Bitcoin and other Cryptocurrencies

CEO of Bitcoin startup Xapo Wences Casares Hopes Future is in Developing World

By Forexminute - Jonathan Millet | Bitcoin | May 21, 2014 11:04AM BST

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Developing nations have a lot of scope for digital currencies, says Wences Casares, the CEO of Bitcoin startup Xapo. Earlier ForexMinute reported one of his statements that one Bitcoin will be worth one million dollars in the next couple of years. From his various statements it looks like the Xapo CEO is over enthusiastic about the digital currency.

Casares Wences had then said that the lack of appreciation on the part of Bitcoin bulls in the US had been detrimental to the digital currency and for that he had cited the example of his home country Argentina wherein according to him the fluctuation had led to trouble. He had also said that emerging markets were prone to wild currency fluctuations.

Now, from his statement that developing countries are the one that may give boost to the digital currency is being taken seriously as his predictions are often wild seemed to be logical? He also holds trust from hundreds of investors who poured in funds for his startup company Xapo as they hope that he will give them better returns.

His vision has influenced investors in Silicon Valley and prompted them to pour in money into his Bitcoin startup. In his message Wences Casares, founder and CEO of Bitcoin startup Xapo, said that developing nations hold the key for Bitcoin. He was putting his opinion at a WSJ.D event Tuesday night.
His company Xapo has raised $20 million from venture-capital firms, offers underground vaults for people to store Bitcoins and a “wallet” to facilitate transactions. He believes that Bitcoin is receiving investors of two kinds; one are in developing countries who are looking for a safe and secure investment in Bitcoin.

Bitcoin Will be a Reserve Currency in the Coming Years

The other according to Wences Casares is the investors in developed economies that are into speculation and profiting. His opinion about the failure of major Bitcoin exchange Mt. Gox is that this is temporary and won’t last long. He hopes that there’s a better than 50% chance that within 20 years Bitcoin will become the new gold standard.

According to Wences Casares central banks around the world will use Bitcoin for reserves. He clears that Americans can’t see this because he feels that they suffer from “prosperity blindness,” living in a country that has long had a stable currency.

According to him fifty years from now, the world will realize that whatever the government thought and did about Bitcoin is about as relevant as what the postmaster general did about email.

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Hedge Fund Says Bitcoin will Soon Overtake PayPal and Rally 50 Percent in Near-Term

By Forexminute - Deepak Tiwari | Bitcoin | May 24, 2014 12:19AM BST


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Hedge fund Laureate Trust has acknowledged the phenomenal rise of bitcoin, saying the current plunge in bitcoin price at $522.57 as a good opportunity to buy the virtual currency which it expects to increase 50 percent very soon.

Beverly Hills, California-based Laureate rated bitcoin as a speculative buy in February after it weathered two storms that saw it plummet 70 percent within a few weeks.

CEO Peter Tasca of Laureate Trust stated in a press release, “Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized. The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake PayPal later this year.”

“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” stated SmartMetric CEO Chaya Hendrick.

Data on Bitcoinwatch.com shows that the average daily transactions involving bitcoins are nearly $300 million, pushing the currency closer to overtaking PayPal for the first time this year on transaction volume basis.
EBay, which owns PayPal, recently dubbed bitcoin traders BitPay and Coinbase as its rivals in the electronic funds transfer sector.

Tasca noted that governments had moved in to create a favorable regulatory environment for bitcoin, which makes it safer and lowers the risk of volatility that was experienced in the recent past. Laureate also adds that the bankruptcy of Mt. Gox had spawned new opportunities for firms that secure bitcoins such as Circle.com, and provided financing opportunities for existing bitcoin-related firms.

Circle’s CEO Jeremy Allaire said that his firm is regulated as a money transmitter, and that it has developed and invested in a technology that ensures customer funds are safely stored.




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Expresscoin Launches Bitcoin Exchange Services

By Forexminute - Deepak Tiwari | Bitcoin | Jun 12, 2014 11:40AM BST


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In an announcement the Santa Monica-based Expresscoin says that it has launched a new service to buy and sell Bitcoin, often called Bitcoin exchange service. However, it will also be processing other alternative currencies, such as Dogecoin. The company believes that it would be able to provide safe and secure Bitcoin exchange services despite the recent hacking reports.

Expresscoin is the same company that was known as Cash Into Coins; however, now as it is the Bitcoin economy it wants to bring Bitcoin to the masses with its service, helping average customers to buy and sell Bitcoin without needing access to a brokerage firm. Though there are several other established Bitcoin exchange services providers, it hopes it won’t affect it.

Co-founded by Will Wheeler and Joseph Hsieh, Expresscoin claims to have had $15M in USD transactions in its first year; however, it says that it was bootstrapped from $200,000 in seed investments from friends and family. Opening an account with the company customers can view their account balance in BTC; however, it is looking into adding other options as well.

Less Charges, Maximum Convenience for Customers

Regarding the charges the company says that it currently charge a 3% transaction fee, minimum of $5, for any purchase over $40. In a blog the company says that it has officially moved from Cash Into Coins and putting its full energy and time into Expresscoin. It is still representing the same people and the same customer service team that customers used to working with.

Expresscoin believes that as it expanded, its goal to be the easiest and safest way to buy digital currency hasn’t changed; however, it also makes clear that its ambitions has expanded significantly. Now, as digital currency grew much bigger than it would have ever imagined, in just one year, it is willing to reach to new people.

To enable customers to get more payment methods, more digital currencies, and easier ways to manage their purchase experience, Expresscoin also willing to bring in several other digital currencies like Dogecoin. The company also pays generous transaction fees on customers’ behalf to ensure transactions propagate throughout the Bitcoin network quickly.
Answering the question whether it uses customer deposits for anything, Expresscoin says that deposits are not sent anywhere or leveraged in any way as they might be by using a bank. It promises that 100% of customer funds are securely stored.

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To the moon
Do you agree with this ‪‎bitcoin‬ technical analysis?

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Dutch Bank ABN Amro Experimenting With Bitcoin

By Forexminute - Deepak Tiwari | Bitcoin | Jun 19, 2014 4:00PM BST


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If the reports published in Automatiseringgids.nl are to be believed, Dutch Bank ABN Amro is mulling a plan to experiment with Bitcoin and several other digital currencies. The news is making rounds; however, if probed deeper, it looks like the first information regarding the news came up from Menno van Leeuwen, the so-called ‘Innovation Manager’ at the state-owned bank.

From the statement from Leeuwen, it looks like he just feels and gave the opinion that it wouldn’t be wise for the bank to ignore technological development like Bitcoin and other digital currencies. He even added that the idea behind experimentation is an effort to be prepared for change, namely in the financial industry.
The article is available in Dutch and various translations are being circulated everywhere. When some user posted the news in /r/Bitcoin, it received a lot of appreciation and many users were pleasantly shocked. Some of these users feel that if ABN Amro is really going to test the digital currency, it would be a huge step towards acceptance of Bitcoin.

Dutch translation of the text says that Leeuwen says that banks are facing challengers from outside, who invent new things and if someone ignores that, he can be in for undesirable surprises. The article says that the trial is an initiative of Menno van Leeuwen, the manager at the Innovation Center of the nationalized bank.

The Experiment May Last for Three or Four Months

Quoting Leeuwen the article says that the Bitcoin is not a regular payment; however, it is a subject that requires a highly secure environment. It says that since the bank has a lot of experience providing safe environment as a bank, the combination with the Bitcoin that it is going to test in over the next couple of month will definitely be positive one.

Menno van Leeuwen, manager at the Innovation Center of ABN Amro which has emerged as a playground for new ideas and technology inside the ABN Bank can play vital role in the overall acceptance of the digital currency. However, for that it is important that during the experiment period, it receives positive outputs.
The experiment will be the part of the center’s policy wherein it hosts short, fast-track projects that serve the purpose of getting quick insight in new technology. Generally, the duration of such projects is 10 to 12 weeks. Thus, it looks like Bitcoin experiment too is not going to last for more than a couple of months.

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Bitcoin News Mash-Up: Western Union Prefers Regulated Bitcoin, Swiss Government Thinks It’s Insignificant

By Forexminute - Yashu Gola | Bitcoin, Cryptocurrency News | Jun 26, 2014 6:52PM BST


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Western Union CEO Hints to Adapt Regulated Cryptocurrencies

During an interview to Bloomberg TV show, CEO of Western Union Hikmet Ersek said that his company could adopt Bitcoin for remittance service if it is regulated with proper framework. With few countries already on terms with regulating cryptocurrencies, there might be a chance that Bitcoin will integrate into the worldwide renowned services of Western Union.

Swiss Government Rubbishes Bitcoin, Calls it “Insignificant”

The latest to join the long list of Bitcoin ignorers is the Swiss Federal Council which thinks that the first ever cryptocurrency is too insignificant to legislate. The report was created in response to the postulated made by National councillors Thomas Weibel and Jean-Christophe Schwaab in 2013. The postulate then discussed about the potential risks and opportunities around Bitcoin and other digital currencies.

Intuit Introduces a New Bitcoin Service

Renowned finance management solution providing company Intuit has tied itself with the emerging alternative currency Bitcoin. The company recently announced that it is allowing its merchants to accept Bitcoin through their newly introduced service PayByBitcoin.

