Tuesday, April 15, 2014
Monday, April 14, 2014
cryptocoinsnews.com / By Danny Schaffer / 09/04/2014
One of the primary reasons mainstream society has not yet bought into Bitcoin is that it’s not easy. As a decentralized resource, there’s no 24 hour helpline to sort out your issue when things get sticky. There’s no one company that offers the best solution, no fool proof way keep your funds completely secure. And when your wallet seems to have magically emptied itself, there’s no police station where you can go and report it. With cryptocurrency, you’re out there on your own. The responsibility of your finances is yours and yours alone.
For the Bitcoin community, this sort of freedom and independence is priceless, though many have likely paid a hefty fee for their experience. For the general public on the other hand, it’s a nightmare. Our society was built on solid systems, clear rules and visible authorities. Taking all of this out of the picture seems reckless. And aside from that, with the media on a constant FUD campaign, most outsiders are scared to even talk about the stuff. - READ MORE
Friday, April 11, 2014
Wednesday, April 9, 2014
http://cryptocrimson.com / Posted by Aaron Sines / 07 Apr 2014
Founder and CEO of Circle Internet Financial Jeremy Allaire, delivered this morning’s opening speech at the highly anticipated Inside Bitcoins New York. The tech entrepreneur spoke for 30 minutes, touching on what he believes bitcoin needs in order to obtain mass-adoption.
Allaire placed significant emphasis on the need for change in regard to not only governance, but the need for transparency in respect to stakeholders, implying further a need for regulation. Allaire believes that in order for bitcoin to reach its full potential, that the involvement of large existing financial entities is required in order to bring more credibility to the community. - READ MORE
Tuesday, April 8, 2014
Saturday, April 5, 2014
Thursday, April 3, 2014
Whenever a bit of bad news hits the Bitcoin community, there’s always at least one individual who pops up and claims that “this is actually good news.” In the case of the IRS ruling on Bitcoin, that lone individual is Chamath Palihapitiya. Chamath is a well-respected former Facebook executive who doesn’t hold back his excitement when it comes to the possibilities created by Bitcoin. When you combine all of the holdings of all the different investment vehicles controlled by Palihapitiya, you get just under 100,000 bitcoins. While there have actually been a few others who have simply stated that the Bitcoin IRS ruling was “not that bad”, the points made by Chamath in regards to it actually being good news at CoinSummit actually make a lot of sense. Although this ruling could have some bad implications for bitcoins as a currency over the short term, it will eventually lead to a democratization of various tax tricks that the wealthy elite have been using for years. - READ MORE
Tuesday, April 1, 2014
What’s the role of an industry trade group and how much authority should companies place in the hands of these unofficial leaders?
That’s the question much of the bitcoin community is asking at the moment as the Bitcoin Foundation, the industry’s unofficial custodian and mouthpiece, faces allegations of self-dealing and embezzlement.
According to the Foundation’s own website, it exists to “standardize, protect, and promote the use of Bitcoin cryptographic money for the benefit of users worldwide.” Several hundred bitcoin companies are members of the Foundation and have donated heavily to fund its operations. The organization is led by a board of prominent crypto-currency entrepreneurs, investors, journalists, and academics, chiefly its Chairman, CoinLab founder Peter Vessenes who has been the subject of the most skepticism and scrutiny.
The spotlight was first shone on the Foundation’s leadership by controversial bitcoin blogger Ryan Selkis, aka the Two-Bit Idiot. On March 2nd, following the unraveling of Mt. Gox, Selkis wrote that Vessenes and Executive Director Jon Matonis would be stepping down prior to the conclusion of their current terms, “[seemingly recognizing] the need for the Foundation to clean house in order to revitalize its image in the coming months.” Days later, when forced to retract that prediction, Selkis began an aggressive, and occasionally manic campaign calling for their immediate ouster due to a failure of leadership.
At his most livid, Selkis called the current board “illegitimate” and demanded senior leaders across the bitcoin ecosystem stage a coup or kill the Foundation altogether – a position from which he later backed down, but not before writing:
Peter Vessenes and Jon Matonis are not scapegoats. They are not innocent bystanders. And they are not ethically entitled to remain in their board seats through later this year.
