Monthly Archives: November 2013

Litecoin Surpasses Billion Dollar Market Capitalization

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“Following yesterday’s news that Bitcoin had passed the $1000 mark, the halo effect continues this morning with the crypto-currency market capitalization site coinmarketcap.com reporting that Litecoin has joined the billion dollar virtual currency club. Litecoin is currently trading at $48.99 (as of writing).  At present, all crypto-currencies are alternative currencies, as no nation has adopted a crypto-currency alternative to fiat money, although recent interest from U.S. regulators have helped the various Crypto-currencies soar. Last week, regulators and lawmakers indicated that the currency provided as much opportunity for good as for harm.”

http://www.forbes.com/sites/reuvencohen/2013/11/28/cryto-currency-bubble-continues-litecoin-surpasses-a-billion-dollar-market-capitalization/

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Lunlun Zou Guzheng Studio: First Hong Kong Business to Accept Bitcoin

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“On November 25, Lunlun Zou Guzheng Studio sent out a press release to announce their acceptance of Bitcoin. Lunlun Zou Guzheng Studio is the first business in Hong Kong to accept Bitcoin and hopefully will serve as a catalyst for many surrounding businesses to begin accepting Bitcoin. Guzheng is a 2,000 year old musical instrument from China with 21 strings and serves as the predecessor to the Japanese koto, Korean kayagum and Vietnamese dan tranh. Lead teacher, Lulun Zou, has performed around the world and through her new decision to accept Bitcoin will certainly have a positive impact on the Bitcoin ecosystem. Classes range from beginner to advanced.”

http://bitcoinmagazine.com/8419/lunlun-zou-guzheng-studio-first-hong-kong-business-to-accept-bitcoin/

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Hong Kong Bitcoin miners pour datacentre in a FISH TANK

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“A Hong Kong Bitcoin mining company has hit upon an unusual design for its new datacentre, immersing its server blades in metre-high glass tanks of bubbling cooling liquid.  The discovery was made by Bitcell’s Xiaogang Cao, who was invited into mining biz Asicminer’s Kwai Chung facility in the New Territories a few days ago to take a look round (via Hong Wrong).  What he discovered apparently looked like something out of a bad sci-fi film, with rows and rows of blades sitting quietly in 3M cooling liquid, and switchers hanging above.  Each rack contained three sealed glass tanks, with each tank having its own copper pipes connected to a small cooling system.”

http://www.theregister.co.uk/2013/11/28/bitcoin_asicminer_datacentre_tank_underwater

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What Bitcoin investors are funding?

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“The Bitcoin network is performing several times more calculations than the World’s top 500 supercomputers combined.  The miners create incredible hardware solutions in all sizes that range from USB sticks to whole multi-storey buildings. The incredible amount of money flowing into the Bitcoin economy allowed the engineers around the world to create the biggest experiment in distributed computation systems. This couldn’t have been funded any other way.  All the knowledge and professional experience gained by building these mining rigs will eventually be put to work for other uses besides creating the most efficient monetary system of the future.”

http://bitcoinowl.com/what-bitcoin-investors-are-funding

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Bitcoin: Experts clash over the crypto-currency

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“Bitcoin is reaching new heights thanks to a combination of speculation on future value and genuine, undeniable usefulness.  Think about it: Why can it take days or weeks for banks to send money around the world, when an email travels in seconds?  Does the money travel by steamboat?  Are they loading gold bars onto the side of a camel and sending it over the mountains of Mongolia?  Of course not.  The real answer is depressing – banking is a stagnant market running on long-obsolete infrastructure, which improves only when forced to by government.  [..] When Metro Bank opened in 2010, it received the first new UK banking licence issued in 150 years.”

http://www.bbc.co.uk/news/technology-25130261

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A Surge in Value for Bitcoin and Currencies Similar to It

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“The rise of Bitcoin is not happening in a vacuum. It seems the value of almost all cryptocurrencies (and there are several dozen of them) has been growing rapidly over the last week.  According to coinmarketcap.com, which monitors cryptocurrencies, Litecoin, a similar but more easily created currency, has risen 60 percent in the last 24 hours alone, bringing its market capitalization to $644 million. Another currency called PeerCoin is up 30 percent since Tuesday, now worth more than $75 million.  Namecoin, Feathercoin, Megacoin, Infinitecoin and others are all up double-digit percentage points, too.”

http://bits.blogs.nytimes.com/2013/11/27/a-rise-in-attention-and-price-for-crypto-currencies/?_r=1

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As bitcoin booms, so does bitcoin bank robbery

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“Robbing a bank is such a hassle in the real world, with all the complicated logistics of weapons, vaults, dye packs, and getaway cars. It’s a lot more straightforward to rob digital currency exchanges and payment processors. To paraphrase bank robberWillie Sutton, that’s where the bitcoins are.  The huge interest in bitcoin and the concurrent surge in the value of the currency—bitcoin has risen 6,000% versus the US dollar in the last year and 300% just this month—has also created a growing incentive for larcenous hackers.”

http://qz.com/150946/as-bitcoin-booms-so-does-bitcoin-bank-robbery/

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The Value Of SecondMarket’s Bitcoin Trust Just Broke $50 Million

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“The net asset value of SecondMarket’s Bitcoin Trust has surpassed $50 million. As of 4 pm, the fund’s assets under management were worth $50.93 million.  The price of Bitcoin on Mt. Gox is now more than $900, and earlier today hit a new all-time high of $950.  This suggests SecondMarket holds more than 55,000 Bitcoins.  Founded in 2004, SecondMarket is an online security brokerage specializing in illiquid assets.  Here’s the chart showing net asset value (NAV) and NAV/share.”

http://www.businessinsider.com/record-aum-for-bitcoin-trust-2013-11

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Bitcoin Payment Processor BIPS Attacked, Over $1m Stolen

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“Kris Henriksen, BIPS’ CEO, said most of the missing funds were ‘from the company’s own holdings’. The heist, however, was apparently not due to any vulnerability in the code itself.  The Copenhagen, Denmark-based company was targeted on 15th November by a massive DDoS attack. Then on 17th November, it was followed up by a subsequent attack that disabled the site and ‘overloaded our managed switches and disconnected the iSCSI connection to the SAN on BIPS servers’.  ‘Regrettably, despite several layers of protection, the attack caused vulnerability to the system, which has then enabled the attacker/s to gain access and compromise several wallets,’ the company said.”

http://www.coindesk.com/bitcoin-payment-processor-bips-attacked-1m-stolen/

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8 things you can buy with bitcoins right now

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“Subway sandwich; Auctioned art & antiques; Haircut; All-natural honey; Legal representation; Martial arts class; Book a flight; E-cigarettes, or anything else.”

http://money.cnn.com/gallery/technology/2013/11/25/buy-with-bitcoin/

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