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CoinLab Files Response in Mt. Gox Lawsuit

CoinLab responded last week to the ongoing lawsuit with Mt. Gox. Among other points, the filing asserts that Mt. Gox was in breach of contract by failing to provide necessary customer information, making it impossible for CoinLab to comply with regulations. We were first made aware of the latest filing here. Case Background In May of this year, CoinLab filed a $75M lawsuit against Mt. Gox for failure to turn over all North American bitcoin exchange operations as obligated per an agreement dated November 2012. In the same suit, CoinLab asserted that Mt. Gox was also in breach of the …

Oct 11, 2013 Posted by Jonathan Stacke In Businesses, News, Regulatory Tagged Canada, legal, light, transaction Comments 4

Blockchain.info Random Number Flaw Leads to Additional Bitcoin Thefts

For a second time in as many weeks, users of mobile bitcoin wallets have become vulnerable to a random number generator that exposed their private keys in transactions. Transferring bitcoin requires signing a transaction with a private key, in combination with a random number that is generated by whatever software is sending the transaction. The private key is what allows a user sole access to spending bitcoins in their address. If a random number is not actually random but predictable or repeated, then a careful observer can reverse-engineer the user’s private key and gain access to all bitcoins in that …

Aug 21, 2013 Posted by Phillip Archer In News, Security, Wallets Tagged Jesse James, light, transaction, wallet Comments 1

One Day Left To Apply For Bitcoin Foundation 2Q13 Grants

The deadline to submit applications for the second round of Bitcoin Foundation grants is this Friday, June 14. Grants are intended to promote the Bitcoin Foundation’s mission to ‘standardize, promote, and protect bitcoin.’ While the exact criteria for of projects that will receive a grant remains largely unknown, some guidance can be found in reviewing the first round of grants distributed earlier this year and via updates from the Foundation’s board members. Both of the grants distributed in the first round aid in the developmental testing of the bitcoin protocol. The first grant was for a new Testnet that allows …

Jun 13, 2013 Posted by Jonathan Stacke In General, News Tagged Bitcoin Foundation, light, Peter Vassenes, Testnet Faucet Comments 0

Weekend Humor: Bitcoins Are A Scam

I’ve watched nearly every video put out over the last few years from Loren Feldman, the famous tech commentator, comedian and founder of 1938 Media. The man’s unapologetic candor can be refreshingly hilarious, if not occasionally offensive and out of touch. He recently posted a video rant – the medium he is best known for – declaring bitcoin a scam. The video sheds light on how a large portion of the population still thinks about bitcoin, even those deeply involved with cutting edge technology. Despite demonstrating his sheer lack of comprehension, I still found myself laughing out loud as a result of …

May 4, 2013 Posted by Jonathan Stacke In News Tagged Bitcoin, light, Loren Feldman Comments 6

Bitcoin trading: Bullish inverse head & shoulders forming

In the 15 minute chart we can see a very bullish pattern forming – an inverse head and shoulders. If it is confirmed (breaking ~$81) we will see a quick price movement on heavy volume up to the $100 range. The inverse head and shoulders is a bullish pattern that indicates a trend reversal from the previous bearish sentiment. It consists of a neckline indicating the upper portion of the range, two shoulders, and a head between them. The left shoulder in the above graph is fully formed occurring around the mid 70′s, and consisted of moderate volume. The …

Apr 16, 2013 Posted by Phillip Archer In News, Trading Tagged Bitcoin, light, price, volume Comments 6

Bitcoin wallet software

A quote from bitcoin.org gives a good overview of what a wallet is. Your Bitcoin wallet is what allows you to transact with the world. It gives you ownership of Bitcoinaddresses that you can use to receive coins from other users, and then lets you send those coins onwards. Just like email, you can receive Bitcoins when you are offline and all wallets are compatible with each other. Wallet software serves two purposes: Search the block-chain for any transactions being sent to one of the addresses in your wallet, and keep a log of all bitcoin’s you’ve sent and received. Store an …

Apr 6, 2013 Posted by Phillip Archer In Bitcoin 201, Wallets Tagged Bitcoin, block, Block chain, chain, light, software, wallet Comments 0