Crypto-Currencies Will Destroy The Bankster Monopoly On Money
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forbes.com / Anthony Cuthbertson / 7/29/2014 @ 9:30AM
Cryptocurrency is child’s play, at least that’s what a new wave of educational programs, apps and even kid-friendly cryptocurrencies would suggest.
While most adults may still be baffled by bitcoin and bemused by blockchains, a new generation is being introduced to this alternative form of finance by advocates aiming to bring about a “digital currency revolution”. Their belief is that our current financial system can be overthrown by those who don’t even yet have bank accounts.
The latest initiative comes in the form of ‘The Bitcoin Alphabet – For Kids and Everyone Else’, a recently launched app that sets out the A to Z of bitcoin through a mixture of illustrations and text explaining everything from ‘altcoin’ to ‘zero-confirmation transactions’.
The author of the app, Chris Bozak, came up with the idea in the belief that cryptocurrency is a “wonderfully inevitable rabbit hole” that will force the world to re-learn everything that is currently known about money.
coindesk.com / Pete Rizzo / July 29, 2014 at 06:00 BST
Bitcoin’s price volatility has long been viewed as one of the biggest barriers to mainstream consumer adoption, but while a long-recognized problem, the issue has yet to be addressed by any specific market solutions.
That could be set to change, however, with the introduction of a new service from Panama-based bitcoin wallet provider Coinapult. Called LOCKS, the offering allows users outside the US to peg the value of their BTC to the price of gold, silver, British pounds, US dollars and euros.
Coinapult CEO Ira Miller told CoinDesk that despite suggestions that consumers in the developed world may be less concerned with bitcoin’s volatility, this doesn’t mean that the bitcoin industry shouldn’t move to address this potential pain point in a bid to better court the market.
“I think that [global consumers] have a higher tolerance for [price volatility] because they have been forced to suffer through a lot more volatility from their own currencies. It’s not necessarily because bitcoin is volatile and that’s something they’re comfortable with, it’s that they look less volatile compared to their national currency and if they had access to something like gold for instance, maybe they’d prefer that over either.”
Lots of big news recently from Chinese Exchange BTC China.
USD, HKD Deposits and Withdrawals
First, the exchanged announced it had launched deposits and withdrawals denominated in US dollars and Hong Kong dollars, making it the first Chinese exchange to handle three fiat currencies.
This service will be available to international users and processed through its Hong Kong affiliate. BTC China representatives suggest that domestic traders open an international account to access these features.
“As a global company, BTC China is pleased to accommodate the demands of our users, both domestic and international,” BTC China CEO Bobby Lee said in a statement.
Chase bank has begun sending out account cancelation letters to long time business account holders.
The letter states in part;
“We recently reviewed your account and determined we will be closing it on xxxxx xx, xxxx. Please accept our apologies for the inconvenience. We want you to have enough time to complete pending transactions and open another account at another bank.”
“If you have any questions, please call us at …..”
An account holder did just that and was told “…according to the terms of our account, either party may cancel the account for any reason at any time. We are exercising our right to cancel the account.”
The bank letter was directed from “Chase Operating Loss Preventing” so naturally questions about the proposed cancelation were asked.
Q. Why is the account being canceled?
A. We are exercising our right to cancel.
Q. For what reason are you canceling the account?
A. Per our account terms, we are exercising our right to cancel.
Q. The letter is directed from loss prevention. Has there been activity on the account that we should be aware of?
A. We cannot discuss that with you.
Q. What do you mean you cannot discuss it? You have verified the account holder using your security questions?
It looks like Apple has finally changed its stance on bitcoin.
Six months after Apple removed Blockchain from its online App Store—effectively preventing people from using the popular bitcoin wallet app on the iPhone and the iPad—the tech giant has now allowed the app back into the store. “This seems to be the first strong and real sign they are ready to accommodate future digital currency development,” the makers of Blockchain said a statement, referring to Apple. “It goes a long way to legitimizing bitcoin and now provides hundreds of millions of iOS users access to bitcoin applications.”
