The unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica, the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but 'forking' Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars (and hence the drop in the value). This latest glitch is different from the problem that caused Bitcoin prices to briefly crash to zero in June of 2011.Read more »
Could something like this happen to Bitcoin? FTA: "In a criminal case sure to make programmers nervous, a software maker who licenses a program used by online casinos and bookmakers overseas is being charged with promoting gambling in New York because authorities say his software was used by others for illegal betting in that state. New York authorities say that about $2.3 million that Robert Stuart and his company, Extension Software, received in cash and money orders for licensing his software constitutes direct proceeds of illegal, U.S.-based bookmaking operations."Read more »
In case you hadn't seen, Erowid is accepting donations with Bitcoin. I haven't heard it mentioned recently (that I remember), but it used to be a favorite website on FTL. From the site: "Erowid is a member-supported organization providing access to reliable, non-judgmental information about psychoactive plants, chemicals, and related issues. We work with academic, medical, and experiential experts to develop and publish new resources, as well as to improve and increase access to already existing resources.Read more »
Ever since the bitcoin cryptocurrency first launched and achieved initial success, institutional investors and hedge fund managers have secretly sought a regulated investment vehicle for bitcoin placements. Malta-based Exante Ltd. has the solution with their new Bitcoin Fund. “I hope our fund will be the first hedge fund to take advantage of using bitcoins,” explains Managing Partner Anatoliy Knyazev. Exante actually announced the fund in October last year, but they did not make a serious effort to market it.Read more »
A Bitcoin transaction services company says that hackers broke into one of its brokerage accounts last week, nabbing more than $12,000 worth of the digital currency. That attack knocked Bitinstant offline over the weekend. The company says that while it lost Bitcoins, no customers were affected by the hack.The criminals were able to take control of Bitinstant’s internet domains by convincing its domain registrar, Site5, to hand over control of the company’s Domain Name Service.Read more »
Bitcoin sounds like something from science fiction: A purely digital currency, created by an anonymous hacker, that operates outside the world's traditional banking systems. The four-year-old currency is very real, though, and it's trading an all-time high, tripling in value in the last two months alone. One bitcoin is was worth about $40 U.S. dollars on Tuesday, and surged on Wednesday to nearly $49. That's up from around $13 in January, and 5 cents in 2010, according to Mt. Gox, the bitcoin market's main exchange.Read more »
WinPoker.com, on the iPoker network, is adding Bitcoin support for deposits and withdrawals, pokerfuse can exclusively reveal. It is the first time a poker room on any major online poker network has added first-class Bitcoin support to the cashier. Deposits can be made by sending BTC directly through the cashier on the WinPoker website to the room’s Bitcoin wallet. As soon as the system receives the funds—typically within ten minutes—the money will be credited to the player’s account. If players store their wallets on smartphones, depositing can be as simple as scanning a QR code.Read more »
There are some other digital currencies out there that deserve some attention.Read more »
What will be the future of Bitcoin now? Will US Government enforce conversions of Bitcoin to USD be made entirely through wallstreet under threat of death?Read more »
The world's leading Bitcoin exchange, Mt. Gox, has announced a partnership with the Silicon Valley startup Coinlab. Under the agreement, Coinlab will handle Mt. Gox's American operations, which account for a large majority of the exchange's business. The transition will occur on March 22. CoinLab raised half a million dollars of venture capital last year. At the time, the firm was touting a scheme to exchange bitcoins for currency in games such as World of Warcraft and Second Life. Taking over Mt.Read more »
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