The massive half-billion dollar theft of Bitcoins from Mt. Gox took a new twist today as allegations surfaced that Mt. Gox CEO Mark Karpeles lied about the alleged theft.
For me, I’ll put my little wealth in gold, silver, artificially low Chinese currency, land and tools. If everything else fails, tools can keep you fed and happy.
There’s nothing like a new 90 degree drill and a few good clecos to make me happy.
Bitcoin? Ya takes ya chances…
“The recent success of Bitcoin, a decentralized cryptographic currency, has raised new research questions on the opportunities and risks of virtual currencies. A handful of research papers have appeared in multiple disciplines, spanning a range of outlets, including top security conferences, legal journals, and reports of international financial organizations. This workshop aims to bring together interested scholars who study virtual currencies, Bitcoin in particular, and their supporting ecosystems from a technical or socio-economic perspective.”
… from the website of International Financial Cryptography and Data Security Association. They sure got that one wrong!
While Media Chased Nakamoto, Crypto-Geeks in Barbados Marveled at his Creation
While the hunt for Satoshi Nakamoto morphed into a media circus last week, a community of cryptocurrency experts from which the bitcoin founder likely sprang was tucked away in sunny Barbados discussing the present and future of his remarkable invention.
It was the 18th annual conference of the International Financial Cryptography Association, but it was the first one to occur while a real-life cryptocurrency – the idea they’d championed for decades – was actually showing traction in wider society. Compared to its relatively low profile at the time of last year’s IFCA conference, bitcoin is now used by tens of thousands of merchants and millions of consumers, has a market capitalization of almost $8 billion, and has the entire world watching it – for better or worse.
Marking this coming-of-age moment, the Bitcoin Foundation signed on as a conference sponsor and hosted a packed workshop Thursday to discuss research developments for bitcoin.
It was “a watershed event,” said Emir Gun Sirer, a professor at Cornell University. “We have this community of academics who have been thinking about these problems since the 1980s and suddenly here’s this actual currency that people are using. It’s exciting.”
Mr. Sirer was there to present a paper that he and his Cornell colleague Ittay Eyal produced last November, which gained notoriety among the bitcoin community for showing how it was possible for bitcoin miners to collude and engage in “selfish mining.” Mr Sirer was there to present proposals to prevent such a development – which would destroy faith in the bitcoin network and central transactions ledger – and to discuss other challenges that he believes need addressing before bitcoin is ready for the big league.
The “topic of the day” at the workshop, he said, was “transaction malleability.”
… continue reading this article at the Wall Street Journal