Moore's Law on Steroids: Bitcoin Mining

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Re: Moore's Law on Steroids: Bitcoin Mining

Postby BKKBILL » Tue Feb 25, 2014 5:39 pm

Bitcoin exchange Mt. Gox offline
'insolvency' charges
Troubled exchange's Web site and Twitter feed wiped clean as trading is apparently halted.


by Steven Musil
February 24, 2014 8:08 PM PST

Embattled Bitcoin exchange Mt. Gox has largely vanished from the Internet amid accusations that the exchange is insolvent after a years-long theft that resulted in the loss of hundreds of millions of dollars.
The Web site for the Tokyo-based exchange has been wiped clean, as has its official Twitter feed. A screen shot posted by a Reddit user indicates that trading on the exchange has been halted.

The rest at

http://news.cnet.com/8301-1023_3-576194 ... y-charges/
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby MGV12 » Tue Feb 25, 2014 6:54 pm

BKKBILL wrote:Bitcoin exchange Mt. Gox offline
'insolvency' charges
Troubled exchange's Web site and Twitter feed wiped clean as trading is apparently halted.


by Steven Musil
February 24, 2014 8:08 PM PST

Embattled Bitcoin exchange Mt. Gox has largely vanished from the Internet amid accusations that the exchange is insolvent after a years-long theft that resulted in the loss of hundreds of millions of dollars.
The Web site for the Tokyo-based exchange has been wiped clean, as has its official Twitter feed. A screen shot posted by a Reddit user indicates that trading on the exchange has been halted.

The rest at

http://news.cnet.com/8301-1023_3-576194 ... y-charges/


They've been trying to dodge the bullets for a while but looks like they failed ... amusing to watch the forums where 'investors/speculators' still reckon they can make a fortune out of this massive failure by a big player:

Survival of Bitcoin exchange Mt.Gox in doubt

The survival of Bitcoin-trading exchange Mt.Gox was in doubt Monday after its CEO left the digital currency's top advocacy group and the exchange's website went offline.

Mt.Gox chief executive Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday. Former colleagues said he left the organization to focus his attention on Mt. Gox's copious issues.

The exchange's website then went down late on Monday, and visitors to the site saw only a blank white page. Users reported via Twitter that Mt. Gox was not executing new orders, raising the possibility that the exchange was also offline.

Mt.Gox has been mired in problems ever since Feb. 7, when it halted withdrawals from its trading accounts. The company's computer programmers hadn't accounted for a quirk in the way Bitcoin works, allowing cyber attackers to dupe Mt.Gox with a scheme resembling receipt fraud. When Mt.Gox discovered it was under attack, it stopped any investors from pulling their money out of their trading platform -- but it has yet to allow them access to their money.

http://money.cnn.com/2014/02/24/technol ... x-bitcoin/

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Re: Moore's Law on Steroids: Bitcoin Mining

Postby BKKBILL » Fri Feb 28, 2014 6:53 pm

US Bitcoin ban sought over economy concerns


Senator Joe Manchin (D-W.Va.) has called for a ban on Bitcoin. 

In a letter addressed to the Treasury, Federal Reserve, and multiple financial regulatory agencies, Manchin calls the digital currency "disruptive to our economy" and highlights its potential for abuse by criminals.

Earlier today, Bloomberg reported the FBI and U.S. Attorney are probing whether one-time behemoth Bitcoin exchange MtGox is guilty of criminal violations. 

But Bitcoin's overall market cap remains relatively small, never reaching more than $14.5 billion.
Here's the full release:


Read more: http://www.businessinsider.com/senator- ... z2ucIAZJ7n
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby MGV12 » Fri Feb 28, 2014 7:04 pm

BKKBILL wrote:Bitcoin's overall market cap remains relatively small, never reaching more than $14.5 billion.
Here's the full release:


"Relatively" being the operative word ... I for one wouldn't mind receiving 1% of that relatively small amount.

Some of the early speculators/those with insider knowledge are still in for a massive profit whatever scenario is likely to unfurl ... Bitcoin has gathered momentum and the few will always benefit from that .. the rest will lose out [some big-time] as happens with all these 'schemes'.

