Bitcoin

Life-Saving Third-World Remittances Smothered by Anti-Money-Laundering Laws

"Without a formal banking sector, millions of Somalis rely on money sent from abroad. Underground agents could potentially fill the void. Alternatively, migrant workers could simply transfer new cryptographic commodities like bitcoin, which are not against the law. Also included in the countries put on notice by Barclays are Nigeria, Ghana, India, and Bangladesh with the resulting impact certain to be felt by Somalia's neighbors, Kenya and Ethiopia. The wholesale closure of accounts parallels the situation in Minnesota last year when a local bank, citing the risk of strict penalties, ceased transfers to Somalia for migrants wanting to send money home." Continue reading →

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The Government’s Perilous Bitcoin Chase

"Nothing can strip the shine off a cool trend as quickly as national security officials sharing how it is poised to become a cutting-edge tool in terrorists’ ongoing death-to-America project. As such, I want to thank David Cohen, the Treasury’s Undersecretary for Terrorism and Financial Intelligence, and John Carlin, acting Assistant Attorney General for National Security—distinguished and otherwise delightful members of a panel I moderated at the Aspen Institute’s National Security Forum this past weekend—for casting a sinister shadow over what I had previously assumed to be the harmless if quirky Bitcoin craze." Continue reading →

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If you get caught selling Bitcoin hardware, Paypal will “sever business relationships with you”

"Hello [name removed], We have reviewed your PayPal account and found that you are selling bitcoin mining machines. Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used to operate a currency exchange, bureau de change or check cashing business including the sale of bitcoins, bitcoin mining units, and other related bitcoin products. To continue using your PayPal account, we need some additional information from you. Keep in mind that we have placed a limitation on your PayPal account, and this limitation will remain until we receive and review this information." Continue reading →

Continue ReadingIf you get caught selling Bitcoin hardware, Paypal will “sever business relationships with you”

Texas man raised over $4.5M in 2012 Bitcoin Ponzi scheme, feds allege

"The government's financial regulator alleges that Shavers violated a number of federal financial regulations. In court documents, the SEC wrote: 'Shavers falsely promised investors up to 7 percent interest weekly based on BTCST’s purported BTC market arbitrage activity, including selling BTC to individuals who wished to buy BTC 'off the radar,' quickly, or in large quantities. In reality, the BTCST offering was a sham and a Ponzi scheme whereby Shavers used new BTCST investors’ BTC to pay the promised returns on outstanding BTCST investments and misappropriated BTCST investors’ [bitcoins] for his personal use.'" Continue reading →

Continue ReadingTexas man raised over $4.5M in 2012 Bitcoin Ponzi scheme, feds allege

Foodler bitcoin orders growing by 30 percent a month

"When US restaurant delivery network Foodler began accepting bitcoin paymentsin April, it formed a natural combination for programmers: code and steaming boxes of delivered food. So it makes perfect sense that Foodler co-founder Christian Dumontet set up the interface to make Foodler bitcoin-friendly during a few late nights of delivery-fueled coding. In that week, Boston-based Foodler transformed the art of dining on bitcoin from an adventure to a few swipes of a smartphone screen and an exercise in patiently waiting for the doorbell. Bitcoin users have been eating it up." Continue reading →

Continue ReadingFoodler bitcoin orders growing by 30 percent a month

Israelis can now buy bitcoins in person with Bits of Gold and local exchange bureau

"Israelis can now purchase bitcoins at their local exchange bureau thanks to a new collaboration between bitcoin exchange Bits of Gold and Global Money Transfer (GMT). The partnership with GMT means Bits of Gold can ensure it complies with current and future anti-money-laundering and know-your-customer regulations in Israel. At the moment, the maximum amount of cash people can change into bitcoins via Bits of Gold is 10,000 Israeli new shekel (around $2,800)." Continue reading →

Continue ReadingIsraelis can now buy bitcoins in person with Bits of Gold and local exchange bureau

Amagi Metals to Lose Bank Account Over Accepting Bitcoin

"Precious metals purveyor Amagi Metals announced on Friday that as of mid-August, their current bank account with San Francisco headquartered Bank of the West would be closed. In the latest case of banking aversion to bitcoin, Amagi Metals stated that the basis for the account closure is the fact that Amagi Metals accepts bitcoin as a payment method, which Bank of the West views as a risk. While it is the prerogative of a bank to choose not to do business any entity based on a risk assessment, a decision to cut off a customer based on the fact that they accept a specific method of payment is unusual." Continue reading →

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CNY Challenges EUR For Second Largest Bitcoin Exchange Volume

"Since the beginning of this year, China has played an increasingly important role in the digital currency universe. After state-run CCTV ran a documentary about bitcoin in May, Chinese adoption grew dramatically. At the time it was unknown whether the interest spike would be a mere blip in bitcoin’s history or a trend that would continue into the future. Since beginning the year at just over one percent of total bitcoin trading volume, CNY trading has recently ballooned to 10% of the total market, claiming the title of second largest bitcoin trading volume for 13 out of 23 days so far in July." Continue reading →

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An empty building in Montreal may welcome the Bitcoin Embassy soon

"'Thanks to a generous person who will remain anonymous for the time being, we have been given a building that we hope to convert into a 'Bitcoin Embassy'. With three floors to do with as we please, we hope to organize the space to make it easy and fun for people from all over the province to come and learn about Bitcoin, as well provide an office space for Bitcoiners to come do in order to start Bitcoin related projects, so they can work closely with other Bitcoin entrepreneurs, to develop exciting projects that will utilize Bitcoin in new ways!', says the announcement." Continue reading →

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Why the Only Real Way to Buy Bitcoins Is on the Streets

"Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange. The Yerba Buena Bitcoiners see themselves as the modern descendants of these 18th century traders. Like them, they conduct their business in the open and face-to-face. It’s a little unexpected: The world’s pre-eminent digital currency is most safely traded face-to-face. But the Bitcoin phenomenon is itself unexpected." Continue reading →

Continue ReadingWhy the Only Real Way to Buy Bitcoins Is on the Streets