...I. Definition Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. II. Do you think Bitcoin is money? 1. Advantages of Bitcoin Payment freedom - It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money. Very low fees - Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants' bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks. Fewer risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there...
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...Bitcoin Cryptocurrency Recently, notable interest in payment systems based on virtual currency such as Bitcoin has become widespread. According to Burt, Gilbert, and Blye (n.p), Bitcoin advocates were dealt a major blow in 2014 when the most active Bitcoin world exchange, Mt. Gox, was declared bankrupt, incurring approximately $473 million in losses. Following the Mt. Gox collapse, Bitcoin value fell to around $500 from a high of $1000. Despite this, interest in Bitcoins has remained surprisingly resilient (Trautman 23). This paper will explore the efforts aimed at developing a novel and improved digital exchange medium, its advantages, and disadvantages. The paper will also explore the regulatory environment around the currency, to understand the digital currency better. Characteristics of Bitcoin Bitcoins were created in 2009 as a cryptocurrency, with the intention of making an electronic peer-to-peer system of payment with cryptographic proof (McMillan & Metz n.p). Peer-to-peer systems mean that no central authority regulates new money or tracks new transactions. Numerous features make this system different from payment systems such as M-Pesa or PayPal. First, this system supposedly eliminates the need for any financial intermediary such as banks or credit companies to handle payments (McMillan & Metz n.p). Next, the basic premise is that this system is irreversible and less expensive as compared as compared to other conventional banks as well as credit card...
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...BITCOIN CASE STUDY CONTRABAND AND DRUG MONEY – NEGATIVE IMPACT UK BANKS WONT ACCEPT BITCOIN BUSINESS MODELS MORE PEOPLE ARE OPTING FOR BITCOIN POOR COUNTRIES – LARGE FX TRANSFERS CASE FACTS CHEAPER AND FASTER THAN CONVENTIONAL CURRENCY HAS RISKS AS NO SINGLE RESPONSIBLE ENTITY NO INTERNATIONAL STABILITY DIGITAL CURRENCY NEGATIVE POSITIVE Research about legislation regarding the Bitcoin and other crypto-currencies EUROPEAN COMMISION WILL CHECK BITCOIN FOR MONEY LAUNDERING AND FINANCING TERRORIST ORGANISATIONS AFTER MT GOX TRAGEDY JAPANESE GOVERNMENT WILL REGULATE BITCOIN ACTIVITY US FINCEN IS WORKING WITH IRS TO DEVELOP PROGRAMS FOR TAX EXAMINERS TAIWAN FINANCIAL SUPERVISORY COMMISSION WILL REMAIN NEUTRAL TOWARDS BITCOIN WASHINGTON STATE DEPARTMENT OF FINANCIAL REGULATIONS HAS ISSUED NEW WARNING TO POTENTIAL BUYERS OF DIGITAL CURRENCIES RUSSIA PLANS TO PENALISE THE CONVERSION OF DIGITAL CURRENCIES INTO THE ROUBLE Other new forms of virtual economy Digital currencies such as bitcoin are known as "decentralized digital currencies," meaning that there is no central point of control over the money supply. LITECOIN DARKCOIN PEERCOIN DOGECOIN PRIMECOIN The table below shows the market capitalization and price of the digital currencies NAME MARKETCAP PRICE BITCOIN $4,754,296,898 $349.81 LITECOIN $121,860,749 $3.53 DARKCOIN $20,112,825 $0.00 PEERCOIN $14,882,010 $0.68 DOGECOIN $11,066,538 $2.24 PRIMECOIN $961,543 $0.12 Would you accept to be paid in...
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...tasks in the virtual environment or simply participating for a set period of time, and users can also buy it, converting real currency into virtual, usually at a very favorable exchange rate. Virtual currencies like Bitcoin, Ripple, Litecoin and others have developed rapidly these years. Compared with traditional currency, virtual currency differs in many aspects. However, will virtual currency be able to take over traditional currency in the future? Economists have different idea on this question. The essay is presenting the arguments that virtual currency will replace traditional currency and vise-versa. One argument comes from People.cn: Some virtual currencies have become independent currencies and no longer depend on sovereign currencies. With future development, virtual currencies will replace traditional currencies. (Can Virtual Currencies Strike the Real World? 2013) In this argument, the premise is some virtual currencies have become independent currencies and no longer depend on sovereign currencies. This premise is deniable. Virtual currencies are not independent by now. They still need the support of sovereign currencies. For an example, people use the real money to buy Bitcoin and store it in a digital wallet. Or by mining, people can get Bitcoin, but the real money is still necessary to buy the equipment for mining. In this process, virtual currencies still need to depend on sovereign currencies. So this premise is not very reliable. The conclusion of it is...