Selkis then promised to reveal “damning facts” if his demands were not met, including the those relating to: the Foundation ignoring warning signs of Mt. Gox’s failure as early as April 2013; Foundation directors exploiting their positions to withdraw funds from a failing Gox while the general public was losing their shirts; and conflicts of interest between director’s roles within the foundation and their personal bitcoin businesses. - READ MORE
Saturday, March 22, 2014
Bitcoin startups in North America have received the lion’s share of the digital currency’s venture-capital investments, drawing $98.6 million to date, according to a report from researcher Aite Group LLC.
Investors have funded 19 Bitcoin startups in the region, compared with nine in Asia totaling $13.3 million and three in Europe with $5.6 million, according to the report by Boston-based Aite, which surveyed merchants, banks, regulators and Bitcoin companies.
Bitcoin, the most popular digital currency, is drawing attention from institutional investors after evolving over five years from an intellectual novelty into a global financial network. Pantera Capital Management LP, the investment firm run by Dan Morehead, disclosed in a December regulatory filing that it had formed a $147 million investment fund for Bitcoin. SecondMarket Inc. said yesterday it’s seeking approval for its Bitcoin Investment Trust to trade publicly by year’s end. - READ MORE
Tuesday, March 18, 2014
Monday, March 10, 2014
The Bitcoin phenomenon has now reached the mainstream media where it met with a reception that ranged from sceptical to outright hostile. The recent volatility in the price of bitcoins and the issues surrounding Bitcoin-exchange Mt. Gox have led to additional negative publicity. In my view, Bitcoin as a monetary concept is potentially a work of genius, and even if Bitcoin were to fail in its present incarnation – a scenario that I cannot exclude but that I consider exceedingly unlikely – the concept itself is too powerful to be ignored or even suppressed in the long run. While scepticism towards anything so fundamentally new is maybe understandable, most of the tirades against Bitcoin as a form of money are ill-conceived, terribly confused, and frequently factually wrong. Central bankers of the world, be afraid, be very afraid!
Any proper analysis has to distinguish clearly between the following layers of the Bitcoin phenomenon: 1) the concept itself, that is, the idea of a hard crypto-currency (digital currency) with no issuing authority behind it, 2) the core technology behind Bitcoin, in particular its specific algorithm and the ‘mining process’ by which bitcoins get created and by which the system is maintained, and 3) the support-infrastructure that makes up the wider Bitcoin economy. This includes the various service providers, such as organised exchanges of bitcoins and fiat currency (Mt. Gox, Bitstamp, Coinbase, and many others), bitcoin ‘wallet’ providers, payment services, etc, etc.
Before we look at recent events and recent newspaper attacks on Bitcoin, we should be clear about a few things upfront: If 1) does not hold, that is, if the underlying theoretical concept of an inelastic, nation-less, apolitical, and international medium of exchange is baseless, or, as some propose, structurally inferior to established state-fiat money, then the whole thing has no future. It would then not matter how clever the algorithm is or how smart the use of cryptographic technology. If you do not believe in 1) – and evidently many economists don’t (wrongly, in my view) – then you can forget about Bitcoin and ignore it. - READ MORE
businessweek.com / By Monami Yui and Takahiko Hyuga / March 07, 2014
apan’s government said Bitcoin isn’t a currency amid calls for its regulation a week after the bankruptcy of Mt. Gox, the Tokyo-based exchange that was once the world’s biggest.
There is no law to define Bitcoin and relevant ministries are gathering information on it, Prime Minister Shinzo Abe’s cabinet said in a statement in response to questions from an opposition party lawmaker. Bitcoin transactions can be taxed, according to the statement obtained by Bloomberg News.
Japan isn’t the only country grappling with the regulation of Bitcoin amid reports of hacking into exchanges including Mt. Gox and concern that the virtual currency can be used for money laundering. In the U.S., states are wrestling with how digital-currency businesses could be regulated as money transmitters, while Russia has said Bitcoin is illegal under current law and Finland plans to treat it as a commodity. - READ MORE