcoin network reached its capacity, causing transactions around the world to be massively delayed, and in some cases to fail completely. The average time to confirm a transaction has ballooned from 10 minutes to 43 minutes. Users are left confused and shops that once accepted Bitcoin are dropping out. For those who want the Bitcoin system to continue to grow and thrive, this is troubling. Merchants can't rely on digital transactions that can take minutes or hours to validate. A number of prominent voices in the Bitcoin community have been warning over the past year that the system needed to make fundamental changes to its core software code to avoid being overwhelmed by the continued growth of Bitcoin transactions. A schism has developed between the team in charge of the original codebase for Bitcoin, known as Core, and a rival faction pushing its own version of that open source code with a block size increase added in, known as Classic. "Many in the US Bitcoin community had hoped that hitting this crisis point — a network maxed out, transactions faltering — would result in closure, with miners quickly moving to adopt whichever chain proved more valuable to their economic interests," says Popper. "But so far the debate is dragging on without one side claiming a clear victory, leaving tens of thousands of consumer transactions stranded in limbo."
http://developers.slashdot.org/story/16 ... me-to-pass
Ben Popper writes at The Verge that bitcoin's nightmare scenario has come to pass as the bitcoin network reached its capacity, causing transactions around the world to be massively delayed, and in some cases to fail completely. The average time to confirm a transaction has ballooned from 10 minutes to 43 minutes. Users are left confused and shops that once accepted Bitcoin are dropping out. For those who want the Bitcoin system to continue to grow and thrive, this is troubling. Merchants can't rely on digital transactions that can take minutes or hours to validate. A number of prominent voices in the Bitcoin community have been warning over the past year that the system needed to make fundamental changes to its core software code to avoid being overwhelmed by the continued growth of Bitcoin transactions. A schism has developed between the team in charge of the original codebase for Bitcoin, known as Core, and a rival faction pushing its own version of that open source code with a block size increase added in, known as Classic. "Many in the US Bitcoin community had hoped that hitting this crisis point — a network maxed out, transactions faltering — would result in closure, with miners quickly moving to adopt whichever chain proved more valuable to their economic interests," says Popper. "But so far the debate is dragging on without one side claiming a clear victory, leaving tens of thousands of consumer transactions stranded in limbo."
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giulio2010
- Posts: 962
- Joined: Sun Sep 12, 2010 9:11 am
Hi all. Please can you advice me the easiest, fastest and secure way to sell bitcoin in London? Thank you in advance..I would really appreciate it.
I wish I understood Bicoin more .. but, if its legal in the Isle of Man, for gambling, then, it might be a decent time to think about speculating, and buying some :
http://www.newsbtc.com/2016/05/01/isle- ... stination/
http://www.newsbtc.com/2016/05/01/isle- ... stination/
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
The mtgox bankruptcy is finally being resolved! Yesterday the trustee made a decision who gets his money and bitcoin back. My claim was fully accepted, now it will be a matter of how much of that claim will be paid out.
In my opinion the fraud at mtgox is what finally did bitcoin in. Honest people have moved away from the currency and it is now mainly used on places like the dark web. The underlying technology, blockchain, will live on and hopefully improve our current banking technology. It's silly that in this day and age a simple transfer between two bank accounts takes about a day.
In my opinion the fraud at mtgox is what finally did bitcoin in. Honest people have moved away from the currency and it is now mainly used on places like the dark web. The underlying technology, blockchain, will live on and hopefully improve our current banking technology. It's silly that in this day and age a simple transfer between two bank accounts takes about a day.
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
Or if use hsbc it can take up to 20 days and they don't even advise you the reason for the delay!
In general transfers are almost immediate to a lot of banks these days overseas, if made online. I wish they weren't, as I had my email hacked and then a fake email mirroring my email account requested to my accounts to make a payment for 12k US earlier this year to a new account. Once I knew about it the money had already cleared the same day into the CITIC bank in HK and couldn't be reversed unless the account holder requested to send it back.
