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Today 159 news :


  • Re: [ANN] FACTOM - Introducing Honesty to Record-Keeping , 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    Yap, this means Factom s slowly specialising into specific industies requiring a lot of data entry and preservation. Good stuff.
    Moreover this also means they ve got lot of money to spend.

    If I were these three execs, I d ask part of my salary to be in... Read more
  • Underpaid Invoice, par Javor Kostov, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin questions on Stack Exchange :: RSS
    I happened to pay a little less bitcoins than needed for my transaction (i didnt counted the currency difference) and the merchant said it was possible to either send me less of what i am buying or he can refund my transaction. Since then I received no answer and now i am waiting more than 24h (...) Read more Javor Kostov
  • What the IRS Summons Will Mean for Coinbase Users, par Daniel Winters, 3 December 2016

    Saturday 3 December 2016 :: CoinDesk :: RSS
    Tax expert Daniel Winters explores the bigger picture behind the IRS summons for Coinbase data.
    Source Read more Daniel Winters
  • Re: [ANN] FACTOM - Introducing Honesty to Record-Keeping , 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    Expansion is a good sign. Reputable people don't start careers in a failing company as well as if you read a little into it, big things are being planned as well as diversification in product target fields. Whatever the short term market does, long ter... Read more
  • Re: BomberCoin - fun time based game I made, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    This is good..Like TheBomb on Reddit.

    But I think,0.01 is too much..
    You should lower the cost. Read more
  • How behavioural economics and robo-advice change cost income strategies, 3 December 2016

    Saturday 3 December 2016 :: Finextra Research Online banking channel :: RSS
    In the words of Steve Jobs you need to “get closer than ever to your customers. So close that you c.... Read more
  • Banking in India Right Now (via YouTube with Audio), par /u/Bidofthis, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin on reddit :: RSS
    Banking in India Right Now (via YouTube with Audio) submitted by /u/Bidofthis
    [link] [comments]
    Read more /u/Bidofthis
  • Federal judge orders Coinbase to turn over bitcoin user data, par /u/bnc-, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin on reddit :: RSS
  • Zimbabwe Unleashes New Dollar-Pegged Currency, Should Switch to Bitcoin Instead, 3 December 2016

    Saturday 3 December 2016 :: Google News Alerts - bitcoin :: RSS
    Zimbabwe has begun printing bond notes, allegedly pegged to the US dollar, as a means to curb inflation, as other countries turn to Bitcoin. Read more
  • A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his ..., 3 December 2016

    Saturday 3 December 2016 :: Google News Alerts - bitcoin :: RSS
    The firm took off, attracting investors like the Winklevoss twins, and helping popularize bitcoin. Then, his whole world came crashing down. He was ... Read more
  • A 26-year old Bitcoin entrepreneur was handed prison time, and the experience only confirmed his belief in the cryptocurrency, par Tina Wadhwa, 3 December 2016

    Saturday 3 December 2016 :: Business Insider: Bitcoin :: RSS
    charlie shrem
    The rise of 26-year old Charlie Shrem was swift. So was his fall.  
    The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like the Winklevoss twins, and helping popularize bitcoin. 
    Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time. 
    He had "knowingly transmitted money intended to facilitate criminal activity– specifically, drug trafficking on Silk Road," according to a press release by the United States Attorney's Office, Southern District of New York.
    Shrem got of prison earlier this year, and his experience there hasn't deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard and mackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system. 

    A computer geek


    Shrem opened up about his prison experience and his past on Wall and Broadcast, a podcast hosted by TABB Group COO Alex Tabb, TABBForum producer Anna Stumpf and Vested CEO Dan Simon.
    Raised in a deeply religious orthodox Jewish household, Shrem describes himself as an "outcast" at Yeshiva high school. "I just loved computers," he said in the podcast. "I would hang out in the internet chat rooms and all of the places where all socially awkward people hang out." 
    Shrem first heard about the concept of Bitcoin from a friend in an internet forum he was a part of.  "There was no website or anything," he said in the podcast. "Only a white paper," referring to the research paper released under the pseudonym Satoshi Nakimoto that unveiled the concept. 
    Bitcoin is a digital currency in which transactions occur peer-to-peer, meaning no government or third party is involved. Shrem was immediately interested and purchased a few thousand bitcoin - at the time worth very little. 
    Austrian parliamentHe caught the entrepreneurial bug early, founding Daily Checkout, a daily deal website that sold refurbished used goods, at 18. He also attended night school at Brooklyn College and got introduced to the Austrian School of Economics, an economic theory that promotes laissez-faire ideals and the elimination of government intervention. 
    In his mind, something clicked. "I realized that bitcoin was taking all of that Austrian economic theory and putting it into practice," he said in the podcast. 
    It was on Bitcointalk.org that he got the idea for a way to make the purchasing of bitcoin faster and more accessible to the every day consumer. He launched BitInstant, which partnered with payment processors that had physical locations at CVS, Duane Reade, Walmart, Walgreens and 7-11, among others. The site allowed people to buy small amounts of bitcoin (with an average ticket size of $300-500) and charged customers a small fee for each transaction.
    "Within a few months, we enabled people to be able to buy bitcoin at almost a million locations in the US," Shrem said in the podcast. "And overnight volume exploded."
    The company achieved an average growth rate of 1.5x per month, according to Shrem, with advertising limited to word of mouth. At one point, the company was facilitating transactions worth a million dollars a day, he said.
    The growth of BitInstant attracted investors like the Winklevoss twins and angel investor Roger Vere. They moved into bigger offices, shrouded in secrecy. "We needed an army security guard, our own floor, and shaded windows," he said.
    Soon the two man band become a 30 person office, and he admits in the podcast interview that he let the success get to his head.
    Entrepeneurs Tyler and Cameron Winklevoss arrive at the Metropolitan Museum of Art Costume Institute Gala (Met Gala) to celebrate the opening of "I started drinking too much," he said. "I invested in my friend's nightclub. In fact, I lived upstairs in the nightclub."
    The fall of BitInstant was just as quick as its rise.

