Category Archives: Bitcoin

"The Bearwhale is now gloating over the carcasses of slain traders. The ball dropped and Bitcoin plummeted. From $322 on New Year's Day to $255 in less than one week, Bitcoin has begun 2015 by eviscerating many traders' portfolios," Hayes wrote in his weekly note.

Over on Reddit's main bitcoin forum, enthusiasts mostly shrugged off the price drop, repeating that the technological fundamentals remain true for the asset.

Read More Major bitcoin exchange suspended after price plunge

Tuesday's drop comes a week after a major exchange suspended operations after it said hackers stole about $5 million worth of bitcoin. The exchange, Bitstamp, has since reopened without incident, and assured customers that any bitcoins stored with the company would be honored.

As part of the fix, Bitstamp moved its systems to Amazon Web Services cloud infrastructure, CEO Nejc Kodri said in a statement provided to CNBC.

Read MoreMarc Andreessen: I still stand behind bitcoin

No matter the size of Tuesday's price drop, the near future is unlikely to herald the death of bitcoin (one site has counted 27 obituaries for the technology). Experts say the price is in many ways secondary to the future utility of the system, which could one day be used as a foundation for secure all-digital markets and transactions.

On a historical note, Monday marked the six-year anniversary of the first ever bitcoin trade: Satoshi Nakamoto, the mysterious person or group behind the technology, sent 10 bitcoin to developer Hal Finney on Jan. 12, 2009.

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Bitcoin dips below $225

What is Bitcoin Means to me
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Those who stand in implacable opposition to Bitcoin seem to want it both ways. Look, they say, Bitcoin has dropped from over $1100 to under $250; it is obviously worthless! Then, at the same time, they maintain that the jump up to nearly $1200 was evidence of a massive speculative bubble and had no real bearing on the actual value of the virtual currency.

Surely though, if the second contention is true then the first has no validity until we break significantly below pre-bubble levels.

Bitcoins value against the U.S. Dollar (BTC/USD) started that crazy two month run up from a level just below $200, as the chart below shows.

If that was evidence of a serious bubble as most logical people would assume, then we cannot draw any broad conclusions about the intrinsic value of the underlying instrument until the effects of that bubble have fully been washed through the market, and that can take time.

After collapsing from bubbly levels in 2007, real estate prices in the U.S. only recently began to recover. The bubble in gold popped in 2012 and only now are we beginning to see signs of some fragile stability. Tech stocks took years to stabilize following the crash in 2001. There were plenty of detractors at that time who maintained that the new fangled internet thing would never catch on and falling prices proved it, so there! Even as those bubbles were collapsing, though, the underlying instruments retained intrinsic value. Why would the Bitcoin bubble of 2013 be any different?

If anything, when looked at as a deflating bubble, the drop in price has been fairly slow.

A comparison of the rapid rise and gradual decline of BTC in the top chart to the straight up and down of the NASDAQ from 1998-2003 (a far cry from where NASDAQ is today) in the bottom chart indicates that Bitcoin has, after all, some underlying support.

Should the decline in exchange value continue to a point below the roughly $150 level that marked the last period of relative stability throughout most of 2013, then a case could be made that the real, underlying value of BTC was questionable before the jump. Until then, though, the logical view is that there was indeed a bubble at the end of that year; a bubble that is still deflating. What makes that possible is that, while a currency by definition, the nature of Bitcoin makes it, from a trading and pricing perspective, more of a commodity.

When I started writing about Bitcoin last year, I wrote that I viewed it as just another currency that could be traded. Since then, though, as my understanding and appreciation has deepened, I have moderated that view. The facts that both the rate of supply and the total possible issuance are limited make it behave in many ways more as a commodity. That is no accident; Bitcoin mining was modeled on gold from the outset.

Bitcoin is also differentiated from currencies by one other very important characteristic; there is no centralized issuing authority. That means that there is no body or institution to step in as the exchange rate declines and attempt to bully the market into accepting an inflated value. Bitcoin will find its own level according to free market principles, and given that, the time to question its existence based on the exchange rate is still a long way off.

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Bitcoin's Bubble Means That Current Levels Shouldn't Be A Concern

"The Bearwhale is now gloating over the carcasses of slain traders. The ball dropped and Bitcoin plummeted. From $322 on New Year's Day to $255 in less than one week, Bitcoin has begun 2015 by eviscerating many traders' portfolios," Hayes wrote in his weekly note.

Over on Reddit's main bitcoin forum, enthusiasts mostly shrugged off the price drop, repeating that the technological fundamentals remain true for the asset.

Read More Major bitcoin exchange suspended after price plunge

Tuesday's drop comes a week after a major exchange suspended operations after it said hackers stole about $5 million worth of bitcoin. The exchange, Bitstamp, has since reopened without incident, and assured customers that any bitcoins stored with the company would be honored.

As part of the fix, Bitstamp moved its systems to Amazon Web Services cloud infrastructure, CEO Nejc Kodri said in a statement provided to CNBC.

