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Magnus Daar / Rick Mac Gillis / October 21, 2014 at 5:41 am CET

Magnus Daar Esq. of Nova, a law firm based in Sweden, feels that KNC’s actions might hurt Sweden’s reputation for other companies who started their business in Sweden. Sweden has been the birthplace of many popular companies, services, and products such as Skype, Spotify, and Minecraft. KNC’s business methods of illegally denying refunds to Titan customers, and falsely portraying the KNC Titan in a way that makes it seem profitable, are downright dirty as they are illegal. KNC’s negative actions are the exception when it comes to Swedish companies, rather than the rule.

Sweden’s Magnus Daar’s Group Lawsuit is Open for New Participants

To quell the illegal actions of KNC and help KNC Titan customers find restitution, Magnus Daar has opened a Group Lawsuit against KNC. He seeks to find new participants to join the case that he believes has considerable strength. Many KNC customers took out loans to pay for their KNC Titan orders after reading the marketing propaganda that KNC produced. KNC shipped profitable Jupiter mining equipment, and people thought that KNC would keep on producing profitable mining equipment. Instead, they decided to build massive data centers and ship used data center equipment as “Super Jupiters.”


UK Bitcoin Exchange Coinfloor Expands, Plans on Launching BTC Fund / Diana Ngo / 2014-10-20 06:36 PM

London-based Bitcoin exchange Coinfloor plans on raising funds for expansion and launch a Bitcoin exchange traded fund linked to traditional commodities.

UK Bitcoin exchange platform Coinfloor announced it will start accepting deposits in USD, euros and Polish zloty starting from Tuesday, reported the Financial Times on October 19.

Coinfloor banks with Poland’s largest financial institution PKO Bank Polski, and has admitted that British banks weren’t keen in doing business with the company due to the uncertainties surrounding Bitcoin’s legitimacy in the UK. Thus, Coinfloor’s announced acceptance of Polish zloties is rather a sign of the UK’s skepticism regarding digital currencies.

CEO Mark Lamb told the media outlet British banks were considerably hampering the UK’s chances in becoming a prominent player in the Bitcoin ecosystem:

“The Polish Bitcoin market has taken off significantly and is now more than double the size of the sterling market. The [British] banks are very conservative and are not very interested… in something that could be very innovative and disruptive to what they do.”


Market Weekly: Bitcoin Price Serene Amid Market Turmoil / Joon Ian Wong / October 20, 2014 at 12:39 BST

Markets were on a rollercoaster last week, with wild swings of hundreds of points on major indices. The Wall Street Journal even fired up a liveblog to provide minute-by-minute commentary on the unfolding turmoil.

Amazingly, I’m not talking about the bitcoin markets. Instead, US equity markets ended their most volatiletrading week in years, with the benchmark Dow Jones Industrial Average down as much as 207 points on Friday and Brent crude oil falling below the $80 a barrel mark.

Bitcoin trading was languid by comparison. The price according to the CoinDesk BPI began the week at $375.80 and closed at $388.75.

The week’s trading hit a high of $407.12 on Tuesday and a low of $370.27 on Thursday. That’s just $36.85 from peak to trough, or a swing of 9 percentage points.


How is the bitcoin industry in Latvia? / Oct 21, 2014

Earlier this July, Latvian airline AirBaltic became the first ever airline to accept bitcoin. Tickets to 60 destinations in Europe, Middle East, Russia and the CIS were sold in bitcoin directly from the official website of AirBaltic.

Soon after the offical press release from AirBaltic, CEO Martin Gauss, announced “airBaltic has been ranked among TOP 10 most innovative airlines globally. Introducing the Bitcoin payment option is a part of our innovative approach to service with a central focus on our customer.”

During that time, this decision by AirBaltic sounded rather awkward, mainly because there were not a single cafe, shop or a hotel that accepted bitcoin in Latvia. As the majority of their customers were Latvians, and bitcoin was unknown to the locals, i presumed that not a lot of people would want to purchase airline tickets from AirBaltic using bitcoin.

