Tagged With bitcoin

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Five years ago, I threw away a hard drive. An utterly generic 250GB portable hard drive, already a few years old, with a couple of dings and scratches in its shell and with the beginnings of an audible click that would have eventually killed it.

It had a data file containing 1400 Bitcoin on it. No big deal, at the time.

Today, those few kilobytes are worth more than four million dollars.

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Another day, another cryptocurrency clusterfuck. This week, the creator of the tipping bot "dogetipbot" — a service that let Reddit users "tip" each other in Dogecoin — announced that his company is broke, he's broke, and the bot is broke because he spent all the coins, after he himself ran out of money.

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Bitcoin, somehow, continues to persist despite mounting evidence that it's not the best use of your money. The digital "cryptocurrency" hit a record high on Thursday, trading above $US1,200 ($1,557) according to several exchanges.

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As more and more things become connected to the internet, they all become more susceptible to hackers. So it should come as no surprise that even state-of-the-art hotel lock systems are now getting ransomed. Hackers recently penetrated the security system of a four-star hotel in Austria, leaving the hotel unable to create new keys. The system was only restored after the hotel agreed to pay a ransom in Bitcoin.

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On Wednesday, a US federal judge authorised a summons requiring Coinbase, America's largest Bitcoin service, to provide the IRS with the records of every user who traded on the site between 2014 and 2015. Covering the identities and transaction histories of millions of costumers, the request is believed to be the largest single attempt to identify tax evaders using virtual currency to date.

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New details have emerged in the saga of Bitcoin's mysterious creator Satoshi Nakamoto. Last night, the London Review of Books published an incredibly detailed, 35,000-word story about the recent turmoil of Craig Wright, an Australian businessman who claims to have invented Bitcoin. The story offers plenty of fascinating tidbits about the entire Wright saga, but fails to answer a question that's fundamental to the story: How did a man so obsessed with security get hacked so damn badly?

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24,518 Bitcoins considered "the proceeds of crime" and confiscated by police are set to be auctioned in June, making it the first sale of its kind outside the US — where the sale set a standing for the cryptocurrency to be considered legal.

Valued at $18,213,691 in total at current exchange rates, the Bitcoin will be sold in blocks of 2,000 so as not to negatively affect the market.

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Video: Ever wondered what a large-scale Bitcoin mine looks like? Well this video allows you to step inside a Chinese factory where the equivalent of $11 million of the cryptocurrency is generated every single year.

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The saga of Bitcoin's mysterious founder took another bizarre turn today, when Dr Craig Wright, an Australian businessman who claims to be the inventor of the cryptocurrency, reneged on his promise to move early bitcoins. Moving the bitcoins was widely perceived by experts as the primary method for Wright to prove his identity.

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When Wright, an Australian computer engineer and inventor, publicly claimed that he is Satoshi this week, he also alluded to receiving help from Dave Kleiman, a Palm Beach County-based computer forensics specialist who died in 2013. According to Wright, Kleiman provided extensive help with the writing of the so-called Bitcoin whitepaper, the document that introduced the digital currency to the world in 2008.

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The government's just-announced 2016 Federal Budget will see the "encouragement" of private companies and the government itself exploring blockchain technology, the peer-to-peer protocol popularised by bitcoin. New legislation, too, will ensure that Australian citizens are not double-taxed when they use, buy and sell digital currencies like bitcoin itself.

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Gavin Andresen, chief scientist of the Bitcoin Foundation, said at a conference yesterday that he believes Craig Wright is Satoshi Nakamoto, the pseudonymous inventor of Bitcoin. Andresen said that his accounts were not hacked before his endorsement of Wright as Satoshi, countering speculation from some in the Bitcoin community.