September 17, 2013

“The Winklevoss brothers, Naval Ravikant, and Balaji Srinivasan discusses the current state of Bitcoin and where they believe the value is.” Continue reading

“The twins made headlines in July when they announced the creation of the Winklevoss Bitcoin Trust, which would operate an exchange-traded fund dealing only in the virtual currency of bitcoins. Putting their profile and wealth behind bitcoin represents a big risk. ‘You have to be willing to gamble a bit,’ says Tyler. ‘Entrepreneurs are a special breed. They make their own fate, but there’s no safety net if it doesn’t work out.’ Entrepreneurship is in their blood: Their father, born to a family of Pennsylvanian businessmen and coal miners, created an actuarial software company that made him a multimillionaire. The brothers followed a similar path, creating Winklevoss Capital.” Continue reading

“At least two firms have plans to ship out Bitcoin ATMs to American cities in the coming months. Robocoin, the Las Vegas-based firm rolling out the world’s first Bitcoin ATMs in Canada this fall, plans to ship 12 to 15 of the units by the end of the year. So what, you may wonder, is the point of an ATM for a digital currency? Think of it more like a vending machine or currency exchange counter: Rather than just offering withdrawals or deposits, the Bitcoin ATM allows a user to buy Bitcoins in exchange for cash. The machines also offer some real-world convenience—like traditional ATMs, you can take dollars from the ATM by trading in your Bitcoins.” Continue reading

Michigan Small-Town Mayor Accepts Bitcoins For Re-Election Campaign

“We welcome Bitcoin donations. We support currency freedom! However, in order to promote the use of Bitcoins for these purposes, our campaign must comply with federal and state election/campaign finance laws. In the spirit of transparency and legality, we require the following information from all donors, whether BTC or USD. We really appreciate your support! For contributions of more than $100 USD (cumulatively) we also need your employer, city of employment, and job title. No one person can donate over $500 USD (cumulatively).” Continue reading

“Police in Argentina have arrested a 19-year-old man accused of heading a gang of hackers who targeted international money transfer and gambling websites. Dubbed ‘the superhacker’, the teenager was making $50,000 (£31,500) a month, working from his bedroom in Buenos Aires, police say. The arrest operation shut down the power to the entire neighbourhood to prevent the deletion of sensitive data. Police say it took them a year to close in on the teenager. The young man lived with his father, a computer expert, in Buenos Aires. In the teenager’s room, officials found high-capacity computers.” Continue reading

“Insecure Bitcoin wallets and unscrupulous providers have previously resulted in the losses of significant funds for Bitcoin users. In the two full years Armory has been in use, Armory has had no reports of any lost or stolen Bitcoins among users who have used Armory’s printed paper backup feature. New features will include support for hardware wallets and multi-signature transactions. This will open the door for enterprise level Bitcoin security by requiring that at least two or more people or devices (depending on corporate policies) approve every transaction. The next version will include functionality to create fragmented backups that can be stored in multiple locations for increased physical security.” Continue reading

World’s Largest Bitcoin Exchange Out $10 Million

“Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million. At the end of February, Mt. Gox chose CoinLab as its North American agent. The idea was that customers in the U.S. and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit. According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million.” Continue reading

“According to Atlanta-based Bitpay, more than 10,000 merchants around the world are now using its processing services to accept payment in the virtual currency, with Bitcoin proving especially popular with companies that sell consumer electronics, IT services and precious metals. Bitpay, which is backed by venture capitalists tied to PayPal, touts Bitcoin as a way for merchants to accept online payment at lower cost and risk than credit cards. The company, which has so far processed $34 million in Bitcoin payments in 2013, charges the merchants a 1 percent service fee to handle the transactions.” Continue reading