The post Bitcoin mining difficulty jumps up nearly 20% today appeared first on Buttcoin Foundation.
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For context, this means that if some hopeful soul gets his BFL mining rig today, it’ll be churning out bitcoins at less than one-fifteenth the rate they expected when they placed the order a year ago.
Even with the residual higher price of bitcoins following this year’s bubble (currently about nine times higher), they’re still only clearing 60% of the real money that they were hoping for at the end of the day.
And that’s before even factoring in things like the tripled electricity usage. And IF they manage to cash out at all despite all the new regulatory hurdles. And IF they got their hardware today, before anything else in these numbers goes haywire. (And IF it works perfectly.)
Bitcoin!�
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]]>The post Mt. Gox freezes all USD cash withdrawals and says you can’t have any of your money back. appeared first on Buttcoin Foundation.
]]>TOKYO – JAPAN – June 20th, 2013
Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts. We are currently making improvements to process withdrawals of United States Dollar (USD) denominations, and as a result are temporarily suspending cash withdrawals of USD for the next two weeks. Please be reassured that USD deposits and transfers to Mt. Gox will remain unaffected, as will deposits and withdrawals in other currencies, and we will be resuming USD withdrawals once the process is completed. We apologize for any inconvenience this causes our U.S. customers in the meantime, and look forward to resuming withdrawal service as well as debuting a dramatically improved trading engine which will be launching very soon.
Regards
Mt.Gox Co. Ltd Team.Mt.Gox Contact�[email protected]
Mt. Gox will no longer allow withdrawals for the next few weeks but will happily accept deposits and transfers just fine. You can put cash in but you can’t cash out.
MtGox also claimed that they are overwhelming the banks system.�That bank is Mizuho. It’s the second largest financial group in Japan and the ninth largest in the World.�Yes, MtGox is claiming the 2 week pause is this banks fault.
I wonder if they will encounter any more “delays” before they claim the Feds finally shut them down.
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]]>The post The Greatest Story Never Told appeared first on Buttcoin Foundation.
]]>Our story’s hero pestered the guys at Liquid Nitrogen Overclocking about building a custom mining server, and they responded that they could build him something that provided 1.7 terahashes of bitcoin-mining waste. Of course, he wanted proof, and they gave him the run-around several times, responding with jargon, claims of NDAs, and even appearing to confuse gigahashes with gigahertz. All the while papamoi has been scouring the BitcoinTalk forums for chips, PCB designers, and other high-performance hardware, to no avail.
Our intrepid hero was put off, but then the Liquid Nitrogen Overclocking team said the magic word: “Google.” Apparently Google has been buying “super servers” from Ed Trice in Philadelphia, instead of major, well-known manufacturers such as Dell, HP, or IBM. Lured in by the promise of amazing Google-caliber hardware, papamoi continued, and was surely happy to find that Google was totally cool with the fellows at Liquid Nitrogen selling some pubbie their exclusively designed servers.
This all, of course, was very time-sensitive, because the required components were nearly out of stock. Eager to have his bitcon-spewing monster machines, papamoi sends $47,220.00 via wire transfer to Trice for not one, but two Google Bitcoin miners or whatever they are. Read through the email chain here, then let that sink in for a moment.
$47,220.00
A month later, in what is surely a surprise and not at all the expected result, nothing at all has been shipped and Ed Trice is non-communicative. At this point papamoi turns to the scam/accusations forum and they begin to try to dig up dirt. Poor papamoi confirms his suspicions (after sending someone nearly fifty thousand dollars) here:
We then learn that Trice is quite a busy scammer, and is not only ripping off gullible buttcoiners, but the chess community as well, along with other random suckers, and that papamoi was warned by those more sensible than himself that this reeks of scam. Bitcoin superstar Matthew N. Wright shows up and divulges some of Trice’s personal details, which are either incorrect or a stolen identity. After much gnashing of teeth, papamoi is finally convinced to actually contact police instead of relying on internet detectives to find and shame a scam artist into never scamming again.
Things continue to get interesting. People who had done work for or with Trice begin posting, explaining how they too had been ripped off, and how Trice is a shrieking egomaniacal sociopath who’s created personas, threatened various people, lied about virtually every aspect of his “business,” and taken out paid newspaper ads designed to look like legit stories.
We’re not done yet, however. Another user appears at the Bitcoin forums with the unlikely handle of�philly_cop_41320, and messages papamoi, claiming to be one Randall Smith, a cop in Philadelphia who has taken interest in this ridiculous case. To top it off, a mysterious unnamed businessman is offering a reward of $300,000 for information that leads to Trice’s conviction.
Of course there is no “Randall Smith” working for the Philly PD, and shortly after this is confirmed, “The_Authorities” arrives to attempt to slam Bitcoin (you should leave this to the professionals here at Buttcoin,) insult papamoi and other users, and totally act like he’s not Ed Trice.
And that’s the story so far. papamoi is still out $47,220.00. This is unlikely to change.
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]]>The post Yet another Bitcoin business is hacked; BitInstant loses $12k in social engineering scam appeared first on Buttcoin Foundation.
]]>First, the hack was a regular social engineering hack. Really simple stuff.
Over the weekend the BitInstant team has been hard at work securing our system from a sophisticated attack on Thursday evening. Overall, due to major choke points and redundancies in our system, the hacker was�only able to walk away with $12,480 USD in BTC, and send them in 3 installments of 333 BTC to bitcoin addresses.
…
The attacker contacted our domain registrar at Site5 posing as me and using a�very similar email address as mine, they did so by proxying through a network owned by a haulage company in the UK whom I suspect are innocent victims the same as ourselves. Armed with knowledge of my place of birth and mother’s maiden name alone (both facts easy to locate on the public record) they convinced Site5 staff to add their email address to the account and make it the primary login (this prevented us from deleting it from the account). We immediately realized what was going on, and logged in to change the information back. After changing this info and locking the attacker out, overnight he was able to revert my changes and point our website somewhere else.
…
After gaining access, they redirected DNS by pointing the nameservers to hetzner.de in germany, they used hetzner’s nameservers to redirect traffic to a hosting provider in ukraine. By doing this, he locked out both my login and Gareths’s login and they used this to hijack our emails and reset the login for one exchange (VirWox), enabling them to gain access and steal $12,480 USD worth of BTC.
BitInstant is shifting the blame totally on the host.�Never mind�the fact that they used real, publicly accessible information on of the owners wide-open Facebook page, this is totally the host’s fault.
Site5 has since responded since the hack.
Security & Social Engineering
This day and age requires us all to be security-conscious
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The post Tradehill gets robbed for $100k, decides to pack it the fuck up and close up shop. appeared first on Buttcoin Foundation.
The post Bitcoins are not for the casual investor appeared first on Buttcoin Foundation.
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If anyone knows this guy’s info, please forward it to me. I need to be able to time my investment sells to his investment buys.
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]]>The post Buttcoin is a P2P currency that can be instantly deleted and lost. appeared first on Buttcoin Foundation.
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That’s close to a quarter of a million dollars by today’s valuation.
The post Buttcoin is a P2P currency that can be instantly deleted and lost. appeared first on Buttcoin Foundation.
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