BITCOIN REVOLUTION Looms as People Seek ALTERNATIVE CURRENCY

Thursday, February 13, 2014

BITCOIN REVOLUTION Looms as People Seek ALTERNATIVE CURRENCY

A denial-of-service attack, in which a website is flooded with massive requests for data, obstructed Bitstamp's ability to check account balances, the exchange said in a statement. Customers can withdraw cash but not Bitcoins, as the company works to fix services, Nejc Kodric, Bitstamp's chief executive officer, wrote in an e-mail.

The value of Bitcoin, which can be used to buy everything from Tesla Motors Inc. cars to Gummi bears, was down 1.2 percent at $661.17 at 1:15 p.m. in New York today, according to the CoinDesk Bitcoin Price Index, which averages exchange prices. Mt.Gox, another major online exchange, restored cash withdrawals on Feb. 10 after suspending services last week because of a technical flaw in how service providers reconcile Bitcoin transactions.

"This is a nuisance attack," said Andreas Antonopoulos, chief security officer for Blockchain.info, a provider of online wallets for a digital currencies. "Funds have not been lost, and have not been affected. What it's done is slow down their accounting system from reconciling transactions."

"Even the designer of the system and other developers were unaware of how the system could be changed," Garzik said in an interview. "All of the wallets will need some level of updates.

Precious metals dealers may avoid accepting bitcoin in payment for gold, thanks to regulatory uncertainty, according to industry insiders

That's despite a warm welcome from some gold retailers who will happily trade one of the world's oldest and most recognizable currencies for a volatile upstart on the global financial stage.

Not wanting the legal hassle of operating a crypto-currency exchange, They presided over Mt. Gox as it went on to dominate Bitcoin trading for more than a year by volume. However, over the past six months, the platform has seen a fall from grace as users have had trouble withdrawing their funds. New troubles emerged in the last couple days again, as Mt. Gox said it was halting withdrawals. The company said it was having problems finalizing transactions because of a perceived flaw in the Bitcoin protocol around "transaction malleability." Other exchanges also halted withdrawals as the Bitcoin Foundation said it was working on a solution to the problem.

Bitcoin wallets across the globe came under assault today, resulting in another mini-flash price crash one day after a statement from the MtGox exchange caused prices to fall 20%.
b"Bitcoin is still secure, the network is still working," he said in an IM, adding that his financial interest in Bitcoin is both literally and figuratively negligible. Don't panic, everything still works." collapse crash bubble ponzi scheme

Russian authorities have issued warnings against using Bitcoin, saying the virtual currency could be used for money laundering or financing terrorism and that treating it as a parallel currency is illegal.

"Systems for anonymous payments and cyber currencies that have gained considerable circulation -- including the most well-known, Bitcoin -- are money substitutes and cannot be used by individuals or legal entities," the Russian Prosecutor General's Office said on February6.

Reddit, Virgin Galactic, and Overstock.com now accept Bitcoin.

So do dating site OKCupid and travel site CheapAir.com. Game giant Zynga is now in the testing phase.

Two big Las Vegas hotels accept Bitcoin.

Now that Bitcoin exchange Mt.Gox has terminally discredited itself following the latest, and likely last, withdrawal [4]halt announced late last week which sent the value of Bitcoin tumbling by 25%, Bitcoin traders are left with just two exchange options on which to transact: BTC-e and Bitstamp. And for those using the former to buy and sell the virtual digital currency, things went from bad to worse a few short hours ago, when Bitcoin had its very own "Waddell and Reed" moment, when the price of Bitcoin cratered by over 80% in the span of seconds, after a modest block of just under 6000 Bitcoins sent the price plunging from over $600 to $102.

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Henry Kissinger

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Why aren't the people in return allowed to keep secrets
from the government?
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Jewish Voice, July - August 1941

Taxing People is Punishing Success
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The Tax you pay is The Bill for Staying Stupid
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The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
The Rothschild Bros

"Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.

By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished."

USA Banker's Magazine, August 25 1924

Cutting Tax Rates stimulates Economic Growth creates more Profit , more Jobs and therefore The Treasury ends up with more Tax Money
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Taxation is legalized Theft
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Bob Dylan

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Your Greatest Teacher is Your Last Mistake
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The one who Controls the Education System , Controls Perception UNKNOWN

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Albert Einstein

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Serial Killer Richard Ramirez

There is a Class War going on in America, & unfortunately, my class is winning." Warren Buffet

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Thomas Jefferson

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Schools manufacture people who think that they're smart but they're not.
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Dissent is the highest form of patriotism
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What You Own Owns You
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“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN

Thursday, February 13, 2014