Poloniex hacked for 12.3% of Bitcoin supply, withdraws difference from user accounts

Posted on March 6, 2014

On March 4, virtual currency exchange Poloniex was hacked through a previously unknown code vulnerability. Writing on the BitcoinTalk.org forum, owner Tristan D’Agosta outlined the process that allowed the attack and resulted in the freezing of trading and withdrawals on the site. The hacker discovered that if you place several withdrawals all in practically the […]

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Report: First Meta CEO’s suicide probably not Bitcoin related

Posted on March 6, 2014

More details are emerging about the apparent suicide of First Meta CEO Autumn Radtke, casting doubt about early reports that the the 28-year-old’s death was related to a decline in Bitcoin prices following the closure of Mt.Gox. Initial reports had stated that Radtke was found dead in her Singapore apartment on February 26, but recent […]

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Russia’s frigid stance on Bitcoin may be thawing

Posted on March 6, 2014

In February, Russia’s General Prosecutor’s Office released a statement that seemed to plainly state that using Bitcoin was illegal in the country. The statement seemingly left no gray area around Bitcoin’s status in Russian law. The anonymous payment systems and crypto-currencies, including bitcoin – which is the most popular of them – are monetary surrogates. […]

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Linux flaw may be Bitcoin security risk

Posted on March 6, 2014

During a recent audit of the cryptographic program GnuTLS, Red Hat analysts discovered a “critical” bug that would allow attackers to bypass secure sockets layer (SSL) and Transport Layer Security (TLS) protections. The flaw in the GnuTLS library allows attackers to eavesdrop on encrypted traffic, opening up the potential for stolen passwords and more damaging […]

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Newsweek claims to find Bitcoin creator Satoshi Nakamoto

Posted on March 6, 2014

For all the technological and economic innovations that Bitcoin has inspired, almost nothing is known about the man who created it. The idea behind Bitcoin started with a 2008 paper written by Satoshi Nakamoto, but the creator of cryptocurrency has been completely silent ever since. In fact, many people in the Bitcoin community have theorized […]

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Congressman mockingly calls for ban of U.S. dollar after proposed Bitcoin ban

Posted on March 5, 2014

Last week, Senator Joe Manchin (D-WV.) wrote a letter to the Treasury, Federal Reserve and other related financial agencies warning of the dangers of Bitcoin and proposing a ban on virtual currencies. Today, Representative Jared Polis (D-CO) published his own letter in response, warning of the dangers of physical bills of U.S. dollars. The tongue-in-cheek […]

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Texas Hackathon offers $1 million in BTC-related prizes

Posted on March 5, 2014

It sounds like a programmer’s dream: The Texas Bitcoin Conference Hackathon is currently offering up over $1 million in prizes and contracts for its Bitcoin 2.0 contest. The idea is to build the next generation of decentralized applications and protocols to push Bitcoin into the future. As with many seemingly great ideas, however, the devil […]

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Suicide suspected in death of Bitcoin exchange CEO Autumn Radtke

Posted on March 5, 2014

When Autumn Radtke, the CEO of Singapore-based Bitcoin exchange First Meta, was found dead in her apartment last week, it sparked speculation that her death might have been linked in some way to the turmoil around Mt.Gox. That theory appears to be gaining ground, as local media in Singapore have begun referring to her death […]

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Winklevoss twins buy Virgin Galactic space trip with Bitcoin

Posted on March 5, 2014

The Winklevii in space? According to a recent post on the Winklevoss Capital company blog, the twins have spent a healthy chunk of their Bitcoin reserves to buy two tickets on Sir Richard Branson’s Virgin Galactic space tourism experience. Tyler Winklevoss wrote the lengthy post about the twin’s decision to use a portion of their […]

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Fortune: Bitcoin microtransations as digital tip jar

Posted on March 5, 2014

One of the most confusing things to the average person about the growth of Bitcoin is that there are currently few ways to spend it. With only a handful of major commercial websites accepting Bitcoin, it’s difficult to see the advantage over existing online payment systems like credit cards or PayPal. This view is common […]

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Overstock expects $10 million to $15 million in Bitcoin sales in 2014

Posted on March 4, 2014

Speaking with the Wall Street Journal earlier today, Overstock CEO Patrick Byrne said that his company has raised their initial projection of Bitcoin sales to between $10 and $15 million for 2014. The company, which only began accepting Bitcoin a little under two months ago, initially expected to see $5 million in BTC transactions this […]

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London bar launches Britain’s first Bitcoin ATM

