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Keyword: crypto

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  • Security Experts Oppose Government Access to Encrypted Communication (excerpt)

    07/08/2015 8:57:30 AM PDT · by Eric Pode of Croydon · 5 replies
    NY Times ^ | 7 July 2015 | Nicole Perlroth
    SAN FRANCISCO — An elite group of security technologists has concluded that the American and British governments cannot demand special access to encrypted communications without putting the world’s most confidential data and critical infrastructure in danger. A new paper from the group, made up of 14 of the world’s pre-eminent cryptographers and computer scientists, is a formidable salvo in a skirmish between intelligence and law enforcement leaders, and technologists and privacy advocates. After Edward J. Snowden’s revelations — with security breaches and awareness of nation-state surveillance at a record high and data moving online at breakneck speeds — encryption has...
  • Chairman Preibus Gave Me Your Name

    03/26/2015 7:37:35 AM PDT · by Vendome · 19 replies
    Vanity, Sort of... (Email from Newt and RNC)(I respond ) | 3/26/2015 | Vendome
    Friend, RNC Chairman Reince Priebus just authorized the formation of RNC Victory 2016. This is a special group of our Party's top supporters who will provide the resources our Party needs to win back the White House and elect more Republicans in 2016. I am honored the Chairman has tasked me to lead and assemble this important team of Republican grassroots leaders from across our great country.
  • 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...
  • 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.
  • 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...
  • 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...
  • 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...
  • Bitcoin Price Drops After New Chinese Bank Rumours

    03/27/2014 8:03:34 AM PDT · by Errant · 5 replies
    Coin Desk ^ | 27 March 2014 | Jon Southurst
    Less than a week after a fake Chinese news report sent bitcoin and litecoin prices plummeting on some exchanges, another similar rumour hit the Internet today. News that the Chinese government would penalize any bank transacting with bitcoin exchanges after 15th April started to break around mid-morning China time on Thursday 27th March. This time, it was reported as fact by a number of news services. The bitcoin price, already on a downward trend, dropped to a low of $561.61 on CoinDesk’s BPI and below the $550 mark on Chinese exchanges. The latest report gave all the usual reasons a...
  • What the IRS Bitcoin Tax Guidelines Mean For You

    03/26/2014 6:05:50 AM PDT · by Errant · 33 replies
    Coin Desk ^ | 26 March 2014 | Danny Bradbury
    The US Internal Revenue Service finally announced its guidance for virtual currencies yesterday, explicitly referring to bitcoin (see the announcement here and notice here). The increased clarity – provided three weeks before the end of the US tax year - will come as a relief to many who were scared to get involved in bitcoin, commercially. But what does it mean for different members of the bitcoin community? US businesses wanting to get involved in bitcoin have been waiting for this for a while. As recently as January, US Taxpayer Advocate Nina Olson pressured the IRS in her annual report...
  • IRS Rules Bitcoin Is Property (Not Currency)

    03/25/2014 11:49:35 AM PDT · by Errant · 37 replies
    Zero Hedge ^ | 25 March 2014 | Tyler Durden
    After less than three months consideration, the IRS has issued its statement clarifying th etax treatment of Bitcoins (and other virtual currencies) before the April 15th Deadline. The finding, summarized, is that Vitual currencies will be treated as property (not as a currency) which, as WSJ notes, means an investor who buys bitcoin would typically have a capital gain or loss when it’s sold. The price of Bitcoin is rising modestly on this news...
  • Gyft Adds Retail Giant Walmart to its Bitcoin Gift Card Network

    03/24/2014 4:51:11 PM PDT · by Errant · 5 replies
    Coin Desk ^ | 24 March 2014 | Pete Rizzo
    San Francisco-based mobile gift card app provider Gyft officially added US retail giant Walmart to its merchant network on 24th March. The company took to Twitter to release the news that the largest physical retailer in the US, which earned more than $325bn from its US retail stores in 2012, and garnered more than $460bn in sales worldwide that year, had been added to its service.
  • Australian Manufacturer Debuts First Cashless Bitcoin ATM

