drivers house about drivers news and drivers download

Rise and fall of currency bits of electronic money – electronic money, bit-currency, the rise and fall

New bits of electronic money coins
November 1, 2008, a claim in the Cong (SatoshiNakamoto) of people in a discussion group on the hidden cryptography published a research paper discusses in detail his invention called a \"bit money.\" (bitcoin) of new electronic currency. Discussion group which experienced veterans who have not heard of this, little bit of information about him which is extremely vague and contradictory. Online data, in the Cong said he lived in Japan. He's a free e-mail address is derived from the German service site. Search with Google could not find his name information, it is clear that in the Cong is a pseudonym. But even in the Cong itself is a mystery, but his invention solved the problem of deciphering the secrets of the decades-long problem. Since the inception of the Internet, the concept of digital currency has been a hot topic, it is easy to use and can not be tracked, can be free from government and banking supervision.
In the 1990s, a \"password punk\" liberal code-breaking organization devoted myself to create electronic money projects. But in exchange for all the effort a failure. Anonymous system \"electronic cash\" (Ecash) in the early 1990s by the cryptographers who David Qiumu (DavidChaum) launched. This failure of electronic money in part because it relies on the government and the credit card company's existing infrastructure. After a bit gold (bitgold), RPOW, b-money (b-money) and other electronic currencies, but not a success.
Design of e-money central challenge is to solve one of the so-called problem of duplicate payments. If electronic money is only information, out of paper and metal in the form of narrow-minded, how to avoid it as a text that people and easily copy and paste, then arbitrary number of \"pay\" mean? The traditional solution is to use a central clearing house, a ledger of all transactions in real time, and that if someone takes up the electronic money in his hand, then it can not be reused. General ledger in order to avoid fraud, it also requires a trusted third-party management.
Distribution ledger bit of money using open approach abolished the third-party management, in the Cong called it the \"block chain\" (blockchain). Users willing to give their computer's CPU power, run a special software to \"mining\", and together form a network to maintain the block chain. In the process, they will also have a new currency. Fair spread to the network, the computer running the software competition puzzles to crack the password is not reversible. These puzzles include several transactions from the data. The first solution of the puzzle diggers will be 50-bit coin reward, the relevant transaction block will be added to the chain. Although the increase in the number of diggers, will increase the difficulty of each puzzle, which makes the generation time of each transaction block maintained at about 10 minutes. In addition, each reached 210,000 blocks, each block of the award will be reduced by half, the first currency is reduced to 25 from 50-bit, and then reduced to 12.5 from 25, and so on. To 2140 or so, bit good currency will reach 21 million predetermined upper limit.
Banks to issue currency without
The papers published in Cong in 2008, when the outside of the government and the banks ability to manage the economy and confidence in the money supply to a minimum. U.S. government to Wall Street and Detroit's car companies into U.S. dollars. The Fed introduced \"quantitative easing\" policy, basically printing money to stimulate the economy. Gold prices. Bring down the economy without money to get bit politicians and financiers of recognition, it requires sophisticated algorithms in the Cong. Public ledger currency bits look not only to avoid fraud, and has decided to release the amount of money to ensure the bits in the development of a manageable level, which is keen to avoid the major banks printing money and hyperinflation .
January 3, 2009, in the Cong dug the first 50-bit coin, which is also known as Creation blocks (genesisblock). At this point in the past year, his invention is also limited to a handful of early adopters were. But slowly, bit of a reputation beyond coins isolated password profession. It has been those who had invented the praise of electronic money. b-money inventor David (WeiDai) said it was \"very symbolic\"; invented a bit of gold Nick Saab (NickSzabo) praised it as \"a great contribution to the world\"; RPOW behind the outstanding cryptography expert Hal Finney (HalFinney) said bit currency \"has the potential to change the world.\" Digital privacy advocates at the Electronic Frontier Foundation (TheElectronicFrontierFoundation) finally started to accept money as a donation option bit.