    The fall of BitInstant


    In March 2013, regulators enforced a ruling that outlined what type of companies were now considered money transmitters.  
    Suddenly, BitInstant was operating without a license. "We couldn't take the risk of operating illegally," Shrem said in the podcast,  "so we shut down...It was heartbreaking." 
    Eight months later, Shrem travelled to Amsterdam to speak at a conference. It was when he returned to JFK airport that he was confronted by a dozen law enforcement officials, a joint task force of the FBI, IRS, DEA and other officials, he said in the podcast. 
    Shrem had knowingly facilitated transactions to a re-seller, Robert Faiella, whose customers were using the Silk Road, an underground bitcoin only marketplace where people buy and sell illegal drugs. The re-seller was also trying to deposit more money than the new money transmitter laws allowed for, and these transactions were done behind the scenes to get around reporting requirements.
    On September 4 2014, Faiella and Shrem both pled guilty in connection with the sale of approximately $1 million in bitcoins for use on the Silk Road website.
     “Robert Faiella and Charlie Shrem opted to travel down a crooked path – running an illegal money transmitting business that catered to criminals bent on trafficking narcotics on the dark web drug site, Silk Road," Prett Bharara, United States Attorney for the Southern District of New York, said in a statement at the time. 
    Shrem, who was also Chief Compliance Officer of BitInstant and thus in charge of compliance with federal anti-money laundering (AML) laws, was fully aware that Silk Road was a drug-trafficking website and that he was operating a Bitcoin exchange service for Silk Road users.
    Nevertheless, he "knowingly facilitated Faiella’s business with the company in order to maintain Faiella's business as a lucrative source of revenue, " according to the court report.
    "Even though it was Shrem’s job to enforce the Company’s AML restrictions...[he] failed to file a single suspicious activity report with the US Treasury Department about Faiella's illicit activity...and deliberately helped Failla circumvent the Company’s AML restrictions."
    Shrem knew what he was doing, he said in the podcast, and he admits his guilt.

