Monthly Archives: November 2013

The Rise of Bitcoin

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“What makes Bitcoin money? The same thing that makes all money money — trust, in this case backed up by a lot of code-breaking computers. Created in 2009, Bitcoin has grown into the world’s largest virtual currency, traded on exchanges around the world. It’s the product of open-source software and a decentralized network of electronic ‘miners,’ making it a multibillion-dollar experiment in monetary privatization and perhaps the first step toward an age when the digital economy outgrows the restraints of nation states and wallets full of paper.”

http://www.bloomberg.com/quicktake/bitcoins/

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Canada will tax your bitcoins

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“The Canada Revenue Agency (the Canadian equivalent of the IRS) just issued its first release on how it will treat virtual currencies for taxation purposes.  Even though the interpretation bulletins and the release do not have force of law, this communication does at least put up some signposts about the CRA’s thinking about bitcoin.  The recent CRA release repeats the two general bases on which bitcoins — or any virtual currency – will be subject to Canadian taxation: 1. when used as barter; and, 2. when bought and sold as a commodity. The barter rules, opines CRA, apply when virtual currency is used to pay for goods or services.”

http://pokerati.com/2013/11/canada-will-tax-your-bitcoins/

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FEC poised to allow Bitcoin campaign donations

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“Political campaigns will be allowed to accept — but not spend — the digital currency Bitcoin, under a proposed federal rule released Thursday.  The Federal Election Commission draft would require campaigns to first convert any Bitcoins collected as donation to dollars.  According to the proposal, the currency will count as an ‘in-kind’ contribution to a campaign — like a stock or bond. The FEC will not consider them currency.  Because the value of the currency floats, campaigns will have to be careful not to accept donations above federal campaign contribution limits.”

http://www.politico.com/story/2013/11/bitcoin-campaign-donations-draft-rule-99566.html

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8BTC Interview with BTCChina

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“Someone did an investigation about this industry before and concluded that more than half [of the] companies would cease operation within one year. That’s why we keep promising our customers that we are doing a long-term business. In 2011 there were three exchanges while now only one (BTCC) [is] left. You can see there are a lot more exchanges established this year and we believe half of them will disappear. Some may lack proper management and some have malicious fraud. We are always trying to make money by doing the right thing. That’s also what we would like to deliver through this interview.”

http://bitcoinmagazine.com/8055/8btc-interview-with-btcchina/

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Chinese can now buy real estate with Bitcoin

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“Bitcoin acceptance in China has now extended into real estate with a residential developer in Zhangjiang Hi-Tech park in Shanghai finding a new way to promote sales through the acceptance of Bitcoin virtual currency.  Shanda Group, one of the large IT giants in China, through its real estate development arm, opened sales of its first real estate investment project on October 25th, 2013. 300 apartments in the soon to be built buildings ranging from 42-81sqm were available for sale and sold out in a few minutes as demand far outstripped supply.  As part of the promotion, Shanda accepted Bitcoins for payment.”

http://www.finextra.com/Community/FullBlog.aspx?blogid=8475

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Bitcoin is back: Online currency gaining traction

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“According to Nicholas Colas, chief market strategist at ConvergEx, two key drivers are behind bitcoin’s recent move.  The first is increased demand from China. Big companies there, including the search giant Baidu.com, accept bitcoins for payment. The second is the strong demand for SecondMarket’s recently launched the Bitcoin Investment Trust. SecondMarket CEO Barry Silbert acknowledged that demand for the trust is running ahead of schedule. It has taken in $15 million from institutional and high-net-worth investors, exceeding the year-end goal of $10 million, he said.”

http://www.cnbc.com/id/101176614

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Bitcoin’s Real Revolution Isn’t Hard Money, It’s Economic Panarchy

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“Bitcoin’s real contribution to the world is its source code. The blockchain, the network protocol, the cryptographic verification — anyone can take this and build a currency with any economic properties their community needs.  There is no perfect monetary system for every situation. Bitcoin is not going to be the one world currency, and it doesn’t need to be. A lot of people compare Bitcoin to the Internet, but it’s more like CompuServe. It’s the first of many digital, non-state currencies to come, that will all interoperate with each other in ways we can’t even dream of yet.”

http://falkvinge.net/2013/11/06/bitcoins-real-revolution-isnt-hard-money-its-economic-panarchy/

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Bitcoin Is Not Surging, ‘Going Ballistic’ Or ‘Going On An Astronomical Tear’

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“New and groundbreaking technologies are not linear, they are S-curves.  Growth starts out small, maybe stays linear for a while but at some point a critical mass is reached and adoption propagates like a chain reaction with each new user causing more new users to adopt.  Later when saturation is nearing the curve slows down and starts to level off (you can just see that starting to happen at the end of this chart).  Bitcoin is following a similar adoption curve, the only difference is that the price is also affected by other factors like greed, fear, news, and the economy.”

http://www.x-btc.com/1/post/2013/11/bitcoin-is-not-surging-going-ballistic-or-going-on-an-astronomical-tear.html

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CoinLaw: lawyer’s consultations and advice for Bitcoin

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“CoinLaw.info is a place where you can ask lawyers from all over the world all sorts of questions and get answers. To receive an answer, you pay for it with Bitcoin.  While anyone can use it, we believe we can make a difference to: People who would like to stay anonymous; People who cannot afford an expensive lawyer, but still need a qualified advice; People from other countries who need a law advice related to another country.”

http://coinlaw.info/

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Judge Orders CoinLab to Give Bitcoin to Bitvestment

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“A well-known bitcoin company has been ordered by a judge to produce and deliver the virtual currency to a New York investment firm that accused it of reneging on their contractual agreement.  Judge Robert W. Sweet of U.S. district court for the southern district of New York barred CoinLab Inc. from delivering the virtual currency to any other parties before it meets its obligation to Bitvestment LLC. The dispute underscores the frenzy surrounding bitcoin, a virtual currency that isn’t backed by a central bank.  It is produced electronically using computers, and enthusiasts trade it on exchanges and privately. Some merchants are now accepting bitcoin as a method of payment.”

http://blogs.wsj.com/moneybeat/2013/11/07/judge-orders-coinlab-to-pay-up-in-bitcoin/

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