Jonathan Speigner August 5, at 8: It will direct you to micro-btc. Anonymous November 26, at 9: It isn't rocket science folks. Always check that url!
Retrieved 9 January This fraud site is proof that you can think this stuff up! Bitcoin is the best digital currency one could really look forward towards. And later added to a block which is added to the chain? Archived from the original on 26 January This is just a fraud to catch newbies. China fkn oil corporation!
While this may sound similar to the way a down maintains bitaddress ledger, the fact that the ledger is maintained by a group rather than a single entity introduces a number of important differences. What you wrote bitaddress the down thing that I have found. Archived from the original on 1 March James T March 1, at 8: Doublers just steal your funds to pay bitcointalk ads, so they can attract that big sucker. If they leave bitcoin alone - we will leave them bitcointalk. Every bitcoin ponzi involves the admin running off with a pot of your bitcoin.
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You won't get any of it back. You may not wish to risk this blatant fraud. Cloudmining is a very small world. Don't do it, you'll be happier. Just to add, it isn't a UK company, it's russian. This is just a piss poor ponzi fraudster. A major mistake on the main title is shoddy even by scammer standards! That is why we are here, because it isn't this easy. This is just a fraudster.
Horrible use of Java as ever. Don't be a mug, don't send bitcoin to this thief! You will simply lose bitcoin. You will lose your btc to this scamsite. No - just 'A Vast' amount of deceipt, fantasy and with this listing - hopelessness from this wannabe thief. Don't send any money or Btc to these crooks. You will lose your deposit. These idiots don't mine for real. It's just a very well produced Hyip Fraud.
Track this fraudster down please people. It's a ponzi of sorts, but come on - if you fall for this, just unplug your computer and give up. Don't give your details to strangers, you might bump into yourself one day! Please report sites like this to us, we can't find them all on our own. Don't waste your time here. A total scam nonetheless. This is like a real Bank, it will steal your deposit! This is blatant fraud. It is a blatant ponzi.
It's just another scamsite. You send bitcoin, they keep it. A nice simple plan to relieve you of your burdensome bitcoin. They do make it easy for you to lose bitcoin. Please don't fall victim to this fake, shitcoin fraud. This is a scam as well. It is the key to your wallet, and you will lose the contents in seconds.
What could possibly go wrong. Just some more hyip thievery. They will keep your bitcoin - You don't have the private key! For an online wallet use Blockchain. Fooled Google though, their Adsense push this site.
Don't let it be you. Bitcoin cannot multiply and cannot be cloned. If you're gonna have a free site, why not make it a Ponzi? Because you'll be in trouble, that's why! It's a shit hyip fraud. If it reappears, you have been warned.
You know bitcoin cannot double. Bitcoin doesn't double, please get that message. There are a lot of thieves too. Ad scams are very common. You advertise to other suckers, as do they.
It is a fake vendor. You think you have somehow 'generated' bitcoin, but you can't have it unless you send a transfer fee first. If you can't spot the scam yet, then stay off the Internet. None is real, and all are scams. The only way to createe bitcoin is with very expensive mining technology.
You can lose all your alts too! Bitcoin doesn't double - if you send it you lose it. It's still just a wannabe thief. Go on, if you don't believe that these sites are frauds, reload the site, and look at those payout timers restart. This is just a thieving dirtbag. It is fake mining. You won't get it back from these crooks. They sell SSL but don't even use it on their own logins?
Don't take the risk. If you send bitcoin to a 'doubler' then you are a fool, and you and your bitcoin will soon be parted! Whatever the theme, a hyip is just a thief with a website. It's just another twist from the hyip scammers. All parts of this multi-faceted fraud. Give this scamsite a very wide berth. This is that same fraud attempt, very slightly renamed, and even more shit!
A typical hyip fraud. Don't be involved when the wheels inevitably fall off! Active losses is the reality. Wait for V2, ToiletBotPro. As they have fuck all to actually post, they may as well offer free miners too!
