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Spain Weighs Home Demolitions as Wrecking Crews on Alert

"Demolition man Daniel Anka had a staff of 450 in Spain preparing for new developments before the property crash. With about a 10th of that workforce left, he’s now waiting for a call from the country’s bad bank so his trimmed-down crew can start knocking down half-built homes that aren’t worth completing. Anka may not have long to wait as Sareb, the unit holding soured real estate assets from Spain’s nationalized banks, orders work to stop on about 160 of the 650 partially-completed building projects on its books and decides which ones are worth completing." Continue reading →

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How Bitcoin Works Under the Hood

"The goal of this video is to explain how Bitcoin works under the hood, to give a clearer idea of what it really means to own, send or 'mine' Bitcoins. First, a brief high-level overview of what Bitcoin is. At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A copy of this file is maintained on every computer in the Bitcoin network. The Bitcoin system is amazingly designed so that no trust is needed--special mathematical functions protect every aspect of the system. The rest of this entry will explain in detail how Bitcoin allows such a group of strangers to manage each other’s financial transactions." Continue reading →

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Sweet success for Bees Brothers, world’s youngest bitcoin entrepreneurs

"Most teenage boys are far too busy at school and interested in playing sports and computer games to set up a business on the side. But nestled between two mountain ranges in northern Utah, USA, there are three brothers who are possibly the youngest bitcoin entrepreneurs out there. At 14, 13 and 10-years old, Nate, Sam and Ben Huntzinger have their own successful honey business at home in the Cache Valley. It all began when they caught a swarm of bees as a bit of a fun experiment. Little did they know it would lead to a small business and an obsession with bitcoin." Continue reading →

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Shakil Khan: Bitcoin can be “money over IP”, but services must get more intuitive

"'Why is it in 2013 I can send you an email, a voicemail, or text message, but if someone says ‘you owe me $10 for my pizza last week’ and I try to send it, the bank wants to charge me $27?' he asked. 'You might get it next week but it isn’t guaranteed. We have a banking system that’s slower than it’s ever been.' Bitcoin has the potential to be 'an IP address for money,' he said, but bitcoin services must become more intuitive if mainstream adoption is to occur. 'Try to buy $10 in bitcoins. It’s easier to get on a plane and fly to Mt. Gox,' he joked." Continue reading →

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How Venezuelan Used ‘Scrape’ to Make Six Times Her Salary

"Venezuela’s currency controls are turning trips abroad into profitable junkets. A 27-year-old trade analyst from Caracas said she earned six times her monthly salary by traveling in April to Lima, where a business swiped her credit card and gave her $1,600 cash, charged at the official exchange rate of 6.3 bolivars per dollar. When the analyst, who requested anonymity because what she did is illegal, returned to Venezuela, she sold the dollars at the street rate of 29-to-1, enough to pocket 25,000 bolivars after paying off her credit card and travel expenses. The scheme, known as 'raspao' or 'big scrape,' is booming in Venezuela." Continue reading →

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Bitcoin is NOT illegal in Thailand?

"'I can confirm that Bitcoin is not illegal [in Thailand],' says BTCXpert and former Bank of Thailand employee Frankie Bishop. An official announcement on Bitcoin has yet to be made by the Bank of Thailand, and none of the Thai media channels report any such announcement. The Bank of Thailand does not decide the legality of Bitcoin. Any regulations on crypto-currencies in Thailand will need to go through its formal process like Bitcoin does in other countries. None of the 'Roles and Responsbilities' listed by the Bank of Thailand give it authority to determine the legal status of any currency." Continue reading →

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BTCTurk becomes the first Turkish lira-to-bitcoin exchange

"We’ve recently reported the rise of bitcoin in Iran, Afghanistan and Israel, but now another country has jumped on the digital currency bandwagon – Turkey. BTCTurk launched earlier this month, becoming the first company to enable the exchange of Turkish lira for bitcoin and vice versa. Emre Kenci, CTO of BTCTurk, said he and his colleagues started to develop the company in January 2013 having watched interest in bitcoin increase across the globe. Kenci said there are currently no laws in Turkey that specifically regulate bitcoin, but BTCTurk operates to the same know-your-customer and anti-money-laundering policies that are compulsory for banks in the country." Continue reading →

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Virtual Currency Gains Ground in Actual World

"Depending on whom you ask, bitcoins are a goofy geek invention with as much long-term value as Monopoly money — or a technology development that could transform currency the way e-mail and texting have transformed correspondence. A type of digital cash, bitcoins were invented in 2009 and can be sent directly to anyone, anywhere in the world. You don’t have to go through a financial institution, which means no fees and no one tracking your spending habits. With a current market capitalization of $1 billion, bitcoins are beginning to be more widely accepted. You can use them to pay for a pizza or [finance] your child’s college education." Continue reading →

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