Read MoreMarc Andreessen: I still stand behind bitcoin

No matter the size of Tuesday's price drop, the near future is unlikely to herald the death of bitcoin (one site has counted 27 obituaries for the technology). Experts say the price is in many ways secondary to the future utility of the system, which could one day be used as a foundation for secure all-digital markets and transactions.

On a historical note, Monday marked the six-year anniversary of the first ever bitcoin trade: Satoshi Nakamoto, the mysterious person or group behind the technology, sent 10 bitcoin to developer Hal Finney on Jan. 12, 2009.

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Bitcoin plunges, breaking key technical level

Bitcoinstorage provider Elliptic Enterprises Ltd. has achieved a Bitcoin industry first in obtaining ISAE3402 accreditation from a big four accounting firm for financial reporting at a standard applied to banks.

The London, England-based companyprovides services to investment funds and trading houses, covering Bitcoin and other cryptocurrency storage solutions.

ISAE 3402 accreditation:Assurance Reports on Controls at a Service Organization, providesan international assurance standard for allowing public accountants to issue a report for use by user organizations and their auditors on the controls at a service organization that are likely to impact or be a part of the user organizations system of internal control over financial reporting.

Thereview, undertaken by KPMG that led to accreditation scrutinized various aspects of a business, such asfinancial controls, regulatory compliance, financial controls, code deployment, disaster recovery, segregation of duties and offline bitcoin storage techniques.

KPMGs accreditation is an important milestone, James Smith, Elliptics chief executive officer, said in a statement.

[it] demonstrates to our customers that we have the rigorous internal processes and controls expected of any traditional financial services providerwe think its important that the services we offer in the digital currency space are held to the same standards as those operating in more conventional markets.

Its a positive step forward for a Bitcoin storage company to seek the same accreditation undertaken by banks. Its no guarantee that nothing will ever go wrong, but the transparency afforded by the standards compliance offers some level of customers assurance given that Elliptic advertises its services as providing peace-of-mind that your Bitcoin holdings are safe and secure.

Elliptic was founded in 2013 and has taken $2 million in venture capital in two rounds that included Seedfund andOctopus Investments.

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Bitcoin storage firm Elliptic receives reporting accreditation from KPMG

Risky business: The digital currency bitcoin is still in its infancy which leaves it vulnerable to malicious users.

Moving money overseas is notoriously expensive. The way to avoid being gouged by brutal online banking costs could be to enlist the power of the alternative currency bitcoin.

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Just ask entrepreneur Crystal Fong, 29, who runs a Melbourne copywriting collective. Recently, when Fong was in Tokyo establishing a pop-up office, both her bankcards were cancelled after some ATM trouble. The cards were with two different banks that gave the same story: "All we can do is send a new PIN to your address in Australia it'll take five to sevenworking days."

Crypto-currency fan: Entrepreneur Crystal Fong decided to try withdrawing bitcoin after both her ATM cards were cancelled while on a trip to Tokyo.

Her mind turned to bitcoin, which she knew is not for everyone, particularly in Japan the crash of the Tokyo-based bitcoin exchange, Mt. Gox, has fuelled doubt about its stability, according to Fong.

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"But I was on my last 1000 yen in a ridiculously expensive city, with two cancelled debit cards," she says. Opening a bitcoin wallet and road-testing the digital currency seemed far less risky than trying to survive "on 10 bucks for five to sevenworking days", she adds.

So, using the on-the-go bitcoin wallet CoinJar, she withdrew it in yen from a bar-room bitcoin ATM in buzzy Roppongi behind her, chatter arose about the potential and downsides of the crypto-currency that spawns controversy and curiosity.

Cut out the middleman: Asher Tan, CEO and co-founder of CoinJar says Australia now has four major bitcoin exchanges.

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Mighty cheap: Is bitcoin the future of global payments?

Loan Bitcoin - P2P WALLET
It works very quick and convenient to apply for a P2P loan. Select your currency and enter an amount. Your currency is standard configured in Bitcoin (BTC). You can easily change you currency....

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Loan Bitcoin - P2P WALLET - Video

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InnocentCryptoKitty 007 CCBP EEV Espaol English Bitcoin P2P Innovacion Startup PYMES Canarias Juego - Video

GOLD is Effectively SHINY BITCOIN Says Citigroup Chief Economist
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By: Shanon Baldwin

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GOLD is Effectively SHINY BITCOIN Says Citigroup Chief Economist - Video

The Bitcoin Group #62 -- The 2014 Bitcoin Group Year in Review Spectacular
CATEGORIES: Biggest Winner Biggest Loser Best Bitcoin Company Worst Bitcoin Company Most Defining Moment Biggest Surprise Bummest Rap Fairest Rap Best Comeba...

By: World Crypto Network

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The Bitcoin Group #62 -- The 2014 Bitcoin Group Year in Review Spectacular - Video