Wednesday, February 12, 2014

The Promise of Bitcoin: Alternative Currencies and Anonymous Markets by Yaël Ossowski

A presentation on the prospects of Bitcoin and the peaceful nature of online anonymous markets by journalist and European Students For Liberty Program Manager Yaël Ossowski. Hosted in Vienna, Austria by the Austrian-Libertarian Movement. Dec. 9, 2013

The Promise of Bitcoin: Alternative Currencies and Anonymous Markets by Yaël Ossowski

Netflix To Accept Bitcoin?! + Coming Increased Regulation + Chronokings | Morning Bit Ep 42

Netflix To Accept Bitcoin?! + Coming Increased Regulation + Chronokings | Morning Bit Ep 42

Bitcoin Nanopayments -- Dogecoin Inflation -- AuroraCoin Iceland -- Art Sales in Bitcoin

February 5, 2014 -- San Diego, California -- The Cold, Crisp Taste of MadBitcoins. MadBitcoins Subscriber Index 2412. The aliens have taught us much about cryptocurrency, but they still demand that we keep our coins in encrypted backed up wallets or on paper. The aliens have no faith in online exchanges. Vote MadBitcoins for the Shorties! Here are Today's MadBits: Bitcoin prices continue to trend downward, with CoinDesk BPI reporting a last of $837, a high of $846 and a low of $836. Litecoin was at $21 dollars and 70 cents a coin.

Bitcoin Nanopayments -- Dogecoin Inflation -- AuroraCoin Iceland -- Art Sales in Bitcoin

SAN FRANCISCO: Bitcoin gaining popularity as alternative currency

The Emerging Bitcoin Civil War / Mike Nudelman / 19 hours ago

A civil war is emerging between Bitcoin’s earliest and most libertarian adopters, and a more commercial wing seeking to embrace regulation as a means of legitimizing Bitcoin businesses.

The divide came into focus this week with two key events events. One was a hearing on Bitcoin regulation by the New York Department Of Financial Services. The other was the arrest of BitInstant CEO Charlie Shrem on money laundering charges.

Until the moment of his arrest, Shrem, 24 had been something of a darling in the Bitcoin venture capital community — the Winklevoss brothers were one of BitInstant’s earliest investors, and Shrem was scheduled to co-headline a Bitcoin conference in Miami this past weekend.

But on the first day of hearings about the future of Bitcoin regulation convened this week by the New York Department of Financial Services, a panel of VCs were quick to disavow Shrem as an example of a more immature wing of Bitcoin. The Winklevoss twins said they were gratified the Department was discussing ways to help legitimize Bitcoin commerce. Their Bitcoin ETF is awaiting regulatory approval from the SEC.

The division is not just about sheer dollar size. Appearing at the Tuesday hearing, Fred Wilson — whose Union Square Ventures spearheaded a $5 million investment round in Bitcoin wallet firm Coinbase warned against anything but the lightest-touch regulations. He compared the dangers Bitcoin startups would face to what happened to early-stage music streaming platforms, which were inundated with lawsuits from record labels. Should Bitcoin startups be subject to similar legal scrutiny from financial regulators, he said, they would be snuffed out before they even had a chance to bloom.

Wilson’s views were countered by no other than Fred Ehrsam, Coinbase’s co-founder. He told DFS regulators Wednesday, ”Although I love Fred Wilson, there’s probably some minimal requirements and procedures that should be put in place if you’re facilitating that kind of exchange.” - READ MORE

Dogecoin Is On A Gigantic Tear, And It’s Not Hard To See Why / By Joe Weisenthal / Feb. 1, 2014, 12:53 PM

The digital currency that started as a joke is now one of the biggest digital currencies in the world.

Dogecoin — which is like Bitcoin but inspired by the absurdist Doge meme — now has a “market cap” of $62 million according to When Rob Wile told the story of how Dogecoin came together back in December, the value of all extant Dogecoins were just $8 million. - READ MORE

Gold legend James Turk: “The market appears to have spoken: Bitcoin is for real.” / Submitted by Tyler Durden on 02/02/2014 20:02 -0500
Excerpted from The Money Bubble by James Turk and John Rubino,

In 2008, a mysterious person or group using the apparent pseudonym Satoshi Nakamoto unveiled a new digital currency called Bitcoin that appeared to solve some of its predecessors’ problems. Without going too deeply into the technical details, the Bitcoin system tracks each piece of currency from buyer to seller, eliminating the possibility of one person spending the same piece of currency multiple times before the counterparties catch on. The network is distributed, with no central clearinghouse or bank holding everyone’s money and imposing rules. “Miners” create more Bitcoins by solving complex algorithms to add more Bitcoin to the system, with the difficulty of the number crunching increasing as the quantity of Bitcoin grows, thus keeping their supply rising at a steady, predetermined rate until it reaches is a preordained limit of 21 million a century or so hence.

Bitcoins, which are a long string of alphanumeric characters, can be stored in a variety of places, from a digital “wallet” on a desktop computer to a centralized service in the cloud, or even completely off-grid by being printed on a piece of paper. And because it operates over peer-to-peer networks similar to those used by techies and teens to download music and videos, it bypasses the established banking/regulatory system, making it, at least initially, free of government oversight.

Nakamoto, whoever he (or she, they) was, disappeared in 2010. But by then the Bitcoin community had taken on a life of its own. Hundreds of users began to mine Bitcoins with increasingly sophisticated computers, and the number of merchants and individuals willing to accept, store, and transact in the currency rose steadily.

As the buzz grew louder, the small community of techie/libertarian early adopters was joined by traders sensing a serious momentum play. The dollar price of a Bitcoin rose from 5 cents in early 2010 to 36 cents in November. In February 2011 it briefly achieved parity with the dollar, and when a Forbes Magazine ran a favorable story that called it a “crypto currency,” the price went parabolic, to nearly $9. More breathless press ensued, sending the price to $27 and putting the market value of Bitcoins in circulation at $130 million. - READ MORE

Why Bitcoin Terrifies Big Banks | Interview with Andreas Antonopoulos

Why Bitcoin Terrifies Big Banks | Interview with Andreas Antonopoulos