Thursday, April 17, 2014

Let’s Talk Bitcoin – E101 – The Why of Bitcoin

Monday, April 14, 2014

Russia Reconsiders Bitcoin? / byValentina Lukin / Posted 12 April 2014 19:12 GMT

In connection with American sanctions against the Kremlin for its actions in Ukraine, MasterCard and Visa have stopped processing certain transactions in Russia. The move has inspired some digital currency enthusiasts to propose Bitcoin, the world’s leading crypto-currency, as a solution to Russia’s monetary problems.

Bitcoin’s popularity in Russia is not universal.In January, the Central Bank warned that the government would treat any use of Bitcoins as potential money laundering or terrorist financing. Months later, however, officials softened their position on the digital currency, refusing to endorse a full ban on Bitcoins. Regulation, not prohibition, was now the word of the day. - READ MORE

Friday, April 11, 2014

Cryptex Bitcoin Cards Said to Work in 90% of ATMs in U.S / By Leon Pick on April 8, 2014

In addition, just as the card serves smaller markets still without Bitcoin ATMs, so also it will come in useful in markets where people don’t have access to banking services or can’t afford bank accounts.

So how can a standard ATM support such cards from a previously unknown brand? The card is apparently tied to China’s UnionPay, which works anywhere Discover is accepted.

We’ve previously discussed UnionPay’s prevalence in helping the Chinese skirt tight currency controls, and how this may contribute to lessening the allure of Bitcoin for doing such in and around China. Perhaps now, UnionPay’s facilitation will reverse such a trend. - READ MORE

Wednesday, April 9, 2014

Bitcoins & Gravy #10 – Nashville Bitcoin Meetup & Bitcoin Tax Advice

Politics Of Bitcoin

Politics Of Bitcoin

Einsteinium: Creating Wormholes and Epochs In Scrypt Mining

einsteinium, emc2, btc, finance, litecoin, BTC, crypto currency, dogecoin, latest bitcoin news, mintcoin, BITCOIN mining, money, cosmoscoin, cryptogenic bullion, ASIC Mining
Armaan Chandnani 08/04/2014 What is Einsteinium?

Einsteinium is an altcoin using a Scrypt PoW algorithm with approximately 300 million coins, short named as EMC2. Einsteinium is unique on its own due to a very interesting halving system, and the mining itself is divided in what they call as Epochs. An epoch lasts for 36000 blocks as well as 25 days. The mining of Einsteinium lasts for 730 Epochs in which block rewards are lowered. I find this to be a very nice idea, it is nothing I have seen before to divide the mining in certain stages in which halving happens as well as to have events during mining in which miners are rewarded for their effort. This is explained below in what is called “Wormhole Events.”

Einsteinium’s Wormhole Events

Wormhole events are another unique feature with Einsteinium. The explanation from the announcement thread: During every Epoch starting from the second Epoch through to Year 10 a random Wormhole Event will occur. A Wormhole Event is 180 blocks long with a reward of 2973 Einsteinium per block. This is a fixed value reward irrespective of the current block reward and replaces the standard reward for that block. A Wormhole Event is randomly generated and can start at any time during an Epoch, but will ALWAYS be 180 blocks long. At the time of posting, one wormhole event has taken place between blocks 42206 and 42386. As the reward of the coin lowers, wormhole events will reward miners with a substantially higher block reward compared to normally mining it.The reward system is a very nice incentive to keep people mining, and I think it will make support by miners for Einsteinium to be very high. - READ MORE

Tuesday, April 8, 2014

New Cryptocurrency Einsteinium Supports Ground Breaking Scientific Research

April 7, 2014 12:00 AM - The Einsteinium Foundation was founded to help raise funding for cutting edge scientific research. The Foundation recently launched Einsteinium: a new cryptocurrency to gather funds that can be distributed to projects the community chooses.

New Cryptocurrency Einsteinium Supports Ground Breaking Scientific Research - btc, finance, litecoin, BTC, crypto currency, dogecoin, einsteinium, emc2, latest bitcoin news, cryptogenic bullion, ASIC Mining

April 7th, 2014 / Dedicated to raising funding for cutting edge scientific research worldwide, The Einsteinium Foundation has just released an unprecedented digital currency: Einsteinium (EMC2). With EMC2 the Foundation aims to finance important world changing scientific research worldwide, with projects receiving monthly donations – determined by a community based voting system. EMC2, similar to Bitcoin, is an emerging scrypt based cryptocurrency with no premine, based on a proof-of-work algorithm.

