Russian Bank “My Bank” freezes cash withdrawals day after Russian Central Bank warns on Bitcoin

According to a report on Zero Hedge, “My Bank,” one of Russia’s top 2oo lenders by assets, has suspended all cash withdrawals.


The lockdown is expected to last for a week.

This news follows the recent statement by the Russian Central Bank warning citizens against the speculative and legal risks of Bitcoin.

The Russian Ruble is experiencing downward pressure from the current “risk-off” environment afflicting emerging market economies. It’s possible this currency situation is responsible for the bank freeze.

MyBank shuts down cash withdrawls to prevent a bank run?

My Bank shuts down cash withdrawls to prevent a bank run?

This story, together with the looming problems in the Chinese shadow-banking sector as well as HSBC’s recent bottlenecking of withdrawals and Lloyd’s ATM-withdrawal “glitch,” are all raising red flags regarding liquidity flows in the fiat financial system.

The IMF has threatened 10% wealth taxes and the German Central Bank recently proposed “one-time” levies on struggling Euro members. Even Canada’s Central Bank has proposed a bail-in regime. Cyprus is seemingly to be the template for future “resolutions” of Europe’s banking crisis. Even Canada’s

The global economic outlook has begun to sour in 2014 as the wild money printing experiments of central banks reach their limits. With the real economy sluggish and all efforts at meaningful structural reform blocked by the very financial agencies central to the problem, the seizure of private wealth is likely to be the system’s last resort.

Alternative forms of wealth like Bitcoin and precious metals, which offer people protection against wealth confiscation, are increasingly frowned upon by desperate governments.

While fiat cash remains a necessary evil for the majority of transactions, bank saving accounts represent an inflation-underperforming and increasingly exposed store of value. Very few bank depositors realise that, under current financial laws across many nations, their deposts are viewed as unsecured loans made to financial companies. As global stock markets appear toppy and bonds, the traditional “safe harbour” investment, bleed credibility due to government debt expanding beyond the mathematical possibility of repayment, good investment opportunities are scarce.

While it remains to be seen how Bitcoin price will fare in such an environment, it’s doing well so far despite negative news. Any further banking fiascos are likely to bring a fresh influx of Bitcoin entrants.

source: http://www.cryptocoinsnews.com/2014/01/28/russian-bank-freezes-cash-withdrawals-day-russian-central-bank-warns-bitcoin/

Guugll Search

http://www.guugll.eu/russian-bank-my-bank-freezes-cash-withdrawals-day-after-russian-central-bank-warns-on-bitcoin/

Bit To Click

Bit To Click

Guugll Search

http://www.guugll.eu/bit-to-click/

Bit Billions & My Bitcoin Reward

Bit Billions & My Bitcoin Reward

 

Get Free Bitcoins

Guugll Search

http://www.guugll.eu/bit-billions-my-bitcoin-reward/

BTC Clicks

BTC Clicks is a PTC website made from the ground-up to perfectly fit bitcoin usage.

What is BTC Clicks?

BTC Clicks is an advertising platform where advertisers can receive high quality targeted traffic and members can earn bitcoins to view these ads.

Members can earn up to BTC0.0000092 per click and minimum payout is BTC0.0001

Our advertiser rates are quite competitive at BTC0.000001 or 0.001 mBTC CPC for 10 second ads.

We also offer banner advertisements with an extremely low cost of BTC0.0002 CPM

Come visit the website and take a look for yourself.
https://btcclicks.com/

 

Advertisers

Receive Bitcoin targeted traffic!

All visitors are guaranteed to be Bitcoin users.

Visitors will view your website for a chosen duration between 10 seconds and 200 seconds.

CPC starts from 0.00121 mBTC depending on the ad duration.

No sign-up required!

Members

Earn bitcoins for clicking ads!

Earn up to 0.00578 mBTC per click

Earn up to 0.00462 mBTC per referral click

Minimum payout is 0.1 mBTC

Refer members yourself or rent referrals for 0.00288 mBTC per referral per day

Premium membership costs 5.184 mBTC per 3 months and earn x2 your earnings.