Posted on March 4, 2014

Until today, if you wanted to Bitcoin in the U.K., you had to do it the old-fashioned way: Mining it, connecting your bank account to an exchange, or buying it directly from another Bitcoiner. With the activation of a new Lammasu-made Bitcoin ATM at London’s trendy Old Shoreditch Station cafe and bar. Operated by Bitcoin […]

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Flexcoin to close following 896 BTC theft

Posted on March 4, 2014

On Sunday, March 2, Alberta-based “Bitcoin bank” Flexcoin was hacked. Thieves made off with all 896 Bitcoins in the system’s online “hot wallet,” roughly $600,000 at current prices. According to an announcement on the site, Flexcoin “does not have the resources, assets, or otherwise to come back from this loss.” Effective immediately, Flexcoin is closed. […]

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Report: Japan weighs Bitcoin tax following Mt.Gox implosion

Posted on March 4, 2014

It’s hardly surprising that Japanese officials are reexamining their policies towards Bitcoin. Following the half-billion dollar debacle of Tokyo-based exchange Mt.Gox’s downfall, Japan’s official stance on virtual currencies has been placed firmly in the spotlight. According to an AFP wire report, Japan’s finance ministry and the national tax agency are considering new rules, and possibly […]

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BTC China begins Litecoin trading

Posted on March 4, 2014

As China’s “gold rush” for Bitcoin continues, traders seeking to spread the risk a little now have a new option: Litecoin. China’s largest and most well-known Bitcoin exchange, BTC China, announced Litecoin trading support with a bombastic banner ad on the site yesterday. Litecoin insiders are hardly surprised by the move, as Litecoin was invented […]

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Auroracoin becomes third largest virtual currency

Posted on March 3, 2014

It has been just under a month since the launch of Iceland’s Auroracoin, and the virtual currency is already skyrocketing. According to cryptocurrency tracking website Coinmarketcap, Auroracoin’s total market capitalization is $799,926,174, making it the third largest virtual currency after Bitcoin and Ripple. The new virtual currency has knocked Litecoin, often referred to as the […]

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Florida resort accepts Bitcoin, rakes in $100k in 3 days

Posted on March 3, 2014

Last month, popular Miami nightspot the Clevelander South Beach Hotel began accepting Bitcoin. The decision seems to have been at least partially inspired by the 2014 North American Bitcoin Conference, which took place in the hotel in January, and may well have been part of the growing trend of accepting Bitcoin as a cheap, effective […]

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Forbes: “You don’t need a Nobel Prize to be wrong about Bitcoin …”

Posted on March 3, 2014

In a commentary piece published on Forbes yesterday, tech reporter Mark Rogowsky called out Nobel Prize winning New York Times economists Paul Krugman and Robert Shiller about their flawed views on Bitcoin. Rogowsky focused on two highly cited articles, Krugman’s “Bitcoin is Evil” and Shiller’s “In Search of a Stable Electronic Currency”, for his takedown […]

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Warren Buffett skeptical about Bitcoin’s future

Posted on March 3, 2014

Speaking with CNBC this morning, iconic investor and Berkshire Hathaway CEO Warren Buffett briefly touched on the topic of Bitcoin. “It’s not a currency,” Buffett said. “It does not meet the test of a currency. I wouldn’t be surprised if it’s not around in 10 or 20 years.” Although hardly an endorsement of Bitcoin, it’s […]

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Britain to drop 20% tax on Bitcoin trading

Posted on March 3, 2014

It’s no secret that Bitcoin’s unusual structure has completely blindsided governments and financial regulators across the globe. In fact, Bitcoin is so unlike traditional forms of money that it’s proving difficult to fit into existing tax laws. Even knowing how to broadly define the cryptocurrency to know how it should be taxed is proving problematic. […]

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Report: With 1,000th miner in the field, CoinTerra powers 6% of Bitcoin network

Posted on March 2, 2014

Texas-based Bitcoin miner company CoinTerra announced the release of their 1,000th machine on Friday. According to the company, their hardware now powers around 6% of the entire Bitcoin network, and accounts for 1.7 petahash of overall network performance. The company launched its highly anticipated terahash mining rig, the TerraMiner IV, last month. Although the rig […]

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Google and Y-Combinator-backed exchange Buttercoin announces early access

Posted on March 1, 2014

With backers like Google Ventures and Y-Combinator behind them (not to mention Reddit founder Alexis Ohanian), it’s safe to say that soon-to-launch Bitcoin exchange Buttercoin will be taken more seriously than most. The exchange announced yesterday that it was opening up user accounts for early access, the first indication that a full launch will be […]

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Frostwire integrates Bitcoin payments into BitTorrent client … to fight piracy?