Three months have passed since AirBaltic introduced and brought bitcoin to Latvia. Out of curiousity, I recently researched to see  if AirBaltic did influence businesses in Latvia to open up to bitcoin. To be fair, AirBaltic was the first airline in the world to accept bitcoin and i thought this must have had an impact to the latvian tech community. During my research, this were the type of articles i found:


Bitcoin Stock Exchange Could Be “More Valuable than Alibaba” / DAVID ZEILER / October 20, 2014

When Inc. (Nasdaq: OSTK) Chief Executive Officer Patrick Byrne launched a wiki page to explore the possibility of a Bitcoin stock exchange, it was hard to imagine the project getting past the idea stage.

But Patrick Byrne is a man on a mission.

Driven by a deep mistrust of Wall Street, Byrne has announced the creation of a division within his company charged with making this dream a reality.

He’s calling it “Medici” after the legendary family of Renaissance-era Italian bankers that pioneered the double-entry system of accounting.

“This could be as big, or bigger, than the Internet,” the eccentric chief executive gushed to Wired earlier this month.

The basic idea is to create a stock trading system that uses Bitcoin‘s public ledger of transactions, the blockchain, to bypass Wall Street’s institutions.

The wiki page helped Byrne find 13 groups already working on similar ideas. Byrne and his team quickly determined CounterParty was the best of the lot. So he hired two of the three co-founders.

That pair, along with several others, will become part of a new division within Overstock funded with 5% to 10% of Overstock’s cash flow.

“We have, essentially, an open checkbook for them to build the crypto alternative to Wall Street,” Byrne said in a speech given at the Inside Bitcoins Conference on October 6.



SHOW YOUR FACE IN EASYBITZ BITCOIN OUTREACH VIDEO / Calvin Tran / October 21, 2014 at 8:35 am CET.

EasyBitz, a Bitcoin outreach organization based in the heart of New York City, is making a video to introduce retailers to real Bitcoin people.

EasyBitz’s aim here is to show store owners and businesses that the Bitcoin community is not a scary group of hackers and evil-doers. It’s made of regular people like you and I who have normal jobs and hope that Bitcoin can be a common part of life in the future. If businesses can reach out to the Bitcoin community, then the snowball will get rolling as we continue to prove our growth in the normal everyday life.

There are common stereotypes about Bitcoiners that we should aim to break:

1. Bitcoiners are all white.

The sad fact is that the prominent figures like Roger Ver, Jeffrey Tucker, Gavin Andresen and many more are all white Americans. We need to show how Bitcoin has attracted a diverse world of people including students who send Bitcoin back to family overseas, immigrants on the border whose government has barred access to banking, and citizens of nations ravaged by inflation.

2. Bitcoiners are all men.

Again, the prominent figures on the news and media have mainly been men. We need to show that women, children, and men make up the Bitcoin community. Working as a video journalist, I have come in contact with hundreds of people across every demographic who are excited about this technology.


Convincing banks about Bitcoin is ‘challenging’

Bitcoin’s Brian Armstrong Photo: BLOOMBERG / Matthew Sparkes / 21 Oct 2014

Coinbase provides Bitcoin wallets to over a million people and powers crypto-currency payments at, Overstock and Expedia – so why can’t it convince UK banks to give it a business account? Co-founder Brian Armstrong speaks to the Telegraph

On the wall of Coinbase’s San Francisco headquarters is a 100 trillion Zimbabwean dollar note. Despite the ludicrous number of zeroes in that figure – $100,000,000,000,000 – it is worthless except as a collectible curiosity.

The country infamously saw hyperinflation peak at 79.6 billion per cent in November 2008 as the economy collapsed and today has no official currency at all, relying instead on the US dollar, South African rand or even Euro. New bank notes with added zeroes could hardly be printed fast enough to chase the value of the currency downwards; what could buy a house one day would barely stretch to a loaf of bread the next.

It is precisely this kind of financial disaster which Bitcoin proponents like to point to as both incentive and justification for creating a currency totally outside the control of governments.

Coinbase was one of the early-movers in taking Bitcoin from a niche, nerdy plaything for cryptographic hackers to a mainstream payment option. It offers an exchange where users can buy Bitcoins with their dollars, as well as a wallet where they can store them and the merchant tools needed for retailers to accept them.

