Massive Security Breach at Paybase

This morning Coin Fire is learning of a major and massive security breach that happened on GAW Miner’s Paybase product. The breach is just another stumble in a long list of issues this past week with GAW Miners after Amazon spokespeople told Coin Fire they were not working with the company to implement Paycoin shopping. […]

UK consumers unsure about wearable technology despite popularity at CES 2015

By Carolina Milanesi The 2015 Consumer Electronics Show will kick off once again in the first week of January in Las Vegas, giving us a taste of what we can expect in the consumer electronics market this year. After a timid debut in 2014, wearables are expected to play a starring role alongside … …read more Read more here: UK consumers unsure about wearable technology despite popularity at CES 2015     

The post UK consumers unsure about wearable technology despite popularity at CES 2015 appeared first on Market Oasis.

Lazycoins.com Crypto-Currency Exchange Launches in Beta

– Sponsored Post – Discovering secure ways to trade crypto currencies Since the rise of Bitcoin trading in digital currencies has exploded, with a current estimated market capitalisation of nearly US $7 billion (£4.3 billion). With new altcoins created every […]

Lazycoins.com Crypto-Currency Exchange Launches in Beta is a story from: BitcoinWarrior.net

The post Lazycoins.com Crypto-Currency Exchange Launches in Beta appeared first on Bitcoin Warrior.

The Annihilation of the Middle Class

Daniel Drew,  12/28/2014 “America’s like a beacon in the world. But I feel like I’m watching it go down the toilet in front of my eyes. I’m fairly certain that this country is going to have pockets of Third World poverty within […]

The Annihilation of the Middle Class is a story from: BitcoinWarrior.net

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Hashie.co’s clients lose profits after ‘disappearance’ of Bitcoin mining platform

“Hashie’s operations are temporarily suspended” is the message that you can now read when you visit the website Hashie.co. The cloud-based Bitcoin mining service – which serves (or used to serve) over 40,000 clients – has officially suspended all operations and vanished with user funds worth around 1,481 BTC. Some of the platform’s users have reportedly lost …

Paycoin Is For Dummies

Why is Paycoin for Dummies? Paycoin is for Dummies because consumers get the best features of cash, credit cards and crypto-currencies rolled into one discounted payment system, without needing to know how any of it works. Paycoin was created to solve a number of problems with current Internet payment systems, and to reduce consumer hassles and costs.

Don’t be put-off by scary words, like “crypto-currencies.” Just the mention of digital currencies is enough to alienate even the most curious of readers, but rest easy. They won’t be mentioned much more here, except to point out some of the features that will make Paycoin the next global currency of choice. Just sit back and enjoy this somewhat oversimplified guide to Paycoin.

Paycoin Logo 2

Face it. People use credit cards every day without understanding any of the technology or banking processes involved. If people knew more about credit cards, in fact, they might stop using them. For example, credit cards use magnetic tape technology — the same technology once used for obsolete cassette tapes. No wonder the data is so easy to steal.

Not so with Paycoin — nor with their state-of-the-art credit and debit cards — which will be issued through Hashbase, when it opens next month. They will have encrypted chip-and-pin technology, within a totally encrypted payment system. There will be no data breaches with Paycoin. There will, however, be massive discounts.

Paycoin CoffeePaycoin is a discounted Internet payment system and digital currency, abbreviated XPY. Paycoin will be accepted at any web site that accepts credit cards, Bitcoin, and other digital currencies. Some merchants will begin accepting Paycoin directly. For nearly every other purchase, consumers can visit Paybase, which opens for business December 29.

Top-tier merchant investors will earn huge returns by participating in the Paycoin computer network. Merchants who use Paycoin will generate even more XPY through a process called Proof-of-Stake. In fact, anyone can stake a Paycoin for huge returns. The first round of XPY stakers, called HashStakers, was released last week, and GAW customers are already generating daily payouts on the ZenCloud.