    03/24/2014 8:13:52 AM PDT · by Errant · 13 replies
    Coin Desk ^ | 24 March 2014 | Jon Southurst
    An Australian company says it has produced one of bitcoin’s holy grails: a cashless ATM that allows users to buy bitcoins using a credit card, and sell bitcoins via a direct deposit to their bank account. The first fully functional Diamond Circle ATM arrived from its manufacturer in Brisbane this week. Unlike competing ATMs and vending machines that rely on QR codes and cash, Diamond Circle’s solution is based on near-field communication (NFC) technology with paper receipt backups. This unique approach is the brainchild of CEO Stephen Rowlison, a seasoned FinTech (financial technology) entrepreneur with 30 years of IT experience...
  • Bitcoin Price Move Below $600 Continues

    03/22/2014 12:31:38 PM PDT · by Errant · 42 replies
    Market Oracle, UK ^ | 22 March 2014 | Mike_McAra
    Cutting right to the chase: we don't think going short is a good idea yet. Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads: MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned...
  • US Treasury Adds Digital Currency Representative to Advisory Group

    03/18/2014 10:42:53 AM PDT · by Errant · 33 replies
    Coin Desk ^ | 18 March 2014 | Pete Rizzo
    At the latest Bloomberg Breakfast event held in New York on 18th March, David S Cohen, Under Secretary of the US Department of the Treasury, discussed the challenges of digital currencies as part of a broader conversation with the media outlet’s Matt Miller to air on Bloomberg TV. In the hour-long talk, Cohen spoke about the organisation’s role as a global leader in educating consumers and governments on the evolving issue, paying a particular interest to the potential illicit uses of digital currencies, as well as the measures it is willing to take to ensure their proper use. Most notably,...
  • You Should Have 5% of Your Portfolio in Bitcoin

    03/14/2014 7:44:19 AM PDT · by Errant · 38 replies
    Bitcoin Vista ^ | 13 March 2014 | Adam Kornfield
    Remember the internet in 1996, everyone kinda knew what it was about. It was something big, new, and vast—but what exactly it did for you was unclear. Bitcoin is in a similar state: It’s fairly new, unclear, and holds enormous promise just like the early Internet. The only difference is you can actually buy a piece of the Bitcoin network. This article is for the professional that has a reasonable savings (whatever that means to you) and at least a basic understanding of investing. You may likely invest in stocks, bonds, real estate, your own business, and many other things....
  • Mintspare Will Pay Bitcoin For Your Old Electronics

    03/13/2014 7:04:19 PM PDT · by Errant · 5 replies
    Coin Desk ^ | 13 March 2014 | Daniel Cawrey
    Consumers can now receive bitcoin when they trade in their old electronics through a new startup called Mintspare. Galfry Puechavy, Mintspare’s CEO, told CoinDesk that the company’s goal is to be a simple way to get started with bitcoin:
  • Bitcoin refuses to flip: Virtual currency stays strong despite bankruptcies, gyrating rates

    03/09/2014 2:03:34 PM PDT · by Errant · 21 replies
    The Washington Post ^ | 8 March 2014 | Craig Timberg
    Future generations of Bitcoin billionaires may someday look back on 2014 with knowing smiles. Here was a year when thefts spread, exchanges collapsed, rates gyrated like a teenager’s moods. And yet the buying of bitcoins showed no signs of abating. The past week was particularly extreme. The apparent suicide of an American business executive in Singapore was investigated for possible ties to her Bitcoin investments. A California man fingered as the currency’s mysterious inventor reacted to his sudden fame by asking that journalists buy him lunch. After finishing his meal at a sushi restaurant, he went on to deny any...
  • $113m in Gox Money Believed To Be Moving Through Block Chain

    03/07/2014 4:42:13 PM PST · by Errant · 15 replies
    Coin Desk ^ | 7 March 2014 | Danny Bradbury
    Large amounts of bitcoins previously handled by Mt Gox, which have lain dormant for years, have started moving on the block chain. Since the exchange blew up at the end of last month, people have been wondering where the stolen coins went, and have tried to trace some movements between Gox addresses. One participant on the bitcoin talk forum recalled an IRC conversation between Gox CEO Mark Karpeles and various users, which allegedly took place on June 23, 2011.
  • Bitcoin Prices Rise $90 to Reach Post Mt. Gox Crisis High

