Entries Tagged "bitcoin"
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Some apps are being distributed with secret Bitcoin-mining software embedded in them. Coins found are sent back to the app owners, of course.
And to make it legal, it’s part of the end-user license agreement (EULA):
COMPUTER CALCULATIONS, SECURITY: as part of downloading a Mutual Public, your computer may do mathematical calculations for our affiliated networks to confirm transactions and increase security. Any rewards or fees collected by WBT or our affiliates are the sole property of WBT and our affiliates.
This is a great example of why EULAs are bad. The stunt that resulted in 7,500 people giving Gamestation.co.uk their immortal souls a few years ago was funny, but hijacking users’ computers for profit is actually bad.
Interesting article from the New Yorker.
I’m often asked what I think about bitcoins. I haven’t analyzed the security, but what I have seen looks good. The real issues are economic and political, and I don’t have the expertise to have an opinion on that.
By the way, here’s a recent criticism of bitcoins.
EDITED TO ADD (4/16): Another good bitcoin story, although it’s from 2011.
“Quantitative Analysis of the Full Bitcoin Transaction Graph,” by Dorit Ron and Adi Shamir:
Abstract. The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an anonymous way). We downloaded the full history of this scheme, and analyzed many statistical properties of its associated transaction graph. In this paper we answer for the rst time a variety of interesting questions about the typical behavior of account owners, how they acquire and how they spend their Bitcoins, the balance of Bitcoins they keep in their accounts, and how they move Bitcoins between their various accounts in order to better protect their privacy. In addition, we isolated all the large transactions in the system, and discovered that almost all of them are closely related to a single large transaction that took place in November 2010, even though the associated users apparently tried to hide this fact with many strange looking long chains and fork-merge structures in the transaction graph.
The paper has been submitted to the 2013 Financial Cryptography conference.
Sidebar photo of Bruce Schneier by Joe MacInnis.