The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. The protocol was designed in 2008 and released in 2009 as open source software by Satoshi Nakamoto, the name or pseudonym of the original developer/developer group.
The network requires minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.
Archive | November, 2017
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An exit scam is a confidence trick where an established (usually illegal) business, e.g. a seller of drugs, stops shipping orders while continuing to receive payment for new orders. If the entity had a good reputation, then it can take some time before it is widely recognized that orders are not shipping, and the entity can then make off with the money paid for unshipped orders.
Exit scams can be a tempting alternative to a non-fraudulent shutdown for illegal operations, if the operation was going to shut down anyway for other reasons. If an illegal entity lives by e.g. selling drugs, it is not usually an option for the cheated buyers to call the police. The examples mentioned in news articles are online sellers, where the buyer does not know the identity or physical location of the scammer, and therefore have little recourse.
The online black market Evolution is cited as the biggest exit scam yet as of 2016. Here the administrators apparently made off with $12 million in bitcoin, which was held in escrow on the marketplace.
Individual vendors often reach a point of reputation maturity whereby they have sold sufficient product to have accumulated both significant reputation and escrowed funds, that many may choose to exit with those funds rather than compete at the higher-volume higher-priced matured product level.
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Bitcoin is an internationally cryptocurrency and digital repayment system called the first decentralized digital money, as the machine works with out a central repository or one administrator. It had been created by an mysterious person or group of men and women under the name Satoshi Nakamoto and released as open-source software in ’09 2009. The machine is peer-to-peer, and trades happen between users straight, lacking any intermediary. These deals are confirmed by network nodes and noted in a general population sent out ledger called a blockchain.
Bitcoins are manufactured as an incentive for an activity known as mining. They could be exchanged for other currencies, products, and services. By Feb 2015, over 100,000 vendors and distributors accepted bitcoin as repayment. Bitcoin can even be placed as an investment. Relating to research made by Cambridge School in 2017, there are 2.9 to 5.8 million unique users by using a cryptocurrency wallet, almost all of them using bitcoin.
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Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.
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Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin.
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Sheep Marketplace was an anonymous marketplace set up as a Tor hidden service. It launched in March 2013 and was one of the lesser known sites to gain popularity with the well publicized closure of the Silk Road marketplace later that year. It ceased operation in December 2013, when it announced it was shutting down after a vendor stole $6 million worth of users’ bitcoins.
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North Mara Gold Mine is a combined open pit and underground gold mine in the Tarime District of the Mara Region of Tanzania. It is one of three gold mines Acacia Mining plc, a company listed on the London Stock Exchange, operates in Tanzania, the other two being Bulyanhulu and the Buzwagi Gold Mine.
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Bitcoin Gold is a hard fork of the cryptocurrency Bitcoin. The fork occurred on 23/10/2017 17:22 UTC, on block 491407. The purpose of the fork is to create an ASIC resistant Bitcoin.
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A romance scam is a confidence trick involving feigned romantic intentions towards a victim, gaining their affection, and then using that goodwill to commit fraud. Fraudulent acts may involve access to the victims’ money, bank accounts, credit cards, passports, e-mail accounts, or national identification numbers or by getting the victims to commit financial fraud on their behalf.
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A cryptocurrency (or crypto money) is an electronic asset made to are a medium of exchange using cryptography to secure the orders, to regulate the creation of additional systems, and verify the copy of possessions. Cryptocurrencies are categorized as a subset of digital currencies and are also labeled as a subset of different currencies and online currencies.
Bitcoin, created in ’09 2009, was the first decentralized cryptocurrency. Since that time, numerous cryptocurrencies have been created. They are frequently called altcoins, as a mixture of bitcoin substitute. Bitcoin and its own derivatives use decentralized control instead of centralized electronic digital money/centralized bank systems. The decentralized control relates to the utilization of bitcoin’s blockchain business deal data source in the role of the distributed ledger.
