newsthump.com / Monday 10 March 2014
Scotland’s First Minister Alex Salmond has insisted an independent Scotland would adopt bitcoin as its currency if the UK government continues to refuse access to sterling.
Salmond told reporters he wasn’t sure he even wanted to use sterling any more, insisting that he’d heard good things about bitcoin and its ability to make financial transactions easier.
He told those gathered, “Scotland will be the first nation in the world to adopt bitcoin as its main currency, a move that will almost certainly see investors flock to our shores.”
www.salon.com / By Eric Bovim / Sunday, March 9, 2014
This is the problem with so-called “anonymous” Bitcoin that defeats government. It doesn’t. The government is not all-powerful but tracking things on the internet is one of their strengths. Using cash in brown paper bags is much more private. Eric Bovim reports for Slate:
Ver and his his partner of two years, Iyaka, have been lingering down in the Caribbean for several weeks now, ever since he first began to seek economic citizenship, on one of the islands (a maneuver necessary before obtaining full citizenship). That was granted weeks ago, and now he wants to renounce his U.S. citizenship as well.
news.ca.msn.com / By CBC News, cbc.ca / Updated: Mon, 10 Mar 2014 05:47:25 GMT
The losses at Mt. Gox, Flexcoin and elsewhere didn’t rattle prices as much as one might expect (after crashing through the $1,000 US level last year, they’ve steadied in a range between $500 and $700 since then) but bitcoin critics say the whole system is just a speculative bubble destined to pop.
Others aren’t so sure. “The reality is that in any system, bad people are going to do bad things,” says Rodolfo Novak, the CEO of Coinkite. “But nobody jumps to saying how the dollar is dead any time a drug dealer is caught using them.”
Novak says considering abuses in the conventional banking system that people seem to shrug off every week, bitcoin comes off looking comparatively clean.
The market for them is certainly growing. Market monitor Blockchain.info shows the total value of all bitcoins on earth is currently above $10 billion, stashed in various bitcoin wallets (a unique series of letters and numbers that function like an email address or bank account). That’s a drop in the bucket compared to the trillions of dollars moving in foreign exchange markets. But it’s not small enough to dismiss entirely.
And it’s not just digital nerds and speculators on both ends of those transactions. Real businesses with real products report positive experiences. Entrepreneur Will Coates is the CEO of Digital Tunes, a website that sells digital music to customers around the world over the internet. The site began accepting bitcoins last year, and Coates says the early returns are positive.
“Bitcoiners aren’t just a bunch of nerds wanting to buy drugs online,” Coates said recently. “Out there is a vibrant international community of consumers who have realized the advantages of this new kind of money, and it’s growing day by day.”
pando.com / By Nathaniel Mott / On March 10, 2014
Anonymous hackers have published financial data to support the claim that Mt. Gox, the Bitcoin exchange that suspended operations and filed for bankruptcy protection in February, still has in its possession more than 750,000 bitcoins previously reported as stolen.
The data, which includes a spreadsheet detailing millions of Mt. Gox’s financial transactions, was purportedly stolen from the exchange’s servers. It was first posted to Mt. Gox CEO Mark Karpeles’ blog and has been quickly mirrored by Bitcoin enthusiasts incensed by the scandal.
The data’s veracity has not been confirmed. Someone(s) might have fabricated the evidence to support a popular theory; they might also have infiltrated the exchange’s servers to seek some justice for those affected by its lax security. Even if the data originated from Mt. Gox’s servers, it might be a demonstration of the company’s inability to manage its books instead of proof it plotted to steal money from users and investors. No one outside the company knows.
bitcoinx.com / Posted by Steve Shanafelt / March 9, 2014
Speaking at SXSW yesterday, Google’s Director of Ideas, Jared Cohen, claimed that Bitcoin-like payment system are clearly not going away. “I think it’s very obvious to all of us that cryptocurrencies are inevitable,” Cohen said. “There’s lots of value to it, [but] there’s a danger to it not being regulated.”
