money

German Finance Ministry recognizes bitcoin as currency

"Key aspects of the bitcoin, a popular online currency, have been recognized for legal and tax purposes by Germany, newspapers reported Saturday. The recognition, which was laid out in a Finance Ministry response to a query from a member of parliament, means Germany recognizes the online currency as a 'currency unit' and 'private money,' reported the Frankfurter Allgemeine Zeitung and the Neue Osnabruecker Zeitung. Bitcoins have been a popular form of payment among netizens since 2009 although economists question their viability because they are backed by neither a government nor a central bank." Continue reading →

Continue ReadingGerman Finance Ministry recognizes bitcoin as currency

Decoding Bitcoin

"Chances are you have never used a Bitcoin, but you’ve probably heard of it. The virtual currency is popping up more and more in the news and the government has been showing an increased interest in the subject. For instance, the top Democrat and Republican on the Senate’s Homeland Security and Governmental Affairs Committee this week told federal financial regulators and law enforcement officials to explain how they are keeping tabs on 'virtual' currencies, including the $1.2 billion market for Bitcoins. So what, errr, is a Bitcoin? What follows is guide to understanding the currency, why it’s used and why the government is paying attention." Continue reading →

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Subpoenaed CEO: You’ll use Bitcoin without even knowing it

"The founder of Coinsetter, one of the 22 companies subpoenaed on Monday as part of an effort to regulate Bitcoin and other cryptocurrencies, isn’t concerned about the future of his industry. Not in the least bit. 'In the future, most people will use Bitcoin without even knowing it,' Jaron Lukasiewicz, cofounder and CEO of Coinsetter, a foreign exchange trading platform for Bitcoin, wrote in an email to me. 'Bank transfers will take place over the Bitcoin network, making transfers quick and inexpensive for both banks and consumers.' The New York City-based Coinsetter raised $500,000 from Tribeca Vebture Partners this April." Continue reading →

Continue ReadingSubpoenaed CEO: You’ll use Bitcoin without even knowing it

Bitcoin vs Gold: Getting the Most Bang For Your Buck

"There's a new Bitcoin sheriff in town. It's called the Digital Asset Transfer Authority -- or DATA. And it's not just limited to Bitcoins, it will self-govern most of the actors in the digital currency space, including Ripple. Again, this is on a purely voluntary basis. With regulators increasingly cracking down on various crypto-currencies, DATA is attempting to get ahead of the game -- and craft best practices to interact with regulators. Bob talks with Trace Mayer, entrepreneur, and Andreas Antonopoulos, internet security expert, and asks if the new regulatory authority, DATA, goes against the original purpose of Bitcoins -- namely anonymity." Continue reading →

Continue ReadingBitcoin vs Gold: Getting the Most Bang For Your Buck

Jeffrey Tucker: How Bitcoin is Reinventing The Monetary System

"'We're talking about reinventing the world's monetary system...from the ground up,' says Jeffrey Tucker, executive editor of Laissez Faire Books, and an enthusiastic proponent of the open source peer-to-peer currency system Bitcoin. After participating in a panel discussion on Bitcoin at Freedom Fest, Tucker sat down with Reason Magazine's Matt Welch to explain why he believes Bitcoin is an example of a new enterprise that can help create 'a new world of liberty, despite the existence of the leviathan state.'" Continue reading →

Continue ReadingJeffrey Tucker: How Bitcoin is Reinventing The Monetary System

Bitcoin Boom? US fears digital currency may hit dollar demand

"The US is becoming increasingly concerned over virtual currencies, launching broad investigations into Bitcoin and the likes. The online currency has won official recognition with a US federal judge ruling it is real money. A Texas man, being tried for laundering billions of dollars using the Bitcoin system, challenged the court by saying bitcoins were virtual and couldn't be the basis for a fraud charge. He failed. RT's Peter Oliver went to meet those who have no doubt bitcoin has real value." Continue reading →

Continue ReadingBitcoin Boom? US fears digital currency may hit dollar demand

Wis. Restaurant Gives 1965 Prices to Customers Who Pay With Pre-1965 Coins

"How about a hamburger for 12 cents, or 10 of them for $1. Like fries? 10 cents. Chicken? 100 pieces for $4.55. And you can nab a Perch sandwich for 20 cents. The sign went up about three months ago. So far, Tikalsky says they’ve made a 'couple dozen' sales with the special. 'You know, it’s the older clientele that come in here,' he explained. 'They think that’s pretty neat, you know, older coins.' He added later, 'We get a lot of older clientele here in the morning who drink coffee for a couple hours at a time and that gave them something to talk about for a week or two.'" Continue reading →

Continue ReadingWis. Restaurant Gives 1965 Prices to Customers Who Pay With Pre-1965 Coins

PayPal freezes GlassUp’s $100K crowdfunding money, eventually releases it

"Today, the news is good: PayPal is releasing the funds. 'It’s great news. It’s wonderful,' Giartosio told me this morning from Venice, Italy. 'Now I can open PayPal payments again on the campaign.' Early this morning, a PayPal representative contacted me with the news. It turns out, on reflection, that there’s nothing nefarious about an Italian wearable computing company — and that PayPal thinks GlassUp is actually a pretty cool product. The question is: How much more successful would GlassUp have been if PayPal had not caused this problem? Or if, even after freezing the account, someone had just Googled the project, picked up the phone, and had a conversation?" Continue reading →

Continue ReadingPayPal freezes GlassUp’s $100K crowdfunding money, eventually releases it

Gold Gone? Germany baffled as Fed bars access to bullion

"The world is losing trust in the dollar as a safe haven. A major blow came after Germany's Bundesbank demanded the repatriation of a big chunk of its gold being held in the US. Because as RT's Gayane Chichakyan reports, some are concerned the assets of foreign nations in the Federal Reserve are not secure or even there. The Germans were infuriated when the US Federal reserve didn't even let them examine their own assets properly. Peter Boehringer, the founder and chairman of 'German Precious Metal Association', says that's a bad sign." Continue reading →

Continue ReadingGold Gone? Germany baffled as Fed bars access to bullion

Congress Is Nervous About This Whole Bitcoin Thing

"A Senate committee sent a letter to DHS asking what the agency is doing to crack down on the illicit use of Bitcoins. Similar letters were sent to a host of other three-letter agencies including the DOJ and the SEC. “The speed at which payments can be sent globally and the potentially profitable investments that can be made trading virtual currency have made them attractive to entrepreneurs and investors alike,' write Senators Thomas Carper (D-Del.) and Tom Coburn (R-OK) in the letter. 'However, their near anonymous and decentralized nature has also attracted criminals who value few things more than being allowed to operate in the shadows.'" Continue reading →

Continue ReadingCongress Is Nervous About This Whole Bitcoin Thing