    03/03/2014 1:48:22 PM PST · by Errant · 19 replies
    Coin Desk ^ | 3 March 2014 | Pete Rizzo
    The price of bitcoin is up more than 15% today on the CoinDesk Bitcoin Price Index (BPI), having reached a high of $677.58 before settling to $659.50 at press time. The $659 figure was roughly $90 more than the opening price of $560, and marked the highest CoinDex BPI prices observed since mid-February, when troubled bitcoin exchange Mt. Gox was removed from the average amid escalating concern about its financial state. Press time lows on both BTC-e and Bitstamp were the highest observed since 23rd February, when Mt. Gox CEO Mark Karpeles abruptly resigned from his board of director position...
  • Bitcoin owners find safe place for digital currency: on paper

    02/28/2014 7:10:00 AM PST · by Errant · 19 replies
    CNBC ^ | 27 February 2014
    Some savvy bitcoin investors have a solution to cyberthieves and instability shaking online exchanges: They print out their virtual savings and hide them in the real world. The shuttering this week of bitcoin exchange Mt.Gox and fears that hundreds of millions of dollars worth of the virtual currency have been lost or stolen are pushing investors to tighten their security. Touted by advocates as a new, digital type of money that could one day replace real-world cash, bitcoins can also be stored like traditional currencies, locked up in a safe, or hidden in a shoe box. Enthusiasts around the world...
  • Sen. Manchin demands complete US ban on Bitcoin

    02/26/2014 6:19:20 PM PST · by mmichaels1970 · 38 replies
    cnet.com ^ | 2/26/2014 | Declan McCullagh
    A US senator is asking the federal government to take this remarkable step: completely ban Bitcoin. Joe Manchin, a Democratic senator representing West Virginia, sent a letter Wednesday to the Treasury Department, the Federal Reserve, and other regulators characterizing the virtual currency as encouraging "illicit activity" as well as being "highly unstable and disruptive to our economy."
  • Mt. Gox Allegedly Loses $350m in Bitcoin (744,400 BTC), Rumoured to be Insolvent

    02/25/2014 3:12:30 AM PST · by Errant · 23 replies
    Coin Desk ^ | 25 Feb 2014 | Pete Rizzo
    A document has surfaced suggesting that troubled Japan-based bitcoin exchange Mt. Gox will close for one month as part of a four-step rebranding plan, and that CEO and former Bitcoin Foundation board member Mark Karpeles will step down from his executive position as part of the process. The bitcoin price has been tumbling all morning amid the news, hitting a low of $419 so far this morning. Entitled “Crisis Strategy Draft,” the document suggest the company’s increasingly dire financials are greatly impacting the decision. By Mt. Gox’s own estimates, they say, it has only 2,000 BTC and approximately $22.4m in...
  • Bitcoin aficionados wash their hands of Mt Gox

    02/20/2014 4:22:41 AM PST · by Errant · 10 replies
    Financial Times ^ | 20 February, 2014 | By Ben McLannahan and Stephen Foley
    When Marco Crispini joined the Bitcoin meet-up in Tokyo two years ago, there were just a handful of members, assembling every month in a Shibuya fruit shop. As interest grew the proprietor complained, forcing the group – now holding weekly gatherings – into a nearby high-rise. On Thursday night – with talk likely to be dominated by events unfolding less than 200m away at Mt Gox, the world’s dominant Bitcoin exchange – turnout at the 11th-floor bar at the Hikarie tower is expected to be the best ever, at more than 30. “There is no getting the genie back in...
  • Bitcoin Under Attack, a Lesson in Discretion, and Getting Rich Quick

    02/14/2014 8:30:05 AM PST · by Errant · 16 replies
    Coin Desk ^ | 14 February, 2014 | John Law
    Welcome to the CoinDesk Weekly Review 14th February 2014 – a regular look at the hottest, most controversial and thought-provoking events in the world of digital currency through the eyes of skepticism and wonder. Your host … John Law.
  • Bitcoin Exchanges Under ‘Massive and Concerted Attack’

