Friday, April 18, 2014

Now You Can Buy A Car With Bitcoin... If You're Rich

Soleil Motors is a boutique car company based in Milan Italy. The company remodels sixth generation Corvettes, spicing up the exterior and outfitting the cars with a ... unique leather interior accented with wood paneling. But that's not what makes the company interesting. Soleil Motors will let you buy one of their $300,000 cars with bitcoin. Soleil has not yet sold any cars for bitcoin. Their first bitcoin sale fell through when the bitcoin exchange Mt Gox collapsed.

Now You Can Buy A Car With Bitcoin... If You're Rich

Texas Takes First State Steps to Regulate Bitcoin / by Aman Batheja / April 14, 2014

Texas will not treat Bitcoin and other virtual currencies as legal money, according to a new memo from the Texas Department of Banking. Yet some companies that deal in Bitcoin transactions could draw state oversight, even if they are based outside of Texas.

Texas Banking Commissioner Charles Cooper issued a memo this month outlining the agency’s policies involving virtual currencies like Bitcoin.

“At this point a cryptocurrency like Bitcoin is best viewed like a speculative investment, not as money,” Cooper said in a statement.

In his memo, Cooper provided reasoning that echoed the IRS. Last month, the federal agency announced that, for tax purposes, it would treat Bitcoin as property instead of currency because no government recognizes the virtual currency as legal tender. - READ MORE

Bitcoin exchange for high-frequency traders is launched - Perseus Telecom, Atlas ATS collaborate on system for institutional investors By Michael Casey

High-speed telecommunications provider Perseus Telecom and digital currency trading platform Atlas ATS formally launched Wednesday a globally integrated bitcoin exchange system in New York, Hong Kong and Singapore to facilitate trading in the digital currency by high-frequency trading firms and other large financial institutions.

The two firms’ collaboration, first reported last month by The Wall Street Journal, marks a milestone in the evolution of bitcoin out of a retail-oriented, loosely regulated low-tech environment to one that is open to the high-volume and strictly regulated activities of Wall Street. It comes after the sudden collapse of Tokyo-based bitcoin exchange Mt. Gox, which said it had lost 850,000 bitcoin—now worth more than $500 million—and a string of scandals, including a world-wide hacking attack that temporarily paralyzed Mt. Gox competitors such as Slovenia-based Bitstamp. - READ MORE

Thursday, April 17, 2014

Legendary Venture Capitalist Fred Wilson Shares Thoughts on Bitcoin / By : Ali Najjar / Posted On 14 Apr 2014

Fred Wilson is the co-founder of Union Square Ventures, a venture capitalist firm that has made investments in companies like Tumblr, Twitter, Foursquare, Zynga and Kickstarter.

Wilson compares bitcoin to the internet, in that both operations are completely open to the public and have no central authority calling the shots. He says:

“Bitcoin’s kind of the same way. It’s a completely open system. Nobody controls it. It’s not owned by a company. It just is. It’s Bitcoin.”

Wilson feels that bitcoin is an open source dedicated to allowing others to build stuff with.

He says the services that blockchains offer will be replicated for different applications other than bitcoin. Wilson believes the architecture surrounding blockchain programs is too valuable for other platforms not to adopt. - READ MORE

Monday, April 14, 2014

Evolve or Die – Bitcoin Forces Society to Wise Up / 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