Hashstaker Paycoin StakerAbove: Hashstaker Paycoin Staker

Merchants will be passing the savings on to the consumers with instantaneous, secure, fee-free transactions. Say “goodbye” to greedy systems like eBay taking 10% and obsolete systems like PayPal taking 5% of seller profits. Say “goodbye” to credit card transaction fees, high interest rates and other financial penalties. With Paycoin, everyone can be their own bank.

PayBasePaycoin was created by GAW Miners, a US-based company built to support Miners of Bitcoin, Litecoin and other cryptocurrencies. Even though GAW customers have been in on the ground floor of Paycoin’s evolution and have been given infinite opportunities to mine, stake, earn and buy Paycoin at pennies on the proverbial dollar, it is not intended to be a speculative currency.

Volatility associated with Bitcoin has been all but eliminated with Paycoin’s market makers and investors virtually guaranteeing a “floor” or bottom value of $20 when Paybase launches. Profits are guaranteed to anyone willing to stake their coins for 1.5 to 6 months, and discounts are guaranteed to the consumers who spend it.
Consumers will be able to buy Paycoin with USD when it goes public next week, however savvy Bitcoiners are scooping it up on on the open market today for only $12.24. See the PayCoin Price-Index here. Don’t expect those prices to last much longer, because Paycoin is a no-brainer, even for Dummies.

Originally posted on bitcoinchangeclub.org,

Bitcoin Tipping address 17KmZLhzhbFQGmp2XwL1nudosJS5gXeMSc

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Bitcoiners are Pessimistic About Bitcoin’s Price in 2015

First of all I want to congratulate our monthly giveaway contest winner,Mohan Ivt from India. Mohan won $100 in Bitcoins (there was an option between this and a ticket to Inside Bitcoins). I’ll be running a new giveaway next month so stay tuned. As 2014 comes to an end I thought I’d take a moment […]

The post Bitcoiners are Pessimistic About Bitcoin’s Price in 2015 appeared first on 99 Bitcoins.

OKCoin Now Offers P2P Lending to International Users

Singapore registered OKCoin.com, the international arm of China’s OKCoin, introduced a P2P lending system it says will increase liquidity on its spot market and provide low risk interest returns for users willing to loan their coins to traders. It iѕ thе firѕt timе аll OKCoin’s users аrоund thе world will hаvе thе opportunity tо access […]

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The Best Multisig Wallets of 2014

 Hardware wallets may be all the rage right now, but multisig wallets are beginning to come of age, and there is already a wide array of options available for them. Which will you use to secure your stash online?

Looking over all of the major multisignature wallet services offered in December 2014, it quickly becomes apparent that no two were offering the same set of options. Being so early in the game and having so many different features and strategies to safeguard our coins, it’s of little wonder that our results turn out so varied. After all, the very first multisignature wallet, BitGo, only made its debut this time last year and no best practices for multisig wallets have been universally established yet.

In my search I found fourteen projects in English offering multisignature wallets, so I’ll try to split them up below into relevant groups and offer some of the best reviewed in alphabetical order.

Announced but not fully ready yet:

Wallets Announced but not ready yetFour multisig wallet services are already being well-promoted and are in some cases fully operational, but they are not yet ready for full release:

These four all look very promising, but won’t be included in the reviews below since they are not fully ready and instruct us not to use them with large amounts of coins as of the time of review, December 2014. (Or in Frozenbit’s case, do not even have a website up yet at all.) Feel free to investigate them if you are ready to be a guinea pig, but do not store any considerable wealth on any of them yet.

Ready, but offering no co-signing service:

Wallets Ready but no co sig yet

The next four wallets all appear to be excellent wallets, but they do not offer the service that most people come to associate with multisignature wallets; holding a key and co-signing it for you remotely. This makes them only partial solutions for the sake of this review, but they do offer the multisignature wallets themselves and these are all certainly useful for some kind of setup:

Armory and mSIGMA are desktop programs, while Coin Kite and Copay are web-based wallets with a large array of enterprise-ready options. All four have established places in bitcoin’s future, but they leave it up to you to provide your own co-signer(s). This makes them not a wallet service at all, but more of a wallet platform for you to bring your own co-signers into, no matter if they are human or just a 3rd-party “oracle” service.

