Crypto-Currencies Will Destroy The Bankster Monopoly On Money
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coindesk.com / Daniel Cawrey / August 31, 2014 at 11:00 BST
Given the recent critiques of New York and its proposed framework for bitcoin businesses, many of the law’s opponents are no doubt hoping the state and its regulators will alter the bill during its now extended comment period.
After all, New York’s BitLicense proposal, once approved, could prove influential at shaping wider US bitcoin regulation, a fact recently underscored by New York Department of Financial Services (NYDFS) superintendent Ben Lawsky in an interview with CoinDesk.
Of course, while vocal opponents of the bill and its controversial provisions await more guidance, there remains the possibility that another US state will introduce a framework that proves more enticing to the bitcoin industry and its interests.
The ability for states to regulate and pass laws is what makes America unique in many ways. So it should not come as a surprise that some US states could see the backlash against New York’s proposal as an opportunity to position their jurisdictions as more accepting of digital currencies and the jobs and investment the industry can attract.
This week, BitQuick announced the launch of its trading platform BitQuick.me in the Middle East. While there haven’t been more details on the topic, we reached out to its founder and CEO Jad Mubaslat, for enlightenment.
Jad Mubaslat is a senior student in biomedical engineering and avid entrepreneur based in Colombus, Ohio. He founded BitQuick, an over-the-counter (OTC) Bitcoin trading platform in February 2013, and hasn’t stopped working on the startup since. Today, BitQuick offers its services to customers across the world including North America, Europe, Asia, and most recently, the Middle East.
In his interview, Mubaslat shares his insights and expertise on various topics including Bitcoin’s future in the Middle East, the political landscape in the region, as well as his ambition in making BitQuick an international thing.
CoinTelegraph: Since BitQuick US/EU‘s launch in July 2013, you have expanded rapidly: Taiwan in October, India in December, and more recently, Middle East. There is also AltQuick for altcoins. Does your expansion reflect BitQuick’s demand growth, or does it conceal a long-term strategy?
Jad Mubaslat: BitQuick US/EU has attained over 5,400 customers since launching in August, 2013 and has a daily volume of around 20 BTC. Taiwan has also seen strong traction, attaining over 440 customers. India and AltQuick have had relatively low volume as of late, roughly 0.5 BTC daily. We are trying to position ourselves to have a strong international presence when Bitcoin adoption picks up in the emerging markets.
For months now, the mobile industry has heard rumors about a new Apple mobile payment network colloquially referred to as the “iWallet.” Bloomberg is reporting that Visa, Mastercard, and American Express have worked out an agreement with Apple that will be revealed on 9/9/14 alongside the anticipated launch of the iPhone 6.
All of this information regarding Apple’s landmark deals with the world’s major credit card companies is being leaked by “a person familiar with the situation.” According to “the person,” the iPhone 6′s newly included near-field communication (NFC) chip will, alongside the Touch ID, be used to allow consumers to pay ideally with the touch of a finger.
A revolutionary new way of managing digital currency has been created by a St John’s graduate.
The recently-launched company, Elliptic, has secured more than £1million in funding to build a secure virtual “vault”. The company was co-founded last year by James Smith, who graduated from St John’s in 2004 with a degree in computer science. The team, which also includes colleagues Tom Robinson and Adam Joyce, has also been joined by another St John’s graduate, Yacoob Kurimbokus, who studied with Smith.
Bitcoin is a software-based online payment system first set up in 2008, which is now used by individuals and businesses around the world. It has been described by the Treasury as a “decentralised digital currency”. The technology also has potential uses in many other areas outside currency, as its major innovation is a decentralised asset register.
New York University’s Professor David Yermack spoke this week at the University of Western Australia about Bitcoin.
It’s pretty clear from his talk he’s not a Bitcoin user. It’s also pretty clear he’s loving the attention he’s getting as a result of his recent interest in the subject.
‘I’ve had calls from the Federal Reserve’, he says, like a kid who’s just got an autograph from a sports star. Media attention and spirited debate with young bitcoin enthusiasts obviously compares well to the daily grind of finance lectures.
So sitting there with the bitcoin community listening to Professor Yermack dismiss bitcoin as hyped and risky and going nowhere – there was a certain amount of electricity in the air. Especially when the Professor revealed a poor understanding of Bitcoin architecture and made a swag of factual errors.
coindesk.com / Luis Buenaventura / August 31, 2014 at 15:15 BST
Luis Buenaventura is the head of product at Satoshi Citadel Industries, and “dreams of a world where everyone has access to everything”.