    02/11/2014 12:06:45 PM PST · by Errant · 44 replies
    Coin Desk ^ | 11 February 2014 | Emily Spaven
    A “massive and concerted attack” has been launched by a bot system on numerous bitcoin exchanges, Andreas Antonopoulos has revealed. This has lead to popular exchange Bitstamp putting a temporary halt on all bitcoin withdrawals. Antonopoulos, who is the chief security officer of Blockchain.info, said a DDoS attack is taking Bitcoin’s transaction malleability problem and applying it to many transactions in the network, simultaneously. “So as transactions are being created, malformed/parallel transactions are also being created so as to create a fog of confusion over the entire network, which then affects almost every single implementation out there,” he added.
  • Is Googlecoin Coming?

    02/09/2014 8:42:46 AM PST · by Errant · 20 replies
    Zero Hedge ^ | 9 February 2014 | Sprout Money
    ...The acquisitions are in different sectors of the technology space, but Google also spread out geographically with its purchases (not only in the US). This will prove to become a true value differentiator for shareholders, because only through innovation can a company remain competitive or, even more, become a market leader. One area in which we have not heard from Google yet is cryptocurrencies. You know, bitcoin et al. It is an interesting evolution in the online payment market. It is highly likely that Google is in wait-and-see mode for now with regards to cryptocurrencies, but we are sure that...
  • US Postal Service Explores Adding Bitcoin Exchanges

    02/03/2014 2:51:57 PM PST · by Errant · 22 replies
    Coin Desk ^ | 3 Feb 2014 | Pete Rizzo
    While the New York Department of Financial Services (NYDFS) successfully monopolized media attention last week with a cast of bitcoin of A-listers debating the future of US virtual currency legislation, it wasn’t the only government agency to explore the topic in a way that could impact the global community. On 29th January, the US Postal Service (USPS) Office of Inspector General (OIG) held a webinar on virtual currency attended by representatives from the Universal Postal Union (UPU) and World Bank that sought to “explore the possibility” of a “potential role” for bitcoin at post offices around the globe. Topics included...
  • Where Bitcoin boosters are getting it wrong

    01/23/2014 7:59:41 AM PST · by Errant · 62 replies
    CNET ^ | 23 January, 2014 | James J. Angel
    In a recent New York Times Dealbook post, venture capitalist Marc Andreessen argued that Bitcoin is here to stay because it provides a payment system better than the one we have now, particularly for online merchants and international transfers. He likened Bitcoin to other disruptive technologies such as the personal computer and the Internet. These are great analogies. The personal computer has revolutionized the world, but Altair was not one of the winners. (Remember Altair? It was one of the many pioneers.) The Internet was not the first or even the only network for connecting computers. There were several other...
  • Bitcoin is not just digital currency. It's Napster for finance.

    01/21/2014 7:03:00 AM PST · by Errant · 50 replies
    CNN Money ^ | 21 January 2014 | David Z. Morris
    In the next year, Bitcoin will start its transformation from a mere currency into an entire open-source, decentralized exchange for everything from futures contracts to car rentals. FORTUNE -- In 2013, bitcoin's valuation didn't just skyrocket, but its infrastructure, services, and adoption exploded as well, culminating in recent announcements that major online retailer Overstock.com and NBA team the Sacramento Kings would accept the digital currency as payment. Some still doubt bitcoin's usefulness and durability, but 2014 may leave skeptics even further behind -- developers and entrepreneurs are already hard at work building features on top of the Bitcoin protocol that...
  • Bitcoin -- Boom or Bubble?

