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dr tech

El Salvador's bitcoin experiment goes live - as president offers tech support | El Salv... - 0 views

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    ""There has been a high degree of improvisation in the rollout of Chivo and a great deal of opacity," says Ricardo Castaneda, a local economist. "The app asks for access to your microphone and your contacts, which are not needed for a wallet. Bitcoin might be a distraction but given the decision to push ahead with the plan despite popular opposition and the advice of experts, it could also be an important pillar of Bukele's political project.""
dr tech

El Salvador becomes first country to adopt bitcoin as legal tender | El Salvador | The ... - 0 views

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    "El Salvador has become the first country in the world to adopt bitcoin as legal tender after its congress approved President Nayib Bukele's proposal to embrace the cryptocurrency in an effort to promote "financial inclusion", investment and economic development."
dr tech

New cryptocurrency Chia blamed for hard drive shortages | Cryptocurrencies | The Guardian - 0 views

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    "But Chia's replacement for bitcoin's energy-intensive "proof of work" system, called "proof of space and time", instead requires users to devote massive amounts of hard drive space to generating and storing random numbers, with rewards doled out to those with the most space used up"
dr tech

People's Expensive NFTs Keep Vanishing. This Is Why - 0 views

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    "He never got the chance to find out. A week later, he opened up his digital "wallet," where the artwork would supposedly be available, and was faced with an ominous banner reading, "This page has gone off grid. We've got a 404 error and explored deep and wide, but we can't find the page you're looking for."  The artwork, which he expected to be on the page, had disappeared entirely. "There was no history of my ever purchasing it, or ever owning it," he said. "Now there's nothing. My money's gone.""
dr tech

Can anyone become an NFT collector? I tried it to find out | Digital art | The Guardian - 0 views

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    "Once the image was in my Ethereum wallet, I didn't particularly feel like I owned it any more than the other screenshots in my Images file. But I did feel a nihilistic rush - the thrill of abstract money moving around."
dr tech

Non-fungible tokens are revolutionising the art world - and art theft | Techn... - 0 views

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    "Simon Stålenhag, the Swedish illustrator whose Tales from the Loop has become an Amazon Prime original, is one. On Wednesday, he found that one of his artworks had been turned into a "MarbleCard", a type of NFT that allows users to make and trade tokens representing web pages. "I guess we must do a daily google if we've been NFT:d from now on," he said. "Thanks Silicon Valley!""
dr tech

"THE ENVIRONMENTAL ISSUES WITH CRYPTOART WILL BE SOLVED SOON, RIGHT?" | Medium - 0 views

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    "And lest you think we are dealing in long-term abstractions- this devastation has tangible, externalized cost; a recent study out of the University of New Mexico estimated that in 2018 every $1 of Bitcoin value was responsible for $0.49 in health and climate damages in the US, costs that are borne by those who will, for the most part, never see any return from cryptocurrency mining whatsoever."
dr tech

What are NFTs? Everything you need to know. - 0 views

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    "NFTs are created on Ethereum's blockchain, which is immutable, meaning it cannot be altered. No one can undo your ownership of an NFT or re-create that exact same one. They're also "permissionless," so anyone can create, buy, or sell an NFT without asking for permission. Finally, every NFT is unique, and can be viewed by anyone. "
dr tech

China Charges Ahead With a National Digital Currency - The New York Times - 0 views

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    "If the eCNY is successful, it will give the central bank new powers, including novel types of monetary policy to help the economy grow. In one possibility that economists have discussed, a central bank could program its digital currency to slowly lose value so that consumers are encouraged to spend it immediately."
dr tech

Electricity needed to mine bitcoin is more than used by 'entire countries' | Technology... - 0 views

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    "Bitcoin mining - the process in which a bitcoin is awarded to a computer that solves a complex series of algorithms - is a deeply energy-intensive process. "Mining" bitcoin involves solving complex math problems in order to create new bitcoins. Miners are rewarded in bitcoin. Earlier in bitcoin's relatively short history - the currency was created in 2009 - one could mine bitcoin on an average computer. But the way bitcoin mining has been set up by its creator (or creators - no one really knows for sure who created it) is that there is a finite number of bitcoins that can be mined: 21m. The more bitcoin that is mined, the harder the algorithms that must be solved to get a bitcoin become."
dr tech

