Posts Tagged ‘ Bitcoin ’

High tax slows Bitcoin development in Norway

December 22, 2016
posted by

Bitcoin.com
by Elizabeth McCauley  

"Norway is such a beautiful country and has been named a top summer tourist destination for those in search of picturesque mountains, fjords, and glaciers. But how is the Bitcoin scene fairing in this small Scandinavian country rich in natural resources and warm at heart?"

https://news.bitcoin.com/high-tax-slows-bitcoin-development-in-norway/  

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How to choose the right Bitcoin wallet for your needs

December 21, 2016
posted by

Bitcoin.com
by Kevin Helms  

"Knowing how to best safeguard your bitcoins can be tricky since many different solutions exist for various needs such as privacy, simplicity, and long term storage." (12/20/16)

https://news.bitcoin.com/choose-right-bitcoin-wallet-needs/  

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IRS attack dog will target US Bitcoiners and soon …

December 20, 2016
posted by

Wendy Mcelroy Bitcoin.com
by Wendy McElroy  

"On November 18, a headline at Coindesk announced, 'The IRS is Seeking Data on Coinbase's Bitcoin Customers.' The article stated, 'it seems, the IRS is looking to more aggressively police digital currency users in the US, and the [tax] investigation itself focuses on taxpayers who transacted between 2013 and 2015.' The investigation rests on a 'John Doe' warrant. The 'John Does' of interest are Americans who use bitcoin to evade tax reporting and payment requirements. The goal is almost certainly to audit non-compliers. Unfortunately, since the focus is on past transactions, a proactive response is difficult." (12/19/16)

https://news.bitcoin.com/irs-attack-dog-target-us-bitcoiners/  

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Bitcoin user files to block IRS access to Coinbase accounts

December 15, 2016
posted by

Forbes    

"The IRS's push to obtain vast amounts of data on digital currency transactions is finally receiving some push-back. In fact, a Coinbase, Inc. customer has filed a motion in federal court seeking to intervene in the federal case. The motion hopes to block the IRS from enforcing its recent John Doe summons for information on Coinbase users. Still, the motion may face a steep uphill battle. Typically, the courts give the IRS wide latitude to enforce summonses that may uncover information regarding potential tax evasion. The IRS doesn't need 'probable cause,' or even 'reasonable suspicion,' like the police might need to investigate a crime." (12/14/16)

http://www.forbes.com/sites/robertwood/2016/12/14/bitcoin-user-files-to-block-irs-access-to-coinbase-accounts/#7f6524a674c7  

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Venezuela prints bills, closes borders — Bitcoin to the rescue

December 14, 2016
posted by

Bitcoin.com
by Jeremie Guelat  

"As all countries suffering from hyperinflation have done in the past (with absolutely no success -- think Weimar Republic, Zimbabwe, Argentina, etc.), the Venezuelan government just announced the removal of the largest currency denomination (100 VEF, only worth 2 U.S. cents). They'll also print larger ones (up to 20,000 VEF, due on Thursday). With hyperinflation expected to reach a staggering 1600% next year according to the IMF, one can easily foresee a situation where the government will repeat this process until the currency is dead and citizens' wealth gone with it. ... President Maduro also decided to close the borders with Colombia on Monday, preventing any additional capital flight out of the country. But this move will also prevent the population to access foods and other supplies that were being imported from Colombia, as basic supplies shortages are now too common in Venezuela." (12/14/16)

https://news.bitcoin.com/venezuela-hyperinflation-bitcoin-rescue/  

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The Bitcoin network death that never happened (again)

December 13, 2016
posted by

Jamie Redman Bitcoin.com
by Jamie Redman  

"According to Bitcoin Obituaries the digital asset has died 117 times, according to the many mainstream media reports. The Linkedin article titled 'Bitcoin is a bubble. It will burst on Monday 12 December 2016' is now recorded as the last bitcoin death. Other overly exaggerated bitcoin deaths come from publications such as Bloomberg, Newsweek, the Wall Street Journal and much more. Many deaths supposedly occurred after Mt Gox, when Mike Hearn left, and when Bitfinex was breached. Most cryptocurrency enthusiasts easily dismiss these headlines of bitcoin bursting at the seams. The Linkedin post/hoax was no different as even if it was true, the points made were quite illogical. However mainstream media and those who don't know much about bitcoin can easily be swayed by such headlines." (12/13/16)

https://news.bitcoin.com/bitcoin-network-death-never/  

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7,500 faceless coders paid in Bitcoin built a hedge fund’s brain