    01/20/2014 8:17:37 AM PST · by Errant · 29 replies
    Real Clear Politics ^ | 20 January, 2014 | Robert Samuelson
    WASHINGTON -- The baffling Bitcoin boom is either an exercise in self-delusion -- a high-tech Ponzi scheme that will come crashing down -- or an imaginative new Internet technology that will ultimately change how millions of people around the world conduct everyday business. There is little middle ground. Called a "digital currency," Bitcoin originated in early 2009 with a software program written by Satoshi Nakamoto. Who is Nakamoto? Good question. It's a pseudonym, and we don't know who's behind it -- whether man or woman; individual or group; American, Japanese, Russian or some other nationality. But what seems clear is...
  • Fixing Double Spending: Why Bitcoin is Revolutionary

    01/18/2014 9:17:00 AM PST · by Errant · 35 replies
    Coin Desk ^ | 18 January, 2014 | John Henderson
    There are many reasons to be excited about bitcoin: it could enable totally new business and technology models; it resembles the Internet in the early ‘90s in the sense that it is a network that no one owns and everyone can contribute to; it could revolutionise legal concepts of ownership; it could disrupt the payments industry; and it could even become a huge tax haven. It could also flop.
  • Cicada 3301: The web's toughest and most creepy crypto-puzzle is BACK

    01/13/2014 10:44:11 AM PST · by ShadowAce · 15 replies
    The Register ^ | 11 January 2014 | Chris Williams
    The internet is full of daft things. Animated cat GIFs, stupid headlines, NSA spies, etc.But the online world isn't just fields of mindless dreck. For instance, you could always take a crack at the web's toughest crypto-puzzle: the ever-baffling Cicada 3301. Appearing each year since 2012, these strange series of challenges have stumped clever netizens the world over. By solving the riddles, it appears you eventually get in touch with the quizmasters, who are no doubt interested in people with your skills.Now 2014's puzzle is underway after this image was linked to by this Twitter feed, which has been spewing...
  • Zynga Helps Build Bitcoin Buzz But Don’t Get Carried Away – Yet.

    01/07/2014 6:35:05 AM PST · by Errant · 11 replies
    The Wall Street Journel ^ | 6 January, 2015 | Michael J. Casey
    After taking a heavy blow in December when the Chinese government effectively blocked its citizens’ from buying bitcoin with yuan, the price of the digital currency has started out 2014 on a fresh push upward. For that, bitcoin owners can partly thank online gaming company, ZyngaZNGA +1.73%, whose quiet announcement over the weekend that it is testing a system to allow players of certain online games to purchase items with bitcoin was portrayed as a vote of confidence in the digital currency. Coming after online retailer Overstock.com last month outlined plans to allow customers to transact in bitcoin later this...
  • The Bitcoin Price Just Crossed $1,000 Again

    01/06/2014 6:28:35 AM PST · by Errant · 20 replies
    Coin Desk ^ | 6 January, 2014 | Emily Spaven
    The price of bitcoin has, once again, reached $1,000 on popular bitcoin exchange Mt. Gox. The first time the price of bitcoin reached this level was on 27th November after interest in the cryptocurrency spiked across the world, but primarily in China. A few weeks later, the price started to tumble after China’s central bank imposed restrictions on the involvement of the country’s banks and third-party payment processors in bitcoin. On 5th December, the central bank said Chinese financial institutions were no longer permitted to work with bitcoin exchanges or other bitcoin companies. That same day, the price fell from...
  • Beers, Bagels and Zombies: Surviving Las Vegas with Bitcoin

    01/05/2014 5:32:27 AM PST · by Errant · 14 replies
    Coin Desk ^ | 5 January | Pete Rizzo
    Whether you’re in Las Vegas, Nevada for the annual Inside Bitcoins Convention or just traveling for a legal way to party Silk Road-style, this desert boomtown is sure to tap your wallet with its world-class destinations that indulge any and all passions. Now, you likely know the big attractions – Caesars Palace’s opulent Roman architecture, the Bellagio’s serene fountains, but Vegas is also home to a burgeoning underground bitcoin community that is just as happy to empty your digital currency reserves. Even better with gift card providers like Gyft offering access to merchants, retailers and daily deal providers on their...
  • Bitcoin Takes on Gold

    01/04/2014 5:44:05 AM PST · by Errant · 48 replies
    Euro Pacific Capital ( Peter Schiff ) ^ | 30 December, 2014 | John Browne
    Ever since President Nixon broke the US dollar's last link to gold, the world has been set adrift on a sea of fiat currencies that have been increasingly debased, serving the interests of governments and financial elites. For the last five years, central banks have imposed near-zero rates of interest that have helped push up stock, bond, and real estate prices, but have made it nearly impossible for savers to receive meaningful returns on bank deposits. To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of...
  • Wall Street Analysts: Bitcoin Could Revolutionise the Non-Financial World Too

