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Bankers Ask Fed to Regulate Cryptocurrencies

altcoinpress.com / Greg Matthews / September 18, 2014

In a recently released meeting summary, of the Federal Advisory Council (FAC), which is composed of twelve representatives of the banking industry, it became clear that their agenda moving forward will include the regulation of cryptocurrencies.

While the bankers do not yet perceive Bitcoin and other digital currencies as viable competitors to their financial monopoly, the bankers did state that Bitcoin “regulation is advisable”, citing various security concerns that could continue to hinder its adoption, like price instability and numerous exchange failures.

The bankers, however, did not rule out embracing the digital currency and did suggest ways in which the banking industry could engage and participate.

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BitPay Cofounder Tony Gallippi Talking Bitcoin & Bitcoin Bowl on Bay News 9

BitPayPublished on Sep 18, 2014

Five Objections to Using Bitcoin We Should Finally Put to Rest

forbes.com / 9/18/2014

Is that all there is?  Is that all there is?  If that’s all there is, my friends, then keep on dancing.”     - Peggy Lee

This week, we received yet another in what seems to be an endless parade of warnings, from yet another central bank or government body, about the alleged dangers of “virtual currency” – the preferred term used by such groups for digital currencies such as bitcoin (perhaps because the term “virtual” makes them seem even less real, a cross between a videogame and a rewards program gone bad).  Remarkably, the report also called out cute little Dogecoin and bent-on-compliance XRP (aka Ripple).

The list of horrors put out by these mildly esteemed bodies is a virtual cut-and-paste effort, looking for the most damaging words without revealing any true issues.  Where were these same bodies to warn us about the dangers of toxic subprime mortgages and collateralized debt obligations a mere decade ago, of former NASDAQ regulator Bernie Madoff’s true Ponzi scheme, or of investing in Fannie Mae after the government decided they would never be able to pay off their loan to the Feds because they’re just too profitable now?

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Bitcoin gets an industry-backed advocacy group

washingtonpost.com / Nancy Scola / September 18 at 2:07 PM

The cryptocurrency Bitcoin — and the technologies around it — has a newly organized group of advocates behind it, headed by someone with deep experience in translating technologies for political consumption.

Jerry Brito, a law professor who was until recently the head of the technology policy program at George Mason’s Mercatus Center, announced in August that he was leaving for “a new adventure.” On Thursday, Brito announced that he will be heading an organization called Coin Center, what he describes as a “new non-profit research and advocacy center focused on the public policy issues facing cryptocurrency technologies.”

“Our mission is to build a better understanding of these technologies and to promote a regulatory climate that preserves maximum freedom of action for digital currency innovation,” Brito writes in the shop’s founding letter. “We will do this by producing and publishing policy research from respected academics and experts, educating policymakers and the media about block chain technology, and by engaging in advocacy for sound public policy.”

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BITLANDERS REVIEW: SOCIAL MEDIA THAT PAYS BITCOIN

cryptocoinsnews.com / Calvin Tran / 19/09/2014

BitLanders, formerly known as the Film Annex, is a social media site that pays its users in Bitcoin. It first came to my attention earlier this year when I was planning to write a profile on Roya Mahboob and Fereshteh Forough, co-founders of the Women’s Annex (At the time, it was still named the Film Annex).

The Film Annex was started in 2006 by Italian entrepreneur Francesco Rulli with the aims of providing film makers a site to promote their work and help fund their projects with a shared advertising model. This model would soon inspire Mahboob and Forough in 2012 when they founded the Women’s Annex to promote online and digital literacy for women and children in their area of Central Asia.

It would be later that they would incorporate Bitcoin as their method of paying users because it would be able to provide a safe, quick and global way to send funds to users around the world.

Social media that pays… but how?

BitLanders works by calculating your social engagement into a ‘BuzzScore.’ The BuzzScore is a competitive ranking from 0 to 100 that reflects your ability to involve users on your posts, blogs, videos, pictures, content, you name it. This takes into account how many people subscribe to your content, ‘buzz’ (which is like a facebook ‘like’) your content as well as comment.

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IBM-Samsung partner to reinvigorate blockchain technology

– Paul Brody

cointelegraph.com / William Suberg / 2014-09-18 04:02 PM

Forget Apple Pay and its mobile brethren; IBM and Samsung are busy realizing the first application of block chain technology by major corporations – and fast.

The partnership will see the technology giants consult on Adept, a protocol which will be used to overcome various problems associated with the increasingly frequently mentioned Internet of Things.

In charge is IBM’s head of mobile and internet, Paul Brody. In an interview with Gigaom last week, Brody considered the current impracticalities of the IoT concept and how it was necessary to streamline at the fundamental level.

“For him the internet of things as a plethora of devices talking to the cloud doesn’t make much fundamental sense. There’s way too much overhead in operating a cloud platform, especially for devices that are designed to live in people’s homes for a decade or longer,” Gigaom summarizes following a podcast in which Brody spells out the intricacies of the idea.