Posted on March 1, 2014

As one of the most well-known BitTorrent clients, FrostWire is used to claims that it helps to foster online piracy. So when the developers announced an experimental mechanism to allow users to donate Bitcoins to torrent sharers, it was only natural for the community to assume that this was to allow the monetization of digital […]

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Vietnam’s central bank issues new Bitcoin warning

Posted on February 28, 2014

Following in the footsteps of Thailand, China and other countries in the region, Vietnam’s central bank issued a new warning on the dangers of Bitcoin today. The statement explained that Bitcoin and other virtual currencies are not legal tender in Vietnam, and are not permitted as a form of payment within the country. The statement […]

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Report: Even Mt.Gox’s implosion can’t slow China’s Bitcoin “gold rush”

Posted on February 28, 2014

While Bitcoin prices eroded this week due to the worsening situation at the now-bankrupt Mt.Gox, demand in China appears to be surging. According to a report on the Wall Steet Journal‘s MarketWatch, China is currently experiencing a “gold rush” for Bitcoin. On Friday, while fans in Hong Kong embraced the opening of the first bitcoin […]

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Mt.Gox offically files for bankruptcy, annouces 850,000 BTC loss

Posted on February 28, 2014

Mt.Gox CEO Mark Karpeles ended weeks of speculation today, formally announcing at a press conference in Tokyo that his long-troubled Bitcoin exchange will be filing for bankruptcy protection. The filing claims that Mt.Gox has an outstanding debt of ¥6.5 billion, or roughly $63.6 million. Karpeles also confirmed the loss of roughly 750,000 customer Bitcoins, as […]

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Florida money-laundering case hinges on Bitcoin’s legal status as “money”

Posted on February 27, 2014

Earlier this month, two Florida men were charged with in an alleged Bitcoin-based money-laundering scheme. Today, an attorney for one of the men argued that the Florida law they were being charged under wasn’t applicable, noting that the law only applies to money issued by the U.S. or other countries. As a decentralized, completely virtual […]

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Japan proposes international Bitcoin regulation

Posted on February 27, 2014

Responding to questions about the closure of Tokyo-based Mt.Gox, Japan’s Senior Vice Finance Minister Jiro Aichi told reporters that international collaboration would be necessary to regulate the currency. Aichi added that Bitcoin does not fall under his agency’s jurisdiction, as it does not involve coins or notes issued by the Bank of Japan. Under that […]

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Coinbase crosses 1 million wallet threshold

Posted on February 27, 2014

In less than two years, Coinbase has gone from providing a humble 13,000 Bitcoin wallets to an eye-popping 1 million. The San Francisco-based company officially celebrated their millionth download earlier today. According to the official Coinbase blog, that’s a growth rate of 7,592.31%. Coinbase is actually the second Bitcoin wallet provider to cross the million […]

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Chairwoman Yellen: Federal Reserve has no authority over Bitcoin

Posted on February 27, 2014

“The Fed doesn’t have authority to supervise or regulate Bitcoin in any way,” Federal reserve chairwoman Janet Yellen said today. Speaking to the Senate Banking Committee, Yellen was asked about the virtual currency by Senator Joe Manchin (D-W.Va.), who called yesterday for a Federal ban on Bitcoin. While she noted at the Fed was “looking […]

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Bitcoin ATM coming to largest mall in North America

Posted on February 27, 2014

The West Edmonton Mall in Alberta, Canada, recently unveiled a new Bitcoin ATM. The mall is the largest in North America, and serves as a major tourism destination in Alberta, with 30.8 million shoppers passing through its doors every year. The Robocoin-made ATM is the first in the region, and is owned and operated by […]

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Senator Joe Manchin calls for federal ban on Bitcoin

Posted on February 26, 2014

Is Bitcoin “disruptive” enough to the U.S. economy to merit a federal-level ban? According to U.S. Senator Joe Manchin (D-W.Va.), it is. In a strongly worded letter to the Treasury, Federal Reserve and other related financial agencies, Manchin called for the outright prohibition of “this dangerous currency” before it can harm American consumers. Manchin’s letter […]

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Mt.Gox subpoenaed by US Attorney’s office, may be under investigation in Japan

Posted on February 26, 2014

The worsening situation at Mt.Gox has caught the attention of the US Attorney’s office in New York. According to a story published in the Wall Street Journal yesterday, the federal prosecutors sent a subpoena to Mt.Gox asking the exchange to “preserve certain documents among other things.” While the US Attorney’s office has declined to comment […]

