Crypto-Currencies Will Destroy The Bankster Monopoly On Money
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cryptocoinsnews.com / Rick Mac Gillis / 25/07/2014
Barry Silbert, CEO of SecondMarket, has posted an official letter requesting that the NYDFS extend the deadline for filing public comment by 45 days, on their “BitLicense” proposal. He urges affected companies and individuals to sign. Currently, the list of signatures includes many A-Listers such as Elizabeth Ploshay, a board member of the Bitcoin Foundation, Erik Voorhees, several prestigious universities such as Harvard and Stanford, and of course Barry Silbert himself. The more signatures the letter receives, the greater the chances we have to help shape or oppose the NYDFS BitLicense regulations.
What could happen if the NYDFS BitLicense is put into effect as is?
This article is not meant to be a FUD (Fear, Uncertainty, and Doubt) article for Bitcoin, so please do not take it this way. There is still time to combat the effects of this proposed regulation from the NYDFS, but an extension will help to allow the community to come up with better solutions to the problem. Below are just a few things that could happen with this new regulation that mandates that all New York residents and companies doing business involving New York must obtain a license to conduct these acts.
blogs.wsj.com / PAUL VIGNA and MICHAEL J. CASEY / Jul 24, 2014 7:08 pm ET
–As bitcoin establishes a modest role in the 2014 election campaign, there’s a definite right-leaning bias to its presence.
Although Rep. Jared Polis (D., Colo.) is one of the more prominent bitcoin boosters in Congress, most other politicians accepting digital-currency-based donations hail from the ranks of small-government conservatives. That’s evident from a new list of bitcoin-accepting candidates and groups added Thursday, one that includes a Republican gubernatorial candidate from New Hampshire and the libertarian-minded Republican Liberty Caucus. There are now more than 30 candidates, party organizations and PACs accepting bitcoin, according to a rough count that’s partly based on data compiled by Make Your Laws, a non-partisan political action committee focused on campaign finance reform.
It’s perhaps no surprise that New Hampshire politicians in particular have warmed to bitcoin since the Federal Election Commission approved a specific request by Make Your Laws in May. With its motto of “live free or die” and a reputation for libertarian values of the kind shared by many bitcoiners, there’s a natural fit.
motherboard.vice.com / ALYSSA HERTIG / July 25, 2014 05:00 AM EST
Rumors are swirling that as governments move to integrate and legitimize bitcoin, it could have a divisive and lasting effect on the virtual payment system. Forcing regulations on bitcoin could divide the digital currency into two camps: coins that are regulated and managed by a government or central agency, and coins that remain pseudonymous and decentralized. White coins and black coins.
That future forecast was discussed last week in a Reddit threat on r/bitcoin, shortly after New York became the first state to draft proposed rules establish a regulatory framework for the virtual currency.
“We are going to see two classes of bitcoins emerge, differing only in color,” wrote the original Reddit poster. “We’ll have white bitcoins and black bitcoins. Both will exist on the same block chain and will move on the same P2P network, but they won’t be interchangeable.”
That doesn’t mean literal “color” of course, but rather using color as an indication of how secure and anonymous the coins are. The white coins would be currency that’s circulated through the regulated system; black coins would be coins still off the authorities’ radar.
coindesk.com / Joon Ian Wong / July 25, 2014 at 11:11 BST
Two Austrian cabinet ministers have given guidance on bitcoin’s status as a financial instrument and tax treatment by answering parliamentary questions submitted by a member of the legislature.
Perhaps most notably, the federal minister for finance and vice chancellor, Michael Spindelegger, reiterated that bitcoin is not a financial instrument (that is, a tradable asset), echoing the position of the country’s markets regulator, the Financial Market Authority.