December 12, 2016
posted by

Wired Wired    

"Richard Craib is a 29-year-old South African who runs a hedge fund in San Francisco. Or rather, he doesn't run it. He leaves that to an artificially intelligent system built by several thousand data scientists whose names he doesn't know. Under the banner of a startup called Numerai, Craib and his team have built technology that masks the fund's trading data before sharing it with a vast community of anonymous data scientists. Using a method similar to homomorphic encryption, this tech works to ensure that the scientists can't see the details of the company's proprietary trades, but also organizes the data so that these scientists can build machine learning models that analyze it and, in theory, learn better ways of trading financial securities." (12/12/16)

https://www.wired.com/2016/12/7500-faceless-coders-paid-bitcoin-built-hedge-funds-brain/  

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Venezuelans don’t believe in Bitcoin. They need Bitcoin.

December 8, 2016
posted by

Reason Reason
by Jim Epstein  

"A main gathering place for Venezuela's growing bitcoin community is a secret Facebook group started in 2013 by a young libertarian activist named Randy Brito. As I recounted in a feature story in the current issue of Reason magazine, 'The Secret, Dangerous World of Venezuelan Bitcoin Mining,' the 'Bitcoin Venezuela' Facebook group 'serves as an online bazaar featuring ads for cars, bikes, boats, liquor, protein supplements, soap, smartphones, hiking boots, athletic gear, video games, and toilet paper.' I'm yet to see a single post about politics, economics, or the horrors of living under socialism." (12/08/16)

http://reason.com/blog/2016/12/08/venezuela-bitcoin-socialism  

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Court orders Coinbase to rat out customers to IRS gang

December 1, 2016
posted by

United Press International United Press International    

"The company Coinbase, the largest Bitcoin exchange in the United States, may be required to turn over customer data to the Internal Revenue Service because the agency is concerned the cryptocurrency is being used to avoid paying taxes. A federal judge in San Francisco granted a request by the IRS and U.S. Department of Justice to issue a 'John Doe' summons that would require Coinbase to identify users in the U.S. who made transactions on the service between 2012 and 2015, based on at least three previous cases showing Bitcoin could be used to evade federal taxation." (12/01/16)

http://www.upi.com/Business_News/2016/12/01/Court-orders-Bitcoin-investor-information-be-turned-over-to-IRS/7651480574691/  

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Italian referendum could send global investors to Bitcoin

December 1, 2016
posted by

Jamie Redman Bitcoin.com
by Jamie Redman  

"December 4 will be an eventful day for worldwide markets, as the globe may get an economic shock. Italian citizens will vote on amending the constitution by changing banking resolutions -- alongside absolving powers given to the state, Parliament, and bureaucrats. During this time Italian government bonds and securities have been selling like hotcakes with many preparing for an economic crisis. Furthermore, Prime Minister Matteo Renzi has detailed he will quit if people vote against the Italian bank resolutions. The European region is indeed preparing for a rude awakening as the Financial Times reported eight troubled banks could fall by the wayside if Renzi loses. If the Italian referendum goes sour, it could mean investors could turn to an uncorrelated asset such as bitcoin." (12/01/16)

https://news.bitcoin.com/italian-referendum-investors-bitcoin/  

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The secret, dangerous world of Venezuelan Bitcoin mining

November 29, 2016
posted by

Reason Reason
by Jim Epstein  

"In a country where cash has lost much of its value, and food and other necessities are dangerously scarce, bitcoins are providing many Venezuelans with a lifeline. The same socialist economics that caused the country's meltdown has made the energy-intensive process of bitcoin mining wildly profitable -- but also dangerous." (for publication 01/17)

http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of  

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IRS gang’s inspector general: Work harder to not let cryptocurrency slow down the extortion

November 8, 2016
posted by

Nasdaq    

"The IRS isn't doing enough to monitor the use of virtual currency, the agency's inspector general said in a report Tuesday. There is 'little evidence of coordination' between different parts of the Internal Revenue Service on policing virtual currencies such as bitcoin, according to the Treasury inspector general for tax administration. As with cash, the anonymity of those digital transactions can aid taxpayers who want to hide payments from tax authorities." (11/08/16)

http://www.nasdaq.com/article/irs-needs-to-improve-monitoring-of-bitcoin-transactions-watchdog-says-20161108-00944  

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Hillary Clinton does not stand for women if she doesn’t stand for Bitcoin