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Kraken puts hold on USD transactions

Posted on February 26, 2014

Cryptocoin exchange Kraken announced today that it was putting a temporary halt on transactions in the U.S. dollar, and offering a 2% bonus to users who switch their existing balances to euros. Speaking with CoinDesk, a Kraken customer support representative explained the decision as the result of slow and delayed USD withdrawals. According to Kraken’s […]

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New statement Mt.Gox CEO Karpeles sheds no light on developments

Posted on February 26, 2014

There has been very little information to come from Mt.Gox in recent weeks, and what details have emerged from the troubled exchange have generally come in the form of leaks or unconfirmed reports. While there have been occasional, fragmentary reports from Mt.Gox CEO Mark Karpeles, they’ve offered little insight into the situation at Mt.Gox. Today’s […]

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Central Bank of Cyprus: “Bitcoin is not illegal”

Posted on February 26, 2014

Speaking with the Cyprus Mail, a representative of the Central Bank of Cyprus confirmed that Bitcoin is perfectly legal in the country. “Bitcoin is not illegal, but at the same time neither is it subject to control or regulation,” said an unnamed spokesperson for the central bank. The timing of the confirmation is key, as […]

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Falcon Global Capital bids on seized Silk Road Bitcoins

Posted on February 25, 2014

When the FBI took down the original Silk Road operation last October, it also seized 29,655 Bitcoin from the site. At peak prices, the seized coins were worth $35.5 million, but thanks to the volatility of the current market, they’re currently worth less than half that amount. Last month, the US Attorney’s Office of the […]

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BTC.sx suspends suspends trading following Mt.Gox shutdown

Posted on February 25, 2014

Bitcoin margin-trading platform BTC.sx announced today that it was suspending all services “until further notice” following the apparent shutdown of trading partner Mt.Gox. The UK and Singapore-based company made the announcement to customers via email. The email claims that all BTC.sx customer funds are secure, and that the company will honor all withdrawal requests and […]

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SecondMarket to open dedicated Bitcoin exchange

Posted on February 25, 2014

Online illiquid asset marketplace SecondMarket recently announced plans to launch a dedicated Bitcoin exchange. The New York-based company has long traded in products like private company stocks and auction‐rate securities, but in recent months has been developing a strong virtual currency division. The new exchange would spin out this 11-member team and other assets into […]

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Report: Pony botnet virus lifts $220,000 from digital wallets

Posted on February 25, 2014

IT security company Trustwave claims that at least $220,000 in Bitcoin and other virtual currencies has been stolen from digital wallets through the Pony botnet. In a blog posted yesterday, the Chicago-based security services provider claims the Trojan virus-based attacks can steal funds from over 30 types of wallets. According to our data, the cyber […]

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Mt.Gox offline, rumored to have lost 744,400 BTC

Posted on February 25, 2014

Last night, Tokyo-based Bitcoin exchange Mt.Gox went offline, feeding rumors that the troubled company was planning to announce bankruptcy. Shortly after the site went down, a document titled “Crisis Strategy Draft” surfaced on Bitcoin forums, seemingly originating from Mt.Gox. The document claims that 744,400 BTC (roughly $350 million) were stolen from the site by hackers […]

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Report: 100 Bitcoin ATMs coming to Spain over next three months

Posted on February 24, 2014

According to a report published on Cryptocoins News, Spain will go from having one lone Bitcoin ATM in a Barcelona mall to having over 100 throughout the country. The ambitious plan is collaboration between ATM manufacturer PayMaQ and distributor Bbank, who aim to take advantage of Spain’s current lack of Bitcoin regulation. Under Spain’s current […]

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Australian government watching all Bitcoin-to-AUD conversions

Posted on February 24, 2014

In a report published earlier today on ZDNet, a representative from the Australian Transaction Reports and Analysis Centre (Austrac) confirmed that the Australian government are tracking every visible conversion of Bitcoin into and out of Australian dollars (AUD). The anti-money laundering agency’s CEO, John Schmidt, made the statement while giving a statement before Australia’s Senate […]

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J.P. Morgan report examines Mt.Gox woes

Posted on February 24, 2014

In a report released today, investment banking giant J.P. Morgan examined the recent “saga” of troubled Bitcoin exchange Mt.Gox. Authored by Morgan’s head of foreign exchange strategy, John Normand, the one-page report is a follow-up to their more general profile on Bitcoin released earlier this month. The contents of the report itself seem to be […]

