Monthly Archives: December 2013

Bitcoin Takes on Gold

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“While crypto-currencies remain insulated from central bank manipulation, governments have thus far been tolerant, perhaps because their capability to track transactions is more advanced than Bitcoin believers admit.  Nevertheless, the advent of crypto-currencies represents the increasing popular demand for a currency insulated from political debasement and bank profiteering. Crypto-currencies represent a legitimate attempt by private citizens to reassert their sovereignty over such government actions. I appreciate the effort, and I believe it holds much promise. But for now, I will stay with the traditional store of value, gold.”

http://www.streetinsider.com/Commodities/Bitcoin+Takes+on+Gold/9011560.html

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Fortress is forming a Bitcoin fund

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“Fortress Investment Group (FIG) is prepping its own Bitcoin fund, which likely will be much larger than the SecondMarket offering.  My understanding is that the Fortress effort will be something like an unlisted currency ETF (similar to Bitcoin Investment Trust), with Fortress also perhaps raising a separate vehicle to back Bitcoin-related startups. And there likely is some relationship to a new Bitcoin-related fund raised by Pantera Capital, a San Francisco-based hedge fund whose clients are known to include several Fortress executives. Pantera founder Dan Morehead declined to discuss his Bitcoin efforts but an SEC filing indicates that he already has raised around $150 million for Bitcoin vehicle.”

http://finance.fortune.cnn.com/2013/12/31/fortress-is-forming-a-bitcoin-fund/

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Bitcoin ATMs Are Spreading Across the World

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“Sometimes the future can sneak up on you. Like when you find out that a startup incorporated in the British Virgin Islands, whose employees live in New Hampshire and whose products are made in Portugal, is selling digital-currency ATMs to Saudi Arabia and Singapore.  These are only two of the countries that have purchased Bitcoin ATMs from manufacturer Lamassu, which announced Monday that it had sold 120 of the machines to customers all over the world. A map Lamassu created to mark the occasion, showing the far-flung sales locations of its Bitcoin ATMs, not coincidentally illustrates the global appeal of Bitcoin.”

http://www.entrepreneur.com/article/230589

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Meet Laxmicoin, the desi bitcoin

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“As regulatory glare intensifies on bitcoins due to possible money laundering, cyber security and other risks, over five dozen other virtual currencies have come under the scanner and include a desi version by name of ‘laxmicoin’.  NRIs living abroad are expected to be dealing with bitcoins in a big way.  While four-year old bitcoin shot to prominence with its per unit value soaring past $1,200 level recently, the heavy interest in such cryptocurrencies has led emergence of namesakes like Ripple, Litecoin, Mastercoin, Nxt, Dogecoin etc. There is laxmicoin, which its promoters term as India’s very own digital currency and claim it would be launched soon.”

http://www.deccanchronicle.com/131230/news-businesstech/article/meet-laxmicoin-desi-bitcoin

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ED officials raided two bitcoin trading firm in Ahmedabad

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“Days after the RBI issued a cautionary note regarding the use of popular virtual currency Bitcoin, Enforcement Directorate officials here raided two companies running Bitcoin transactions in India.  ED officials told ET that on Thursday raids were conducted on the offices of rBitco.in and buysellbitco.in. This is India’s first bitcoin raid and second globally after FBI conducted the raid in October, they said.  As per the sources, the owners of the both the bitcoin trading firm would be booked under FEMA Act initially. However, after detail investigation of the data collected, if any havala transaction or criminal nature transaction is detected then they would be booked under the appropriate Act.”

http://articles.economictimes.indiatimes.com/2013-12-27/news/45626789_1_one-bitcoin-bitcoin-transactions-peer-to-peer-payment-network

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FinCEN: Bitcoin Miners Need Not Register as Money Transmitters

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“According to the letter, miners are still free to purchase goods or trade with exchanges with the bitcoins they produce whether operating as individuals or businesses.  The news should come as a relief for smaller-scale mining operations. Jerry Brito, senior research fellow at  the Mercatus Center, indicated that FinCEN wrotein a private letter last July that all miners would have to register as MSBs, and uncertainty had remained since then.  This could have put many individuals out of the mining business with its range of compliance regulations, such as having an auditor on staff.  The exact wording of the letter still leaves some room for interpretation, though.”

http://www.coindesk.com/fincen-bitcoin-miners-need-not-register-money-transmitters/

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Taiwan competitors aim to capitalize on Bitcoin ban in China

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“In light of the digital currency’s fate in the mainland market, Wayi International Digital Entertainment (華義國際) stated its Wmall electronic commerce portal will fully support Bitcoin-denominated transactions beginning next year. According to the company, suppression of the digital currency in China will disperse shoppers toward Taiwan.   Wayi is also anticipating the multitudes of consumers holding Bitcoin in China, saying that they are expected to flock to its Wmall, based on proximity and the lack of language barrier in comparison to more international platforms.”

http://www.chinapost.com.tw/taiwan/china-taiwan-relations/2013/12/29/397038/Taiwan-competitors.htm

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Will NYC Get Its First Bitcoin ATM in 2014?

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“Izea Founder & CEO Ted Murphy discusses his predictions for 2014. He speaks with Betty Liu on Bloomberg Television’s ‘In the Loop.'”

http://www.bloomberg.com/video/will-nyc-get-its-first-bitcoin-atm-in-2014-nBLVr0pDR9qrh9Lnxx_T8Q.html

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Lamassu Sells 100th Bitcoin ATM

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“Within the first four months of sales, the world’s leading Bitcoin ATM manufacturer has received over 120 orders for their sleek countertop machines. After reaching the 100-machine landmark,Lamassu, Inc. set up an online map of bitcoin ATM destinations that will continue to be updated as the machines go live. Over a dozen ATMs have already been delivered, and the rest of the orders will all be shipped by Spring 2014.  Online pre-orders for the Bitcoin Machine began in August on the startup’s website. The modern, minimalist design, small footprint and $5,000 price point have made it an attractive investment for Bitcoin entrepreneurs worldwide.”

http://www.digitaljournal.com/pr/1659634

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Bitcoin ATMs For Australia, The First In Melbourne

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“A local exchange plans the first Bitcoin ATMs in Australia starting with Melbourne.  And 21st Century Bitcoin Exchange says discussions will start soon with the government on regulating the Bitcoin market.  ‘With Bitcoins revolutionising traditional monetary transactions, Australia-based 21st Century Bitcoin Exchange is the first company to set up a Bitcoin ATM in the country,’ the company said in a written statement.  The company, which established www.bxe.com.au, is backed by 21st Century Media and Education Group of Companies and US Company International Operations LLC.”

http://www.businessinsider.com.au/bitcoin-atms-for-australia-the-first-in-melbourne-2013-12

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