This can be very desirable for both security and flexibility, but unless you have your own coworkers, employees, or an Oracle service like Cryptocorp.co waiting there to sign your transactions with the other key(s) you give them, then this isn’t a practical use for most people. There simply isn’t an easy, extra layer of automated judgment people expect when they look for multisignature protection.

Some examples I can imagine these would be useful for are enterprise environments, big family trusts, and super-secure arrangements where you have multiple keys hidden in multiple places to add the ultimate layer of complexity to your security.

Such wallets let you generate up to 15 total keys (only 12 for Copay) and assign any number of required signers you’d like for the ultimate in flexibility. All four of these services can be used anonymously, but Coinkite is the only one of them that allows for TOR routing and 2 factor authentication (2FA) giving you extra layers of protection while online. They also offer merchant Point of Sale solutions and smartcards, too.

Full Multisignature Wallet Services:

That leaves us with six wallets services that are what most people imagine when they think of a multisig wallet; A website or app that holds one of the keys for your wallet remotely, in order to help you sign each transaction so that hackers can’t get all of the keys needed from you alone.

These six wallets are very different from each other, all with their own strengths and weaknesses. The only things they have in common between them is that they all run on the web (most of them exclusively) and the all can use 2 factor authentication in some configuration.


 

Bitalo

Bitalo Wallet

Bitalo is a 2-of-2 key multisig wallet based in Finland. It’s the smallest offering of the bunch, relying on a successful 2FA confirmation to sign your remote key. They also offer an exchange on their website, and have been in the news recently when they placed a 100 BTC bounty for the identity of a DDoS extortionist that was shutting down their domain, on Roger Ver’s controversial Bitcoin Bounty Hunter.

Platform: Web only

Hacking protections: Number of Keys they hold: 12FA: Yes, Optional

Loss of Key protections: Number of total Keys: only 2, but you can write down a seed phrase for backup.

Counterparty risk: Number of Keys you get: 1

Can It be used Anonymously?: Yes, if you have access to an anonymous phone or service for 2FA.

Does it generates your Key on their server?:  No.

How is remote key sign triggered?: 2FA only.


 

BitGo

BitGo Wallet

 

BitGo is a 2-of-3 Key multisig wallet that was the very first to market, and it still appears to be the most popular multisig wallet so far. Interestingly, the first multisig wallet is the only one of the group to offer a 2-of-3 keys wallet, where the owner holds 2 keys. This configuration is widely regarded as the most safe type among personal-use, multisig wallets.

Out of all wallets listed here, BitGo may be the most simplified, making it a great first wallet for newbies to bitcoin.

Platform: Web only

Hacking protections: Number of Keys they hold: 1. 2FA: Required

Loss of Key protections: Number of total Keys: 3

Counterparty risk: Number of Keys you get: 2

Can It be used Anonymously?:  Yes, if you have access to an anonymous phone or service for 2FA.

Does it generates your Key on their server?:  Your two keys do not, theirs does

How is remote key sign triggered?: 2FA only.


 

Block.io

Block io Wallet

 

Block.io is another 2-of-2 key multisig wallet, but this one can hold Litecoin and Dogecoin as well as bitcoin. Their site further puts heavy emphasis on their API service, claiming enterprise-level security and yet it is freely offered for using block.io wallets inside 3rd party applications and websites. They appear to have gone to great lengths streamlining their API offering, and proudly proclaim on the front of their site that it is the “Worlds easiest Block Chain API”.

Block.io’s wallet is well-developed and smooth, with a couple of extra signing options, but it really differs from the others in that they require a pin # for their wallets as an added layer of security. They also feature “green addresses” which are basically pre-tested wallet addresses that can send and receive funds immediately and be guaranteed by Block.io. 

Platform: Web only

Hacking protections: Number of Keys they hold: 1. 2FA:  Optional & option-full

Loss of Key protections: Number of total Keys: only 2, but you can write down a seed phrase for backup.