Early users of small groups of bits are shared currency open source software project community spirit. New England coders Gavin Andresen (GavinAndresen) $ 50 to buy 1 million bits coins, and created a name \"bit money faucet\" (BitcoinFaucet) Web site for free distribution to the people of these bits money, just for fun. Florida programmers Laszlo Howard Kuznets (LaszloHanyecz) is considered to be the first currency in the real world people use bits. He spent over 10,000 coins in Papa John's bit (PapaJohn) called two pizza takeaway. Massachusetts named David Foster (DavidForster) the sale of alpaca farmers in the socks when they began to accept bit-currency payments.
The mysterious founder of the Cong
When not busy mining when the bit will try to uncover coins believers in the mysterious identity of the Cong. Currency in a bit IRC channel, it was pointed out that Satoshi in Japanese means \"smart.\" Others think the name is the name of four technology companies some combination of: Samsung (SAmsung), Toshiba (TOSHIba), middle (NAKAmichi) and Motorola (MOTOrola). Some even suspect that he is not Japanese. Because he's English and native speakers as there are no flaws, use authentic.
It was also suggested in the Cong may not be a person, but a mysterious group with a mysterious purpose, it may be a group on Google or the U.S. National Security Agency. Hao Kuznets said he claimed to be in the Cong and the people through several e-mail. Kuznets has been involved in high bit-currency core development team, he said: \"I have the impression that he is not a real person. Every two weeks I received a reply, as if someone occasionally check the mailbox. Bit currency design is great, not like a person out of shoddy. \"
Cong in this information with their own very little, the topic is limited to his own source of technical discussion. December 5, 2010, when a bit users began to demand money WikiLeaks to accept donations after the money bit; originally simple words, talk about business in the Cong with unusual emotion involved in the discussion. He's a bit money forum post, wrote: \"No, do not let it come. Projects need to gradually grow, so the software can continue to strengthen. I call on WikiLeaks do not use bits coins, it was still at the initial stage of the testing community. Fire will destroy the present stage. \"
Then the surprise on this Satoshi disappeared. December 12, 6:22 pm GMT, in his defense of WikiLeaks posted 7 days after release, in this forum Cong coins made in the last bit a post, it does not matter about the details of several new software . His e-mail reply also becomes very unstable, and finally completely stopped. Who was responsible for development and Andresen is among the few people in the contact Cong. April 26, he told the coders were: \"This morning in the Cong proposal, I (we) bit in the open about money, you should dilute the 'mysterious founder' of the topic. \"Finally back in the Cong no longer even Andresen e-mail. Bit Users who want to know the currency of the Cong Why did you leave. But anyway, since his creation has sprouted roots.
Bit-currency prices soaring
Bruce Wagner (BruceWagner) said, \"is almost preacher-bit coin enthusiasts. They saw the beauty of this technology. This is a great sport. It is like a religion. At the Forum, you will see this spirit. This has nothing to do with the self, we would like to improve the bit is how currency. \"
This is a July morning. Wagner has 50 years of age and age does not match the jet black hair, full of energy. He was sitting OnlyOneTV his office, which is located in Manhattan's Internet TV start-ups. Within a few months, he became a bit of the main lobbyist money. He presided over the OnlyOneTV \"bit money Show\" to promote the bit bit-currency coins and interview famous people in the world. In addition, Wagner is also responsible for gathering money a bit body, and intends to be held in August in the first bits of money, \"World Congress.\" Wagner said he had just found bits of currency was fascinated, then do not eat five days and nights without sleep. This is the bit-currency, as if to find the gold.
Wagner is no understatement. He said: \"Bit currency is' the most exciting history of the Internet technology, eBay is the 'blood-sucking a big company.' Freedom of speech is' contemporary myth. '\"On the bit-currency future, Wagner also excited, he said:\" I know this is not the stock will not fluctuate. It will always go up. \"
For a while, Wagner was right. 2009 and early 2010, bits simply do not value money. Since trading began in April 2010 the first six months, a bit to maintain the value of currency in the 14 cents or less. Subsequently, the summer of 2010, with the currency as a currency gain bit sexually transmitted virus, the supply situation causing the site to transaction prices started to rise. In early November, it is stable to 29 cents or so before had soared to 36 cents. February 2011, bit-currency rose again, implementation, and \"dollar with the price\", 1-bit to 87 cents in a stable currency before, had risen to over $ 1.06.