    01/03/2014 8:22:06 AM PST · by Errant · 19 replies
    Coin Desk ^ | 2 January, 2014 | Kadhim Shubber
    Bitcoin technology has the potential to revolutionise the way we buy and sell property, enforce legal documents and even place bets, according to a new report from financial services and investment firm Wedbush Securities. The system of decentralized trust, meaning that there is no central authority, that underpins bitcoin could have applications beyond the payments world that is most commonly associated with the cryptocurrency, write the report’s authors Gil Luria and Aaron Turner. The report reads: “We see the potential for bitcoin technology to digitize and decentralize trust. The implications of eliminating the need for centralized trust may go beyond...
  • Bitcoin Volatile Elephant in the Room Takes on Gold, Pros vs Cons

    12/30/2013 9:16:44 AM PST · by Errant · 17 replies
    Market Oracle, Uk ^ | 30 December, 2013 | John Browne
    Ever since President Nixon broke the US dollar's last link to gold, the world has been set adrift on a sea of fiat currencies that have been increasingly debased, serving the interests of governments and financial elites. For the last five years, central banks have imposed near-zero rates of interest that have helped push up stock, bond, and real estate prices, but have made it nearly impossible for savers to receive meaningful returns on bank deposits. To make matters worse, the apparatus of national security has turned financial transactions into a massive exercise in government surveillance. Under the camouflage of...
  • FinCEN: Bitcoin Miners Need Not Register as Money Transmitters

    12/29/2013 6:13:10 AM PST · by Errant · 18 replies
    Coin Desk ^ | 29 December, 2013 | Jon Southurst
    Bitcoin miners who mine “for themselves” do not have to register as Money Services Businesses (MSBs) with the US Financial Crimes Enforcement Network (FinCEN), according to an official letter from the agency this week. FinCEN was replying to a request for clarification by Atlantic City Bitcoin (AC Bitcoin), aka advocate Milly Bitcoin, who maintains an array of ASIC miners in New Jersey. According to the letter, miners are still free to purchase goods or trade with exchanges with the bitcoins they produce whether operating as individuals or businesses.
  • 5 Things to do With Those Christmas Bitcoins

    12/28/2013 8:16:01 AM PST · by Errant · 53 replies
    Coin Desk ^ | 27 December | Danny Bradbury
    It’s the festive season, and if there is a bitcoin fan among your friends and family, then they may have given you some of the virtual currency in your Christmas stocking. If so, what should you do with it? There are several options for you as a new bitcoin owner. We’ll tell you about them here, but before you start, please don’t do what Bloomberg TV anchor Adam Johnson did. Fellow anchor Matt Miller gave bitcoins to Johnson as a Christmas gift on air. They came in the form of a paper wallet (see below), which Johnson showed to the...
  • Into the Bitcoin Mines

    12/23/2013 4:23:45 AM PST · by Errant · 33 replies
    The New York Times ^ | 21 December, 2013 | NATHANIEL POPPER
    On the flat lava plain of Reykjanesbaer, Iceland, near the Arctic Circle, you can find the mines of Bitcoin. To get there, you pass through a fortified gate and enter a featureless yellow building. After checking in with a guard behind bulletproof glass, you face four more security checkpoints, including a so-called man trap that allows passage only after the door behind you has shut. This brings you to the center of the operation, a fluorescent-lit room with more than 100 whirring silver computers, each in a locked cabinet and each cooled by blasts of Arctic air shot up from...
  • Giant US Retailer to Accept Bitcoin

    12/20/2013 10:16:42 AM PST · by Errant · 130 replies
    Zero Hedge ^ | 12/20/2013 | George Washington
    Overstock.com – the American internet retailer with over a billion dollars per year in sales – will accept Bitcoin starting in 2014. As Overstock CEO Patrick Byrne told the Financial Times: I think a healthy monetary system at the end of the day isn’t an upside down pyramid based on the whim of a government official, but is based on something that they can’t control. If there’s going to be some part of the population which adopts it… I think that we’ll get that business. And the people who switch to it will respect that we started adopting it. Europe...
  • Bitcoin Tumbles After PBOC Rumors Confirmed

    12/16/2013 7:20:59 PM PST · by Errant · 27 replies
    Zero Hedge ^ | 12/16/2013 | Tyler Durden
    UPDATE: The earlier rumors have been confirmed: People’s Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price.
  • As Bitcoin Transaction Volume Triples Since October, Europe Prepares To Regulate, Tax ...

