Category Archives: Bitcoin

BitBet Receiver Hired

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After taking applications BitBet's estranged partners have hired experienced Bitcoin businessman David Francois to see BitBet through receivership. Monsieur Francois's application for the receivership states that he intends to complete the liquidation in a two week time frame following the receipt of all BitBet assets for liquidation, a task for which he will collect a fixed fee of 13.37 Bitcoin. This means that BitBet's assets including their domain name and software should be hitting the market shortly so parties interested in acquiring those assets should inquire with Monsieur Francois.

BitBet has found itself headed to receivership through an irreconcilable difference between the partners over how to handle an expense incurred through a method of handling peculiar node and miner behavior on the Bitcoin network which lead to a double payment to winners on a bet.

Correction Takes Bitcoin Network Difficulty Down 3.1%

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After an eight month streak of hashrate increases, raising difficulty by a total of 231%, the mining difficulty has dropped to 158,427,203,767.3917 (3.1% below the previous adjustment, placing total network hashrate estimates around 1.2 EH/s). During this adjustment period, unknown actors flooded memory pools with several dozen megabytes of spam. Unlike last time, when the spammers made grand claims from behind meaningless pseudonyms, they have remained anonymous this time around; and unlike previous attacks, which merely contributed to demand for block space, this one caused immediate economic consequences, as disclosed previously. The transaction fee total climbed to 726.63690949 Bitcoins, comprising 1.42% of total miner income.

Bridges Suspected Of Having Unknown Accomplices As Sound Money Undermines Fiat Loyalties

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The saga of Shaun Bridges who was turned from the fiat order by the power of sound money, and who was rearrested the day before he was to surrender to prison has gotten more interesting. Behold, prosecutors are refusing to allow the unsealing of their latest warrant aimed at Bridges because they claim unknown allies of Bridges remain at large. It appears the investigation into the Silk Road by United States Government agents has been far more damaging to the USG's cause than any operation of the Silk Road has. Witness: Continue reading →

Bitcoin Mining Difficulty Rises Above 163 Billion

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fancy chartBitcoin mining difficulty recently ascended to 163,491,654,908.95925903, a "modest" 13.44% above previous leap. Transaction fees totalled 511.49155786 Bitcoins, comprising 1.00% of total miner rewards. Non-inflationary miner income has gradually risen in the past months, still recovering from damage wrecked by brinkmanship committed in the name of keeping Bitcoin free and useless (archived).

Google Unveils Glibc DNS Client Vulnerability, Many Bitcoin Implementations Affected

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Today Google's online security blog unveiled a buffer overflow in the Gnu C library's DNS client (archived). The vulnerability allows the getaddrinfo function to overflow opening the doors to all manner of malice. This vulnerability affects all Bitcoin implementations compiled against the GNU C library which invoke DNS. This includes Bitcoin Core and the clients programmed to eventually fork into altcoins including the "Bitcoin" XT and "Bitcoin" "Classic" network clients. The reference Bitcoin implementation maintained by the Bitcoin Foundation is unaffected as DNS was excised from that client,1 and scripts are available for building the reference implementation against the musl C library.2 It is strongly recommended that Bitcoin users patch their preferred client3 to remove DNS or move to a client maintained by a team that cares about security and eliminating unnecessary attack surfaces in advance.

  1. The reference Client also had upnp excised before critical vulnerabilities in that code were publically exposed.  ↩

  2. Most Flagship nodes running the reference client are built against musl rather than glibc.  ↩

  3. You may have to do this yourself.  ↩

Bruce Fenton Proposes Historical Revisionism

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Vessenes' Foundation director Bruce Fenton has proposed a voluntary code of conduct that would adopt a form of historical revisionism as its first principle (archived). Fenton proposes that everyone who wants to be involved in Bitcoin let go of the past, forgive, and ignore the fact that in the past year numerous parties hostile to Bitcoin have engaged in attacks attempting to subvert the Bitcoin network. Continue reading →