Monthly Archives: November 2013

Why China wants to dominate Bitcoin

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“Bitcoin presents a marvelous gift for China, a country anxious to exert financial influence on a global scale, but nervous to overtly undercut the U.S. dollar, which it holds in abundance. It could also help China exert more economic influence over commodity-rich Africa. Digital currencies like Bitcoin are already set to take off there and ring financial inclusion to 2.5 billion of the world’s most under-banked. In Africa, this could mean the destruction of weak country currencies, large scale consumer adoption via mobile payments, and Chinese financial supremacy in Africa. For America, oil contracts from non-OPEC countries denominated in Bitcoin would pose significant threats.”

http://money.cnn.com/2013/11/18/investing/bitcoin-china/index.html

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Chinese Investors Pile Into Bitcoin; BTC China Raises $5 Million

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“Chinese Bitcoin exchange, BTC China – the world’s largest by trading volume according to Bitcoinity.org – has closed a $5 million Series A from institutional investors Lightspeed China Partners and Lightspeed Venture Partners. BTC China was bootstrapped prior to this round, with money put in by its three co-founders, Bobby Lee, Linke Yang, and Xiaoyu Huang.  The exchange, China’s oldest, was founded back in June 2011. In recent times it has seen an influx of new investors crowding in as the hype around the decentralised digital cryptocurrency gathers greater momentum.”

http://techcrunch.com/2013/11/18/btc-china-series-a/

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Bitcoin Scandal Reflects Popularity of Virtual Currency in China

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“The willingness to invest in GBL despite its shortcomings demonstrates just how popular ‘crypto-currency’ has become in China. In early November, BTC China overtook Mt. Gox and Bistamp to become the largest bitcoin exchange site in the world, handling 34 percent of global bitcoin transactions over the previous seven days, according to data from Bitcoinity.org, a website that tracks bitcoin exchanges.  Bitcoin’s appeal to Chinese investors is manifold. The currency experienced a major spike in value in July shortly after being the subject of overwhelmingly favorable reports on CCTV, China’s state-run television station, and People’s Daily, the main Communist Party newspaper.”

http://sinosphere.blogs.nytimes.com/2013/11/17/bitcoin-scandal-reflects-popularity-of-virtual-currency-in-china/?_r=0

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Disruptions: A Digital Underworld Cloaked in Anonymity

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“That this story intruded here, at a public library in a nice little neighborhood, says a lot about the dark corners of the Internet. Glen Park isn’t the gritty Tenderloin over the hills, or Oakland or Richmond out in East Bay. And that is precisely the point. The Dark Web, as it is known, is everywhere and nowhere, and it’s growing fast.  No sooner was the old Silk Road shut down than a new, supposedly improved Silk Road popped up. Other online bazaars for illegal guns and drugs are thriving.  And the Dread Pirate Roberts — the old one, a new one, who knows? — is back, taunting the authorities. (The pseudonym is a reference to a character in the film ‘The Princess Bride’.)”

http://bits.blogs.nytimes.com/2013/11/17/disruptions-a-digital-underworld-cloaked-in-anonymity/?_r=0

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Bitcoin Goes to Washington: Monday’s Hearing Is Just the Beginning

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“Pages and pages of explanations and definitions mark the testimony. What are bitcoins? How are they made? How do they differ from centralized virtual currencies? It is clear Washington has a ways to go in understanding, let alone regulating, cryptocurrencies. The hearing is a first step in what will likely be a long process toward any kind of lawmaking. ‘Honestly, the environment seems to be a game of hot potato where no politician wants to be caught being pro or anti bitcoin,’ says Charles Hoskinson, director of the Bitcoin Education Project. ‘Once the market cap gets to around $10 billion or so [it’s currently just over $2 billion], then expect real hearings and a lot of lobbying.'”

http://swampland.time.com/2013/11/17/bitcoin-comes-to-washington-mondays-hearing-is-just-the-beginning/

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Bitcoin to Congress: Back Off

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“Bitcoin’s representatives are appearing before Congress this week for a first-ever series of hearings into the crypto-currency. And they’ve got a message for the array of D.C. lawmakers and regulators looking to tame Bitcoin: If the government’s attempts to oversee the digital currency are too harsh or intrusive, Bitcoin users easily could go offshore or underground — and then no one in Washington will be able to control what they do.  Representatives from the Justice Department and the International Centre for Missing & Exploited Children also said the possibility of Bitcoin companies moving offshore would make it harder for U.S. authorities to find and prosecute illegal activity.”

http://blog.foreignpolicy.com/posts/2013/11/17/bitcoin_to_congress_back_off

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Bitcoin Soars Above $600: Rises 20% In One Day Ahead Of Senate Hearing

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“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. How high BTC goes, is nobody’s guess: once the buying frenzy kicks in, step aside, especially since China is increasingly looking like it may be jumping on board the latest mania.”

http://www.zerohedge.com/news/2013-11-18/bitcoin-soars-above-600-rises-20-one-day-ahead-senate-hearing

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Bitcoin Foundation Plays Down Silk Road Connection at Senate Hearing

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“Even the title of Monday’s Senate Committee hearing on bitcoin reflects the overriding concern. ‘Beyond Silk Road – Potential Threats, Risks, and Promises of Virtual Currency‘ brings together several speakers from the government, industry, and non-profit sectors to give their opinions to the Senate’s Committee on Homeland Security and Governmental Affairs about the potential security risks of the cryptocurrency. Here is a roundup of what to expect from testimony given at the event.”

http://www.coindesk.com/bitcoin-foundation-silk-road-senate-homeland-security-hearing/

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U.S. Agencies to Say Bitcoins Offer Legitimate Benefits

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“The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.  Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like any other online-payment system, according to letters they released before the meeting.  The committee scheduled the hearing ‘to explore potential promises and risks related to virtual currency for the federal government and society at large’.”

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

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Guy Builds Bomb Using Only Items Bought After Airport Security

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“Don’t allow the TSA illusion of security to fool you. You Tube user Terminal Cornucopia constructs what he terms a home-made ‘FRAGGuccino’ from items one can easily purchase after airport screening.  Using only a stainless steel coffee mug, a Li-ion AA battery, along with some Axe Body Spray, a condom, and a bottle of water, this anarchistic MacGyver was able to build and successfully detonate an improvised bomb.  It works by the water filled condom breaking upon impact of the devise being thrown. This shorts the battery, creating heat that ignites the can of Axe body spray.  All that and he didn’t even have to hide it in his shoes.”

http://politicalblindspot.com/guy-builds-fragguccino/

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