Latest « Hot Social Bookmarking Website, Hot Bmarks

Latest « Hot Social Bookmarking Website, Hot Bmarks

The virtual currency Bitcoin will “bounce back” after a hack attack caused its value to collapse, according to one of its senior developers.

Gavin Andresen said he hoped the crisis would lead to better security on sites where Bitcoins are bought and sold.

Prices on the main exchange, Mt.Gox, fell from $17.50 (£10.80) to almost zero when a large number of stolen Bitcoins were dumped on the market.

Trading was suspended and eventually rolled back to pre-crash rates.

Mt.Gox revealed details of the security breach on June 20 with an announcement on its website.

“It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database,” the statement read.

Around the same time, an unidentified person accessed one of the compromised accounts and sold all of its Bitcoins.

They then attempted to buy the coins again and withdraw them in US dollars.

The fraudster was partially foiled when they hit Mt.Gox’s $1000 daily limit.

The decision to reset the Bitcoin rate to a point just before the malicious trades were placed was criticised by some users who had taken the opportunity to buy low.

“Why should everyone who profited from the crash suffer your inability to secure the site?” wrote a user called Elments.

Questionable future

Although the problem was caused by security failings at Mt.Gox, it has raised wider questions about the viability of Bitcoin as a virtual currency.

Continue reading the main story

“Start Quote

Like any start-up, it could change the world but it could also be risk.”

End Quote Gavin Andresen Bitcoin developer

“I am sceptical about its longer term prospects,” said David Birch, director of Consult Hyperion, a consultancy specialising in electronic transactions.

“There were two things here – the specific bubble (caused by the dumping of stolen coins) and the exchange mechanism.”

Bitcoin transactions are made by swapping anonymous, heavily encrypted codes which only a specific user can unlock.

Details of who owns each Bitcoin are distributed across a peer-to-peer network, with no central repository.

If an encrypted coin file is deleted, the money is lost.

Legal worries

The system has proved popular with online criminals, keen to keep their financial transactions secret, although it has a wider, legitimate, user base.

Mr Birch said the fact that so many Bitcoins were traded on a single exchange made it vulnerable to market shocks.

He also questioned the fundamental workings of the currency, saying that its emphasis on anonymity and decentralised nature meant there was little recourse for users when things go wrong.

The online freedom group, the Electronic Frontier Foundation (EFF) said it was dropping Bitcoin as a means of donating to its cause because of concerns about consumer protection, taxation and money laundering.

On the same day as the crash, the EFF’s legal director Cindy Cohn wrote: “Since there is no caselaw on this topic, and the legal implications are still very unclear, we worry that our acceptance of Bitcoins may move us into the possible subject role.”

Bitcoin developer Gavin Andresen conceded that current safeguards around the currency may be inadequate.

“I have been the person saying that Bitcoin is an experiment, so you can have confidence in it as much as you can have confidence in any start-up,” he said.

“Like any start-up, it could change the world but it could also be risk.”

Brightbridge Wealth Management Headlines: Asia BoomChanging World economy says RBA

Brightbridge Wealth Management Headlines: Asia BoomChanging World economy says RBA | Blurpalicious

Asia’s booming middle class is “fundamentally changing the face of the world economy,” Australia’s central bank chief said on Wednesday, sending the local dollar soaring with hints of a rate hike.

Reserve Bank of Australia governor Glenn Stevens said the rapid growth of China, India and other emerging economies was driving Australia’s terms of trade to levels about 85 per cent above their 20th-century average.

“The amount of additional income accruing to production in Australia from that is 15 per cent or more of annual GDP,” the bank chief said in a speech.

Stevens said the boost reflected a “large and persistent change in global relative prices”, warning that the “China story” went beyond cyclical forces of supply and demand to a deeper structural shift.

“Hundreds of millions of people in the emerging world have seen growth in their incomes and associated changes in their living standards, and they want to live much more like we have been living for decades,” he said.

“This means they are moving towards a more energy- and steel-intensive way of life and a more protein-rich diet. That fact is fundamentally changing the shape of the world economy.”

In Australia, that meant a “very large boost to national income” which would require “some degree of restraint”, he said, raising the prospect of a rate hike – the first since November when it was lifted to 4.75 pe recent.

The Australian dollar spiked to $US1.0707 from $US1.0671 prior to Stevens’ remarks.

The Reserve Bank of Australia held official rates steady this month for the sixth time since November, saying floods and cyclones over the summer had thrown the economy into reverse, while Europe remained under a debt cloud.

Brightbridge Wealth Management Headlines: Asia BoomChanging World economy says RBA

Brightbridge Wealth Management zurich

Asia’s booming middle class is “fundamentally changing the face of the world economy,” Australia’s central bank chief said on Wednesday, sending the local dollar soaring with hints of a rate hike.

Reserve Bank of Australia governor Glenn Stevens said the rapid growth of China, India and other emerging economies was driving Australia’s terms of trade to levels about 85 per cent above their 20th-century average.