The finance minister also gave guidance on how capital gains taxes from bitcoin investments would be applied. Individuals who sell bitcoin holdings within a year of purchasing them would be subject to capital gains tax, but if the digital currency assets are held beyond a year, proceeds from a sale are not subject to CGT.
letstalkbitcoin.com / Jonathan Silverblood / Published on July 25th, 2014
Last week, the Congressional Research Service updated their Bitcoin: Questions, Answers, and Analysis of Legal Issues document to reflect current events. The document serves as an introduction to Bitcoin and aims to inform members of Congress with sufficient detail to legislate the topic. This includes Bitcoin’s technical design, benefits and drawbacks, market penetration and current usage, and current and future legal responses.
cryptocoinsnews.com / Rick Mac Gillis / 25/07/2014
Vericoin is today’s Random Coin of the Day. I chose Vericoin for its unique outlook on decentralization of PoS (Proof of Stake) within its network. Vericoin uses VeriSMS and VeriBit for this purpose, where VeriSMS allows users to store Vericoin using SMS and withdraw it later, and VeriBit allows you to pay companies accepting Bitcoin, with Vericoin. VeriSMS is capable of being spoofed and hackers can withdraw your Vericoin to their address. Vericoin advises users of this service to not store large amounts of Vericoin through it.
Vericoin is quick to the draw when problems occur with their coin’s block-chain. Mintpal suffered an attack recently and lost 30% of the total Vericoin in existence. Vericoin responded by forking their block-chain before the situation occurred, thus allowing everything to go back to normal. The trade off is that any transactions that occur after the incident will not be available on the new fork. You can read an interview that CCN’s Clay Michael Gillespie had with Vericoin about the incident.
This talk was given at a local TEDx event, produced independently of the TED Conferences. In this talk, Michael dives into the concept of Bitcoin and how the entertainment industry can benefit from the use of this futuristic form of banking.
Michael Terpin is the founder and CEO of Terpin Communications Group, a leading public relations and strategic communications firm, specializing in high-technology and digital convergence.
POMPANO BEACH, Fla., July 25, 2014 /PRNewswire/ — Bitcoin Collect, Inc. (OTCPink:BTCC), today announced that it has discontinued its plans to develop virtual currency software, and has acquired a company with an exciting proprietary product in the medical devices industry. The move comes with the resignation of the company’s former CEO, Charles Neinstedt, and the appointment of Dr. Richard Koenig, in order to effectively take the company in the new direction.
Former CEO, Charles Nienstedt explained, “With so much scrutiny from the federal government, banks, public markets and sanctioned governing agencies, we would have been doing the shareholders a disservice by continuing that business model as a public entity. It became very clear that it would have taken much longer and cost much more money than originally anticipated. When the opportunity presented itself to have the company acquire Good Vibrations, and appoint someone with the credentials of Dr. Koenig to the position of CEO, I knew that this was the best thing for the company.” Mr. Nienstedt went on to say, “As an executive, I am saddened to step down, but as a shareholder of Bitcoin Collect, I am extremely excited about the future of the company.”
Digital currency firm Digital CC has increased the number of bitcoins it has earned from bitcoin ‘mining’ and says the bitcoin system is going from strength to strength.
Digital CC, which trades as digitalBTC, was the first bitcoin-focused company to trade on the Australian Securities Exchange, in June 2014.
Digital currencies such as bitcoin are a medium of exchange that is electronically created and stored — there are no physical notes or coins — and can be used as alternatives to currencies such as the dollar, yen and pound.
Voices of Liberty’s Joe Gressis speaks with economics professors George Selgin and William J. Luther, and cryptocurrency enthusiasts Andreas Antonopoulos, Amanda Billyrock and Mark Friedenbach regarding the the future of money and how cryptocurrencies could affect the global landscape.http://www.voicesofliberty.com/
coindesk.com / Stan Higgins / July 25, 2014 at 04:52 BST
The National Assembly of Ecuador has effectively banned bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency.
With 91 votes in favor of the amendments to the country’s existing monetary and financial laws, the National Assembly approved a bill that now goes to President Rafael Correa for signature.
The law gives the government permission to make payments in ‘electronic money’, but decentralized digital currencies like bitcoin will now be prohibited.