At the start of 2014 there wasn’t a single retailer with a turnover north of $1bn which accepted Bitcoin, now there are ten. Nine of those use Coinbase. At the start of 2013 the company provided just 20,000 customers with wallets, by the year’s end they were running over a million.


Coinprism Launches Native Mobile Wallet for Colored Coins / Armand Tanzarian / 2014-10-20 05:27 PM

In CoinTelegraph’s previous conversations with Coinprism founder Flavien Charlon, he has emphasized the simplicity and security of colored coins over crypto 2.0 platforms that use what he has called “middleman coins.”

On Monday, his company became the first in the crypto 2.0 space to launch a standalone mobile wallet for Android phones and tablets that allows users to exchange digital assets as freely as they could transact in bitcoins.

Coinprism’s mobile wallet is available as of October 20 in the Google Play store, and it is compatible with any Android 4 device.

Charlon’s Open Assets platform for colored coins allow users to tag a fraction of a bitcoin to represent a user-created asset; the easiest metaphor is a golfer marking his ball with a coin while others are putting.

Charlon imagines an economy slightly more sophisticated than trading golf balls, though.

“[C]ompanies such as Starbucks could issue colored coins for loyalty points, and distribute them to their customers, right into their mobile wallet as they pay for coffee,” Coinprism wrote in a release.


New Bitcoin exchange launches in Sydney / DAVID SWAN / OCTOBER 21, 2014 12:00PM

Bitcoin market Independent Reserve has opened the doors to a new exchange, which aims to provide a more secure channel for businesses that want to deal with Bitcoin.

Independent Reserve chief executive Adam Tepper said his company would provide security and financial services expertise to the growing world of Bitcoin. In a survey of almost 450 people Independent Reserve found though only 8 per cent had used Bitcoin, more than half felt they understood Bitcoin and over 75% definitely or possibly planned to find out more in the near future.

“The use and ownership of Bitcoins is growing steadily, and those using this virtual currency want a safe, secure place to buy, sell and store it,” said Independent Reserve CEO Adam Tepper.

“Our team has extensive experience in finance and IT, and we’ve used that expertise to build an exchange that brings the rigour of a financial services framework to the Bitcoin industry.”

Today’s news is the latest boon for the cryptocurrency with Bitcoin ATMs now available in most Australian capital cities, and a growing number of local businesses now accept Bitcoin payments.


Bitcoin, No Boundaries: Investing in Bitcoin

HedgeablePublished on Oct 20, 2014

Asia’s Largest Business Forum Shines Spotlight on Bitcoin / Jon Southurst / October 20, 2014 at 15:19 BST

Bitcoin made a prominent mainstream appearance in South Korea last week at a special session of the 15th annual World Knowledge Forum in Seoul.

The largest business forum in Asia, WKF is a prestigious three-day event designed to foster discussion about the future and potential major issues that may arise.

It also featured guest speakers including former president of France Nicolas Sarkozy, former Japanese prime minister Yukio Hatoyama, and leaders from various international organizations and some of South Korea’s largest companies.

Bitcoin panel

A panel discussion and question-and-answer session devoted to bitcoin were included for the first time on the event’s final day, organized in part by local company Coinplug and Professor Peter In, the Associate Dean of Korea University’s Graduate School of Computer and Information Communications.

The Bitcoin Foundation’s Jinyoung Lee Englund and bitcoin evangelist Roger Ver were key speakers at the session along with Professor In, introducing bitcoin to a crowd composed mostly (but not exclusively) of cryptocurrency neophytes and a selection of curious local media.


Bitcoin Foundation Plans New Nomination Process Before Elections / Jon Southurst / October 21, 2014 at 00:38 BST

The Bitcoin Foundation has announced updates to its corporate governance structure, including stricter rules concerning terms for board members and suggestions for a new nomination process for elections.

According to a blog post, the new elections are part of the Foundation‘s efforts to “instate a corporate governance structure that ensures consistency, stability and accurate representation of our membership for years to come”.