The Einsteinium Foundation pledged their first financial contribution on the 29th of March to an important scientific research program: Walter Moss, a post-doctoral researcher in the lab of Prof. Joan A. Steitz at Yale University, received 526314.56 EMC2 (approx. $1,000 in USD) for his work researching if viral molecular structures can cause cancer. The Einsteinium Foundation will deliver the funds to Walter Moss via crowd funding site more information on his important work can be seen at To help Walter Moss reach his funding goal, the Foundation also raised an additional 300 000 EMC2 – approximately $600 USD. - READ MORE

Value of One Bitcoin May Reach One Million Dollars, Says CEO of Xapo

ASIC Mining, BITCOIN mining, BTC, crypto currency, dogecoin, einsteinium, emc2, finance, latest bitcoin news, litecoin, mintcoin, money, cosmoscoin, cryptogenic bullion / By Forexminute – Deepak Tiwari | Bitcoin | Apr 6, 2014 10:37AM BST

Wences Casares’ Twitter handle says he is a ‘Bitcoin Fan Boy’ and after reading his several tweets it looks he is one huge fan and follower of anything Bitcoin, undoubtedly. However, he is in the news not just for his appreciation for the digital currency but for something that every Bitcoin supporter thinks is implausible.

Mr. Casares who co-founded and is the CEO of Xapo, a Bitcoin startup, says that the real value of Bitcoin may go up to one million dollars. This has though surprised many; it is quite possible if he is to be believed. His company provides insured Bitcoin vaults, has emerged as a leading name in the industry. Recently, he raised $20 million in a funding round led by Benchmark. - READ MORE

The Altcoin Debate Continues

BTC, crypto currency, dogecoin, einsteinium, emc2, finance, latest bitcoin news, litecoin, mintcoin, money, cosmoscoin, cryptogenic bullion, ASIC Mining, BITCOIN mining / By Vitalik Buterin / April 7, 2014

Altcoins, or alternative cryptocurrencies such as , Primecoin and Dogecoin, have always been a popular and controversial topic in the Bitcoin space. The purpose of most of these currencies is to offer small modifications from Bitcoin proper, including faster confirmation times, attempts at socially useful mining algorithms and different monetary policies such as fast exponential decay, quadratic decay and even infinitely linearly growing supply, and investors and users of the coins believe that these additional features and modifications will make the currencies either overtake Bitcoin or at least survive in some niche. Detractors, on the other hand, argue that Bitcoin’s network effect is too large, and altcoins do not provide nearly sufficient value over Bitcoin to ever take over to any significant extent.

Daniel Krawisz from The Mises Circle has taken the lead in the anti-altcoin faction, with two lengthy articles written on the subject in the last few months. The first article, The Problem With Altcoins, introduced the issue of network effects, the property of interaction protocols such as social networks, file formats, currencies and languages to become intrinsically more valuable the more users they have, as an argument for why one currency succeeding is the only stable state, and used various arguments to attack individual altcoins. I later wrote a response, and Krawisz’ second article, The Coming Demise of the Altcoins, was in part a response to my response, expanding on his reasoning as to the exact nature of the network effect that he was describing. - READ MORE

Monday, April 7, 2014

Bitcoin Mining Explained / April 4, 2014 - Bitcoin Mining In a Nutshell

To put it simply, mining is the process of solving math problems. It results in issuing the digital currency also known as cryptocurrency (because the process involves cryptography to control the issuance and transfer of money) named Bitcoin. The speed of this process is measured in hashes/second. Gigahash equals 1,000,000,000 hashes per second.

The process has come a long way: we’ve witnessed a switch from CPUs (central processing units) to GPUs (graphics processing units), and eventually to ASIC – Application-Specific Integrated Circuit chips. This hardware has proven successful for BTC mining, as it used less power and thus made the process faster and more cost-efficient. This is where comes into play. - READ MORE

Bitcoin Arrives in Vietnam / By Victoria van Eyk / April 4, 2014

The idea to expand into Vietnam was developed over a bitcoin-purchased beer in an Israeli bar. Eli’s friend, Dominik, a German bitcoiner, understood the opportunity for bitcoin in Vietnam, as his wife is Vietnamese. Both men saw the opportunity to implement Eli’s coveted technology in Vietnam and overcome the language barrier by using Dominik’s unique connection: “The main problem is the language barrier. We will supply the technology, and Bitcoin Vietnam Co. Ltd will supply the presence. [When] they have a site in place that communicates in Vietnamese and trades bitcoin [using our technology], it will be a great success.”

