Blockchain and crypto-currencies: An insightful interview on the digital revolution

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Potentially more punishing, the flaw let anyone paying with bitcoin reap many times the authorized bitcoin refund amount on any canceled Overstock orders. In JanuaryOverstock. As a result of the change, Coinbase customers with balances of bitcoin at the time of the fork were given an equal amount of bitcoin cash stored by Coinbase. However, there is a significant price difference between the two currencies: During the checkout process for those paying by bitcoin, Overstock.

The solar lights I purchased from Overstock. After indicating I wished to pay for the lamps in bitcoin, the why i believe bitcoin will still dropday 51the crypto challenge produced a payment invoice instructing me to send exactly 0. The site responded that the payment was complete. Within a few seconds I received an email from Overstock congratulating me on my purchase and stating that the items would be shipped shortly.

Crypto-currency alchemy at last! So I cancelled the order. To my surprise, the system refunded my purchase in bitcoin, not bitcoin cash! Consider the implications here: A dishonest customer could have used this bug to make ridiculous sums of bitcoin in a very short period of time. Reached for comment, Overstock. After working with the researcher to confirm the finding, that method of payment was disabled while we worked with our cryptocurrency integration partner, Coinbase, to ensure they resolved the issue.

We have since confirmed that the issue described in the finding has been resolved, and the cryptocurrency payment option has been re-enabled. No other Coinbase customer had this problem. To our knowledge, a very small number of transactions were impacted by this issue. The snafu comes as many businesses that have long accepted bitcoin are now distancing themselves from the currency thanks to the recent volatility in bitcoin prices and associated fees.

Earlier this week, it emerged that Microsoft had ceased accepting payments in Bitcoinciting volatility concerns. And, as KrebsOnSecurity noted last month, even cybercriminals who run online stores that sell stolen identities and credit cards are urging their customers to transact in something other than bitcoin.

Instead, I donated it to archive. A previous version of this story stated that neither Coinbase nor Overstock would say which of the two was responsible for this issue. The modified story above resolves that ambiguity. Bancsecbitcoin cashCoinbaseJ. Snydermicrosoftoverstock. This entry was posted on Tuesday, January 9th, at 1: You can follow any comments to this entry through the RSS 2.

Both comments and pings are currently closed. Best story so far this year! Now we all know to check out new adopters of Bitcoin to see if the same thing can be replicated with them.

This is at least two separate Krebs articles in the last couple of weeks on the topic of cryptocurrency now where your comment has been a clear standout as the most facepalm worthy. I suspect not… As there are far superior technologies, which are directly completing against each other. There will be some winners and losers, but Bitcoin is currently the gold standard of the Crypto world…. Besides money laundering and crime what is the real advantage of a currency backed by nothing with widely varying fees?

No major country in the world is going to stand by while billions of tainted dollars flow unseen, untaxed, and unregulated. Sure sounds like the current currencies being used around the world. Have you not considered that your current currency is digital? Only the bank has a copy of that database. If they lose their copy, there goes the proof of your finances.

Blockchain provides everyone with an exact copy of the database. You say that like it matters. I would prefer in fact for the drug dealers and high dollar money launderers to get caught and prosecuted by the IRS and FBI. The inevitable result is what we see today, governments not recognizing these as legitimate ways to process transactions and rightfully seeing them as a smoke signal for criminal activity.

I wonder how much longer Overstock will even be accepting Bitcoin. Like the others that you mentioned, most retailers cannot manage the volatility. Bitcoin is hardly a currency anymore. Long-time supporters of Bitcoin, as I am, are saddened by this. Theyre the 1st public corp I know of to hodl BTC.

Good luck trying that during the next post-natural disaster situation. Is it truly any different than the current money system? I go months on end without touching a paper bill. In that case, what happens when the power goes out?? Can I go to an ATM? Everything is play money now. You can bury the private keys printed on paper or etched on metal.

You can transact with no power the same way you do with no cash during a blackout. You agree to even things up when the power comes back on. The US Dollar has value because every believes it has value. Read up on how Brazil launched their new currency and stopped the crazy inflation of the old Real.

Nothing changed, except public perception. The old dollar is bad. Not unfixable, but breathtaking. Brian, maybe Amazon is too volatile for why i believe bitcoin will still dropday 51the crypto challenge too? Amazon stock is a commodity. Comparing the two only undermines your argument that Bitcoin is a currency. What I think Greg is saying is that generally a currency should be a 1 medium of exchange and 2 a store of value. That value is obviously not a constant, but we expect still our currency to be more dependable predictable?

I see where he is coming from. Nice job of distancing yourself from the caper. Great research you did on this article! And thumbs up for supporting archive. But I think you miss one point here: The more complicated it is, the more likely it will happen. I have implemented online payment methods into online shops myself and I know from experience, both in my own work and from other developers.

I remember when MasterCard secure code was introduced a few years ago and online shops started adapting it: Why i believe bitcoin will still dropday 51the crypto challenge happend was the purchase was completed and marked as paid. The item was sent to me, even though I never paid for it. Bitcoin may be groundbreaking as an idea, but the current implementation has been proven completely unfit as an everyday payment method. There will most definitely be a crypto currency or multiple currencies that will replace PayPal and credit cards for online payments, but it has to be different to Bitcoin in a way that is yet to be found.

Bitcoin is one of the few that actually has real engineering and coding talent behind it. Bcash is a patch job run by a criminal. Support of that trash was why i believe bitcoin will still dropday 51the crypto challenge first mistake. And they are real scalable solutions. The volatility is natural and healthy at this stage. The laws are clear about how they wish to treat it, at least right now.

