Monthly Archives: November 2013

Wall Street Doesn’t Understand Bitcoin Yet, But It Will

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“What I’ve discovered over the past 5 days or so I’ve spent on /r/Bitcoin is not a basket of naive, ideologically fueled freshmen that detractors like Gideon Samid airily dismiss as ‘The Bitcoin Delusion’, but a diffuse, sophisticated and above all ambitious sub-culture that is capable -through raw programming prowess, if nothing else – of changing the way people think about money. This is not some pseudoeconomic post-modern Libertarian cult, it’s an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.”

http://seekingalpha.com/article/1863521-wall-street-doesnt-understand-bitcoin-yet-but-it-will

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Ron Gross Talks About Mastercoin

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“The basic functionality of Bitcoin is to store, send and receive the digital currency, but on top of this other functionality can be added to support what are called smart contracts and smart property.  The idea is to eventually provide services like lending, property registries, distributed exchanges, share IPO’s and more all on top of the Bitcoin network that not only includes the block chain, but also an ever increasing information processing capacity through the Bitcoin miners.  In this interview Ron Gross talks about one of the projects seeking to create these new protocols to expand the functionality of Bitcoin: Mastercoin.”

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China’s rich fleeing the country—with their fortunes

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“It’s one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations.  According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. And it’s not just the money that’s exiting the country. The wealthy are increasingly following their money overseas.  Wealthy Chinese buyers purchased more than $8 billion worth of residential real estate in the U.S. in the 12 months ended in March, according to the National Association of Realtors.  China’s wealthy also are pouring money into collectibles and art.  It’s also going to wine and diamonds.”

http://www.cnbc.com/id/101225781

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Korea Announces Favorable Tax Policy for BTC

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“Posted in Korea’s Bitcoin Community on Facebook is a statement from Korea’s National Tax Service stating that Koreans will not be taxed for capital gains on bitcoin for the time being. While this is clearly good news for the few long-time miners in Korea as well as speculators that have experienced a windfall in the past month, it is important to remember that this is not a good long-term position toward bitcoin. Essentially, the Korean government is taking the stance that bitcoin investments are not real.  Currently, bitcoiners are happier to be left alone by the governments of the world and such a policy supports this in the long term.”

http://bitcoinbabble.com/?p=192

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The Bitcoin bungler – a salutary tale

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“I looked at the Bitcoin exchange rate – now pushing towards $900 in the latest extraordinary bubble – and realised it had turned into a rather big investment.  But then I remembered what I’d done with the phone containing the currency. Wanting to make sure it was somewhere I could get easier access, I’d transferred almost my entire Bitcoin holding to a new wallet on another phone that I was testing back in the summer. Then, a few weeks ago, I offered this phone – supplied by the manufacturer – as a prize in a charity fundraising effort. And before handing it over to the winner I had of course restored it to factory settings, wiping all of my personal data and apps, including my Bitcoin Wallet.”

http://www.bbc.co.uk/news/technology-25120902

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Bitcoin vs. Gold: The Future of Money – Peter Schiff vs. Stefan Molyneux

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“Is bitcoin a bubble? Does gold have an intrinsic value? Is bitcoin a ponzi or pyramid scheme? Peter Schiff thinks so. Stefan Molyneux and Peter Schiff discuss Bitcoin vs. Gold and the future of money.”

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KnCMiner Launches Neptune ASIC Bitcoin Miner With at Least 2TH of Power

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“KnCMiner will today announce Neptune, its next-generation product: an ASIC bitcoin miner using 20nm chips that will provide at least 2TH of power.  This box – the price of which hasn’t yet been revealed – will come with a caveat, though. Cole believes that residential power supplies in some households won’t be able to handle it on a single fuse. ‘American houses don’t have the same supply as Sweden or Germany for example,’ he said.  ‘The issue is that we are getting very close to the limit of the household supply in our next generation,’ he said. ‘So the bottleneck has become the house.’ This will probably be one of the firm’s last retail products, he added.”

http://www.coindesk.com/kncminer-pre-orders-next-asic/

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Bitcoin Mining Is Getting Out of Control

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“As website Hong Wrong points out, the puzzles are getting increasingly difficult. And once 21 million Bitcoins are produced, production will cease. In the past, we’ve seen impressive digital drilling outfits—and our colleagues at Gizmodo have even noted their environmental impact. However, this set-up in Hong Kong seems to be a step above from your typical Bitcoin mining operations. Website Bitell, run by journalist Xiaogang Cao, posted photos of a Bitcoin mining outfit in Hong Kong’s Kwai Chung industrial building. According to Bitell (via Hong Wrong), the company behind this mine is called Asicminer, and it owns other mines as well.”

http://kotaku.com/bitcoin-mining-is-getting-out-of-control-1471769898/@jcondliffe

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Exante’s Bitcoin Fund Reports YTD Performance of 4,847%

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“Although technically launched in late 2012, Malta-based brokerage Exante released their 2013 year-to-date (YTD) performance statistics for The Bitcoin Fund last week. Listed in Bloomberg’s Comparative Fund Analysis section, The Bitcoin Fund came in with a 4,847% return, leading its peer group by a wide margin.  The closest funds in the comparative analysis registered a year-to-date performance of 33.7% and 25.4% respectively. The Bitcoin Fund gives institutions and high-net worth individuals easy, secure and rapid access to the vibrant bitcoin market with a unique licensed product.”

http://www.coindesk.com/exantes-bitcoin-fund/

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Kid, 9, Sells Apple Shares to Buy Bitcoin

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“Andrew recently told his teacher about his investment, revealing he had made about $50 since his dad bought him some bitcoins.  Andrew wants to do more than just a talk at school to get his peers involved in digital currency. He asked his dad whether he could sell bitcoins to his classmates, then get them back by accepting BTC as payment for his Wonder Bracelets, which he makes from colourful elastic bands.  Steve said some of their parents might have a problem with this, but he’s set up an online store for the aspiring entrepreneur called Bracelets for Bitcoins.  Andrew made his first sale earlier this week to a bitcoin fan in Ireland.”

http://www.coindesk.com/kid-sells-apple-shares-buys-bitcoin/

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