“Intuit is providing the connectivity and software services to direct customers to the small business operators CoinBase wallet, and to record the transactions in QuickBooks Online. Intuit will not receive or hold any funds related to the PayByCoin transactions, either in USD or bitcoins,” Intuit official blog reads.

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ForexMinute.com – As per the schedule, US Federal Agency has auctioned over 30,000 Bitcoins (worth around $17 million) in a 12-hour long event on June 27th.

For obvious reasons, there was a huge negativity already distributed inside the Bitcoin market, with few speculations claiming a notable drop in Bitcoin prices after the scheduled auction. But to everyone’s surprise, the Bitcoin prices have done a complete reversal.

Going against the tides of negative speculations, the Bitcoin prices seems to have survived the much-hyped auction storm. Indeed it was dropped by a huge margin during between the trading hours of June 24th and 26th, but bounced back right ahead of the Friday’s auction.

It might be obvious that experts were expecting a huge drop in this cryptocurrency’s volume trade, which could have eventually brought the prices down as well. The market itself was bearish in the wake of US Marshall Service’s announcement of auctioning Silk Road Bitcoins. But the impact soon wore off just ahead of Friday, when Bitcoin prices rebounded and started trending upwards.
Although, it doesn’t mean that the dark clouds are past. In strict sense, the rise and fall of Bitcoin, at this time, solely depends on the bidder who will be selected to sweep all the Bitcoin blocks Monday. Indeed, he would wait to sell his coins until Bitcoin prices reach a definite peak. In best cases, he would simply hold on to his coins and circulate it inside the cryptocurrency circle only, thus maintaining the supply-demand ratio.

More can only be said on Monday when the name of the lucky bidder will be announced. Until then, Bitcoin market is expected to stay stable. Keep watching this space to know more.

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Filmhuis Cavia, a Movie Theater in Amsterdam, Holland Accepts Bitcoin Now

By Forexminute - Deepak Tiwari | Bitcoin | Jun 29, 2014 3:28PM BST


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Filmhuis Cavia, a movie theater in Amsterdam, Holland is now accepting digital currencies
like Bitcoin, Dogecoin and Litecoin. In announcement the owners of the cinema house said that they will be the first cinema worldwide to enable customers to pay using cryptocurrency, peer to peer payment networks with no central bank or authority.
The decision according to them was influenced by the nature of Bitcoin and other digital currencies. The cinema owner says that cash and anonymous coins respect customers’ privacy and that is something he has been working out for over the years. The announcement says that for payment and ticket sales the cinema will use coinofsale.com.

Filmhuis Cavia says that it has been screening films in Amsterdam for over 30 years, working solely with volunteers. However, now that it has started accepting Bitcoin, it hopes it will help it expand on the founding principles as a formerly squatted cinema. It intends to be able to pay filmmakers and distributors with Bitcoin.

Answering to a question what ‘squatted cinema’ means from a Redditor, the user representing the cinema house said that the building was squatted in the eighties, as in old school building broken into and transformed by philosophy and film students. He said that after a bunch of years the cinema house became a legal renter of part of the building.

Watch Documentaries, Avant-Garde Cinema

The representative was also asked questions about the decision to accept various other digital currencies like Dogecoin and Litecoin. In response, he said that the decision was based purely on the feedback and requests from the customers. Many of them asked for it in the first testing period. The company may decide on the future of these currencies after some time.

It came out the Filmhuis Cavia is located where Bas de Lange organized the highly successful bitcoinference.com earlier this year. Thus, it looks there will be many people who would be using the services. They just won’t have conversations but also watch movies in the nearby theater that just announced to embrace the digital currency.

The movie lovers would have good time at Filmhuis Cavia which brings avant-garde cinema, documentaries, etc. For instance, it organized Documentary Film Festival on 28 & 29 June wherein some of the finest crafted Romanian documentary films that cover subjects ranging from outcasts to revolutionaries were shown to audience.

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Last 24 hours in the cryptocurrency market has been well enough for few coins, but are equally sad enough for other few, especially those in top ten market cap list. With Bitcoin finding a much-awaited surge and stability, and Darkcoin and Dogecoin continuing to lose its edge, the last 24 hours in market were of equal proportions.
But meanwhile, it is Peercoin that became the talk of the digital town when it climbed one step above in the cryptocurrency market and grabbed the status of the 4th richest digital currency, beating Darkcoin by margin. This escalation also helped Peercoin injecting optimism in the market; its value against the USD has increased 12% in last 24 hours.

On the other side, the reason of Litecoin sudden drop is unearthed by its blockchain. An anonymous Litecoin user sold its 30,000 units of coins in exchange of either fiat or cryptocurrency that ultimately injured the coin’s market cap and price. This also gave critics to mouth few bad words for Litecoin. Although, it is still possible for the coin to rebound anytime soon.

Dogecoin was further a talk of the town for all wrong reasons. It dropped more than 12% in the last 24 hours and gave air to the speculation that was*predicting it to have been losing its steam earlier. The community however looks calm as ever and is hoping to deal with this drop by simply ignoring it;.
Here is the full report:

BTC/USD

This pair opened at a comfortable point – around $646 – and went on closing at $648. The rise and stability achieved by BTC/USD, thanks to the Silk Road Bitcoins auction, was certainly visible in yesterday’s trading hours and is hopeful to remain the same even today.
At press time, the BTC/USD is being valued at around $647 and has increased 0.38% in last 24 hours.

LTC/USD

The killing drop LTC/USD saw earlier still has its impact on. The pair opened yesterday at around $7.9, but quickly surged in following hours to eventually reach the peak of $8.42. It although failed to stay there and fell once again due to negative sentiments in the market. The pair eventually closed at around $8.128.
At press time, the LTC/USD pair has surged over 0.75% in last 24 hours and is valued around $8.07.

DRK/USD

The first transaction anonymity offering digital currency Darkcoin is itself becoming anonymous with each passing day. The coin continued to trend downwards in yesterday’s trading hours, probably because of the lack of any major announcement regarding its hardfork. Its pair DRK/USD opened at $8.169 and went on slipping throughout the day, to eventually close at around $7.
At press time, the pair has fallen around 6% in last 24 hours and is trading at $7.63.

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Lamassu Brings Rakía, a Brand-spanking-new Open Source Back-end System for their ATMs

By Forexminute - Deepak Tiwari | Bitcoin | Jul 7, 2014 8:42AM BST


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Lamassu which has revolutionized the in-person acquisition of Bitcoin via a streamlined thirty-second process earlier introduced a modular two-Bitcoin ATM system; has now brought in Rakía, a brand-spanking-new open source back-end system for its ATMs. The decision is aimed to continue providing A better experience for its clients.

The New Hampshire-based Bitcoin ATM maker, Lamassu has carved a niche for its product as it is not just reliable but also comes with excellent manufacturer’s warranty. The latest open source back-end system that it has brought in now will redefine how the company’s networks of ATMs in use around the world are utilized by customers.

Thus, the company is often trying to provide cutting-edge and upgraded technology. Now, operators of the Lamassu devices which presently allow consumers to buy Bitcoin with fiat currency in a matter of seconds will be independent nodes, and won’t have to rely on a centralized service.

A source from Lamassu says that now BTC ATM operators will have complete control over setting pricing, commission fees, and background trading operations. He further adds that on top of that, operators will potentially be able to accommodate integration with “any relevant Bitcoin service or software.”

The source also disclosed that when using Lamassu’s Santo Tirso stand, these devices can be transformed
into two-way ATMs i.e. the end user not just can buy the digital currency with fiat but also sell them in exchange for local currency. Thus, it is going to provide complete solution for buyers and sellers of Bitcoin.

To Give Tough Competition to Western Union and Other Similar Companies
Rakia platform according to Lamassu would be to have a two-way machine in two international airport hubs. Lamassu CEO Zach Harvey in his statement said that it’s important to note that the company does not plan to be the next Western Union, MoneyGram or Travelex; rather, it wants to create a platform for thousands of small businesses.

He says that the platform is aimed to provide competency to small businesses compete against the legacy financial institutions like Western Union and others and against each other. According to him these are markets in dire need of fierce competition to bring down transfer and exchange fees.

Nonetheless, as Rakía is open source, developers will be able to make tools that can make these machines even more useful and according to Lamassu CEO this is an evolution of the Bitcoin ATM format and the company has already spoken to several key Bitcoin businesses that are excited about integrating their services with the new Rakía platform.

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Bitcoin Technical Analysis 10th July

By Forexminute - Yes Option | Bitcoin | Jul 10, 2014 8:35AM BST


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As can be seen from the hourly BTC/USD chart, the price of Bitcoin is now consolidating sideways and has managed to sustain just above support S1. Since the lower-top lower-bottom structure still holds and there is no sign of a reversal as yet, 600 seems to be the next stop for the digital currency. The current value of a Bitcoin stands at $621.

Traders may short the pair on any rise towards 630 for a target of 600 with a stop-loss at 638. A breach below the immediate support level of S1 would be another great opportunity to go short on the pair for the same target of 600 but with a stop-loss revised at 620. However, 600 is a good support level and all short positions are advised to be liquidated at the level. The expected short covering at and around S2 could be used as a buying opportunity for short-term gains. Long positions can be built near S2 for a target of 615 with a strict stop-loss at 595.