Two of the Foundation’s most prominent personalities will face re-election by members to their board positions in December – chairman Peter Vessenes for his founding seat and Gavin Andresen for his individual seat.

Andresen’s position as chief scientist is separate and unaffected by the elections, meaning he would retain the position even if he chooses not to stand for re-election.

 Changes to board rules

Post-December, the Bitcoin Foundation’s board will be almost fully elected. When the organization began, there were no members to vote and so its founding board seats were occupied by unelected volunteers.



A new company by the name of Sfards has slowly been making it’s rounds in the community as a new mining ASIC manufacturer. The company was formed by joining three companies together, Diginforce, WiiBox, and Gridseed. Despite their name sounding like smelly farts, Sfardsstates that, “The word ‘Sfard’ is derived from Latin, and is the self-given name of the ethnic group thought to be the very first users of the coin.”

Sfards ASIC Manufacturer

With so many scam companies lately, it’s nice to hear some good news about a new legitimate company about to open their doors. An interview conducted with Jack Niederer, Sfards’ International Project Development Manager, gives us more incite into the goings on in the company.

So, your company acquired WiiBox. What benefit do they provide to your company and what benefits does your acquisition provide to your customers? You’ve used images from a Diginforce press release on your website. What’s your connection to Diginforce?


796 Exchange Zhu Rong: Bitcoin Needs No Supervision from Mainstream Society / Betty / October 21, 2014

Supervision does no good to bitcoin despite most people think supervision is a necessity for bitcoin to go mainstream. In my opinion, Bitcoin doesn’t need any supervision required by the mainstream society, and of course, I’m not saying it doesn’t need rules too. Rules should be a truth that the fittest survives. However, direct supervision will make bitcoin lose its features, and eventually becomes “Q-coins” with big price volatility.

Bitcoin is supposed to be an independent foreign exchange, a foreign exchange can trade, cash and transfer at any time, and plays a good role in certain range.” I personally reject that kind of voice very much, because the existence of bitcoin doesn’t make too much sense in that way. To be an independent foreign exchange calls for huge market to support its distribution and stability, and there will come various derivatives naturally. Meanwhile, different problems will come out, thus constant improvement and innovation will required. Ultimately, the formation of a complex, large, and high-quality trading network will be the largest stabilizer for the existence of bitcoin.


MadBitcoinsTV — Livestream — #001 — Oct 20, 2014 – #bitcoin #news #live #test

MadBitcoinsStreamed live on Oct 20, 2014

Bitcoin for the unconnected: The Finnish protocol that lets you buy and sell currency through your TV / Eeva Haaramo / October 21, 2014

Summary: Finnish system Kryptoradio transmits Bitcoin transaction data via airwaves for potential application in everything from vending machines to laundromats.

Bitcoin, the cryptocurrency to beat, has found its way into well over a million digital wallets worldwide but it’s yet to hit mass adoption. Finnish technology co-operative Koodilehto believes the answer to Bitcoin’s search for wider accessibility and reliability could lie in TV and radio signals.

“We want to improve the availability of the Bitcoin network and offer an alternative that doesn’t require an internet connection,” Koodilehto’s Tuomo Sipola says. “TV networks are very reliable, as they have been designed to work in challenging conditions almost anywhere.”

Since early September, a pilot of ‘Kryptoradio’ — a data transmission protocol developed by Sipola and Joel Lehtonen — has been successfully transmitting Bitcoin transaction and exchange rate data in real time through Finland’s digital national TV network.

The network, which covers the entire Finnish population, is run byDigita, which describes the partnership as an “interesting and exciting” way to open up “new possibilities”.

“What we offer is one-way Bitcoin payment confirmation information and exchange data which anyone can receive through a standard digital TV device and our custom software,” Sipola says.

Kryptoradio works by connecting to the Bitcoin network as a transaction occurs. Kryptoradio inspects the transaction and turns the information into a data stream which it sends over the Digita network. Each payment contains identifying information retained from the block chain, which enables it to be sent to the correct recipient.


