Monthly Archives: November 2013

University in Cyprus First to Accept Bitcoin Payments, Offer Bitcoin Degree

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“Bitcoin has taken yet another step into the realm of real life viability, as the University of Nicosia (UNic) in Cyprus decided to accept the digital currency for payment of tuition and other fees, making it the first in the world to do so.  ‘We are acutely aware that digital currency is an inevitable technical development that will lead to significant innovation,’ said Dr. Christos Vlachos, member of the Council of UNic and the University’s chief financial officer, in a statement on Thursday.  One of the largest accredited English language universities in the Euro-Mediterranean region, UNic will also offer a Master’s of Science Degree in Digital Currency, available online and on-campus starting in spring 2014.”

http://world.time.com/2013/11/21/university-in-cyprus-becomes-first-to-accept-bitcoin-payments/

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Polish Bitcoin Exchange Bidextreme.pl Hacked, Wallets Emptied

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“Poland’s digital currency exchange Bidextreme.pl has been hacked and its customers’ bitcoin and litecoin wallets have been emptied.  In a statement published on itswebsite, the platform said it decided to temporarily suspend all activities until the matter is resolved. The incident was reported to the law enforcement authorities, the company said. The amount of digital currency stolen was not disclosed by the platform, which was founded in 2013. Local observers say the attack could hamper the development of Poland’s bitcoin market, even though bitcoin trading is becoming increasingly popular in Poland and the number of companies accepting payment in bitcoins is steadily rising.”

http://www.coindesk.com/hacker-attack-polands-bitcoin-exchange/

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Bigger than Libor? Forex probe hangs over banks

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“A global investigation into the setting of the London interbank lending rate, and related global benchmarks, has so far yielded about $3.6 billion in fines. Penalties for some of the biggest players are still to come. Traders have also faced criminal charges.  As the extent of damage caused by Libor-rigging is revealed, lawyers say the probe into fixing currency rates could unfold in a similar way, and rival its impact.  London is the center of the loosely regulated foreign exchange market, the biggest in the world’s financial system with average daily turnover of $5.3 trillion. Proven abuse in this market would have a significant ripple effect, exposing offending firms to a host of legal action.”

http://money.cnn.com/2013/11/20/investing/forex-probe-lawyers/index.html

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Bitcoin moves beyond mere money

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“The secret to Bitcoin’s rampant success is the ‘block chain’ – a secure digital ledger that tracks coins across the internet. It records every single transaction of the currency, and those transactions are then mathematicallyverified by the computers of Bitcoin users around the world. Anyone who holds bitcoins also has an exact copy of the block chain, making it virtually impossible to create a forgery. This eliminates the need for trusted third parties, like PayPal and Visa, to take part in financial transactions.  Now the block chain is being applied beyond the movement of money using a technique called ‘colouring’ bitcoins. It has the potential to transform commerce.”

http://www.newscientist.com/article/dn24620-bitcoin-moves-beyond-mere-money.html

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Virtual-Currency Craze Spawns Bitcoin Wannabes

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“A ‘cryptocurrency’ craze has spawned more than 80 entrants, from peercoin and namecoin, to worldcoin and hobonickels. In October and November alone, developers launched gridcoin, fireflycoin and zeuscoin. Bbqcoin has enjoyed a renaissance after a false start in 2012. Litecoin, launched in 2011, has turned into the strongest bitcoin alternative.  Many of the new coins trade on exchanges such as Cryptsy, of Delray Beach, Fla., a unit of Project Investors Inc., and BTC-e.com. Cryptsy founder Paul Vernon said his exchange has handled as many as 33,000 trades in a day from enthusiasts such as Mr. Thomas.”

http://online.wsj.com/news/articles/SB10001424052702304607104579210051252568362

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Alydian Aims to Sell Bitcoin Mining Platform in Bankruptcy

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“Battered bitcoin miner Alydian might try to sell some of its highly specialized computer systems at a bankruptcy sale while it works to extract the virtual currency for customers who were promised the chance to buy bitcoins at dirt-cheap prices.  Alydian’s bankruptcy lawyers revealed in recent court papers that they plan to sell the Bainbridge Island, Wash., company’s assets after its struggled to make money within the volatile bitcoin industry using technology that’s no longer state-of-the-art. ‘Mining difficulty has increased stratospherically, well beyond expectations,’ said Alydian lawyers in response to a federal lawsuit filed in New York by an angry customer.”

http://blogs.wsj.com/bankruptcy/2013/11/20/alydian-aims-to-sell-bitcoin-mining-platform-in-bankruptcy/

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Bitcoin hits the road from limos to hotels

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“Bit by bit, fans of bitcoin—the virtual currency currently experiencing wild fluctuations in value—are finding ways to use the digital dollars for travel.  Scroll through the Bitcoin.Travel website or Facebook page and you’ll find an eclectic listing of real-world cafes, transportation companies, hostels and tour companies around the world advertising the fact they’re willing to accept bitcoin payments.  Among those is New Jersey-based A Class Limousine, which provides sedans, limousines, vans and shuttle buses for airport and point-to-point travel in its region.”

http://www.cnbc.com/id/101211806

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Shut up and take my bitcoins! A map of Bitcoin-friendly businesses

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“The Jeep dealership in Overland Park, Kan. looks just like any other — rows of shiny new cars filling up a gigantic lot, with a spacious indoor showroom to one side. What you wouldn’t know from walking by on the street, however, is that the enterprising salesmen at Overland Park will trade you an entire car for a bucket of intangible gold.  Overland Park Jeep is one of over 200 real-world businesses in the United States that accept bitcoins, the virtual currency that’s lately taken Washington by storm. The total value of all bitcoins in circulation is around $6 billion — though that number fluctuates as the price of bitcoins wobbles, sometimes spectacularly, relative to the dollar.”

http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/20/shut-up-and-take-my-bitcoins-a-map-of-bitcoin-friendly-businesses/

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Answers to the Bitcoin questions you’re too embarrassed to ask

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“It would have been foolish for an observer in 1990 to dismiss the Internet as too nerdy for mainstream use. Over time, entrepreneurs took the basic infrastructure of the Internet and built innovative and user-friendly online services such as Google, Facebook and YouTube.  Bitcoin boosters are betting that the same will happen with Bitcoin. The ‘raw’ bitcoin network isn’t very accessible, but startups like Coinbase and Bitpay are slowly fixing that. Some day soon, someone may develop Bitcoin’s ‘killer app,’ a program that provides a financial service that has clear advantages over conventional banking. That might something that no one has thought of before.”

http://www.morningjournal.com/general-news/20131120/answers-to-the-bitcoin-questions-youre-too-embarrassed-to-ask

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US fights losing battle for bitcoin riches

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“America may have already missed the boat and failed to gain dominance in this burgeoning industry.  Anthony Gallippi, the founder of U.S-based bitcoin payment processor BitPay believes the U.S. must embrace this new technology. Gallippi added that bitcoin was a cheaper, faster, and more secure payment system than credit cards. He said it could help combat the identity fraud that last year claimed over 12 million victims. Gallippi also stated it would nullify the threat of payment fraud, which cost businesses over $20 billion per year.  The price of bitcoin skyrocketed to the $900 level on Monday but there is no disguising that America is now playing catch up.”

http://www.cnbc.com/id/101213531

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