Monthly Archives: August 2014

Welcome to Bitcoin Boulevard in Cleveland — No Cash Needed

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“The founders of this effort, Nikhil Chand and his wife, Rebecca, greeted us in the driveway of their vintage 1920s home. As we strolled through their neighborhood toward our dinner spot, we discussed how they had set up more than one dozen businesses on Lee Road (aka Bitcoin Boulevard) to accept bitcoin through the third-party merchant processor, BitPay.  If you are a food lover and interested in trying your hand at bitcoin-only travel, I would suggest you book a hotel with bitcoin on CheapAir and stay in Cleveland Heights. Every bite of every meal was simply amazing. What a fabulous ‘bitstop’ on our journey.”

https://www.yahoo.com/travel/welcome-to-bitcoin-boulevard-in-cleveland-no-cash-94439973607.html

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California governor signs bill legalizing Bitcoin, other digital currencies

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“California Gov. Jerry Brown signed a bill that legalizes the use of Bitcoin and other digital currencies, reversing what backers called an outdated prohibition against use of alternative currencies.  The bill, dubbed AB 129, ensures that various forms of alternative currencies such as digital currencies, coupons, and points are legal for use to purchase goods and services in the state. The new law repeals a provision in existing state law that prohibits anything but US currency being used for commerce.  The Bitcoin Foundation, a nonprofit devoted to promoting best practices for the virtual currency, was ordered last year to cease operations in California, or face hefty fines.”

http://www.cnet.com/news/california-governor-signs-bill-legalizing-bitcoin-other-digital-currencies/

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Ron Paul: US Sanctions on Russia May Sink the Dollar

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“European banks are already cutting ties with American citizens and businesses due to the stringent compliance required by recently-passed laws such as FATCA (Foreign Account Tax Compliance Act). In the IRS’s quest to suck in as much tax dollars as possible from around the world, the agency has made Americans into the pariahs of the international financial system. As the burdens the US government places on European banks grow heavier, it should be expected that more and more European banks will reduce their exposure to the United States and to the dollar, eventually leaving the US isolated. Attempting to isolate Russia, the US actually isolates itself.”

http://www.thedailybell.com/editorials/35547/Ron-Paul-US-Sanctions-on-Russia-May-Sink-the-Dollar/

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8,000 Convenience Stores in Argentina Now Sell Bitcoin

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“BitPagos has launched Ripio, a new bitcoin brokerage service that allows consumers in Argentina to buy small amounts of bitcoin at more than 8,000 convenience stores.  To achieve this goal, Ripio will integrate with TeleRecargas, a popular mobile phone service that allows consumers to prepay for cell phone plans at a network of partner convenience stores across Argentina.  Argentina and Palo Alto-based bitcoin merchant processor BitPagos raised $600,000 from prominent bitcoin angel investors earlier this year. CEO Sebastian Serrano [said] Ripio aims to target underbanked consumers as well as existing bitcoin users who want an easy way to buy bitcoins at a physical location.”

http://www.coindesk.com/bitpagos-brings-bitcoin-8000-convenience-stores-ripio/

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Former Visa Exec Joins BitPay as Chief Compliance Officer

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“Former Visa anti-money laundering and anti-terrorist financing officer Tim Byun has announced that he will join Georgia-based bitcoin merchant processor BitPay as its chief compliance officer.  Byun served as a Visa executive from February 2009, and previously worked at the Federal Reserve Bank of San Francisco and the Federal Deposit Insurance Corporation (FDIC).  The news is perhaps one of the more noteworthy hires to come amid what has been an impressive increase in talent acquisitions at the company and in the bitcoin industry at large.  For example, Facebook’s Ben Davenport announced he would end his three-year stint at the social networking giant to join secure wallet startup BitGo.”

http://www.coindesk.com/former-visa-exec-join-bitpay-chief-compliance-officer/

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Bitcoin Innovators Find Fertile Ground in Soft-Touch Switzerland

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“The neutral European nation is becoming a ‘mecca’ for financial cryptography, says Chris Odom, the Chief Technology Officer at Monetas, who announced that he had finally moved his family from Austin, Texas, to Zug, Switzerland to be with the rest of the company’s team and help build the German-speaking region’s ‘Crypto Valley’.  Why the growth in Switzerland? Odom attributes it to the country’s ‘legendary neutrality,’ as well as its respect for privacy and security — two big buzzwords for cryptographers — and the fact that it is already a tech hub.  It also likely helps that Swiss regulators have so far taken a relatively accommodative, hands-off approach toward bitcoin.”

 

http://blogs.wsj.com/moneybeat/2014/08/04/bitbeat-crypto-innovators-find-fertile-ground-in-soft-touch-switzerland/

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Jeremy Allaire: Thoughts on the New York BitLicense Proposal

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“The high-level goal of establishing a license framework for a new class of digital currency-based money transmitters and money services businesses is reasonable. Having such a framework in place can materially open up commercial opportunities for companies by reducing the perceived risk and the regulatory uncertainty that currently hang over Bitcoin companies—enabling firms to find banking partners, insurance partners, auditors, and other business partners.  However, as it stands, the BitLicense is likely to have the opposite impact—radically limiting those who can participate in this industry, pushing firms offshore and into sometimes shadier jurisdictions.”

https://www.circle.com/2014/08/13/thoughts-new-york-bitlicense-proposal/

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Feds: 100+ Financial Institutions Working With Marijuana Businesses

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“Over 100 US financial institutions are working directly with marijuana-related businesses in states that allow for cannabis commerce, according to public remarks made Tuesday by a US Department of Treasury representative.  In February, the Treasury Department and the Justice Department issued a pair of memos providing limited guidance to financial institutions that wish to engage in transactions with state-authorized marijuana businesses. In July, members of the US House of Representatives voted in favor of legislation restricting the Treasury Department’s ability to take punitive actions against financial institutions that provide assistance to state-sanctioned, marijuana-businesses.”

http://norml.org/news/2014/08/14/feds-over-100-financial-institutions-working-with-marijuana-related-businesses

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This one fire hydrant costs Toronto drivers $289,620 in parking tickets

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“So, why is this one particular hydrant such a cash cow for the city? There are a few possible explanations. It’s right by the courthouse and near a major downtown intersection. The hydrant itself is in the middle of a busy sidewalk set back some distance from the street, and it would be easy enough for drivers to miss. No markings on the street make it obvious that the spot is off-limits.  The fine used to be $30 until the city hiked the fine in early 2008.  A Canadian Press analysis of Toronto’s parking-ticket data found the city has collected more than $24 million since 2008 by fining people who parked too close to hydrants.  Fabrizi says all parking fines add up to $80 million a year.”

http://www.thestar.com/news/gta/2014/08/11/this_fire_hydrant_costs_toronto_drivers_the_most_in_parking_tickets.html

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Dear police: The world is watching when you kill our children

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“There are good reasons to distrust the information found in social media; incorrect reports, false reports, or outright bullshit can lead to online witch hunts like we saw in the wake of the Boston Marathon bombing. But official media narratives can be just as sketchy. An AP report filed on Sunday claimed that crowds around the crime scene shouted ‘kill the police’ at dozens of heavily armed officers from more than 15 police departments. Local witnesses dispute that claim.  Everyone is watching now. A powerful Twitter topic, #IfTheyGunnedMeDown, went big last night. It asks a simple question: what picture of you will be shown on television when you’re shot by the police?”

http://www.theverge.com/2014/8/11/5990539/dear-police-you-cant-shoot-and-kill-our-children-without-the-whole

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