While Cohen does believe that virtual currencies are the future of finance, he wasn’t yet sold on Bitcoin as the clear winner. He noted that anyone can create a currency using the fundamental concepts of cryptocurrency, and that simply because Bitcoin was the first doesn’t mean it will be the dominant virtual currency in coming years.
interaksyon.com / Monday, March 10, 2014 · 8:50 am
MANILA, Philippines — With the phenomenal emergence of digital currency Bitcoin – and the recent controversial closure of some Bitcoin exchanges such as Japan-based Mt. Gox – the Bangko Sentral ng Pilipinas (BSP) has issued an advisory on the use of the virtual currency.
The country’s monetary authority released on Thursday, March 6, a press release, which took a strong stance against the trading of the digital currency in the country.
“The public is hereby warned that such exchanges are not regulated by the BSP or by any regulatory authority in the country at this time. Thus, there are no existing regulations which would specifically protect consumers from financial losses if an organization that exchanges or holds virtual currencies fails or goes out of business,” the BSP said.
news.com.au / March 10, 2014 10:15AM
BITCOIN exchange MtGox faced a massive hacker offensives last month, coming under 150,000 DDoS attacks a second for several days ahead of its spectacular failure, a report says.
The Tokyo-based exchange, which filed for bankruptcy protection in February and admitted losing half a billion dollars in the digital currency, has come under serious cyber-attacks in particular since about February 7, the Yomiuri Shimbun reports.
While MtGox faced hacker attempts to steal Bitcoins, the exchange also confronted massive distributed denial-of-service (DDoS) attacks, crippling its systems, the newspaper said without naming its sources.
dazeddigital.com / By Thomas Gorton / 3-10-14
Hackers infiltrate the blog of CEO Mark Karpeles and claim he has hidden customers’ money
Amongst the information shared was Karpeles CV, his home address and a spreadsheet of trading history. However the most interesting find was a list of account balances – in the file posted on Pastebin, Karpeles has listed a total of 951,116 Bitcoins, an amount that hackers say proves he’s lying about cyber thieves infiltrating Mt. Gox and stealing everyone’s money. Or, as they put it: “That fat fuck has been lying!!”
The Observer / John Naughton / Saturday 8 March 2014 14.05 EST
Jonathan Swift famously observed that “when a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him”. This is a bit unkind to my friends and relations, but it contains the germ of a truth. Could it be that the reason bitcoin stirs up such hostility and controversy is that it flies so brazenly in the face of what we have always assumed to be an incontrovertible truth – which in this case is the belief that credible currencies have to be issued and controlled by central banks?
Pause for brief technical intermission. Wikipedia has a useful entry on bitcoin, describing it as “a peer-to-peer payment system and currency”. It was created in 2009 by a fiendishly clever, pseudonymous individual calling himself Satoshi Nakamoto. (Sounds sinister already, doesn’t it? One can almost imagine this Nakamoto cove reclining in an Eames chair, stroking a white cat.) It’s a “cryptocurrency”, so called because it uses cryptography to control the creation and transfer of bitcoins. (Cryptography, eh? The plot thickens. Where is 007?) Bitcoins are created by a computational process called mining, in which participants verify and record payments into a public ledger in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a PC, mobile phone, or a web application. Bitcoins can be obtained by mining or in exchange for products, services or other currencies. And some businesses now accept payment in them.
http://two-bit-idiot.tumblr.com / March 7, 2014 (2:23 pm)
By Monday, I expect that either: a) Vessenes and Matonis resign gracefully from the board of the Bitcoin Foundation, and announce that their terms will end on an accelerated schedule which coincides with the already scheduled elections in April, or b) the corporate sponsors of the Foundation publicly distance themselves from the organization and clarify that the Bitcoin Foundation no longer represents the true interests of its members.
Otherwise, by Monday at 3pm ET / 12pm PT, I will post my full expose of the unprofessionalism and negligence of the Bitcoin Foundation. (If I get hit by a bus this weekend, my lawyers will release it.)
In addition, and immediately upon publishing that expose, I plan to provide a collated and annotated document dump to Fortune and Wired to let them make their own professional judgments of the Bitcoin Foundation and our industry’s current leadership. (I am doing this for free, I might add.)
