Monthly Archives: September 2014

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The what is bitcoin bitcoin training course - Video

How to be a Bitcoin Hater
Written guide: http://bitcoinmagazine.com/16027/bitcoin-hater/ As usual, some of this was inspired by Andreas Antonopoulos. This speech particularly: https://www.youtube.com/watch?v=Wq8yOMl8IUs...

By: BraveTheWorld

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Gem Is A Bitcoin API To Seamlessly Build Bitcoin Services With Bank-Grade Security
Gem, a new bitcoin startup, is a different take on the electronic currency industry that provides more of a focus on developer tools. Gem provides a highly available, scalable API for bitcoin...

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Gem Is A Bitcoin API To Seamlessly Build Bitcoin Services With Bank-Grade Security - Video

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Who cares about Satoshi Nakamoto? Someone else has made Bitcoin what it is and has the most power over its destiny.

In March, a bewildered retired man faced journalists yelling questions about virtual currency outside his suburban home in Temple City, California. Dorian Nakamoto, 64, had been identified by Newsweek as the person who masterminded Bitcoina story that, like previous attempts to unmask its pseudonymous inventor, Satoshi Nakamoto, was soon discredited. Meanwhile, the person arguably most responsible for enabling the currency to swell in value to $7.7 billion, and with the most influence on its future, was hiding in plain sight on the other side of the country, in Amherst, Massachusetts.

That person is Gavin Andresen, a mild-mannered 48-year-old picked by the real Satoshi Nakamoto, whoever he or she is, as his successor in late 2010. Andresen became core maintainerchief developerof the open source code that defines the rules of Bitcoin and provides the software needed to make use of it. The combination of Nakamotos blessing and Andresens years of diligent, full-time work on the Bitcoin code has given him significant clout in Bitcoin circles and stature beyond. The CIA and Washington regulators have looked to him to explain the currency. And it was Andresen who conceived of the nonprofit Bitcoin Foundationestablished in 2013which is the closest thing to a central authority in the world of Bitcoin.

Some Bitcoin enthusiasts offer bombastic predictions that Americans will shake off the shackles of the Federal Reserve and poor nations will rise to prosperity with the low-cost transactions made possible by the stateless virtual currency. Other Bitcoin boosters have the air of salesmen chasing a mark, reeling off reasons you should buy into the currency that make you feel youre not getting the whole story. In contrast, Andresen seems to be in search of quiet personal satisfaction, cheerfully calling himself a geek interested in nuts and bolts things. He can make a pretty good pitch for Bitcoin, but he quickly slides into technical nuances that would be a turnoff for most. We say this is going to be the year of the multisignature wallet, he says when summing up what 2014 holds for Bitcoin.

Still, Andresen has had and maintains more influence than anyone else on the code that determines how Bitcoin operatesand ultimately whether it can survive. Although there is no central bank for the currency, its design needs significant changes if it is to become widely used. How Andresen wields his power over Bitcoin will shape not only its fate but also the prospects for other virtual currencies.

Lucky Bet

Bitcoins origins may be shrouded in mystery, but plenty is known about Andresen and his past. Formerly known as Gavin Bell, he has been a software engineer ever since he graduated in computer science from Princeton in 1988 and took a job with the Silicon Valley computing company Silicon Graphics. He worked there for seven years, and then at a series of startups building products from 3-D drawing software to online games for blind and sighted people to play together. Then he encountered Bitcoin in 2010.

Bitcoins were essentially worthless at the time and extremely finicky to get ahold of and use. But Andresen saw technical elegance in Nakamotos design, and a currency outside the control of any government appealed to what he calls his mostly libertarian politics. Rather than being created by a central bank, bitcoins are mined by people running software that races to solve a mathematical puzzle and win a prize of newly minted bitcoins. The mining process is designed to gradually pay out less and less over time, until 21 million bitcoins exist, and it also serves to verify transactions made in the currency (see What Bitcoin Is and Why It Matters).

Eager to see people start using Bitcoin, Andresen launched a website in 2010 called the Bitcoin Faucet that handed out five free bitcoins to every visitor. (A bitcoin was worth only cents at the time but each one trades for $600 today; Andresen reduced the size of the handout as bitcoins rose in value, then shut the site down in 2012.) He also began sending code tweaks and improvements to Nakamoto. Bitcoins founder liked his work, and soon made his protgs e-mail address the only one on the projects homepage. Andresen formally stepped forward in a December 2010 post on the Bitcoin forum. With Satoshis blessing, and with great reluctance, Im going to start doing more active project management for Bitcoin, he wrote. He has worked full-time on it ever since. The Bitcoin Foundation paid him $209,648 in 2013a salary he received in bitcoins.

