Category Archives: Bitcoin

Colossus Coin

Colossus coin (COL) is an open network, open-source,  peer-to-peer (P2P) Internet currency. It runs off the popular script protocol similar to Litecoins, which gives it stability, speed and accessibility to GPU ecoin miners.  Colossuscoin (COL) was announced on 22 August 2013 on bitcointalk.org – Forum by muddafudda. It is currently a top 50 ecoin by market cap.  A lot of Colossus coins have already been mined as is relatively difficult to acquire by mining. As of Dec 2013, colossuscoin is traded on multiple exchanges primarily for other ecoins like Bitcoin, Litecoin and Feathercoin. Most of these exchanges require you to trade other ecoins for Colossuscoins.  The best way to get Colossus coins maybe to buy them from a dealer or trade for them on an exchange. Colossuscoin is a relatively new coin without much media or news coverage. Most information is on the colossuscoin forum, Facebook, Twitter and the Colossuscoin website.

What you do with Colossuscoin

Colossus coins are exchangeable for other Ecoins like Bitcoins and Litecoins.  There are many ecoin markets that exchange Colossuscoins for other ecoins.  If you want to send someone a small amount of ecoins, Colossuscoins is one of the best ways to do it. While transferring Litecoins and Bitcoins is relatively inexpensive, transferring Colossus coins are even cheaper.

How to get Colossuscoins

The first thing you need is a colossuscoin specific wallet. If you want to receive, hold or send Colossuscoins, you need a Colossuscoin wallet. Most wallet options are free. An online wallet will require you to create an account and an offline wallet requires a download. You can use either an online Colossuscoin wallet available at the Colossus coin website, or at offline Colossuscoin wallet available at ecoin exchanges like Cryptsy or Bter . You will be able to track Colossus coin transactions on the colossuscoin Block Chain.  As of now most of those exchanges only allow intra-ecoin trading rather than USD or EUR to ecoin trading for COL.

Generally you can not buy colussuscoins with cash or credit.  You need to exchange them for other ecoins (typically Litecoins or Bitcoins) in ecoin exchanges. Once exception is our colossuscoin starter kit.

(1) Start downloading your colossuscoin wallet from the colossuscoin website.  The wallet will need to sync with the blockchain.  This will take sometime to update.  While you are waiting for syncing.

(2) Order the Ecoin Club Colossuscoin starter kit including 10,000 Colussuscoins, and bonus colussuscoins for $5 with paypal.

(3) You will receive a confirmation email, reply to that confirmation email with your Colussuscoin wallet address.

(4) Your security and satisfaction are paramount to us.  We will transfer you a small test amount of Colussus coin to your wallet, once you confirm that you received the test amount, we will send the rest of your starter Colossuscoins.

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bitcoin-hacker_photobucketEcoin Insurance

When you buy or sell an Ecoin you can use escrow services like Local Bitcoin to increase the likelihood that you will get a fair trade. If a Bitcoin (or other Ecoin) is stolen it is almost impossible to get it back. There is no buyer guarantee, charge back or refund option. Also there is no way to delete the stolen Bitcoin and replace it.  Basically the victim is without recourse.

Hard to hide stolen Ecoins

Unlike cars, jewelry and cash, it is extremely difficult, if not impossible to hide coins from the world and still use them. This is because of the peer to peer block chain. A thief is attempting to do it right now with 96,000 stolen bitcoins. You can actually watch it happen real time on the block chain. The block chain records every Ecoin transaction that has ever occurred.  The entire world knows the exact network location (Bitcoin Wallet) of the stolen Ecoin. The entire world also knows exactly when that Bitcoin or portion of that Bitcoin is moved on the network from one Wallet to another.

Tagging stolen Ecoins

Because every ecoin transaction is recorded, the ecoin can also be tagged as stolen. The tag could follow the stolen Bitcoin around the network. The stolen ecoin index could be available to the entire peer to peer network and ecoin clients could look at the index to determine if a coin that they received is stolen.

