Monthly Archives: September 2013

Making Rent With Bitcoins and Rentalutions

"Rentalutions, a Chicago based company is bringing the relationship between landlords and tenants into the digital age. Established April of 2012 in Chicago by Ryan Coon, Laurence Jankelow, and Dylan Lingelbach, Rentalutions aims to streamline the traditionally old school rent payment process. The service, which ranges from $5 to $150 a month, allows landlords to view credit reports and background checks, collect rent online, and to create and sign leases. As for tenants, they are able to make online rent payments and request maintenance services. The twist? Rentalutions is the first of its kind to enable tenants to pay their rent in bitcoins." Continue reading →

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Bitcoin entrepreneur Voorhees doubles down in Panama City

"Erik Voorhees, the man who founded Bitcoin casino SatoshiDice for 45 Bitcoin and sold it a year later for $11.5 million worth of the currency is doubling down on the industry. Although Voorhees isn’t publicizing how much of the 126,315 Bitcoins he personally earned, he is investing them in startups tied to the virtual currency rather than cashing in the coins. At the moment, Voorhees is in Panama City running his new company, Coinapult, launched in April 2012, that lets users send Bitcoin via email or SMS. 'We moved down here because our target market is the developing nations, and the unbanked population (which is massive),' he wrote." Continue reading →

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Bank Advisor: ‘Should Your Bank Do Business With Bitcoin?’

"One New York virtual currency exchange, Bitfloor, closed its doors in April after Capital One Financial Corp. closed its account. PNC closed the accounts of FastCash4Bitcoins in the spring, preventing them from receiving wire transfers. In August, Commonwealth Bank, one of the largest Australian Banks, closed the accounts of CoinJar. In the growing Bitcoin economy, the banking relationship is a key factor in survival, growth and success. Not all Bitcoin companies are the same, and there’s no reason a compliant Bitcoin company shouldn’t be able to get banking services. Here are factors to consider if a Bitcoin company seeks a relationship with your bank." Continue reading →

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Bitcoin’s dilemma: go mainstream, or stay radical?

"Bitcoin enthusiasts and libertarians the world over are in a state of confusion about the slowness with which the outside world is catching on to their new way of exchanging money. But regulators and lawmakers are now, very gradually, realising they need to do something about this growing beast, even if they don't quite know what that something is. If the 'teenage band' gets signed on a 'mainstream label' then it will inevitably stray into more commercially minded territory. However, if the managers of the labels are not listening closely or do not like what they hear, perhaps this period of underground innovation will continue." Continue reading →

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Federal Election Commission rules requested on Bitcoin campaign donations

"Coming soon to a political campaign near you: Bitcoin donations? The Federal Election Commission is poised to determine rules governing donations made in Bitcoins and how they apply to political campaigns. 'As increasing numbers of individuals trade in Bitcoin, political parties and candidates also wish to accept and spend this new currency,' Dan Backer of DB Capitol Strategies wrote in the request. The request lays out 24 technical questions for the FEC regarding the use of Bitcoin as political contributions. Backer told POLITICO that he expects that by 2014, many federal candidates will be interested in accepting the currency — and that many donors will demand it." Continue reading →

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UK downplays talk of regulating Bitcoin

"Reports the U.K. is 'actively considering' regulating the virtual currency Bitcoin are exaggerated, the country's financial watchdog has said. The FCA said on Thursday it was simply 'keeping an eye' on Bitcoin developments, rather than actively considering regulation. 'Whilst the FCA does not regulate Bitcoins, businesses providing services related to Bitcoins or other digital currencies should consider whether they are carrying on regulated activities,' a FCA spokesperson said." Continue reading →

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UK Bitcoin dealers seek official regulation for digital tokens

"Bitcoin dealers have told the British government that it should introduce regulation for the digital tokens so they can be used for new businesses and to promote growth. At a Downing Street meeting on Wednesday, smaller banks, finance houses and Bitcoin companies told officials that big banks are blocking the creation of business accounts for money remittance because of fears over financial crime. The meeting, attended by about 40 people, included high-level civil servants from the Department for Business, Innovation and Skills and other government departments interested in Bitcoin's potential, and more generally in how to encourage financial innovation in Britain." Continue reading →

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Paypal freezes $45,000 of Mailpile’s crowdfunded dollars

"The product aims to let users keep their mail local and under their own control rather than relying on Google, Microsoft, or another cloud e-mail provider. The crowdfunding campaign has exceeded its goal and things appeared to be going well for the company—until last weekend, when Mailpile's Brennan Novak awoke to a notification that Paypal was canceling his debit card and freezing his Paypal account, apparently on suspicion of fraudulent activity. Paypal will be keeping the funds frozen for a full year or until they have a verifiable 1.0 release of their product. Alternately, Paypal said, Mailpile could provide Paypal with 'an itemized budget and your development goal dates' for the project." Continue reading →

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‘More profitable than cocaine’: Peru is top source of counterfeit US cash

"Peru has in the past two years overtaken Colombia as the No. 1 source of counterfeit U.S. dollars, says the U.S. Secret Service, protector of the world's most widely traded currency. Over the past decade, $103 million in fake U.S. dollars 'made in Peru' have been seized — nearly half since 2010, Peruvian and U.S. officials say. The phony money heads mostly to the United States but is also goes smuggled to nearby countries including Argentina, Venezuela and Ecuador. Counterfeiters earn up to $20,000 in real currency for every $100,000 in false bills they produce after expenses, the investigator said." Continue reading →

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Mapping the Bitcoin Economy Could Reveal Users’ Identities

"The new research comes at a time when investment in the bitcoin economy is booming (see “Bitcoin Hits the Big Time”), and as it is being scrutinized by U.S. authorities. In 2013, the U.S. Department of Homeland Security has seized a total of $5 million from Mt Gox, the largest exchange where people go to convert between bitcoins and conventional currencies. Last month, New York’s financial regulator subpoenaed 22 companies to gather information about their dealings with Bitcoin. 'The Bitcoin protocol still has huge potential for anonymity,' says Sarah Meiklejohn, who led the research project, 'but the way that people are using it is not achieving anonymity at all.'" Continue reading →

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