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Re: Moore's Law on Steroids: Bitcoin Mining

Postby Shastadad » Sat Mar 01, 2014 7:50 am

Mt. Gox.png


source: http://www.usatoday.com/story/money/mar ... Stories%29

What I find hilarious about this Mt Gox saga is the fact that this alternative currency exchange is seeking traditional bankruptcy protection

Their currency was worthless so why should their bankruptcy be any more or less worthless :?:
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby sirineou » Sat Mar 01, 2014 7:43 pm

"Bitcoins banned in Thailand
Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency."
http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html
IMO Bitcpoin is an excellent idea, but as of yet, it has the inherent drawback of no trustworthy entity controlling the quality of the source code.(algorithm)
An Algorithm is simply a set of instructions on how the system should operate.
A traditional currency has a set of rules the apply equally to all transactions. and those rules are controlled by a central entity that is, in principle at least, accountable.
In the case of fiat currencies, of which Bitcoin is one, it's value is derived from the trust one has on the controlling entity, in the case of the Dollar , the US central bank.
I profess ignorance in the case of bitcoin, and perhaps, there are those who know, but I don't know of any trustworthy entity controlling the Bitcoin algorithm, that I can trust, and turn to for restitution .
I Think (I don.t really know their reasoning) the Thai central bank has come to a similar conclusion.
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby MGV12 » Sun Mar 02, 2014 6:17 am

sirineou wrote:"Bitcoins banned in Thailand
Thailand has become the first country to ban bitcoins after the central bank ruled it is not a currency."
http://www.telegraph.co.uk/finance/currency/10210022/Bitcoins-banned-in-Thailand.html
IMO Bitcpoin is an excellent idea, but as of yet, it has the inherent drawback of no trustworthy entity controlling the quality of the source code.(algorithm)
An Algorithm is simply a set of instructions on how the system should operate.
A traditional currency has a set of rules the apply equally to all transactions. and those rules are controlled by a central entity that is, in principle at least, accountable.
In the case of fiat currencies, of which Bitcoin is one, it's value is derived from the trust one has on the controlling entity, in the case of the Dollar , the US central bank.
I profess ignorance in the case of bitcoin, and perhaps, there are those who know, but I don't know of any trustworthy entity controlling the Bitcoin algorithm, that I can trust, and turn to for restitution .
I Think (I don.t really know their reasoning) the Thai central bank has come to a similar conclusion.


You really should try to keep up to date :) that ban [which wasn't actually a ban] was the middle of last year :roll:

The current news:

Bank of Thailand says country’s top Bitcoin exchange can resume operations

http://www.techinasia.com/bank-thailand ... perations/

Meanwhile just next door:

Vietnam says bitcoin transactions are illegal


http://phys.org/news/2014-02-vietnam-bi ... legal.html

Get together guys AEC2015 is just around the corner. :(

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Re: Moore's Law on Steroids: Bitcoin Mining

Postby Roger Ramjet » Sun Mar 02, 2014 8:56 am

MGV12 wrote:Get together guys AEC2015 is just around the corner.

How do you get an already disfunctional "family" to become functional?
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby MGV12 » Sun Mar 02, 2014 6:22 pm

Roger Ramjet wrote:
MGV12 wrote:Get together guys AEC2015 is just around the corner.

How do you get an already disfunctional "family" to become functional?


Far easier to just ignore the elephant in the room and hope it goes away ... in a region where you are used to seeing elephants around they are easy to miss :roll:


A view:

Why the AEC in 2015 Will Lead to Few Changes in Thailand

Economist Saowaruj Rattanakhamfu isn’t employed by the government or a corporate interest, so as an independent she’s one of relatively few people able to make a dispassionate argument about what the Asean Economic Community (AEC) initiative slated for 2015 will mean for the kingdom. She works as a research fellow for Thailand Development Research Institute (TDRI), one of only a handful of think-tanks in the country, and unlike much of what is published in the media, Dr Saowaruj believes not much will change by 2015.

Rather than dire warnings of how companies have to prepare for increased competition and liberalisation, her research and knowledge of the AEC regulations has led her to believe that much of this warning is overblown hype.

“I want Thailand to open up several of its sectors. I want it to improve on worker productivity and education and technology. But right now, in preparation for the AEC, not much is being done and that won’t change anytime soon,” said Dr Saowaruj.