This spring, the bit-currency prices, \"Forbes\" magazine \"Encryption Money\" is a stimulating factor. From early April to late May, a bit currency exchange rate rose from 86 cents to $ 8.89. After the technology gossip site Gawker6 January reported that the value of currency bits within a week more than tripled, reaching a bit currency exchange $ 27. The market value of currency in circulation bits are nearly 130 million dollars. A Tennessee man named KnightMB holds 371,000 bits of money, was worth more than $ 10 million, he became the king of the domestic currency's richest man bits. Hao Kuznets used to buy pizza, a million bits currency value has risen to 27.2329 million. He said: \"I did not feel that bad, pizza is really good to eat. \"
Finally got a bit money and only Apple product launches IPO in Silicon Valley to get attention. In their own Internet talk show, the reporter and entrepreneur 贾森卡拉卡 Nice (JasonCalacanis) called it \"fundamental changes\" and \"20 years of technical business career, I see the most Interestingly, one of the things. \" Well-known venture capitalist Fred Wilson (FredWilson) the Internet's next big event called \"social upheaval\", he gave the example to include WikiLeaks, Playstation bits invasion and coins. Coders Andresen also accepted the invitation of the Central Intelligence Agency, came to Langley, Virginia headquarters to introduce the relevant bit of money. Swedish Pirate Party founder Rick Van text odd (RickFalkvinge) bits that make life savings into coins.
Currency of the future seems a bit good.马克萨普斯 (MarkSuppes), a purchase of spare parts from ebay to build loft in Brooklyn, the inventor of thermal reactors. He received an old ATM machine, and its conversion into bits for the cash money. Using the Tor anonymous Internet software to access the secret, the gray market \"Silk Road\" (SilkRoad) will be used for bit-currency transactions. You can use bits of money to buy anything in the above, from painkillers to guns and ammunition. A young bit cross-currency users traveling by car trip using only bits coins. Bit of money in coins believers fans began to look forward currency recycled bits, they want to know the rare \"Genesis block\" in the end worth.
As prices rise, mining has become increasingly popular; increased competition means reduced profits. Computer configuration contest began. Diggers have found the most powerful graphics card that can be found to upgrade their computers. The first diggers using their existing machines. New generation of diggers are not shut down all day, for which they bought a cheap computer with high-speed GPU, adding noisy fan. Mining frenzy has also sparked by the mining boom configuration sun. As with any gold rush, as people are widely read one incredible story. Alaska named Darrin's friends said, a bear broke into his garage, but thankfully no damage to his computer. Another diggers extraordinarily high tariffs, the police searched his house for this, because the kind of suspected marijuana in his house.
It is ominously
In an atmosphere of joy, there was a very ominous sign. Currency starting point in the open source bit of software and liberal political philosophy, the spirit of public interest, and involve the Austrian school of economics. But the real money now at stake, bit-currency value of the dramatic growth led to different reactions, it can be bit as speculative commodity currency. At the same time, media attention is the reason of concern in the fire of the Cong. U.S. Senator Charles Schumer (CharlesSchumer) held a news conference, calling on the U.S. Drug Enforcement Administration and the Justice Department shut down the Silk Road, which he called \"We've seen the most blatant acts of online selling drugs,\" he currency will be bits described as \"money laundering network form.\"
At the same time, a pair of extreme worship of the Cong groups developed. Some people start selling \"I'm Satoshi in the\" T-shirt. Currency requirements of the disciples bit bit the smallest unit of currency called \"Cong.\" Addition to the theme of Cong in the novels and comics fans. Fans continue to study the mystery of his identity. Some speculated that he was dead. Others speculate that he is actually WikiLeaks founder Zhu 利安阿桑奇 (JulianAssange). There are more people believe that he is Gavin Andresen. Some people believe that he is an advocate of the currency had those encryption: Finney, David Saab, or in a. Saab believes that may be in the Cong in a Finney or David. Stefan Thomas (StefanThomas) is a Swiss coders and active community members. He studied the coins in the Cong bit more than 500 community development posts, according to the posted time to draw out a chart showing the time in Greenwich 5:00 am to 11 points in the Cong rarely post. Because this model is also Saturday and Sunday, so you can determine the time of the Cong in sleep, and not at work. (This time is midnight Eastern time to 6:00.) Other clues have come from the UK in the Cong: his creation in the coding block of code mentioned in newspaper headlines from the British \"The Times \"He made the forum posts and comments using the British spelling.