Guugll Search

http://www.guugll.eu/btc-clicks/

CoinAd.com affiliate program

Each time your direct referrals click on PTC (Paid-to-Click) advertisements not only do they get paid but you get paid too! With unlimited referrals your earning potential is endless.

You get from 10 to 20% of your referrals earning by clicking PTC advertisements.

CoinAd.com affiliate program

Guugll Search

http://www.guugll.eu/coinad-com-affiliate-program/

New Bitcoin Features Revealed by Core Developer Mike Hearn

In a video released by IamSatoshi on YouTube, Bitcoin core developer Mike Hearn has revealed a few different new features that are going to be pushed onto the Bitcoin protocol this year.


There are many different upgrades that need to be made to the protocol to keep it secure, cheap, and stable, and the core developers have been working on a variety of different issues over the past few years. As the Bitcoin network continues to grow, it becomes more important to deal with the kinds of issues that could affect the basic integrity of the Bitcoin protocol. Here are some of the upgrades that Mike Hearn talked about in his presentation at the Coinscrum Networking Evening in London:

Bitcoin Wallets Will Be Standardized

While all Bitcoin wallets are able to talk to each other through the Bitcoin network, there are still some compatibility issues that can pop up from time to time. For example, if you’re trying to export a wallet from one Bitcoin client, it may not work when you try to import it into another. The Bitcoin developers are going to standardize the import and export processes to deal with these kinds of issues in the future. Hearn also discussed the importance of implementing these standards before the upcoming release of the TREZOR hardware wallets.

Attachments on Bitcoin Transactions

The first attachment mentioned by Hearn is a refund address for customers who are purchasing a good or service. Sometimes you don’t want to receive a refund at your original sending address, so this should prevent more lost bitcoins in the future. You will also be able to attach memos or messages to transactions, and receipts will also be implemented to offer some form of proof-of-purchase to Bitcoin users.

Transaction Fees Will Float

The current Bitcoin protocol has a minimum transaction fee, and that transaction fee is priced in bitcoins. This means that it has gradually become more expensive over time. You may have noticed that those nearly-free Bitcoin transactions are not so cheap these days. With floating fees, the market will be able to determine the appropriate transaction fee attached to each Bitcoin payment. Hearn also briefly mentioned the idea of the receiver paying the transaction fee rather than the sender.

Routing Traffic Through Tor

Hearn has written about the current issues when it comes to Bitcoin privacy, and it seems like he’s ready to tackle this lingering elephant in the room. It’s definitely important to prevent the prying eyes of government from seeing which individuals are behind certain Bitcoin transactions, but this kind of upgrade is also needed for general security from hackers and other bad actors. Everything about a Bitcoin transaction should be encrypted, and IP addresses should be masked as often as possible. There are some issues with providing “perfect” privacy with Bitcoin, but Hearn talks about some possible solutions near the end of his presentation.

If you’re interested in the implementation of more secure and anonymous transactions on the Bitcoin payment network, then you’ll definitely want to watch the whole video. Hearn goes into detail about the problems of preventing Sybil attacks when traffic becomes anonymous. After all, how do you know if you’re really talking to different users of the Bitcoin network if there are no true identifiers for the users? While other altcoins are attempting to implement exotic features that can grab your attention right away, the core Bitcoin developers are still focusing on the basic features of a secure payment network. These are the features that make the Bitcoin network more valuable than any of the other cryptocurrencies at this time.

Coinkite Simplified Bitcoin Merchant Integration

Coinkite has made it astonishingly easy to accept and pay using Bitcoins in stores. They have created a system that uses the ordinary merchant terminals, that accepts VISA and Mastercard transaction, to include Bitcoin and Litecoin transactions. It takes probably a few more seconds to pay with Bitcoin or Litecoin on one of the merchant terminals, but Coinkite is into something here. They could manage to lower the “adoption wall” for using Bitcoin as personal payment method.

Coinkite makes Bitcoin Purchases so Simple

Coinkite makes Bitcoin Purchases so Simple

We have earlier discussed that PayPal might start using Bitcoin in some way or the other. PayPal, Google, and VISA have been experimenting with merchant terminals that are using Near Field Communication (NFC) via your smartphone to accept payments and pay for products. This might be the next step for service like Coinkite. To make it even more simple than they have managed now.