To understand why, first you have to understand the regulations.

“The biggest myth about the AEC is that there will be free flow of labour,” she said. “But to this point it is only highly skilled labour that can move, and it isn’t that freely. Warnings of a flood of unskilled labour to Singapore are unfounded.”

Article 140 of the Thai Constitution requires that any international agreement is passed by Parliament. So far only the slightest of concessions has been made, Mutual Recognition Agreements (MRAs) for seven professions: engineering, nursing, physician, dental, architecture, surveying and accounting. The agreements between the 10 Asean member countries mean licensed and recognised professionals in these fields can move to other Asean countries to practice, but they are still subject to pass that country’s licensing test.

In addition, you can’t be an independent practitioner. Any foreign professional intending to work in Thailand must collaborate with a local business, yet another reason why the AEC is unlikely to foster a “free flow” of labour.

“I know of only one Asean non-Thai nurse who has passed the local certification test, and she was part-American but lived in Thailand for a decade,” said Dr Saowaruj. “Keep in mind that the local exams are all in Thai language. And MRAs are still subject to all domestic laws and regulations, such as alien employment rules requiring work permits and the 39 protected professions in which foreigners are not allowed to work. Even the visas we allow for business visitors are different than what Thailand agreed to in GATT.

“So in practice you can see MRAs don’t work very well. I don’t see this changing by 2015. The framework for MRAs was set in 2003 but we only have them for seven professions at this point. Even we have a shortage in some professions such as nursing, but I don’t think this is likely to change anytime soon.”

She was also pessimistic about whether Asean members had the political will to liberalise the service sector.

“Only Singapore is trying to promote the free flow of skilled labour. Thailand doesn’t want to change anything anytime soon, and most Asean member want to keep the status quo. Don’t forget MRAs are still voluntary.

“I think many Thais are afraid they will lose their jobs to foreigners if the service sector opens up. Of course the answer is to get better training and pick up more skills so they can acquire better jobs, but both the government and professional councils prefer to ignore this point. The government needs to announce a national policy regarding opening up the services sector to investment and labour, but implementation has been very slow. There simply is no economic reason to continue protectionism in this sector.

“Most professional councils don’t see any benefit in actively using MRAs. They believe protectionist policies better serve their members. But the Nursing Council is starting to realise maybe it could open up the sector to all Asean members voluntarily, and this may have a knock-on effect for other services.”

Dr Saowaruj doesn’t want to cast a negative light on the AEC. After all, she supports much of what it is trying to accomplish.

“Asean has had great success in eliminating most tariffs for inter-regional trade,” she said. “And I think the AEC provides good motivation for the government to do something about the service sector.

“I’m an economist—of course I support a competitive, free and fair market. But we have a long way to go in many sectors. Just look at telecommunications; it is not competitive and is run by only three companies. It would be better to open the market up to foreigners and allow more money and technology to flow in. In fact, any industry that is high-capital and high-tech should be opened up.

“And as an academic, I also want the education sector to liberalise. I would like to see knowledge transfer between universities so intelligent Thai students can stay in the country to study if they want.”

Like a lot of economists, she sees the way forward for the Thai economy comprising improving skills and providing better products and services.

“The most important factor in this whole discussion is dual impact—making sure the government does something to prepare its domestic firms in the service sectors it eventually plans to open up,” said Dr Saowaruj. “For example, the government should offer training to increase productivity if they’re going to increase the minimum wage. A higher wage should come with higher productivity. But much like with the planned AEC, the government has not offered any preparation.

“Thailand needs to adopt a bottom-up approach to these Asean agreements because then the professional councils will actually support what is proposed. With a top-down policy negotiating can take forever.

“Some educated Thais do want to practice abroad, but usually not in Asean. They would prefer to go to the US, Canada or Europe. If the councils develop agreements with other countries outside Asean voluntarily, this would enable freer movement.”

http://www.norcham.com/news/why-the-aec ... n-thailand

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Re: Moore's Law on Steroids: Bitcoin Mining

Postby Roger Ramjet » Sun Mar 02, 2014 10:36 pm

MGV12 wrote:Far easier to just ignore the elephant in the room and hope it goes away ... in a region where you are used to seeing elephants around they are easy to miss

Which is exactly what they are doing, including the Thai economist who fails to mention the most important factor: English and the usage of it in an international business environment. The problem is Thais just don't understand that, yet.
MGV12 wrote:but they are still subject to pass that country’s licensing test.

