Category Bitcoin and Litecoin Mining

New Cudaminer released! Beta!

 

New cudaminer Beta released dated 2-28-14. Grab it here:

 

https://bitcointalk.org/index.php?topic=167229.0

Mt. Gox opens up a call center to answer the $400 million dollar question… WTF happend to my money?!?!!?

Mtx gox opens call center

Mtx gox opens call center

Mt. Gox has about 400 million dollars worth of clients’ questions to answer, and it will attempt to achieve this by opening a call center.

The business said the call center would open Monday at 10 a. m. Japan time (Sunday at 8 p. m. ET) in an update posted its website Sunday morning. Once the world’s premier Bitcoin exchange, Mt. Gox closed its digital doors last week and later filed for bankruptcy after information leaked that it had lost about 750, 000 bitcoins – worth about $420 million by current exchange rates – belonging to customers and yet another 100, 000 of its own bitcoins.

In addition to announcing the decision center, Mt. Gox promised an update on its try to file for bankruptcy under Japan’s Civil Rehabilitation Law, which allows a company to restructure in try to rebuild similarly to U. S. chapter 11 bankruptcy.

It’s not clear what, if any, answers Mt. Gox will be able to provide concerning the lost bitcoins. The business blamed a vulnerability to the Bitcoin system known as “transaction malleability” for the disappearance. There’s widespread consensus in speculation from Bitcoin community that the funds were stolen and so are gone for good, in place of in some kind of digital purgatory waiting to be reclaimed.

Mashable has been in contact with a Miami resident in his late 20s who said that he lost more than $600, 000 worth of bitcoins in the Mt. Gox collapse. That he provided this screenshot of his Mt. Gox account dashboard as proof. The Bitcoin entrepreneur, who asked to stay anonymous, said that he plans to call the hotline, but that he has “no idea what that’ll entail. ”

Other who lost money are already pursuing action against Mt. Gox. Chicago-based law firm Edelson PC filed a class action suit against Mt. Gox on behalf of all U. S. residents who lost money. Edelson will attempt to prove that Mt. Gox defrauded its customers, which could leave the business legally culpable because of its clients’ losses even though it does receive bankruptcy protection.

Another band of investors has toyed with the idea of overtaking Mt. Gox and running it as a new exchange in attempt to recoup losses.

With no relief around the corner for these investors, the $400 million Bitcoin question may be: For whom should we feel worse, the investors who lost their bitcoins or the decision center employees who’ll be answering the investors’ phone calls?

How much are they paying these people to take THESE calls.. NOT ENUFF!!

Hey geniuses , ever heard the term “decentralized currency”?? In simple terms, it means the PEOPLE control the currency, and verify the transactions. It is not controlled, or governed by banks or government. Basically your on your own. Any clown that has is stupid enough to keep large stacks of cash in something like this deserves to lose it.

MT. Gox the worlds largest bitcoin exchange has been sued!

Guys its what ive been saying since day 1. Bitcoin is a house of cards, a ponzi scheme. Now I will be the first to admit that I am a hard core litecoin miner. But I remember a few simple rules:

1. DONT EVER BUY PROPRIETERY BITCOIN MINING HARDWARE. BUY GRAPHICS CARDS!! That way, when this thing crashes and burns, and it will, youll have something in your hand worth value to sell!

2.  DONT INVEST YOUR OWN MONEY, MINE ONLY!!

3. DONT STACK TOO MUCH MONEY IN YOUR WALLET, IF YOUR WALLET HAS “TOO MUCH TO LOSE” IN IT , CASH OUT!

4. YOU KNOW IT WILL CRASH AND BURN, I JUST OLD YOU,USE COMMON SENSE, BE EXTRA CAUTIOUS!

5. IN EVERY PONZI SCHEME, THERE WILL BE THOSE THAT MAKE MAD FAT STAX, AND THOSE THAT LOSE EVERYTHING. THERE IS NO IN BETWEEN! WHICH ONE WILL YOU BE?

Here is the article:

Mt. Gox,  the world’s largest bitcoin exchange, has been sued by way of a customer in what will be the first of many U. S. lawsuits seeking to recoup huge amount of money of losses linked to a hacking attack that resulted in the exchange’s bankruptcy.

In a complaint filed on Thursday in U. S. District Court in Chicago, plaintiff Gregory Greene said Mt. Gox and its leader, Mark Karpeles, were negligent and committed fraud for having failed to protect the Tokyo-based exchange from theft.

