Ver vs. OKCoin

CoinDesk reports that Roger Ver and OKCoin have been fighting it out over a lease issue with the domain:

“The issue stems from the management of the domain, after the two sides struck a five-year deal last December to control the property. Under the agreement, OKCoin was set to redesign the site and pay Ver a percentage of the revenue generated each month, with a minimum of $10,000 per month.”

There is a bunch of monkey business here: broken leases, forged contracts, FinCEN, Ripple and more.

Bitcoin Mining With Punch Cards

Ken Shirriff is again doing fun stuff with Bitcoin, this time Mining Bitcoin on a 55 year old IBM 1401 mainframe using punch cards:

Could an IBM mainframe from the 1960s mine Bitcoin? The idea seemed crazy, so I decided to find out. I implemented the Bitcoin hash algorithm in assembly code for the IBM 1401 and tested it on a working vintage mainframe. It turns out that this computer could mine, but so slowly it would take more than the lifetime of the universe to successfully mine a block.

We are big fans of Ken’s blog. See also his deep dive into Bitcoin Mining Protocols and Algorithms and Building Raw Bitcoin Transactions. Both are great reads for really understanding what is going on under the hood.

Bitcointalk forum hacked

BitcoinTalk has announced their user data and password hashes have been compromised again.

Unfortunately, looks like password hashes and email addresses were compromised. Probably not PMs, though. Back up in 12-24 hours.

Probably a good idea to change your passwords there when its back up. The hack was accomplished via a social engineering attack at the server’s ISP: NFOrce.

Update: The Forum is back up, make sure to change your passwords.

Lawsky to Leave the NYDFS, Start Consulting Business

Bitcoin Magazine reports:

Lawsky said that he will form a consulting business that will include virtual currency advisory services. “[Lawsky] plans to advise companies on financial matters such as cybersecurity and digital currencies like bitcoin, a new sphere of regulation he helped spearhead in New York,” reports the New York Post.

Sweet gig for Ben Lawsky. Make draconian regulations, then consult on how to not get fined under said regulations.

Bitfinex hot wallet hacked

Bitfinex reports that their hot wallet was compromised:

Dear Customer although we keep over 99.5% of users’ BTC deposits in secure multisig wallets, the small remaining amount in coins in our hot wallet are theoretically vulnerable to attack. We believe that our hot wallet keys might have been compromised and ask that all of our customer cease depositing cryptocurrency to old deposits addresses. We are in the process of creating a new hot wallet and will advise within the next few hours. Although this incident is unfortunate, its scale is small and will be fully absorbed by the company. Thanks a lot for your patience and comprehension. Bitfinex Team

This is interesting as Bitfinex just finished their migration to the AlphaPoint system.

Moneytis to use Bitcoin for remittances

Moneytis has announced the BETA launch of their platform in China, Mexico and Europe:

Our financial analysis shows that with more users we could quickly reduce the cost to less than 0.8%, according to the world bank, this would result in 30 billion dollars saved for emerging countries which is more than 20% of World development aid.

You can request an invitation at the Moneytis site.

21 Inc Plans Mass Bitcoin Miner Distribution

Coindesk is reporting:

21 Inc released new details today confirming that its market strategy will focus on distributing bitcoin mining chips embedded in consumer and enterprise hardware devices.

Tiny little Bitcoin miners in everything. Many questions remain on how this would work, but they seem to think it could power device to device transactions (Internet of Things).