Bitcoin

NBC: ‘Bitcoin losing shine after hitting the spotlight’

"The old, informal methods of using Bitcoin are dying out: Of the two largest 'exchanges' where Bitcoins are bought and sold, one, Bitfloor, shut down in April following a major theft, and the other, Mt. Gox, is facing potential criminal charges after failing to properly disclose its financial practices to FinCEN, a U.S. regulatory body. FinCEN recently acknowledged 'decentralized virtual currencies' like Bitcoin as being real money, prompting scrutiny. New firms are learning from predecessors, working with regulators and established financial players from the get-go, and structuring themselves in order to handle large amounts of money without meltdowns." Continue reading →

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Exante Adds Share Trading To Global Bitcoin Hedge Fund

"Exante is the king of bitcoin funds. The tradeable fund shares are distributed exclusively through the Exante Hedge Fund Marketplace platform. Authorized and regulated by the Malta Financial Services Authority, Exante offers the Bitcoin Fund with an initial minimum subscription of $100,000 and a 0.5% fee for subscriptions and redemptions (1 Bitcoin Fund share = 1 bitcoin). The fund carries a 1.75% annual fee (payable in bitcoin to preserve the ratio) for managing the intricate security necessary to safeguard the bitcoin private keys. Current assets under management in the Bitcoin Fund are $9.76 million (93,000 BTC) and there is no performance-based fee." Continue reading →

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Bitcoiners donate to WikiLeaks to support Edward Snowden

"Bitcoin donations to WikiLeaks increased 1,894% yesterday after Julian Assange pledged his support to whistle-blower Edward Snowden. 'I have personal sympathy with Snowden having gone through similar personal experiences,' Time Magazine reports Assange as saying during the 75-minute call. Assange said yesterday that Snowden was 'healthy and safe', but would not offer any further insight into where the 29-year-old was or when and how they had spoken. 'If we lived in a better world we would be able to go into those details. Unfortunately, we live in a world, as illuminated by Mr Snowden, where most communications are intercepted unlawfully.'" Continue reading →

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Is the National Security Agency behind Bitcoin?

"Recently a 1996 NSA report surfaced, ‘predicting’ a crypto-cyber unit eerily close to Bitcoin. The NSA report goes deeply into the challenges a crypto currency faces and lists the various security and implicated regulatory risks. Amazingly, a key writer of the report is called Tatsuaki Okamoto. In the Bitcoin community this has been picked up as remarkably similar to Satoshi Nakamoto, the pseudonym of the enigmatic developer of Bitcoin. An interesting issue is In-Q-Tel’s involvement. In-Q-Tel is the ‘not for profit’ investment arm of the CIA. In-Q-Tel is investing or planning on investing in Bitcoin, presumably by buying some of them." Continue reading →

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Former Clinton, Cameron Advisors: ‘Why Bitcoin is on the money’

"This phenomenon is part of a wider trend towards networked and globalised power structures that tend to undermine the nation state-based systems to which we have grown accustomed. Last week, the world’s most powerful nations grappled with the complexity of a global tax system. But almost unnoticed, the rise of digital currencies like BitCoin threatens to render obsolete even the modest progress made by the G8. BitCoin's distributed network structure makes it hard for any one country or group of countries to regulate its activities. Opportunities for larger players are presented by immediate and secure value transfer, delivered anonymously and at next-to-zero cost." Continue reading →

Continue ReadingFormer Clinton, Cameron Advisors: ‘Why Bitcoin is on the money’

Snap up a pint in Britain’s first Bitcoin pub

"Bitcoin has its first British boozer. The Pembury Tavern in Hackney, east London – as well as its sister pubs in Cambridge, Norwich and Peterborough – are now accepting the virtual currency. The system is quick and effective. The bar staff press two buttons on the till and the screen displays a QR code. The customer opens their digital Bitcoin wallet, takes a snap of the screen and confirms the payment. The staff press one more button and the transaction is complete. Snapping the QR code in a crowded bar could be a challenge but in a quiet pub it is faster than paying by card." Continue reading →

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Bitcoins Seized By DEA

"The Drug Enforcement Administration posted an Official Notification that Bitcoin (i.e. property) belonging to Eric Daniel Hughes was seized for forfeiture pursuant to 21 U.S.C. § 881, because the property was used or acquired as a result of a violation of the Controlled Substances Act (21 U.S.C. §§ 801 et seq.) The DEA appears to have been the first agency to seize actual Bitcoins from an individual with this seizure. Exactly how the Bitcoin was seized is not known as of this writing. However, reading the top of the notice it appears that Mr. Hughes can request release of the seized property during the pendency of the forfeiture proceeding due to hardship." Continue reading →

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Australian Taxation Office targets Bitcoin users

"The Australian Taxation Office is taking aim at Bitcoin users who could be attracted to the burgeoning virtual currency by the possibility of hiding transactions and dodging tax. Despite the ability to trade virtual currencies like Bitcoin anonymously, the ATO is confident it can track users in efforts to stop fraud. 'Bitcoin is no more anonymous than physical cash and the ATO has experience in working with earlier forms of ­anonymous electronic money systems, and with physical cash, which are relevant for responding to new and emerging ­systems,' ATO senior assistant ­com­missioner for the cash economy Michael Hardy told The Australian ­Financial Review." Continue reading →

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Bitcoin Foundation Receives Cease And Desist Order From California

"Directly following last month’s Bitcoin 2013 conference event in San Jose, CA that brought good revenue into the state, California’s Department of Financial Institutions decided to issue a cease and desist warning to conference organizer Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization. If found to be in violation of California Financial Code, penalties can be severe ranging from $1,000 to $2,500 per violation per day plus criminal prosecution which could result in fines and/or imprisonment." Continue reading →

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In-Person Bitcoin Exchanges Are Thriving

"Call it a sign of the times, but something is definitely changing as face-to-face purchases of bitcoin are booming worldwide. In addition to avoiding a sometimes cumbersome registration process with traditional exchangers, in-person bitcoin transactions allow you to meet interesting new people in your area – and discuss bitcoin. Many choices are available with varying degrees of identification required. For the casual traders seeking more privacy, I recommend in-person trading through LocalBitcoins.com, the leading person-to-person matching service for people in various locales to meet and conduct bitcoin business." Continue reading →

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