Monthly Archives: November 2013

The Nightmare of Bitcoin Regulation – A Laundry List of Scenarios

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“If you are a federal regulator right now you are having bitcoin nightmares. Nothing has ever posed so many challenges to federal authority as bitcoin. We look at all the trouble spots and run you through a laundry list of federal regulation considerations. This is clearly a pressing issue for stores and merchants looking to accept bitcoin, but its also a topic on the back of everyone’s mind.  This is our first episode looking at Bitcoin Regulation and this is the 8th episode in our blackboard series — a beginner’s course in bitcoin. We hope you enjoy. Please like and subscribe or drop some comments, suggestions or critiques. And remember the official WBN launch is coming up : January 1st, 2014.”

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A Propaganda War

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“We’ve long imagined that only the state and its central bankers can issue money. The Bitcoin protocol directly challenges that notion.  Most importantly, unlike similar inventions before it, Bitcoin can only be stifled. It can never be stopped. Its importance is unequivocal.  As Bitcoin continues to spread globally, we, as a community, must grapple with a very challenging and unsettling question of principle: should Bitcoin actively engage the apparatus of state?   Bitcoin is getting political. Parties are forming. unSystem, through its Dark Wallet, has ostensibly drawn a line in the sand. There is much at stake. A battle is now on for the protocol and the hearts and minds of we, the 99%.”

http://bitcoinmagazine.com/7991/a-propoganda-war/

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Iowa funds $200-per-user app to stop teen texting and driving

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“In addition to allowing parents to track their kids’ routes and activity, the app will send notifications if the apps’ text-blocking feature is disabled, the app is deleted, the teen stops too fast (decelerating more than 7 mph per second), or the teen runs a stop sign. The app will keep reports and driving trips on record for six months.  Iowa intends to foot the bill of $4 per month for the Web portal for any users between the ages of 14 and 17. Based on an estimate of 100,000 Iowa drivers that age, the Department of Transportation estimates that about 10,000 people will be able to use the app. This amounts to a cost of $192 per teen using the app until they turn 18, at total project cost of $480,000 per year.”

http://arstechnica.com/tech-policy/2013/11/iowa-funds-200-per-user-app-to-stop-teen-texting-and-driving/

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CryptoLocker crooks charge 10 BTC for second-chance decryption service

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“If you don’t win an online auction, sometimes you receive a ‘second chance offer’ that costs whatever your highest bid was for an item. Extortion doesn’t work that way as seen by the newest second chance scheme launched by the cybercrooks behind CryptoLocker; the decryption service costs five-times as much as it would have to free your files from the ransomware in the first place.”

http://www.networkworld.com/community/node/84174

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Cracked.com Serving Malware in Drive-By Downloads

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“The popular humor website, Cracked[dot]com reportedly hosted malware that infected the machines of its visitors over the weekend and may still be doing so, according to Barracuda Labs research.  The attackers delivered their exploit with a malicious piece of javascript they embedded into cracked[dot]com.  According to the report, the javascript caused users to send a request to the domain ‘crackedCDM[dot]com.’ The malicious domain contained an iframe pointing to ‘p68ei5[dot]degreeexplore[dot]biz,’ which then sent a cocktail of malicious PDFs, Java, HTML, and javascript files into the victim’s browser. If successful, the attackers then uploaded their malware to the affected machines.”

http://threatpost.com/cracked-com-serving-malware-in-drive-by-downloads

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Bitcoin Foundation among witnesses to speak at major hearing on bitcoin

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“The US Senate Committee on Homeland Security and Governmental Affairs (HSGAC) has revealed the list of witnesses who will speak at a hearing into bitcoin on 18th November.  Titled ‘Beyond Silk Road: potential risks, threats, and promises of virtual currencies’, the hearing is to take place at 14:30 (local time) in room 342 of the Dirksen Senate Office Building in Washington, DC.  The hearing will feature two separate panels, one representing US law enforcement agencies and another representing bitcoin, extolling the virtues of digital currencies.  To watch a live stream of the hearing, visit the HSGAC website, and check CoinDesk for updates on the day.”

http://www.coindesk.com/fincen-secret-service-bitcoin-foundation-hearing-bitcoin/

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Plotting an Escape From America

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“What do China, Russia and the Cayman Islands have in common?  All three are among the top 10 countries for working-age expatriates looking for wealth and happiness, according to the 2013 HSBC Expat Explorer Survey. Given the many people who are now thinking of pulling up stakes and hightailing it out of the U.S., it’s a good time to consider some of its findings.  On one hand, it’s unsurprising that the respondents found Switzerland to be the world’s most economically-rewarding country for expats.  But many would be surprised to find that the second most desirable country, from an economic standpoint, is Communist-ruled China.”

http://thesovereigninvestor.com/2013/11/13/plotting-escape-america/

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Bill Bonner: When the Feds Tell You Bend Over…

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Bill-Bonner2

“Slaves could practice their own religions. They spoke their own languages. They were free to operate their own businesses. They could make money. Some became slavers – like Jan Jensen, who became Morat Rais, whose son Anthony used the family name Van Salee and moved to New York. With the profits of the white slave trade, he was able to buy a substantial part of what is today Brooklyn.  Some slaves became traders and financiers, buying and selling goods from all over the Mediterranean. At least one amassed a fortune while still a slave. Some, like Miguel de Cervantes and Captain John Smith of the Virginia colony, got away.  Others didn’t want to get away.”

http://www.bonnerandpartners.com/when-the-feds-tell-you-bend-over/

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American Express Ex-Chief Privacy Officer On ‘The Last Days of Cash’

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“Andy Roth, a partner in Dentons’ Privacy and Security Group, and Victor Boyajian, a partner in Dentons’ Venture Technology Group, explore the evolution of digital payments, virtual currencies and security. The video examines:  Bitcoin and other virtual currencies;
Regulatory issues in connection to digital payments;  The balance between privacy and technological progress;  Privacy as a product or feature; and The outlook for consumer payments.”

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Former No. 2 at CFPB, Raj Date, Joins Board of Bitcoin Company

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“A former top official of the federal Consumer Financial Protection Bureau is jumping on the bitcoin bandwagon.  Raj Date, a banking-industry veteran who has pushed for tighter  Focused on Digital Currenciesregulation of the financial system, has joined the board of a new company developing ways to get merchants and consumers to use the virtual currency.  The move is likely to add credibility to fledgling Circle Internet Financial Inc., which last month received $9 million in financing from venture capitalists.   A growing number of merchants accept bitcoin, because the transaction costs associated with the currency are generally lower than those for using credit cards or debit cards.”

http://online.wsj.com/news/articles/SB10001424052702303559504579196301325588672

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