Satoshi Citadel Industries manages several different digital currency services and sites, including Bitmarket, in-beta exchange Coinage, photo-sharing site Bitstars.ph, and remittance service ReBit.
SCI is also rolling out pre-loaded bitcoin cards as a way to get bitcoin into newcomers’ wallets.
Remittance is often cited as the one of the primary ways that bitcoin would change the global financial landscape, by virtue of the cryptocurrency’s microscopic transfer fees and region-agnostic transmission.
Advocates and enthusiasts often point to exorbitant remittance fees as a sign of an established industry that is ripe for disruption.
I recently had a discussion with one of the contributors to this site about the fact that I sometimes post economic content rather than focusing on the main goal of the site, promoting Bitcoin and the people and businesses that are making it become a world force. In particular, this individual questioned whether posting about banks malfeasance, quantitative easing, or the myriad of other things that catch my eye should really have a home on a site with the name Bitcoin Warrior.
In part, the contributor was right. At the time I had the discussion, I was using a content provider to boost the number or articles to the site, and although the articles were great, their relevance to the world of Bitcoin had to be guessed at since they were published ‘as is’ and without further commentary.
bitcoinpricelive.com / Randall Parker Jr. / 1 Sep, 2014
There is endless debate as to whether Bitcoin will ever be unseated at the dominant crypto-currency in the world. I’d like to weigh in on this debate today with an emphatic, YES! As much as my love and nostalgia for Bitcoin moves me to want to believe in the imperviousness of the humble coin, the truth is feeling a different way.
Technology is like a excited child, rushing from idea to idea, place to place, toy to toy, always hungry for something new and often growing bored with the toys that used to bring such excitement and joy. The tech wizards of today’s age are furiously clicking away at keyboards, designing the new code that will one day replace the Bitcoin protocol as the dominant decentralized digital currency system in the world. Granted, I can understand how this can sound like wild claims without much to back it up. Let me explain.
The Chamber of Digital Commerce hosted the inaugural Bitcoin Education Day on Capitol Hill yesterday. More than 32 members of the Bitcoin community flew in from across the country to educate Congressional legislative aides as to the merits of the Bitcoin ecosystem. Fact-sheets were delivered to every member of the House as the crypto-community made its initial foray into the nation’s capitol.
Steve Stockman (R-TX) of the House was the Member sponsor of the event. Stockman is a vocal member of the Bitcoin community through his allegiance to the chamber and his outspoken criticism of the BitLicense regulation proposal out of New York. According to Rep. Stockman “Perianne Boring and the Chamber of Digital Commerce have staged a breakthrough event, taking Washington’s grasp of Bitcoin up to a much higher level.”
“This is a flagrant violation of privacy” – Jennifer Lawrence’s representatives.
A wave of nude celebrity photos began to seep out Sunday evening and Monday morning. Rumors are swirling that the unidentified hacker exchanged the photos for Bitcoin donations over 4chan. The pictures were allegedly picked up through hacks and released in a major leak. The photos include Jennifer Lawrence, Kirsten Dunst, and Kate Upton. Many more top off the long list of leaked pictures in what some are calling “Celebgate”.
Yes, Bitcoin was somehow involved. But the real details are getting lost in an unclear chain of events. Some claim that the original hacker posted the photos on 4chan for free. He received 0.2545 BTC in donations after the fact, which is verifiable at this address:
Then some other poster stole the idea, created a new thread elsewhere with all the pictures, and demanded Bitcoin as payment. According to some users, the original thread is gone.
In this Aug. 24, 2014, photo, a young man texts a message on his mobile phone while working at the Mayorista Market in Quito, Ecuador. Ecuador’s Central Bank is getting ready to use electronic currency in which consumers will initially be able to use it to make and receive payments using their cellphones. Ecuador is heralding its plans to create the world’s first government-issued digital currency, which some analysts believe could ultimately replace the country’s existing currency, the U.S. dollar, which the government cannot control. (AP Photo/Dolores Ochoa)
phys.org / Gonzalo Solano / Aug 29, 2014
Ecuador is planning to create what it calls the world’s first digital currency issued by a central bank, which some analysts believe could be a first step toward abandoning the country’s existing currency, the U.S. dollar.
The electronic money, which Central Bank officials say they expect will start circulating in December, does not have a name and officials would not disclose technical details, though they said it would not be a crypto-currency like Bitcoin. The amount of the new currency created would depend on demand.
