ZeroHedge Article is Not Even Wrong

“Most tellingly, though, member nations of the International Monetary Fund are starting to revolt… As one of the major organizations spawned from the post-war financial structure, the IMF’s original goal was to ensure the smooth development of a new global financial system. …


India. China. Just about everyone imaginable is pushing for major IMF reform… These people [USA] have their heads buried in the sand so deep that they can’t even hear the rest of the world SCREAMING for a new financial system…

This is going to happen, whether the US wants it to or not…. And while no foreign government wants a collapse of the dollar, they do very much want an orderly rebalancing of the financial system. This is already under way.” — http://www.zerohedge.com/news/2014-03-14/world-screaming-new-financial-system

This grossly misses the point. The rebalancing of IMF voting process and the change that it entails is a very small part of what is wrong with the world. Fractional reserve banking, the debasement of FIAT currencies by the “member nations of the International Monetary fund”, currency controls, haircuts, retroactive laws, and 50% or more taxation is the problem.

The governments of the word have had their chance at managing money and balancing budgets. My children would’ve done better. The world exceeds 100 Trillion in debt (http://www.bloomberg.com/news/2014-03-10/debt-exceeds-100-trillion-as-governments-binge.html) for governments to wage war, while children still go to bed hungry, and not everyone knows how to read or has access to clean drinking water.

Changing the voting structure of the IMF is very much like “rearranging the deck chairs on the Titanic”. A new financial system is coming. It is one that will be peer to peer and it will disrupt banking. It is one in which banking still exists, but for the original reason for its invention, security. To ignore the advent of Bitcoin and Crypto currencies in general, as this article does, glaring evidence of the fear of not only the establishment, but the counter establishment as well.

We aren’t interested in what you’re selling. We will build a new world alongside the old and we will withdraw from the financial ruins you have brought upon yourself and upon us. The new financial world will be based on transparency. Transparency of finance, transparency of government, transparency of law. It will be a society of fairness because society will be watching and evil will no longer be able to hide in the shadows.

source: http://bitcoinmagazine.com/11192/zerohedge-article-even-wrong/

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Bitcoin Takes on NYC

In less than a month, Mediabistro will return to New York to host the second New York City Inside Bitcoins Conference at the Javits Convention Center. Whereas last July, the Inside Bitcoins Conference drew in several hundred attendees, the April 7-8 conference is expected to draw over 4,000 attendees. In addition to the slate of over 50 speakers, the conference will also feature a Bitcoin Trading Café for a Satoshi Square like experience for attendees. Keynotes for this year’s conference include Jeremy Allaire of Circle and Nicolas Cary of Blockchain.info.

The conference is set to take place on the tails of the New York State Department’s announcement of its consideration of permitting regulated Bitcoin and virtual exchanges in New York. NYSDFS superintendent Benjamin Lawsky has taken a further interest in Bitcoin and digital currencies, especially following the NY hearings this past January. Following last year’s Inside Bitcoins Conference in July 2013, the NYC Bitcoin Center also launched to transition the tri-state area into a Bitcoin hub. Who knows what will transpire in 2014 as Bitcoin continues to grow in prominence.

Mediabistro issued the following press release:

Mediabistro’s Inside Bitcoins Heads to NYC in Less Than a Month – Get 15% OFF

After thousands gathered at Inside Bitcoins in Berlin, Germany on February 12-13, this innovative Bitcoin event is returning to New York City on April 7-8 at the Javits Convention Center.

“Inside Bitcoins has become the largest trade show for virtual currency worldwide and the New York City event in April should be the single largest Bitcoin conference that has taken place anywhere” stated Alan M. Meckler, Chairman and CEO of Mediabistro. “The New York City Inside Bitcoins conference will have over 50 speakers and will include Jeremy Allaire and Nicolas Cary as keynoters. In addition we expect over 40 organizations to exhibit and over 4,000 attendees.”

With “Satoshi Square” events popping up worldwide, Inside Bitcoins is excited to announce the addition of a special space, Bitcoins Trading Café, in the middle of the trade show floor where attendees can meet in a comfortable café setting to buy and sell Bitcoins. In addition to trading, this space will allow Bitcoin enthusiasts to network, relax, and discuss the cryptocurrency.

We’re excited to have partnered with Inside Bitcoins NYC to offer 15% OFF full conference passes with code MAG15. Plus, if you register before March 19, you’ll save an additional $400 with early bird prices — Register now!