His smooth ascent has led to frequent accusations that Andresen is Nakamoto and shed the pseudonym once the currency gained traction. He always flatly denies it. I am not Satoshi Nakamoto; I have never met him; I have had many e-mail conversations with him, he said after giving a talk in April. Nobody knows who he is, I think. If that was a lie, Andresen is a remarkable con man. Throughout hundreds of forum posts, e-mail messages, and lines of code, his style has been distinct from that of Nakamoto.

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The Man Who Really Built Bitcoin

Update (9/9): Motherboards Patrick McGuire reports that he has corresponded with the person or persons in control of the account. Meanwhile, when I attempted to email the address again on Tuesday morning, I got a bounceback: Mailbox unavailable.

Little is known about the mysterious creator of Bitcoin beyond his pseudonym, Satoshi Nakamoto, and the fact that he uses the email address satoshin@gmx.com. However, the latter may no longer be true. Reports are flooding in that the email account has been taken over by someone new, who is using his or her access to the account to email past correspondents of Nakamoto and to daisy chain into other online accounts associated with Bitcoins creator.

An administrator on the Bitcoin forum Bitcointalk.org claimed Monday to have received a strange email from the address. According to Bitcointalk user Theymos, the email said:

Michael, send me some coins before I hitman you.

This is not Nakamotos usual style. Additionally, graffiti was posted on the SourceForge page where Bitcoins code was posted by Nakamoto. According to a poster atHackerNews, it briefly read, Buttcoin is a peer-to-peer butt. Peer-to-peer means that no central authority issues new butts or tracks butts.That graffiti appears to have been scrubbed since. Meanwhile, a P2P forum account associated with Nakamoto, which has been inactive since it went dark in 2009 with one exception in March, posted a new message from Nakamotos account:

Dear Satoshi. Your dox, passwords and IP addresses are being sold on the darknet. Apparently you didnt configure Tor properly and your IP leaked when you used your email account sometime in 2010. You are not safe. You need to get out of where you are as soon as possible before these people harm you. Thank you for inventing Bitcoin.

The assumption is that Nakamotos email has been hacked due to the compromise of its password, but based on the timing, there may be a different explanation. The Pennsylvania-based email provider, GMX, may have made the account available to a new user due to lack of use. With access to the email address, the new owner could have used it to reset Nakamotos passwords on the SourceForge site and on the P2P forum to post the claim that Nakamoto had been doxed, an Internet term meaning his identity has been outed.

This is occurring almost exactly six months after the person we assume is the real Nakamoto returned to the Internet to announce, I am not Dorian Nakamoto, the man Newsweekincorrectly fingered as the creator of Bitcoin. To make that posting, the person behind Bitcoin may have had to sign into the gmx.com email account. He may have left it dormant after that, as dormant as its been since 2011 when Nakamoto stopped corresponding with people after handing the Bitcoin reins over to developer Gavin Andresen. According to GMXs Terms of Service, any account dormant for more than six months can be erased. From the GMX TOS:

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Bitcoin Creator Satoshi Nakamoto Has Lost Control Of His Email Address

Fairly or not, bitcoin still has an image problem. For every VC who extols the innovative power of the digital currency, pop culture still sees it as a way for the paranoid cyber-libertarian to shop for black-tar heroin on the Silk Road. All the more reason, then, that bitcoin fans should rejoice that, in a move announced Monday at Techcrunchs Disrupt conference, PayPal is supporting the crypto-currency on its Braintree payments platform. When the internets most mainstream brand for moving money embraces a technology, its hard to see that system as a fringe operation.

Not that youll be buying Beanie Babies on eBay with bitcoin just yet. For non-financial tech nerds, Braintree is a startup bought by PayPal last year that creates tools for software developers to easily integrate payments into apps and websites. Instead of being shuttled off-site or out-of-app in the manner of the traditional PayPal payment flow, everything happens in-app, in exactly the way individual developers want. In supporting bitcoinan increasingly popular currency driven by open source software running across a worldwide network of machinesBraintree is allowing developers on its platform to effectively flip a switch and add bitcoin to the payment methods they accept.

Its still very much cutting edge, but its past bleeding edge. A lot of the things that needed to be solved for are solved for.

In other words, it will still be up to a merchant whether or not to accept bitcoin. PayPal users wont be able to open up their digital wallets and add bitcoin the way they would a credit card or cash from their bank accounts. But considering some of Braintrees most prominent merchants include hot startups such as Airbnb and Uber, chances are good that many more people who never thought to pay with bitcoin will start to see it as an option.