Even the most pure technology also live in a dirty world. Bit code and currency concept may have been impregnable, but the currency has a unique string of bits, or must be stored somewhere. By default, it is stored in the user's computer desktop. When the bit is not so worthless currency, is also very good digging, mostly technical staff to use when doing enough. But once they start to become valuable, PC, to feel powerless. Some users use a backup, encryption, keep to the U disk, save to a non-networked \"pure\" computer, stored in the cloud and the presence of other forms of safe currency to protect their bit. However, some users experienced early in the protection bit coin, or in trouble. Stefan Thomas has three backups, but he has no intention erase the two, the third of his password has been lost. To this end he lost the 7000-bit coin, was worth $ 140,000. Thomas said: \"I spent a week trying to recover. Was so painful. \"Most people have the cash into bank protection, which was a bit suspicious currency user organizations. Therefore, for this new type of electronic money, an original and no control of the financial services industry began to develop. Unreliable online \"wallet\" commitment to protect our customers' digital assets, and support for bit-currency and U.S. dollars or other currencies. Bit currency itself may have been very scattered, but the blind will be more users start electronic money entrusted to a third party. Radical liberals that these third parties is more secure than the federal insurance agency, most of them do not know who fired the Internet store.
Sure enough, as prices rise, the event began to plague bit uneasy currency users. In mid-June, some 25,000 person claiming Allinvain bit of money stolen from his computer, valued at more than $ 500,000. (Until today, no one to confirm this is true.) About a week after a hacker in Tokyo trading site Mt.Gox, all bits of this site accounted for 90% of currency transactions. Mt.Gox daily withdrawal limit per user bit value of $ 1,000 dollars. Hackers hack into the system after Mt.Gox bit big selling currency, the exchange rate down to zero, in order to put more coins are bits of other people.
In fact, things came out, market forces will conspire to block the plan. Bit-currency prices plummeted, but a large number of speculators use reduction sale, they quickly make the price rise and limit the thieves get the money only about 2000 bits. Mt.Gox cease trading week, then resume the transaction, but the damage has been irreparable, and then bit the value of money does not exceed $ 17. Month, with the rise of Chile Exchange TradeHill, Mt.Gox lost 10% market share. Most notably, the event has shaken the confidence of the community and lead to a series of negative reports.
Dystopian joke
In the public eye, from overnight money bit into a dystopian future monetary joke. Electronic Frontier Foundation, quietly stopped accepting money donations bits. Two Irish scholars engaged in specialized network analysis showed that bit of money can not imagine people like to remain anonymous: they can find money to Wikipedia with a bit of people contributed. (The organization announced in June 2011 to accept bit-currency donations.) Novice non-technical areas that it is easy to use, but was disappointed to find that store, hold and spend a bit extra money to pay a lot of effort. In the period of time, get bit money easiest way is to use PayPal to buy Linden dollars (Lindendollars), which is the \"second life\" in the virtual currency. Then bit by trading currency of Linden dollars into the virtual world. With the tone from the exaggerated media reports to the skeptical, attention also from the original excitement to discontent.