Mediabistro will soon announce firm dates for additional events taking place in 2014 in Hong Kong, China; London, England; and Las Vegas, Nevada.

source: http://bitcoinmagazine.com/11207/less-month-away-bitcoin-takes-nyc/

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Mt. Gox Victim Rebrands Site

On the 28th of February, just two weeks ago, Mt. Gox officially filed for bankruptcy.


Mt. Gox had not been processing withdrawals properly for some time. As a result there were persistent rumours of financial trouble long before this filing.

The reported ‘loss’ of 850,000 Bitcoins (yes, Bitcoins, not dollars) is now well reported. This has quite obviously left a lot of stakeholders out of pocket. It has also resulted in a US based class action law-suit.

The allegations are of fraud and negligence, with a court order for a temporary freeze on the assets of MtGox, Mark Karpeles, and the parent company Tibanne KK.

Class action law-suits take time to process. It’s the nature of the judicial beast. If Mark Karpeles and his company have denominated assets in Bitcoin then it could be even more difficult to secure anything from them. This is virgin legal territory for the judiciary also, as Bitcoin is such a new and unique asset class.

These are the early days in the unfolding of this saga. In the meantime, victims are left out of pocket and, depending on their exposure to Mt. Gox, in a potentially dire financial position.

One person who was ‘Goxed’ (losing 200 Bitcoins) has refused to simply roll over and die. In a creative comeback, he opened http://mtgoxvictim.com to appeal to the good will of the Bitcoin community.

Though he began by asking for donations, the site has now been ‘re-branded’ in the hope of offering substantive value, not only to Mt. Gox victims, but to present and future Bitcoin users as well.

Some of that value is emotional support for victims. By blogging his feelings in the aftermath of the fiasco, the author hopes that fellow victims might find relief in solidarity.

My Raspberry Pi and an SD card arrived Thursday… I’m setting up to implement offline wallets for cold storage (a-la a “ColdPi” implementation on my Raspberry Pi) of the few Bitcoin that I haven’t lost. – mtgoxvictim.com

More of that value may be in the ideas. Links and suggestions are being added to the site regularly, regarding digital asset protection, responsibility and security.

The site also has products available for purchase with Bitcoin.

Ultimately the online community will make up its own mind as to the utility of this effort. The concept of a ‘Goxing’ support group seems, on the face of it, to have merit. Some may, after reading his story, choose to write him off, while others may have more compassion for his plight. Regardless, the story stands on its own merits here.

In the appeal on his website we are assured that, while devastated, this particular victim is not down-and-out. His belief in the fundamental promise of Bitcoin and related technologies remains. For him Bitcoin will still “be an economic equalizer for the common man.” This incident in his life “has been a wake-up call” and has acted to firm his resolve.

His tone obviously carries a certain amount of aggression. This is to be expected from a man who has lost a large sum of money. However, interestingly, his anger is not directed, for the most part, at Mt. Gox or its CEO. Rather he blames “the crooks, the slime-bag hackers” whom he sees as robbing him and thousands of others “by stealing…bitcoin fraudulently and deceitfully from the MtGox exchange.”

He has a special message for Mt. Gox itself: “You presented yourself as a secure and reliable storehouse for my Bitcoin. Let’s see what you will do to begin restoring what you carelessly lost of your clients coins.”

And for the Bitcoin community the world over a direct appeal to: “offer some support to the less fortunate, the less astute, the less “plugged in” folk…who actually caught the vision for Bitcoin early on, but through whatever combination of circumstances, bad timing, ignorance, procrastination, lack of effective assistance, and whatever, have been caught up in the MtGox debacle?”

He asks the Bitcoin community directly to “consider allocating a miniscule percentage” of their Bitcoins holdings to those less fortunate victims of this incident. Otherwise, there is a Bitcoin Shop which may appeal.

He is quick to point out that he is more interested in providing value than asking for charity and “would definitely prefer…patronage in the Bitcoin Shop” over donations.

This direct appeal from a victim puts a human side to an otherwise sterile corporate bankruptcy. It does so in a very real and very visceral way.

source: http://bitcoinmagazine.com/11094/mt-gox-victim-rebrands-site/

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Biostar To Release BTC-24GH Bitcoin ASIC Mining Board

Biostar is releasing a new board, specifically made to mine cryptocurrencies with.


The board would contain 64 asics, making it fit for smooth mining. Performances would be equivalent of thirty Radeon 7970 GPUs. Though Biostar is adamant in calling the device a motherboard, it is in all actuality a daughterboard. The boards are stackable and up to 50 BTC-24GH boards can be slaved to a motherboard with Windows 7/8.