This is a welcome correction for medium to long-term investors, as the current price does not seem expensive given that the currency has established a fundamental support near 540-550.

Considering the increasing demand for multisig wallets, owing to the security concerns surrounding the cryptocurrencies, various companies have developed and released such wallets in recent months. Now, BitPay has released an open-source, multi-signature wallet service Copay as a solution to the security vulnerabilities, such as theft, that come attached with a private key. Transaction fees have yet again become the flavor of the discussions with a new study claiming that low Bitcoin transaction fees are unsustainable in the long run as subsidies have to go away some time and that a new system to determine the fee must be considered. It should be noted that the current system features rock-bottom transaction costs because of these subsidies.


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After the Bank of Italy, Three More Italian Institutes Question Bitcoin

By Forexminute - Deepak Tiwari | Bitcoin | Jul 13, 2014 10:44AM BST


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Earlier in May this year, ForexMinute reported that the Bank of Italy had questioned Bitcoin and issued a warning to users; now, three Italian institutions have issued several warnings and asked for new legislation to eliminate loopholes and regulatory ambiguity. Like the Bank of Italy, they also believe that there is lack of any mechanism to regulate Bitcoin investments.

Money laundering and anonymity have been the two major issues that the government is worried about. According to a report on the Italian financial information system (FIU), the Bank of Italy believes that Bitcoin poses a potential risk as it can be employed to circumvent money laundering regulations or funnel funds to terrorist organizations.

According to the FIU which has been examining Bitcoin’s potential for illicit activities and looking at complaints involving suspect Bitcoin transactions, the organization believes that while transactions are recorded in an online database, it is hard to identify the parties involved; thus, there cannot be any action against those who are laundering money.

The views from the FIU are shared by Colonel Albert Reda of the Guardia di Finanza, Italy’s financial police authority. Currently, it’s the Guardia di Finanza which is has any authority and resources to deal with Bitcoin; however, it believes that there are some major risks involved in Bitcoin for investors.

Volatility, Anonymity and lack of Regulation are Major Concerns Say Italian Authorities
According to Reda Bitcoin’s volatility poses a risk for investors and that its anonymity allows Italian residents to hold and transfer wealth anonymously. He believes that the Guardia di Finanza which is involved in an ongoing investigation is looking out for the case of Bitcoin and come out with any official views soon.
However, he made it clear that the absence of any form of regulation makes the digital currency a potentially powerful tool for money laundering, drug trafficking and arms trafficking. Apart from the accusation that Bitcoin is being used for contraband activities, the digital currency is also being abused that as it is not regulated it has hefty risk for investors.

Expressing his views on Bitcoin regulation, attorney General of Rome, Luigi Ciampoli, warned that Bitcoin could be abused by criminals engaged in money laundering, financing of terrorism, or mafia activities. According to him Bitcoin regulation would allow authorities to trace and identify all persons involved in digital currency transactions.

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Last week bitcoin was in a falling wedge pattern. As we started this week, there was a strong bullish breakout. However, the rally stalled at the 640 support/resistance pivot and fell, invalidating the bullish breakout, and suggesting further consolidation.

BTCUSD 4H Chart 7/17

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Today, price at first continued to consolidate but ended with a strong upward*push that engulfed the previous session’s price action, as you can see in the 4H chart. This push can be a sign that bulls are indeed taking over, albeit not enough yet to break out of the overall consolidation that has been evolving throughout the month.

Although price is still stuck between the moving averages in the 4H chart, as well as a the consolidation channel, there are a few signs the market is ready to take off.
1) Today’s low respected the 200-period SMA in the 4H chart and stayed above last week’s low. This suggests that bears are no longer confident.
2) At the first half of consolidation, the bearish you saw some strong bearish 4H candles with mostly indecisive bullish ones. This week, there have been stronger bullish candles than bearish ones. This suggests bulls are starting to enter the market with force, and this might break BTCUSD to the upside.
3) The RSI has tagged 70, and has held up above 40 for the most part in July. This reflects the fact that bullish momentum is still in play.

We might still need one more push to gather more confidence in the BTC-bulls. A break above 631 should clear the falling channel resistance as well as the 100-period SMA in the 4H chart.
Failure to push above 631 would maintain the current consolidation mode. In this consolidation mode, there is downside risk towards 600. Even then, the overall trend since June would be valid, so watch out for buyers if BTCUSD does approach 600.

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Bitcoin Technical Analysis 22nd July

By Forexminute - Yes Option | Bitcoin | Jul 22, 2014 4:00PM BST


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A close look at daily charts of BTC/USD shows that the digital currency is trading in a very narrow range on back of low volumes but has taken strong support at $609 which is also the monthly pivot level for the digital currency. Aggressive traders are watching the aforementioned level as any close below the above level would lead to reversals of many long trades. BTC/USD in yesterday’s trading session touched made an intraday low of $611.5 but saw some buying at lower levels and closed towards the higher point of the day. The momentum indicators for the digital currency are in flat trajectory which confirms the current sideways movement in BTC/USD.

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BTC/USD on hourly charts has support at levels of $611.94, but has been trading in a very narrow trading range, finding it difficult to cross the resistance levels of $616.94. The MACD for the BTC/USD has provided a fresh buy signal on low volumes. For long term traders, a an entry point should be initiated above $617 with a strict stop loss at $611. Meanwhile, short trades should be initiated once the BTC/USD closes below $611 with a stop loss set at $617.

In other news Latvia based airline, airBaltic has become the first airline to accept Bitcoins as a mode of payment, announcing through twitter rather than releasing an official press release.However, the airline made it clear that the Bitcoin payment is applicable on basic class fares to select countries, and travellers will have to pay a handling fee of €5.99 on each of the transaction. The use of cryptocurrency is gaining traction in the travel sector with Expedia, a key travel player, embracing the virtual currency for hotel bookings last month and reporting that the response turned out better than expected.

The increasing number of businesses accepting the digital currency only bodes well for the future despite the current narrow trading range and may provide strong buy opportunity for medium and long term trades.


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Ex Goldman Trader Opens Bitcoin Exchange

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Yuzo Kano quit Goldman Sachs Group Inc. (GS) twice: once for a rival bank, the second time to open Japan’s first bitcoin exchange since the collapse of Mt. Gox.

When Kano, 38, left his job as a derivatives and convertible bonds trader in December, bitcoin had climbed to a record $1,151. Three months later, it was worth half that after a $530 million heist at Tokyo-based Mt. Gox bankrupted what was once the virtual currency’s largest exchange.

“That’s one less competitor for us, but it also left many Japanese with a very negative impression of bitcoin,” Kano said in an interview in Tokyo on July 17. “We already had a company then and felt it was up to us to rebuild the trust.”

Since Mt. Gox closed in February, acquiring the digital currency in Japan meant going to the city’s only bitcoin ATM machine or arranging a person-to-person deal. Kano’s bitFlyer website allows anyone with a Japanese bank account to buy and sell the coins. The service began in April and eschews the trading options used by other exchanges in favor of a simple interface that would appeal to beginners, Kano said, declining to give subscriber numbers.

While Mt. Gox, operated by a Frenchman residing in Tokyo, catered mostly to foreigners, its bankruptcy was widely covered by domestic media. That has tended to scare off Japanese individuals, who Kano says are already averse to risks. Not so the nation’s government. The ruling Liberal Democratic Party has taken a hands-off approach to the virtual currency which it sees aiding Prime Minister Shinzo Abe’s push to spur venture funding for innovation, a June report by the LDP’s special committee on IT strategy shows.

Game Over

Kano raised 160 million yen ($1.6 million) from a Japanese venture capital firm to start bitFlyer in what he says was the country’s biggest investment in bitcoin to date. He is now seeking to raise cash from an overseas fund so the company can offer the service outside of Japan by year-end, he said.

“If we have another fiasco like Mt. Gox, it’s game over,” Kano said, speaking in his company’s sparsely-furnished, glass-walled office a few blocks away from the Japanese parliament. “There needs to be monitoring to prevent that from happening.”

Kano’s company is also seeking to set security standards and personal identification guidelines for bitcoin trading in the Asian nation, through the Japan Authority of Digital Asset, which groups bitFlyer with CoinPass and the Japanese unit of Kraken, a San Francisco-based exchange.

Mt. Gox Vacuum

Trading of the digital currency may expand as new entrants seek to take advantage of the vacuum left by Mt. Gox. BitOcean, a Chinese startup, joined with New York-based Atlas ATS Inc. to bid for the assets of the defunct exchange operator and the two companies plan to start a bitcoin platform in Japan by August, Nan Xiaoning, the Beijing-based founder and chief executive officer of BitOcean, said in an interview on July 15.

Kraken is also planning a Japanese-language website for bitcoin-yen trading, Chief Executive Officer Jesse Powell said in an interview with Kyodo News in March. The exchange currently accepts dollars, euro and the Korean won.

Bitcoin fetched $618.71 or 459.45 per euro as of 9:13 a.m. in Tokyo today, according to CoinDesk Bitcoin Price Index.

Unlike most of its rivals, which link buyers and sellers together, bitFlyer is the counterparty for either transaction, Kano said. That allows for deals to be concluded instantaneously and without complicated price-setting mechanisms that can be off-putting to newcomers, he said.

“That’s a major advantage we have over other exchanges, but it also means we take on the risk,” he said. “Controlling that risk is something you can’t do without experience.”

