Category Archives: Cryptocurrency

BitCoin, LiteCoin, etc.

Canadian exchange to shut as Bitcoin bad news continues

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Canadian Bitcoin exchange Vault of Satoshi is shutting down next month in the latest bad news to hit the cryptocurrency.

The operators of the exchange said they are focusing on another business project that began six months ago, one that is not related to cryptocurrency.

Run by Global CryptoCurrency Solutions, the Brantford, Ontario-based exchange is no longer accepting new deposits and will close Feb. 5.

Wed like to reassure the community that it has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario, the operators wrote in a post. Our decision stems from opportunities presented by a new business that has forced us to reexamine our priorities.

The company did not immediately respond to a request for more information. Its cofounder Michael Curry is also behind TurboFlix, a Web service that allows Canadians to watch Netflix content available in other countries.

Vault of Satoshi launched in October 2013 and describes itself as the first full proof-of-reserve exchange in the industry.

Its closure comes as European Bitcoin exchange Bitstamp said in a post that some of its operational wallets were compromised Jan. 4, leading to a loss of less than 19,000 bitcoins, which is roughly US$5.1 million.

The bulk of our bitcoin are in cold storage, and remain completely safe, Bitstamp co-founder Nejc Kodric wrote in a Twitter message.

The exchange, launched in August 2011, had tried to reassure customers that their coins are safe after a breach over the weekend forced it to suspend operations on Monday.

Bitstamp added that it is investigating the matter and communicating with law enforcement officials.

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Canadian exchange to shut as Bitcoin bad news continues

Exchange: Lost ‘less than’ $5.1M of bitcoin

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Some, however, are not buying this explanation.

"Don't believe Bitstamp. It's a matter of liquidity," Jeffrey Robinson, author "BitCon: The Naked Truth about Bitcoin" wrote to CNBC. "Who's next? It's as if Bitstamp realized they couldn't internalize the risk anymore so just decided, Let's suspend operations until everything settles down."

Others are in agreement that Bitstamp's issues may go well beyond security. A commentary in the Financial Times posited that the issues could lie in the company's financials becoming unhinged by the falling price, or the economics of mining taking their toll on the exchanges.

Read MoreMarc Andreessen: I still stand behind bitcoin

The price of bitcoin dropped into the $250-range on Sunday after trading for weeks in the mid $300s.

No matter what the cause of the service halt, Monday's news will be of key importance for the future of the cryptocurrency, according to "Fast Money" trader Brian Kelly.

"This is a critical moment for Bitcoin. As Adam Smith said, 'all money is a matter of confidence' and the reaction to this potential hack will either serve to undermine or bolster confidence," he wrote.

While Mt. Gox, the bitcoin exchange that fell apart in 2014, may have seen mismanagement, Bitstamp has a "highly capable venture capital team," according to Kelly.

Here's what Bitstamp CEO Nejc Kodri had to say over Twitter:

Cold storage basically means that the wallet numbers have been recorded off of a hackable server (anything from being written on a piece of paper to stored on a USB drive).

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Exchange: Lost 'less than' $5.1M of bitcoin

Sydney real estate agency begins accepting bitcoin

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Sydney real estate agency Forsyth Real Estate has begun accepting virtual cryptocurrency bitcoin for house deposits and property advertising, through a partnership with Australian bitcoin payments provider CoinJar.

The 115-year-old real estate agency on Sydney's north shore said that it took on bitcoin to offer another avenue for online payment to the influx of international investors and expats entering the prominent Sydney market.

Forsyth managing director James Snodgrass said the agency had become a strong supporter of the bitcoin economy recently, as it allowed overseas transactions with less fees and exchange rate fluctuations.

"Prior to launching, we had discussions with our financial division who outlined the risks and opportunities of bitcoin and we were happy with our findings," he said.

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But the director of Max Walls International Real Estate in Manly, Anthony Walls, said he was not convinced.

"I must tell you I'm very concerned about the bitcoin situation," Mr Walls said.

"I just don't need to deal with those [virtual currencies] and I don't need the grief."

Mr Walls was referring to the hacking of 850,000 bitcoins from the high-profile Mt Gox currency exchange worth about $US500 million ($548 million) earlier this month. The attack ruined Mt Gox, which was reportedly handling up to 70 per cent of the world's bitcoin transactions.

"I would need to be convinced and I'd want a whole team of lawyers sitting at the table signing off on it," Mr Walls said in response to whether he would ever accept bitcoin.

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Sydney real estate agency begins accepting bitcoin

Bitcoin hoping to see a big 2015

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The key to bitcoin finding more users in 2015 might lie in government regulation, experts said. Increased consumer protection, they said, would boost adoption as it both legitimizes the technology and reassures those on the fence about buying into the cryptocurrency world.

"If the average Joe sees that the U.S. government has OK'd this technology and given guidelines for this technology to be built on, in their eyes that's legitimacy," Sullivan said.

