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BitOcean’s Two-Way Bitcoin ATMs May Speed Up Adoption in China

coinsetter.com / Sid Kalla / Septemebr 22, 2014

BitOcean, the Beijing based Bitcion ATM manufacturer is about to launch its two-way Bitcoin ATM. The Bitcoin ATMs (sometimes referred to as “BTM”) will allow both sides of the fiat to Bitcoin conversion, i.e., one can buy Bitcoin at these kiosks and also sell Bitcoin. BitOcean competes in a crowded space, but its CEO is confident that their ATMs can find a place and will be installed throughout the world.

Challenging Environment

Two of the biggest impediments to more widespread use of Bitcoin ATMs has been the uncertainty around regulations and the price of these machines. BitOcean’s ATMs come with features that can enable compliance based on different jurisdictions. In order to accomplish this, BitOcean is using Jumio as a service provider of this feature.

Operating out of China would be interesting, considering the Chinese government hasn’t looked too kindly upon Bitcoin and related ecosystem around it. The company doesn’t want to limit itself to China though, and would like to be an international presence.

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How can Bitcoin bridge the gap to our everyday lives?

theconversation.com / Sam Dallyn / 22 September 2014, 3.26pm AEST

Bitcoin has recently received favourable acknowledgement from Apple and significant recognition from the Bank of England, but it has just suffered another serious slump in value and some more fundamental questions are being raised about its future usefulness.

At least it still has oceans of web comment to keep the ball rolling. Bitcoin generates far more noise online than its current financial footprint would suggest. It only amounts to a tiny portion of overall financial activity, currently just under $6 billion at total market capitalisation – that is the current exchange rate value of all Bitcoins in existence. The most vociferous of Bitcoin advocates continue to talk about it as a kind of dawning social revolution, but the current state of play is a long way behind this rather utopian projection.

Bitcoin’s value fell from $622 in July to below $387 at last check, with big investors likely to step in to shore up the value soon. So this marks a useful moment to pause and reflect on where Bitcoin is and where it might be going. The currency has had an extremely volatile history but the latest dip is a rather more significant one – it does not appear to have been driven by any major regulatory warnings or a problem with a major Bitcoin exchange.

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What is happening to the bitcoin price – Follow up – (consensus algorithm discussion)

Success CouncilPublished on Sep 22, 2014

Bitbank Offers More Bitcoin Choices for Japanese Businesses

coindesk.com / Jon Southurst / September 22, 2014 at 13:42 BST

Japan’s fast-growing digital currency sector has another new player, a multi-service bitcoin company called Bitbank that aims to capitalize on the country’s existing love of both online shopping and electronic payments in physical stores.

The company says its motto is ‘Bitcoin for Everyone’ and its feature list now includes a wallet service, a ‘Bitbank Register’ service for local payments at local restaurants, and ‘Bitbank Pay‘ specifically for online businesses.

Fees and accounts

Bitbank Pay is available to merchants for payments as low as ¥10 (approx. $0.10), with no monthly fees and transaction fees from 01.5%. There are more premium services available on its ‘business’ and ‘premium’ plans. Additionally, many fees for those plans are waived or heavily reduced during Bitbank Pay’s introductory period.

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ISIS Supporter: The Islamic State Does NOT Use Bitcoin

deepdotweb.com / : ZUBAIR MUADH / SEPTEMBER 22, 2014

The BBC recently aired a video about Dark Wallet a new wallet application that promises to anonymise your Bitcoin transactions. The BBC video wasn’t without controversy. They attempted to smear Dark Wallet by associating it with the Islamic State and illegal use.

The Author

The PDF that presented in the BBC article was written and posted on aWordPress blog by someone going by the Twitter username of@AmreekiWitness his Twitter Bio mentioned: Dedicated to raising awareness of the upcoming conquest of the Americas and the benefits it has upon the American people. His Twitter account was later suspended by Twitter Support.

The PDF

Amreeki Witness wrote a PDF document that he posted on his WordPress Blog. The document was titled: Bitcoin wa Sadaqat al­Jihad which translates to: “Bitcoin and the Charity of Violent Physical Struggle”.

The pseudonym Amreeki authored the PDF under is Taqi’ul­Deen al­Munthir. That name translates to Righteous in Faith the-Warner.

The article mentions Silk Road (Or any Dark Net Market for that matter) as a market place that could be used to buy weapons for the Mujahideen (Islamic fighters).

It goes on to explain Bitcoin and its decentralized nature and how it could be coupled with Dark Wallet to anonymously “send millions of dollars’ worth of Bitcoin instantly from the United States, United Kingdom, South Africa, Ghana, Malaysia, Sri Lanka, or wherever else right to the pockets of the Mujahideen”.

Does the Islamic State need Bitcoin?

The Islamic State is by far the richest, largest, most powerful and sophisticated terrorist group the world has ever come across. Ruling territory greater in size than the United Kingdom, the Islamic state controls virtually all of Syria’s oil fields and most of Iraq’s.

