Markets are rather stable… last 48 hours has seen the price of bitcoins stay put between 9.60 and 12.10 $USD on the major exchanges. This seems rather stable if taking the last few weeks in consideration.
I almost miss the free fall times. I managed to make quite a bit of coins during the last week, my overall trading portfolio growth went from 10% to 50% since August 5. Not a bad week.
Now, in other news. Apparently one of the web’s first e-wallets (a place to keep your bitcoins, online rather than your hard drive,) https://www.mybitcoin.com/ is now in receivership (bankruptcy.) This has been credited with the major sell-offs that occurred earlier this week, pushing down the price of bitcoins to single digits.
Seems that the website was the victim of theft, due to their own programming… they allowed transactions (deposits) to be considered valid after only one (1) confirmation by an auditor (miner.) This lead to a trickle of small thefts over a few days, amounting to a not-insignificant amount of bitcoins.
Bitcoin itself, the actual clients, require 8 confirmations to consider a transaction secure. This 1 confirmation implementation was more than likely intentionally put in place to “speed up” mybitcoin, and thus giving it an advantage over other clients. At the risk of being abused. Got what you asked for!
Which leads to the most exciting piece of news in the last few weeks.
Flexcoin, the first bitcoin bank has gone public. http://www.flexcoin.com/
I’ve managed to register and setup my account, with my first name as a user id. It’s a short 3 letter name, and it’s mine. I bet there’s a lot of people who share my name who’d wished they’d signed up first.
1) Flexcoin users can transfer bitcoins between themselves, with zero fees, instantaneously using flexcoins internal transaction servers.
2) Bitcoin to Flexcoin users is also free.
3) Flexcoin is owned by an Actual real life corporation that has been in existence for a decade or so. Finally.
4) Apparently, they’ve had their security setup audited by professionals.
5) Bitcoin / Flexcoin wallet now accessible through any web enabled device. (Mobile phone (android, iOS, other,) tablets, laptops.)
6) Flexcoin users can pay each other by USER ID instead of bitcoin address.
So, you walk up to a convenience store that accepts bitcoins via flexcoins. You whip out your cellphone, open the flexcoin website, sign in, find the name of the convenience store, transfer the x.xx bitcoins to that merchant’s user ID in flexcoin. Transaction is processed instantly, and securely within Flexcoin, no fees at all.
That my friends, is a game changer.