BitDigest - Bitcoin Weekly Digest - Apr 08, 2013

 

KEY OBSERVATIONS

  • Bitcoin surging in value at a breathtaking rate last week as price hits a high of $186.50 today, nearly doubled since the beginning of last week. Many still believe that the soaring price was fueled by Cypriots and Russians seeking to invest their Euros elsewhere. According to Google Trends, Finland is the country with the most number of Google searches for the word “bitcoin” in the past 12 months. The growing skepticism about the euro and the libertarian streak could lead to further gain for bitcoins.
  • While events in Europe are clearly a driver, they create a tremendous amount of tailwind that recently helped push bitcoin into the mainstream. While more and more believe it is a bubble, the only thing for sure is that the number of people with an opinion has increased exponentially.
  • On April 3rd, the USD trading price at Mt.Gox started at about $115 and rapidly rose above $145 before dropping just as quickly to below $115. Major Bitcoin exchanges saw similar price instability. DDOS attacks against Mt.Gox over the last few days caused server lags and down-times which lead to a ripple of panic-selling  ultimately, a brief drop in the trading price on Mt.Gox and other exchanges. The day ended with the price on a steady recovery and Bitcoin itself remained unscathed. Bitcoin exchanges clearly need significant system upgrades.
  • Researchers from multi-national security software firm Kaspersky Lab have discovered a new spam message transmitted via Skype that contains malware capable of using an infected computer to mine bitcoins. Hackers have been using botnets and are starting to develop malwares capable of generating Bitcoins. The new malware targets skype users using messages like “this is my favorite picture of you” to trick them into clicking on a link which begins a malware download and turns the infected computer into a slave of the bitcoin generator.
  • BitcoinStore, an electronic retailer in the bitcoin community announced that has managed to keep its contract with its wholesaler and will continue to sell goods at its currency low prices. It also secured a contract with Ingram Micro, which claims to be the world’s largest distributor of computer and technology products. 
 
 

MARKET PRICE (Drag & Release to View Larger Image)

10 DAY PRICE: Mar 29, 2013 - Apr 08, 2013
This heatmap displays brighter colored (hotter) areas where trading volume is higher.
60 DAY PRICE: Feb 08, 2013 - Apr 08, 2013
Source: https://ferroh.com
* Click and Drag to View Larger Image

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BITCOIN BASICS

Bitcoin is a decentralized digital currency created by the pseudonymous entity Satoshi Nakamoto in 2009. Bitcoin uses peer-to-peer technology to regulate Bitcoin’s balances, transactions and issuance according to consensus in network software. Bitcoins are issued to various nodes that verify transactions through computing power. It is established that there will be a limited and scheduled release of no more than 21 million Bitcoins, which will be fully issued by the year 2140. Bitcoin is currently the most widely used alternative currency with a total market cap at over 140 million USD (12/20/2012).

Read More: Bitcoin Basics  |  Bitcoin Forum  |  Financial & Technical Data  |  Bitcoin Wiki

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