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“Bitcoin Bank” Neo opens in Cyprus

Posted on February 24, 2014

Earlier today, the offices of “bank like” Bitcoin service provider Neo opened in Cyprus. The company provides many of the financial services of a bank, such as savings and business accounts, as well as providing access to funds through a debit card-like system powered by their sister company, Bee. The launch is already being hailed […]

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Mt.Gox CEO Karpeles resigns from Bitcoin Foundation, wipes Twitter feed

Posted on February 24, 2014

Mt.Gox CEO Mark Karpeles quietly resigned from the Bitcoin Foundation yesterday. The resignation, which was effective immediately, was confirmed today by Bitcoin Foundation spokesman Jinyoung Lee Englund, speaking with the Reuters news agency. Immediately following the resignation, Mt.Gox also deleted the entire contents of it Twitter feed. There has been no comment from Mt.Gox about […]

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Report: Goldman Sachs weighs in on Bitcoin

Posted on February 23, 2014

Investment banking giant Goldman Sachs has made an initial assessment of Bitcoin, deeming it “a bit dangerous” as a commercial offering. In a report leaked to TechCrunch, the bank claims that “it has become hard to separate the effect of hype surrounding the currency from its fundamentals.” The Goldman report cites the lack of a […]

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Jordan’s central bank blocks financial companies from using Bitcoin

Posted on February 23, 2014

The Central Bank of Jordan initiated a new policy this week blocking financial companies from using Bitcoin. The bank’s Executive Director, Maha Bahu, informed The Jordan Times yesterday that the CBJ had released new rules to all banks in the Kingdom prohibiting them from dealing in all virtual currencies, and in Bitcoin in particular. The […]

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Senate Chairman gives nod to Bitcoin regulation task force

Posted on February 22, 2014

In what is likely to be seen as a step towards increased U.S. regulation of virtual currencies, the Chairman of the US Senate’s Homeland Security & Governmental Affairs Committee (HSGAC), Senator Tom Carper (D-Del), endorsed the creation of task force on the topic by the Conference of State Bank Supervisors. The “Emerging Payments Task Force” […]

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Tokyo police shut down Mt.Gox protest

Posted on February 22, 2014

Yesterday, police broke up the small, loosely organized protest outside Mt.Gox’s offices in Tokyo’s Shibuya district. Police told the protestors that the demonstration was illegal, and warned them not to return without a “demonstration license.” According to protest organizers, the police were called by other tenants of the building who had grown tired of the […]

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Overstock CEO: Bitcoin Isn’t Just A Publicity Stunt

Posted on February 21, 2014

Overstock.com’s CEO Patrick Byrne was profiled on Forbes today, speaking at length about his views on the future of Bitcoin. One of the most interesting revelations is that Byrne personally cashed out “several million dollars worth” of gold to convert to Bitcoin. This appears to directly contradict speculation that Overstock and other companies were adopting […]

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BitPay’s new payment protocol may make Bitcoin shopping easier

Posted on February 21, 2014

Bitcoin payment service provider BitPay just unveiled a powerful new tool for simplifying merchant transactions. The Bitcoin Payment Protocol enables users to simply “click on a payment link, or scan a QR code, and the wallet software offers two simple choices to the user, pay or don’t pay.” Current Bitcoin payment systems generally require users […]

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Bank of Thailand: Bitcoin may or may not be illegal

Posted on February 21, 2014

Last week, the Bank of Thailand issued a statement reversing its previous stance that trading in Bitcoin violated national law. This announcement prompted Thailand’s only Bitcoin exchange, Bitcoin Co Ltd, to resume trading in baht, the national currency. Yesterday, Thailand’s central bank issued a new statement that effectively reverses their last stance, once again calling […]

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As Mt.Gox drops below $100, the speculators circle overhead

Posted on February 21, 2014

The situation on the troubled Mt.Gox keeps getting worse. Early Friday morning, the price of Bitcoin dropped to $91.50 on the Tokyo-based exchange, well below the $550 average seen across other major exchanges. Although prices on Mt.Gox have been declining steeply since the exchange locked down user transactions earlier this month, falling below the $100 […]

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Winkdex: Winklevoss Twins debut new Bitcoin price index

Posted on February 20, 2014

The Winklevoss twins may well be the best-known faces of Bitcoin investment, and they’re hoping to leverage that small amount of fame with the launch of their new blended price index, the Winkdex. The “Winklevii” plan to use their new index to price assets in their upcoming Winklevoss Bitcoin Trust. Winkdex.com is powered by Math-based […]

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