    12/15/2013 11:38:55 AM PST · by Errant · 31 replies
    Zero Hedge ^ | 12/15/2013 | Tyler Durden
    Representing numbers that would put the adoption curve of Obamacare to shame, the Bitcoin equivalents of Paypal, BitPay, announced last week that it has now processed over $100 million in BTC transactions in 2013, has increased its merchant base to over 15,500 approved merchants in over 200 countries, but most importantly, has seen a surge in the number of merchants using its BTC payment pricing plan, by 50% since October while the volume of transactions has tripled. While the surge in the currency adoption has matched the explosive rise in the USD-value of the currency, the news should comfort any...
  • Fact, Fiction, And 11 Bitcoin Myths

    12/12/2013 8:24:38 AM PST · by Errant · 59 replies
    Zero Hedge ^ | 12/12/13 | Tyler Durden
    Haters gonna hate, but the “Bitcoin bubble” meme has become the financial equivalent of a viral online cat video – wildly popular but pretty vacuous. In an effort to separate fact from fiction, ConvergEx's Nick Colas reviews 11 bitcoin myths (and dispels them). Still, there’s no doubt that the public is entranced: there are now 3x more Google searches for “bitcoin” than “Western Union”, and 33x more than for “Gold coins”. We started writing about bitcoin back in February because it was – and still is – a fascinating invention (for better or worse). How it plays out, we will...
  • First Australian photography studio to accept bitcoin offers 50% discount

    11/22/2013 8:12:36 AM PST · by Errant · 47 replies
    CoinDesk ^ | October 28, 2013 | Daniel Cawrey
    Looking for photography services in Australia? Customers willing to pay via bitcoin to Seagull Photography in Waitara, New South Wales, which is just outside of Sydney, can get a bargain. Anyone in need of a photographer that pays 1 BTC to the studio will receive an AU$400 voucher. Based on the current bitcoin price in Australian dollars, that’s a 50% discount for using bitcoin. And it is cumbersome Australian banking processes that influenced Seagull’s decision to promote bitcoin, says Mohammad Soltani, who helps his wife Azam Vahabzadeh with the technical side of the photography studio. “It takes one full business...
  • Bitcoin Bonanza

    11/20/2013 7:49:21 AM PST · by Errant · 42 replies
    Zero Hedge ^ | 11/20/2013 | Pivotfarm
    Five years ago it was worth $0. Then, a month and a half ago it went to $150 a piece. On Monday it shot to over $600. On Tuesday, the value rose to over $900, meaning a 6, 445%-increase in value since the start of the year. It plummeted to $531 at midday today and then recovered reaching $793 while being traded on the Asian markets. Bitcoin: it’s the bonanza of the century. Volatility and hikes are based on nothing except speculation and the desire to make a mint, thinking that you can predict what the markets are going to...
  • Bitcoin Soars Above $600: Rises 20% In One Day Ahead Of Senate Hearing

    11/18/2013 5:33:43 AM PST · by Errant · 48 replies
    Zero Hedge ^ | 18 November, 2013 | Tyler Durden
    While the relentless multiple expansion (if not so much earnings growth and certainly not revenue contraction) looks set to push all three main stock indices over the key psychological levels of 16000, 1800 and 4000, with the all time bubble high on the Nasdaq increasingly looking like the next big target, the stock market mania has nothing on Bitcoin, which only yesterday crossed $500 for the first time ever, and as of this morning is already 20% higher, having just crossed $600 minutes ago. Which means that anything prices in Bitcoin has entered bear market in just the past day....