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The Bitcoin Group #22 Live

Issue 1 — False Report of Bitcoin Ban in China

Issue 2 — BTC China Launches Litecoin Trading Thanks to Lee Brothers

Issue 3 — Fr33aid Bitcoin Stolen

Issue 4 — Mt. Gox “finds” 200,000 Bitcoins


Here are DerrickJ’s notes from this episode!

Issue 1 — False Report of Bitcoin Ban in China

A report last night on Chinese news site Sina Weibo led to a panic in the bitcoin market. Bitcon prices fell from $590 to $540 on the false news, before recovering to $580.

Bitcoin is an easy currency to buy and sell quickly on the internet. It’s no surprise that its price is quickly and dramatically affected by news on the internet, either true or false. The price follows the news every time, and things get sorted out later when the truth or falsehood of a story is revealed. Hopefully this market will mature and won’t be so volatile.

Exit Question — What’s the price — next week?

I expect Bitcoin to continue trading in it’s current channel, around $600 USD.

Issue 2 — BTC China Launches Litecoin Trading Thanks to Lee Brothers

Brothers United! Litecoin and Bitcoin now available together on BTC China and with no fees! Regardless of negative rumors, Chinese Bitcoinmania continues. Will it continue? Will other altcoins be next?

Bitcoinmania will continue in China! The Chinese don’t have as many options for investment as people from other countries, but their population are mostly savers. Because of this, they’re always looking for an opportunity to park their money somewhere safe. That’s why real estate has been a popular option. Now, with more possibilities for cryptocurrency trading and investment, the mania will continue. I predict we’ll see popular coins like Dogecoin, Nxt, or Mastercoin coming to BTC China next.

Exit Question — What’s the next altcoin to be added by BTC China? What will the next mania be?

Dogecoin. It’s got a slightly higher market cap than the competition at $43M

Issue 3 — Fr33aid Bitcoin Stolen — the Bitcoin charity that provided direct aid to the Philippeans following the Typhoon has been hit by a different typhoon. Hackers! They emptied the accounts, taking all 23.5 bitcoins. What did Fr33aid do wrong? What can organizations like Fr33aid do better?

Fr33Aid is one of my favorite charities. Their work has inspired me to get more involved in direct action. Their email got hacked, so their 2-factor authentication was turned off, but there are some things Fr33Aid could have done better. We can all learn from this unfortunate experience.

They could have used an alias that isn’t so easy to guess. They could check the box in their wallet settings that disallows access from Tor exit nodes. The 2 IP addresses that were used to reset the 2-factor authentication and then stole the bitcoins were both Tor exit nodes.

Fortunately, Fr33Aid did many things right. They saved their private keys offline in a manner that was separate from the device used for accessing the wallet. That enabled them to access the more recent donations they received.

Exit Question — Please donate to and help them recover from this loss. So far more than 1.8 Bitcoins have been raised to help Fr33aid through this tough time. I’m told in the future they plan to store their bitcoins securely — on paper.

I’ve made many donations to Fr33Aid in the past, and I’ll be glad to make many more donations in the future. If people aren’t familiar with the work they are doing to heal the world, please look into

Issue 4 — Mt. Gox “finds” 200,000 Bitcoins

Ahhh, remember the other day when you reached in your couch cushions and found 200,000 Bitcoins worth more than $114 million dollars? A similar situation just happened to Mt. Gox — 200,000 of the 850,000 missing bitcoins have been recovered. Additionally their leaked trading database had it’s first of what will no doubt be many statistical analysis and they’re allowing users to login to view their now worthless balances. Your thoughts on the continuing Gox Situation?

How do coins get found? This whole situation stinks to me. Initially I had said it seemed to me like the government seized the coins in a civil forfeiture and then called for a gag order. Why can’t we get any clear answers? Something isn’t right.

Exit Question — Which phrase catches on and has real staying power — “getting goxed” or “doing a Karpeles”?

“Getting Goxed”. It’s shorter, it kind of sounds like a curse word, and Gox has been in the headlines. Karpeles not as much.

Favorite Story / Prediction:

Sean’s Outpost Celebrated its 1 year anniversary of accepting bitcoin! In that time, it’s been able to serve 60,000 meals. It’s also been able to purchase 9 acres of land, paid for in bitcoin, where the homeless can wash, eat, and sleep, far away from being bothered by police. They even use a dedicated Dogecoin account to feed the dogs of the homeless. Go Sean’s Outpost! Go Crypto!

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