Kano first joined Goldman Sachs in 2001 after graduating from Tokyo University with a Master’s degree in fluid dynamics. The branch of physics studying movement of liquids and gases gave Kano an appreciation for complex systems and the programming skills needed to simulate them, he said.

After 3 1/2 years as an analyst he left to join BNP Paribas SA to learn how to trade. His second stint at Goldman Sachs lasted 6 1/2 years.

“There is no stability in working for Goldman and doing something on my own has a greater upside,” Kano said. “I like complex systems, that’s why I became a derivatives trader. Now it’s bitcoin.”

Visa Inc. CEO Charles Scharf Does Not Rule Out From Using Bitcoin

By Forexminute - Deepak Tiwari | Bitcoin | Aug 5, 2014 9:36AM BST


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In his answer to the question whether Visa Inc. had any virtual currency plans among its payment blueprints, this Visa chief executive Charles Scharf said the company was open to facilitating the growing use of Bitcoin and others that may emerge. It looks Visa Inc. may in future may consider Bitcoin, the new technology that is transforming the way money is being seen and used.

Charles Scharf clears that Visa is not a currency, it’s a network and his company can process real or virtual currencies to the extent that it makes sense. According to him it is possible but his organization is not thinking about it currently. However, the company is moving towards digital currency as it launched digital laboratory to develop blueprint for the future of payments.

According to the blueprint from Visa Inc. a car’s*onboard computer may in the future be used for easy and convenient payment without any interruptions at restaurants, grocery stores and almost anywhere. Moving ahead towards the digital solutions the company last week unveiled Visa Digital Solutions, a technology agnostic suite of tools.
The suite of tools including software development kits that can be used by developers to turn any internet connected device into a payments system according to the company are going to help frictionless payment. The company is now seeing connected thermostats and cars and everything and in its view a lot of those things will become points of transaction.

Visa Inc. Not Showing Interest in Digital Wallets

Visa Inc. believes that its job is to allow that innovation to occur in way that is safe and secure and with the same characteristics as cards allow in the physical world today. Interestingly, though the company has shown its interest in facilitating online and mobile payments, it’s no longer interested in digital wallets.

In fact, Visa Inc. replaced its V.me digital wallet with Visa Checkout which it describes as an online payments experience. Sharing his views Sam Schrauger, senior vice-president of digital solutions at Visa, presides over its newly launched digital laboratory said that PayPal can*be called a wallet but it’s not *necessarily the initial intent which was to let people pay each other.

Sam Schrauger added that when someone drills down to what consumers see as pain in payment is delay; however, payment works best when it is a non-event i.e. it’s fast and nothing goes wrong.


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For a country which is under heavy debts and has mortgaged most of its natural assets for the same, Ecuador was always a perfect place to use cryptocurrencies. However, the government there took an innovative stand by first, banning all forms of decentralized digital currencies including Bitcoin, and second, announcing to launch its very own backed alternative.
And the project has finally started to roll, as per a report published on Bloomberg recently.

According to the reports, Republic of Ecuador will launch its official cryptocurrency in October this year. As its legislation has already been approved by the President Correa’s government last month, there would be no hassles in implementing this project. A monetary organization is also planned on papers for now, which will subsequently be regulating the yet-to-be-named coin. Most importantly, the coin will be backed by “liquid assets”, like oil.

The Ecuador’s Central Bank, Banco Central del Ecuador, has shied away from providing any more information regarding the upcoming launch. An earlier statement from National Assembly however is enough to fill the space, which says: “Electronic money will stimulate the economy. It will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone.”

However, an internet research brought us more facts to justify the Ecuador National Assembly’s reason to nod for a regulated digital currency. The country has an enormous debt on its shoulders, which has been mortgaged for its depleting oil and gold reserves. The US Dollar meanwhile is draining constantly from the economy amidst rising public spending since 2007. The idea here is to introduce an alternative currency so that the US Dollar can be preserved to pay back the debts.
The soon-to-launch cryptocurrency however won’t be distributed for free, like unbacked and rebellious Auroracoin. As per the available reports, it will be forced upon the citizens in exchange of Dollars. For obvious reasons, it won’t go down the throats of many.


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This is by far the most depressing day in the cryptocurrency markets as every top coin, including the likes of Bitcoin, Litecoin, Darkcoin, Dogecoin, etc. have fallen massively in the last 24 hours. The series of falls are supposedly surfaced due to a huge stack of Bitcoin (almost 1,000 units) that have been sold by Ethereum lately.

The huge drop in Bitcoin prices have thus created a ripple effect. The major one to have influenced by it is Litecoin, followed by NXT, Dogecoin and Peercoin – all of which has fallen by double-digit percentages. Nonetheless, they were already dropping due to certain subjective issues of their own, but Bitcoin’s instability has impacted their market caps and prices further.

Here is the full report:

BTC/USD
The BTC/USD opened yesterday while being trading at around $591. It stayed in its trademark style in the initial hours, remaining between narrow trading ranges. However, the pair massively slipped in afternoon trading hours, coinciding with the time when over 1,000 BTC were sold by Ethereum. The Bitcoin market, which had already decoupled itself from the influential events long ago, wasn’t saved by the ongoing optimism within the economy. At the end of the day, the BTC/USD closed at around $573.

This trend is continuing even at present. At press time, the BTC/USD has fallen over 3% in last 24 hours and is being priced at $570.45. We though can speculate it to be its bottom, following which it may rebound soon due to the enough buying pressure at low.

LTC/BTC
The LTC/BTC was the biggest shock of the day as it fell more than 16% in last 24 hours. While the fall is definitely caused by the massive slip seen in Bitcoin charts, another reason why LTC/BTC have faced the maximum damage is its miners who are constantly dumping Litecoin in order to comply with their investments in expensive ASIC machines. This two-side attack has resulted in what we see now, a terribly devastating market.

The LTC/BTC opened yesterday while being traded at around 0.01177000 BTC and fell in sync with Bitcoin, eventually closing at the six month low 0.01016340 BTC. There is however a chance that investor starts buying LTC at bottom, but the upcoming surge might live short in absence of any crucial update.


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Over time, we have hearing about major online retails and businesses’ plans to accept cryptocurrencies as payments. While some of them have already started to accept them as one, few are still planning the revolutionary integrations. eBay is counted among the latters which have been monitoring Bitcoin’s growing adaption from a long time. And now, it has cleared its stance on the matter.

As confirmed by The Wall Street Journal, the ecommerce shark is reportedly meeting several Bitcoin payment processing companies in regards to integrate the digital currency payments on its subsidiary Braintree.
Braintree was acquired by eBay last year in an expensive deal worth $800 million. This payment processing platform is also providing services for other websites including the likes of Github and Uber. This simply means that any sort of Bitcoin integration into Braintree would make its payment options available on multiple online companies. But there are few obstacles as well.

It is speculated that most of the eBay’s meetings with multiple Bitcoin payment processing companies have concluded into nothing. The ecommerce company however is speculated to reach an agreement with Coinbase, as per the WSJ has written in its report. Coinbase currently handles the Bitcoin services of some of the world’s major companies like Dell, Dish, Overstock, Reddit and Expedia.

In the end, the most ultimate hope here is the integration of Bitcoin on eBay and PayPal. There have been numerous reports early regarding this agreement. However, both the companies have always shied away from revealing their plans on the superbly growing Bitcoin. eBay’s decision meanwhile adds some more points to the expanding Bitcoin economy and injects positivity for some really great news in future.


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BitQuick Launches its Trading Platform for the Middle-East Customers

By Forexminute - Deepak Tiwari | Bitcoin | Aug 27, 2014 7:41PM BST


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After delivering their Bitcoin buying and selling platform services to customers worldwide, BitQuick is now focusing into Middle-East. To announce the latest launch, the company resorted to social media and posted on its Twitter account that it has launched a trading platform for the Middle East which will allow enthusiasts in the region to buy and sell Bitcoin.

BitQuick did not reveal too much information about the launch; however, it made clear that they have launched support for six currencies that include the USD and have made the buying and selling of the digital currency available in several countries like Jordan, Palestine, Egypt, Lebanon, Kuwait, United Arab Emirates, Qatar and more in the Middle-East.

There are not many Bitcoin companies that have focused into the potential market in petro-dollar rich Middle-East and the latest step from BitQuick is going to be a megahit among the customers in the region. The company has surprised many observers of Bitcoin industry as most companies are focusing North & South America, Europe, and Asia for their expansion.
Not just buying and selling platform for Bitcoin but also a dedicated site for prospective Middle Eastern customers has been launched by the company. It will be BitQuick.me for the customers from the Middle-East which is going to cater their requirement for selling or buying of the digital currency with ease and comfort.

Walking Into the Less Walked Territory

In its announcement the company says that users can buy Bitcoin instantly with Cash Deposit or Bank Transfer from sellers with Bitcoins already in escrow for a low 2% fee. The company source further added that buying Bitcoin can customers can use them for whatsoever purpose and even sell them with no fee.

A lot of apprehensions are being placed by the critics as this is kind of new service for the customers and none knows whether it will be able to attract people or not. If once this feature catches the attention of the customers, some other Bitcoin companies may consider offering similar services as well.

