World Crypto Network, Streamed live on Jul 1, 2015
Published on June 30th, 2015 by SovereignBTC
fastcompany.com / STEVEN MELENDEZ / July 1, 2015 | 12:21 PM
THE GREEK FINANCIAL CRISIS HAS BOLSTERED EUROPEAN INTEREST IN BITCOIN, BUT CAPITAL CONTROLS MAKE IT DIFFICULT FOR GREEKS TO BUY IN.
While much of the financial world is focused on whether Greece will abandon the euro, the country’s financial troubles have also brought new attention to a different currency: bitcoin.
The digital currency’s value in dollars has risen more than 17% since the start of June, according to data from bitcoin news site CoinDesk. Operators of exchanges swapping bitcoin for traditional money report that trading volumes have greatly increased as the Greek crisis has unfolded.
Published on July 1st, 2015 by John Ferguson
spectrum.ieee.org / Morgen E. Peck / 1 Jul 2015 | 19:00 GMT
Forget the currency; it’s the protocol behind it that matters. It will mutate and take over everything we do (or could one day do) on the Web. You’ve been warned
To most of the world, Joseph Lubin is a leading thinker in the ever-expanding realm of digital currencies. To me, he was the counterparty in my first Bitcoin exchange and a man with a knack for saying the biggest things in the most level and unassuming of tones.
It was winter of 2014 when he beckoned me to a Bitcoin conference in Miami to tell me about a new project, named Ethereum, that he and a group of like-minded Canadians had begun working on just a few months earlier. When I caught up with him, he didn’t hold back on the scope of his vision: “We will replace insurance companies. We will replace Wall Street,” he told me.
Then the list kept growing. Online movie distribution houses like Netflix and Hulu. Gaming platforms like Xbox and Sega Genesis. Messaging services like Twitter. Add to that retirement plans, currency exchanges, voting, intellectual-property managers, and trust-fund disbursers. According to Lubin, everything—really everything—we do on the Internet or via any kind of digital channel is about to undergo a radical change.
The idea he described to me is one that has since gotten a lot of attention from digital-currency enthusiasts. It is the theory that the same technology that secures transactions on the Bitcoin network—and thereby renders them transparent, nearly instantaneous, censorship-resistant, and free of the need to trust anybody—can be used to process other, more complex financial negotiations and to securely store any kind of digital information on the Internet.
marketwatch.com / Joseph Adinolfi / July 2, 2015 10:26 a.m. ET
It has the potential to disrupt the financial services industry — changing how we trade financial securities, eliminating the delays and wire fees that accompany international payments, opening bank records to the easy scrutiny of regulators and the public, advocates say.
It could ensure transparent and fair elections in the developing world.
It could even help certain Central American countries, where reliable records are rare, track things like land ownership.
What is this technology?
It’s called the blockchain, and it’s the digital ledger that forms the backbone of bitcoin.
Much ink has been spilled about the blockchain’s potential for disruption. But the technology — which first emerged in 2009 — is still in its infancy, and there are some key obstacles that engineers must overcome before it can be used on a larger scale.
What is the blockchain?
newsbtc.com / Sarah Jenn / Jul 1, 2015 7:02PM UTC
Since the European Central Bank has declined to increase its emergency fund to Greece and the country has missed its debt deadline to the IMF, capital controls have already been put in place. This means that some banks are closed,STOCK MARKET TRADING is halted, and withdrawal limits have been imposed.
These controls are geared at preventing a bank run, wherein Greeks scrambling to get their money wind up draining the liquidity in the country’s financial system. With the possibility of reverting to a potentially worthless drachma, majority of the Greek population is trying to move their funds to bitcoins instead.
insidebitcoins.com / Bitcoinist.net / Jul 1, 2015 6:00 AM EDT
Physical coins are an interesting addition to the digital aspect of Bitcoin. Whereas it is not possible to physically hold your Bitcoin balance, there is a way to give them a physical representation by funding physical coins with BTC. Many manufacturers have been creating coins over the past few years, and Crypto Vault has unveiled its limited edition 24K gold plated and 0.5oz .999 fine silver Vault Coins.
Vault Coin: Cold Storage For Your Digital Wealth
Crypto Vault entered the Bitcoin scene in March of 2015, when the young company announced its first product, “Vault Coin.” As the name suggests, Vault Coin is a physical coin that can be used to store Bitcoin, acting as a tamper-proof, cold storage wallet.
Vault Coin is not your average physical Bitcoin, as it looks nothing like most collectible coins on the market. By opting for a nickel and copper alloy, Crypto Vault has focused attention on security and cold storage, rather than aesthetics. That being said, the vault Coin design itself is nothing to sneeze at, as it has the look and feel of an actual “vault,” rather than just a coin.
cointelegraph.com / Jamie Redman / 2015-07-01 03:41 PM
CoinBit.me is a new Bitcoin platform that was launched in Malaysia in April. Since its inception, 17,800 registered users from all around the world have signed up.