Mark Carney launches investigation after real-time payment system crash delays house purchases / James Titcomb / 20 Oct 2014

Bank of England Governor promises ‘thorough, independent review’ after Real Time Gross Settlement payment system, which processes £277bn a day, resumes operations after being down for 10 hours

Mark Carney has launched an investigation into how one of the central pillars of the UK’s payments infrastructure collapsed for 10 hours, delaying hundreds of billions worth of deals.

The Bank of England Governor pledged to discover what had gone wrong and whether officials had responded properly after the enforced closure of the £277bn-a-day CHAPS payment system, which affected thousands of house purchases and major interbank money transfers.

The Bank said it would be carrying out “a thorough, independent review of the causes of today’s disruption”. “The review will cover the causes of the incident, the effectiveness of the Bank’s response and the lessons learned for future contingency plans. Its findings will be presented to Court which will then publish the full report and the response,” it added.

MPs had earlier in the day called on the Bank to explain the fault, attributed to a “technical issue related to some routine maintenance”.

The system was kept open four hours after its usual closing time on Monday evening to deal with a backlog of transactions – including the purchase of 2,450 homes – following what is believed to be the biggest shutdown in its 30-year history.

At 6am, part of the Bank’s overarching Real Time Gross Settlement payment system (RTGS), which processes transactions between banks, had been taken offline, leading in turn to the failure of the Clearing House Automated Payments System (CHAPS), responsible for high-value payments and housing deals.

The two systems play a crucial role in the UK payments structure, settling large deals and time-sensitive transactions such as house purchases, between banks. After RTGS was taken down – following an update that it was feared would cause it to malfunction once live – operations were not resumed until around 4pm.


BitPay Asks for Help in Saving Bitcoin from Banker Puppet Ben Lawsky / Greg Matthews On October 20, 2014

Today, BitPay’s Chief Compliance Officer, Tim Byun, submitted his company’s response to the New York Department of Financial Services’ (NYDFS) proposed regulations for virtual currency businesses, also known as BitLicense.

Ben Lawsky, New York’s Superintendent of Financial Services, is spearheading new legislation that would create an unlevel playing field for Bitcoin and other cryptocurrencies. The BitLicense would essentially handicap Bitcoin and make it both impractical and embarrassing to use. The restrictions would basically paint Bitcoin users as suspicious cyber criminals.

Byun appealed to Superintendent Lawsky for common sense in today’s letter:


Bitcoin: US’ Next Unwinnable War? (Op-Ed)

“I do not like the idea of fiat currency and non-transparent quasi government organizations controlling our currency.” -Will Hammer / Will Hammer / 2014-10-21 09:10 AM

Will Hammer is the Libertarian Party candidate for the 6th Congressional district inVirginia. He is currently running against an 11 term incumbent Republican with no Democrat in the race. Will hopes to bring another voice to the discussions in Washingtonand represent the ever growing group of Americans identifying as independents as well as the views of the growing Bitcoin community. “The only special interest Will will serve is you, the individual,” reads Will’s official website.

Ever since I first heard about cryptocurrencies, I have been an enthusiast. I loved the possibilities that this digital non-fiat currency had and wanted to be a part of what I viewed, and still view, as the future of currency. I got a desktop wallet, then a mobile wallet; started to buy cryptocurrencies; read r/bitcoin and other Bitcoin media; and finally even bought two block erupter cubes to mine my own Bitcoin.

Even though I had hesitated in getting Bitcoin when it was at US$15-20, I was still happy with buying it at the current levels of US$4-700 as theoretically it can go to the moon. I didn’t make a profit with my own mining rigs, as the difficulty increased drastically essentially right after I bought them, but I still had a lot of fun with it and felt I had helped the blockchain and gotten more involved in something in which I truly believed.

Of course, the more I got involved with Bitcoin, the more I realized there were many untapped possibilities. Not only is it the future of currency, but also the future of payment systems and even contracts. And over the last year or two, we have seen more advancement in Bitcoin implementation and technology. It has been a beautiful experience being a part of and watching this organic technology blossom and become viable.


MadBitcoins Live — Oct 20, 2014 — Bitcoin News Weekend Roundup

MadBitcoins,  Streamed live on Oct 20, 2014