Middle-East which so far has been seen as less lucrative a market for Bitcoin companies may get fresh air of life with the latest decision to launch a buying and selling platform for customers. The company has ventured in the less walked territory and for this simple decision it is being praised by the people who support for the global expansion of the Bitcoin reach.


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Buying Bitcoin in Indonesia Made Easy as Customers can Buy them at 10,000 Indomaret Stores

By Forexminute - Deepak Tiwari | Bitcoin | Sep 3, 2014 10:10PM BST


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Indonesia has huge potential for Bitcoin and as the number of Bitcoin users is expanding in the country, some companies are looking to explore the market well; one of them is Bitcoin.co.id. This company is Indonesia’s rising Bitcoin website, has now entered into a partnership with Indomaret to help Indonesia’s over 238 million residents to fund their Bitcoin.co.id accounts.

The company says that with the new partnership with Indomaret, Indonesians will now have access to Bitcoin at more than 10,000 Indomaret convenience stores across the country. According to a representative from the firm customers in Indonesia can now get a chance to top up Indonesian Rupiah on their Bitcoin.co.id account and then trade for Bitcoin as well.

Headquartered in Jakarta, the capital of Indonesia, Indomaret came to existence in 1988 when the first official Indomaret store opened its doors for customers and since then it has not looked back. Currently, it has more than 10,000 stores in Indonesia and caters the requirements from its customers giving them competitive services.

The latest decision to help Bitcoin.co.id customers to get Bitcoin balance in their account is going to further help the customers and the company as well. Bitcoin.co.id has previously received international press coverage late in 2013 after an Indonesian publication, the JakartaGlobe, ran a story titled, Bitcoin Finds Itty-Bitty Market in Indonesia.

Indonesia Has Huge Prospects for Bitcoin

In his statement to media Bitcoin.co.id’s co-founder Oscar Darmawan said that he is very hopeful for Indonesian Bitcoiners as the number of investors and merchants who accept Bitcoin in the country is expanding like never before. Though the country still does not many companies that accept Bitcoin, there is no doubt about the fact that it is making inroads.

Another reason behind the slow growth of Bitcoin in the country is that taking the cognizance of the situation Indonesia’s central bank, Bank Indonesia, issued a statement about Bitcoin through their Department of Communication’s Executive Director: Difi Ahmad Johansyah. It warned the users about the digital currencies; this gave negative impact on users.

If Bitcoin becomes popular, it can help travelers from world around as well as tourism sector in the country is growing fast and currently nets Indonesia almost 10 billion USD annually. However, if there are many outlets wherein these travelers can use their Bitcoin, the quantum of the transactions may go up manifold.


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United Way Now Accepting Bitcoin in Donations

By Forexminute - Deepak Tiwari | Bitcoin | Sep 16, 2014 9:47PM BST


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United Way which envisions a world where all individuals and families achieve their human potential through education, income stability and healthy lives, has announced that is going to accept Bitcoin in donations. The organization says that Bitcoin donation will support United Way Worldwide’s Innovation Fund.

According to an official communication with the press the decision to accept Bitcoin is going to transform United Way and*the*social sector through technology, relationships, and efficiency. Now, donors will have a 10 minute window in which to make their donation. The organization said that during this time, the Bitcoin value is locked in.

Deliberating the process, the official website says that after 10 minutes, donor’s Bitcoin order will expire. The organization says that all over the world, it is building stronger communities by improving education, financial stability and health. Creating real and lasting change that goes beyond charity, the organization is always looking for funding and Bitcoin can help it a lot in it.

The organization says that to carry out all the charity work, it needs support from people as without it achieving the shared vision for the world where all individuals and families have an opportunity to succeed requires innovation powered by new technology and new strategies for expanding worldwide movement.

To Fund its Operations, United Way Needs Money in Donation

The organization says that in 2008, it initiated a 10-year program designed to achieve some goals by 2018 and for that it needs to fund a lot of operations that it carries out. For instance, its goal is to improve education, and cut the number of high school dropouts 1.2 million students, every year in half.

Similarly, it wants to help people achieve financial stability, and get 1.9 million working families i.e. half the number of lower-income families who are financially unstable on the road to economic independence. Also, it is working to promote healthy lives, and increase by one-third the number of youth and adults who are healthy and avoid risky behaviors.

To fund all these activities, United Way needs a lot of fund. Adding Bitcoin in the donation list, the organization aims to make it possible for techno savvy people to pay without trouble and help it utilize its core strengths i.e. a national network, committed partners and public engagement capacity. With enough money at disposal, it can achieve the goals before 2018.


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CoinAgenda to be Held on October 7 to 9 at the Palms Casino and Resort in Las Vegas

By Forexminute - Deepak Tiwari | Bitcoin | Sep 20, 2014 10:19PM BST


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October month is going to witness exclusive Bitcoin event ‘CoinAgenda’ from 7^th to 9^th. The event is dedicated solely to Bitcoin and virtual currency investors. According to the organizers of the conference it is going to be held at the Palms Casino and Resort in Las Vegas. They claim that it is going to provide excellent exposure to investors and companies.
In a press release issued the organizers inform that the main CoinAgenda conference features two days of keynotes and specialized sessions on cryptocurrency investment, trading and hedging strategies, and allocation of virtual currency portfolios. They admit that approximately 40 speakers will present during the conference.
Further, throughout the conference there will be meals and cocktail parties, including a special dinner on the 8th at the former Mike Tyson mansion made famous in the film “The Hangover.” The organizers invite everyone whether they are a stock market, real estate or gold investor looking to diversify their portfolio with the historically high returns of cryptocurrency.

Even angel investors, who are looking for new startups in this hot new sector, are being invited by the organizers of the event which has been broken into two tracks. The main CoinAgenda conference features two days of keynotes and specialized sessions on cryptocurrency investment, including Bitcoins, altcoins and mining; trading and hedging strategies; and allocation of cryptocurrency portfolios.

Attractive Opportunities for Investors and Companies

The organizers claim that the conference will include meals and cocktail parties throughout the event, including a special dinner on Wednesday night at the former Mike Tyson mansion made famous in the movie, The Hangover. There will be a concurrent event by BitAngels that will focus on startups and early-stage investments, with 20 early stage startups presenting.

The second event is sort of social event for the 500-person global network, but does not include all of the investment sessions nor the same hospitality options. CoinAgenda attendees will have full access to both events. Michael Terpin, the founder of the event says that unlike some tradeshows where may feel like an afterthought, here participants are the center of attention.

He says that the four tiers of educational content i.e. informative, action-oriented workshops, not theoretical debates are all aimed at putting the attendee in the framework of making an investment in cryptocurrency with some sense of urgency. According to him each sponsor has their own standalone presentation as part of the program.

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Jon Matonis, ED & Founding Board Member of the Bitcoin Foundation to Participate in SIBOS

By Forexminute - Deepak Tiwari | Bitcoin | Sep 25, 2014 11:29PM BST


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Jon Matonis, ED & Founding Board Member of the Bitcoin Foundation to Participate in SIBOS, an annual conference, exhibition and networking event organized by SWIFT for the financial industry. In his blog post at the official website of the Foundation he says that the event is an excellent forum for financial community.

SIBOS which started out as SWIFT’s international banking operations seminar, has grown into a premier business forum for the global financial community wherein participants debate and collaborate in the areas of payments, securities, cash management and trade, etc. The forum also provides excellent opportunity for Bitcoiners.

Writing in his blog Jon Matonis says that leading up to SIBOS, the largest and most influential forum for the financial community, the Bitcoin community has seen PayPal partner with BitPay, Coinbase and GoCoin to accept Bitcoin and Jack Dorsey of Square suggest that they may be adding Bitcoin as a form of payment.

He says that it can be coincidence or even smartly placed events; however, one inevitable question remains is will banks be next? Quoting his piece that he wrote November last year “Banks Squander Opportunity in Bitcoin” in American Banker, wherein he credited the banking sector for being early movers of innovation he says the banks have huge role in it.

There is Huge Potential for Banking Organizations Says Jon Matonis

Jon Matonis writes that bankers can provide a trusted safekeeping of assets and digital wallets, Bitcoin exchange services with national currencies, merchant payment processing services, and transaction escrow services, etc. amongst others. He believes that there is huge potential for banking organizations in Bitcoin and that must not be squandered.

He, however, says that in the absence of banking visionaries and cumbersome bureaucracy, more agile and innovative entrepreneurs and FinTech startups such as BitStamp, Xapo, Square, Coinbase, BTCChina, BitPay, OKCoin and GoCoin, etc. have started to fill the gaps in the Bitcoin ecosystem as the banking organization not taking the initiatives.

Writing about SIBOS he says that for the past 36 years, the forum has brought together decision makers and topic experts from financial institutions, market infrastructures, multinational corporations and technology partners to collaboratively shape the ever evolving financial landscape.

Evidently, SIBOS brings together some 7,000 decision makers, nearly 200 exhibitors, and plenty of networking events and considered ideal place to do business and collectively shape the future of the financial industry.