The news arrived on the heels of Apple approving a newer wallet app called Coinpocket for inclusion in the App Store, and for Blockchain CEO Nicolas Cary, this proves that Coinpocket is no fluke. That’s a big deal for the world of bitcoin, a currency that exists only on the internet, independent of governments and free from the control of big banks. The currency entered the consciousness of the general public last year—in a very big way—but has since struggled to significantly expand its reach, due to various setbacks. Maybe the iPhone and the iPad can help restart its engines.
SAGINAW, MI (WNEM) – The online currency known as bitcoin has a checkered past, often being used by drug dealers or human traffickers.
But despite the issues, bitcoin are gaining popularity across the globe.
Meet Andrew Coutts. He’s a recent Central Michigan University graduate.
“Bitcoin facilitates its own transactions. It’s both the blood and the vein is what a lot of people say,” says Coutts.
Coutts is talking about bitcoin. So, what is bitcoin?
As TV5 discovered, bitcoin is a sort of an underground economy. A so-called decentralized form of virtual currency. They can be transferred online from person to person in what’s called a virtual wallet and it can be done in a matter of seconds without banks.
“you can send someone a billion dollars across the world and it would be instant with no fees,” says Coutts.
In an instant, you can send bitcoin to anyone, anywhere with no banking requirements.
So how do you earn them? Well, you can flat out pay cash for them or you can earn them.
Bitcoin users like Coutts can lend the bitcoin network by processing speed from his computer set-up. The more processing speed he can lend, the more bitcoins he can earn. This concept is known as bitcoin mining.
After hundreds of cyber-attacks on financial institutions using bitcoin, it’s crucial to safeguard your currency in a bitcoin wallet.
Bitcoin is a type of digital currency established in 2009 as an inexpensive payment method that can be used to buy merchandise and make transactions online. Although bitcoins are unregulated and not associated with any central bank, there are millions of bitcoin users across the world. As more merchants accept them from travel sites like Expedia to sport teams such as the Sacramento Kings, bitcoins are primed to enter the mainstream. If you have not heard about Bitcoin, perhaps you should.
Whenever you decide to get on the bitcoin bandwagon: use the right wallet to protect and preserve your bitcoins. Wallets are essential to protecting your bitcoin investment.
But are standalone Bitcoin wallets simply like socks of money under your mattress with a password?
Pieter Dubois, a Bitcoin enthusiast and spectator since September 2013, thinks so.
Bitcoin users like Dubois use digital wallets to save, spend, send, and receive bitcoins. Digital wallets are similar to an online bank account, without the protection of the FDIC. They are either stored in a cloud or on a user’s computer.
letstalkbitcoin.com / Tron Black / July 28th, 2014
“I can’t believe you fell for that Ponzi Scheme!” or “Sounds like a pyramid scheme.” These phrases are often the dismissive responses Bitcoin evangelists receive when attempting to educate friends or family. Let’s take a closer look at why.
In the 1920s, the practice of promising large or consistent returns on a fraudulent investment scheme became known as a “Ponzi scheme” after notorious scam artist Charles Ponzi promoted a fake investment opportunity but siphoned off funds for himself and paid off older investors with new investors’ money.
Why would anyone compare bitcoin to a Ponzi scheme? There are two reasons.
bloombergview.com / Mark Gilbert / JUL 28, 2014 11:00 AM EDT
Kwasi Kwarteng, a British member of Parliament who previously worked in finance, raises an intriguing idea. Could China, he opined in a July 24 article for the New York Times, decide one day to wield its foreign-exchange reserves to transform the yuan into something the world hasn’t seen for more than four decades — a gold-backed currency?
As the author of “War and Gold: A Five-Hundred-Year History of Empires, Adventures and Debt,” Kwarteng understands the history of the world’s previous efforts at underpinning the financial system with the precious yellow metal. As a former analyst at Crispin Odey’s asset-management firm, he also knows something about China’s dependence on currency devaluations to boost exports, a strategy it relied on for several years until it finally allowed the yuan to appreciate against the U.S. dollar from 2005 until 2008, and again in 2010.