Nothing is what it seems. This is scraping the fkn barrel. Just how stupid does he think you are? What is a Bist? This is a scam regardless. There is no flaw in the blockchain, but there is in this scam. All the same scamcode, don't be a fool, they will steal your coins. Admin will be online after school, and at weekends.
Go on, work it out for yourselves. A web of deception. This one looks different, and may catch a few, but it's a ponzi - Rest assured of that. Don't ever believe any of these, they are all just pickpockets. This is a fraud by the way. Welcome to the world of Internet Fraud. You will always just get robbed by these serial pickpockets. This is just a hyip scam. They have your Keys. Thanks to the Reddit Community for the heads up. Bit Anal if you want our conclusion. Better just not send it.
It will never arrive. Just a fake doubler site. Send bitcoin, lose it. A very straightforward process. This site WILL steal your money. Just don't send it, and yes - we told you so. Will someone please start locking these hyip fraudsters up! A really poor attempt at stealing bitcoin. Every pyramid has it's limits, and right now you only have 'points'. This continues to make absolutely no sense.
Somebody in Texas may wish to call in at the 'office' and give us some feedback. If Cillit did bitcoin scams What can we add except that it is ponzi, and will fail anytime. I have a bitbutterfly stuck in my fog-light. Probably, so we'll list it. Idiots don't have money for long. Doublers are frauds - ALL of them! Bitcoin makes more for you by just hodl'ing, so why risk it for lower returns in a surefire fraud?
Always check, and if in doubt, just google the sitename. The world already has enough fools. Lots of reports now, and the payouts are like a revolving door back to bitchest. Be wary, and check with us first.
Look, just buy bitcoin and keep it safe, not this bs. We will say we told you so! A fine example of fast fraud. Site yet to launch, but it is from a bad stable. There are few real ones. The world gets a little madder every day. The end result is just the same, more losers than gainers. Please learn some basic maths! It calls it a 'donation' just to make it even clearer. These have a boxful of similar 'Bux' sites, but this ponzi is after bitcoin. You are donating alright, to the scummy twat who put up this shambles.
It is a chancer, nothing more. First whatever you deposit, then they try to get you to pay 'Tax' to withdraw - of course they'll keep that as well. Send bitcoin, lose bitcoin, learn from it. Utter lies, don't believe a word from this thief. Too many complaints to ignore though, many users not getting paid. At least you get to walk away alive. Battle lines being drawn. Don't be daft and actually believe this thief. Don't give them your work, you won't be paid.
There'll be no Ginger Beer and Crisps where these scammers are going! Well, at least they aren't making ANY claims. It disappeared about a year back.
It won't pay you. Same site, same issues. Fraudster at every level. You weren't fooled were you? The code is openly sold. Issue 2 - you are getting something probably bad, back to your email address. Issue 3 - It's weebly. Did we miss anything? Oh yeah, also a Trojan in the download. It will end in tears. The private owner of bitcoin.
The people behind this are true criminals. It takes all sorts eh. Do they actually rake in any mugs nowadays? This guy is just a thief. If you do end up here, just close the window and go somewhere else. Don't waste your work. Don't go near this scheme if you value your Btc. Please stick with the trustworthy sites. Go on whip it out, let's see your mining kit. But of course, there is no kit. Just a fake mining site. These people don't know their own arse from a hole in the ground!
Just ponzi scammers - stay well clear of Thebitcoincode ponzi. Bitcoin is just one word - Bitcoin. Bitcoin Cash, better known as Bcash is not Bitcoin, it just copied the name. Just another fkn thief, like we need more! It's a multiple ponzi and you'll never get your bitcoin back. Associated with the fake Skycoinlab. Bitcoin still cannot double though. Please try to understand this. This is just a pickpocket. Wake up, this is the real world! Do you still have any questions?
Don't feed him please. Just don't be dim - it's a nice day. If you send it to a doubler scam, the thief will keep it. It isn't that hard to understand - Surely? Don't hold your breath. The reality though, is that this is just a slimy thief with a bent for producing scam websites. You should do it like the rest of us, and make your bitcoin out of plasticine, or make litecoin from milk bottle tops.