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Jon Matonis, ED of the Bitcoin Foundation Says Bitcoin will become the new gold

By Forexminute - Deepak Tiwari | Bitcoin | Oct 4, 2014 4:13PM BST


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Though the prices of Bitcoin has gone down significantly this year when compared to the last year when they reached to the record 1200 US dollars, Jon Matonis, executive director of the Bitcoin Foundation claims that the digital currency has huge potential. He says that when it clicks, the Bitcoin is going to reach an inflection point and become the new gold.
He was speaking at the Institute of Directors’ annual convention in the Royal Albert Hall wherein he admitted that Bitcoin was an “epic” revolution analogous to the printing press. Bitcoin is receiving accolades from various noted businessmen like Bill Gates who recently admitted that the digital currency is key to the modern day businesses.

Coming from the executive director of the Bitcoin Foundation the statement has not surprised many as it is the job of the body to expound the idea of the digital currency to the world and Jon Matonis is doing a fantastic job. His organization is a lobbying group founded in 2012 and aims to “standardize, protect and promote” the use of Bitcoin.

In his speech Mr Matonis claimed that countries such as Argentina were already adopting virtual currencies widely as trust in government declined and inflation rates increased. According to him half of the world’s population is unbanked which provides huge scope not just for Bitcoin but also for the other organizations to reach them.

Mr Matonis says that the unbanked population can’t even sign up for an online university course because they don’t have a credit card and when they try to better themselves they run into these payment barriers. He told that Bitcoin has issued $6bn worth of currency since it launched five years ago.

Bitcoin has Huge Scope among the Unbanked Population

However, according to him it has both struggled to attract mainstream adoption and also increasingly come to the attention of regulators. He believes that central banks could regulate people converting Bitcoin to other currencies, but could not currently regulate transactions conducted entirely in Bitcoin.

Jon Matonis says that users retained the choice to maintain privacy. He added that money doesn’t do bad things, people do bad things and according to him Bitcoin is a non political monetary unit that transcends borders. He says that in five short years Bitcoin has issued 12m units valued at $6bn and no other virtual currency has ever done that in the history of modern economics.


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This might be one of the worst days in the history of cryptocurrency trading, where every top coin gave its investors a cold sweat. While the leading digital currency Bitcoin fell to the session’s lowest figures, altcoins like Litecoin, Dogecoin and Darkcoin also crashed by huge margins.

Attachment 10048

This is a clear case of panic sell, which might have originated from the Bitcoin’s poor performance in last two weeks. In our previous articles, we speculated low demands and higher supply and dumping rate to be one of the major reasons for the constant decline in Bitcoin value. Reports from other websites also provided multiple speculations in the name of increasing merchant adoptions, market manipulation by short-term traders, etc. But no one could actually predict Bitcoin to fall over 14% within the span of 24 hours.

There is a huge chance that early adopters are giving up on the coin, and are selling it at low to recover whatever they can save, or make. A rumor is also coming to the wires, saying that one single investor has sold over 30,000 BTC on BitStamp, only at $300. More would be discussed later upon the conformation of the event.

But is it influencing the altcoins as well? Somewhere yes, as every topo cryptocurrency other than Bitcoin is also facing the speculations of a sell-off – be it Litecoin, which has fallen by 11% in US markets, Dogecoin by 13%, or NXT which has dipped by more than 12% in last 24 hours. Bear whale has struck the market indeed.

BTC/USD
The BTC/USD opened at 345 during the 10/4 trading session, from where it continued on its downtrend. There were however certain expectations that the pair will rebound upon reaching the 300-dollar wall. The slow decline was indicating the fear of small-term traders, leaving the market over the ongoing FUD. At one point of time though, the BTC/USD stepped upward, finding the first support level at 330. It however was short-lived, and started to fall back after touching the 338 mark. Once again there was a resistance-less decline, which ultimately brought the pair to the closing value of 316.

The real trouble surfaced during the 10/5 trading sessions when the Bitcoin’s value fell instantly within seconds, probably because of the aforementioned sell-off of 30,000 BTC. At this time, we cannot exactly predict whether the market will be bearish or bullish. But for long run, it might retrace its steps back once the buying pressure takes over the market.

Just in 14 hours the sell wall has shrunk by more than 50%.
Who’s Behind the Bitcoin Sell Wall?



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Labor senator Sam Dastyari Advocates for Bitcoin, Warns Australian Banks

By Forexminute - Deepak Tiwari | Bitcoin | Oct 15, 2014 9:52PM BST


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Advocating Bitcoin, Labor senator Sam Dastyari has warned Australian banks not to act like a bunch of ostriches with their heads in the sand when confronting the rise of the digital currency. He also urged companies to provide feedback to a Senate inquiry into how to regulate the highly volatile digital currency to move ahead.

His statement has come after the indications that Australian banks are highly skeptical and cautious in dealing with Bitcoins. For instance, NAB retreated from digital currencies including Bitcoin this year as the company says that it is too risky. A lot of the suspicion on Bitcoin is due to it being a decentralized currency.

Recently, NAB, Westpac Banking Corp, ANZ Banking Group and Commonwealth Bank of Australia along with seventy organizations that have been approached by the inquiry’s committee submitted their views to a committee chaired by Senator Dastyari. The Reserve Bank of Australia, the Australian Federal Police was also part of the group.

Even some international firms such as lobby group Bitcoin Foundation in the United States, and online payments behemoth PayPal formed the group that put their views in front of the committee. Senator Dastyari said that the fact is the banking sector can’t act like a bunch of ostriches and stick their heads in the sand.

He cautioned that the banks should not pretend these digital currencies aren’t a real thing. According to him too often it is observed that the banking sector has a tendency to try and pretend that change isn’t coming down the pipeline, in a bid to protect what is their market position.

Skepticism Must Go for Probity in Banking

However, according to him there were certain parts of the banking sector that realized they had to address the rise of digital currencies, because “it’s the future”. Nonetheless, as Australian banks have been highly skeptical and cautious in dealing with Bitcoins, his suggestion may prompt them to think about the digital currency.

In a statement a NAB spokesman said the bank was considering the terms of reference in the inquiry. However, it made clear that it does not bank or trade in unregulated currencies, or have any plans to do so. Also, it is too early to comment as they are developing their position on the issue.

Australia has still not banned Bitcoin and there are several organizations that provide Bitcoin exchange services and the country even has Bitcoin ATM.


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After suffering a little setback at the end of last week, cryptocurrency market is now in a comfortable zone. Almost every major coin, including the likes of Bitcoin, Litecoin, among others, have reversed from the short-term downtrend and are now consolidating within a stable price range.

There can be many factors to this prevailing bullish trend, mainly the short-hands buying back into the market with expectations to sell back at peak. This also signifies the instability of the current neutrality Bitcoin is seeing in USD markets. There is a great chance of market sentiment getting reversed by those who bought this cryptocurrency at bottom. Even if the bullish attempts take it above 400, there is a lower chance of the latter coming to a short break.
On the other hand, altcoins follow the path caved by Bitcoin. Cryptocurrencies including Litecoin, Dogecoin, NXT, and Darkcoin showed bullish sentiments during the 9/18 trading sessions, which succeeded further in today’s sessions as well. Though only Darkcoin had its own little reasons to rise. The coin’s development team launched a new client, named Onyx. And like every time, development updates kept on adding few new dollars to the Darkcoin overall market cap.

Here are the trade reports:

BTC/USD
The BTC/USD opened at 382 during the 10/18 trading session. It soon dropped a little and was supported at 378, following which the pair began to move in upward direction. This price behavior indicated the arrival of short-term bulls, trying to buy back at the three-day low. The BTC/USD was however resisted at 394, but yet remained away from any expected bearish sentiment. It closed at 391 at the end of the 10/18 sessions.

The price is still consolidating between stiff trading ranges. At press time, the pair is being traded at 389 and has increased 1.31% in last 24 hours. The technical indicators are currently suggesting a selling pressure, while the moving averages are neutral. In a bullish scenario, the BTC/USD might cross over 400, while in a bearish scenario, the pair may try to fall back to 375.


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The Bitcoin’s epidemic popularity is exploding further with incoming capital investments, merchant adoption and constant media buzzes. In the meantime, a number of countries have also introduced new regulatory frameworks for the cryptocurrency users and businesses, in order to generate a decent revenue for national exchequers.

But the Bitcoin’s influence is not limited to being optimistic. Apart from a handful of countries, some have openly banned the use of any kind of alternate currency ecosystem, citing the risks and illegal activities associated with it. Russia and Bangladesh are some among them.

A simple Wikipedia research might give you a one-liner look at the current Bitcoin policies around the world. But it is Mercator Advisory Group, which have decided to go two-steps ahead to deliver world a smartly researched paper on digital currency regulations around the world. Titled “Global Digital Currency Regulations: Divergent Paths” is an analysis on Bitcoin its growth as a cryptocurrency and trading asset, and mainly its regulations by different countries.

“The global payments industry has been taken aback by the rise of the new payment technology represented by Bitcoin and other digital currencies, which at its core has the potential to radically change the paradigm in which electronic payments are handled. Understandably, the response to this paradigm-changing technology has been mixed among regulators since true understanding of the benefits and opportunities as well as the disadvantages and consequences is hard to come by” says the note’s author Tristan Hugo-Webb, who also is the Associate Director of the International Advisory Service.

Traders and enthusiast, who are hoping to understand the future of cryptocurrency sector within their respective nations, are recommended to go through this paper. Mercator Advisory Group is a world renowned independent research and advisory services firm, with its central interest in payments and banking sector.

It is currently unavailable on public forums, but can be purchased at the Merchant Advisory Group website.