Co-founders Thinhes Selvaraja, CEO, and Calvin Kong, a software engineer from Hong Kong, started their business with a specific goal in mind — to be the first Bitcoin company incorporated in the country.
The growing startup now has six members controlling legal, accounting, design and business development. CoinBit also provides other cryptocurrency solutions like bill payment and phone top ups. Malaysia offers a “fresh landscape” for the currency, says Selvaraja. As the company progresses, they plan on providing services like a market and charities for its members.
Selvaraja also believes they are the first Bitcoin company following Islamic finance and Sharia compliance laws. Cointelegraph got a chance to talk with him about his efforts to spread Bitcoin adoption in Malaysia. He explains how CoinBit complies with the religion’s rules and how users benefit from its model.
CoinTelegraph: CoinBit is based in Malaysia. How is Bitcoin adoption going in that region?
cryptocoinsnews.com / ALEX GORALE / 01/07/2015
The Bitcoin Foundation(TBF) Founding Director Jon Matonis explains the $4.6m loss in 2014. Funds were drained by exorbitant monthly expenses, conferences and the falling price of bitcoin. Today the ex-VISA employee advises Bitcoin entrepreneurs on funding.
The role of the organization that introduced lobbying to Bitcoin and attempted to meme-ify titles for Bitcoin developers remains ambiguous. Despite recent announcements purpotting a change in focus towards development, questions remain unanswered. Like, what happened to the 5800 bitcoin mentioned in their 2014transparency documents?
Tax documents from 2013 show employee compensation, conference costs and legal fees as the largest expenditures. In all, The Bitcoin Foundation blew $150,000 monthly. Documents for 2014 have not been made available. However, Matonis was recently available for comment.
coindesk.com / Published on July 1, 2015 at 22:45 BST
Six employees of Bitstamp were targeted in a weeks-long phishing attempt leading up to the theft of roughly $5m in bitcoin in January, according to an incident report said to be drafted internally by the bitcoin exchange.
The confidential document, posted to Reddit by a single-purpose account, offers an in-depth look into what is believed to be the inside story of the hack, which resulted in the loss of just under 19,000 BTC earlier this year. Since then, the company has offered scant details on what took place behind the scenes, citing confidentiality regarding the investigation into the lost funds.
The report’s findings are notable as they illustrate the risks facing bitcoin exchanges, including social engineering attacks in which personal information is used to trick victims into providing a means of access to sensitive materials.
In the case of Bitstamp, those behind the attack used Skype and email to communicate with employees and attempt to distribute files containing malware by appealing to their personal histories and interests. Bitstamp’s system became compromised after systems administrator Luka Kodric downloaded a file that he believed had been sent by a representative for an organization that was seeking his membership.
The report, attributed to Bitstamp general counsel George Frost, explained:
cryptocoinsnews.com / ELLIOT MARAS / 02/07/2015
George Galloway, London, U.K. mayoral candidate who is using block chain technology in running his 2016 campaign, has called for the city to adopt block chain technology to provide full public accountability of government business.
Galloway was scheduled to present his outline for London’s future today at the Railway Tavern in Liverpool Street. He was to be joined by Max Keiser, host of the “Keiser Report.” Galloway and Keiser are promoters of MayorsChain, an initiative to use the block chain for managing government business.
The Public’s Right to Transparency
“Since governments spend public funds on shared public resources, the public has a right to transparency,” Galloway said in his prepared remarks.
newsbtc.com / Sarah Jenn / Jul 1, 2015 9:00PM UTC
Banks are currently closed in Greece and ATM withdrawal limits have been imposed, leaving many with seemingly no option to secure loans. One possible alternative is through bitcoin exchanges, which can enable Greeks to send and receive money online.
With capital controls currently put in place, some bitcoin exchanges have reported seeing a sudden surge in signups from the country. Even bitcoin prices have enjoyed a bit of a boost from the increase in demand and trading volumes as the debt crisis unfolded in the past few days.
insidebitcoins.com / Bitcoinist.net / Jul 1, 2015 1:44 PM EDT
Crowdfunding platforms is one key area where Bitcoin has not yet been able to break much ground, even though there are local initiatives such as BitFlyer’s platform. Now that major electronics company Sony has announced their Japanese crowdfunding platform, things might be picking up for Bitflyer and Bitcoin as well.
Sony Launches “First Flight” Crowdfunding Platform
It is no secret that Sony has been dabbling around in the world of crowdfunding platforms in the past. But rather than trying to secure funding for their own projects, First Flight will take a slightly different approach. First Flight is the latest initiative coming from Sony’s Seed Acceleration program and is exclusively aimed at the Japanese market.