View the great video from Coinkite below:

My Bitcoin Concern

After viewing this video I got one concern. A concern that we might be witnessing in action now. Since Overstock.com and Tigerdirect started accepting Bitcoin as a payment source, we have seen a big dip and sell-off of Bitcoins as Gordon Geeko wrote about this morning. Even though we have great news from the Bitcoin community everyday, it seems like the price is turning downwards. The concern I have is the following: If big companies like Overstock.com and Tigerdirect immediately sell all their Bitcoins to convert them into USD, we will most likely have a bigger outflow of USD from Bitcoins than vica versa. More money might be pouring out of Bitcoin than in.

source: http://www.cryptocoinsnews.com/2014/01/24/4-new-bitcoin-features-revealed-mike-hearn/ & http://www.cryptocoinsnews.com/2014/01/24/coinkite-makes-purchases-simple/

Guugll Search

http://www.guugll.eu/new-bitcoin-features-revealed-by-core-developer-mike-hearn/

Wells Fargo Hosts “Virtual Currency: Viability, Compliance, & Direction”

Last week, here at CCN we reported on Wells Fargo calling a Bitcoin Summit to discuss “Rules of Engagement” for banks and Bitcoin.


This original private summit was held on January 14th, 2014 and was headed by Jim Richards, the Vice President in charge of Wells Fargo’s financial crimes risk management division. Presumably, at the January 14th summit, Wells Fargo and other banking officials saw a greater need for wider dialogue that included the public.

According to this flyer released by Wells Fargo yesterday, Wells Fargo and Buckley Sandler LLP are hosting a Bitcoin convention on January 28th, 2014 in New York City. The public event, titled “Virtual Currency: Viability, Compliance, & Direction” is limited to 60 seats all of which have since been filled. The lucky 60 participants will get to listen to five panelists speak for 10-15 minutes each and then participate in an audience Question & Answer session. The panelists include Margo Tank of Buckley Sandler LLP, Albert Wenger of Union Square Ventures, Jeremy Allaire of Circle Internet, Seetha Ramachandran of the United States Department of Justice, and Fred Ehrsam of Coinbase. The event will be moderated by Wells Fargo’s Jim Richards.

The event has very specific stated goals:

Our panel of experts will weigh in on market trends, investment opportunities, compliance imperatives, and interoperability with traditional fiat currencies. What industries will be disrupted? Which will be enhanced? Particular attention will be given to regulatory compliance, risk management, and policy frameworks.

Whether Wells Fargo officials genuinely are seeking more educated opinions from Bitcoin-involved companies or preparing swift top-down banking regulations behind the veneer of public engagement, remains to be seen.

Wells Fargo and Bitcoin in the past

Wells Fargo, specifically Jim Richards, likely first came in contact with Bitcoin when a joint operation by multiple federal agencies seized 5.5 million USD from a Wells Fargo account owned by Mark Karpeles of Mt. Gox back in early 2013. Money that may or may not have been tied to the infamous Silk Road. From arguably the worst possible introduction to Bitcoin imaginable, Wells Fargo is now positioning itself as a forward-thinking, but still monstrously huge, bank of the people.

Wells Fargo and Bitcoin in the future

Given the long list of pro-Bitcoin speakers represented at Wells Fargo’s event, I have high hopes for this upcoming summit. Even Wells Fargo explicitly allowing businesses that handle Bitcoin to bank with them will have a long resounding effect on Bitcoin and the Bitcoin market exchange rate. Wells Fargo, according to market capitalization, is the largest bank in the United States and happens to be headquartered in San Francisco, an ideal location to capitalize on Silicon Valley’s Bitcoin Infatuation, as INC calls it. The good news is that Wells Fargo clearly recognizes the potential of Bitcoin and does not want to be left behind as the world financial system upgrades. This is in contrast to the anti-Bitcoin stance that some other banks have taken and I hope that any guidance that Wells Fargo comes up for their own branches will be emulated by banks everywhere.

GHash.IO Preventing Accumulation of 51% of all Bitcoin Hashing Power

If you haven’t been living under a rock recently, then you have probably heard about the concern of CEX.io/GHash.IO reaching critical mass and possessing 51% of the total hashrate of the Bitcoin network. Which if came to pass could potentially cause problems for Bitcoin in general. I will not go into what a 51% attack is here, but it is definitely worth learning about if you are at all interested in the future of Bitcoin.

