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Post by infohelps on Apr 6, 2013 12:10:16 GMT 4
Bitcoin (sign: BTC) is a decentralized digital currency[9][10] based on an open-source,[11] peer-to-peer internet protocol. It was introduced by a pseudonymous developer named Satoshi Nakamoto in 2009.
Has anyone experience with bitcoin?
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Post by Noor on Apr 6, 2013 12:18:51 GMT 4
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Post by resistk on Apr 9, 2013 5:41:04 GMT 4
Bitcoin is generally used for transactions where currency would be disadvantageous. I have seen where a very few vendors are accepting it as well.
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Post by Sapphire Capital on Apr 11, 2013 5:34:52 GMT 4
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Post by Sapphire Capital on Jun 26, 2013 8:25:30 GMT 4
California's Department of Financial Institutions has issued a cease and desist letter to the Bitcoin Foundation for "allegedly engaging in the business of money transmission without a license or proper authorization," according to Forbes. The news comes after Bitcoin held its "Future of Payments" conference in San Jose last month. (The license information is available on CA.gov and Forbes placed the cease and desist letter on Scribd.)
If found in violation, penalties range from $1,000 to $2,500 per violation per day plus criminal prosecution (which could lead to more fines and possibly imprisonment). Under federal law, it's also a felony "to engage in the business of money transmission without the appropriate state license or failure to register with the US Treasury Department," according to Forbes. Penalties under that law could be up to five years in prison and a $250,000 fine.
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Post by Arah on Jul 1, 2013 2:26:15 GMT 4
U.S. feds make their first-ever Bitcoin seizure
It may be the currency of the future, but it now appears that Bitcoin is not immune to the U.S. government's prying eyes and hands — especially when it's being used to fuel black market activities.
A few days ago, the federal Drug Enforcement Agency announced that it had seized 11.02 bitcons (~USD$814.22) from South Carolina's Eric Daniel Hughes, who was trying to buy illegal substances with the digital currency. It's the first time this has ever happened, setting a very important precedent in this emerging area.
So, while the government doesn't print or regulate Bitcoin, it can still seize it — prompting some experts to ask, how the hell did they do it?
According to Let's Talk Bitcoin, a DEA agent could have taken control of a computer with an unencrypted wallet and transfer the amount to a DEA controlled wallet. Or the DEA could have set up a "honeypot" trap at the popular Silk Road "anonymous marketplace" — an Internet safe haven prone to black market activities. And in fact, Bitcoin is regularly used to purchase illegal items through this back channel. If that's the case, Hughes would have unknowingly transferred the Bitcoins directly to the DEA. Ouch.
Let's Talk Bitcoin suspects it was the honeypot scenario, as the sender-address was not emptied into the "DEA" account.
All this shouldn't come as a complete surprise. It was naive to think that Bitcoin could somehow escape the system — even if the seizure was orchestrated by a kind of trick.
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bitcoin
Nov 20, 2013 19:40:47 GMT 4
Post by infohelps on Nov 20, 2013 19:40:47 GMT 4
Bitcoin reached the $900,00, last night
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bitcoin
Nov 21, 2013 10:27:20 GMT 4
Post by miriammuraba on Nov 21, 2013 10:27:20 GMT 4
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bitcoin
Nov 22, 2013 18:36:30 GMT 4
Post by infohelps on Nov 22, 2013 18:36:30 GMT 4
www.bbc.co.uk/news/technology-24986264The value of virtual currency Bitcoin has soared to over $900 (£559), after a US Senate committee hearing. The committee was told that virtual currencies were a "legitimate financial service" with the same benefits and risks as other online payment systems. The Homeland Security and Governmental Affairs Committee is exploring the "promises and risks" of Bitcoin for "government and society at large". The currency has more than trebled in value since October.
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bitcoin
Nov 22, 2013 22:37:13 GMT 4
Post by Omar on Nov 22, 2013 22:37:13 GMT 4
all hype
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Post by Omar on Dec 21, 2013 8:21:47 GMT 4
China’s central bank has ordered third-party payment agencies — which provide clearing services for bitcoin exchanges — to stop any “custody, trading and other services” related to the virtual currency, according to a report Tuesday by Yicai.com. The Chinese website — which is affiliated with the China Business Network TV station – added that platforms were told to end working relationships with virtual currency exchanges before Chinese New Year which commences at the end of January.
Zhou Jinhuang, the deputy director of payment clearance at the People’s Bank of China is reported to have chaired the closed-door meeting on Monday when more than 10 third-party payment platforms were given the news. Attendees included a representative from Alipay, which is China’s leading third-party online payment solution, according to its website.
Bobby Lee, CEO of BTC China had this to say:
“They essentially have cut us off from allowing customer deposits into BTC China’s bitcoin exchange,” he said. “Customers don’t have to worry, the deposits are still here, the withdrawals will still be allowed. So there’s no need to panic on that.”
Lee added that he believes the recent clampdown is not due to government officials in the country fearing that bitcoin is helping customers to move yuan out of China. “Bitcoin exchanges are legal…so our business model is still valid but we’re under some pressure in terms of being able to work with third-party payment companies. So we’re looking for alternatives,” he said.
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