Not even the first mining “motherboard”

It’s not the first time a company releases a board that’s solely intended for mining coins. ASRock introduced a similar board before. It had six PCI-e slots on it, making room for six graphics cards. The new Biostar board takes a different approach by adding 64 asics to the board.

The board will be called BTC-24GH. Its measurements are 244x244mm, and it will use 130 Watts. Com-to-com and com-to-usb cables will ship with the motherboard. Through the usage of com-ports, it will be possible to connect several boards to each other, up to a maximum of fifty boards which will result in a measly 1200GH/s for a whopping 6500W (4 20 AMP breakers at 120V).

No need to say this piece of hardware is targeted specifically at mining of cryptocoins. Biostar expects to see this board only in decent mining rigs. When utilized correctly, Biostar claims it can reach a power level of 24 GH/s. According to the manufacturer, this could be compared to thirty Radeon 7970 GPUs that are mining together. This is a high power level, especially for ‘amateurs’ who like to build their own mining rig at home. This poses the question whether Biostar will make this motherboard affordable for anyone but large enterprises. No news has been released so far concerning price or even release date. On their website, Biostar published the following news item:

“March 17th, 2014, Taipei, Taiwan – BIOSTAR is now readying a crypto currency (such as Bitcoin) mining motherboard, the BTC-24GH, with 64 ASICs on-board that offers 24GH/s performance, equivalent to more than 30 ATI 7970 graphic cards. The product is now ready to ship, and BIOSTAR is planning to build up professional operation sites in specific countries.”

“Ready” to ship

Even though they speak about ‘readying a cryptocurrency mining motherboard’, it seems we won’t have to wait for long before being able to buy this motherboard. Biostar claims the product is ready to ship to specific countries. When the boards will ship, how much it costs, and what countries it will ship to remain unknown.

“With the rising price of Bitcoins, GPU mining can theoretically be profitable. What you need is a system that can do enormous amounts of mathematical calculations. Up till now, the best way to do this is the GPUs in graphics cards. Now there are ASICs (Application-Specific Integrated Circuit). ASICs are good at one thing only, solving mathematical hash functions. In this case, their strong hashing power and low power usage, making it very efficient to use,”

added Biostar to their official statement on the Biostar website. Reading this may imply that they are aiming to sell to both enterprises and common miners. In actuality, it would take an incredibly astronomical rise in the price of Bitcoin for GPU mining to be even theoretically profitable for an enterprise or common miner anywhere in the world at this moment.

source: http://www.cryptocoinsnews.com/2014/03/19/late-to-the-party-biostar-to-release-btc-24gh-bitcoin-asic-mining-board/

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MtGox bitcoin exchange reopens so users can see their loss

The collapsed bitcoin exchange now lets users log in so they can look at, but not touch, their balances.


MtGox, the defunct bitcoin exchange, has re-opened the ability to login to its site, but only to the extent of letting users see the balance in their wallets.

Since the site is openly insolvent, and reportedly holds 750,000 fewer bitcoins than it owes to customers, any balance displayed onscreen is unlikely to ever be returned to users.

The company is clear that the service is only being provided “for the convenience of all users”. It also notes that “confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure”, the equivalent of bankruptcy in Japan, where Mt Gox is based.

After staring longingly at the reminder that the bitcoins they once had are gone forever, former Mt Gox customers can join one of the many class-action lawsuits against the company. In the US, a lawsuit filed in February was recently amended to involve Mizuho Bank, the company’s Japanese bank, as well as the firm’s executives and its Japanese parent company Tibanne KK. MtGox is safe from such cases in America, where it has declared bankruptcy, but in Canada, the firm itself is the target of a lawsuit, along with Mark Karpeles and Jed McCaleb, its two major shareholders.

Failed Bitcoin exchange Mt. Gox is allowing users to log in to their accounts once again, nearly three weeks after it filed for bankruptcy protection.

Some users reported seeing accurate balances, but on various forums, users were, however, concerned that the exchange’s website had been hacked and the new login facility on the site may be a hoax.

“We believe this is an authentic notice on the website and we are confirming with the legal team,” a call center staffer said on Tuesday.

Another staffer had earlier said that she was unable to say whether the reactivated login was the result of an order by the Tokyo District Court, adding the database cannot be accessed while the case is being investigated by the court. Lawyers for Mt. Gox could not immediately be reached.

The notice on the website, which was said to have been posted Tuesday by the call center, invited users to log in to check their Bitcoin wallet balances. It’s the first access since the Tokyo-based exchange went offline Feb. 25 and later announced it had lost some 850,000 bitcoins.