The major difference being your responsible for why i believe bitcoin will still dropday 51the crypto challenge your money or pay someone to do it for you. The real test will be when government inevitably pushes for their own controlled cryptocurrency. Will people refuse and fight back in the centralization of power and lack of why i believe bitcoin will still dropday 51the crypto challenge that entails or roll iver thinking.

Most people learned how to use debit cards for online payments simply by intuition. Good luck trying to explain the problem of unspent outputs with a paper wallet to 10 random people you meet on the street! If you think that Bitcoin or any crypto currency can replace credit cards if you just solve the scalability issues, it is wishful thinking.

The idea behind Bitcoin is great, but the revolution has just begun. The guy who runs Bitcoin cash is a criminal? You continue with only wishful thinking, or simply utter dreams. Already another one replied to you on that too. Crypto will remain but bitcoin is doomed already. Bitcoin Cash, EthereumMonero and countless others have already surpassed it!

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Nick Szabo NickSzabo4 is a polymath. The breadth and depth of his interests and knowledge are truly astounding. Nick also designed Bit Gold , which many consider the precursor to Bitcoin. This podcast is brought to you by FreshBooks.

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Thanks to Brian Oberkirch for the inspiration. Like Liked by 1 person. Like Liked by 2 people. Tim, thank you for this. Now is tomorrow is now.. Any chance your podcasts will have transcripts soon? Very glad to see this discussion on here! Imagine if every time you upvoted, commented, or created content, it was mining cryptocurrency. Also, imagine if your biggest fans could get cryptocurrency rewards for promoting your work.

Like Liked by 3 people. I totally agree with David Kadavy, Steem has been one of the best things that I came across in the cyptocurrency world the community is just amazing! Great suggestion but I think this is messy. Tim already has a loyal following who trust him and purchase anything he puts out. STEEM requires time to master and might not be worth it for someone who already has so much clout. Thank you for this episode! One of my favs, loved the talk on Pascal scams quite a golden nugget.

Any updates on when it will? Really looking forward to this one as I just made the the jump into cryptocurrency as my first ever investment! Unable to play the episode. Have not had an issue before. Nick and Naval seemed to suggest that there was a limit on the number of transactions per block apparently a hotly debated topic.

From what I understand of the blockchain, each block only has the root of a Merkle tree in it and so there theoretically could be any number of transactions in the block. Where does the limitation come from? Good episode, and good info. Dash solved the blockchain size problem in one day. Dash pro-actively solved the slow transaction problem by having incentivised masternodes to produce a huge and robust infrastructure of more than 4, active nodes. AND designing and implementing Instant send.

Sent in a few seconds, not minutes or hours or days. You should have a conversation with Amanda B. Johnson to fill in these gaps in your knowledge base. Considering that, historically, the NSA is years ahead of anything we already publicly have. Tim released this episode during a bullish market as a bubble was growing.

As always thanks for the awesome podcast!! This podcast was very helpful and definitely helped in breaking it down into simpler terms. Big fan of all of your stuff…own every book and am starting to listen to your podcasts now too! Some of our partners include U. Live Prompter is completely subsidized by Facebook, so its free for you to use and will honestly just improve the quality of your Live sessions. I dont mean to spam you here, but just am trying everything I can to get in touch.

Feel free to email me if interested in learning more. For some reason this is still not coming up on Pocket Casts andorid. Any idea why this may be? Excited for this episode. I listen to a lot of your stuff and this was the best. This is going to be a huge space — please give us more crypto information! Great interview, I just wish Naval would have let Nick answer the questions you originally pointed directly to Nick.

Understandable if he was sharing the stage with someone of lesser knowledge or intellect, but the title of your Podcast was about Nick. While I understand the logic of bringing in Naval to co-host, it really turned into a Naval interview, not a Nick interview, and I was left longing for more. A follow-up podcast with Nick would be greatly appreciated if the the crypto space holds your curiosity and you feel more comfortable going one on one with him. If not, consider bringing on Andreas Antonopolis to co-host.

I originally thought this is who you were going to bring on when you asked subscribers for questions. Frustrating that he kept speaking for Nick. Almost found Naval rude in how he would force his dialogue. I listened to every minute some podcasts I skip around a bit and listened again to some of the higher level concepts.

Cryptocurrency makes way more sense now! Hugely informative, thank you Tim! Are the audio products available in a format that Hard of Hearing folks can access? Captions or the script would be wonderful. Good mix of theory and practice on cryptocurrency as well as other thought provoking ideas and concepts.

I was excited to hear that you were putting on this podcast with Nick and the questions were great. If I had to adjust something, it would be nice if Tim reigned in Naval on some the conversation, Naval tends to go on and on and sometimes off topic to always make some sort of point rather than being informative.

This was effectively an interview of Naval Ravikant. He answered half or more of the questions himself. Did much more talking than Szabo. Nick assumed a lot of knowledge that non-tech people would not understand, and Naval possibly even recorded explainers after the show that were then inserted. My question is, now that the worlds largest banks are finally jumping on board, and are in fact creating their very own cryptocurrencies, how will this effect other currencies like bitcoin, ethereum, litecoin etc.?

Negatively or in a positive way? I really hope not, but this is where my mind immediately goes when I think of the pound gorilla entering the room.

Singapore is working on a tokenized currency based on the Ethereum platform. Other countries doing something like this makes a lot more sense than building their own currency from scratch. Using Ethereum as a common protocol allows for much easier interoperability between currencies. One of the best explanations of the phenomenon to date.