It has to be said however that First Flight will offer a lot more features than just crowdfunding, as this new online platform will also aim to bring new e-commerce options to Japan. The main goal for this latest Seed Accelerator Program’s initiative is to deliver experiences that move people emotionally through innovation.
cointelegraph.com / Diana Ngo / 2015-07-01 01:48 PM
Banking giant Citigroup, has developed 3 blockchains and a test cryptocurrency dubbed ‘Citicoin’ to run across them. The bank wants to make sure it is “at the leading edge of [distributed ledger technology]” so it can “exploit the opportunities within it.”
According to Ken Moore, head of Citi Innovation Labs, Citi has been looking at blockchain technology for “the last few years” and has developed “an equivalent to bitcoin” within its labs while mining what it calls “Citicoin.”
“We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies,” Moore told the International Business Times. “They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear.”
The bank is exploring how it could use blockchain technology for cross border payments; “trade probably being a second runner,” Moore said. He explained:
cointelegraph.com / Amanda B. Johnson / 2015-07-02 08:20 AM
The personal ad site Backpage has just had its payment processing terminated by both Visa and Mastercard, following termination by American Express last year. This week, a few phone calls from Chicago-area bureaucrats were enough to get Backpage officially sanctioned by nearly the entire banking establishment.
Rainey Reitman, activism director at the Electronic Frontier Foundation, wrote:
But cryptocurrency is. This point was not lost on the Washington Times, who wrote that Backpage users will now “only be able to pay with Bitcoin.”
The Chicago-area bureaucrats’ “case” against Backpage is slippery and misleading in the extreme. Examine this odd statement printed by USA Today:
coindesk.com / Published on July 1, 2015 at 22:00 BST
The Monetary Authority of Singapore, the city-state’s central bank, has funded a blockchain-based record-keeping system as part of a five-year $225m investment plan aimed at financial technology.
Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a 29th June speech at the Global Technology Law Conference 2015 in Singapore.
The money will be used to build innovation centers and fund financial tech projects such as the blockchain recordkeeping system. The goal, he said, is to attract financial tech startups to build their companies in Singapore and, as a result, build the foundation for a “smart financial centre”.
During his speech, Menon cited bitcoin and the blockchain in a list of innovations that are reshaping global financing.
He cast doubt on the long-term prospects for bitcoin, stating that “whether digital currencies will take off in a big way remains to be seen”, but noted that if they are successful, “one cannot rule out central banks themselves issuing digital currencies some day”.
It is the blockchain that underlies bitcoin, he continued, that could reshape the financial and legal landscape, noting:
cryptocoinsnews.com / VENZEN KHAOSAN via xbt.social / 02/07/2015
Bitcoin price has fallen below the critical support level currently at $261 and 1624 CNY. Analysis looks at potential downside targets.
Bitcoin Price Analysis
From the analysis pages of xbt.social, earlier today:
Price is retesting the $261 / 1624 CNY level from below.
Analysis stands as per yesterday’s last update:
Price should correct higher (perhaps to above the green 20MA) before heading down to the red 200MA and causing divergence in the stochastics and/or MACD.
Should price not decline all the way to the 200MA, and a buy signal forms, as happened on the 13th then we’ll enter long on such a signal.
At the time of writing price is retesting the critical resistance level at $261 and 1624 CNY.
If the expected scenario unfolds, whereby price continues correction to the red 200MA, then it should soon head down to $250 (Bitstamp/Bitfinex) and 1550 CNY (BTC-China). This scenario may be negated by the MA buy signal currently showing in the 15-min chart. However, that signal is not convincing until we see advance above critical resistance ($261 / 1624 CNY).
newsbtc.com / Sarah Jenn / Jul 1, 2015 11:00PM UTC
Bitcoin wallet Coinkite has upgraded its features by adding a direct “Buy Now” button for online merchants to add to their platforms. This gives bitcoin wallet holders a simple e-commerce solution for their online shopping needs.
Bitcoin Wallet Solutions
With this kind of convenience at their fingertips, buyers can bypass several steps of executing bitcoin payments and be able to go through a more seamless process of online shopping through their bitcoin wallet.
insidebitcoins.com / Bitcoinist.net / Jul 1, 2015 6:00 AM EDT
There is a huge demand for a cross-border payment API among Bitcoin users. Looking to capitalize on this demand, SnapCard has announced the launch of MassPay. The company says that it is extremely proud to launch MassPay in conjunction with Tango Card, the largest rewards-as-a-service platform in the world.
In the official blog post, SnapCard discusses various features of MassPay and says that through this integration, Tango Card will be able to provide Bitcoin as a reward to hundreds of their rewards partners. MassPay allows enterprises to send payments to a phone number or e-mail address instantly. SnapCard uses the blockchain as a rails and gives users the option to withdraw local currency for less than 0.25%.
SnapCard’s process has been simplified for end users. In doing so, SnapCard hopes that its product will be suitable for all kinds of businesses.
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