Some users noted that the reopened access only confirms what they knew before the exchange’s meltdown and that their coins remain in limbo.

“The site shows the coins, but it indicates it has no real meaning with respect to claims,” said Aaron G., an investor who did not want his last name to be used. His balance indicates about 464 bitcoins (roughly $286,700 according to average bitcoin prices on other exchanges).

“So, just numbers on a screen—just as ‘real’ as they were before Gox went down,” he said in an email interview.

Aaron, who filed a fraud complaint against the exchange with Tokyo police, was referring to the legalese on the page citing Mt. Gox’s pending status under Japan’s Civil Rehabilitation Act.

“Please be aware that confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure and note that the balance amounts shown on this site should also not be considered an acknowledgment by MtGox Co., Ltd. of the amount of any rehabilitation claims of users,” the exchange said on its website.

“I can see the 10k Mtgox stole from me… hooray!” a Reddit user posted in reaction to the reactivation of the login.

The Mt. Gox website said it will post a method for filing claims as soon as it is in a position to do so, without providing details.

The move follows the exchange’s filing for bankruptcy protection in Tokyo District Court on Feb. 28 with liabilities of ¥6.5 billion ($63.6 million), when it said 750,000 of its customers’ bitcoins were missing, along with 100,000 of its own. Users were left wondering whether they will ever get their bitcoins back.

The rehabilitation procedure is one of several legal actions involving Mt. Gox and its parent company Tibanne, led by Mark Karpeles. Last week a U.S. district court judge ordered a freeze of the assets of Karpeles as well as Tibanne and Mt. Gox’s U.S. subsidiary amid allegations of fraud.

Gregory Greene filed the Chicago lawsuit against Mt. Gox on Feb. 27, alleging he lost around $25,000 worth of bitcoins in the exchange’s meltdown.

source: http://www.theguardian.com/technology/2014/mar/18/mtgox-bitcoin-exchange-reopens-so-users-can-stare-listlessly-at-their-loss & http://www.pcworld.com/article/2109240/after-bankruptcy-filings-fallen-mt-gox-exchange-lets-users-see-bitcoin-balances.html

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Goxxed? New Altcoin MtGoxCoin erupted to the scene

“We don’t exactly know what happened at Mt.Gox,” explained the creator of MtGoxCoin.”But they screwed over hundreds of thousands of people who put trust in them. We’re pissed and we want to make it good.”

The concept is to introduce a new altcoin based on Litecoin and dedicated to relieve the pain the crypto community suffered from Mt.Gox closing down. The unit is labeled GOX.

The creators have designed incentives to get miners and the community on board, giving away coins to people who help create the infrastructure and promote the coin. They write on the MtGoxCoin website:

We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox. We want to give every person as many MtGox Coins as their last balance was on Mt.Gox when they closed shop. But of course it can not be guaranteed we will reach this goal within a reasonable time frame. We are working on getting the coin on as most exchanges as possible so everyone can trade early and safely. But first, we will give donations to all who help us grow the coin in some way or another.

There has been resounding support from the community on the Bitcointalk forum, and several mining pools signed up right away, including hardcoreminers, Coins for Everyone, RobMoneyPool, crypto-hamsters, Sumpool, OkayPool, WTFPool, and Mine Big.

Popular alt-coin exchange NXT-E enabled trading of MtGoxCoin, and it looks like Crypto Rush will be adding MtGoxCoin to its list of altcoins today after a popular vote placed GOX above other altcoins.

Background

Mt.Gox, the first and once biggest Bitcoin exchange went out of business. We don’t exactly know if it was gross incompetence of losing private keys, an inside job, or theft but they lost more than 750K BTC and lots of cash from hundreds of thousands miners and investors who put their trust in them. This is not OK. WE ARE PISSED! And we want to do something about this.

Idea

If you’re one of those many who lost money on Empty Gox or you didn’t lose any but want to help us recoup what was lost please help us grow this new coin. This is our chance for all of us to win the lost money back. Mine and invest early in MtGox Coin to get back what you lost and more!

Premine and Compensation for Mt.Gox losses

We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox. We do this by giving away lots of MtGox Coins (GOX) so everyone who lost money on Mt.Gox exchange will have free coins and get partially compensated.

We are also using some of the premine for bounties for coin infrastructure (such as blockexplorers, pools, etc.) promotion, maintenance for vps node servers, hosting premium servers, daily giveaways, paying rewards for people that payed BTC to enter exchanges and more.

Disclaimer: MtGox Coin is not affiliated with MtGox Co., Ltd. in any way. We don’t have, nor do we intend to acquire the user database with balances from Mt.Gox or anybody who may have stolen it from them because we consider that private information.