November 3, 2016
posted by

Bitcoin.com
by Elizabeth McCauley  

"Just this past week, Wikileaks revealed Hillary Clinton's decision to avoid accepting donations in Bitcoin for her presidential campaign. This leak came on the heels of the Clinton Campaign's announcement of an Initiative on Technology & Innovation where she used the phrase 'public service blockchain applications,' in her proposal. So why would this self-proclaimed 'pro-women' candidate reject a technology that can and already is transforming the lives of women globally?" (11/03/16)

https://news.bitcoin.com/hillary-clinton-women-bitcoin/  

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How statists and regulators turned New York into a Bitcoin hell hole

November 1, 2016
posted by

Bitcoin.com
by William Suberg  

"New York regulators have issued just two BitLicense permits in the 18 months since the regulations became law, it has been revealed -- while rejecting four. A Reuters request also revealed the BitLicense program has an application backlog of 15, with a lack of qualified staff blamed for the snail's rate approval progress. ... New York has become something of a dinosaur even at consumer level, with popular cryptocurrency services such as ShapeShift and Poloniex blocked in the region. Users are currently forced to go to New Jersey instead. Meanwhile, support is again rallying against a proposed update to Bitlicense which would impose further requirements related to cybersecurity." (11/01/16)

https://news.bitcoin.com/regulators-new-york-bitcoin-hell-hole/  

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Switzerland: Railway ticket machines to sell Bitcoin

October 30, 2016
posted by

BBC News BBC News [UK state media]    

"Switzerland's national rail service (SBB) plans to start selling the digital currency Bitcoin at stations next month. From 11 November, customers will be able to trade Swiss francs for Bitcoins using ticket machines. They will not be able to buy tickets with the web-based currency, though. The SBB said it had been testing customer demand for Bitcoin across the country, and had decided to launch a two-year pilot project." (10/29/16)

http://www.bbc.com/news/world-europe-37810438  

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Bitcoin is the blockchain’s killer application

October 27, 2016
posted by

Bitcoin.com
by Elizabeth McCauley  

"Bitcoin is the blockchain's killer application. As banks and larger financial institutions catch onto 'the blockchain,' let's not forget the application that made the blockchain become more of a household name. For those who caught onto the Bitcoin movement in the earlier days, Bitcoin was a greater topic of conversation than its platform, the blockchain. It's easy to run after the next flashy concept, but Bitcoin as a currency is just taking off in many regions of the world. For those naysayers, the bitcoin price is on an incline." (10/27/16)

https://news.bitcoin.com/bitcoin-blockchains-killer-application/  

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Bitcoin and its blockchain are driving the solar energy boom

October 25, 2016
posted by

Bitcoin.com
by Julio Gil-Pulgar  

"Thanks to Bitcoin and blockchain technology, peer-to-peer (P2P) trading of solar energy is now possible. For example, EcoCoin designed a blockchain-based platform to allow P2P trading of solar and other renewable assets. As a result, the EcoCoin team won the 2016 International Energy Hackathon." (10/24/16)

https://news.bitcoin.com/bitcoin-blockchain-solar-energy-boom/  

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The amount of Bitcoin is scarcer than we think

October 25, 2016
posted by

Jamie Redman Bitcoin.com
by Jamie Redman  

"There will be only 21 million Bitcoins, and more than two-thirds of those have been distributed to the public. However most people don't take into consideration that many of those Bitcoins have either been lost or purposely discarded. For instance, in November of 2013, the media had reported on a man who had lost 7,500 bitcoins in a landfill. James Howells is one of many who have lost thousands of Bitcoins by accident. In May of 2016, Bitcoin.com reported on a man who lost US$67,000 worth of Bitcoin while upgrading his computer. The fact is many people have misplaced Bitcoins due to accidents and user error. Mistakes like this have caused significant amounts of the cryptocurrency to be lost forever. Whether it's computer errors, lost paper wallets or forgotten brain wallets, a non-trivial amount of Bitcoin is gone forever." (10/24/16)

https://news.bitcoin.com/amount-bitcoin-scarcer-think/  

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Go with Bitcoin, skip central banks, says billionaire finance manager Bill Gross

October 5, 2016
posted by

Crypto Coins News    

"Bitcoin is an example of a new innovation that will see the current financial infrastructure governed by central banks challenged, as the current negative/zero interest rates threaten capitalism itself, says billionaire Bill Gross, the financial manager who runs the Janus Global Unconstrained Bond Fund. ... Gross summed up Central bankers and the financial industry as casino gamblers, who double down on bets despite losing while wagering on an unlimited supply of cash generated by central banks." (10/04/16)

https://www.cryptocoinsnews.com/go-bitcoin-skip-central-banks-says-billionaire-finance-manager-bill-gross/  

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Blockchains: An experiment in governance without power

October 4, 2016
posted by

Foundation for Economic Education Foundation for Economic Education
by Ariel Deschapell  

