Category Archives: Bitcoin
Bitcoin creator Satoshi Nakamoto tracked down, but says story has no currency
After the story appeared online, reporters from as far afield as Japan descended on Mr Nakamotos two-storey suburban home, demanding to know whether it was true.
Mr Nakamoto, whose middle name is Satoshi, finally emerged from the house and denied any involvement with Bitcoin. He said he would give an interview to one reporter, preferably someone who spoke Japanese, then hopped into a car with a journalist from the Associated Press, with the rest of the press in hot pursuit.
Newsweeks 4,500-word piece, supposedly unmasking Mr Nakamoto as the coder who came up with Bitcoin, is the cover story of the magazines relaunched print edition and comes 15 months after it was pulled from news-stands and sold to new owners.
The article included a photograph of Mr Nakamoto and a brief exchange in which he apparently told the reporter Leah McGrath Goodman that he was no longer involved with Bitcoin. In his subsequent interview with AP, however, Mr Nakamoto denied he had ever been connected to the online currency.
Bitcoin was born in 2009 and has grown increasingly popular as a means of transferring funds across borders anonymously, independent of banks and governments. Yet it also faces criticism for facilitating criminal transactions, and for its wild instability.
In December, a single Bitcoin was worth $1,200 (720); by this week, it was worth a little over half that amount. Last week the Bitcoin exchange, Mt Gox, filed for bankruptcy after losing 750,000 Bitcoins to hackers. On Wednesday, another smaller exchange, Flexcoin, also shut down after being robbed by hackers.
Yet throughout the digital currencys life, its creators identity has remained a riddle. Until this week, most believed the online name Satoshi Nakamoto was a pseudonym. The real Mr Nakamoto insisted that, while his birth name was Satoshi, he had never heard of Bitcoin until his son was contacted by Newsweek three weeks ago. Ive got nothing to do with it, he said.
Mr Nakamoto moved to the US from Japan when he was 10 years old, but his English remains imperfect. In the exchange reported by Ms Goodman, he said: I am no longer involved in that and I cannot discuss it.
Newsweek took this to mean that he was no longer involved in Bitcoin, but Mr Nakamoto now claims that he meant he was no longer in engineering. He says he could not discuss it because some of the work he did for the US Navy, Air Force and Federal Aviation Administration is confidential.
Newsweek, which estimates the Bitcoin creators wealth at $400m (240m), is standing by its story. Ms Goodman, who spent two months researching the article, told AP: There was no confusion whatsoever about the context of our conversation and his acknowledgment of his involvement in Bitcoin.
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Bitcoin creator Satoshi Nakamoto tracked down, but says story has no currency
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Bitcoin blunder: Satoshi Nakamoto denies all involvement with cryptocurrency
The 4,500 word article was positioned as a flagship story to welcome the magazine back to newsstands after it ceased printing in 2012. Instead, it has ignited a controversy as the accuracy and ethics of the story are debated online.
Dorian Nakamoto told the Associated Press that the story was completely incorrect, and that the reporter involved simply misunderstood what he said as his English isnt flawless.
After the Newsweek story was published dozens of reporters settled around Nakamotos two-storey house in Los Angeles. When Nakamoto made his way outside he told the crowd of journalists that he would speak to someone who understood Japanese and would buy him lunch.
"I'm not involved in Bitcoin. Wait a minute, I want my free lunch first. I'm going with this guy," said Nakamoto, indicating a reporter from the AP and heading over to a sushi restaurant with him.
After eating his lunch and sitting down with the reporter and a copy of the story Nakamoto said that one key piece of evidence from the story, in which he is confronted about his involvement with Bitcoin and responds, I am no longer involved in that and I cannot discuss it, was incorrect, as he was only referring to his work in engineering.
It sounded like I was involved before with Bitcoin and looked like I'm not involved now. That's not what I meant. I want to clarify that," he said.
During his interview, Nakamoto also mistakenly referred to the currency as bitcom several times, and suggested that it operates under the direction of a single company, rather than the loose affiliation of coders and cryptographers that actually maintain the technology.
After the interview with Dorian Nakamoto was published, a user account on a coding forum historically associated with Satoshi Nakamoto made its first post after four years of silence, stating simply I am not Dorian Nakamoto.
Newsweeks assertion that Dorian Nakamoto is the same as Satoshi Nakamoto (the entity that signed the nine-page paper first outlining the Bitcoin protocol) was based on circumstantial evidence, correlating Nakamotos name, education, and personality profile with the currencys mysterious founder.
Goodman described Nakamoto as an extremely intelligent, moody and obsessively private individual who trained as a computer engineer and has undertaken classified defence work for the US government.
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Bitcoin blunder: Satoshi Nakamoto denies all involvement with cryptocurrency
Bitcoin gets easier for consumers to buy, spend
Photo by Mark Lennihan
Jeremy Allaire, Founder and CEO of Circle Internet Financial, a Boston-based digital currency company, speaks at the Inside Bitcoins conference and trade show, Monday, April 7, 2014 in New York. Bitcoins have been gaining popularity among mainstream businesses. (AP Photo/Mark Lennihan)
Its getting easier for consumers to buy and spend bitcoin, the cybercurrency that has captured much of the tech world.
With each passing month, entrepreneurs are rolling out new technology for consumers to buy and store bitcoin, shop online with the virtual currency and send it to friends. Last week, a bitcoin ATM was unveiled in Mountain View, Calif. put in a few hundred bucks, out comes a bitcoin. And more retailers from consumer electronics to coffee roasters and pizza delivery are accepting bitcoin, making it easier for consumers to choose the Internet currency over dollars.
Its all about to change over the next 12 to 24 months, said Marshall Hayner, a San Francisco entrepreneur who this month will launch bitcoin app QuickCoin. We are going to see all kinds of people adopt it. Its going to power transactions on the Internet.
Bitcoin is a cybercurrency and payments network created in 2009 by a mathematical formula as an alternative to banks and government-controlled currency systems. Bitcoins are added one at a time to the network by computer programmers around the world, and most bitcoins are bought and traded on global Internet exchanges.
The San Francisco Bay Area bitcoin community is filled with entrepreneurs and investors pouring millions of dollars into their projects. But for the rest of us, still buying with cash and plastic, bitcoin is a bit of a mystery.
Youve got people out there who are software engineers who dont understand it, said Vinny Lingham, co-founder of Gyft, a San Francisco digital gift card app that accepts bitcoin. Its far too complicated out there for the average consumer to understand. But that will change.
Cary Peters is hoping to uncomplicate bitcoin for consumers with the ATM he unveiled at Hacker Dojo, a nonprofit shared tech space in Mountain View. His is the first bitcoin ATM in California, and anyone can use it by setting up an account with a phone number, ID, and face and palm scan, which is used to run a background check to rule out potential fraud.
Regulation has to be implemented, Peters said, a position rarely heard in the libertarian bitcoin community, but one that experts say is necessary to gain the trust of consumers. After about five minutes, the machine sends a text message that the user can start buying and selling bitcoins. Many bitcoin websites take about four or more days for transactions, and that delay doesnt work for everyone.
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Seven boxers from around Europe competed in a tournament to win bitcoin worth 5000, while Max Keiser entertained the audience by #39;defeating #39; banksters. htt...
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California’s first bitcoin ATM launches in Silicon Valley – Video
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