A licensing test? For an accountant, a doctor, a dentist?????? Where did she get that from? Certainly not Thailand. A Thai friend's daughter just finished her uni degree in the Phillipines in dentistry and walked straight into her Thai mother's dental practice here. My wife now works for a large Japanese company as their accounting manager (with 24 staff under her) and she got the job because of her English skills, knowledge of BOI priviledges.....there is no licensing test. All the senior management must speak English and there are English translations for all the rest (BOI act etc). My doctor, an Aussie speaks little Thai, but is still the Medical Director at Bumrungrad (and has been for 15 years).
I think the economist has been ignoring the elephant and 900 lb gorilla in the room for too long.... and maybe a crocodile and buffalo as well.
The universities here are still in the dark ages and until such time as they issue dual degrees with reputable overseas universities, they will remain there.
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby BKKBILL » Mon Mar 03, 2014 9:09 pm

Bitcoin: UK plans to end tax on digital currency trades
Published by on March 3, 2014

HMRC plans to stop charging VAT on bitcoin trading, abandoning an earlier decision to treat the virtual currency as a “voucher” subject to sales tax.

The forthcoming briefing provides newly clarified rules on the tax liabilities for both individuals and businesses handling cryptocurrencies including, but not limited to, bitcoin.

“This briefing gives much-needed clarity to digital currency businesses, many of whom had been looking to move offshore,” says Tom Robinson, the founder of bitcoin trader Elliptic and director of the newly formed UK digital currency association (UKDCA), which aims to represent the British cryptocurrency community.

“The UKDCA looks forward to working with financial regulators to further clarify the legal status of digital currencies and ensure that the UK takes the lead in developing this highly innovative technology,” Robinson added.

The briefing steers clear of explicitly declaring bitcoin a currency, but the rules laid out are “almost identical” to how conventional currencies are treated, according to the UKDCA. Crucially, not only is the purchase of the currency no longer subject to VAT, neither are the margins traders make if they sell at a profit.

HMRC’s decision comes amid the continued fallout of the collapse of MtGox, once the world’s biggest bitcoin exchange.

A group of concerned former customers, led by tech entrepreneur Josh Weinstein, have banded together to “gather information, compare notes, and explore legal options and remedies”. Calling themselves GoxBux, the 23 members claim to have lost a combined total of $79,150 and 2763.302 BTC, worth more than £1.5m or £70,000 per person.

The losses have led some US legislators to call for a total ban on the currency. Senator Joe Manchin said, in an open letter to Federal Reserve boss Janet Yellen, that he was concerned that “as bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency.”

On Friday, Yellen declared that the US Fed does not have the authority to regulate bitcoin, at least while it continues to be largely separate from the mainstream banking system.


http://virtualmining.com/bitcoin-uk-pla ... cy-trades/
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby schuimpge » Mon Mar 03, 2014 9:32 pm

I think the economist has been ignoring the elephant and 900 lb gorilla in the room for too long.... and maybe a crocodile and buffalo as well.
The universities here are still in the dark ages and until such time as they issue dual degrees with reputable overseas universities, they will remain there.

RR.. That's one of the best summaries ever on the Thai state of education ever...
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby schuimpge » Mon Mar 03, 2014 9:34 pm

Did I say Ever already? Just in case
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby BKKBILL » Mon Mar 03, 2014 9:52 pm

That is the reason I put my daughter into an International university here.

She has had the opportunity of getting an dual bachelor degree in international hotel management, was able to study in BKK, Paris, and Leon. Planning on Canada for the her next step.
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Re: Moore's Law on Steroids: Bitcoin Mining

Postby Shastadad » Wed Mar 05, 2014 8:43 am

The hits keep on coming. What were these people thinking ? Evidently the computer nerds forgot that their brilliant idea for mining was also going to be used by the bad guys to hijack their mine :lol:


bitcoins again.png
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