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...WORLD OF BITCOINS ¬¬¬ CONTENTS Page(s) 1. Introduction 3 2. Features of Bitcoin 4-9 3. Bitcoin Mining 10-11 4. Legality of Bitcoins in different countries 12-13 5. Pros and Cons of Recent Developments of Bitcoin 14-15 6. Legal Aspects of Bitcoin in India 16-19 7. Conclusion 20 8. References 21-23 INTRODUCTION We live in a world where transactions are made by traditional methods using separate currencies. This system has been implemented since the dawn of time. But for a more modern approach, a new form of currency called as crypto currency have been introduced by various organizations around the world. The first crypto currency to be introduced is the Bitcoin. Bitcoin is the creation of a computer programmer named using the pseudonym Satoshi Nakamoto that made its debut in January 2009. This is an open source, peer- to-peer, digital currency that has no physical manifestations. Unlike earlier digital currencies that had some central controlling person or entity, the USP of Bitcoin lies in its network being completely decentralized, with all parts of transactions performed by the users of the system. This is similar to the U.S. dollar so, Bitcoin is a fiat currency in that it is not redeemable for some amount of another commodity i.e. Bitcoin in itself...
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...Question 1 Answer: Money is used in final settlement of a debt and as a ready store of value. Several functions of money are associated with different empirical measures of its supply. Given that most modern economies are government regulated through set monetary policies, the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each. In Australia for example the the Reserve Bank of Australia (RBA) defines the aggregate functions of money into the following categories: M1: currency bank + current deposits from the private non-bank sector; M3: M1 + all other bank deposits of the private non-bank sector; Broad Money: M3 + borrowings from the private sector by Non-Banking Financial Institutions, less the NBFI’s holdings of currency and bank deposits; Money Base: holdings of notes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector The different types of money found in most reserve banks are described in the table below. Type of money M0 MB M1 M2 M3 MZM Notes and coins (currency) in circulation (outside Federal Reserve Banks, and the vaults of depository institutions) V V V V V V Notes and coins (currency) in bank vaults V V Federal Reserve Bank credit (minimum reserves and excess reserves) V traveller’s checks of non-bank issuers V V V V demand deposits V V V V other checkable deposits (OCDs), which...
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...The Internet is praised as a modern technological break through, pushing human communication and productivity to unbelievable heights. With the benefits and excitement of the Internet constantly publicized however, the inherent disadvantages brought forth with this technology are dangerously overlooked, much to the advantage of the parties who are the source of these issues. With the necessary funding, governments can and have been known to conduct surveillance on their citizens via the Internet (Geer, 92-93). The Internet has also allowed nations to conduct espionage on each other, becoming a serious national security risk as a new platform over which warfare can be carried out has been created (Solis, 1-3). Although businesses can leverage the Internet to achieve an incredibly high degree of globalization, the integration of Internet technology into businesses has opened them up to financially driven cyber attacks, resulting in net losses of millions each year ("Cybercrime Becoming More Professional." 3). The globalization brought with the Internet is not selective; it is inherent. Gritzalis and Gurvirender argue that a massive underground economy has birthed where criminals are achieving new levels of sophistication and organization, optimizing their gains and deepening the losses of society (1-2). This paper will explore the argument proposed by Gritzalis and Gurvirender. Criminals who have adapted to the cybercrime market are becoming increasingly complex in their methods...
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...Assessment 1 FNSACC604A Monitor Corporate Governance Activities Question 1 The constitutional basis for the Corporations Act 2001 (Cth) is the provided for the Section 3 itself and also the purpose to make provision in relation to corporations and financial products and services. There are 4 operations of the Act actually based on, first of all in Australia, the operation of the Act in the referring States is based on the legislative powers that the Commonwealth Parliament has under section 51 of the Constitution (other than paragraph 51(xxxvii)) and also the legislative powers that the Commonwealth Parliament has in respect of matters to which this Act relates because the matters are referred to it by the Parliaments of the referring States under paragraph 51(xxxvii) of the Constitution. Besides that, the State referrals fully supplement the Commonwealth Parliament’s other powers by referring the matters to the Commonwealth Parliament to the extent to which they are not otherwise included in the legislative powers of the Commonwealth Parliament. Secondly, the operation of the Act in the Northern Territory and the Capital Territory is based on the legislative powers that the Commonwealth Parliament has under section 122 of the Constitution to make laws for the government of those Territories and the legislative powers that the Commonwealth Parliament has under section 51 of the Constitution. Despite subsection 22(3) of the Acts interpretation Act 1901, this Act as applying...
