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Bitcoin Value Drops as Chinese Cash in on Alibaba

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The value of bitcoin has dropped considerably recently, which some commentators have attributed to Chinese bitcoin holders cashing in the virtual currency in large amounts to purchase shares in Chinese internet giant Alibaba, which went public last week on the New York Stock Exchange, reports

FTC Tells Bufferfly Labs to Put Down Bitcoing Mining Picks

butterfly labs

US regulators have moved to shut down Butterfly Labs, a Missouri-based company they allege deceptively marketed computers designed to produce the virtual currency Bitcoin. The Federal Trade Commission (FTC) said the company charged thousands of consumers between $20m-$50m for its Bitcoin computers and services, but

PayPal Officially Integrates Bitcoin

PayPal Certified

EBay Inc. EBAY +0.51% payments unit PayPal is further integrating bitcoin into its payment processing operations, allowing digital goods merchants to accept the virtual currency via its PayPal Payments Hub service. The arrangement, established via partnerships with the three largest bitcoin-payment-processing firms, BitPay, Coinbase and

Greenpeace USA Accepting Bitcoin Donations

greenpeace

Environmental campaign organization Greenpeace has announced it will start accepting bitcoin donations in its USA division via a partnership with payment processor BitPay. The move offers cost savings for the organisation, as well as the possibility of tapping into new sources of funds. Greenpeace does

MIT Students Battle Authorities Seeking Source Code

MIT students

Four MIT students behind an award-winning Bitcoin mining tool will face off against New Jersey state authorities in court today when they attempt to fight back against a subpoena demanding their source code. The Electronic Frontier Foundation is representing 19-year-old MIT student Jeremy Rubin and

Assange: WikiLeaks Avoided Bitcoin to Keep It Alive

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The creator of bitcoin appealed to WikiLeaks founder Julian Assange not to use the cryptocurrency to receive donations due to fears that government attention would “destroy” it. The revelations surfaced from Assange’s latest book that comes out this week, When Google Met WikiLeaks. In a

United Way Worldwide Embraces Bitcoin’s Charity Opportunities

united way

The United Way Worldwide has long offered several ways for supporters to donate, such as workplace campaigns, planned giving and donating stock. A new option was added this week — bitcoin. The move makes United Way Worldwide the largest charity to accept a virtual currency.

Banks Set Bitcoin Adrift from the Isle of Man

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Capital Treasury Services (CTS), the company that links bitcoin businesses to banks in the Isle of Man, is to cut ties with the digital currency sector as of next month. CTS, which is a subsidiary of Capital International Group, currently works with a number of

Bitcoin Currency for an Independent Scotland?

scotland

With Thursday’s Scottish independence referendum too close to call, opponents of an independent Scotland have been stressing the would-be country’s lack of a reliable currency. An independent Scotland could either keep using the British pound and lose control of its monetary policy, join the eurozone’s

Digital Currency Bitcoin Opens its Doors to Wall Street

wall street

As the digital currency bitcoin continues to make inroads into the financial world, more and more finance professionals, advisors, attorneys, and accountants are coming into contact with it. But there isn’t any kind of standardized base of knowledge for them to draw upon. That gave

Bangladesh Threatens Jail for Bitcoin Users

jail bars

Bangladesh’s central bank has warned against dealing in Bitcoin, saying anybody caught using the virtual currency could be jailed under the country’s strict anti-money laundering laws. The Bangladesh Bank, which regulates the impoverished country’s banking industry, said it issued the order after reports in local

PayPal Subsidiary Braintree to Accept Bitcoin

braintree

Paypal will start accepting bitcoin payments through its subsidiary, Braintree, the company has announced. The firm is partnering with bitcoin payment platform Coinbase, one of the largest bitcoin companies, which already handles payments for clients including Overstock and Reddit. “This is PayPal making a move

ATO Rules for Bitcoin

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The ATO views Bitcoin is neither money nor a foreign currency, and therefore the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. The ATO, however, views bitcoin as an asset for capital gains tax (CGT) purposes, and transacting

Bitcoin: Education Key to Mainstream Acceptance

bitcoin8

Bitcoin, the digital currency started in 2009, is facing a problem acquiring a different currency — the kind measured in wide public acceptance. This currency deficit is perpetuated by the large conferences popping up in cities around the nation. At one event I attended last