We need your help

We strongly believe this could work, but we can’t do it alone. We need volunteers to make it happen. We need miners, pools, exchanges (ironic), blockchain explorers, marketing ideas, blog posts and social media mentions. Every little thing counts and small actions will add up to make this coin a huge success.

ありがとう Arigatō

Tech

Start date: Mon, 10 Feb 2014 11:00 PM GMT

Algo: Scrypt — Proof Of Work

Coins per block: 25 GOX

Block time: 1 Minute

Difficulty retargeting: 10 Minutes

Total coins: We will not run out of coins ( around 1B / 83 years )

Premine: 0.09%/972k

Unit: GOX

Birth of genesis block: Fri, 28 Feb 2014

Code: Based on 0.8.6.2

Rpcport: 9988

P2port: 9977

source: http://onbitcoin.com/2014/03/14/goxxed-enter-altcoin-mtgoxcoin/ & http://mtgoxcoin.com/about

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Will The Cryptocurrency Overtake Bitcoin In The New Year?

Perhaps to Nobel Prize winning economist Paul Krugman’s dismay, 2013 was by far the year of the bitcoin. News outlets covered the phenomenal rise of the cryptocurrency and investors had a rollercoaster of a year. Starting out at a measly $13, the decentralized digital buck rose to a staggering $1,250, making some people very rich. Shortly thereafter, it fell again to where it remains today, around $800. With prices already high, will investors want to get into the bitcoin game now, or will they search for other currencies to press their luck? Is 2014 going to be the year of the litecoin?

Litecoin is an alternative currency (commonly called alt coins) very similar to bitcoin; some call it the silver to bitcoin’s gold. They both have an amount cap so as the market doesn’t get over saturated. They both are mined using application-specific integrated circuits (ASIC rigs) and high-powered graphics processing units (GPUs), and they both are used as a payment method and traded on open markets as a way to make money. Bitcoins are accepted much more widely than any other alt coin, but are still nowhere near the universality needed to be a generally accepted currency.

The difference is that litecoin sits at where bitcoins were last year this time. Currently litcoins are trading at around $24, a little higher than where bitcoins were January 2013. Interested parties who missed the bitcoin bandwagon, or who got in too late to make serious cash, are looking at litecoin as the new best thing. The opportunity exists to get in early and make some money as the currency jumps to reflect a closer relationship to bitcoin, which has been written about before.

However, trends exist in the litecoin world that didn’t exist for bitcoin as it rose in value, specifically when it comes to mining technologies. The aforementioned GPUs and ASIC rigs are out of stock in many stores. New specially built mining computers are coming onto the market, already designed with litecoin in mind. Alpha Technologies announced this week that they are beginning to take pre-orders for their litecoin specific ASIC machines. With bitcoin, miners had to build their own devices as the process of mining was evolving with the rising value.

Lessons were learned with bitcoin that are now being utilized with litecoin, some to our detriment. Prices for GPUs have risen in response to market demand. Whereas graphics card companies like AMD Radeon and NVIDIA normally have bidding wars, trying to outsell each other in a back and forth seesaw of cutting prices, the new higher demand has actually raised prices for the companies instead of lowering them. And that can be directly related to litecoin.

Litecoin is also having an impact on the way bitcoins are trading, which is conversely what most expect. Thursday saw a rise on litecoin trading followed by a rise on bitcoin trading, exactly the opposite of the status quo. Normally, bitcoins lead the path, but with more investors focused on how litecoin will do in the new year that may change.

This year may see the boom of another altcoin, or potentially the false hope to many eager investors. After all, when Paul Krugman suggests bitcoin might be a bubble, the next Dutch Tulips, maybe someone should listen.

From Coindesk | China’s busiest bitcoin exchange, Huobi, has announced it will start trading litecoin on 19th March, however, the company’s users can begin uploading litecoins to their accounts starting today. Huobi is said to be finalizing tests for implementation before regular trading commences.

Huobi co-founder Jun Du said the company only considered implementing litecoin after careful deliberation and would provide the same business support and services it already does for bitcoin. A company user survey in January showed that about 20% of bitcoin investors also had money in litecoin. Furthermore, the frequency of searches for ‘litecoin’ as a keyword on Chinese search engine Baidu showed that the currency had achieved acceptance by a large number of investors in China.

source: http://www.ibtimes.com/litecoin-2014-will-cryptocurrency-overtake-bitcoin-new-year-1526316 & http://litecoinblog.org/ltc-spikes-result-huobi-announcement/

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