Germany seizes US$60 million of bitcoin - now, where's the password? - CNA - 0 views

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    "Bitcoin is stored on software known as a digital wallet that is secured through encryption. A password is used as a decryption key to open the wallet and access the bitcoin. When a password is lost the user cannot open the wallet. The fraudster had been sentenced to more than two years in jail for covertly installing software on other computers to harness their power to "mine" or produce bitcoin. When he went behind bars, his bitcoin stash would have been worth a fraction of the current value. The price of bitcoin has surged over the past year, hitting a record high of US$42,000 in January. It was trading at US$37,577 on Friday, according to cryptocurrency and blockchain website Coindesk."
dr tech

Microsoft warns digital currency owners to be aware of new malware - 0 views

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    "The new malware, called Anubis, seems to use code forked from Loki. It steals crypto wallet credentials, credit card details and other valuable information from these Windows users. According to MSI, it first discovered the malware in June in the cybercriminal underground. It has the same name with another potent banking Trojan that has been targeting Android smartphones for months."
dr tech

You Don't Understand Bitcoin Because You Think Money Is Real - 0 views

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    "The bitcoin blockchain was created, in part, to address this historical weakness. After the 21 millionth bitcoin is mined, in around 2140, the system will produce no more."
dr tech

Cryptocurrency raider takes $60 million in digital cash - 0 views

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    "A cryptocurrency is only as reliable as the technology that keeps it running, and Ethereum is learning this the hard way. An attacker has taken an estimated $60 million in Ethereum's digital money (Ether) by exploiting vulnerabilities in the Decentralized Autonomous Organization, an investment collective. The raider took advantage of a "recursive call" flaw in the DAO's code-based smart contracts, which administer the funds, to scoop up Ether many times in a single pass."
dr tech

Central banks beat Bitcoin at own game with rival supercurrency - 0 views

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    "The proto-currency known as RSCoin has vastly greater scope than Bitcoin, used for peer-to-peer transactions by libertarians across the world, and beyond the control of any political authority. The purpose would be turned upside down. RSCoin would be a tool of state control, allowing the central bank to keep a tight grip on the money supply and respond to crises. It would erode the exorbitant privilege of commercial banks of creating money out of thin air under a fractional reserve financial system."
dr tech

Bitcoin fans eye potential in Greek crisis | Technology | The Guardian - 0 views

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    "In theory, when the conventional financial system is experiencing turbulence, alternative currencies such as bitcoin should have their time to shine. The decentralised nature of the currency means that it's impossible for any central bank to impose controls on it, while the pseudonymity at its core could make it the perfect vehicle to get money into and out of the country while avoiding legal reprisals."
dr tech

Wristband Lets Users Unlock Bitcoin Wallets With Heartbeats | Singularity Hub - 0 views

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    "We're tempted to file this one under "the more things change, the more they stay the same." A wristband, called Nymi, that taps the user's heartbeat as a biometric marker, will also double as a bitcoin wallet."
dr tech

US prosecutors ponder what to do with multimillion-dollar Bitcoin hoard | Technology | ... - 0 views

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    "No one stepped forward to claim these bitcoins, which were found in electronic "wallets" used to store the digital currency. An additional 144,336 bitcoins, worth more than $128m today, were also discovered, but the government's claim on them is being disputed by Ross William Ulbricht, 29, who US authorities say was the founder and main operator of Silk Road. They had been stashed on his laptop."
dr tech

Bitcoin mining malware could be hidden in app, security researchers warn | Technology |... - 0 views

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    "Malwarebytes points to desktop app whose EULA includes clause getting you to agree to Bitcoin mining - from which you won't benefit"
dr tech

Bitcoin Thefts Surge, DDoS Hackers Take Millions - InformationWeek - 0 views

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    "Bitcoin Internet Payment System (BIPS), a Denmark-based Bitcoin payment processor, suffered a denial-of-service (DDoS) attack."
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