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Summary:Fraudsters are targeting Bitcoin users with phoney The Bitcoin Foundation websites and sending potential victims to a fake Bitcoin wallet designed to phish their credentials.
The latest ruse to scam Bitcoin owners out of their holdings is websites posing as The Bitcoin Foundation and capitalising on concerns over the cryptocurrency's falling price.
The Bitcoin Foundation said on Monday that it has seen a spike in complaints to its helpdesk over a fraud campaign where scammers direct Bitcoin users to spoofed versions of the foundation's site.
The two scam domains the foundation is aware of are: bitcompensation.com and bitsecuretransfer.com. According to whois.is, both were registered in mid-November by what appears to be the same person.
"The Bitcoin Foundation's website is being cloned and spoofed at web addresses and domains that have absolutely nothing to do with the Bitcoin Foundation," it said.
"If you are contacted and directed to a page that looks like the screenshot below, please close your browser as you are about to be scammed out of your Bitcoins."
Both sites present a 'compensating the users' campaign, purportedly run by the foundation and another fictitious organisation, and urge users to supply their bitcoin address in a field in order to redeem their 'gift'.
The campaign attempts to trick less knowledgeable users who feel they've "lost too much" as a result of Bitcoin's falling price over recent months. This time last year, it was trading at over $1,100; today it's worth $380.
"Since the price of the bitcoin went down a lot, members of the bitcoin community have lost too much," the scam sites read. "To decrease these loss and to sustain our coin, we, The Bitcoin Foundation together with Blockchain, are going to offer to each of our members a random amount of coins."
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Fans of bitcoin tout the digital currency as secure, anonymous and efficient. But wildly fluctuating exchange rates and charges recently in an alleged bitcoin Ponzi scheme in North Texas have put a spotlight on bitcoins risks.
Tyler Moore is an assistant professor of computer science and engineering at Southern Methodist University and he joins KERA's Justin Martin for a conversation on bitcoin.
Interview Highlights: Tyler Moore ...
... On bitcoinand cryptocurrency:
"Bitcoin is a currency just like dollars or euros or pounds, but its completely digital so theres no paper equivalent. To do that, you need to have some rules in place so that people cant willy-nilly copy the bits and steal each others bitcoins so thats where the crypto comes in you have some cryptography to protect against double spending and sort of enforce the rules of the system."
... On how to acquire bitcoin:
"So theres two main ways - the more esoteric way is to mine bitcoins, but if youre new to bitcoin the most common way is to go to a currency exchange, just like you would when you enter a new country, go the airport, go to the exchange, and provide your dollars and get whatever currency youd like. You can get to an online currency exchange and pay your dollars and whatever the current market rate is theyll give you the equivalent in bitcoin."
... On bitcoin's value:
"Its like any other digital commodity in that it finds its value in the people who use it. Which is one reason we see these huge fluctuations in that there can be wildly differing demands for the currency at a given time."
... On the McKinney Ponzi scheme:
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Bitcoin is a digital currency created in 2009. The main difference of bitcoins from other types of digital currency is its total openness: its source code is open for public perusal and has been repeatedly verified by security experts. There is no central authority that issues new bitcoins or controls money operations: all the transactions are available for tracking by all bitcoin users and are verified automatically. Despite that, one can preserve the anonymity of payment by not using the real personal information but only bitcoin addresses.Bitcoin is a digital currency created in 2009. The main difference of bitcoins from other types of digital currency is its total openness: its source code is open for public perusal and has been repeatedly verified by security experts. There is no central authority that issues new bitcoins or controls money operations: all the transactions are available for tracking by all bitcoin users and are verified automatically. Despite that, one can preserve the anonymity of payment by not using the real personal information but only bitcoin addresses.
As theres no central controlling body, your account cannot be blocked if you keep bitcoins on your computer, what is considered one of the major system advantages. Nobody is able to prevent you from sending or receiving money transfers. At the same time transactions are completed almost immediately and are charged with minimum fees or are free. You can forget about bank working hours, non-working days or money transfers that take days to be executed. You can manage your funds any day, at any time and in whatever way you see fit. In this manner the reliability of a bank or a bitcoin account keeper is stipulated by the verified mathematical algorithms and cryptography mechanisms.
You may not worry about your funds because in contrast to other currencies there cannot be issued an indefinite number of bitcoins, and thats why inflation and consequent decrease of the purchasing power of your savings are totally excluded. There can only exist a certain number of bitcoins, and once 21 million bitcoins have been issued, their mining will stop.
The way of creating new bitcoins is of a special interest: bitcoins are equally distributed among those who support the Bitcoin network with their computing power, verifying and protecting users transactions. Everyone can take part in this process, but in order to do this a very powerful computer hardware is required.
Bitcoins success drew great attention to it and there started to emerge new digital currencies that partially or totally copied the essence of Bitoin, sometimes bringing to the market new interesting possibilities. Nevertheless, Bitcoin is still the most known and popular cryptocurrency.