In general transfers are almost immediate to a lot of banks these days overseas, if made online. I wish they weren't, as I had my email hacked and then a fake email mirroring my email account requested to my accounts to make a payment for 12k US earlier this year to a new account. Once I knew about it the money had already cleared the same day into the CITIC bank in HK and couldn't be reversed unless the account holder requested to send it back.
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
That's a sad story Steven. Did the bank compensate you?
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
No it was our mistake as we actioned the payment online but the banks were terrible.
We reported it to our bank on 18th March and because the payment routed through a clearing bank in USA they said they had to deal only with the USA bank who would contact CITIC bank in HK. Turned out my bank only actually made any initial effort after the weekend on the Tuesday (4 days later). No one could call to the CITIC bank as it's not their standard procedure. Finally got a reply 12 days later from HK bank advising they could not do anything unless the receiving account (fraudulent account) asked them to send it.
Also reported it to fraud UK who after a month just sent a standard letter saying not enough evidence to move forward but would keep on file if other cases.....etc.... I even flew to HK to report it to the police, as it's only a couple of hours from me. I thought at least wanted to get the account closed but nothing other than a 3 day break and a few hours sat in TST cop shop.
It could have been worse though, Bangladesh government got done on the same scam for 101 million dollars the week before me
It is a popular scam these days actually and the thing that makes it real is because they have hacked into your email and know who you deal with. The fake account looks identical at first glance but in my case they changed 'sim' to 'sirn' and in the font used the rn looks like an "m".
The reason we spotted it was because they immediately tried the same scam to me asking for me to transfer money from my singapore account to HK on behalf of my my father which didn't make sense.
Top things off, 2 weeks ago I had an African lady turning up at my work all blinged up trying to give an order for 500k US. She said she was starting an online business in USA and had money tied up in some dodgy middle east country and the easiest way to get the money into USA was to send in products and then sell the products to get back the cash. Obviously, I'm sure we would have had to pay a tax to the country her money was in to release the funds. Obviously, told her to sling her hook! True story.
We reported it to our bank on 18th March and because the payment routed through a clearing bank in USA they said they had to deal only with the USA bank who would contact CITIC bank in HK. Turned out my bank only actually made any initial effort after the weekend on the Tuesday (4 days later). No one could call to the CITIC bank as it's not their standard procedure. Finally got a reply 12 days later from HK bank advising they could not do anything unless the receiving account (fraudulent account) asked them to send it.
Also reported it to fraud UK who after a month just sent a standard letter saying not enough evidence to move forward but would keep on file if other cases.....etc.... I even flew to HK to report it to the police, as it's only a couple of hours from me. I thought at least wanted to get the account closed but nothing other than a 3 day break and a few hours sat in TST cop shop.
It could have been worse though, Bangladesh government got done on the same scam for 101 million dollars the week before me
It is a popular scam these days actually and the thing that makes it real is because they have hacked into your email and know who you deal with. The fake account looks identical at first glance but in my case they changed 'sim' to 'sirn' and in the font used the rn looks like an "m".
The reason we spotted it was because they immediately tried the same scam to me asking for me to transfer money from my singapore account to HK on behalf of my my father which didn't make sense.
Top things off, 2 weeks ago I had an African lady turning up at my work all blinged up trying to give an order for 500k US. She said she was starting an online business in USA and had money tied up in some dodgy middle east country and the easiest way to get the money into USA was to send in products and then sell the products to get back the cash. Obviously, I'm sure we would have had to pay a tax to the country her money was in to release the funds. Obviously, told her to sling her hook! True story.
what a tangled weave this all sounds, sorry about the stuff you've been put thro, just shows how sophisticated these guys are becoming and more importantly, how trusting we become of electronic missives and directives, no matter how savvy we are (and in your case how little help we get, even when we strongly represent ourselves in such scenarios).
Btw, you should of course have told said lady to sling your bling
Btw, you should of course have told said lady to sling your bling