“The amount of additional income accruing to production in Australia from that is 15 per cent or more of annual GDP,” the bank chief said in a speech.

Stevens said the boost reflected a “large and persistent change in global relative prices”, warning that the “China story” went beyond cyclical forces of supply and demand to a deeper structural shift.

“Hundreds of millions of people in the emerging world have seen growth in their incomes and associated changes in their living standards, and they want to live much more like we have been living for decades,” he said.

“This means they are moving towards a more energy- and steel-intensive way of life and a more protein-rich diet. That fact is fundamentally changing the shape of the world economy.”

In Australia, that meant a “very large boost to national income” which would require “some degree of restraint”, he said, raising the prospect of a rate hike – the first since November when it was lifted to 4.75 pe recent.

The Australian dollar spiked to $US1.0707 from $US1.0671 prior to Stevens’ remarks.

The Reserve Bank of Australia held official rates steady this month for the sixth time since November, saying floods and cyclones over the summer had thrown the economy into reverse, while Europe remained under a debt cloud.

Brightbridge Wealth Management Headlines: Asia BoomChanging World economy says RBA

Latest « Hot Social Bookmarking Website, Hot Bmarks

Asia’s booming middle class is “fundamentally changing the face of the world economy,” Australia’s central bank chief said on Wednesday, sending the local dollar soaring with hints of a rate hike.

Reserve Bank of Australia governor Glenn Stevens said the rapid growth of China, India and other emerging economies was driving Australia’s terms of trade to levels about 85 per cent above their 20th-century average.

“The amount of additional income accruing to production in Australia from that is 15 per cent or more of annual GDP,” the bank chief said in a speech.

Stevens said the boost reflected a “large and persistent change in global relative prices”, warning that the “China story” went beyond cyclical forces of supply and demand to a deeper structural shift.

“Hundreds of millions of people in the emerging world have seen growth in their incomes and associated changes in their living standards, and they want to live much more like we have been living for decades,” he said.

“This means they are moving towards a more energy- and steel-intensive way of life and a more protein-rich diet. That fact is fundamentally changing the shape of the world economy.”

In Australia, that meant a “very large boost to national income” which would require “some degree of restraint”, he said, raising the prospect of a rate hike – the first since November when it was lifted to 4.75 pe recent.

The Australian dollar spiked to $US1.0707 from $US1.0671 prior to Stevens’ remarks.

The Reserve Bank of Australia held official rates steady this month for the sixth time since November, saying floods and cyclones over the summer had thrown the economy into reverse, while Europe remained under a debt cloud.

Brightbridge Wealth Management Headlines: Lulzsec Hackers at it Again

http://brightbridgewealthmanagement-advice.com/2011/06/brightbridge-wealth-management-headlines-lulzsec-hackers-at-it-again/

A man crosses the Central Intelligence Agency logo in the lobby of CIA Headquarters in Langley, Virginia, Aug. 14, 2008

In today’s TechBytes: another high profile website has been hacked.
The group that claims it attacked the websites of Nintendo, Sony and the U.S. Senate claims it took the CIA’s public website offline. No sensitive data were tapped or stolen.
The agency said the site contains no classified data, and there was no impact on operations.

Washable Earphones
If your earbuds get sweaty during workouts, you may wish you could just throw them in the washing machine.
Pioneer is out with the first washable earphones. You can also use them in the shower.
They’re available in a variety of colors for $60.

GPS Gone Wrong
Finally, a story of technology gone bad. Three out of town visitors to Bellevue, Wash., said they were following directions from their GPS as they tried to get back to their hotel late and night, and instead, drove their rented SUV down a boat ramp and into a swamp.
They’re fine, but we’re not sure about the GPS.

Brightbridge Wealth Management Headlines: Bitcoin ‘will recover’ from crash

Live | Social-Bookmarking.Net

The virtual currency Bitcoin will “bounce back” after a hack attack caused its value to collapse, according to one of its senior developers.

Gavin Andresen said he hoped the crisis would lead to better security on sites where Bitcoins are bought and sold.

Prices on the main exchange, Mt.Gox, fell from $17.50 (£10.80) to almost zero when a large number of stolen Bitcoins were dumped on the market.

Trading was suspended and eventually rolled back to pre-crash rates.

Mt.Gox revealed details of the security breach on June 20 with an announcement on its website.

“It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database,” the statement read.

Around the same time, an unidentified person accessed one of the compromised accounts and sold all of its Bitcoins.

They then attempted to buy the coins again and withdraw them in US dollars.

The fraudster was partially foiled when they hit Mt.Gox’s $1000 daily limit.

The decision to reset the Bitcoin rate to a point just before the malicious trades were placed was criticised by some users who had taken the opportunity to buy low.

“Why should everyone who profited from the crash suffer your inability to secure the site?” wrote a user called Elments.