The proposed national digital currency is to be backed by the assets of the Banco Central del Ecuador, the nation’s central bank. The National Assembly will oversee the new currency while the central bank will develop and integrate it into the broader financial system. The currency will operate in tandem with the US dollar, Ecuador’s official currency, although it is not certain what exchange rate will be established.
panampost.com / JOSÉ NIÑO / JULY 25, 2014 AT 6:00 AM
President of the Satoshi Nakamoto Institute Charts Evolution of Cryptocurrencies, Blossoming Anarchy
I had the pleasure of working with Michael Goldstein during my time as a student at the University of Texas at Austin, where he helped set up groups such as the UT Mises Circle and the Cryptoanarchy Club at UT. Goldstein is a staunch crypto-anarchist and an early bitcoin adopter. He is the president of the Satoshi Nakamoto Institute, whose mission is to spread the most effective ideas in the realm of cryptography, distributed networks, and economic freedom.
A programmer by training, Goldstein sees great potential in bitcoin as a means to phase out the state and provide market alternatives to traditionally state-dominated monetary services. Recently, I spoke with the young cryptocurrency advocate about bitcoin’s promise and how cryptography can secure economic and personal freedom in the digital age.
What was the principal motive behind forming this organization?
When most people think about the beginnings of bitcoin, they think back to October 31, 2008, when the mysterious Satoshi Nakamoto posted his paper “Bitcoin: A Peer-to-Peer Cash System,” or January 3, 2009, when he mined the “genesis block” of the bitcoin block chain.
However, while this was the beginning of bitcoin itself, the problems that bitcoin aims to solve have been pondered by cryptographers for decades, notably by the Cypherpunks, a mailing list from the 1990s dedicated to using technology to thwart, subvert, and circumvent state power.
July 24 (Bloomberg) — BitPay Co-Founder and Executive Chairman Tony Gallippi Bloomberg Businessweek’s Brendan Greeley discuss how Bitcoin is being used. They speak on “Bloomberg West.” (Source: Bloomberg)
SaferVPN now accepts payments via the digital currency, Bitcoin. Other new payment methods accepted are Moneybookers
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What is Bitcoin?
Bitcoin is a virtual currency created in 2009. It allows for exchanges between any two computer users, creating a public ledger for the exchange of the coins. This means of transfer can allow for the exchange to be more anonymous.
cointelegraph.com / Kenny Spotz / 2014-07-25 11:48 AM
One of the biggest questions surrounding Bitcoin is why it is worth anything at all. A popular candidate for answering this question is the influence of merchant adoption. Unfortunately for proponents of this theory, things haven’t been making sense lately.
In their Bitcoin-focused blog BitBeat, the Wall Street Journal stated:
“After last week’s news that Dell would start taking Bitcoin as payment on its website, bitcoins prices did…nothing. This was surprising to a few folks, us included, seeing as adoption by major retailers has been one of the big signposts of mainstream acceptance.”
They go on to cite a post from coinbrief.net which argues that “the most important pieces of news are those that cover major players in the Bitcoin community or cover breakthroughs—or setbacks—in mainstream adoption.”
coindesk.com / Jon Southurst / July 25, 2014 at 13:09 BST
The issue of trade volume authenticity on Chinese exchanges has surfaced again, with one user accusing the country’s busiest exchange OKCoin of manipulating volumes after bitcoin statistics sites displayed a sharp drop in a short period.
Chinese exchanges including OKCoin have been accused in the past of artificially inflating their trade volumes and even influencing prices by using in-house software ‘trading bots’. The exchanges have always categorically denied this, saying high volumes are the result of their low (or absent) trading fees.
"At any rate, the spook spoke the truth: cryptology represents the future of privacy, and more. By implication cryptology also represents the future of money, and the future of banking and finance. (By "money" I mean the medium of exchange, the institutional mechanisms for making transactions, whether by cash, check, debit card or other electronic transfer.) Given the choice between intersecting with a monetary system that leaves a detailed electronic trail of all one's financial activities, and a parallel system that ensures anonymity and privacy, people will opt for the latter. Moreover, they will demand the latter, because the current monetary system is being turned into the principal instrument of surveillance and control by tyrannical elements in Western governments." - J. Orlin Grabbe