Bitcoin Malaysia and Blockchain Tech Information

Bitcoin and Blockchain, Bitcoin Exchange, Bitcoins Malaysia, Blockchain Malaysia

Posts by: colbert

GLBSE shuts down – Global Bitcoin Stock Exchange

By on October 9, 2012

I’ve just learned that glbse.com has shut down. I am not sure why this has happened but I hope to get back some of my BTC in their pockets. Pretty sad day for the BTC economy.

This was posted on their site today:

GLBSE has been closed

I’m sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I’m an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I’m a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE’s partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.
Update:we will begin processing account closures and returning bitcoin later today.

Another Forbes article : Bitcoin Prevents Monetary Tyranny

By on October 8, 2012

Forbes.com has another article on the Bitcoins digital currency. A good read from a big news site.

 

Bitcoin and some interesting facts

By on October 1, 2012

Still having doubts about Bitcoins and Bitcoin mining?

I’ve been reading a little about Bitcoin lately. I installed the software, acquired some BTC (currency) by donation, and have tried mining. I think it’s an interesting project. Here are some facts about Bitcoin that caught my attention:

1. Bitcoin is available as free software and can run on GNU/Linux, a free software operating system. Therefore, publicly auditable source is available for a computer running Bitcoin and the software stack it runs on.

2. Bitcoin implements a peer-to-peer (p2p) architecture. It’s not easy for companies or governments to forcibly shut it down.

3. Though Bitcoin software is hard to shut down, governments and companies can choose to shun the BTC currency. For instance, Coinpal, a service to buy/sell BTC using Paypal was suspended. Apparently, Paypal accepted Coinpal for months and then put Coinpal out of business because it decided it was wrong to be involved in a “ecurrency” market. It didn’t appear that any reasons were forthcoming.

4. Quantity supplied of BTC is limited in a different way compared to a physical, nationalized currency. An algorithm to increase supply (“printing” through “mining”) of BTC is set and cannot be changed. Unlike currencies that are printed as deemed necessary by a central bank, Bitcoins are limited to 21,000,000. By the 2030s, BTC production will have slowed considerably.

5. Key pairs are used for trust between traders. Like a physical currency, BTC can be stolen or lost if the owner of the money is careless (i.e. they fail to encrypt/backup their wallet). The value in a wallet can be transferred to a newer wallet, in order to keep current in regard to security.

What else about Bitcoin/BTC is notable?

[source]

BBC World Service Radio and Bitcoins

By on September 29, 2012

BBC World Service Radio talks about Bitcoins…interesting indeed, so turn up the radio! Listening time: 17 minutes 30 seconds.

The Workflow of the Bitcoins System

By on September 28, 2012

Here’s a flow of the Bitcoin ecosystem that shows the correlation between bitcoin wallets, addresses, encrypted private keys, bitcoin miners + bitcoin mining servers, blocks, hashes, and nonces. [ source ]

 

Bitcoin is a decentralized electronic cash system using digital signatures and cryptographic proof to enable irreversible payments between parties without relying on trust. Leveraging the breakthroughs of public-key cryptography, bitcoin also uses peer-to-peer networking to operate without a central authority whereby the new issuance and transaction verification functions are carried out collectively by the network. In the absence of a third-party processing intermediary, transactions are rapid and simple to send and receive with little to no fees.

As both a payments platform and a nonpolitical unit of account, Bitcoin has already seen astonishing growth in just over three years. Bitcoin’s total base money supply is currently valued at $125 million. Number of transactions has gone from 219 in 2009 to 4,964,513 year-to-date in 2012. The value of bitcoins transferred per year has gone from 35 trillion BTC to 60,896 trillion BTC. And, the network hashing rate, which is a measure of computational speed or horsepower, has increased from 0.008 Giga hashes per second in December 2009 to 19,284 Giga hashes per second in September 2012, thereby making it the largest distributed computing project in the world today in terms of processing performance. (Source: State of the Coin 2012)

 

Header Photo Changed

By on September 28, 2012

Header Photo changed today. Like it ? If you can design a better one for us, then we’ll pay you 0.1 btc. The header should be 930 width x 160 height. Contact us.

The Bitcoin Foundation has been launched

By on September 27, 2012

Forbes reports the launch of the much awaited – The Bitcoin Foundation.

The Bitcoin Foundation mission leads to the early specific goals of financially sponsoring the efforts of the core development team, funding core infrastructure such as a test network and a DNS seed node, publishing a set of best practices for bitcoin integration, coordinating responses to business and media inquiries, and organizing an annual bitcoin conference with the first one being held in Silicon Valley.

Initial board members include Gavin Andresen, Mark Karpeles, Jon Matonis, Patrick Murck, Charlie Shrem, and Peter Vessenes.

As both a payments platform and a nonpolitical unit of account, Bitcoin has already seen astonishing growth in just over three years. Bitcoin’s total base money supply is currently valued at $125 million. Number of transactions has gone from 219 in 2009 to 4,964,513 year-to-date in 2012. The value of bitcoins transferred per year has gone from 35 trillion BTC to 60,896 trillion BTC. And, the network hashing rate, which is a measure of computational speed or horsepower, has increased from 0.008 Giga hashes per second in December 2009 to 19,284 Giga hashes per second in September 2012, thereby making it the largest distributed computing project in the world today in terms of processing performance. (Source: State of the Coin 2012)

There are various membership levels for The Bitcoin Foundation. Annual individual membership is 2.5 BTC with a 25.0 BTC lifetime option; corporate membership is 500 BTC for silver tier, 2,500 BTC for gold tier, and 10,000 BTC for platinum tier. If you are serious about being a part of this new disruptive digital currency, then you should sign up!