Bitcoin

NPR: Lawmakers, Banking Regulators Take On Bitcoin

"CORNISH: How significant is New York's move to launch an investigation, to issue these subpoenas? BRITO: So it's interesting, people hear the word subpoena and they think something bad, right? But all the word subpoena means is that it is a request for information, right? And you're compelled to, you know, produce, you know, you're asked questions and you have to answer them. And I think that's very good. [..] So when I see New York issuing these subpoenas, being very transparent about the fact that they're going to be looking at this and asking for input, you know, I think that's very good." Continue reading →

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The Bitcoin crackdown

"Bitcoin is a virtual currency getting a lot of attention by the real world. Coinsetter is a company dedicated to making Bitcoin safe to use. Jaron Lukasiewicz, Coinsetter CEO, shares what the industry has to say. And Benjamin Lawsky, superintendent of NY Department of Financial Services, shares the regulators' side of the story." Continue reading →

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Bitcoin Architect: Everything You Need To Know About Bitcoin

"Much has been written over the past year about the new digital currency Bitcoin -- especially after its price skyrocketed 15x in just a few months, followed by a blow-off correction of over 50%. But what exactly is it? How does it work? How secure is it? What are its advantages (and disadvantages) to sovereign fiat currencies? To precious metals? In this week's podcast, Chris talks with Gavin Andresen, chief scientist of the Bitcoin Foundation and lead developer for its digital currency project." Continue reading →

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Bitcoin Block Time Halved To Five Minutes Amid Exponential Network Growth

"By now, bitcoin enthusiasts and professionals alike are aware of the tremendous growth of the bitcoin network so far this year. As millions of dollars (and bitcoin) are invested in increasingly powerful mining equipment, the cumulative hash rate of the network has continually blown by the periodic difficulty adjustments. Earlier this year we explained the long-term implications of this, but the near term effects are being felt as well. Since that piece was published, the network has continued to grow, as has the growth rate. The average time between blocks has fallen to approximately five minutes on average, half the time bitcoin was originally programmed for." Continue reading →

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High Profile Digital Forensic Services Company SYTECH Embraces Bitcoin

"In August 2013 SYTECH announced its move into Bitcoin: offering data recovery services to salvage coins from damaged hard drives, mobile phones and other storage mediums. SYTECHis accepting Bitcoin as a payment method for its services, and offering a 5% discount to any client who pays in Bitcoin. In a world first, SYTECH has announced a stolen Bitcoin tracing and recovery service; turning its decades of digital forensics expertise to tracing online Bitcoin criminals and recovering stolen Bitcoin for their clients." Continue reading →

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Every Important Person In Bitcoin Just Got Subpoenaed By New York

"Declaring Bitcoin 'a virtual Wild West for narcotraffickers and other criminals,' the New York State Department of Financial Services is stepping into the sheriff’s boots. 'We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry,' said NYSDFS superintendent Benjamin Lawsky in a statement. They sent letters to the major Bitcoin players asking them to hand over information regarding their money laundering controls, consumer protection practices, source of funding, pitch books, and investment strategies." Continue reading →

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Bitcoin Goes to Washington

"The Committee understands that Bitcoins and other forms of peer-to-peer digital currency are a potential means for criminal, terrorist or other illegal organizations and individuals to illegally launder and transfer money. News reports indicate that Bitcoins may have been used to help finance the flight and activity of fugitives. The Committee directs the FBI to provide a briefing on the nature and scale of the risk posed by such ersatz currency, both in financing illegal enterprises and in undermining financial institutions. The briefing should describe the FBI efforts in the context of a coordinated Federal response to this challenge." Continue reading →

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Congress starts looking into Bitcoin

"The Senate Homeland Security and Government Affairs Committee on Monday sent letters to several agencies requesting that they disclose their virtual currency policies, how they developed them, how agencies are coordinating and finally what they plan to do going forward. Committee Chairman Tom Carper (D-Del.) and ranking member Tom Coburn (R-Okla.) sent letters Monday, which ask for information on a range of virtual currencies while naming Bitcoin as an example, to the Homeland Security Department, Justice Department, Federal Reserve, Treasury Department, Securities and Exchange Commission, CFTC, and OMB." Continue reading →

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Lamassu: Bitcoin ATM Machine

"This is the Bitcoin Machine. Here's how it works: 1. Scan your Bitcoin QR code. 2. Insert cash. 3. You have bitcoins! Buy yourself something pretty. [..] Do I require a license or permit to operate the Bitcoin Machine? Some jurisdictions may have regulatory requirements (such as KYC/AML). We would advise to consult with an attorney prior to operating these machines. If you are located in the US, we require a signed due diligence questionnaire prior to shipping." Continue reading →

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