Bit2C’s stress-tested and proven technology comes at a dire time for Vietnam. The country is a quickly-expanding market, with over 80 million people suffering from the effects of inflation: “a big percentage of [Vietnamese people] h

ave money, but don’t know where to put it,” Eli explains. “Real estate is [expensive] there, and the price of living is very high [due to] inflation.” Adopting bitcoin allows Vietnamese people to retain the value of their money. - READ MORE

The Bitcoin Group #24 (Live) — Walmart Sues Visa — Square Accepts — Mt. Gox — Bitcoin Sports

The Bitcoin Group #24 (Live) — Walmart Sues Visa — Square Accepts — Mt. Gox — Bitcoin Sports

Saturday, April 5, 2014

Bitcoin believers: Why digital currency backers are keeping the faith

btc, finance, litecoin, BTC, crypto currency, dogecoin, einsteinium, emc2, latest bitcoin news, mintcoin, BITCOIN mining, money, cosmoscoin, cryptogenic bullion, ASIC Mining /By JEFF GRAY / Saturday, Apr. 05 2014, 5:00 AM EDT

“It’s like a cult,” consultant William Mougayar says over the din at the meet-up. “You say you are coming from this other [bitcoin centre], and they welcome you and give you a tour.”

Those who attend the meet-ups say that right now is a special moment for digital currencies – a moment akin to the early days of the personal computer or Internet, when an interesting bit of technology finally achieves the power to burst beyond a small group of enthusiasts and create new companies and new fortunes. Many of the regulars at the meeting are bitcoin evangelists, who are working flat out on new businesses, ranging from bitcoin exchanges to a new generation of digital currency technology, a kind of bitcoin 2.0.

But as bitcoin pushes for mainstream recognition, it is facing, for the first time, mainstream scrutiny – and many people don’t like what they see. The world’s largest bitcoin exchange, Mt Gox, collapsed in February after an attack by hackers, resulting in an estimated loss of about $500-million (U.S.). - READ MORE

Thursday, April 3, 2014

US Bitcoin Exchanges are Poised for a Breakthrough

finance, latest bitcoin news, litecoin, BTC, crypto currency, dogecoin, einsteinium, emc2, mintcoin, money, cosmoscoin, cryptogenic bullion, ASIC Mining, BITCOIN mining / Posted on April 2, 2014 / by Guest Contributor

When bitcoin first jumped on the scene a couple of years ago, exchanges tended to avoid the US due mainly to regulatory uncertainty. Even with the fall of MtGox (Japan), the biggest volume is still done outside the US by exchanges like Bitstamp (Slovenia), BTC-E (Bulgaria), BTC China, and Bitfinex (Hong Kong). However, with regulation in the states starting to become more and more lucid, we’re beginning to see some players emerge. I’m going to exclude Coinbase in this discussion because they act more like a online wallet than a standard exchange. Most US exchanges do not have the volume yet to compete with the bigger foreign exchanges, but let’s take a look at some of these emerging United States based exchanges and what kind of odds they are up against.

Kraken is an exchange out of San Francisco that is known for dealing a large volume in Euros. They are designed primarily as an investment account rather than a wallet, and their CEO is very candid and outspoken. Part of the problem they have had gaining a bigger foothold in the US is that they are not willing to take on trading in USD in many states until they are completely compliant and feel confident in doing so. While they may lose out on the first mover advantage, this strategy could pay off in the long run. In addition, they just passed an audit proving they have 100% of funds and are completely solvent. Investors are taking notice, and Kraken was recently granted a 5 million dollar investment from Hummingbird Ventures. Ever since the MtGox and the transaction malleability debacle, Kraken has been a bitcoin media darling for how they’ve handled things, and their stock is certainly on the rise as they continue to focus on compliance. - READ MORE

Ed & Ethan 103 The Ed and Kyler Show with Yaël Ossowski

- Ethan is out today so Ed and the new chase producer Kyler have taken over the show! We begin with a discussion about California Senator Yee (D), who has been one of the strongest anti-gun voices in California for many years now, and has been indicted on charges of trying to sell more than 2.5 Million dollars worth of military grade weapons to an undercover federal officer. 
- We then move to news about California Senator Feinstein (D), and her "Free Flow of Information Act" which attempts to redefine free speech as a privilege rather than a right. The bill apparently has enough votes to clear the senate.
- We end the first segment of the show with several stories about the NSA. Most notably Google announcing recently that they will begin encrypting all G-mail interactions, and a statement made by Michigan Congressman Justin Amash ( R) yesterday concerning the "End Bulk Surveillance Act"

Tuesday, April 1, 2014

Jack Dorsey’s Square accepts bitcoin, could signal encrypted currency arms race / By Michael del Castillo / March 31, 2014, 5:47pm EDT

The UpTake: Even as the government makes it more difficult to spend encrypted currency, private companies are making it easier. Who will win is anyone’s guess.

Update: A Square spokesperson said the company is accepting bitcoin using the Coinbase platform, and unlike many other bitcoin payment processors, will charge 2.75 percent instead of 1 percent, according to a Re/code report.

The IRS seems hellbent on making bitcoin unusable for casual transactions, but private industry today picked up the slack by making it easier than ever for the millions of people who use Square, the payment processing app co-founded by Jack Dorsey. - READ MORE