Category Archives: Bitcoin

'Big bitcoin heist' suspect escapes prison and flees Iceland 'on PM's plane'

Sindri Thor Stefansson escaped through window before reportedly boarding same flight to Sweden as prime minister Katrín Jakobsdóttir

The suspected mastermind behind the theft of 600 computers used to mine bitcoin in Iceland has escaped from prison and fled to Sweden on an aeroplane reportedly carrying the Icelandic prime minister.

Sindri Thor Stefansson escaped through a window of the low-security Sogn prison in rural southern Iceland before boarding a flight to Sweden at the international airport in Keflavik located 59 miles from the prison on Tuesday. Police said he travelled under a passport in someone else’s name, but was identified via surveillance video.

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Source: gadt

Does blockchain offer hype or hope?

For many tech insiders, the most exciting thing about bitcoin is the thing that allows it to function: blockchain. What is it and what other uses might it have?

These days, bitcoin is front-page news, as its price’s vertiginous ups and downs elicit glee and despondency by turns among investors. It was not always this way: the now-definitely-in-a-bubble cryptocurrency is making a comeback following years in which its association with crime and darknet drug markets kept it away from the spotlight. During that period, technologists and corporate evangelists had stopped touting the qualities of bitcoin, turning instead to a technology that underpinned the cryptocurrency without being tainted by dodgy connections: blockchain.

The blockchain was born as the digital scaffolding for cryptocurrency transactions. When devising bitcoin, pseudonymous inventor Satoshi Nakamoto’s aim was to create a stateless virtual currency, not controlled by any bank or government.

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Source: gadt

Bitcoin faces regulatory crackdown, Bank of England warns

Cryptocurrencies inherently risky and fail most basic function as money, says Mark Carney

The Bank of England has warned that bitcoin faces a regulatory crackdown, warning that “inherently risky” cryptocurrencies are failing to fulfil their most basic function as money.

Mark Carney, the Bank’s governor, used a speech in London on Friday to attack a situation of “anarchy” in the trading of cryptocurrencies, with the market having grown rapidly on unregulated exchanges. He said the time had come to “regulate elements of the crypto-asset ecosystem to combat illicit activities”.

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Source: gadt

Bill Gates: cryptocurrencies have 'caused deaths in a fairly direct way'

Microsoft founder slams digital currencies as Apple co-founder Steve Wozniak reveals he was victim of bitcoin scam

Bill Gates, the philanthropist and former chief executive of Microsoft, is concerned by the crytocurrency craze, saying that the anonymity offered by the new technology has “caused deaths in a fairly direct way”.

Speaking during a Reddit AMA, Gates argued that “the government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.

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Source: gadt

Hawk or dove? Bitcoin is forcing central banks to take sides | Howard Davies

Love them or hate them it seems cryptocurrencies and the blockchain are too big to ignore

A few days ago, President Nicolás Maduro of Venezuela announced that his government had launched the petro, a new state-sponsored cryptocurrency. He claimed that $735m (£529m) worth of the new currency had already been sold, though observers are sceptical, unless state entities have been obliged to buy them. Even they will find it hard to do so, however, as the technology platform on which the petro will be traded has not yet been confirmed.

Related: Venezuela’s new bitcoin: an ingenious plan or worthless cryptocurrency?

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Source: gad

Self-proclaimed bitcoin 'creator' sued for $10bn

Suit brought by former coding partner’s family alleges Craig Wright stole bitcoins and intellectual property

Craig Wright, the Australian man who claimed to have invented bitcoin, is being sued for more than $10bn ($7.2bn) by the family of his former business partner.

The lawsuit, first reported by tech site Motherboard, alleges that Wright mined bitcoins together with Dave Kleiman, a programmer who died in 2013, after which time Wright “perpetrated a scheme” to “seize Dave’s bitcoins”. The plaintiff representing Dave Kleiman’s estate, Kleiman’s brother Ira, admits that the total amount of bitcoin in question is unknown – but says it is likely to be between 300,000 and 1.1m.

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Source: gadt

50 Cent denies reports he is a bitcoin millionaire

The rapper, still ironing out a bankruptcy case, said he’d promoted the false reports because they were ‘favourable to my image’

Rapper 50 Cent, AKA Curtis Jackson, has denied he is a bitcoin millionaire, after earlier reports stated he had around $8m in bitcoin earnings he had forgotten about.

In 2014, he allowed fans to purchase his album Animal Ambition using the cryptocurrency. Earlier this year, the website TMZ reported that Jackson had earned around $400,000 of bitcoin from the transactions, but had forgotten about them, and his account was dormant. TMZ suggested that, with the recent spike in the value of bitcoin, Jackson had multiplied his initial stake many times over.

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Source: gad

EU finance head: we will regulate bitcoin if risks are not tackled

Valdis Dombrovskis calls for global response to rise of cryptocurrencies at industry roundtable

The European Union has warned that it will regulate cryptocurrencies if the risks exposed by the meteoric rise of bitcoin and its ilk are not addressed.

The boom and bust of cryptocurrencies has seen some investors make millions where others have suffered heavy losses. Bitcoin, which now trades around $9,000 a token but recently dropped to less than $6,000, leads the pack rising nearly 2,000% to just under $20,000 in 2017, fuelling a global investment craze.

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Source: gadt

Bitcoin is 'noxious poison', says Warren Buffett investment chief

Billionaire vice-chair of Berkshire Hathaway calls for crackdown on ‘asinine’ cryptocurrency

Bitcoin is heading towards $10,000 again, despite comments from US billionaire Charles Munger who described the digital currency as “noxious poison”.

Munger, the vice-chairman of Warren Buffett’s investment firm Berkshire Hathaway, said he considered the bitcoin craze to be “totally asinine”.

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Source: gadt

Russians arrested for 'mining bitcoin' at nuclear facility

Employees at the national nuclear centre in the city of Sarov tried to use work computers to generate the cryptocurrency

Engineers at Russia’s top nuclear research facility have reportedly been detained after they attempted to mine bitcoin on its computers.

Several employees at Russia’s nuclear centre in the city of Sarov have been detained after making “an attempt to use the work computing facilities for personal ends, including for so-called mining”, a spokeswoman for the centre, Tatiana Zalesskaya, told Interfax news agency.

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Source: gad