CEX.io Cloud Mining

Well now they have answered our fearful cries, and have put out a press release which explains their intentions of mitigating such a threat. The following is from the release:

GHash.IO, the worlds largest and most powerful mining pool, has entered 2014 with overall hashing power of over 40%, making it the #1 pool currently in the Bitcoin network.

The pool has gained significant hashing power due to the 0% pool fee, merged mining of alt coins, excellent real-time data presentation as well as quality 24/7/365 support service.

The hashing power of GHash.IO consists of:

• ~45% BitFury ASIC based miners

• ~55% independent miners

Although the increase of hash-power in the pool is considered to be a good thing, reaching 51% of all hashing power is serious threat to the bitcoin community. GHash.IO will take all necessary precautions to prevent reaching 51% of all hashing power, in order to maintain stability of the bitcoin network.

We have put a plan in place to see that 51% of all hashing power, will not be maintained by Ghash.IO by executing the following actions:

• We will temporarily stop accepting new independent mining facilities to the Ghash.IO pool.

• We will implement a feature, allowing CEX.IO users to mine bitcoins from other pools. So when they purchase GH/s they can put it towards any pool they choose.

We will not be implementing a pool fee, as we believe the pool has to remain free.

GHash.IO does not have any intentions to execute a 51% attack, as it will do serious damage to the Bitcoin community, of which we are part of. On the contrary, our plans are to expand the bitcoin community as well as utilise the hashing power to develop a greater bitcoin economic structure. If something happened to Bitcoin as a whole it could risk our investments in physical hardware, damage those who love Bitcoin and we see no benefit from having 51% stake in mining.

source: http://www.cryptocoinsnews.com/2014/01/24/wells-fargo-hosts-virtual-currency-viability-compliance-direction/ & http://www.cryptonerd.co/

Guugll Search

http://www.guugll.eu/wells-fargo-hosts-virtual-currency-viability-compliance-direction/

Bitcointalk User Claims Amazon to Accept Bitcoin

I recently stumbled on this thread on Bitcointalk, about a user who claims they received an email from Amazon saying that the online retailer is currently in talks of creating their own Bitcoin payment processor. As stated on the thread, the Amazon Customer Service Representative had this to say about the prospect of Bitcoin payments on Amazon:

We don’t accept bitcoins as a payment method on our website at this time.


However, I am pleased to inform you that we are in the process of creating our own Bitcoin payment processor and will be able to begin accepting this method of payment in the near future on Amazon.com.

To see if this claim is valid, I contacted Amazon myself. Of course the easiest way to record the conversation is through a Live Chat, but sadly, the results were not quite so shocking.

I was greeted by an Amazon Customer Representative, and the rep provided me with a rather bland reply when the topic of Bitcoin came up. The rep stated, “As of now we, don’t accept it as a payment method, may be in future you can find it as a payment method on our website , we will let you know by email if it will be accepted as a payment method in future.” Knowing the way Amazon’s customer reps operate, it’s obvious they will try to keep their customers as happy as possible without disappointing them in the least. After all, Amazon has coined themselves the ‘World’s Most Customer-Centric Company.’

After I asked, “So there is currently no firm plans in accepting it in the future?”, the rep replied with a simple, “yes”. So, there you have it. Amazon currently has no firm plans of accepting Bitcoin in the near future. Asked if the email posted by a user on Bitcointalk was valid, the reply was this: “We are continuously working on how we can improve and provide you best shopping experience , so it may be a part of it, however when we will accept it officially we will let you know by email.” It may be part of it. Until the uncertainty is out, it seems like Amazon will be Bitcoin-free for at least a few more months, if not a year.

source: http://www.cryptocoinsnews.com/2014/01/22/bitcointalk-user-claims-amazon-accept-bitcoin-payments/

Guugll Search

http://www.guugll.eu/bitcointalk-user-claims-amazon-to-accept-bitcoin/

Kim Dotcom’s Baboom Challenge Spotify with Bitcoin

Internet Entrepreneur Kim Dotcom was recently interviewed by Max Keiser, and the topic of Bitcoin eventually became the focal point of the discussion.


