Nakamoto Unfairly Mobbed Due to Newsweek’s McGrath Bad Article

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Unfair Harassment Launched Against Nakamoto by Newsweek’s McGrath

http://news.yahoo.com/video/bitcoin-founder-focus-international-attention-150844011-cbs.html 

http://www.reuters.com/video/2014/03/07/alleged-bitcoin-founder-denies-involveme?videoId=289392810&videoChannel=1

 

A multi-talented retired engineer today was mobbed by news reporters on his lawn, sidewalk, and street curb in Temple, California, because some Newsweek reporter named Leah McGrath, who speaks absolutely no Japanese, supposedly interviewed him and later his brother. http://www.reuters.com/article/2014/03/07/us-bitcoin-inventor-idUSBREA252D820140307

 

The retiree’s name: Satoshi Nakamoto. His source of flickering fame: Accused of creating Bitcoin. His defense: Under a standard confidentiality contract, he has nothing to say. The Newsweek story: Mr. Nakamoto admitted he once was involved with Bitcoin but he turned it over to others when his work was done. Mr. Nakamoto insists he did not say that, but McGrath misinterpreted what he said, in his broken English.

 

According to analysts at http://HamiltonFinanceServices.com (HFS), the real problem has nothing to do with the murky history of Bitcoin. Rather, the problem is with news workers desperate to track down the villains who invented Bitcoin, willing to tar with a broad brush anyone remotely related to creation of the now $7 B valued cryptocurrency run online separately from any known government. And why are the Bitcoin inventors villains, the HFS analysts ask? No one really quite knows, but there must be something wrong with an independent cyber money system, right? Maybe bad people use Bitcoins the same way they have used US dollars for the past century or more. You know, drug deals, illegal weapon sales, illegal gambling, terrorism, and other generally bad business. Or maybe governments should be entitled, just because they are governments, to taxes connected with Bitcoin use? As if those governments could technologically do that when they cannot prevent cyber attacks against their own agencies. Or maybe the collapse of Mt. Gox last week when unknown cyber terrorists attacked should be blamed…somehow?…on Bitcoin? Who knows why Bitcoin inventors are worthy of news articles? They just are.

 

So little people like Mr. Nakamoto, who speaks very little English but who is fully fluent in his native Japanese, must be sacrificed on the alter of … news? What do you think?

 

 

Who Can We Blame, Asks Mt. Gox

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From the beginning of Mt. Gox, claims have run rampant that tracing Bitcoin transactions offers more transparency than any other currency. Oh yeah? So who would be named in a criminal complaint for the hack attack that stole half a billion dollars worth of Bitcoins at Mt. Gox? Answer: We don’t know. http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228

 

So, instead of pushing a criminal complaint, Mt. Gox will be hit with civil law suits, meaning suits for money, by frustrated investors who want their money back. One class action suit in Illinois by investor Greg Greene for consumer fraud, negligence, breach of contract, and breach of fiduciary duty exemplifies what will be coming next week and after. http://arstechnica.com/tech-policy/2014/02/illinois-man-files-class-action-lawsuit-against-bitcoin-exchange-mtgox/

 

The obvious technical question: Why can’t the hack attack at Mt. Gox be traced? That’s what Japanese, US, and other investigators want to know. http://gigaom.com/2014/02/27/us-and-japan-authorities-probe-bitcoin-attacks-as-leak-blogger-claims-theres-no-buyer-for-mtgox/

 

And the rest of us want to know the answer to that question, too. So stay tuned. Analysts at http://hamiltonfinanceservices.com forecast a full slate of reports about just what happened and who did it as the investigations unfold. If you have insights, particularly about how it might have been done, people want to know your thoughts.   

Tipping Point for Mt. Gox and Bitcoin?

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Bitcoin Investors Learn the Hard Way About Currency Exchange Risks

 

Mt. Gox, the Japan-based online exchange for Bitcoin with other currencies, halted operations this past week and continues to ignore investor requests for explanations other than that unusual activities on the exchange require halting its services. http://www.reuters.com/article/2014/02/25/us-mtgox-website-idUSBREA1O07920140225

 

Bitcoin is the leading cryptocoin, a privately invented online form of money traded worldwide on currency markets in exchange for US dollars, British pounds, Japanese yen, and many other currencies. Mt. Gox has offered a leading exchange service for Bitcoin currency markets. Several other exchanges such as Bitstamp and BTC-E have issued statements to assure their investors that nothing like Mt. Gox’s problems has occurred in their operations. http://btctrading.wordpress.com

 

Analysts at http://HamiltonFinanceServices.com characterize the Mt. Gox cessation of services as a landmark development in the struggle for survival of cryptocoin technology, and they say failure to overcome market interference may begin a major decline in the financial value of all NewCoin technologies.

 

Have you invested in any cryptocoins lately? Which ones do you trust, or can you reasonably trust any of them?

 

hamilton.jerry

 

 

 

 

 

More Bitcoin Carnage

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Yesterday we commented about Mt Gox’s halt to Bitcoin account withdrawals, and today we focus on denial of service attacks from unknown computer operators. Mutant code lines have been targeting the Bitcoin program. http://www.reuters.com/article/2014/02/12/us-usa-bitcoin-idUSBREA1A20X20140212 Consequently, shutdowns on exchanges supporting Bitcoin and other digital currencies have raised concerns worldwide, says the Bitcoin Foundation. https://bitcoinfoundation.org/blog/

 

Although Bitcoin stresses that it now is collaborating with other currency technicians to work around the cyber attacks, the broader public attention to digital currencies has generally suffered a significant blow to confidence this week. http://www.forbes.com/sites/leoking/2014/02/12/bitcoin-hit-by-massive-ddos-attack-as-tensions-rise/

 

Here at http://HamiltonFinanceServices.com we will continue our monitoring of NewCoin news because we believe changing how money works for people matters.

 

 

What do you think?   

Bitcoin Blues on Mt Gox in Tokyo

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Bitcoin Withdrawals Halted by Mt. Gox

 

With New York’s top banker set to regulate Bitcoin exchanges, the Tokyo marketplace named Mt. Gox halted withdrawals late last week of all digital accounts. http://www.forbes.com/sites/leoking/2014/02/11/bitcoin-trading-technology-in-question-as-currency-dives-after-glitch/

 

Bitcoin, the most traded cyrptocoin, lost about 14% of its value, dropping from a price in US dollars of $692 per coin to $595. http://www.reuters.com/article/2014/02/10/us-investing-bitcoin-idUSBREA191Y220140210

 

The Mt. Gox action to stop withdrawals arose from “unusual activity” detected in the marketplace. No details about the nature of such activities has been released so far. Sebastien Galy, a currency trader with New York’s Societie Generale described the technical issues as “… of a much larger intensity than we’ve seen in the past.”

 

In recent months the Sacramento Kings basketball franchise and the online retailer Overstock.com began accepting Bitcoins for payment. At the same time, however, legal actions surrounding arrest of Bitcoin leaders raised fundamental questions about cyrptocoin viability. http://hamiltonfinanceservices.com/?p=1350

 

Is this the beginning of the end for digital coin alternatives to government-backed currencies? Or is this simply another adjustment in the longer term birth of new currencies? http://www.afp.com/en/search/site/bitcoin/

 

What do you think?