Bitcoin

Manhattan Law Firm Accepts Bitcoin

"On July 1, Nesenoff & Miltenberg LLP ('N&M') made the decision to give its clients the option to pay legal fees in Bitcoin. The full-service commercial law firm is among a few that offer legal services for businesses in the Bitcoin space. Led by attorney Marco A. Santori, who also serves as Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee, Nesenoff & Miltenberg LLP is uniquely positioned to offer exclusive insight into the complex and evolving legal and regulatory issues surrounding Bitcoin commerce." Continue reading →

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300 Year Old Russian Watch Factory Raketa Accepts Bitcoins

"Just this week, Russia’s historical watch factory Raketa, began accepting Bitcoins. Raketa was founded in 1721 by Peter the Great and is the oldest factory in Russia. For almost 300 years, Raketa, formerly known as Petrodvorets Watch Factory, has produced and sold wristwatches to individuals in Russian and those around the world. Petrodvorets Watch Factory was renamed Raketa in 1961 to honor the World’s first cosmonaut Yuri Gagarin. Yuri was the first human to travel to outer space." Continue reading →

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Portrait of a Bitcoin miner: How one man made $192K in virtual currency

"Eric has been mining Bitcoins since 2010, and at one point quit a high-paying job as a software engineer to devote all of his time to, figuratively speaking, extract gold from silicon. His move was bold and risky, but yielded an awesome reward: To date, Eric has accumulated 2500 bitcoins, which is worth a cool $191,900 as of this writing. (At Bitcoin’s highest exchange rate, that amount was $665,000.) He doesn't trade them and has no immediate plans to cash out. Instead, he's hanging on to them, and waiting to see how their value changes." Continue reading →

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Bitcoins Soar In Value In Argentina Due To Capital Control Laws

"With the Peso undergoing yet another period of severe inflation at a rate of 20%, and now President Kirchner’s attempt to lure citizens back into the banking system over which they have absolutely no trust, by attempting to repatriate the US dollars held overseas or in hidden accounts by citizens in exchange for the domestic Cedin, the demand for Bitcoins has rocketed. Compared to Argentina’s much more freedom-orientated neighbor Uruguay, values of Bitcoins in Buenos Aires are between 30% and 40% higher than just 75 kilometers away in Colonia del Sacramento, Uruguay according to Argentinian Bitcoin expert Mauro Betschart." Continue reading →

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Rogue Employee Fired for Turning Game Network Into Bitcoin Mining Colony

"In April, ESEA (the E-Sports Entertainment Association) admitted that its software — which serious Counter-Strike players use to play each other in anti-cheating modes — had been altered to secretly mine Bitcoins. At the time, ESEA blamed an unidentified staffer. Now, as the company faces a class action lawsuit, it says that employee has been axed. Class action lawyers are trying to help them out. So far the company has resolved 275 claims from customers who say they were damaged by the mining software, and the company is working to resolve another 15, Levine said. The Bitcoin-mining update may have been installed on as many as 14,000 computers." Continue reading →

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Bitcoin developer Jeff Garzik on Satoshi Nakamoto and the future of Bitcoin

"The core developers carry ultimate veto, and they’re notoriously cautious. 'In general, the devs try to be very conservative. Typically, we don’t introduce new features. We just try to ensure that the existing ones work.' That isn’t to say that new features can’t happen. There’s a mechanism called the Bitcoin Improvement Proposal (BPI) used to put forward proposed new features for the protocol. But it’s controlled by the core devs. 'If we want to extend it, we’ll write up a BIP and publicise it through blogs, and we just try to judge through user feedback whether they like the feature, or don’t understand it, or things of that nature.'" Continue reading →

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How China Spawned a Bitcoin Industry in Three Months (and Why it Might be Doomed)

"Techweb reports that China’s bitcoin scene now has everything from professional bitcoin investment services to customized bitcoin mining chip manufacturing. And indeed, wherever we looked, it seems services have sprung up, or grown significantly in popularity. For example, where the West has Mt. Gox, China now has a variety of its own platforms including btcchina, btctrade, FXBTC, and Bter (among others). And while some of those have been around for quite a while, their popularity over the past few months has skyrocketed. The big question mark surrounding all of this, of course, is what China’s government will ultimately say about the all-digital currency." Continue reading →

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Robert P. Murphy: The Economics of Bitcoin

"Some critics (who are often proponents of hard money such as gold) object that Bitcoin is in a perpetual 'bubble' because it has no 'intrinsic value.' Yet these critics often seem to overlook just how much the exchange value of gold and silver is (and was) due to their use as media of exchange. Thus, if Bitcoin is currently in a bubble, then, by the same token, gold bullion in the year 1900 (say) was also in a massive bubble because it was trading for a far higher exchange value than could be explained merely by its industrial and ornamental uses." Continue reading →

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