Alternative News

Senators want to ban Russian Banks from the United States over Syria

"In a joint letter, the senators urged Secretary Lew to enforce sanctions that prevent Russian banks that have propped up the Syrian government from doing business in the United States. 'Russian bank support violates international sanctions by enabling Syria to pay for imports and receive funds for exports. This assistance eases much of the financial burden on the Assad regime, allowing it to continue military purchases and pay the soldiers that sustain the war in Syria,' the senators wrote. 'It is now more critical than ever that you swiftly designate those financial institutions that have profited from violating sanctions to prop up the Syrian regime.'" Continue reading →

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Two Guys Just Started A Site That’s Like A Bitcoin-Only Amazon

"One of the most common complaints about Bitcoin, the encrypted, digital currency that isn't controlled by any bank or country, is that you can't use it to buy anything practical. Alpaca wool socks? Come on, now. Entrepreneurs Michal Handerhan and Tim Sidie have startedBitcoinShop.us in order to solve this problem. Their site is probably best described as 'Amazon, but with Bitcoin.' There's 55,000 items for sale across all categories – books, electronics, sporting goods, even toys. It's all available here for purchase, via Bitcoin." Continue reading →

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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 →

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Argentina arrests teen hacker who netted $50,000 a month

"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 →

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Most Secure Bitcoin Wallet Armory Raises $600k Led by Trace Mayer

"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 →

Continue ReadingMost Secure Bitcoin Wallet Armory Raises $600k Led by Trace Mayer

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 →

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Bitcoin payment processor Bitpay says it now has 10,000 clients

"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 →

Continue ReadingBitcoin payment processor Bitpay says it now has 10,000 clients

Bitcoin gaining market-based legitimacy as XBT

"Punctual trams run quietly along the street out front. It looks like any other office building in Zürich. But inside the nondescript building of SIX Interbank Clearing, a small unit of professionals maintains the list of the world’s currency codes. Last week in that very same building, I had the honor of presenting the bitcoin cryptocurrency to a gathered audience of various bank officials at an e-commerce conference. And I mentioned that the individual, or committee, that endorses and finalizes XBT as the ISO currency code for bitcoin will earn their spot in history next to Satoshi Nakamoto." Continue reading →

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Bitcoin: Getting Down to Virtual Currency Basics

"At many credit unions, the apparent upshot of the regulatory signals is confusion. 'The guidance is not straightforward. It is incredibly confusing,' said one credit union CEO who asked for anonymity on the advice of legal counsel. He added that, according to his analysis, there also would be a substantial staff burden in complying with regulatory requirements imposed on a credit union classified as a money transmitter under FinCEN, and he is unsure the costs to process Bitcoin transactions are worth the benefits. 'You have to decide if it is worth it to adhere to the regulations and for us, right now, the answer is no,' he said. But he insisted that door could open if the Bitcoin demand surfaced." Continue reading →

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