"According to conventional political ideas a decentralized and wholly voluntary system of governance should not be possible, let alone optimal. The success of bitcoin as a monetary and social experiment therefore could depend on shattering this very narrative. Unlike other systems, its organization is not defined by power structures, but by voluntary consensus and open competition." (10/03/16)

https://fee.org/articles/governance-without-power-how-blockchain-technology-could-reinvent-society/  

1 Comment »

Mr. Robot deals frankly with Bitcoin and the future of money

September 26, 2016
posted by

Iain Murray Foundation for Economic Education
by Iain Murray  

"Last week, the cult USA channel TV show Mr. Robot showed once again why it is required viewing for anyone interested in technology. In a conversation between E Corp CEO Phillip Price and a top government official named Jack (a thinly-veiled Jack Lew?), he talked about his plans to get official government backing for his virtual currency, eCoin .... In this conversation, the show reveals a grasp of technological change that few in the policy community, and fewer in government itself, display. The central issue in play with the future of money is that money is itself a technology." (09/26/16)

https://fee.org/articles/mr-robot-deals-frankly-with-bitcoin-and-the-future-of-money/  

1 Comment »

Bitcoin is money, rules US judge in Coin.mx case

September 21, 2016
posted by

Crypto Coins News    

"U.S. District Judge Alison Nathan in Manhattan has rejected Anthony Murgio's claim to dismiss two charges related to his alleged involvement of unlicensed bitcoin exchange Coin.mx. In his bid, Murgio argued that bitcoin wasn't money and therefore doesn't fall under the purview of federal law of prohibiting any operation of an unlicensed money transmitting operation. Murgio was the former operator of now-defunct Florida bitcoin exchange Coin.mx. He was arrested in July 2015 with the FBI pointing to his alleged violation of federal anti-money laundering laws. However, the judge rejected Murgio's claim." (09/20/16)

https://www.cryptocoinsnews.com/bitcoin-money-rules-u-s-judge-coin-mx-case/  

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Unknown bidder buys $1.6 million in stolen Bitcoin from “US Marshals” gang

August 23, 2016
posted by

CoinDesk    

"A winning bidder claimed 2,700 BTC (worth $1.58m) at an auction held by the US Marshals Service (USMS) today. USMS representatives confirmed to CoinDesk that four bids were received in the auction, which took place between 13:00 and 19:00 UTC. The event, by far the smallest held to date by the USMS, saw bitcoins [stolen] in cases involving convicted Silk Road ringleader Ross Ulbricht and former federal agent Carl Force IV made available for sale." (08/22/16)

http://www.coindesk.com/unknown-bidder-buys-1-6-million-bitcoin-us-government-auction/  

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Feds may be using stolen Bitcoin to bid in auction of NSA tools

August 22, 2016
posted by

ZDNet ZDNet    

"Bitcoin appears to be moving from a [stolen] wallet to the Shadow Brokers auction, raising suspicions that the US government is potentially bidding to prevent stolen NSA exploits and tools from ending up in the wrong hands [sic] -- again. Last week, a group calling themselves the 'Shadow Brokers' offered up what they claimed to be a treasure trove of exploits, software, and tools used by the US National Security Agency (NSA)'s Equation Group to the highest bidder. ... newly released documents leaked by former NSA contractor Edward Snowden appear to show the leak is legitimate. ... while the Shadow Brokers' auction has generated marginal interest and some payments, a portion of the proceeds appears to be becoming from the Silk Road Bitcoin wallet, which was [stolen] by the FBI after the underground marketplace was closed down in 2013." (08/22/15)

http://www.zdnet.com/article/seized-silk-road-bitcoin-used-to-fund-shadowbrokers-exploit-auction/  

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Blockchains: Going mainstream, still revolultionary

August 16, 2016
posted by

Thomas L Knapp -- photo by Avens O'Brien William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"Born less than a decade ago as the backbone of a then-novel electronic currency scheme, Bitcoin, and the darling of crypto-anarchists like myself, the blockchain concept now finds itself the spoiled pre-teen adoptee of the big business and entrepreneur sets alike. It's a simple and seductive idea: Blockchains store information in databases distributed around the world instead of in single locations with perhaps an off-site backup or two at most. The integrity of that information is protected both by the redundancy of distribution and by strong cryptography. It's very difficult to destroy or illicitly modify information stored in a well-designed blockchain. The blockchain is maintained by 'miners' whose computers do the work of storing and constantly updating the database. The miners are paid in bits of cryptocurrency created by their own work." (08/15/16)

http://thegarrisoncenter.org/archives/7154  

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