More disasters followed. Poland Bitomat is the third largest exchange, it found itself accidentally rewrite the entire purse. Security researchers have found bits of money for the user to the spread of the virus: Some are designed to steal bits of the existing coins, and some control other people's computers to mining. In summer, the oldest service MyBitcoin bit coin purse to stop answering e-mails. People have been skeptical about it. This website is operated by a man named Tom 姆威廉姆斯 (TomWilliams) registered in the West Indies, he had never been posted in the forum made. But, while a month of silence, New York currency preaching bit Transvaal Wagner finally admitted: operator MyBitcoin were obviously took everyone's money desertion. Wagner himself said he bit the MyBitcoin currency deposits of 2.5 million, he also recommended their friends and relatives to use MyBitcoin services. He had also helped to identify several suspects. Finally MyBitcoin owner again, claiming that his site was hacked up. Wagner litigation and therefore become an object, word of mouth in the community fell. Bit-currency core development team members 杰夫加吉克 (JeffGarzik) said that people have a misconception that virtual currency means that you can trust random people on the Internet
No one has more credibility in the Cong, but he remained silent. He created the world to the edge of implosion. Some people began to doubt his work for the CIA or the Federal Reserve. Some people worry that money is a bit Ponzi scheme, Madoff is in the Cong, in the bit when the currency worthless mining, and then wait for it to appreciate. The most diehard followers still maintain their beliefs, not just in the Cong, and he built the entire system. But no doubt, paranoia and infighting behind something more fragile, almost disappointing. Currency users are, after all bits have to ask: Why should we give up in the Cong own world?
Even in the Cong abandoned his followers, they may intend to die for his creation. Even bits of the value of currency is still down, but they are still fragile bit of money in economic investment. Wagner, who advocated the occupation should use bits of Wall Street money. With the mining boom of the past, some diggers began to discard their equipment. Jia Jike that people are tired of high tariffs, high-calorie and high noise. More community members began to shift infrastructure. Mt.GOX start selling POS hardware. Other entrepreneurs began developing online merchants like PayPal service. Colorado's two guys have introduced bit-currency transactions (BitcoinDeals), providing a \"more than one million items,\" the electronic retail stores.
Out of the trough period of disillusionment
Living in London core developers Emile Taji (AmirTaaki) said: \"You can say a bit money to follow the law of development cycle, Gartner (HypeCycle). He was referring to a technology from being used to mature the theoretical curve. This cycle is divided into technical infancy, hot period, the bottom disillusionment phase, the recovery period and productivity of maturity. According to this theory bit coin is disillusionment out of the bottom phase.
But money is full of trouble leading bit is its dependence on the concentration of non-regulated trading and online wallet. In fact, most concentrated in a few large mining mining pool, in theory, can hijack the entire network.
In addition to the most hardcore users, the bit-currency doubt still increasing. Nobel laureate economist Paul Krugman (PaulKrugman) that encourage hoarding bits of currency fluctuations. Before electronic money and digital currency pioneer consultant Stefan Bulan Ci (StefanBrands) said bit money \"smart\" does not want to crack down on them, but he believes that the basic structure of currency bit like pyramid pyramid scheme. He said: \"I think the biggest problem is ultimately a question of trust. It is no back-up. \"
Satoshi did not know in the know will think, but he had never spoken to, did not return an email. Andresen categorically denied he was in the Cong. He said: \"I do not know his real name. I hope that one day he can stand out, but I expect not. \"Saab and David were also denied that they are in the Cong. Was diagnosed with amyotrophic lateral sclerosis Finney also denied via e-mail: \"The current situation in the face of limited life, for me to be named and there is no loss, but I am not. \"\" New Yorker \"and\" fast company \"has launched an investigation, but was only speculation.
There are clues come in the Cong is a highly trained scholars outdated programming. Taji, said in the comments Cong style in the late 1980s and early 1990s are very popular. He may be 50 years old, or to increase by 10 years of age. White hat hackers Danka Minsky (DanKaminsky) said he doubted the financial institutions in the Cong inside the small team.
But Jia Jike that now the most loyal users have stopped bit of money in the investigation of the Cong. He said: \"We really do not care. Who wrote the code is not important, important is the code itself. Even if he steal, cheat, and abandonment of the currency the user bits, the code is still real. \"(Text / Sohu IT)