Virtual Currency Meets Wariness As It Plugs Into Cheap Columbia River Power

One of the Northwest’s selling points is its cheap hydropower. That’s why in recent years data centers have sprouted along the Columbia River in both Washington and Oregon.

But in north central Washington, an emerging power-hungry industry is meeting with some resistance. It involves the making and managing of the virtual currency called bitcoin.

Bitcoins are traded on the Internet. They can be converted to cash: one bitcoin is currently worth about $380. One to way to earn bitcoins is to lend computing horsepower to the global bitcoin network. That’s known as bitcoin mining.

One place that happens is at Dedicated Hosting Services. That’s a 1-year-old company that leases a former machine tool shop on the banks of the Columbia River.

“No one notices that anything is going on there because we are so quiet,” company president Michael Cao said.

Read more @ http://www.opb.org/news/article/npr-virtual-currency-meets-wariness-as-it-plugs-into-cheap-columbia-river-power/

Bitcoin as a corporation

Bitcoiners like to defend their community by proclaiming it just that – a community. But, what if in a court of law, Bitcoin could be defined as a corporation. What would this mean for Bitcoiners?

If the so-called Bitcoin Community were declared a corporation, the precedent would then be set for online creation communities to thus be considered corporations. This would have far-ranging implications for all online creation communities, which encompasses technologies like Linux.

If Bitcoin were ruled a corporation, then it would have operated for numerous years unregistered. As many early bitcoiners argued, holding Bitcoins would be like owning stock in an early tech startup. If this were the case, then Bitcoiners might all be seen as stakeholders in the Bitcoin corporation.

Read more @ https://www.cryptocoinsnews.com/bitcoin-as-a-corporation/

7ev3n ransomware demands 13 Bitcoins in payment, wreaks havoc on Windows PCs

Researchers have uncovered a new type of ransomware that trashes victims' Windows system and demands 13 Bitcoins in payment - one of the largest malware-based ransoms seen to date.

Lawrence Abrams of Bleeping Computer explains how the ransomware, which has been dubbed "7ev3n", encrypts .DOC, .JPG, .PDF, and other common file types according to a unique process:

"When a computer is infected, the ransomware will scan all of the drive letters that match certain file extensions and when it finds a match rename them into numbered sequences of files with the .R5A extension. For example, if a folder contains 25 data files, the ransomware will encrypt and rename all the files to 1.R5A, 2.R5A, 3.R5A ... 25.R5A."

Once the ransomware has successfully infected a victim's files, it displays a ransom message that demands 13 Bitcoins (approximately $5,100 USD). This note includes a Bitcoin address where ransom 

payments should be submitted:

Read more @ https://www.grahamcluley.com/2016/01/7ev3n-ransomware-demands-13-bitcoins-payment-wreaks-havoc-windows-pcs/

Lithuanian Law Enforcement Official Warns Terrorists Could Fund Activities With Bitcoin

The director of Lithuania’s Financial Crime Investigation Service (FNTT) warned that terrorists could use bitcoin to fund their activities in the future, according to delfi.lt, a Lithuanian news site.

The director, Kestutis Jucevicius, said at a press conference in Vilnius that bitcoin can potentially benefit groups involved in trafficking arms, human beings and drugs.

This announcement followed the recent arrest of a Lithuanian citizen believed to be part of a group that laundered bitcoin from the sales of drugs and weapons.

Lithuanian Part Of Crime Ring

A Lithuanian citizen was among 10 people arrested suspected of using bitcoins to “wash” about 20 million Euros (approximately $21.8 million) from selling weapons and drug on the Dark Web.

The Dutch Tax and Customs Service (CIOD) organized the international operation which included the FNTT. The investigation found drugs and weapons being traded on the Dark Web.

In Dark Web transactions, traders redeem virtual currency for cash.

The Lithuanian citizen is an exchange student studying economics. Dutch law enforcement identified this person as one of the most important in the group.

The FIOD raided 15 different locations in the Netherlands in a coordinated operation. The prosecution revealed the seizure of cash, luxury cars, bank accounts and 15 kilograms of ingredients for the manufacture of Ecstasy, CCN previously reported. Altogether, over 250 law enforcement officials participated in the raids.

The suspects, reportedly of Dutch, Moroccan and Lithuanian nationality and in their 20s, are seen as facilitators to drug dealers operating on the Dark Web who launder bitcoins into money.

Read more @ https://www.cryptocoinsnews.com/lithuanian-law-enforcement-official-warns-terrorists-fund-activities-bitcoin/