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KnCMiner Says It has discontinued the sales of its Bitcoin mining equipments

By Forexminute - Deepak Tiwari | Bitcoin | Oct 23, 2014 11:38PM BST


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Ditching its customers, Swedish company KnCMiner has discontinued the sales of its Bitcoin mining equipments. Now, the company says it will focus on expanding its data centers to mine Bitcoins and solve similar complex algorithms. The decision by the company has sparked debate whether it is justified in doing this.

KnCMiner which has been setup to create truly ground breaking mining equipment specifically designed and tailored for the Bitcoin market says that it started facing problems when Bitcoin price fell from $1,000 to $300 and customers who bought mining devices from KnCMiner started asking for refund which triggered the company’s latest move.

Till now the company has been offering the equipments that were being used to mine. However, now KnC co-founder Sam Cole says that when the company does not have these customers buy its hardware it becomes a different business model. According to him it becomes much easier, much more open, and more honest.

He added that there’s still going to be $2 billion, at the current price, mined in the next few years. According to him that’s a lot of cash that’s up for grabs and the company is going to do its best to take a decent chunk of it. His company previously raised $14 m in venture capital and is looking for locations in Sweden and Iceland for data centers.

The Decision is for the Greater Interest of the company

Also, the company is eying 20% share in the Bitcoin mining market, which is 15% more than what it mines now. Also, KnC is planning to raise $50 m to build more data centers and develop new mining equipment. Nonetheless, the company which was created as a joint venture between two strong companies, ORSoC AB and Kennemar & Cole AB, expects new operation will be profitable.

The source from company claims that together the company combines different kinds of expertise into KnCMiner which it believes is absolutely critical for a company offering any products and services to the Bitcoin industry. Kennemar & Cole*founder is Sam Cole who has*more than 20 years of expertise and global experience of bringing services and products to market.

Now it has to be seen what would the company that promised that its foundation was to bring high performance hardware products, response be to its existing customers who may face some issues with their Bitcoin mining machines.


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After the Moolah mishap, here comes another event that has a great potential to tarnish the entire cryptocurrency sector. If sources are to be believed, it seems that EquinoxCoin, an altcoin recently distributed via multiple ICOs, is a scam after all.

Announced on August 19th this year, EquinoxCoin was launched as an economic project whose distribution took place in multiple phases, which contains two ICOs that sold 1.3m and 8m units and a free distribution of 1.1m units as well. The first ICO batch was sold for 185 satoshi each through an escrow, while the second one was recently sold for around 800 satoshi per unit through Bittrex, a US-based cryptocurrency exchange. In the meantime, over 13.5m units were destroyed in absence of buyers.

The cryptocurrency was propagated as a fast and decentralized medium to send money to family and friends, or to pay for goods or services anywhere in the world. Upon the launch of their website, EquinoxCoin developers promised that their product will make an impression in the crypto currency market. They further added: “After the long-term analysis of the market we identified the main factors that facilitate progress and regress of the economic structure for such projects. Based on the information obtained our design team has established a new organization called Equinox Management.”

At this point of time, the Equinox Management developers seem to be missing with investors’ money. Their last public interaction is amusingly a couple of fancy images, in which they are holding a champagne at some strip-joint.

The most shocking fact however is related to cryptocurrency reviewing website CoinSource that awarded EquinoxCoin a 6/7 Trust Index Rating. We cannot imagine how many investors considered this rating before investing their money on this scam coin. This whole incident really has jeopardized CoinSource reputation by a notable extent.

Moral of the story: Don’t invest in just any coin with a fancy name and speculative features.



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Bank of Canada Says Currently, Bitcoin Does Not Pose a Risk to Stability in Country


When a lot of governments are banning Bitcoin as they consider that the digital currency is illegal and may cause instability in their economies, the statement from an official from the Bank of Canada has come that says that it is not a concern at least for now. The top official from the national bank said electronic money does not currently pose a risk to stability in Canada.

It has come out that the bank official is Senior Deputy Governor Carolyn Wilkins. She outlined the risks that e-currencies can pose to consumers, such as a lack of recourse if money is lost or stolen or if an exchange fails, as in the high-profile case of Mt. Gox earlier this year. However, it looks for now, she is not bothered much about Bitcoin’s disturbing role.
Talking to media professionals the official gave her opinion wherein she admitted that the evolution of cryptocurrencies such as Bitcoin bears close watching for any threats to the financial system that could arise from more widespread use. However, according to her electronic money does not currently pose a risk to stability in Canada.

Wilkins believes that there could also be ramifications for the central bank if e-money were to gain more widespread acceptance since changes in the benchmark interest rate would have less effect on a system that uses cryptocurrencies alongside the Canadian dollar. Canada was the first country that had got the first Bitcoin ATM at Vancouver.

Bitcoin is not a Reliable Investment Option

Though Bitcoin is popular in Canada, Wilkins believes that in the unlikely situation in which cryptocurrencies were used broadly, a significant proportion of economic transactions would not be denominated in Canadian dollars. Putting her views at Waterloo, Ontario, she said this would reduce the bank’s ability to influence macroeconomic activity through Canadian interest rates.

However, she clarified it that Canada is nowhere near that point that it can be alarming. She believes that as money and payment technologies progress, the Bank of Canada is helping the federal government modernize oversight frameworks. According to her the central bank is also undertaking research on the merits of issuing e-money.

Wilkins said Bitcoin was not a reliable store of value, as its worth soared from pennies to more than $1,100 and then fell back to $300 in just four years.


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Second Bitcoin Auction Wraps Up

The US Marshals Service (USMS) yesterday received more than two dozen bids for 50,000 Bitcoin seized during the FBI’s raid on Silk Road wallets. Lynzey Donahue, a spokesperson of USMS, revealed that that government received 27 bids from a total of 11 bidders. The winning bids will be announced today. Till date, Feds have seized a total of 173,991 BTC, in which 144,336 units belonged to Ross Ulbricht, the alleged owner of Silk Road.

MasterCard Official Goes Harsh on Bitcoin

The MasterCard President for Southeast Asia Matthew Driver played a dirty corporate trick on Bitcoin, when he appeared in a video with an aim to blast out the cryptocurrency from people’s mind. The irresponsible official suggested that cryptocurrencies are too risk to success, whilst also criticized Bitcoin security infrastructure to be severely flawed. He further called Bitcoin’s anonymity “troubling” and said:

“Trust and security, a stable form of value, are incredibly critical if you’re going to be able to gain acceptance for the services you’re looking to provide. The challenge for cryptocurrencies, like bitcoin, is that they’re unstable in terms of their intrinsic value.”

US Congressman Introduces Bill to Protect Cryptocurrencies

Steve Stockman, a Republican Congressman from the State of Texas, recently introduced a pro-cryptocurrency bill, known as Cryptocurrency Protocol Protection and Moratorium Act (or CryptPMA). According to the available reports, this bill not only demands an extension in terms of protection but also require government to classify cryptocurrency as a normal currency.


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CoinJelly, Bitcoin Exchange and Wallet Closes all Users Accounts within 24 Hours

As the ownership of the company changes, CoinJelly’s founder and director Ash King has said that CoinJelly is closing the accounts of users within 24 hours. It has surprised many a users as this has come suddenly as not many of them had thought of any such decision. Interestingly, Ash King does not want to disclose any other facts about the decision.
However, talking to media King said that CoinJelly would not take the wallet down until the company has exhausted all avenues over the coming days to contact users. Also, according to him already, 95% of the Bitcoin owned by the company’s users have been withdrawn, with no one wallet now containing more than 2 BTC.

He also cleared that his company has a small fund to cover any people who may be occupied this week or cannot access their email or phones. CoinJelly, the Australia-based company was launched earlier this year with a lot of fanfare, sent emails to its customers wherein it mentioned that it will need them to remove their coin from their wallet within the next 24 hrs.

The news came to public when a lot of customers started tweeting about the mail and wanted a response from the organization. They showed their concerns about the abrupt decision to stop the services. According to the email sent to existing customers the CoinJelly site would be taken offline at 12:00pm (AEST) on December 12th.

Unprofessional Handling of the Situation

The email further makes it clear that after that point, customers’ coin will not be accessible for anyone including of the company; therefore, they must take the same out. However, at the same time the official website of the company does not display information about the account closures on the home, FAQ or support pages, this is disappointing the users.
Several existing users have complained that they are unhappy about the handling of the situation by the company as according to them giving just 24 hours warning ‘or else lose the Bitcoin’ is not really great and extremely unprofessional. The number of disgruntled customers has gone up as well because a lot of them feel mishandled.

Though CoinJelly marketed itself as “the world’s first insured Bitcoin wallet“, this has proven difficult to verify. After the unprofessional handling of the situation wherein users can lose their Bitcoin, the company says that it may come with any decision regarding future course of action in the next couple of months.


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Attachment 11926

Bill Gates says that if Bitcoin supporters are excited about the potential of the digital currency systems like these as a way to keep fees low and have the system work robustly in the global sense, they should know this won’t be the dominant system. He was talking at the occasion of the promotion for his Annual Letter.

Putting his views on Bitcoin Bill Gates said, “There’s a lot that Bitcoin or variants can do to make moving money between countries easier and getting fees down pretty dramatically. But Bitcoin won’t be the dominant system. When you talk about a domestic economy, you must have the idea of attributed transactions, where if you sent it to the wrong person you could actually get the transaction reversed.”