Questionable future

Although the problem was caused by security failings at Mt.Gox, it has raised wider questions about the viability of Bitcoin as a virtual currency.

Continue reading the main story

“Start Quote

Like any start-up, it could change the world but it could also be risk.”

End Quote Gavin Andresen Bitcoin developer

“I am sceptical about its longer term prospects,” said David Birch, director of Consult Hyperion, a consultancy specialising in electronic transactions.

“There were two things here – the specific bubble (caused by the dumping of stolen coins) and the exchange mechanism.”

Bitcoin transactions are made by swapping anonymous, heavily encrypted codes which only a specific user can unlock.

Details of who owns each Bitcoin are distributed across a peer-to-peer network, with no central repository.

If an encrypted coin file is deleted, the money is lost.

Legal worries

The system has proved popular with online criminals, keen to keep their financial transactions secret, although it has a wider, legitimate, user base.

Mr Birch said the fact that so many Bitcoins were traded on a single exchange made it vulnerable to market shocks.

He also questioned the fundamental workings of the currency, saying that its emphasis on anonymity and decentralised nature meant there was little recourse for users when things go wrong.

The online freedom group, the Electronic Frontier Foundation (EFF) said it was dropping Bitcoin as a means of donating to its cause because of concerns about consumer protection, taxation and money laundering.

On the same day as the crash, the EFF’s legal director Cindy Cohn wrote: “Since there is no caselaw on this topic, and the legal implications are still very unclear, we worry that our acceptance of Bitcoins may move us into the possible subject role.”

Bitcoin developer Gavin Andresen conceded that current safeguards around the currency may be inadequate.

“I have been the person saying that Bitcoin is an experiment, so you can have confidence in it as much as you can have confidence in any start-up,” he said.

“Like any start-up, it could change the world but it could also be risk.

Brightbridge Wealth Management Headlines: Bitcoin ‘will recover’ from crash

http://brightbridgewealth-management.com/2011/06/brightbridge-wealth-management-headlines-bitcoin-will-recover-from-crash/

The virtual currency Bitcoin will “bounce back” after a hack attack caused its value to collapse, according to one of its senior developers.

Gavin Andresen said he hoped the crisis would lead to better security on sites where Bitcoins are bought and sold.
Prices on the main exchange, Mt.Gox, fell from $17.50 (£10.80) to almost zero when a large number of stolen Bitcoins were dumped on the market.
Trading was suspended and eventually rolled back to pre-crash rates.
Mt.Gox revealed details of the security breach on June 20 with an announcement on its website.
“It appears that someone who performs audits on our system and had read-only access to our database had their computer compromised. This allowed for someone to pull our database,” the statement read.
Around the same time, an unidentified person accessed one of the compromised accounts and sold all of its Bitcoins.
They then attempted to buy the coins again and withdraw them in US dollars.
The fraudster was partially foiled when they hit Mt.Gox’s $1000 daily limit.
The decision to reset the Bitcoin rate to a point just before the malicious trades were placed was criticised by some users who had taken the opportunity to buy low.
“Why should everyone who profited from the crash suffer your inability to secure the site?” wrote a user called Elments.
Questionable future
Although the problem was caused by security failings at Mt.Gox, it has raised wider questions about the viability of Bitcoin as a virtual currency.

Continue reading the main story

“Start Quote

Like any start-up, it could change the world but it could also be risk.”

End Quote Gavin Andresen Bitcoin developer

“I am sceptical about its longer term prospects,” said David Birch, director of Consult Hyperion, a consultancy specialising in electronic transactions.

“There were two things here – the specific bubble (caused by the dumping of stolen coins) and the exchange mechanism.”
Bitcoin transactions are made by swapping anonymous, heavily encrypted codes which only a specific user can unlock.
Details of who owns each Bitcoin are distributed across a peer-to-peer network, with no central repository.
If an encrypted coin file is deleted, the money is lost.
Legal worries
The system has proved popular with online criminals, keen to keep their financial transactions secret, although it has a wider, legitimate, user base.
Mr Birch said the fact that so many Bitcoins were traded on a single exchange made it vulnerable to market shocks.
He also questioned the fundamental workings of the currency, saying that its emphasis on anonymity and decentralised nature meant there was little recourse for users when things go wrong.
The online freedom group, the Electronic Frontier Foundation (EFF) said it was dropping Bitcoin as a means of donating to its cause because of concerns about consumer protection, taxation and money laundering.
On the same day as the crash, the EFF’s legal director Cindy Cohn wrote: “Since there is no caselaw on this topic, and the legal implications are still very unclear, we worry that our acceptance of Bitcoins may move us into the possible subject role.”
Bitcoin developer Gavin Andresen conceded that current safeguards around the currency may be inadequate.
“I have been the person saying that Bitcoin is an experiment, so you can have confidence in it as much as you can have confidence in any start-up,” he said.
“Like any start-up, it could change the world but it could also be risk.”