Greene said bitcoin prices plummeted after Mt. Gox found the security breach, but said that he along with other investors in the virtual currency could maybe not cut their losses because the exchange had halted trading. Mt. Gox took down its web site on Tuesday.

“Mt. Gox intentionally and knowingly didn’t provide its users with the level of security protection that they paid, ” said Greene, who estimated his bitcoin stake at $25, 000.

The lawsuit seeks class action status with respect to Mt. Gox users, restitution, monetary damages and other counteractants.

It was not immediately clear which law firm would defend Mt. Gox against the lawsuit. Baker & McKenzie, a Chicago-based firm that represents the exchange in Japan, did not instantly respond on Friday to requests for comment.

At a news conference on Friday at the Tokyo District Court, Karpeles said he was “very sorry” and blamed Mt. Gox’s collapse on a “weakness in our system, ” but predicted that the bitcoin market would keep on to grow.

Mt. Gox said it may have 750, 000 of its customers’ bitcoins and 100, 000 of its own, equal to about 7 percent of bitcoins global, for a total lack of about $480 million.

The exchange reported having 127, 000 creditors, liabilities of 6. 5 billion yen ($64 million) and assets of 3. 84 billion yen ($38 million).

It’s quite common for alleged frauds that generate significant losses or attention to result in a slew of U. S. lawsuits seeking class action status, even though the alleged wrongful activity does occur outside the country.

“This is a case of serial mismanagement, if maybe not outright fraud, by Karpeles and Mt. Gox, ” said Steven Woodrow, a partner at the Edelson law firm in Denver, who filed Greene’s lawsuit. “Users of the exchange are collectively out millions while Mt. Gox holds onto their bitcoins. We intend to get to the bottom of the in an American court. ”

The case is Greene v. MtGox Inc, U. S. District Court, Northern District of Illinois, Number 14-01437.

Will bitcoin get banned!??!

A US senator is asking the federal government to take this remarkable step: completely ban Bitcoin.
Joe Manchin, a Democratic senator representing West Virginia, sent a letter Wednesday to the Treasury Department, the Federal Reserve, along with other regulators characterizing the virtual currency as encouraging “illicit activity” as well as being “highly unstable and disruptive to our economy. ”
Manchin, who is an associate of the Senate banking committee, suggested in the letter — titled “Manchin Demands Federal Regulators Ban Bitcoin” — that a complete prohibition was appropriate because Thailand, China, and South Korea have previously enacted severe restrictions or bans of these own.
It’s unlikely that the Federal Reserve and the executive branch contain the statutory authority to prohibit Bitcoin with out a new law enacted by Congress and signed by the president — making Manchin’s letter something of a publicity stunt. On the other hand, regulators likely do have the authority to levy more rules and restrictions on Bitcoin-related businesses that could increase costs, decrease interest among investors, and, at the margin, put some startups out of business.
Manchin and fellow Senate Democrat, Charles Schumer of New York, have targeted Bitcoin-related enterprises before. In a June 2011 letter to the Justice Department and DEA, the senators demanded a crackdown on the web marketplace Silk Road, saying: “The only method of payment for these illegal purchases is an untraceable peer-to-peer currency known as Bitcoins. ”
The letter might not have been accurate — Bitcoin is more traceable than many people realize — but it had the required effect. Last fall the FBI indicted a San Francisco man for allegedly operating Silk Road, and extra charges were levied this month.

Overstock makes nearly $1 million in sales in bitcoin the first month!

Overstock CEO Patrick Byrne is no stranger to being an early adopter of technology. that he was among the first to buy to one of Tesla’s Model S electric cards five years back and apparently, some things never change. As you may recall, Byrne’s company recently became the first major on the web retailer to accept Bitcoins.

So, how’s that working out for them thus far? Pretty good, actually.

According to Byrne, their website processed $870, 000 in sales from almost 4, 000 orders paid with Bitcoin. Strangely enough, the most popular item among virtual currency aficionados is bed sheets followed closely by computer hardware and cell phone accessories.

Of course, becoming the first major retailer to accept Bitcoin was no easy task. Payment processor Coinbase flew an employee out to Salt Lake City to help assist Overstock to make it a reality. They ostensibly locked 40 people in a room for a week to work out the kinks as becoming the first was bound to deliver a ton of positive press and business.

But Byrne’s curiosity about Bitcoin extends well past an extra payment method for Overstock. The CEO liquidated a few million dollars worth of his holdings in gold and converted it to Bitcoin. That he said he fundamentally desires to be able to pay vendors and employees in Bitcoin too when they choose. But exactly why is he doing this?

Because he desires to further the cause of Bitcoin, plain and simple.