That's very encouraging. Do you have a rough time-scale for this and/or knowledge of what priority this is for Bitcoin-QT's development?

If that is indeed the case, then perhaps I am just being overly paranoid. Maybe it is the simplification of Electrum's seed (specifically its representations as only a few words) that makes it seem that it could be much more easily brute forced than these calculations suggest.

Thanks for your detailed response.

Electrum seeds are 128 bit (http://electrum.org/seed.html), which makes them easier to brute force. If one is successfully brute forced, this surely yields a larger 'reward' for a the attacker than just brute forcing private keys directly, as it allows the attacker the reconstruct all private keys in the seeded deterministic wallet.

Assuming I'm correct here, why would the decision to make the seed for an algorithm that generates multiple private keys only 128 bit, while the private keys themselves are 256 bit?

I asked the following in the #electrum IRC channel on Freenode recently, but sadly got not response.


What are everyone's thoughts?

Hi all,

I'd just like to point out a BitPay integration I did recently for Something Geeky, an e-commerce website that sells a whole variety of geek apparel.

Prices are listed in GBP (£) but at the final stage of the checkout, before payment, there is an awesome 'Pay with Bitcoin' button that sends you off to BitPay to make your payment.

Links:

* Something Geeky - Homepage
* Bitcoin payments accepted - Blog Post
* Bitcoin related t-shirts, hoodies and mugs - Products with Bitcoin designs

Tell me what you think!

I'm without a doubt my office's Bitcoin guy. And I've actually managed to get someone interested enough to sell some to him. It was only about 0.1 Bitcoins, but it is a start. I imagine he's only in it for the speculation and to make a profit at the moment though.

I have high hopes that the increase in merchants will reduce the number of speculators and increase the number of people actively using the currency.

I'm afraid I'm not certain, the transaction system differs slightly from the escrow system in that regard I believe.

I've actually just done a transaction on there as a Bitcoin buyer so I'll explain the process from that perspective.

1. I sent a request to an advertisement offering to sell Bitcoins.
2. I was presented with (in this case) the UK bank account payment details.
3. I sent the payment via my online bank account.
4. I clicked a button on the Local Bitcoins site to say that I have paid the invoice.
5. The seller released the bitcoins from escrow.

I believe, although I am not certain, that the bitcoins are put into escrow as soon as I sent the request to the advertisement (so step 1.5). I've not yet seen this process from the seller's perspective.

Unfortunately, I am not certain first-hand how this process works if you are transferring via cash in hand. There are more details on the 'transaction service' that offer which is designed for cash in hand - see the link below.

https://localbitcoins.com/faq#howto_why_transaction

https://localbitcoins.com/ might be what you are after.

Great Scott!

I've implemented BitPay's API before, but I'm very interesting in creating a custom solution for accepting Bitcoins directly (and not immediately converting them to fiat).

I also wrote a Bitcoin helper class in PHP. It can be used to quickly convert a Fiat amount into BTC and show it on a webpage.

Change addresses in Bitcoin-QT and in general are something that I think is going to cause a great deal of confusion for new users and loss of bitcoins for those experimenting with brain wallets and the like.

Okay, my apologies. You do not need a GPU, but CPU mining is very limited in terms of the hash rate you can achieve.

My account doesn't represent a business specifically, but I'm an application and web developer.

As part of my full time job, I've integrated BitPay's payment gateway into SomethingGeeky.com (geek tshirts, hoodies, mugs, etc.). Might be of interest to some of you guys as we've got a sale on a lot of Bitcoin related products.

With the huge increase in interest Bitcoin has got recently, I wonder how many people are legitimately here just to 'get rich quick'.

I've an application and web developer with a great interest in Bitcoin. I'm really hoping to price stabilises as incentive for more merchants to accept it, although personally the perceived value of Bitcoin doesn't bother me too much providing it never reaches zero.

So far, I've developed several Bitcoin applications and integrations, though the only one I've sent live is my BitPay integration into SomethingGeeky.com.

I believe the free Amazon instance is very low power and certainly doesn't come with a GPU of any significant power that you would actually need for mining.

If you've been infected with malware which has obtained administrator level privileges (on any operating system) the only way to be sure is to nuke (format) the hard drive entirely, and reinstall.

One of my friend who recently got very interested in Bitcoins sent me this through: http://netlookup.se/free-bitcoins/373277

Might be useful, but it only gives out very tiny amounts.