Governments around the world are currently considering bitcoin regulation. Within the U.S. this charge has been led by the BitLicense currently under revision by Benjamin Lawsky, New York state superintendent of financial services. This license would certify businesses managing bitcoin transactions and require them to maintain certain records.

Read MoreBitcoin: Lawsky softens 'BitLicense' requirements

Lawsky's office said earlier this month that the license should be finalized by early 2015.

Regulation will not only boost consumer confidence in the technology, but it will also remove many of the barriers preventing more companies and investors from becoming involved in the space, SecondMarket's O'Connor said.

"We are very close to getting a regulatory framework in place, and that will be a huge boon for the industry," he said. "Once it's more black and white, you are going to see more institutional folks buying into the asset class, and the price will go up."

There are also challenges to overcome with the perception of bitcoin as a tool for crime. Earlier this month a district court sentenced high-profile bitcoin advocate, Charlie Shrem, to two years in prison for indirectly sending $1 million in bitcoin to the Silk Roadan online black market known for selling illegal drugs.

Read MoreIs Apple Pay a bitcoin killer?

A reputation shift, bitcoin experts said, could come from increased company adoption and financial investment.

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Bitcoin hoping to see a big 2015

Bitcoin backers hoping 2015 will be the big one

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The key to bitcoin finding more users in 2015 might lie in government regulation, experts said. Increased consumer protection, they said, would boost adoption as it both legitimizes the technology and reassures those on the fence about buying into the cryptocurrency world.

"If the average Joe sees that the U.S. government has OK'd this technology and given guidelines for this technology to be built on, in their eyes that's legitimacy," Sullivan said.

Governments around the world are currently considering bitcoin regulation. Within the U.S. this charge has been led by the BitLicense currently under revision by Benjamin Lawsky, New York state superintendent of financial services. This license would certify businesses managing bitcoin transactions and require them to maintain certain records.

Read MoreBitcoin: Lawsky softens 'BitLicense' requirements

Lawsky's office said earlier this month that the license should be finalized by early 2015.

Regulation will not only boost consumer confidence in the technology, but it will also remove many of the barriers preventing more companies and investors from becoming involved in the space, SecondMarket's O'Connor said.

"We are very close to getting a regulatory framework in place, and that will be a huge boon for the industry," he said. "Once it's more black and white, you are going to see more institutional folks buying into the asset class, and the price will go up."

There are also challenges to overcome with the perception of bitcoin as a tool for crime. Earlier this month a district court sentenced high-profile bitcoin advocate, Charlie Shrem, to two years in prison for indirectly sending $1 million in bitcoin to the Silk Roadan online black market known for selling illegal drugs.

Read MoreIs Apple Pay a bitcoin killer?

A reputation shift, bitcoin experts said, could come from increased company adoption and financial investment.

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Bitcoin backers hoping 2015 will be the big one

PayCoin Denver | PayCoin CryptoCurrency Coaching +

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Paycoin-Cryptocurrency Coaching & Business Development

By PayCoin

When lots of people think of cryptocurrency they might too be thinking of puzzling currency. Really few folks seem to understand what it is as well as for some reason everybody seems to be discussing it as if they do. This record will with any luck debunk all the aspects of cryptocurrency to ensure that by the time youre completed reading you will have a respectable suggestion of what it is and what its everything about.

You may discover that cryptocurrency is for you or you might not however a minimum of youll have the ability to speak with a level of surety and also understanding that wont possess.

There are lots of people that have already reached millionaire standing by dealing in cryptocurrency. Plainly theres a bunch of cash in this brand-new market.

Cryptocurrency is electronic money, brief and also easy. Nonetheless, whats not so brief and easy is specifically how it comes to have value.

Cryptocurrency is a digitized, online, decentralized money created by the application of cryptography, which, according to Merriam Webster dictionary, is the digital encoding as well as decoding of details. Cryptography is the foundation that makes debit cards, computer system banking as well as eCommerce systems possible.

Cryptocurrency isnt supported by financial institutions; its not supported by a government, but by a very challenging plan of formulas. Cryptocurrency is electrical power which is encoded right into intricate strings of formulas. What lends financial value is their intricacy and their protection from cyberpunks. The method that crypto currency is made is just as well difficult to replicate.

Cryptocurrency is in direct opposition to exactly what is called fiat cash. Fiat money is currency that gets its worth from government ruling or law. The dollar, the yen, as well as the Euro are all instances. Any kind of money that is defined as legal tender is fiat cash.

Unlike fiat cash, one more part of just what makes crypto money important is that, like an asset such as silver and also gold, theres only a finite amount of it. Just 21,000,000 of these incredibly complicated formulas were made. No more, no less. It cannot be changed by printing even more of it, like a federal government printing even more cash to pump up the system without backing. Or by a banking changing a digital journal, something the Federal Reserve will advise financial institutions to do to readjust for inflation.

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PayCoin Denver | PayCoin CryptoCurrency Coaching +