Counterparty risk: Number of Keys you get: 1

Can It be used Anonymously?: Does it generates your Key on their server? Yes.


CoinBase

CoinBase Wallet

Coinbase’s multisignature vault operates more like a physical cold storage safe than a wallet. Although you can send coins directly to it, you cannot spend coins directly from this vault at all; It works in conjunction with a coinbase ‘hot’ wallet, allowing you to store your funds in a ‘deep’ cold multisignature wallet that requires 48 hours and 1 or more confirmation on all withdraws.

During the mandatory 48 hour wait time on each withdrawal, they contact you to verify in every way you request them to, including email, SMS, and telephone. To recover a lost vault password, you have to download and run a vault recovery tool that works with their proprietary backup key.

Platform: Web only

Hacking protections: Number of Keys they hold: 2. 2FA: Required

Loss of Key protections: Number of total Keys: 3

Counterparty risk: Number of Keys you get: 2

Can It be used Anonymously?: No, all accounts must be well identified for FINCEN.

Does it generates your Key on their server?:  They claim that your two keys do not, & their key does, but when logged into their panel you can see all three keys saved for you nonetheless, so it appears that they are holding and showing three keys.

How is remote key sign triggered? 2FA


 

Green Address

Green Address Wallet

GreenAddress is clearly the multisig wallet with the most options. While all other wallets here are restricted to 1 single platform, (usually in-browser) GreenAddress wallets are available on all modern platforms, including desktop and both phone and android apps.

This 1-of-2 key wallet really stands out with their variety of ways to validate your spend requests. There is even a watch-only account that you can easily log into from facebook or reddit to view your wallet balance but never spend from. For a backup, you have access to a  seed phrase to generate this wallet again if either key should be lost.

Platform: Web, Desktop software, mobile apps, and even in some hardware!

Hacking protections: Number of Keys they hold: 1. 2FA: Required

Loss of Key protections: Number of total Keys: 2

Counterparty risk: Number of Keys you get: 1

Can It be used Anonymously?: Yes, some of the multiple choices of 2FA allow it.

Does it generates your Key on their server?:  No

How is remote key sign triggered?: There is a wide array of options including timelocking, spending limits, & 2FA, with options for any or all of email, SMS, Google authenticator and a phone call to authorize each spend.


 

QuickWallet

Quick Wallet

 

QuickWallet is a clean and simple 2-of-2 key wallet that was acquired by Huobi recently, and many parts of the site is in Chinese. The only option they offer for 2FA and therefore servicing your remote key is Google Authenticator, which was very simple to set up from inside their wallet at your leisure. In case of key loss, you get a single chance to backup the seed phrase to generate this wallet again. Since you only get 1 of the 2 keys, it is vital that you copy it carefully and save it somewhere safe, or this wallet could easily be lost forever with all funds inside. There is no second chance to copy it again later.

Platform: Web only

Hacking protections: Number of Keys they hold: 1. 2FA: Required

Loss of Key protections: Number of total Keys: 2

Counterparty risk: Number of Keys you get: 1

Can It be used Anonymously?: Yes if you can use Google Authenticator anonymously.

Does it generates your Key on their server?: Cannot tell; perhaps it says in Mandarin?

How is remote key sign triggered?: Google Authenticator only.


 

The ideal mainstream multisig wallet:

All wallets reviewed here are well-designed and noteworthy, most with unique features. However, in search of the best mainstream multisig wallet, there isn’t a clear winner yet, it’s still too early to pick just one with all of these interesting options.

If we take the best attributes from these services and put them together in an ‘ideal’ web wallet, it would resemble GreenAddress more than any other wallet here, because of all of its security options. But instead of employing a 1-of-2 key wallet, it would be built around a 2-of-3 key setup instead.

GreenAddresses’ array of security options can even be mix and matched so that hackers would not only need access to the various devices, but would first need to know how many and the correct combination of your devices to hack too!

Green Address Menu

Simply put, the more options available for authentication, the more hoops a hacker would have to jump through. Here’s hoping we see more of these options arise as the technology unfolds.