He further added, “A traditional system doesn’t have this huge fluctuation where the value of your account is going up and down by a factor of two. We need things that draw on the revolution of Bitcoin, but Bitcoin alone is not good enough.” Nonetheless, the critical views from Bill Gates have received mixed reactions from stakeholders.

Bitcoin Could be the Easiest Way to Transfer Money

Bill Gates is not new to Bitcoin. His views about the digital currency have been around for quite some time. He appreciates the revolutionary technology and says that the need to move money from place to place – the cost to do so: the overhead, as anyone puts it – makes him think, believe it or not, of Bitcoin.

According to Bill Gates he believes that some people saying that Bitcoin is the answer to those problems sound right as well. He says that Bitcoin is exciting because it shows how cheap it can be. Also, Bitcoin is better than currency in that anyone does not have to be physically in the same place and of course for large transactions currency can get pretty inconvenient.
Talking about the digital currency Bill Gates says that the customers he is talking about aren’t trying to be anonymous.

In fact, they are willing to be known, so the Bitcoin technology is key, and everyone could add to it or could build a similar technology where there’s enough attribution that people feel comfortable this is nothing to do with terrorism or any money laundering.


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FundedByMe, Swedish crowdfunding platform, launching Bitcoin pilot program

According to an announcement by FundedByMe, a Swedish crowdfunding platform, the company is going to launch a Bitcoin pilot program soon wherein it will allow investors to use the digital currency to purchase stakes in a Bitcoin trading company. The news regarding the development came through a press release from the company.

The press release informs that the company aims to check the interest of paying in the Internet currency. The test will take 45 days and according to Daniel Daboczy, CEO and cofounder of FundedByMe the company sees that among the investors, a great many of them are early-adopters wherein it also knows Bitcoin users are familiar with new inventions at an early stage.

He further adds that this is why the company thought that it may offer both groups something interesting. Nonetheless, the press release also clears that the project would be the first of its kind to be hosted by a major crowdfunding platform and under the pilot project, Safello, a trading company, will accept Bitcoin from investors during its 45-day campaign.

Daniel Daboczy is of the view that FundedByMe is probably the most flexible crowdfunding platform at least in Europe which according to him means it supports investors whoever they are, wherever they are and whatever form they want to transfer their money. Thus, he seems to have sound understanding about the entire venture.

Nonetheless, the Stockholm-based crowdfunding platform, claims that in the last four years it has collected more than 100 000 000 SEK for entrepreneurs based in almost all European countries and some Asian nations. Also, as Daboczy says that the company knows that Bitcoin users are familiar with new inventions at any early stage.

The Decision will further Help Bitcoin Reach to New People

He further makes clear that as the digital currency is still at nascent stage it may offer both groups something interesting. The press release says that the Bitcoin pilot project with the launch of an equity-crowdfunding campaign for Safello, the Bitcoin trading platform, brings greater compliance and security to the Bitcoin industry.

Additionally, as this company also transfers the Bitcoin payments during the pilot project, the press release claims that the pilot project also accommodates the Bitcoin community. Frank Schuil, co-founder and CEO of Safello, in the release says that his organization has already done it in previous rounds of raisin funds.

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BitGo to Provide Seamless and Secure Bitcoin Trading Infrastructure with TradeBlock

Attachment 12966

In a press release, BitGo, the leader in Bitcoin security, announces that it has entered into a partnership with online cryptocurrency data provider TradeBlock. The purpose behind the partnership is to take assistance from TradeBlock’s execution and analysis tools to provide a complete security and transaction solution for private and institutional Bitcoin traders.
At the occasion TradeBlock CEO Greg Schvey said that today’s trading environment demands flexible, responsive and highly connected infrastructure. At the same time it also wants to remain completely secure and in such a situation the two companies that are known in the industry for their solution can serve the purpose well.

He says that the combination of TradeBlock’s execution and analysis tools with BitGo’s class leading multi-signature security creates the most powerful of feature set available to traders today. Nonetheless, the agreement entered into provides that BitGo and TradeBlock will work to create seamless interoperability between the companies’ product suites.

The two companies will be working on to get an easy to integrate system for private and institutional customers. The press release informs that now institutional and individual traders can manage their over-the-counter trading activity and portfolio in a single system that is not just secure but user-friendly as well.

Sharing his views BitGo CEO Mike Belshe said that the increasing pace and heightened stakes of the crypto currency markets is demanding a modular approach to infrastructure. According to him gone are the days when a new startup could spend a year building isolated, one-off transactional infrastructure.

He admitted that BitGo and TradeBlock’s solutions together represent the cutting edge of modular, managed infrastructure. Formed not long ago, BitGo pioneered multi-sig technology in 2013 and since then it has developed a wide range of products and solutions that set the bar for Bitcoin security.

Bitcoin Security will be Higher Priority

At the time when Bitcoin security is becoming a prominent issue, BitGo offers Security as a Service products targeted towards both the consumer and enterprise markets that include API-based security. The Bitcoin management infrastructure and insurance-backed Bitcoin theft and loss prevention is emerging as a popular trend.

Nonetheless, as BitGo and TradeBlock also plan to begin automating other aspects of the trading process, the dream of safe and secure Bitcoin trading would become easy. It will not just be easy for any user to trade Bitcoin but stay assured about the safety and security of their digital currencies.

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The battle to control how people pay for stuff is heating up and Goldman Sachs wants a piece of the action.

Attachment 13196

In its first publicly announced bitcoin-related investment, Goldman said on April 30 that it co-led a $50 million financing round for Circle, a bitcoin startup led by serial tech entrepreneur Jeremy Allaire. The startup offers a new digital wallet meant for everyday consumers. China’s IDG Capital Partners was the other lead investor on the round, which brings Circle’s valuation to what Fortune estimated at $200 million.

Allaire says nefarious behavior among early bitcoin adopters drove away mainstream consumers from the crypto currency. But every new investment from Wall Street bigwigs like Goldman Sachs, “brings more legitimacy to the space,” Allaire tells Quartz. (It doesn’t hurt that Circle and Goldman share a board member.)

“We want to get people to think of transferring value as something as easy and utilitarian as sending an email,” Allaire says.

The recent cash infusion, Allaire says, will focus on international expansion and greater adoption of the service for both bitcoin and other currencies, such as the US dollar and Chinese yuan.

Circle offers free money transfers for people who download the app by hooking up their bank accounts or bitcoin wallets to the service. Unlike services like Venmo and PayPal, the app can send money to people with any digital wallet, not just Circle account holders. While money transfers at traditional banks can cost $15 to $60 and take two to three days to clear, Circle transfers the money instantly.

But by offering the service for free, there’s little prospect for turning a profit anytime soon—a point Allaire shrugs off with little concern. “When [venture capitalist and early Facebook investor] Jim Breyer invested in Facebook, he wasn’t focused on generating revenue,” he says.

the source

Attachment 13769

After two years of debates and revisions, the New York Department of Financial Services (NYDFS) today released BitLicense, the world’s most awaited Bitcoin regulatory framework that many experts believe could be a prototype for other state regulators.

Mr. Benjamin Lawsky, the soon-to-be former Superintendent of NYDFS, dictated the law during a speech in Washington DC. The new rules, as said by the regulator, were focused on businesses which hold customers’ funds, and also those which offers digital currency to fiat exchange services. As per the speech,*these kind of firms*are told to obtain a special DFS license, and are further asked to keep their license up to date with regards to the laws related to consumer protection, anti-money laundering, change of ownership, and amongst others.

BitLicense meanwhile brought some optimistic amendments for the technology-centered businesses, ensuring a space for innovation that most of the earlier critics questioned. Lawsky acknowledged Bitcoin as a never-seen-before technology which cannot be caged into the traditional money-transmission laws. He therefore excused tech firms from obtaining permissions when it comes to introducing software updates and organizing capital funding rounds.

Lawsky further excused students and innovators from obtaining the Bitcoin license, until and unless they become a financial intermediary. “There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so – it accepts the need for heightened regulatory scrutiny to help ensure that a consumer’s money does not just disappear into a black hole,” he added.

No Duplicity

Lawsky meanwhile also excused the Bitcoin companies from submitting Suspicious Activity Reports (SAR) to NYDFS, saying that such information can also be obtained by the federal regulators.

“Our goal is to avoid duplication where possible,” he said. “And we generally already have access to that information when we need it through information sharing arrangements with federal regulators.”

The BitLicense comes at a time when Wall Street is already showing immense interests in experiment with the digital currency technology. In last few months, America’s leading stock exchanges Nasdaq and NYSE has joined the Bitcoin club, while the investments into the sector has also surged impressively from last year.

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Digitsy Inc. announced cloud based service namely EscrowBytes. This service is going to enable any person with phone to make money by selling videos to news institutions around the world. The posters do not need credit card or bank account to get paid because they will get paid before buyer gets the video:

"No need for a credit card or bank account. You get paid before buyer gets your video. Upload a video, EscrowBytes will do the rest."
"EscrowBytes reduces the risk of fraud for both buyers and sellers. As a trusted third party, EscrowBytes stores digital video files uploaded by sellers, and releases those files to buyers after payment is confirmed. The process is very fast, allowing real time processing of breaking news stories from around the world."


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