    prisonDigitizing the Prison Economy


    Prison "was no country club, but it wasn't Rikers Island either," he explained in the podcast.  
    One out of every ten prisoners were white collar criminals - a state senator, a judge, and a few law enforcement officials were among his group. They were all nonviolent offenders so the fear wasn't as great as in maximum security persons. 
    That's not to say it was easy settling in. 
    "Everything here is word of mouth," he said in the podcast. "There is no Google, information is trickling in. I think the hardest part is learning to use my own resources to grow, and not the internet." 
    On the outside, he had this Bitcoin celebrity status, he said, and in the prison, nobody knew him nor did they care about him. "I needed to humble myself."  
    Of particular fascination to Shrem was the prison currency system, which involved bartering mackerels. According to an article in the Wall Street Journal, there has been a mackerel economy in federal prisons since about 2004, when federal prisons prohibited smoking and, by default, the cigarette pack, which was the earlier gold standard. Prisoners need a proxy for the dollar because they're not allowed to possess cash.
    Every inmate can only buy 14 mackerels per week, said Shrem, so there is a certain number in circulation in the prison. Also, not all mackerels are created equal. The fish expire after about 3 years, after which their value depreciates. Expired mackerels, referred to as "money macks," retain 75% of the value of the "eating macks," or non-expired fish, explained Shrem. There were currency exchanges between the two, and everything had two prices in the prison. 
    mackerel fishOne day, a large number of mackerels were confiscated by prison guards and left out for any prisoner to take. Overnight, the guards essentially introduced hyperinflation, said Shrem, and flooded the market. They lost all of their value. 
    This got Shrem thinking. He started to think about the value of digitizing the prison economy and putting it on the blockchain. 
    If there was a shared, distributed ledger among say a dozen inmates,  everyone would have a real-time record of all transactions that occurred in the prison. All members would have to verify and validate a transaction to make sure it was legitimate before taking place.
    "Everyone has a financial incentive to make sure the system maintains its integrity," said Shrem. 
    The experience reminded him of how blockchain could not only be useful, but also necessary - not only in the financial services world, but in the prison world. "It avoids the guards having power over the value of the mackerel. 
    Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues.  He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal." 
    Despite Shrem's optimism, the hype around Bitcoin seems to have died down from initial levels. Now, the investment and the excitement seems to be focused on the blockchain, the technology behind bitcoin.
    Digital currencies have also been challenged by recent security issues. In August, hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. And in June, hackers stole $55 million worth of ether, a bitcoin rival. The nonprofit that runs ether, Ethereum Foundation, just rolled back the chain. It's as if the hack never took place, and business returned to normal. But that worries purists like Shrem. 
    He continues to be a staunch believer in the integrity of the blockchain and denounces Ethererum's decision to roll back the chain, even though he said he is friends with the founder.   "Once you change the ledger for one specific reason, then you've already set the precedent." 
    "I used to be a bitcoin maximalist, thinking bitcoin is the one and only blockchain," he said to Wall & Broadcast. "Now I believe that alternate chains can and do exist." 
    Join the conversation about this story »
    NOW WATCH: The real estate tricks billionaires use to sell their penthouses faster and for more money Read more Tina Wadhwa
  • 2+2=5 Your Gold is Safe: Gold Confiscation begins in India, par /u/Bidofthis, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin on reddit :: RSS
    2+2=5 Your Gold is Safe: Gold Confiscation begins in India submitted by /u/Bidofthis
    [link] [comments]
    Read more /u/Bidofthis
  • Re: [INVITE-ONLY] ⭐⭐ CryptoForum.net ⭐⭐, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    I have now removed the invite only status. Feel free to lurk, get a feel for the forum and make your choice whether or not to register. Again, if any of you have concerns, don't hesitate to ask!! Looking forward to seeing you over there, thanks. Read more
  • Re: [ANN] FACTOM - Introducing Honesty to Record-Keeping , 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    Factom, Inc. Welcomes Three Veteran Executives

    Mahesh Paolini-Subramanya comes to Factom from Cielo24, a media intelligence company, where he served as EVP. He has also held positions as VP of R&D and head of Cloud-teams at Ubiquiti Networks, a ... Read more
  • Re: [INVITE-ONLY] ⭐⭐ CryptoForum.net - $1500 GIVEAWAY ⭐⭐, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin Forum - Project Development :: RSS
    Thanks for your reply.  

    Can you tell us what escrow is holding the $1,500 cash prize?  I'm not sure if you are aware, but we recently had a scammer who promised $50 for 35 p...
    Read more
  • Re: Woderful Fun-casino., 3 December 2016

    Saturday 3 December 2016 :: bitcointrading.com forums :: RSS
    Fun-Casino October 14 ? December 2 Revenue Update. Good news for all FUNC holders ? FUN-CASINO is on its way to recover with the Casino Revenue! For now, on December 2, FUN-CASINO revenue is ... Read more
  • How to donate and spread Bitcoin in Venezuela - vemine.org, par /u/isysd, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin on reddit :: RSS
  • What 30$ looks in Venezuela's Currency., par /u/AndreAbdel27, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin on reddit :: RSS
    What 30$ looks in Venezuela's Currency. submitted by /u/AndreAbdel27
    [link] [comments]
    Read more /u/AndreAbdel27
  • Bitcoind Error: Prev block not found node does not finish syncing, par onefox, 3 December 2016

    Saturday 3 December 2016 :: Bitcoin questions on Stack Exchange :: RSS
    I started up an old node (v13.0) and let him try to catch up. But some days into the sync it fails with the following error: 2016-12-02 23:04:11 ERROR: AcceptBlockHeader: prev block not found 2016-12-02 23:04:11 ERROR: ProcessNewBlock: AcceptBlock FAILED 2016-12-02 23:04:11 Misbehaving: (...) Read more onefox
  • Bitcoin Prices Surge Past $770 But Fall Just Short of 2016 High, 3 December 2016

    Saturday 3 December 2016 :: Google News Alerts - bitcoin :: RSS
    Prices remained above $700 all week and only briefly fell below $725, CoinDesk USD Bitcoin Price Index (BPI) data reveals. Bitcoin prices have been ... Read more
  • Bitcoin Prices Surge Past $770 But Fall Just Short of 2016 High, par Charles Bovaird, 3 December 2016

    Saturday 3 December 2016 :: CoinDesk :: RSS
    Bitcoin prices neared $780 this week, coming within 1% of their annual high after lingering above $700 for more than two weeks.
    Source Read more Charles Bovaird
  • Chandler Guo to Bitcoin Community: Avoid a War Over Block Size, 3 December 2016

    Saturday 3 December 2016 :: Google News Alerts - bitcoin :: RSS
    Chandler Guo, a known Bitcoin and Ethereum startups investor, compares Bitcoin with Trump, Ether with Hillary and suggests block size could be ... Read more
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