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Bitmarket.lt Takes Bitcoin’s Fight Against Big Banks to Court

coindesk.com / Pete Rizzo / September 18, 2014 at 19:45 BST

A close look at recent headlines reveals the current reality for the bitcoin industry – that despite the potential world-changing promise of its underlying technology, its businesses are still facing hurdles when attempting to bring their products and services to market.

However, not all startups are taking the indecision of banks lightly.

Lithuania-based bitcoin startup Bitmarket.lt is fighting back against its former bank, Swedish financial services giant Swedbank, after it shut down the company’s accounts. Launched in late 2013, the dispute created headlines in Lithuania, and as of September, it’s still being fought in court.

Speaking to CoinDesk, founder Audrius Ramanauskas said that Bitmarket.lt has since found a stable banking partnership, but that now, he’s carrying on the fight for the greater community good.

Ramanauskas told CoinDesk:

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LTB Community Roundup #7

letstalkbitcoin.com / Mike / September 18th, 2014

This week we are going to take a quick trip around the highlights of discussion on the Let’s Talk Bitcoin network.

Bitcoin is falling awfully close to the US$400 rate, and now might be the time to buy some cheap coins. What are your thoughts regarding the dip in price?

In the “interesting use of a token” department, @wildjo is looking at the potential for establishing an island sanctuary for everyone. The concept certainly is an interesting one and warrants some discussion. What are your thoughts?

What is your favorite wallet? Are you using a web-based wallet, a hardware-based wallet, or something installed on your computer or mobile device? Check out this discussion and let others know about your favorite wallet.

Has something scary happened to you with bitcoin? The author of this thread asks exactly that. Perhaps you lost your private keys, or you corrupted some files and panicked. Come share your story.

Looking for pure speculation? Check out this thread that asks what the price of bitcoin will be in 2020? What are your honest thoughts?

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Need bitcoins? New ATM in Denver area dispenses them

Noah Berger, CEO of XB Teller, stands in front of his new bitcoin ATM in Aurora, Colo.

cpr.org / By Andrea Dukakis / Sep 19, 2014

There’s a new kind of ATM in metro Denver. It doesn’t dispense dollars. It churns out bitcoins, a digital currency that is backed by no national banks. A fledgling company, XB Teller, opened the ATM the summer.

Noah Berger, the CEO of XB Teller, says buyers feed dollars into the machine to purchase bitcoins. The bitcoins then get sent to the buyer’s bitcoin address — sort of like an email address. Berger admits the whole idea can be tough to understand since bitcoins can’t be held in your hand.

“I think calling it bitcoin to begin with was sort of a funny choice because no there are no coins at all,” he says. “I think it’s just a way to invoke the image of money in people’s mind.”

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Nitrogensports, the Largest Bitcoin Sportsbook, Adds Poker, Full Interview Inside

cointelegraph.com / Ian DeMartino / 2014-09-18 04:51 PM

Gambling was one of the first obvious use cases of Bitcoin. It sits in a gray legality zone in a lot of jurisdictions, so there are obvious reasons for wanting to circumvent the traditional financial avenues and personal identity revealing credit card transactions.

There are tons of Bitcoin chance gambling sites out there, but surprisingly few sportbooks. Nitrogensports.eu is one of the few out there that not only covers a wide variety of sports but has various prop bets for each of them.

Today, they have announced that they are bringing poker to the site.  The first step to bringing all of users gambling desires under one virtual roof. It is a strategy that has paid off for Vegas casinos: give sports junkies something to do while they wait for their next game to start without leaving your casino.

It is a lot easier to move from Nitrogensports to SatoshiDice and back again than it is to jump between Ceasars Palace and The Flamingo but the theory is the same: Give people everything they need, and they won’t go anywhere else.

They are kicking off their Poker events with a free 5BTC tournament starting Saturday 10pm GMT. But, starting today at 10pm GMT Poker will become a mainstay at the site.

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Press Release September 19, 2014: Bitcoin Foundation Policy Leadership Establishes Presence in the EU

bitcoinfoundation.org / September 19, 2014

WASHINGTON, D.C. (September 19, 2014) — The Bitcoin Foundation has retained Monica Monaco, founder and managing director of TRUST EU Affairs, to assist with outreach to political leaders and policymakers in the European Union. Based in Brussels for the past eleven years, Ms. Monaco will utilize her extensive experience in European affairs related to payment systems, consumer credit, e-commerce, and financial education to help the foundation protect and promote Bitcoin in the world’s largest economy.

“With the new European Parliament and Commission being formed up, now is the right time to engage with Brussels,” said Jim Harper, Global Policy Counsel for the Bitcoin Foundation. “As we’ve been doing in the United States, we’ll be introducing the foundation, educating policymakers about Bitcoin, and sharing Bitcoin’s achievements and potential in terms of  financial inclusion with leading policymakers and public officials.”

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BitPay API Update Lets Apps Enable Easy Bitcoin Refunds

coindesk.com / Pete Rizzo / September 18, 2014 at 23:05 BST

BitPay has introduced the newest version of its BitPay API, a representational state transfer (RESTful) service that will allow the customers of all API-using developers the ability to initiate refunds directly from those applications.

The updated API follows a string of recent releases for developers from a number of key bitcoin companies, including Coinbase and CEX.io, which revealed new offerings for this community this past week.

