Tag Archives: Bitcoin

Global elite to criminalize “unexplained wealth” in crackdown on e-cash

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Bureaucrats drawing tax-free salaries from various global government organizations met in January and advised all countries to create the crime of “unexplained wealth”, to augment the existing global financial thoughtcrime of “money laundering”.  Additional actions against digital currency exchanges and wallet providers were urged, and the group stated that the existence of digital currency mixers “should not be tolerated”.

Read more: https://www.finextra.com/pressarticle/67781/crime-agencies-turn-up-the-heat-on-virtual-currencies

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The Secret, Dangerous World of Venezuelan Bitcoin Mining

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“The main factor driving Venezuelans to take up bitcoin mining is a price control put in place by the socialist government: Electricity is virtually free. In Venezuela, the government has turned bitcoin mining into something akin to owning a home mint.  Since bitcoin mining is a process, in effect, of converting the value of electricity into currency, Venezuelan miners are engaging in a form of arbitrage: They’re buying an underpriced commodity and turning it into bitcoin to make a profit. The miners have turned socialism against itself.”

http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of

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IRS Declares War on Bitcoin Privacy, Sues Coinbase

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“Anecdotes and online braggadocio about tax avoidance are not a reasonable basis to believe that all Coinbase users are tax cheats whose financial lives should be opened to IRS investigators and the hackers looking over their shoulders. There must be some specific information about particular users, or else the IRS is seeking a general warrant, which the Fourth Amendment denies it the power to do.”

https://fee.org/articles/the-irs-just-declared-war-on-bitcoin-privacy/

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Bitcoin Exchange Loses $60M In Hack; US Regulations ‘Prevented Cold Storage Use’

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“Bitfinex was previously fined $75,000 by the CFTC for failing to register as an appropriate entity for the services it offered as well as:  ‘[F]or offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies.’  These ‘off-exchange’ transactions could be alluding to the storage of funds offline — commonly known as cold storage — one of the best ways to keep your funds out of hackers’ reach. If this is indeed the case then the incident could undermine calls for more regulation as cryptocurrency exchanges face a dilemma between security and compliance.”

https://news.bitcoin.com/bitfinex-us-regulation-cold-storage/

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Sweden tests blockchain technology for land registry

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“Sweden is conducting tests to put the country’s land registry system on blockchain, the underlying technology supporting the digital currency bitcoin, the Swedish Land Registry said on Thursday.  Swedish blockchain company ChromaWay, consulting firm Kairos Future, and telecommunications service provider Telia have come up with a framework or the so-called ‘proof of concept’ through a white paper and technical demonstration of how the Swedish land registry would work on blockchain.  The blockchain technology works by creating permanent, public ‘ledgers’ of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database.”

http://www.reuters.com/article/us-sweden-blockchain-idUSKCN0Z22KV

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Bitcoin rival Ethereum fights for its survival after $50 million heist

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“On Friday, thieves exploited a software bug that allowed them to transfer more than 3.6 million ‘ether’—the base unit of the Ethereum currency—out of The DAO’s coffers. The digital loot made up more than a third of The DAO’s 11.5 million ether endowment. The seized booty is valued at anywhere from $45 million (based on the plummeting value of ether following the attack) to as high as $77 million (based on pre-attack exchange rates). In the days following the theft, there have been at least a half-dozen copycat attacks (for instance, as documented here and here) that combined have purloined more than 785 ether.”

http://arstechnica.com/security/2016/06/bitcoin-rival-ethereum-fights-for-its-survival-after-50-million-heist/

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Bitcoin Gains Favor With Modern Day ‘Gold Bugs’ Seeking Financial Security

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“Kanishka Sukumar, a 24-year-old consultant in midtown Manhattan, holds about a third of his wealth in bitcoin. He represents a new generation of ‘gold bugs’ who question the stability of paper currency or seek better ways to protect savings, according to The Wall Street Journal.  One in five bitcoin users hold the cryptocurrency since they don’t want the government or banks controlling their money, according to a survey of 3,500 bitcoin users. That was the second biggest reason the survey respondents hold bitcoin. The main reason, according to the survey from data provider CoinDesk, was to own bitcoin as an investment.”

https://www.cryptocoinsnews.com/bitcoin-gains-favor-modern-day-gold-bugs-seeking-financial-security/

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11 Bitcoin Startups That Went Bust in 2015

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“After what you might call a ‘Wild West’ period (when it seemed everyone with the urge was setting up their own bitcoin-based service), the space is now rapidly becoming more dominated by bigger, more professional outfits, often with serious funding to get them off to a solid start.  And while some big bitcoin names made the news this year for positive reasons, some firms had to report that they were closing down.  A variety of reasons brought about these failures, from increased competition, to a lack of cash or even, perhaps, fraudulent practices.  In 2015, around 11 bitcoin firms went belly up. Here’s our look at what happened.”

http://www.coindesk.com/bitcoin-startup-shut-down-2015/

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Banks’ ‘Uber moment’: 100,000 bankers fired in 2015

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“The analysis comes just weeks after Antony Jenkins, who until July was CEO of Barclays, warned in a speech that as much as half of banking jobs could be replaced by apps and algorithms over the next 10 years.  Jenkins’ argument rests on the rise of fintech — financial technology — startups that do things like payments, lending, and investments in a smarter, cheaper, and often faster way. Jenkins believes fintech startups will ‘disrupt’ financial services in the same way Uber has disrupted the taxi industry. That will squeeze profit margins, forcing banks to cut staff, and also force them to compete on technology, another change that will reduce headcount.”

http://www.businessinsider.com/banks-uber-moment-100000-bankers-fired-in-2015-2015-12

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Two US publications lead to arrest of alleged Bitcoin creator

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“Police have raided the home of an Australian entrepreneur just hours after two US publications, Wired and Gizmodo, ousted him as the brain behind cryptocurrency Bitcoin. The Sydney home of Craig Wright was raided yesterday (9 December) following investigations in Wired and Gizmodo which stated that they believed Wright was the behind the Satoshi Nakamoto pseudonym – the creator of the digital currency. The investigations were based on leaked transcripts of legal interviews and files however reports say that people close to Wright have expressed serious doubts and believe the publications could even be the butt of an elaborate hoax.”

http://www.thedrum.com/news/2015/12/10/two-us-publications-lead-arrest-suspected-bitcoin-creator

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