On Today’s show we take the Bitcoins and Gravy magic bus out West again and this time to the Bay Area where we meet up with Bitcoin’s own singer songwriter, Tatiana Morose in Palo Alto, California. Tatiana fills us in on all that she’s been doing since we last spoke with her at the Texas Bitcoin Conference earlier this year and man oh man has she been busy! Lots of traveling, lots of concerts, a new position with Bitcoin Magazine and of course her very own Tatiana Coin!
Then we vamos South of the border where we meet up with Hannah Kim and Thomas Alvarez in the beach town of Porta Vayarta, Mexico. Hanna and Thomas have created Coincove.io, a new trading platform in Mexico that will allow locals to purchase and sell Bitcoin. They also talk to us about the importance of helping the unbanked millions in Mexico and finally we discuss the importance of remittances. We talk about some of the challenges they’ve faced, as well as some of the successes.
coindesk.com / Tanaya Macheel / July 28, 2014 at 23:10 BST
Crowdsourced IT security startup CrowdCurity has raised $1m in seed funding as part of a new investment round led by high-profile bitcoin investor Tim Draper and Kima Ventures.
Notably, part of the investment provided by Cryptonaut Ventures was made directly with bitcoin and settled into USD using bitcoin exchange services provided by Vaurum – a CrowdCurity client and graduate of Boost VC’s incubator program.
Sophos Chief Technology Officer Gerhard Eschelbeck, Cyphort cofounder Dr Fengmin Gong and Mountain View-based incubator 500 Startups were also among the round’s strategic investors.
blogs.wsj.com / PAUL VIGNA and MICHAEL J. CASEY / Jul 28, 2014 2:02 pm ET
The public-comment period for Ben Lawsky’s bitlicense proposal opened on Wednesday, and the initial comment from the bitcoin faithful seems to be: too much proposal, not enough time.
“We’re getting the sense that people are concerned about the extent of these regulations,” Jim Harper, global policy counsel for the Bitcoin Foundation, told MoneyBeat. “It’s a really big thing the DFS has proposed to do here.”
The major sticking point for those opposed appears to be the degree to which the bitlicense will stifle innovation, he said. Many are arguing the requirements for obtaining one of the licenses will apparently be too onerous for small start-ups, codifying in effect only larger players. It could lead to a dynamic Mr. Harper said he’s heard discussed: “geofencing,” in effect start-ups would use filters to keep out any New York IP addresses.
Mr. Lawsky has held, most recently in a reddit thread he started earlier this month, that “we have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation.”
On June 7, 2014, BitPesa hosted a launch party in Stratford to celebrate the launch of its beta site. Attendees from the Kenyan community included Elizabeth Kang’ethe, the newly inaugurated Mayor of Barking and Dagenham, Janet Wainaina of UKENTV, and Sam Ochieng of SACCOMA.
Divides grow among the ever-increasing numbers of Bitcoin supporters. These schisms have existed since the very early days of the technology. Yet people were compelled historically by a common vision to band together and push forward as a united movement.
Bitcoiners hold a wide range of views about why Bitcoin specifically, and crypto-currencies generally, excite them. Initially, supporters supressed their divergent opinions in favor of universal goals, but as the Bitcoin ecosystem has matured, the bond between supporters has weakened.
In the Beginning Were Techies
First were the technophiles. Satoshi and his contemporaries held lofty discussions about how to make digital-currency technology work. For example, how to create a system such as hashcash or bit gold without the double-spend problem. It is not clear whether even they realized the import of the results of their discussions.
Techies continue to be fascinated by new algorithms for securing the network, experimenting with side chains and tree chains, metaprotocols using Bitcoin’s blockchain as a substrate, new approaches to anonymity, next-generation 2.0 metachains, and all the new and shiny advances that follow.
"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