Selling their oil for cheap in neighboring countries they earn around $2 Million a day. In addition to this the Islamic State has captured a lot of US-made weaponry, tanks and even Black Hawk helicopters from the Iraqi army. In addition to this ruling over a large population of Iraqis and Syrians which gives ISIS access to a lot of Zakat (Islamic Charity where you donate 2.5% of your annual savings). All these methods of income have made the Islamic State fully self-sufficient. The Islamic State doesn’t need donations in order to continue operations.

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Netagio ISAE 3000 Audit Shows Bitcoin Gravitas in Finance Industry

cointelegraph.com / William Suberg / 2014-09-22 11:54 AM

UK Bitcoin and gold exchange Netagio has confirmed its successful ISAE 3000 audit, becoming the first Bitcoin entity in the industry to achieve the distinction.

The audit, which was conducted May 26 by professional services firm BDO LLP, means that Netagio is officially in compliance with standards set out by International Auditing and Assurance Standards Board (IAASB) “to ensure the quality of assurance work, including report verification as well as assurance on corporate governance, internal compliance, and other areas central to corporate responsibility,” a statement released today reads.

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Canada, The Extremely Bitcoin Friendly Country

coinfinance.com / Nuno Menezes / Sep 21, 2014 at 10:17AM

Canada has been one of the most active and vigorous country when it comes to Bitcoin integration; it as embraced Bitcoin and been ahead of the global curve when it comes to investment and innovation. In fact, Canada was the second most popular nation for capital Bitcoin investment; Canada has seen Bitcoin investments topping $10.5 million back in May 2014, while being pointed as the second nation behind the U.S. and just ahead of China.

The country as also a pretty active Bitcoin community and since the beginning has been supporting digital currencies collectives such as The Bitcoin Alliance of Canada, which was created to educate Canadians about digital currencies, advance their use throughout the country with an integration campaign. There is a growing community of Canadians using and discussing digital currencies, and all this teaming activity is not showing any signs of slowing down.

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Are Bitcoin Startups a Safer Investment Than Bitcoin?

cryptocoinnoisseur.com / Christoffer De Geer / Septemeber 21, 2014

There are huge investments being made into this new technology, and more and more venture capital firms and angel investors are now looking for businesses related to cryptocurrency to invest in.

Even though the price is at an all-time low this year, a lot of companies are hesitant to invest in the currency itself but are instead choosing to invest in companies related to it. Why is this? And does an investment in a company related to an unreliable technology just bring more risk?

Bitcoin is a Behemoth

With a current market cap of over 6 billion U.S. dollars, Bitcoin is slowly but surely getting established as something that has to be taken into account in many markets and technologies. But just like with David and Goliath, there are not only advantages of becoming big and established. Just like big corporations often lose that flexibility that they once had, Bitcoin is slowly losing its ability to adapt to new changes in its environment.

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Beyond Bitcoin – 15 – Culture On The Blockchain

Published on September 22nd, 2014 by Arthur S. Falls

EFF TO DEFEND MIT STUDENT BITCOIN CODERS IN COURT

cryptocoinsnews.com / Andrew Quentson / 22/09/2014

The Electronic Frontier Foundation has announced that it will defend Jeremy Rubin, an MIT student who received an out of state subpoena following his prize award winning Bitcoin code Tidbit, in a court appearance on the 22nd of September 2014.

Jeremy Rubin, Oliver Song, Carolynz, and Kcking won the Node.js Knockout Hackathon in November 2013 for their innovative new concept Tidbit, a Bitcoin JavaScript programmed website that could be used to mine bitcoins by simply copying and incorporating a piece of code. According to court documents, the aim was to allow websites to offer users the choice of either being served advertising or mining bitcoins, thus providing websites with an alternative source of revenue.

However, as the 19 year old students were celebrating their award for the most innovative project, Brian Morgenstern, an Investigator with the Cyber Fraud Unit of the New Jersey Division of Consumer Affairs was opening an investigation on possible breaches of Consumer Fraud Act and unauthorized computer access legislation which seems to have led to a subpoena and interrogatories served on Mr. Rubin on the 9th of December 2013.

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Bitcoin gains industry-backed crypto think tank Coin Center

zdnet.com / Charlie Osborne / September 22, 2014 — 10:30 GMT

Cryptocurrency like Bitcoin faces many challenges and obstacles before widespread acceptance and adoption, but now a group called Coin Center has added a new voice of support.

The new organization, dubbed Coin Center, is led by law professor Jerry Brito, a former research fellow at George Mason’s Mercatus Center. Within the announcement, made Thursday, Brito said Coin Center is a “new non-profit research and advocacy center focused on the public policy issues facing cryptocurrency technologies.”

The venture is also backed by a number of prominent figures within the crypto community. The Washington, DC-based group is supported by figures including venture capitalist Marc Andreessen, Balaji Srinivasan, Bitcoin developer Jeff Garzik, Alex Morcos, and economist Susan Athey. Coin Center has also been financially backed by companies and individuals including Hudson River Trading, Union Square Ventures, RRE Ventures, itBit, BitPay and Coinbase.