How Bitcoin and Ecoin insurance could work

Ecoin holders would pay the insurance premiums with ecoins the same way we buy insurance now. When a ecoin is stolen the victim would make a claim against the insurance similar to claims against ordinary theft insurance. Once the insurer confirms that the coin has been legitimately stolen, the insurer would replace the ecoin. The insurer would become the rightful owner of the stolen ecoins.

The insurer could offer a bounty for the return of the stolen ecoins. The first time the coin is traded or held in an online wallet it would be identified as stolen and could be transferred back to the insurer for the bounty. Once the ecoin is back in the hands of the rightful owner, the stolen tag could be removed and the ecoin recirculated.

 

What is Ecoin Mining

bitcoin-mining-rigMining Bitcoins can be compared to mining minerals like gold, copper silver etc.  The way you mine gold is my digging in the ground, looking for something shiny, then testing to make sure that it is gold.  When you mine Ecoins, your shovel is a computer doing math and your testing kit is all the other computers on the Ecoin peer to peer network.  Instead of digging in the dirt to find something that looks like a Ecoin, your computer tries to solve a difficult math problem.  The math problem that has many correct answers, but not an infinite number of answers.

Since there is a finite number of correct answers to the math problem, as Ecoins are discovered there are less to find.

Mining computers requires a great deal of computing horsepower.  If you do not have a powerful computer and a cost effective power supply, you will not be able to mine Ecoins.  Unfortunately, this describes most of the people living in the world.

101201privacyreport_ES1Part of the discourse around the pros and cons of Ecoins is that they can be easily used to launder illegal funds or purchase illegal goods.  If anonymity and secrecy are good for crime, Ecoins are bad for crime.   Buying with Ecoins is like buying with cash.  Like cash, the identity of the buyer and seller are anonymous to one another and everyone else.  However, the payment network that processes Ecoin transactions is complete transparent.  Anyone in the world can look up the exact path of every Ecoin transaction of all time.  This information is stored in the block chain.

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The block chain is the perfect genealogy of every Ecoin.  If people are still using Bitcoins in a million years, the Block chain will still be able to track every transaction back to the original Ecoin mining event.  While the block chain increases at an amazing rate, the data is well organized and therefore easy to query.  It is relatively simple to identify suspicious patterns and once one illegal actor is identified, it is easy to track the flow of currency every step of the way out.

Ecoins offer criminals no secrecy and only a a trivial amount of anonymity.  Every Ecoin transaction requires a computer or internet device to have a unique (anonymous) identity on the Ecoin peer to peer network.  While your identify on the network is anonymous, it is unique.  Almost all web devices are identifiable by location or owner.  Criminals get almost no anonymity and no secrecy when they transact criminal activities using Ecoin.   The real anonymity of Ecoins is the anonymity the consumer gets from the seller, marketers, credit card processors etc.  It is not the type of anonymity that protects or hides illegal activities. For the most part, law enforcement seems to be embracing the Ecoin movement, perhaps in part because it may make their jobs easier.

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Would you like to see a Bitcoin transaction that had nothing to do with you?  Well you can, anyone can!  That may sound scary but this feature is one of the coolest and most transparent things about Ecoins.  While the buyer and seller’s identify remain anonymous in the network, the payment processing system is completely transparent.  All transactions are managed, reports and processed through the public Bitcoin network. The reporting aspect of the network is called the Block Chain  This is true for most open source peer to peer Ecoins as well.  At anytime you can enter a wallet address or other identifying number thread into the search bar and see all the information about that transaction.  This is particularity cool when you send a Ecoin.  You can match the Ecoin go through the network and start to get confirmations.

blockchain

Most Ecoin transactions require a certain number of confirmations before the recipient will consider the transaction valid.  The Bitcoin community has commented that 5 Bitcoin network confirmations have the same level of validity of waiting 6 months to validate a credit card transaction.  It will usually take less than 30 minutes to get the confirmations required to confirm the transaction.

blockchain2

Many recipients require 3 confirmations before accepting the validity of an Ecoin transfer. This is a recent transfer with only 2 confirmation so far.