If on some web or in a shop you see written Bitcoin accepted here or just a Bitcoin sign, it means that at that place you can pay for requested services, goods or make a donation using bitcoins. You can also accept bitcoins as a payment for your services or products. Bitcoins are easily exchanged for other currencies (e.g. roubles or dollars) on special exchange platforms or exchange bureaus, as well as on this page.
If you want to get a deeper understanding of how Bitcoin functions or of its technical features, we recommend you to take a look at our F.A.Q. about Bitcoin and read the specialized article on Wikipedia.
In order to buy bitcoins or other cryptocurrency, please replenish your account making a deposit in roubles (or in any other currency that you wish to give for Bitcoin).
You can do this quite easily just clicking on Refill my account below the exchange field and choosing from the dropdown list the currency, the method (the payment system) and the desired amount.
After that you will be able to buy bitcoins or any other cryptocurrency.
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It has been mentioned before that the success of an alternate cryptocurrency depends on 5 primary things:
But it was quite unexpected that the name of the coin does play the most important role over the long term, since its the only one thing from the five features, mentioned above, that cannot be changed, or significantly improved.
A Bitcointalk.org member using the moniker alt19 explained:
You can add an infrastructure, you can add innovative features to any coin, theoretically, but you cannot change the past, you cannot change the history that is in price logs and in a peoples memory.
So lets try to build a rating of the cryptocurrency names of real coins, based on various criteria:
This story is based on the ideas of Bitcointalk community members. If you would like to participate in the discussion, you will find the thread here: https://bitcointalk.org/index.php?topic=655461.0
Do you think the name of a coin matters? Whats your favorite name? Log in below using your favorite social network and weigh in on the discussion.
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Bitcoin mining, our own Simon Rockman wrote last January, is essentially a brute-force attack on the generating algorithm.
Bitcoin, and all the other alt-coins, is training a skillset for building password-cracking hardware that is both powerful and portable, he wrote.
It looks like cryptocurrencies are also helping to spot some useful prime numbers, according to the folks behind Riecoin.
Riecoin is a fork of Bitcoin and offers the chance for distributed or standalone mining. Participating in currency's gestation also has a by-product of highly-verified prime sextuplets. As the Riecoin folk note, there's a US$1million prize up for grabs for anyone who can prove The Riemann Hypothesis' suggestion that prime numbers occur in some sort of pattern.
As prime numbers are rather handy when encrypting data, there's some value in knowing more about them. Detail-oriented Reg readers will, by now, have noted that Riecoin and Riemann Hypothesis are rather similar: that's no accident, as the currency is named in homage to the mathematician.
Riecoin claims that its cluster of distributed coiners have, during November, twice broken the world record for creating a prime sextuplet, a collection of six prime numbers packed together as tightly as possible.
On November 17 the Riecoin swarm cranked out a sextuplet in 70 minutes. A week later, it beat that record and produced longer primes while doing so. There's more detail about Riecoin and the maths behind it in this FAQ.
Riecoin's also a cryptocurrency and is traded on several exchanges, at a value of about 0.0000175 bitcoin.
Beginner's guide to SSL certificates
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Matthias Krner talks about Cryptocurrency-bank.com
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This is Dark Gold Cryptocurrency
DarkGold Cryptocurrency Intro video. http://www.darkgold.co.in.
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Pandacoin #39;s hybrid cryptocurrency wallet speed test - Full blockchain under 4 minutes.
Here you see a typical windows sync with the new PandaBank, the Pandacoin wallet. Syncing a full blockchain under 4 mins! To give you an idea, with this technology you can download the full...
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World Bank releases report saying bitcoin is not Ponzi scheme, while Ethereum trumps Facebook(IBTimes UK)
The price of bitcoin has continued to slump, falling by a further 6% over the last 24 hours to take its value below $360.
Most other major cryptocurrencies have followed in bitcoin's lead, with litecoin, dogecoin, darkcoin and namecoin all falling by between 4% and 6%.
One of the biggest movers across all markets was czechcrowncoin. The unofficial altcoin of the Czech Republic shot up by more than 50%.
Vitalik Buterin, the developer of the bitcoin 2.0 platform Ethereum, has beaten Facebook founder Mark Zuckerberg to a prize at the World Technology Awards.
Buterin trumped Zuckerberg in the award for IT software, making him the only person from the digital currency industry to win an award this year.
Other winners on the night included Tesla and SpaceX founder Elon Musk and co-founders of Y-Combinator Paul Graham, Jessica Livingston, Robert Morris and Trevor Blackwell.
Finland has broken the conventional EU mould in its approach to cryptocurrency by classifying bitcoin as a financial service.
The classification by the Finnish Central Board of Taxes makes bitcoin VAT exempt under Finnish law.
"By making bitcoins a recognized payment instrument, Finland has pushed it towards being regarded as a formal currency," Richard Asquith, vice president of global tax compliance at Alavara, told theInternational Tax Review.
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Cryptocurrency Round-Up: Ethereum Beats Facebook in Tech Award and Bitcoin 'Not a Ponzi Scheme'
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The price of bitcoin has dipped back below $400 following its remarkable surge last week.(IBTimes UK)
The price of bitcoin has dropped again slightly over the last 24 hours, making last week's surge look increasingly like a spike.