Your bitcoin doesn't double - If you are daft enough to send it, they keep it. They try and run a ponzi scam, we add them to our badlist and so expose their dirty little plans.
You know bitcoin can't double - It's a con. You'll probably have to find out the hard way, that it is neither.
Send bitcoin and lose it. They just want to steal bitcoin. If you exchange Bitcoin to PayPal, or any other unrefundable process, you will almost certainly lose it.
Just don't bother unless you have money to burn. Don't fall for it. This halfwit scammers school report must have made fun reading. Well that goes to prove something, but I don't know what. Never use PayPal to buy or sell Bitcoin! It might make you cry though. We wouldn't trust a half eaten Pie to these people though. All lose in harmony. None of them never pay. It is always a fraud. You will just lose it. What was your score?
This software has to be bad. You should know by now that nobody comes out smiling. You will lose your bitcoin. BitcoinGold is simply a Train wreck! Not worth any of the risk. Every one of these is a thief, who will keep what you send. Hardly an inviting title.
It will do nasty things to your PC. You'll be needing it later to piss in. Stay clear of these serial crooks. It's unlikely to be any better than last time around, lots of bad reports, lost Bitcoin, no kit delivered, and no https secure login - The cherry on the Poop. From a serial fraudster. Imaginary mining, the scale of which is limited only by your imagination! Don't be a fool and believe this thief. Don't send money here, it will disappear.
Yet another BF Member - there's trust for you. Same scam, new domain. I suppose Bitcoinscamclub doesn't have the same ring to it. Avoid this obvious scamsite.
No doubt the Cowboy Outfit is in the wash. Our advice is to ask for proof. No evidence - No investment. Hyip's are just designed to steal, by making promises they can't keep, to people who believe anything!
You send Bitcoin, they keep it. Sorry - this won't make you rich. You think you have generated bitcoin, but you need to send a fee to get it. If it was that easy, we'd all mine it that way ffs. This is just a fraud to catch newbies.
More of the same old fraud format. You WILL get robbed here. This uninformed scamsite will take you back in time to , and keep all you send. If you send bitcoin, don't hold your breath waiting for it to come back. It isn't bitcoin mining for certain. This is a double bad-edged sword. Stay clear of these serial scams. You won't receive any kit. Anybody can read your details when you order.
Anyway, this is a fraudster. Be wary of this site. Don't be the one to discover it's bad. We dislike Ripple, but we dislike thieves even more! If you want to mine, visit our safe sites list. Mmuusstt bbee tthhiiss ddoouubblleerr ssccaamm. Tell him where to go. Never download silly software. Never believe you will get rich without working for it. Send bitcoin to an anonymous address on a half arsed promise. I despair for those who lose to this. This one is getting some special attention.
Let's nail this slimeball. Only a fool sends bitcoin to a doubler scam. Don't fall for these multipliers, they are all thieves. Believe me, we find these hyip themes as weird as you do. The intent is always the same though, to persuade you to be stupid.
So what's that coming down on you from this ponzi thief. Do you think they would need your money if they could multiply their own. There will be many more. What could possibly go wrong? This is a Moriarty Site, one of the worst scammers. Stick with the big exchanges, and if you have to launder bitcoin - tough. This is just another fraudster. I'll tell you what, give me your iphone, and I'll give you 2 back tomorrow. That's how ridiculous it is.
The thief just can't believe that all he had to do was lie to you! Don't be a sucker - everybody loses. They cannot believe your stupidity! This is an obvious Ponzi. Don't be a sucker. Hope it stays down - don't download this potential malware. This is almost a record. Anyway, it's just a shit scam. This one is so crap, it won't even get off the start line.
Fortunately, if you know what you private key is, then you are clever enough, to never give it to anybody. If you believe that, you'll believe anything this thief tells you. That's right, they don't mix - Scams love PayPal 'gift' payments and other unrefundable processors. A very nasty scam. Just don't send any bitcoin, and you can't lose anything.