For BitPay, however, the emphasis of the release was on the convenience the update will provide for the customers of API users, who will now be able to interact with merchants in a manner more familiar to the users of other payment methods.

BitPay’s Eric Martindale wrote in the official announcement:

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Bitcoin Price Crashes Below $400 to Lowest Level Since April

ibtimes.co.uk / Anthony Cuthbertson / September 19, 2014 11:15 BST

Bitcoin has fallen to its lowest price since April 2014 following a turbulent 24 hours for the world’s most valuable cryptocurrency.

According to CoinDesk’s price index, the price of one bitcoin dropped to as low as $390 (£238, €303). At the time of publication bitcoin’s price remains hovering at around the $400 mark.

The price crash has been blamed on a variety of factors, with some analysts citing market traders setting their lowest bound exit point at $450. When the price dipped to this point, it would have therefore sparked a mass sell-off.

Other speculation centres on the idea that wider bitcoin adoption from retailers has meant that bitcoin is constantly being exchanged for traditional fiat currencies as soon as a transaction takes place.

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Crypto for Change – Using Token Controlled Access to Power Affiliate and Member-Invite Programs

letstalkbitcoin.com / Andrew De Gabriele / September 18th, 2014

A world of exciting possibilities is unfolding as we wrap our heads around digital tokens (such as Counterparty assets like LTBcoin) and their uses. Here are a couple of use cases I have been thinking about lately: token-based affiliate programs and token-based member-invite-only systems.

Adam B. Levine explained the idea of Token Controlled Access and the specific application of this called Token Controlled Viewpoint, where visitors to a website have different privileges and levels of access based upon the specific digital tokens they hold in a particular Counterparty address.

Say you are starting your own secret society. You could create a website that looks like an strategy forum for the game of Risk on the outside and use that facade to hide your real plans for world domination from prying eyes. All it would take is a quick check by the system to see who possesses the right tokens to access the secret stuff.

Except, that would be a terrible idea.

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Bitcoin Debit Card Australia — Will Bitcoin Bounce? — MJ Dispensary Canada Accepts Bitcoin

MadBitcoinsPublished on Sep 18, 2014

HOSTDIME TO IMPLEMENT BITCOIN SALARIES: BITCOIN IS THE CURRENCY OF THE FUTURE

cryptocoinsnews.com / John Weru Maina / 18/09/2014

HostDime, a global data center provider, announced Wednesday that they are now acceptingBitcoin as a form of payment for all of their products and services.. The company will start accepting Bitcoin at their US and Brazil branches, and then progressively rollout to other branches in Mexico, UK, Netherlands, India, Colombia and Hong Kong.

The decision to start accepting Bitcoin has been motivated by the fact that Bitcoin is available globally. Whether someone is a business person in Colombia, a student in Brazil or a freelancer in India, it is possible to pay and receive payments using Bitcoin’s peer-to-peer network. This gives Bitcoin an advantage over credit cards and services like PayPal, which are not available everywhere around the world according to HostDime.

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The Bit Lebowski

MadBitcoinsPublished on Sep 18, 2014

OKCoin Introduces Multiple Balances for Trading Flexibility

coindesk.com / Jon Southurst / September 19, 2014 at 10:29 BST

OKCoin yesterday added a new ‘margin management’ system to its recently launched Futures trading platform, allowing multiple margin balances for a trader’s different positions.

Margin management replaces a previous system which allowed only a single margin balance for all positions held. This meant that gains and losses of individual positions had the potential to impact each other by drawing on the same margin balance.

An OKCoin representative said:

“As a pioneer of crypto-futures trading, OKCoin has devoted time to refining its platform to accommodate the most sophisticated traders in the market. With that in mind, we have been working over the past month to bring to life our new margin management system.”

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Bankers Ask Fed to Regulate Bitcoin

MicroGuyPublished on Sep 18, 2014

Syscoin: Groundbreaking New Platform Opens Bitcoin to Customizable Online Markets

cointelegraph.com / Carlo Caraluzzo / 2014-09-19 07:55 AM

Syscoin is poised of the most innovative cryptocurrencies to be introduced, possibly since the introduction of Bitcoin itself and through it we can begin to see the potential of virtual currencies. The system is designed to offer something for everyone, from a currency to a virtual marketplace, both of which appear to have user friendly interfaces.

The official website reads:

“Syscoin is a revolutionary cryptocurrency that not only allows low-cost financial transactions like Bitcoin, but provides businesses the infrastructure to trade goods, assets, digital certificates and data securely.”

Syscoin provides a group of growing services, some of which listed below:

  • Decentralized marketplaces that allow users to buy and sell nearly anything on a peer-to-peer network and never have to worry about downtime or redundant costs. The system allows for both fully decentralized and centralized markets for the highest levels of flexibility.
  • Ease of use is vital to the success of any product or service if you want a large user base and wallet addresses are nearly impossible to memorize without an eidetic memory. Syscoin offers “name aliases” that take those impossible to remember wallet addresses and associate them with an easy to remember “alias.” The only caveat seems to be that each alias must be unique.

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