Tuesday, April 29, 2014

Chinese Monetary Manipulation Endangered by Bitcoin

PJ Delaney 29/04/2014 - Chinese Manipulation Endangered by Bitcoin?

The PBOC must hate cryptocurrencies. Their constant negative statements lead a reasonable hack to reach this assumption in any event. Why are they so anti Bitcoin? What potential danger does a cryptocurrency pose to China, the World’s second largest economy and most populous country?

When you look at the facts, Bitcoin could well have the potential to pose quite a significant level of threat to China’s monetary policy. Let me explain.

Let us begin by looking at the Peoples Bank of China, hereinafter, the PBOC. Now the PBOC is huge, it holds and controls reserves of $3.2 Trillion Dollars; it controls and regulates monetary policy, as well as all financial institutions in mainland China.

It holds, not to put too fine a point on it, more assets than any financial institution in history. China’s PBOC is a big deal. When it takes a dislike to a particular organization, idea, or product, then it brings huge power to bear. Now, the law on the PBOC says: “that the objective of monetary policy is to keep the value of RMB stable to contribute to economic growth.” - READ MORE

Bitcoin Authenticator Powers Wallet Security and Mainstream Adoption

Kyle Torpey 29/04/2014 - Bitcoin Authenticator. It takes more than one key to send bitcoins with Bitcoin Authenticator. One of the main reasons that certain individuals don’t like the idea of using Bitcoin is that they’re afraid a hacker will be able to steal their bitcoins from their desktop computer. Although a person can do everything in their power to make sure their computer is not compromised, the reality is that there’s no such thing as 100% security. This poses a serious issue for a digital currency that uses irreversible transactions as one of its core principles. Bitcoin Authenticator is a new security plugin for Bitcoin wallets that will add two-factor authentication directly into the protocol. The feature takes advantage of multi-signature transactions to make sure that a hacker cannot do anything with a Bitcoin wallet on a compromised computer. - READ MORE

Monday, April 28, 2014

Ohio Imposes Bizarre Ban On Bitcoin-for-Alcohol Sales

Alyssa Hertig 28/04/2014 Friday, Ohio regulators banned Bitcoin-for-alcohol sales in the state.

Bitcoin Alcohol

Ohio regulators impose a bizarre ban on bitcoin-for-alcohol transactions in the state.
Nikhil Chand, founder of CoinNEO and Bitcoin Boulevard, patiently prodded state regulators about the legality of Bitcoin-for-alcohol transactions. The federal Alcohol and Tobacco Trade Bureau gave him the go-ahead. But when the Ohio Department of Public Safety finally issued an official response, it was not what he had hoped for.

“Bitcoin cannot be accepted as payment for alcohol in the State of Ohio,” state regulators decided.

The Plain Dealer, the leading Ohio newspaper, reports:

Eric Wolf, agent-in-charge with the Ohio Investigative Unit of the Ohio Department of Public Safety in Columbus, said that because Bitcoin’s value fluctuates so much, it is more like a commodity and “not recognized as legal currency.” - Read more: http://www.cryptocoinsnews.com/news/ohio-bans-bitcoin-for-alcohol-sales/2014/04/28