Thanks to a contributor for this update. It's a scam of course. From the scammer who brought you 'guaranteed-profit. No, it's that damn "bitatt" scam again. This code is openly sold, and many little thieves try it.
It appears they keep a spare set of keys to your wallet. If you use one of these addresses, move your bitcoin somewhere safer. These 2x scams are run by thieves, looking for the idiots amongst you.
Complete absence of security, and we've received reports of losses already. Not real - sorry. It has all the elements of the classic ponzi - tell us if you have lost btc to this please. Always look for SSL on login pages. It will direct you to micro-btc. That is as many bad things as you need really. So hopefully that is enough to warn you away from this fraud. That sounds about right. Bitcoin doesn't multiply, you send it to someone who won't send it back. Please stop falling for these scam multipliers.
Maths is clearly not this thiefs strongpoint. Dreadful - Pay for hosting cheapskate! That is some honour. We are talking caveman levels of dumb! You must be joking. Please don't fall for this dodgier than usual scheme. Don't believe a syllable. People may think you are a thief as well. Nothing more, nothing less. It's what all hyip's do. Don't be that Idiot. Just add a dash of irony. They steal a lot of money, and fools keep thinking they can beat the scammer. You pay for level ups, then the ponzi bans you.
Not best practice really. Don't be a nugget and send your bitcoin here. You will almost certainly lose it all. Don't get sucked in - you'll inevitably lose. A fake mining fraud. Go on, face jail. You need a limitless supply of suckers to make a ponzi sustainable. Don't get suckered by this. This scam is shallow enough to paddle in.
Don't get suckered folks. Unless you want to lose your funds, stay clear of this scam. Don't fall for these ridiculous but very common frauds. If you fall for this, there is no redemption.
Don't expect anything in return - after all, you did 'donate' it. If you think it can, then go ahead, find out the hard way.
Hopefully that nice design work is wasted, and none of you are dumb enough to believe these lying thieves. You lose your deposit.
Don't believe theives please, they lie. Most people would just call it what it is, a Ponzi Scam! These are never even proper ponzi's. This is just another ponzi, like most of these 'revshare' outfits.
That scam format is easy to copy, but they must be running out of mugs by now. Another spoof UK Company, and another load of victims. They will steal anything that they can persuade people to send.
Lecture Notes in Computer Science. Be Your Own Bank: A Primer for Policymakers. George Mason University Bitcoin offers speedy currency, poses high risks. The Exponent Online 9 April As deflation happens the incentive to hold bitcoins and not spend them increases. Retrieved 5 September How bitcoin is moving money in Africa.
USA Today 25 April Transactions don't confirm immediately, and it's in that window before they confirm that there's a risk of double spending. Probably THE best explanation out there. If interested in having it translated to Arabic, I would gladly do it. Cheers, and thanks again. How is it possible for every user to store that huge database of all the transactions ever made?
It should be hundreds or even thousands Gb and growing. It is hundreds of GB and growing--it's a concern. Hi Scott, By far the best explanation I found. What if Alice makes one more transaction to another party and it goes into the same block and before Bob's transaction.
What is preventing this from happenning? Within block order is determined by miner that creates block. Two transactions from valid one party are valid within one block as long as they don't break any rules.
Blocks are checked for validity before being accepted by other miners, so it would be useless to create an invalid block. Winning the race to find the hash only pays out if your block is accepted. Introduction to Bitcoin, Blockchain and Decentralized projects Ethereum. What is Bitcoin at a high level? First, a brief high-level overview of what Bitcoin is.
At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A copy of this file is maintained on every computer in the Bitcoin network. While this may sound similar to the way a bank maintains a ledger, the fact that the ledger is maintained by a group rather than a single entity introduces a number of important differences. The Bitcoin system is amazingly designed so that no trust is needed--special mathematical functions protect every aspect of the system.
How Sending Money in Bitcoin Works. At a basic level, for Alice to send money to Bob, she simply broadcasts a message with the accounts and the amount: Every node that receives it will update their copy of the ledger, and then pass along the transaction message. But how can the nodes be sure that the request is authentic, that only the rightful owner has sent the message?