Deputy director Gustavo Solorzano said it is to exist in tandem with the greenback and, by law, be backed by “liquid assets.” It would be geared toward the 2.8 million Ecuadoreans—40 percent of participants in the economy—too poor to afford traditional banking, officials say.
coindesk.com / Jon Southurst / September 1, 2014 at 11:36 BST
Singapore’s latest exchange, CRXzone, has become the first platform to offer both litecoin and bitcoin trading in the country.
Like others in the Asian region, the exchange aims to attract an international customer base by offering additional bitcoin services beyond trading.
CEO Pawan Kumar spoke to CoinDesk about the exchange’s unique funding and payment options, the advantages of Singapore as a base for bitcoin businesses and the future viability of alternate digital currencies in general, particularly litecoin.
On August 13, CoinDesk’s Pete Rizzo reported that 8,000 convenience stores across Argentina now allowed Argentinians to buy small amounts of Bitcoin.
The expected response from this news? Not much. Well, no one really expected that just because people could buy Bitcoin that they would buy Bitcoin. This news was not about an in-road that would suddenly bring thousands into the world of Bitcoin, but of laying a framework.
Below I’ve reprinted a post from ZeroHedge that lays out the economic crisis Argentina is suffering partly because of its own spendthrift ways, but also partly because of predatory lending practices and vulture capitalists. It’s unfortunate, but beneficial change often comes on the back of great suffering. As I was reading the article below, I thought the suffering of the Argentinians might just be what sets fire to Bitcoin adoption.
The scenario plays out like this:
Bitcoin is made easy to buy to a population that doesn’t know anything about it and is likely to distrust it as weird, intangible, and foreign based. They largely ignore it. At the same time, the country is going through yet another financial crisis, just one of many in its long history, but that doesn’t make the hardship any less. The government for its part is incompetent, unresponsive, and ill-equipped to deal with the crisis. Those at the top always seem to find loopholes that let them escape the worst of the situation, but for the vast majority of the population, things just continue to get harder.
The Bitcoin Foundation has announced their latest chapter affiliate in Romania, the first of its kind in Eastern Europe.
Bitcoin Foundation Romania, or Fundatia Bitcoin Romania, isn’t the first Chapter Affiliate in Europe as a whole. It’s actually the fourth, joining Denmark, Germany, and the Netherlands but its opening roads for countries like Bulgaria , Hungary , Ukraine , Moldova and others Romanian neighbors. Making Romania an important Bitcoin economic hub for Eastern European countries with Bitcoin ATM’s and active community . Also 247 Crypto News is located in Romania , so we are pretty proud of this important event .
cointelegraph.com / Alyssa Hertig / 2014-09-01 10:50 AM
Bitcoin has come a long way. Decentralized currency is still largely stigmatized and rarely fails to confuse beginners. But interest has expanded quite a bit since it only touched the radar of skeptical cryptography mailing list readers.
According to a fresh national-wide survey from the Conference of State Bank Supervisors (CSBS), 6% of respondents are ‘very likely’ and 12% are ‘somewhat likely’ to purchase Bitcoin. 17% said they weren’t sure.
Yet, younger voters averaged much higher. 43% of 18-24 year old participants indicated they were ‘very likely’ or ‘somewhat likely’ to purchase Bitcoin while only 8% of respondents older than 55 said the same. Of course, older generations tend to be less inclined to touch new technologies.
But there’s still a long way to go. The bulk of participants (65%) want to stay clear of the currency for the time being.
According to today’s updated Bitcoin price analysis, the exchange rate has been drawn back to yesterday’s low of near $473. The trend is still pointing down, and the indicators show scope for further decline.
Looking at the hourly Bitstamp chart, price can be seen attempting to break below the central decline channel that has contained price action for the past ten days. If a breach to the downside occurs then the immediate target will be $460 which is weekly pivot support S1, overlapping with a 1.618 Fib extension of the first wave down (labelled “i/a”).
New York – Bitcoin entrepreneur Charlie Shrem has reached a plea deal to resolve US charges that he engaged in a scheme to sell over $1m of the digital currency to users of illicit online marketplace Silk Road, his lawyer said on Friday.
Shrem, the former vice chair of the Bitcoin Foundation, will plead guilty next on Thursday in New York federal court to unlicensed money transmission, Marc Agnifilo, his lawyer said an e-mail.
Prosecutors had previously charged Shrem with operating an unlicensed money transmitting business, money laundering conspiracy and failing to file suspicious activity reports with government banking authorities.
"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