Most other major cryptocurrencies have seen a similar decline, with litecoin, dogecoin, and namecoin all falling by between 2% and 3%.
The worst hit of the big players was darkcoin, which fell by around 12% since yesterday. The anonymity-focussed cryptocurrency now has a market cap of less than $12 million having risen to almost $15m last week.
The US Marshals Service (USMS) is to auction a further 50,000 bitcoins seized from Ross Ulbricht, the alleged creator of the Silk Road online black marketplace.
It follows a similar auction of 30,000 bitcoins in June, from an estimated pot of 140,000 bitcoins - worth around $54 million at today's prices.
"On January 27, 2014, the United States District Court for the District of New York entered a Stipulation and Order for Interlocutory Sale of Bitcoins," the USMS announced.
"In this order, both the United States and Ross William Ulbricht agreed that 'the United States, in its sole discretion, may sell any portion or all of these bitcoins, on a date or dates and in a manner to be determined by the government.'"
The auction will take place on 4 December between 8am and 2pm EST, with any bidders required to register by midday on the 1 December.
Scotcoin, the unofficial national cryptocurrency of Scotland, has taken a major step forward in its development by migrating to the Counterparty.io solution.
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Cryptocurrency Round-Up: Silk Road Bitcoin Auction and Scotcoin Migration to Counterparty
As cryptocurrency markets begin to settle, Coinbase reportedly seeks funding and Reddit's cryptocurrency receives an unexpected boost.(IBTimes UK)
The price of bitcoin currently hovers at around $400 following another tumultuous few days for the world's most valuable cryptocurrency.
The dramatic price swings of last week continued into the weekend, however most markets have remained relatively stable over the last 24 hours.
One of the biggest movers across all markets was scotcoin. The unofficial national cryptocurrency of Scotland rose in value by 30% since yesterday to take its market cap up towards $70,000.
The unusual resignation of Reddit CEOYishan Wongon Thursday has seen the return ofReddit co-founder Alexis Ohanian to the role of executive chairman of the company.
While Wong was an outspoken critic of bitcoin, Ohanian has been vocal in his support of the digital currency, leading to speculation that cryptocurrency communities on the site could be featured more prominently on the social news site's homepage.
"If it can get to the point where my Dad is like, 'Hey, tell me about this Bitcoin thing, I'm really intrigued by it' then I'll be like, 'OK, all right.' That'll be the moment," Ohanian said in 2013.
In September, Reddit announced plans to create its own cryptocurrencyfollowing a $50m funding round.
According to Re/code, between $40m and $60m is expected to be raised, with venture capital firm Draper Fisher Jurvetson rumoured to be the biggest contributors.
In a recent interview with IBTimes UK, Coinbase CEO Brian Armstrong revealed that over 1.7 million Coinbase bitcoin wallets had been downloaded, giving the firm around a quarter of the consumer wallet marketshare.
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Cryptocurrency Round-Up: Pro-Bitcoin Founder Returns to Reddit and Coinbase Seeks Funding
SilverBACKcoin - Silver backed cryptocurrency
Preservation of wealth via embedded intrinsic data. Cryptocurrency backed by physical silver.
By: David Hughes
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Daniel Peled: Social Messaging Meets Cryptocurrency with Gems
Our guest is Daniel Peled, CEO of Gems social messaging app. The Gems presale will kickoff on December 1st and take place on Koinify. Gems website: http://getgems.org/ Gems Video: http://vimeo...
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OneCoin Intro | OneCoinOneConcept | OneCoin - CryptoCurrency
http://realmassiveresults.info/onecoin/ OneCoinOneConcept | OneCoin - CryptoCurrency OneCoin is not a copy of a BITCOIN. It is new generation of cryptic curr...
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Branson extols virtues of bitcoin and other cryptocurrencies as markets slide(IBTimes UK)
The price of bitcoin has dipped back below $400 following its remarkable surge mid-week that saw its value rise as high as $454.
The drop has resonated across the cryptocurrency markets, with litecoin, dogecoin, peercoin, darkcoin and namecoin all falling by between 7% and 12% over the last 24 hours.
Invulnerable to such market movements has been cryptonite. The Superman-themed cryptocurrency rose in value by over 200% since yesterday to take its market cap up towards $100,000.
Serial entrepreneur Richard Branson has extolled the virtues of bitcoin and other cryptocurrencies in a new blogpost ahead of the Global Digital Currency Conversation (GDCC) in Australia this weekend.
In his post titled 'How digital currency could transform the world', Branson describes his reasons for investing in bitcoin and why he believes in its potential to bring greater levels of control, freedom and scrutiny over money.
"I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting," Branson said.
"It has been obvious to us all for quite some time that people aren't satisfied with the business as usual approach adopted by the major payment networks.
"Through making investments in the likes of Square and Blockchain, I hope to be a part of what could be a democratisation that helps to put more power and control back into the hands of the everyday citizen."
An identity provider that uses blockchain technology to create a decentralised identity protocol has announced a roadmap to push forward its social solution.
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Cryptocurrency Round-Up: Markets Slide as Richard Branson Backs Bitcoin's Revolutionary Potential