Unlike a simple static password, a completely different Digital Signature is required for every transaction. You can think of the private key as the true password, and the signature as an intermediary that proves you have the password without requiring you to reveal it. Other nodes in the network can use that signature in a different function to verify that it corresponds with your public key. Through the math behind the Digital Signature, they are able to verify that the sender owned a private key without actually seeing it.
This dependence on the message also means that no one can modify the message while passing it along the network, as any changes to the message would invalidate the signature.
ECDSA and mathematical trap door. More at the end of the video. Bitcoin Transactions and Ledger in Detail. In fact, no records of account balances are kept at all. Instead of balances, ownership of funds is verified through links to previous transactions. This transaction references 6 inputs for a total of In the output section, notice that there are two lines. The first one of these is actually going back to the sender as change for the transaction.
Through these referenced input linkages, ownership of Bitcoins is passed along in a kind of chain, where the validity of each transaction is dependent on previous transactions. But how can you trust those previous transactions? This process can take over 24 hours, but only needs to be done once.
So, instead of a ledger of balances, Bitcoin nodes keep track of a giant list of transactions. One interesting consequence of this ownership structure is that figuring out your own balance requires iterating through every transaction ever made and adding up all your unspent inputs.
Another interesting note about transactions is that the system can support more complex ones than simply sending funds to one person. You may have noticed a cryptic looking line of text in the output shown previously. For instance, 2 out of 3 signatures could be required for an escrow based transaction.
Another example is the very first bitcoin transaction ever made, which was a puzzle that anyone could solve. Over BTC were lost in one batch of transactions due to a malformed address. This highlights an important part of Bitcoin. If you lose your private key, any funds associated with the corresponding public key will be gone forever. Because people will likely lose private keys due to hard drive crashes and insufficient backups, this means the Bitcoin currency will eventually be a deflationary one.
You simply click a button in your Wallet software, and it randomly generates a new private and public key. This is the total number of possible Bitcoin addresses: Some estimates for the number of grains of sand in the entire world are around 7. Double Spending in Bitcoin. By verifying the Digital Signature, we know that only the true owner could have created the transaction message.
And to make sure the sender actually has money to spend, we also check each referenced input, making sure it is unspent. Therefore, you have no way to tell whether one transaction came before another, and this opens up the potential for fraud. In light of this, there needs to be a way for the entire network to agree about the order of transactions, which is very much a daunting challenge in a decentralized system.
The Bitcoin system orders transactions by placing them in groups called blocks, and linking those blocks together in something called the block chain. Note that this is different from the transaction chain we discussed earlier. The block chain is used to order transaction, whereas the transaction chain keeps track of how ownership changes.
Computers run the entire text of a block plus an additional random guess through something called a cryptographic hash until the output is below a certain threshold. A hash function creates a short digest from any arbitrary length of text, in our case, the result is a 32 byte number. Here are some examples of the specific hash function Bitcoin uses, SHA SHA "The quick brown fox jumps over the lazy dog " 0x d7a8fbbdca9abcbe4f8de46d3cdbd02d0bf37c9e SHA "The quick brown fox jumps over the lazy dog.
Note how much the output changes in result of a single extra period at the end of the third example. The output is completely unpredictable, so the only way to find a particular output value is to make random guesses. You might get lucky on your first guess, but on average, it takes many guesses. In fact, it would take a typical computer several years of guessing to solve a block. With every computer in the entire Bitcoin network all guessing numbers, it takes about 10 minutes on average for someone to find a solution.
The first person to solve the math problem broadcasts their block, and gets to have their group of transactions accepted as next in the chain. The randomness in the math problem effectively spreads out when people find a solution, making it unlikely that two people will solve it at the same time. In this case, you simply build on top of the first one you received. Others may have received the blocks in a different order, and will be building on the first block they received. The tie gets broken when someone solves another block.
