MtGox use old non-standard protocol, get exploited, blame Bitcoin

After an uncertain few months, and a week wherein people believed MtGox to be gone for good, taking all their money and bitcoins with them – MtGox have issued a press release today that attempts to put the blame at the hands of the Bitcoin protocol, with this “New Vulnerability”. The issue is, however is that its anything but new, and nor is it a problem – If you are using the Bitcoin protocol correctly.

This Press Release is proof of only one thing – MtGox have decided to ignore the proper bitcoin protocol in favour of their own “hodge-podge” system that seems to just “get things going by” – without any concern for the security or safety of their customers, or their customer’s funds.

Now that they have discovered that an issue that is already handled by Wallets since 2011 is playing havoc with their withdrawals system, they decided to do the completely wrong thing (morally), and blame the bitcoin protocol for what is clearly a developmental oversight on their behalf.

Of course, this is being nice and assuming that the oldest bitcoin exchange currently running was completely unaware of this issue, and that this is an honest Press Release.

At best, this means that MtGox is incompetent and unsuitable to handle anyone’s money.

At worst, this is potentially FUD to attempt to crash the price of Bitcoin and thereby make it easier for what some considered a cash-strapped company to get out of a rut.

Litecoin Representation

MtGox confirms no LiteCoin for immediate future – Correspondance

An email reply (see original image below) was posted today that confirmed a reply from MtGox in regards to the current situation with LiteCoin on the trading platform.

“Dear Customer,

Sorry for the delay in responding to you, we are currently experiencing a very high volume of support requests.

We are sorry that it is not possible to buy or sell Litecoins on Mt.Gox. We will add Litecoins when we feel that we have the stability to do so safely for the Bitcoin and Litecoin communities. At present, our focus is to launch our new trading engine and improve the speed of withdrawals but we hope to include Litecoins and possibly other currencies in the future.

We apologize for the delay, but it would be irresponsible of us to continue giving unreasonable launch projections.

Best regards,
Mt.Gox Team

https://www.mtgox.com

lnswrnmp[1]

 

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Bitcoin comes back to $1,000 on MtGox

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MtGox, the popular Bitcoin trading engine today reached the 1k milestone for Bitcoin again after the China trading issues of late.

  • Last:$1,002.00000 | High:$1,029.98765 | Low:$911.58 | Vol:20535 BTC | W.Avg:$970.42

Bitcoin has been resilient after the Chinese crack-down, and also the less then friendly viewpoints some governments, and European banks have taken against the crypto-currency, but with the value back at $1000, it shows that despite this, there is strong belief in the crypto-currency in the future.

 

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Bitcoins use by tea trade brought to notice of Ministry, board

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The attention of the Commerce Ministry and Tea Board has been drawn to a section of small and specialised tea growers and exporters opting for US-based online trading platforms to use digital currency Bitcoin as a means of expanding their international business, bypassing the normal banking channels and thus depriving the Exchequer of revenue.

The price this kind of shipment fetches is fantastic, around $11 per 15 gm of tea. Any consignment of up to 4 kg, if sent out of India by an international courier, will attract no mandatory surveillance or monitoring.

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Top India Bitcoin operator halts trade – GulfNews

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BuySellBitCo.in closed its platform, citing an advisory by the Reserve Bank of India issued on Christmas Eve highlighting the risks of trading in digital currencies.

“We are suspending buy and sell operations until we can outline a clearer framework with which to work,” BuySellBitCo.in said on its website, adding the move was “to protect the interest of our customers”.

Read more: http://gulfnews.com/business/banking/top-india-bitcoin-operator-halts-trade-1.1273895

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Zynga Tries Out Bitcoin For In-Game Payments

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Zynga, best known for online games like “FarmVille,” has begun testing the use of bitcoin for in-game payments.

“We wanted to share with the bitcoin community that Zynga Inc. (NASDAQ: ZNGA) is now conducting a Bitcoin test with BitPay (https://bitpay.com/), a leading Bitcoin service provider, in select Zynga.com web games.

In response to Bitcoin’s rise in popularity around the world, Zynga, with help from BitPay, is testing expanded payment options for players to make in-game purchases using Bitcoin. The Bitcoin test is only available to Zynga.com players playing FarmVille 2, CastleVille, ChefVille, CoasterVille, Hidden Chronicles, Hidden Shadows and CityVille. The games can be accessed at http://zynga.com.

Zynga is always working to improve our customer experience by incorporating player feedback into our games. We look forward to hearing from our players about the Bitcoin test so we can continue in our efforts to provide the best possible gaming experience.

Check out the test and let us know your thoughts.

Thank you!

Zynga”

Read more: http://blogs.wsj.com/digits/2014/01/05/zynga-tries-out-bitcoin-for-in-game-payments/

 

IT security firm Trend Micro survey “Bitcoin malware”.. a bit late

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It was reported yesterday by NDTV (and others) that Trend Micro had recently completed a survey that “pegged the count of computers infected with bitcoin-related malware at 12,000 or more, come at a time when regulators worldwide have flagged money laundering concerns about this popular virtual currency.”

“According to the survey, Japan is the most affected APAC country, followed by Australia, India and Taiwan. ”

However, with the extreme difficulty of the Bitcoin algorithm due to the ASIC miners, any financial gain from such botnets have gone. There would be far more profitable uses than mining bitcoin, for instance mining other alt-coin (such as Litecoin or specifically CPU favourable coins such as PrimeCoin) – so it remains to be seen if this “bitcoin malware” remains bitcoin malware, wherein it just eats up computer cycles and power, and doesn’t do anything particularly productive for either the victim, or the entity behind the compromise, or if they will indeed modify their malware to take advantage of the lower difficulties of other coins and make money from the endevours.

There are already botnets for litecoin GPU mining and CPU mining present that seem to give good evidence to the fact that malware has adapted to the other alt-coins. For example this thread on Reddit seems to show good evidence for litecoin mining operations from botnets.

So, perhaps this survey is old-news, and personally I don’t expect to see many bitcoin mining malware applications in the near future. Alt-coin is the future, at least for botnets.

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One Hundred Years of Darkness Ends: Bitcoin Breaks the Bank – Goldseek

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The single most important and by far the most powerful blow to post Rome humanity has been the global banking cartel’s attachment of a counterfeit United States Federal agency (The Federal Reserve) to the organic United States Treasury; a parasite, attaching itself to the economic life blood of the American States.

The so-called “Federal Reserve” act, signed on a lonely 23rd day of December 1913, when congressional representatives had either already gone home for Christmas or were getting ready to depart, was the culmination of more than 100 years of effort on the part of banking cartels scheming to engorged themselves on the wealth of America.

This in-depth article recounts the Federal Reserve Act, and how Bitcoin is changing things.

Read more: http://news.goldseek.com/GoldSeek/1387807320.php

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Chinese Bitcoin Exchange Accused of Faking Trade Data – International Business Times

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Top Chinese bitcoin exchange OKCoin has been accused of publishing fake trading data, artificially inflating the number of currency transactions it is handling.

Once China’s second-largest bitcoin exchange, OKCoin is claimed to have published unrealistically high trading volumes in the wake of the Chinese central bank imposing a ban on financial institutions handling the crypto-currency.

Read more: http://www.ibtimes.co.uk/chinese-bitcoin-exchange-accused-faking-trade-data-1430122