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...DMBA 610 Knowledge Integration Exam Fall 2015 ________________________________________Please read all instructions carefully before you begin. 1) Use the provided Student Exam Answer Sheet. Include your responses to all questions in the column, “Your Response” next to the appropriate question. This ONE Exam Answer Sheet document should be saved with your last name and "final," -- e.g. "Smithfinal"-- and posted in your Assignment Folder no later than 11:59 PM (EST), Sunday, November 15th, 2015. This exam also must be submitted to Turnitin.com It is recommended that you submit your exam to Turnitin.com at least 24 hours before the deadline to allow you sufficient time to address any issues identified in the Originality Report prior to posting your exam in your Assignment Folder. Please note: The exam questions are already included on the Answer Sheet. If the exam content is recognized as non-original by Turnitin, it will be ignored in analyzing your Turnitin report. Do not include any repeat of the exam case content on your Answer Sheet. Only place your answers and references on the Answer Sheet. 2) No extensions may be granted on this assignment; be sure to submit it on time and check to make sure that the document you submitted is readable and what you intended to submit. NOTE: This is an individual assignment. Any discussion or collaboration regarding the assignment constitutes a violation of UMUC's Academic Dishonesty and Plagiarism Policy. If you have any...
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... A Botnet can simply be seen as a network of compromised set of systems that can be controlled by an attacker. These systems are able to take malicious actions as needed by the attacker without the consent of the device owner and can cause havoc. This paper is the first part of a two-part report and discusses on several reportedly known botnets and describes how they work and their mode of infection. Several historic attacks and the reported damage have been given to give a good picture and raise the bar on the capabilities of botnets. Several existing tools have been considered and examined which are useful for detecting and terminating botnets. You would find that each tool has its own detection strategy, which may have an advantage on some end than others. iii Table of Contents Declaration ........................................................................................................................................... i Acknowledgements .......................................................................................................................... ii Abstract...
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...CHAPTER 3 3.0 ANALYSIS CYBERCRIME CASES 26 SUMMARY OF CYBERCRIME CASES 38 CONCLUSION AND RECOMMENDATION 43 REFERENCES 44 ABSTRACT The 21st century has brought about certain influences in the lives of everyone including the way we do business transactions, the way we gain education and the way we communicate; these influences are mostly revolutionized through the use of modern day technology and though these technologies have been proven to be beneficial to the entire society, it also carries with it aspects that can be worrying for everyone. Certain professionals in the said field use their expertise to illegally develop ways on how to take advantage of others with of course the use of technology hence cybercrime. This study aims to provide an overview of the said topic and depict real life incidents with major companies and also discuss ways of avoiding them. CHAPTER 1 1.0 INTRODUCTION At early times the word computer was first conceived in the late 1600s and was originally used to describe a human being who performed calculations, computations and the like but it was only until the end...
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...Business and management terms dictionary 21-Gun Salute - Traditional honour given to royalty and heads of state, derived from the old signal of peaceful intent, when multiple firing practically removed capability for immediate threat due to re-loading time. 24-Carat/Karat - The purest form of gold (karat is US-English spelling, too soft for jewellery, hence gold jewellery is made of 22-carat, 18-carat, or 9-carat gold, etc., in which other metals such as copper are mixed. Carat is a measure of purity in which 24 parts equate (virtually) to 100% gold. 18-carat is therefore 75% gold. Less than 10-carat gold is generally not sold as gold. The carat measure of diamonds is different, for which carat is a measure of weight (1 carat = 200mg). 24-hour Society - Refers to a way of life available to many in the modern world in which people can work socialize, shop, bank, etc., 24 hours a day. The phenomenon has caused significant new thinking in business, management, marketing, etc., and continues to do so. ...
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...CIS 534 - Advanced Network Security Design 1 CIS 534 Advanced Network Security Design CIS 534 - Advanced Network Security Design 2 Table of Contents Toolwire Lab 1:Analyzing IP Protocols with Wireshark ........................................................................ 6 Introduction ............................................................................................................................................. 6 Learning Objectives ................................................................................................................................ 6 Tools and Software ................................................................................................................................. 7 Deliverables ............................................................................................................................................. 7 Evaluation Criteria and Rubrics ........................................................................................................... 7 Hands-On Steps ....................................................................................................................................... 8 Part 1: Exploring Wireshark ............................................................................................................... 8 Part 2: Analyzing Wireshark Capture Information .......................................................................... 12 Lab #1 - Assessment Worksheet...
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...EBAY INC FORMReport) 10-K (Annual Filed 01/31/14 for the Period Ending 12/31/13 Address Telephone CIK Symbol SIC Code Industry Sector Fiscal Year 2065 HAMILTON AVENUE SAN JOSE, CA 95125 408-376-7400 0001065088 EBAY 7389 - Business Services, Not Elsewhere Classified Retail (Catalog & Mail Order) Services 12/31 http://www.edgar-online.com © Copyright 2014, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 . OR [] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to . Commission file number 000-24821 eBay Inc. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 77-0430924 (I.R.S. Employer Identification Number) 2065 Hamilton Avenue San Jose, California (Address of principal executive offices) 95125 (Zip Code) Registrant's telephone number, including area code: (408) 376-7400 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each class Name of exchange on which registered Common stock The Nasdaq Global Select Market Securities registered pursuant...
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