The general rule is that you always immediately switch to the longest branch available. The math makes it rare for blocks to be solved at the same time, and even more rare for this to happen multiple times in a row. The end result is that the block chain quickly stabilizes, meaning that everyone is in agreement about the ordering of blocks a few back from the end of the chain.
Double Spending in the Block Chain. For instance, if your transaction finds itself in one of the shorter branches, it will lose its place in line within the block chain. Typically, this means it will just go back into the pool of unconfirmed transactions, and be included in a later block. Unfortunately, this potential for transactions to lose their place opens the door to the very double-spend attack that was our original motivation for an ordering system.
A fraudster, Alice, sends money to Bob. Now, because nodes always switch to a longer branch, if Alice can generate a longer branch that replaces the transaction to Bob with one to someone else, his money will effectively get erased. So how does the ordering system prevent Alice from defrauding Bob? You might think that Alice could pre-compute a chain of blocks to spring on the network at just the right time, but the math puzzles in each block actually prevent this.
We need to look a little deeper into the cryptographic hash explained earlier to fully understand why. As mentioned previously, solving a block involves trying to get the cryptographic hash of the block to be below a certain value, and you do that by trying different random numbers at the end of the block.
Once solved, the hash output is like a fingerprint that uniquely identifies that block. And subtly, but even more importantly, a block cannot be solved before the previous block is solved. The previous block reference is part of the text that goes through the hash function, so any changes to it would require resolving. To send money, you must reference a previous transaction where you were the recipient, but how do coins get into this ownership chain in the first place?
This is why solving blocks is called mining, although its real purpose is to verify transactions, and safeguard the block chain. Every 4 years, the block reward is cut in half, so eventually no more coins will be released--about 21 million in total will be created. Once the block rewards cease, what incentive will miners have to process transactions? In addition to the block reward, miners also get any transaction fees that can optionally be included with transactions. Right now, miners will include transactions with no fees into blocks because their main incentive is the block reward, but in the future, transactions will likely be processed in order of the fees attached, and ones without fees will likely be ignored.
So sending money in Bitcoin will probably not be free, but will hopefully still be cheaper than current credit card fees. To receive a steadier stream of income, many people join groups called mining pools that collectively work to solve blocks, and distribute rewards based on work contributed. Even with substantial computing power, the farther back in the block chain a transaction gets, the harder it would be for an attacker to change it, as they must outpace the rest of the network for the time between when a transaction is sent, and when a product is shipped.
The current recommendation is to wait for a transaction to make it into at least one block, or get one confirmation, before considering it final. And for larger transactions, wait for at least 6 blocks. By design, each block takes about 10 minutes to solve, so waiting for 6 blocks would take about an hour. Why 10 minutes per block? The particular choice of 10 minutes was somewhat arbitrary, but extremely short times could lead to instability, and longer ones would delay confirmations.
As more computers join the network, and specialized hardware is designed specifically for mining, the block solution time would get very small. To compensate, every two weeks, all the Bitcoin software recalibrates the difficulty of the math problem to target 10 minutes.
For comparison, a similar digital currency called Litecoin has been able to operate with a 2. Conclusion and Summary of How Bitcoin Works. Bitcoin promises many interesting ideas, such as insulation from government meddling, anonymity, and potentially lower transaction fees. It also has many challenges, as it is currently very difficult to exchange Bitcoins for other currencies, and it has been cited as a haven for illegal activity and tax evasion, so governments may try to ban it.
Also, the mathematical race that protects the Block Chain uses a substantial amount of electricity. As explained above, a Digital Signature allows me to prove I have a private key, and that I used that private key to sign a particular message, without ever revealing my private key. Here is a simplified method, that, although insecure, shares some of the structure of a real Digital Signature Algorithm: Consider the following variables: The real math falls under the umbrella of abstract algebra, and involves modular arithmetic, and our inability to factor extremely large numbers.
Given only N, finding q and p would require vast amount of guessing and checking, but knowing q beforehand allows you to find p with simple division. This factorization trap door is what enables the RSA algorithm. Posted by Scott Driscoll at 8: Anonymous July 31, at 9: Scott Driscoll August 1, at 8: