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Keyword: bitcoin

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  • Orthodox Church Calls for Alternative Financial System in Russia

    08/12/2015 11:24:38 AM PDT · by marshmallow · 10 replies
    The Moscow Times ^ | 8/11/15 | Anastasia Bazenkova
    As the Russian economy reels from low oil prices and Western sanctions, the country is seeing rising interest in unorthodox financial solutions, most recently one pitched by the Orthodox Church. Last week, the Russian Chamber of Commerce and Industry threw its support behind a so-called Orthodox Financial System developed under the aegis of the Moscow Patriarchate and strongly resembling the better known Islamic financial system. "The Chamber of Commerce and Industry supports the creation of the Orthodox Financial System … and is ready to provide its platform for detailed and professional discussion of these questions together with the relevant committees...
  • Bank of America stops wire transfers and U.S. dollar bank drafts to Belize

    08/12/2015 5:02:10 AM PDT · by Oshkalaboomboom · 22 replies
    CuencaHighLife ^ | 12 Aug 2015 | CuencaHighLife
    Bank of America issued a statement July 28, halting Atlantic International Bank wire transfers, U.S. dollar bank drafts, and foreign currency transfers to and from Belize. chl bofaAccording to the statement, Bank of America is exploring options for the flow of incoming and outgoing wires and hopes to find a solution to the issue. The issue is called de-risking and is in compliance with the regulations currently imposed on Caribbean and Central American regions by large U.S. and European banks. This process has severed ties with several smaller banking institutions. The move caught U.S. expats in Belize by surprise and...
  • The bitcoin drug baron: Mother thought her 'gentle son' was making video games on his laptop...

    06/21/2015 4:57:48 AM PDT · by Mycroft Holmes · 12 replies
    Daily Mail ^ | 16:01 EST, 20 June 2015 | ANNETTE WITHERIDGE
    Ross Ulbricht was jailed for life after he was accused of being Dread Pirate Roberts who ran online black market site But his horrified mother Lyn claims there has been a miscarriage of justice and is fighting for his freedom In a revealing interview she described her 'gentle' son as an idylistic graduate with little money But she says he was branded as a cyber-criminals by a legal system that rode roughshod over natural justice
  • WHERE WAS THE VOTE WHETHER WE WANTED A WOMAN ON THE $10 BILL OR NOT ???

    06/18/2015 6:25:13 PM PDT · by knarf · 59 replies
    self ... way deep down self | June 18, 2015 | knarf
    Why haven't I seen a thread asking that question ?
  • This newly declared microcountry wants to become the world's foremost tax haven

    04/22/2015 2:54:26 PM PDT · by SeekAndFind · 38 replies
    Business Insider ^ | 04/22/2015 | Ryan Gorman
    The world’s newest microcountry wants to become its foremost tax haven. Liberland, which sits on 2.7 square-miles of land along the Danube River between Serbia and Croatia, was founded earlier this month and plans to have only voluntary taxes. "We don’t want the state to take money from the people," Vít Jedlička, a native of Prague and Liberland's new president, told Business Insider in a phone interview. "We want to have voluntary taxes." Elected into office by a three-person committee, Jedlička says he started Liberland to “turn the concept of a state upside down.” After working as a financial analyst...
  • Ex-Feds Accused Of Pocketing Bitcoins During Investigation

    03/30/2015 2:32:11 PM PDT · by Theoria · 9 replies
    NPR ^ | 30 March 2015 | Krishnadev Calamur
    Two former federal agents accused of stealing bitcoins have been charged with wire fraud, money laundering and related offenses, the U.S. Justice Department said in a statement. Carl Force, a former special agent with the Drug Enforcement Administration, and Shaun Bridges, a former Secret Service special agent, were both part of a Baltimore task force investigating Silk Road, the online marketplace often labeled the eBay of the drug trade. Force was given the task of establishing communications with Ross Ulbricht, aka "Dread Pirate Roberts," the San Francisco man who has been linked to Silk Road. Ulbricht was convicted last month...
  • Rand Paul’s claim — twice in one day — that he has a biology degree

    03/20/2015 2:53:23 PM PDT · by thetallguy24 · 72 replies
    Washington Post ^ | 02/13/2015 | Glenn Kessler
    “I have a biology degree, okay?”– Sen. Rand Paul (R-Ky.), in remarks at the Lincoln Labs “Reboot Congress” conference, Feb. 12, 2015This column has been updated with an additional explanation by Paul’s spokesman.We first spotted a version of this quote in a Bloomberg column by David Weigel, and then checked the quotes with our colleague Jose DelReal, who had attended the conference.This is a bit of an odd one, given that Paul does not have a college undergraduate degree.The Facts Paul mentioned his alleged degree at the conference not once, but twice. First, in an exchange with TechCrunch founder Michael...
  • Ethereum, IT Dreamed Up By a Wunderkind 19 y.o. That Could One Day Transform Law, Finance & Society

    03/19/2015 11:50:14 PM PDT · by 2ndDivisionVet · 16 replies
    Reason Magazine's Hit & Run Blog ^ | March 19, 2015 | Jim Epstein
    Ethereum, the brainchild of wunderkind software developer Vitalik Buterin, who was just 19 when he came up with the idea, is the most buzzed-about project right now in the cryptocurrency community. It has attracted an all-star team of computer scientists and raised $18.4 million in a crowdfunding campaign—the third most successful of all time. And now, according to the official Ethereum blog, it's on the verge of being rolled out to the public. Ethereum's developers use a rolling ticker tape of bold tag lines to describe what they're creating, including a “Social Operating System for Planet Earth,” and “the Upcoming...
  • Alphaseed Project Looks to 3D Print Entire Ocean Cities in International Waters (Sovereign States)

    03/15/2015 1:55:50 PM PDT · by 2ndDivisionVet · 6 replies
    3D Print ^ | March 11, 2015 | Eddie Krassenstein
    In the short amount time that we have been covering this industry, we have reported on many amazing 3D printing related projects being undertaken by various individuals and companies around the globe. There have been 3D printed cars, 3D printed apartment buildings, and even an entire 3D printed estate that is expected to be erected in New York sometime this year. However, when we were contacted by a man named Tops Nicol, the research founder of the Alphaseed project, we were truly blown away.  “Science is fascinating and its latest growth in all branches of scientific research has helped...
  • Beijing has a bitcoin problem on its hands: Sending money overseas to circumvent gov't control

    03/14/2015 10:58:19 AM PDT · by SeekAndFind · 7 replies
    South China Morning Post ^ | 03/14/2015 | William Pesek
    As if Zhou Xiaochuan didn’t have enough to worry about, the central bank governor now has a bitcoin problem on his hands. In a new report, Goldman Sachs says the yuan is now used in 80 per cent of transactions into and out of the cyber currency, topping the US dollar, yen and euro. Given that the Communist Party’s highest priority is stability, and the rampant use of bitcoin represents nothing if not the opposite, it’s probably only a matter of time until Beijing tries to crack down. It wouldn’t be the first time. In December 2013 – at a...
  • Bitcoin Crime Wave Breaks Out in NYC: firefighter kidnapped, robbed and stabbed by crypto thieves

    02/21/2015 4:31:58 AM PST · by 9thLife · 16 replies
    Observer ^ | 02/20/15 9:54am | Jack Smith IV
    Bitcoin is growing in popularity as a way of quickly and safely moving money. But that also makes the job of a thief much more lucrative and efficient. (Photo: Getty) Bitcoin, the technology that’s meant to revolutionize the way we think of money, is simultaneously revolutionizing the way we get mugged. A New York City firefighter named Dwayne Richards was recently held up, stabbed and robbed by thieves who were after his bitcoin, the Observer has learned. From what we’ve discovered, Mr. Richards, who is a firefighter in lower Manhattan, was mugged and left bleeding after meeting the robbers under...
  • $386M allegedly missing, as investors fear bitcoin Ponzi

    02/09/2015 8:26:35 PM PST · by CutePuppy · 47 replies
    CNBC ^ | 2015 February 08 | Everett Rosenfeld
    Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process. The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors. The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play. "No one seems to know who is behind this," a woman surnamed Lau, who said she lost HKD 1.3 million, told the paper. "Everyone says they, too, are victims ......
  • Winklevoss Twins Look To Legitimize Bitcoin With A Regulated US Exchange

    01/27/2015 11:01:02 PM PST · by zeestephen · 9 replies
    TheVerge.com ^ | 23 January 2015 | Chris Welch
    Tyler and Cameron Winklevoss think they have the answer to Bitcoin's rocky 2014 and tumbling value: a "fully regulated" Bitcoin exchange based in the United States..."A growing number of US investors, traders, financial institutions and businesses wanted to get involved with bitcoin directly, but had no options other than to trade overseas or sit on the sidelines."
  • The bitcoin bubble has burst – but the real excitement is yet to come

    01/21/2015 4:30:58 PM PST · by 9thLife · 23 replies
    Today I want to consider the outlook for bitcoin. 2014 was its worst year on record. It fell by 67%, from $800 to $320 a coin. In doing so, it beat the likes of the Russian rouble and the Ukrainian hryvnia, to the dubious honour of being the world’s worst-performing currency. You know what the world’s best-performing currency was by the way? Nope, not the US dollar, but the Somali shilling. Yup. It surprised me too. Anyway, back to bitcoin… The bursting of the bitcoin bubble So far, 2015 has not been any better than 2014 for bitcoin. At one...
  • Former Plumber Gets 4 Years for Silk Road Connections

    01/21/2015 1:37:23 PM PST · by Citizen Zed · 4 replies
    Bitcoin News Service ^ | 1-21-2015 | Nick Marinoff
    Things are really starting to heat up regarding the Silk Road marketplace (as if things already weren’t hot enough). Following the start of Ross Ulbricht’s trial last week, a bitcoin trader has been sentenced to four years in prison due to his unveiled connections to the underground illegal market. Robert M. Faiella (who often operated under the code name “BTCKing”) has recently pled guilty to operating an illegal money transmission business.  Often times, the business saw to the exchange of fiat currency for bitcoins, which would then be used to purchase drugs and other items from Silk Road. Faiella, a...
  • Bitcoin price plunges, prompting concerns about ‘mining’ activity

    01/14/2015 11:30:48 AM PST · by BenLurkin · 12 replies
    marketwatch.com ^ | Jan 14, 2015 12:49 p.m. ET | Michael J. Casey
    providers of its core computing infrastructure to shut down operations. The selloff, which appears to have been exacerbated when Asian traders were forced to meet collateral demands under margin trading rules, left bitcoin down 14.49% at $194.04 in the late New York morning Wednesday, following a 15.02% plunge Tuesday, according to news service Coindesk. The digital currency is now down 39% from Dec. 31 alone and is off 83% from the all-time high of $1,165 that it hit at the end of a furious rally in November 2013. ... On Monday, CEX.io, a company that mines bitcoins on behalf of...
  • What’s the worst performing currency of 2014? It’s Bitcoin

    12/30/2014 6:54:17 PM PST · by Mad Dawgg · 42 replies
    FoxNews.com ^ | December 30, 2014 | Mike Flacy
    Plummeting downward by approximately 56 percent over the last 12 months, Bitcoin was recently crowned as the worst performing currency of 2014 according to Bloomberg. During early December 2013, the digital cryptocurrency was trading around $1140 and started falling to around the $850 range during early January 2014. As of this month, Bitcoin is being traded at the $320 level. However, this value is still higher than the value of the cryptocurrency prior to November 2013. Other poorly performing currencies of 2014 include the Ukraine’s hryvnia and Russia’s ruble.
  • Man embeds computer chips in hands to store Bitcoin [Mark of the Beast?]

    11/11/2014 6:44:51 AM PST · by Red Badger · 31 replies
    www.telegraph.co.uk ^ | 3:41PM GMT 10 Nov 2014 | By Matthew Sparkes, Deputy Head of Technology
    By implanting 12mm glass computer chips in his flesh Martijn Wismeijer has been able to store Bitcoins inside his body, create a personalised alarm clock and will even be able to install keyless doors in his home. But how painful is the injection? A Dutch entrepreneur has had two wireless computer chips implanted under the skin in his hands to allow him to store digital currencies like Bitcoin inside his body. Martijn Wismeijer is the founder of Mr Bitcoin, a company which installs and operates crypto-currency cash machines in and around his native Amsterdam and across Europe. This month he...
  • Bitcoin Tumbles - Are Investors Losing Faith?

    10/06/2014 1:02:41 AM PDT · by zeestephen · 13 replies
    MSN.com ^ | 06 October 2014 | Katie Holliday
    Bitcoin lost nearly a fifth of its value over the weekend, raising concerns that investors are losing faith in the cryptocurrency...Prices fell to a year-to-date low of $290.83 on Sunday...Prices are down 73 percent from their all-time high of $1,147 hit on December 4, 2013.
  • Could Bitcoin Become Scotland’s Official Currency?

    09/18/2014 2:31:35 PM PDT · by 2ndDivisionVet · 19 replies
    Mother Jones ^ | September 16, 2014 | Josh Harkinson
    A reliable medium of exchange is the biggest obstacle to Scottish independence. Enter the world's leading crypto-coinage.With Thursday's Scottish independence referendum too close to call, opponents of an independent Scotland have been stressing the would-be country's lack of a reliable currency. An independent Scotland could either keep using the British pound and lose control of its monetary policy, join the eurozone's well-known squabbles, or create a new national currency that's almost certain to be weak. But there's an intriguing fourth option: adopting an online crypto-currency such as Bitcoin. Scotland actually has some historical experience with this sort of thing: Instead...
  • This Site Says It Will Tell If Your Gmail Password Was Hacked [But is it legit?]

    09/11/2014 9:18:25 AM PDT · by SeekAndFind · 16 replies
    Business Insider ^ | 09/11/2014 | Julie Bort
    As you may have heard, Russian hackers have published the passwords for roughly five million Gmail accounts. This follows the publication of millions of passwords for two of Russia's largest email services, Yandex and Mail.Ru.Chances are, your account is not one of the hacked Gmail accounts, because that figure of five million represents only a fraction of the number of Gmail accounts that are active in the world. For instance, the Gmail app has been downloaded one billion times to Android devices. Even back in 2012, Gmail had 350 million users.But a group of programmers have decided to help you check...
  • Google Says Not To Worry About 5 Million 'Gmail Passwords' Leaked

    09/11/2014 8:39:02 AM PDT · by Enlightened1 · 8 replies
    Forbes ^ | 09/10/14 | Kashmir Hill
    This week, a list of nearly five million Gmail addresses paired with passwords appeared online, posted in a Russian Bitcoin security forum. Some people who checked the list and found their Gmail addresses there reported that it contained an old password for them, and often a password that they had reused on multiple sites. There’s speculation that the addresses may hay been stolen from other sites where people used their Gmail address as a log-in
  • Capital Flees China - Bitcoin, Hong Kong Dollar, ATM

    08/14/2014 1:36:40 PM PDT · by Kaslin · 5 replies
    Townhall.com ^ | August 14, 2014 | Mike Shedlock
    In response to New Yuan Loans and Shadow Banking Collapse in China; Record Bank Deposit Slump reader "CF" from Hong Kong who works in China explains how he is pulling every cent he can out of renminbi (yuan) , converting instead to Hong Kong dollars. From "CF" regarding his personal "capital flight" experiences ... Hey Mish, I am a reader from Hong Kong who works and lives in China and earns RMB. I never doubted a collapse in Chinese shadow banking would happen. I have been constantly converting my RMB into HKD. Before, I would just take 20,000 RMB (max...
  • SynoLocker demands 0.6 Bitcoin to decrypt Synology NAS devices

    08/05/2014 10:42:14 AM PDT · by Utilizer · 22 replies
    CSO ^ | on 04 August, 2014 09:53 AUS | Liam Tung (CSO Online (Australia)
    Synology network attached storage (NAS) devices, capable of storing terabytes of data, have been targeted by ransomware that encrypts victims’ files. Owners of Synology's NAS devices might want to unplug their storage boxes now to avoid being affected by ransomware that uses strong encryption to lock files on the brand’s machines and demands US$350 for the decryption key. The new attack on Synology kit comes within a year of Synology NAS devices being struck by fraudulent Bitcoin mining operators, with several owners on Sunday reporting that they had found a message from the “SynoLocker Automated Decryption Service” — when accessing...
  • Pretending Bitcoin Goes Away

    08/04/2014 8:13:22 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | August 4, 2014 | Mark Baisley
    For better and for worse, governments assert their participation in the language of commerce. Recently, an intriguing undercurrent has begun shifting the very substance of currency. As consumers, employers and taxpayers, I believe that we should be paying attention to recent evolutions. For context, let’s first visit the concept of money. Money is stored value. It may represent work performed, products built or property sold. It may be earned, inherited, accumulated or stolen. But regardless of its source, money is the generally accepted units of measure that symbolize the abstraction of worth. The greatest utility of money is its ability...
  • U.S. Marshals accidentally leak potential Bitcoin bidders list

    06/18/2014 10:16:45 PM PDT · by Cementjungle · 6 replies
    Reuters via Yahoo News ^ | 06/18/2014 | Reuters
    A list of potential bidders for the Bitcoin auction was accidentally leaked by the U.S. Marshals Service on Wednesday, according to the agency. The Marshals Service confirmed that it accidentally released the names in an email to update interested parties on the auction’s guidelines. The U.S. government said last week it plans to auction about 30,000 bitcoins, the electronic currency, valued at about $17.4 million, on June 27 the U.S. Marshals Service said. FBI seized the bitcoins during a raid in October on the Internet marketplace Silk Road, known as a hub for transactions involving illegal drugs and criminal activities.
  • Richard Branson Is About to Destroy the Final Edge Bitcoin Has

    06/10/2014 12:42:23 PM PDT · by PoloSec · 9 replies
    Economic Policy Journal ^ | June 10 2014 | Economic Policy Journal RW
    Bitcoin fanboys have long cheered the fact that Bitcoin global transfer capabilities at cheap prices make using Bitcoin, as a method of global money transfer, superior to any other transfer system, on the basis of cost. Enter Richard Branson. Sir Richard Branson is providing funding for London-based money transfer start-up TransferWise, reports FT. It has raised $25m to expand its marketing efforts, with Sir Richard contributing a significant but undisclosed share of the funds. He was joined by existing shareholders including Peter Thiel, the co-founder of PayPal, venture capitalists Index Ventures and Kima Ventures, the investment group co-founded by the...
  • It Looks Like Apple Just Opened The Door For Bitcoin Apps

    06/02/2014 2:28:24 PM PDT · by PoloSec · 5 replies
    Business Insider ^ | June 2 2014 | Megan Rose Dickey
    It looks like Apple has updated its app developer guidelines today to allow for Bitcoin apps. The new clause under section 11.17, which was flagged by folks on Twitter like investor Bill Lee today, reads: Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions. That sounds like Bitcoin!
  • Gavin Newsom Now Accepts Contributions in Bitcoin

    05/23/2014 3:02:36 PM PDT · by nickcarraway · 3 replies
    NBC ^ | Tuesday, May 20, 2014 | Chris Roberts
    Tech-savvy and politically-interested? Use your Bitcoin on Gavin Newsom.This man is ready to take your Bitcoin. Your crypto-currency is good with Gavin Newsom. The California lieutenant governor is one of the first high-profile politicians to accept campaign contributions in Bitcoin, according to the San Francisco Chronicle. Bitcoin, the newspaper noted, is the cash-in-trade of the "technorati" -- which also includes hackers and alleged drug smugglers, such as the shadowy founder and operator of Silk Road. So what's in it for Gavin, the famous early-adopter who also got behind gay marriage before it was the thing? Sen. Dianne Feinstein Against Legalizing...
  • Bitcoin: more than just the currency of digital vice

    05/10/2014 2:47:36 PM PDT · by yoe · 5 replies
    The Guardian ^ | March 14, 2013 | Arwa Mahdawi
    Dale doesn't exactly look like an international crypto-criminal. He's soft-spoken, baby-faced, and a senior at an Ivy League college. But every couple of weeks the political science major logs onto the Silk Road, an online black market that has been described as an "amazon.com of drugs" to buy wholesale quantities of "molly" (also known as MDMA, a particularly "pure" form of ecstasy), LSD and magic mushrooms. Some of these will be for his personal use, and the rest he'll flog to less tech-savvy classmates at a mark-up of up to 300%. On a good weekend, he can net a profit...
  • Election Commission Votes to Allow Bitcoin Donations

    05/09/2014 10:28:02 AM PDT · by Theoria · 2 replies
    The New York Times ^ | 08 May 2014 | NICK CORASANITI
    The Federal Election Commission on Thursday voted to allow political committees to accept Bitcoin donations and outlined the ways that the virtual currency can be used by federally regulated campaigns. Responding to a request from a political action committee, the commissioners unanimously approved an advisory opinion that defined Bitcoins, which allows for online transactions without going through a bank or other third party, as “money or anything of value” — in essence, cash or an in-kind contribution. They also imposed some restrictions, ruling that Bitcoin donations will be capped at a cash equivalent of $100 per person per cycle, with...
  • First-of-its-kind bitcoin debit card launching, automatically converts bitcoin into native currency

    05/05/2014 10:08:58 AM PDT · by null and void · 7 replies
    Electronic Products ^ | 5/1/14 | Max Teodorescu
    Creating the infrastructure needed to push the crypto-currency to fruition If bitcoin transactions were less cumbersome, the digital currency could potentially become the premier international currency of the world. But as it stands, using cash or credit for everyday purchases is much more practical. Xapo, the bitcoin wallet and storage service, seeks to reshape this paradigm using a debit card that taps directly into a user’s bitcoin storage and is accepted anywhere in the world where MasterCard is. The Xapo debit card works similarly to a bank issued debit card, performing transactions in real time; when a user purchases a...
  • Android Wallpaper Apps Hide Bitcoin Mining Malware

    04/25/2014 12:24:53 PM PDT · by Up Yours Marxists · 10 replies
    Info Security Magazine ^ | April 25 19:00 GMT | Not Listed
    Is your smartphone running low on battery for seemingly no reason? Are things taking longer to render or load? Your gadget could be secretly mining bitcoins, thanks to a piece of mobile malware in Google Play that quietly uses an Android phone’s processing power, while hiding behind innocuous-seeming wallpaper apps. Lookout Software uncovered the bug, dubbed “BadLepricon,” after which Google removed five applications that were incorporating it. The apps had between 100 to 500 installs each at the time of removal. “And yes, that is how the malware authors spelled ‘leprechaun,’” wrote Lookout researcher Meghan Kelly, in a blog detailing...
  • Alpha Technology Initiates Scrypt ASIC Tape-Out

    04/15/2014 9:51:12 AM PDT · by Errant · 4 replies
    Coin Desk ^ | 15 April 2014 | Nermin Hajdarbegovic
    Alpha Technology has a new development update and its Viper scrypt board seems to be making headway. The British ASIC maker said it has completed the schematics for the ATX power distribution board and of the AC power metering board. Those of the actual ASIC board are not complete yet, but Alpha said it is “almost” done. In addition, the company has finalised the design of the enclosure and WebGUI user interface. ... In any case, the advent of powerful and immensely efficient scrypt ASICs is not good news for GPU miners, as the ASICs will render GPU-based miners uncompetitive...
  • Bitcoin Promoter Charlie Shrem Indicted In NY For Money Laundering

    04/15/2014 3:38:48 AM PDT · by zeestephen · 8 replies
    CNBC ^ | 14 April 2014
    Prominent bitcoin entrepreneur Charlie Shrem has been indicted by a federal grand jury in New York on charges of funneling cash to the illicit online marketplace Silk Road.
  • China’s Central Bank Governor: PBOC Won’t Ban Bitcoin

    04/11/2014 7:46:08 AM PDT · by Errant · 5 replies
    Coin Desk ^ | 11 April 2014 | Pete Rizzo
    The price of bitcoin recovered from a low of roughly $380 and rose past $420 at press time on 11th April, on the news that Zhou Xiaochuan, the governor of the People’s Bank of China (PBOC), had issued new statements potentially clarifying the central bank’s position on bitcoin. According to reports, during Boao Forum, Xiaochuan offered his opinion on the nascent technology, saying that China would not seek to ban bitcoin and other digital currencies entirely.
  • Bitcoin Price Drops 10% as Chinese Exchanges Stop Bank Deposits

    04/10/2014 9:37:44 AM PDT · by Errant · 6 replies
    Coin Desk ^ | 10 April 2014 | Jon Southurst
    Bitcoin prices crashed today as Chinese businesses began receiving official deposit shutdown notices from banks, confirming recent suspicions of an impending crackdown. Exchanges will stop account recharging via bank accounts between now and 15th April. Even though the news has been anticipated for over a week now, bitcoin prices sank under $403 from a high of $450.74 on the CoinDesk Bitcoin Price Index after companies began making public announcements on their sites.
  • US Congressman to Submit Bitcoin Tax Bill

    04/08/2014 3:30:57 PM PDT · by Errant · 7 replies
    Coin Desk ^ | 8 April 2014 | Stan Higgins
    US Congressman Steve Stockman of Texas is preparing to introduce a new bill, the ‘Virtual Currency Tax Reform Act’, which, if passed, would tax bitcoins as currency instead of property. Currently, the US Internal Revenue Service (IRS) views bitcoin and other digital currencies as property. When someone sells their bitcoin or makes a purchase in bitcoin, they are subject to a 15% capital gains tax. Any wages paid out in digital currencies must also be reported to federal tax authorities.
  • St. Louis Fed Research Director: Bitcoin Could Be A Good Threat To Central Banks

    04/07/2014 7:28:18 AM PDT · by Errant · 8 replies
    Business Inisider ^ | 6 April 2014 | Rob Wile
    Last week, St. Louis Fed Director of Research David Andolfatto released a presentation on Bitcoin, becoming one of the most prominent central bank officials to study the cryptocurrency. We caught up with Andolfatto to ask him about why he put this deck together, where he thinks Bitcoin is going, and whether he personally has anything invested in it. Business Insider: What was the genesis for this presentation? David Andolfatto: Its genesis was a blog post I'd started, addressing arguments that gold bugs frequently put forth, that gold is superior money. Of course, Bitcoin was in the news — I read...
  • Bitcoin, the organism: Jeff Garzik at TEDx Binghamton

    04/05/2014 12:29:33 AM PDT · by TsonicTsunami08 · 5 replies
    You Tube ^ | Apr 4, 2014 | Jeff Garzik
    https://www.youtube.com/watch?v=vaPgfErzeu0 After helping to inaugurate CNN.com on the Internet in the early 1990s, Garzik worked at a succession of Internet startups and service providers for over two decades, all while working on open source software engineering projects. Involvement in one of the best-known open source projects, the Linux kernel, led to an extended tenure at Linux leader Red Hat, during open source's most formative years. In July 2010, while reading slashdot.org, Garzik stumbled across a post describing bitcoin. Immediately recognizing the potential of a concept previously thought impossible − decentralized digital money − he did what came naturally: developed bitcoin...
  • Bitcoin gets easier for consumers to buy, spend

    04/04/2014 11:11:39 PM PDT · by TsonicTsunami08 · 10 replies
    San Jose Mercury News ^ | 04/04/14 | Heather Summerville
    It's getting easier for consumers to buy and spend bitcoin, the cybercurrency that has captured much of the tech world. With each passing month, Bay Area entrepreneurs are rolling out new technology for consumers to buy and store bitcoin, shop online with the virtual currency and send it to friends.
  • Chicago Sun-times First Major US Paper to Accept Bitcoins

    04/04/2014 2:58:05 AM PDT · by markomalley · 6 replies
    CIO ^ | 4/4/2014 | Tim Hornyak
    The Chicago Sun-Times is now accepting bitcoins as payment for subscription, becoming the first major U.S. newspaper to take the digital currency.The paper's goal is to keep evolving with changing technology, and accepting bitcoin payments is one way it is trying to stay digitally focused, Editor-in-Chief Jim Kirk said in a release.The Sun-Times has a "digital-first" strategy that led it to experiment with a bitcoin paywall for a one-day period in February.It had partnered with San Francisco-based micropayments startup Bitwall so readers could donate bitcoin or tweets on Twitter to benefit an organization called the Taproot Foundation, which pairs professionals...
  • eBay Adds New ‘Virtual Currency’ Category to US Site

    04/04/2014 6:52:11 AM PDT · by Errant · 6 replies
    Coin Desk ^ | 4 April 2014 | Jon Southurst
    eBay’s main US site has introduced a category for ‘Virtual Currency’, with listings for dozens of bitcoin and altcoin-related activities – including shares in mining operations. Although eBay is still not accepting bitcoin as an official payment, any recognition of the currency is significant since eBay is the parent company of PayPal, the payments firm long earmarked for disruption by many bitcoin fans. The popular online auction site and marketplace quietly included the category in its ‘Category Changes‘ list for April under ‘Coins and Paper Money’. At press time there were multiple entries for bitcoin and altcoin trades, Mining Hardware,...
  • Bitcoin Price…to $1 Million?

    04/03/2014 7:20:12 PM PDT · by Errant · 56 replies
    It’s no surprise that Wences Casares, the CEO of Xapo, a bitcoin startup, is a big bull on the digital currency. His company, which specializes in insured Bitcoin vaults, just raised $20 million in a funding round led by Benchmark. But Mr. Casares belives that other bitcoin bulls, especially those in the U.S., do not fully appreciate the value of the currency, which has proved especially sticky in emerging markets prone to wild currency fluctuations, such as Mr. Casares’ home country Argentina. In a video interview with the Wall Street Journal, Mr. Casares says he’s not worried about bitcoin’s own...
  • Bitcoin in the sights of regulators (Australian Source)

    04/03/2014 5:54:47 PM PDT · by Up Yours Marxists · 4 replies
    Dynamic Business ^ | April 5, 2014 01:43 GMT | Edwin Carr
    Bitcoin is making news again. Angry investors in the virtual currency are joining a class action to recover nearly US$500 million “lost” when Mt. Gox, a Tokyo-based Bitcoin exchange, crashed at the end of February 2014. The collapse of the exchange is reported to be the result of theft by hackers. In another recent story, US magazine Newsweek claims to have tracked down the mysterious founder of the “crypto-currency”, a Mr Nakamoto in California. Bitcoin’s website names “Satoshi Nakamoto” as the currency’s founder but many believe that is a pseudonym. Bitcoin is associated with some high profile criminal investigations, including...
  • Congressional Hearing Explores Costs, Benefits of Small Business Bitcoin Use

    04/03/2014 6:08:34 AM PDT · by Errant · 18 replies
    Coin Desk ^ | 3 March 2014 | Stan Higgins
    The US House of Representatives committee on small business held a hearing on 2nd April to discuss the growing use of bitcoin by the country’s small business owners (SMBs), and the pros and cons that using this technology as a payment option offers the demographic. Entitled ‘Bitcoin: Examining the Benefits and Risks for Small Business’, a panel of experts spoke about the benefits and costs of the use of bitcoin by SMBs, while also touching on hot topics like Silk Road and the recent IRS decision on the tax treatment of digital currencies. Committee Chairman Sam Graves noted in his...
  • A Revolution in Money

    04/02/2014 9:14:27 AM PDT · by Star Traveler · 79 replies
    The New York Times ^ | Tuesday, April 1, 2014 | Andrew Ross Sorkin
    Imagine it’s 2040. You go to the grocery store, and when you look for the checkout counter there is none. There’s no place to pay for your groceries because you already did. When you walked into the store, a sensor identified you, perhaps from a ring or watch you were wearing that transmitted the information. Or perhaps you didn’t need to wear anything special. Maybe a device in the store figured out who you were using a combination of facial recognition, 3-D body shape identification and your gait. Your unique identifier is attached to your digital wallet, which transmits payment...
  • Bitcoin User Files White House Petition to Amend Latest IRS Notice

    04/01/2014 3:19:09 PM PDT · by Errant · 4 replies
    Coin Desk ^ | 1 April, 2014 | Pete Rizzo
    A petition to amend Internal Revenue Service (IRS) Notice 2014-2, the new guidance released on 25th March that announced digital currencies would be treated as property for tax purposes, has been filed on WhiteHouse.gov. Managed by the presiding presidential administration, the official website of the White House allows for the filing of public petitions on all manner of subjects, from whether Election Day should be a designated holiday to whether Alaska should secede from the US and join Russia. Petitions that cross a certain threshold of signatures then generally garner a White House response. Filed on 28th March, the new...
  • IRS Confirms Capital Asset Rules, but Are They Realistic for Small Transactions?

    04/01/2014 6:33:18 AM PDT · by Errant · 16 replies
    Coin Desk ^ | 1 April 2014 | Danny Bradbury
    Does the IRS really want to you to track your capital gains on bitcoin every time you buy a sandwich or a sweater in the digital currency? After our analysis of the Internal Revenue Service guidelines on bitcoin, released in March, some people expressed surprise. They were amazed that the IRS could seriously be applying capital gains rules to something that the bitcoin community sees as a currency, and which in many cases uses as such. “This can’t be good for bitcoin”, said one commenter privately to Coindesk. ” If it’s not a currency, then how are you supposed to...
  • Square Market Accepts Bitcoin

    03/31/2014 2:50:19 PM PDT · by TsonicTsunami08 · 29 replies
    The Corner,Square Engineering ^ | March 31, 2014 | Square Market
    Sellers should never miss a sale. We’re building tools so sellers can accept any form of payment their customers want to use. Making commerce easy means creating easy ways to exchange value for everything from a massage to a DODOcase for your iPad.