Bitcoin Remains Below $500

Banks Warn Of Bitcoin Risks

Investing.com – Bitcoin prices remained below the key $500-level on Wednesday, as market players were reluctant to open new positions while awaiting the next catalyst to influence price direction. Bitcoin (BTC/USD) declined 0.73%, or $3.50, on Slovenia-based BitStamp to trade at $476.00 during U.S. morning

Canberra: Bitcoin Growing Slowly

Canberra House

Once people acquire bitcoins, which are a purely digital currency, they can be kept in a digital wallet with smartphone apps and online accounts allowing people to transfer their bitcoins to others in payment of goods and services. The owner of The Sly Fox cafe

Bitcoin Value Drops as Chinese Cash in on Alibaba

alibaba

The value of bitcoin has dropped considerably recently, which some commentators have attributed to Chinese bitcoin holders cashing in the virtual currency in large amounts to purchase shares in Chinese internet giant Alibaba, which went public last week on the New York Stock Exchange, reports China’s state-run Securities Times.

The trading price of bitcoin has dropped against the dollar to below US$400, down from close to US$600 in early August. The price of the virtual currency has also dropped 30% on Huobi, China’s bitcoin exchange platform, from 3,600 yuan (US$586) to below 2,500 yuan (US$407).

The report cited bitcoin operation and observation agencies, which stated that the listing of Alibaba was the main reason behind the bitcoin dump in China.

On Sept. 19, the day Alibaba went public, the trading value of bitcoin plunged by as much as 11% to below US$380.

Recent sales of bitcoin in large quantities have been sourced to China. Bitcoin transactions in China exceeded those in the US by 52% last month, and the average trading amount increased from 19,000 to 29,400 per day during the past week.

Some think that the money may flow back into the bitcoin market once investors withdraw funds from Alibaba, but not if Alibaba’s stock price continues to climb. Others commentators think that the sell-off of bitcoin was not necessarily related to the Alibaba listing.

Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140924000013&cid=1206

FTC Tells Bufferfly Labs to Put Down Bitcoing Mining Picks

butterfly labs

US regulators have moved to shut down Butterfly Labs, a Missouri-based company they allege deceptively marketed computers designed to produce the virtual currency Bitcoin.

The Federal Trade Commission (FTC) said the company charged thousands of consumers between $20m-$50m for its Bitcoin computers and services, but then failed to provide the computers until they were practically useless, or did not do so at all.

Bitcoins are not distributed by a central bank, but instead are “mined” using increasingly complex algorithmic formulas. Solving a formula leads to the Bitcoin system awarding a set number of Bitcoins.

Butterfly purported to sell dedicated Bitcoin mining machines, with its more powerful models costing up to $29,899. According to the FTC, Butterfly employees said some of their machines were useful only as a “room heater”.

In August last year Butterfly announced it was selling the Monarch, a machine the company called the “fastest and most power efficient Bitcoin miner yet”. Consumers were asked for upfront sums between $2,499 and $4,680 to buy the machines.

The company has yet to provide consumers with a single Monarch machine, “despite defendants’ representation that the machines should be delivered by the “end of the year [2013],” the FTC said in court documents.

“We often see that when a new and little-understood opportunity like Bitcoin presents itself, scammers will find ways to capitalize on the public’s excitement and interest,” said Jessica Rich, director of the FTC’s bureau of consumer protection. “We’re pleased the court granted our request to halt this operation, and we look forward to putting the company’s ill-gotten gains back in the hands of consumers.”

In a statement Butterfly Labs said it was “disappointed in the heavy-handed actions” of the FTC and its “rush to judgment”.

“It appears the FTC has decided to go to war on bitcoin overall and is starting with Butterfly Labs. Butterfly Labs is being portrayed by the FTC as a bogus and fake company. To the contrary, Butterfly Labs is very real. As pointed out in court filings Butterfly Labs made last night, Butterfly Labs has shipped more than $33m in products to customers and voluntarily granted refunds approximating $17m to customers for cancelled orders,” the company said.

The company said it was “literally in the midst of shipping out completed products to fulfill the remaining millions of dollars of orders on our books and issuing requested refunds when the FTC effectively closed the doors of Butterfly Labs without any chance to be heard in court”.

A court hearing is set for Monday and Butterfly Labs said it would “defend our business and our nascent and promising industry. The government wants to shut Butterfly Labs down, and we are not going away without a fight to vindicate bitcoin, our company, and our employees. Our continued focus is our customers and finding a way to continue to deliver products and processing refunds for those who have requested them.”

Source: http://www.theguardian.com/technology/2014/sep/24/bitcoin-mining-computer-company-faces-shutdown

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