We think this has come far enough that its still very much cutting edge, but its past bleeding edge, Braintree CEO Bill Ready says of bitcoin. A lot of the things that needed to be solved for are solved for.

Ready contends that not so long ago, both merchants and consumers lacked any easy way to make use of bitcoin. He cites regulatory and user experience concerns, both of which he says Braintree has overcome through partnering with Coinbase, a startup that has turned paying online with bitcoin into a very PayPal-like experience. Much like clicking on a PayPal button will take you to a page where you enter your username and password to pay, paying a Braintree-backed merchant with bitcoin will mean entering your Coinbase credentials to access your bitcoin wallet.

Coinbase co-founder and CEO Brian Armstrong says the Braintree integration is just the latest signal that bitcoin is maturing into a genuine currency for buying and selling, not just a speculative investment. We want to build a new efficient payment network for the whole world, he says, not just gold 2.0.

Beyond the increased visibility and opportunities to pay using bitcoin, the Braintree support is also significant as a measure of mainstream corporate interest in the preferred currency of anti-corporatists. If Braintree were still a purely independent startup, supporting bitcoin would seem like a given, a way gain cachet among early adopters and venture capitalists bullish on the crypto-currencys potential. eBay-owned PayPal, however, is a division of a publicly traded company valued at the last closing bell at more than $67 billion. On the surface, PayPal doesnt need to dabble in bitcoin at all to sustain its business.

But Ready says betting on bitcoin now is a lot like betting on mobile commerce three or four years ago. People shopping on their phones back then was a very small part of the online shopping market. But that percentage has grown, and Braintree was able to ride that wave to its current success. Coinbase has only 1.6 million users compared to PayPals 150 million, according to figures from both companies. But getting into bitcoin now means gaining the opportunity to start figuring out how to work with a new payments system while that system is still new.

That kind of deep integration gives Braintree a competitive advantage if bitcoin moves toward the mainstream. It also allows Braintree itself to become an agent of that mainstreaming, a trajectory that can only help bitcoin shed whatever remains of its fringe reputation. Ready, who describes Braintrees support as PayPals first foray into bitcoin, says the move was a conscious decision by the PayPal leadership to work more closely with bitcoin.

Read more:
PayPals Support Is the Best Thing That Could Happen to Bitcoin

EBay chief John Donahoe told CNBC in June that he saw bitcoin and other digital currencies playing an "important role" for PayPal and stated that it would have to integrate digital currencies into its wallet software. The company originally bought Braintree for $800 million in cash last September and was seen as an addition to its PayPal business, although the two had been rivals before the deal.

Read MoreEBay considering accepting bitcoin as payment

Bitcoin currently has a daily transaction volume of $44 million, according to coinometrics.com, a digital currency research firm. This compares to $397 million for PayPal and $16.5 billion for Visa. Bitcoin is a "virtual" currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining. The digital currency has sparked interest among venture capitalists on both sides of the Atlantic but has also run into regulatory issues in many countries.

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Bitcoin gets green light from PayPal unit

Online payments platform Braintree will start processing Bitcoin transactions, allowing merchants to accept payments in the crypto-currency.

Braintree is partnering with Bitcoin payments processor Coinbase to allow its customers to accept bitcoins, and will launch the function in the coming months, Braintree said in a blog post on Monday.

Braintree is a division of PayPal, which is owned by e-commerce giant eBay.

Today were announcing PayPals first foray into Bitcoin, Braintree CEO Bill Ready earlier told an audience at the TechCrunch Disrupt event in San Francisco. The Coinbase wallet will be easily presented for consumers to pay in a highly adaptive, mobile-optimized experience.

The companys v.zero software development kit, designed for payments made via apps and websites, will integrate Bitcoin functionality.

To accept bitcoin, Braintree merchants will have to open accounts with Coinbase and link the new account to their Braintree account.

Braintree merchants using Coinbase will receive all the benefits associated with accepting bitcoin payments, including 1 percent flat transaction fees, Coinbase said in a blog post.

Braintree also announced widespread availability of One Touch, a function that lets users pay for things using their iOS or Android mobile devices with a single touchclicking the Buy button.

Currently limited to merchants in the U.S., the function works with PayPal and with Braintrees own mobile payment app, Venmo, which lets users send payments to friends for free.

One Touch eliminates the need to input a username and password every time a payment is made. Its being used by apps such as Jane.com, which offers deals on apparel.

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PayPal subsidiary Braintree to process Bitcoin payments