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No SWIFT, not even the Internet: Bitcoin in Russia still has potential

cointelegraph.com / William Suberg / 2014-09-22 01:11 PM

With a combination of external punitive measures and internal strife, Russian financial turmoil looks set to continue – and the mood about Bitcoin’s future role is definitively mixed.

In a resolution adopted Thursday last week, the European Parliament called on member states to move to block Russian access to the SWIFT payment system. The legislation will now move forward to the European Commission, whereupon it will rest with individual states to act together if it is to come into force, Russian news agency RIA Novosti reported.

SWIFT, or Society for Worldwide Interbank Financial Telecommunication, is the system used for most of the international bank-to-bank payments, which occur every day. Russia has for the past six months been searching for an alternative, having highlighted a desire to move away from the existing USA-dominated system.

“Experts say that switching to an alternative transaction system may take at least a year,” RIA notes.

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Is It Time to Invest in Bitcoin?

online.wsj.com / JAVIER ESPINOZA / Sept. 22, 2014 12:35 a.m. ET

For some investors—those with stomachs for volatility—it may be time for a closer look at cryptocurrencies.

By now, most investors have heard of bitcoin, following its phenomenal growth last year. Bitcoin, an electronic currency made by computers creating series of unique numbers through complex math problems, is sold on unregulated exchanges and accepted by a growing number of individuals and businesses because of the speed and low cost of transactions.

One bitcoin was valued at virtually nothing in the early days and now costs around $437, as of Sept. 18. Other crypto coins tend to have less value, but cryptocurrencies in general are drawing increasing interest as potential investments.

CoinDesk, an online publication that tracks digital currencies, estimates by the end of this year there will be eight million bitcoin trading accounts, known as “wallets,” and 100,000 companies that accept bitcoin.

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$40.7 Million Fine: Judge Rules Ponzi Scheme on Bitcoin Savings and Trust

cointelegraph.com / Carlo Caraluzzo / 2014-09-22 12:31 PM

There are several high profile criminal and civil cases involving Bitcoin in the United States. In some of these the prosecution is clearly applying law to Bitcoin transactions that might not apply. But in the case of Trenton Shavers and his Bitcoin Savings and Trust this turned out not to be the case, even though his attorneys tried to make it look like it.

A US Federal Judge has ruled in case is SEC v. Shavers et al, U.S. District Court, Eastern District of Texas, No. 13-00416 that the Bitcoin Savings and Trust was indeed a criminal enterprise and Shavers was guilty of running a Ponzi Scheme.

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Hakim Mamoni`s keynot at Inside Bitcoins London Conference

Bitcoinist.netPublished on Sep 22, 2014

The Perfect Storm Hitting Bitcoin…and How You Can Weather It

techinsider.com.au / Tim Dohrmann / September 22, 2014

Here’s a simple quiz question for you.

Which asset…that could help shape Australia’s economic future…has plunged in price this year by more than 45%?

If you said ‘iron ore’…you’re wrong.

The answer is bitcoin.

Yes, bitcoin…the currency of choice for thousands of internet-savvy people.

The digital cryptocurrency’s value slipped below US$400 per coin late last week. It slumped to an intraday low of US$380.75 on Friday.

The price action has made fools out of the ‘smartest men in the room’. Investors who bought bitcoins up to November’s US$1,145 peak are licking their wounds.

So what’s gone wrong?

Well, I can see several reasons why bitcoin’s value has cooled off.

Does that make now a good time to think about a bitcoin investment?

Well, that depends…

Nasty trends

Bitcoin suffered a stormy end to last week. You can see it in this seven-day chart of the cryptocurrency’s value in US dollars.

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Engineers vs.Thugs: the Power of Bitcoin, Cryptography &Tech

BraveTheWorldPublished on Sep 22, 2014

Greenpeace USA Signs Up for Bitcoin Donations

coindesk.com / Nermin Hajdarbegovic / September 22, 2014 at 14:32 BST

Environmental campaign organization Greenpeace has announced it will start accepting bitcoin donations through payment processor BitPay.

For the time being, however, bitcoin donations will be limited to the US chapter of the organization.

Greenpeace does not accept donations from corporations or governments, which is one of the reasons it found bitcoin attractive.

Instead, it relies on individual donations and the cost of such transactions can easily add up, with credit card companies and other traditional payment providers usually charging nonprofits the same as commercial organisations, about 3–4% per transaction.

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Bankers Ask Fed to Regulate Cryptocurrencies

altcoinpress.com / Greg Matthews / September 18, 2014

In a recently released meeting summary, of the Federal Advisory Council (FAC), which is composed of twelve representatives of the banking industry, it became clear that their agenda moving forward will include the regulation of cryptocurrencies.

While the bankers do not yet perceive Bitcoin and other digital currencies as viable competitors to their financial monopoly, the bankers did state that Bitcoin “regulation is advisable”, citing various security concerns that could continue to hinder its adoption, like price instability and numerous exchange failures.

The bankers, however, did not rule out embracing the digital currency and did suggest ways in which the banking industry could engage and participate.

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BitPay Cofounder Tony Gallippi Talking Bitcoin & Bitcoin Bowl on Bay News 9

BitPayPublished on Sep 18, 2014