On Wednesday, I will share those same documents with the broader media community, including the Wall Street Journal, New York Times, the Verge, Forbes, the Associated Press and anyone else who asks, and begin lining up on-camera media interviews with CNBC, CBS, Fox News, Al Jazeera and others who have expressed interest in this story to date.
I assure you, I am ready to go nuclear. Because this is important.
Make no mistake: Peter and Jon will either step down from their leadership positions, or the corporate sponsors of the Foundation will quickly assemble and publicly distance themselves from the Foundation, writing off the organization as an illegitimate zombie entity. I am posting an open letter calling for their swift resignations on Reddit and on the Bitcoin Foundation’s own Forum.
I hope to eat my article, keep the documents that I have to myself (and likely prosecutors as I am likely to be subpoenaed), and redirect the focus of the Bitcoin community from scandal and frustration to that of progress and innovation.
To Peter, Jon and their supporters:
You have 72 hours.
reddit.com / submitted ago by WalterWhiteRabbit
invests.com / By Kevin Krolicki and Nathan Layne / Thursday, 06 Mar 2014 10:07 PM
Roger Ver, a big investor in Mt. Gox, said he did not know if he would ever get any of his lost bitcoin back.
“But the important thing to realize is that Mt. Gox is just one company using bitcoin. The bitcoin technology itself is still absolutely amazing,” he said.
“Even if one email service provider is having a problem that doesn’t mean people are going to stop using email. It’s the same with bitcoin.”
Ver spoke of “all of the positive ways in which bitcoin is going to change the world … if anything, it is kind of for the better of bitcoin that the irresponsible players are going out of business.”
Shishido said he does not expect to get his virtual money back, but that the rest of his bitcoin investments had soared 10-fold in value.
Keiichi Hida, a bitcoin investor and member of the Japan Digital Money Association, lost 100,000 yen ($980) worth of bitcoins, which he got involved with as a form of “study”. But he was unfazed.
ihavebitcoins.com / Posted By admin / 2014-03-07
Over the past few hours someone has been moving upwards of $118,000,000 worth of Bitcoin. The community has flocked to Twitter and Reddit with fears that these sums may be heading for an exchange where they could be cashed out for fiat currency. Industry pros are speculating that this may be Mt. Gox CEO Mark Karpeles trying to game the system and gamble with customer funds. Some are guessing it has to do with the billionaire Koch brothers.
zerohedge.com / Submitted by Tyler Durden / 03/07/2014 21:06 -0500
Via JPMorgan CIO Michael Cembalest,
After digesting all the hyperbole and the pessimism, my biggest concern is not that Bitcoin will fail, but that it or one of its many virtual currency competitors will one day succeed.
In the extreme, Bitcoin may lead to economic activity moving from the regulated economy to the underground “shadow” economy (after all, one of its primary selling points lay in its inability to be traced), even if some Bitcoin recipients faithfully declare it as income.
If this were to happen, the tax burden would fall disproportionately on the regulated economy that remains, creating a lot of unwelcome distortions.
zerohedge.com / Submitted by Tyler Durden / 03/07/2014 15:29 -0500
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.
yahoo.com / By RYAN NAKASHIMA / 10 hours ago
LOS ANGELES (AP) — Dorian Prentice Satoshi Nakamoto denied Thursday that he is the creator of bitcoin.
Newsweek published a 4,500-word cover story claiming Nakamoto is the person who wrote the computer code underpinnings of bitcoin, but in an exclusive two-hour interview with The Associated Press, Nakamoto denied he had anything to do with the digital currency.
Nakamoto, 64, said he had never heard of bitcoin until his son told him he had been contacted by a Newsweek reporter three weeks ago. He acknowledged that many of the details in Newsweek’s report are correct, including that he once worked for a defense contractor, and that his given name at birth was Satoshi. But he strongly disputed the magazine’s assertion that he is “the face behind bitcoin.”
“I got nothing to do with it,” he said, repeatedly.
Newsweek stands by its story, which kicked off the relaunch of its print edition after 15 months and reorganization under new ownership.
|Copyright © 2014 The Bitcoin Channel – Bye Bye Banksters - All Rights Reserved|