Tag Archives: Bitcoin

Apple Pay won’t bite into bitcoin: Winklevoss

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“Apple’s entry into mobile payments last week through Apple Pay won’t really waver use of bitcoin, investor Cameron Winklevoss told CNBC on Thursday.  ‘I don’t think they compete. I think Apple Pay is a closed system. You know, bitcoin is inherently open sourced, decentralized,’ Winklevoss said on ‘Squawk Alley,’ where he promoted his investment in Authy, a two-factor authentication app.  Bitcoin is a digital currency, not backed by any government or central bank, that fluctuates in value according to its users’ demand. Users can transfer bitcoins to each other online, store the currency in digital ‘wallets’ and pay for goods at select retailers.”

http://www.cnbc.com/id/102013358

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Dominica Will Be First Nation with Universal Bitcoin Possession

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“For the first time in history, an entire national population will have the cryptocurrency bitcoin in their hands for use: the people of Dominica, an island republic in the middle of the Caribbean. An event to mark the occasion will be held in March 2015, thanks to the goodwill of local authorities and a collaborative initiative from Coinapult, Aspen Assurance, Bitcoin Beauties, and the College Cryptocurrency Network (CCN).  The initiative, known as ‘Let the Bit Drop,’ will send a small of amount of bitcoin to every island resident via text message. This effort will turn Dominica, and its more than 70,000 residents, into the most densely concentrated bitcoin community in the world.”

http://panampost.com/belen-marty/2014/08/28/dominica-will-be-first-nation-with-universal-bitcoin-possession/

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BitInstant Founder to Forfeit $950K to US Government in Plea Bargain

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“Further details have emerged of former BitInstant CEO Charlie Shrem’s plea bargain with US authorities, which saw him plead guilty to aiding and abetting an unlicensed money-transmitting business on 4th Sept. Shrem and Robert Faiella’s plea bargains, [with the government’s decision to drop a charge of money-laundering,] provide for jail terms of up to 60 months. The guidelines also include a maximum fine of $250,000 or twice the amount of money derived from the crime or double the loss to the victim, whichever is greatest. The Manhattan US Attorney, Preet Bharara, said that Shrem and Faiella sold $1m in bitcoin to ‘outlaws’ on Silk Road.”

http://www.coindesk.com/charlie-shrem-forfeit-950000-us-government-plea-bargain/

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Google Analyst: Bitcoin Could Be ‘The Internet of Money’

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“Bitcoin holds potential to act as ‘the Internet of money’ if regulated correctly, according to a new report from Google policy advisor Andy Yee.  In an article for Internet Policy Review, Yee, who works as an analyst for Google’s Asia-Pacific division, arguesthat certain sectors of the bitcoin economy should be targeted with regulation modelled on existing digital frameworks. The paper goes on to advocate for a regulatory approach that allows innovation to take place while addressing the concerns of consumer safety advocates, financial regulators and law enforcement agencies, adding that the block chain actually provides regulators with a trove of useful information.”

http://www.coindesk.com/google-analyst-bitcoin-regulation/

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US Gold Dealer Launches “Gold-Backed” Virtual Currency

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“Announced at FreedomFest 2014, which was held in Las Vegas, Nevada, the Independence Coin or INNCoin is the first open-source, gold-backed cryptocurrency. The currency was symbolically launched on July 4 by Anthem Vault’s technology team in collaboration with Vancouver-based Newnote Financial Corp.  All of the coins will be backed by 100 grams (3.5 oz.) of gold that is stored at Anthem Vault. This alt-coin is also commonly referred to as a Micro Gold Coin (MGC).  Anthem stated that it will launch 10 million INNCoins that will be backed by 100 grams of gold with all coins expected to be mined within the first year; all of he coins will be made available by July 2015.”

http://cointelegraph.com/news/112089/us-gold-dealer-launches-gold-backed-coin

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Bitcoin Suisse AG Gets Licensed, Will Turn on ATMs in Zurich

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“In a statement released Monday, the CEO of Switzerland’s Bitcoin Suisse said his company had been approved by government regulators to start operating Bitcoin ATMs in the country.  ‘BTCS will turn on its existing — but until now offline — ATM network, consisting of a number of Zurich-based machines,’ Nicklas Nikolajsen said in a statement. ‘A network which will be expanded throughout eastern Switzerland and Liechtenstein, and where BTCS is now actively looking for locations and partners to realize this vision.’  He said that over the coming months his company would expand to offer new products and services, and welcomed investors to purchase equity or bonds.”

http://cointelegraph.com/news/112173/bitcoin-suisse-ag-gets-licensed-will-turn-on-atms-in-zurich

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Love It or Hate It, You’re Missing What Really Matters About Bitcoin

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“What matters are the people whom I call, affectionately, ‘the Bitcoin kids.’ This is a very loose grouping of thousands of people, mostly fairly young and widely dispersed, who are thoroughly committed to the cryptocurrency revolution and all that it entails.  What the uninitiated don’t understand is that these people are not just trading bitcoins; they are busy developing a whole new generation of products and services—things like Silent Vault, Monetas, Etherium, and many others. Lots of them are involved in 3D printing, and some, in the maker movement. Others are involved in humanitarian efforts like BitcoinNotBombs.”

http://www.caseyresearch.com/freeman/whether-you-love-or-hate-youre-missing-what-really-matters-about-bitcoin

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Uncle Sam, the Bitcoin Mogul

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“The US federal government may be ladling on more regulations to Bitcoin and making disparaging comments about the cyber-currency, but it’s one of the largest holders of the virtual money in the world.  The federal government has trashed Bitcoin by way of an investor alert from the Financial Industry Regulatory Authority entitled ‘Bitcoin: More than a Bit Risky.’ FINRA said it issued the alert to caution investors that buying and using digital currency, such as Bitcoin, carries risks. The government still holds 110,000 bitcoins, worth $55 million at today’s price.  The US government is the second largest single holder of this unregulated, potentially ‘worthless’ digital currency.”

http://www.caseyresearch.com/articles/uncle-sam-the-bitcoin-mogul

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Dark net drug markets kept alive by great customer service

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“History suggests that those who want drugs will usually find a way to get them. And here they can get a better product with fewer negative risks associated with buying drugs on the street. It even bears down on the street crime associated with drug turf wars as street pushers become redundant. These marketplaces are transforming the dirty and dangerous business of buying drugs in dark alleyways into a simple transaction between empowered consumers and responsive vendors. It’s not online anonymity, Bitcoins, or clever encryption that keeps the darknet markets thriving. The real secret is good customer service.”

http://www.wired.co.uk/news/archive/2014-08/21/buying-drugs-on-the-dark-net

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Sending Money Home: Technology or Bureaucracy?

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“Some of the world’s poorest people depend on the money they receive from relatives working in developed countries. In fact, this money dwarfs the world’s official foreign aid budget, and the gap is increasing.  In 2011, total private flows of aid totaled $680 billion—almost five times the $138 billion official figure.  This increase in private aid is great news for all concerned.  Except, perhaps, for bureaucrats, who are loath to let good deeds go unpunished. World Bank and United Nations bean counters are denouncing remittance transfer fees as exploitative. The U.S. C.F.P.B. has issued a rule to crack down on supposed fraud and exploitation affecting the existing remittance-transfer infrastructure.”

http://www.fee.org/the_freeman/detail/sending-money-home-technology-or-bureaucracy

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