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Bitcoin 0.8.6 Released, Updates to Block Size Limits, Free Transactions, OSX Bugs

Bitcoin v0.8.6 was released yesterday, offering updates to existing restrictions on the size of free transactions and full blocks, as well as a series of fixes for bugs in certain node transmissions and OSX usage. The update follows the 0.8.5 release in September and precedes the much-anticipated 0.9 release. Free Transaction Limit Changes In an effort to make free transactions more commonly accessible, Bitcoin 0.8.6 lowers the maximum size of free transactions from 10,000 bytes to 1,000 bytes and eliminates the minimum 0.01 XBT output requirement. By lowering the maximum size of a free transaction to 1,000 bytes, there is …

Dec 10, 2013 Posted by The Genesis Block In Bitcoin 201, Featured, Mining, News Tagged block, chain, OSX, transaction Comments 2

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 5

Gliph Raises $200,000 To Expand Secure Messaging And Bitcoin Features

Gliph, a secure messaging application with bitcoin integration, announced today that they recently secured $200,000 in funding, led by Tim Draper. Gliph is one of seven companies with a heavy focus on bitcoin in the latest Boost.vc Accelerator class. Boost’s Demo Day is today, offering companies from the program an opportunity to present to an audience of investors and press. Gliph began in early 2012 as an encrypted messaging app, focused on securing communications across iPhone, Android and web users, protecting all messages with SSL and/or AES-256 encryption. The service also offers the ability to reveal only as much personal …

Sep 19, 2013 Posted by Jonathan Stacke In Businesses, News, Security, Wallets Tagged AES, Coinbase, Demo Day, SSL, transaction, wallet Comments 2

Bitcoin 0.8.5 Released – Provides Critical Bug Fixes

A critical bug fix was provided in an emergency release of Bitcoin 0.8.5 earlier this evening. On September 9, Bitcoin-Qt users with versions more recent than 0.8.0 were unable to start their software and received errors that their database was corrupt: coin database inconsistencies found Users were then prompted to reindex the block chain, a process that could take hours and was ineffective in resolving the inconsistencies. Bitcoin-Qt is the graphical version of the standard bitcoin client and the problem was later observed in Bitcoind, the command line version. Negative Transaction Version Numbers The problem was caused by an abnormal transaction …

Sep 12, 2013 Posted by Phillip Archer In News, Wallets Tagged Bitcoin Qt, block, software, transaction Comments 3

Trezor Bitcoin Hardware Wallet On Pace for October Deliveries

Trezor is the first mass-produced bitcoin hardware wallet and is on pace to reach customers’ hands next month. Hardware wallets, as opposed to the software wallets currently in use, allow users to store their bitcoins off of personal computers but maintain the ability to transfer bitcoins conveniently. The wallet is able to sign bitcoin transactions while connected to a computer via USB, without allowing the computer access to private information. Gavin Andresen, the lead developer of bitcoin-Qt, stated in June that wallet security is the largest concern in the coming year and that hardware wallets will be hugely beneficial. Bitcoin’s …

Sep 12, 2013 Posted by Jonathan Stacke In News, Security, Wallets Tagged ARM, BTC, software, transaction, wallet Comments 2

Bitcoin 0.8.4 Update Offers Security Improvements

An upgrade to Bitcoin-qt was released today and consists of several security and bug fixes bundled for release as version 0.8.4. It is recommended that all users upgrade immediately, since the release of these fixes makes finding the vulnerabilities in older code trivial. Included in this release are three security updates as well as several small bug fixes that were causing the application to crash or databases to become corrupted. Denial of Service Fix Bitcoin-qt 0.8.0 introduced Bloom Filters which allow for more flexibility with respect to how much of the block chain must be downloaded. Bloom Filters are a …

Sep 4, 2013 Posted by Phillip Archer In Featured, News, Security Tagged Bitcoin, Bitcoin Qt, block, chain, protocol, transaction Comments 3

800,000 Avalon Bitcoin Mining ASICs Expected Over Next Month

Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. It appears the Avalon ASIC drought may turn into a hashing power tidal wave as reports surface that the first 20,000 out of a remaining 800,000 ASIC chips are on their way to customers. Application specific integrated circuits (ASIC) are specialized chips that perform bitcoin mining calculations. Starting in mid-April, Avalon sold bulk orders of ASIC chips in batches of 10,000, with each chip hashing at an estimated 400 MH/s overclocked. Although Avalon initially estimated a 10-week lead time after orders were placed, hundreds of …

Aug 22, 2013 Posted by Phillip Archer In Mining, News Tagged ASIC, Avalon, Avalon Announcements, DHL, transaction Comments 7

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

Bitcoin Block Time Halved To Five Minutes Amid Exponential Network Growth

By now, bitcoin enthusiasts and professionals alike are aware of the tremendous growth of the bitcoin network so far this year. As millions of dollars (and bitcoin) are invested in increasingly powerful mining equipment, the cumulative hash rate of the network has continually blown by the periodic difficulty adjustments. Earlier this year we explained the long-term implications of this, but the near term effects are being felt as well. Since that piece was published, the network has continued to grow, as has the growth rate, creating profound near-term effects. In particular, the average time between blocks has fallen to approximately …

Aug 13, 2013 Posted by Jonathan Stacke In Bitcoin 201, Economics, Featured, Mining, News, Security Tagged attack, block, chain, transaction Comments 13

55 BTC Stolen Through Security Vulnerability in Android Bitcoin Wallets

A few days ago a severe vulnerability in the Android implementation of the Java SecureRandom random number generator was discovered. The result of this vulnerability is that private keys used in transactions on Android devices can be determined. All bitcoins in addresses used on Android devices need to be immediately rotated to a new address. Bitcoin uses public/private key cryptography to sign bitcoin transactions. The security of the system relies on each address having it’s own private key that is only known by the owner of the address. If a malicious party were to gain control of the private keys …

Aug 11, 2013 Posted by Phillip Archer In News, Security, Wallets Tagged Bitcoin Wallet, cryptography, Mycellium Wallet, Secure Random, transaction, wallet Comments 6