When asked whether or not he was a believer in Bitcoin, Kim stated that the digital currency could become “one of the most important methods of transferring assets over the next decade”. Kim Dotcom’s MEGA accepted bitcoins as payment on their first day of operation, and it would make sense for the Internet tycoon to make similar choices with his other ventures in the near future. With Kim Dotcom and the rest of MEGA team working on all kinds of different projects involving email, encryption, and more, it’s possible that he may be able to leapfrog the competition in various industries by deciding to accept bitcoins right from the jump.

Enter Baboom

Baboom, which is Kim Dotcom’s new competitor to Spotify, enjoyed a soft launch on Monday, but all you can really do with the service right now is listen to Dotcom’s new album, Good Times. While the launch may not seem like a big deal right now, it could have a leg up on other music streaming services when it comes to payments. Bitcoiners have long tried to get Spotify to accept bitcoins for subscription payments, but it doesn’t seem that the music streaming giant is looking to embrace cryptocurrencies at this time. If the full version of Baboom is released to the public in time, we could be looking at a situation where Dotcom is actually able to carve out a bit of the market space for himself. It seems most users don’t see many differences between the current music streaming services, so accepting bitcoins could give Baboom an edge in a certain demographic. It’s important to note that the number of Bitcoiners out there also seems to be growing at an exponential rate.

Bitcoin Business Sense

Kim Dotcom is playing his Bitcoin hand “close to the chest”, but you have to think he would love to accept the cryptocurrency for all of his future online products and services. He’s noted an appreciation for Bitcoin on multiple occasions, so there’s no reason to think he would leave Bitcoin out of the Baboom launch. Even if he wasn’t a fan of Bitcoin, you could argue that it would make sense for him from a business perspective. By being the first business to accept bitcoins in various online industries, he could carve out a chunk of the entire Internet pie for himself.

source: http://www.cryptocoinsnews.com/2014/01/21/kim-dotcoms-baboom-leapfrog-spotify-bitcoin/

Guugll Search

http://www.guugll.eu/kim-dotcoms-baboom-challenge-spotify-with-bitcoin/

Mt. Gox Seizures Linked to Silk Road in Fed Testimonies

Last summer, news that federal agents had seized a combined $5M from accounts owned by Mt.


Gox roiled bitcoin markets. The warrants enabling the action cited improper filings when the company opened its bank accounts, including unlicensed operation of a money service business. Yet, written testimonies from federal regulators for the recent Senate hearings on digital currencies indicate the seizures were actually part of the much larger crackdown on online narcotics marketplace Silk Road – insight that presumably had to remain hidden at the time of the seizures due to the ongoing investigation.

Experienced market participants will recall that before and during bitcoin’s meteoric rise in popularity through April 2013, Mt. Gox dominated the exchange landscape with upwards of 70% of global trade volume. News broke the following month that the Department of Homeland Security had executed a seizure warrant for Mt. Gox’s US bank accounts based on the company’s failure to register as a money service business or appropriately indicate activity as an MSB on their bank applications.

Prevailing sentiment at the time leaned towards the notion that the government was actively cracking down on bitcoin companies, starting with the largest. Recent testimonies by federal agencies indicate that the account seizures were in fact related to the multi-year pursuit of Silk Road operators, rather than a crackdown on money transmission infractions for their own sake. In particular, the written statements not aired on television provide additional insight into the motives behind the seizures.

Notably, the statement by U.S. Immigration and Customs Enforcement (ICE) states,

“In May 2013, through an interagency taskforce led by ICE in Baltimore, Maryland, three U.S. bank accounts associated with what was then the world’s largest bitcoin exchanger, Japan-based Mt.Gox, which was moving approximately $60 million per month into a number of Internet-based hidden black markets operating on the Tor network, including Silk Road, were seized for violations of 18 U.S.C. § 1960, operating a money service business in the United States without a license. The bulk of the funds were associated with the illicit purchase of drugs, firearms, and child pornography.”

The testimony clearly draws a direct connection between Mt. Gox and Silk Road to the tune of tens of millions of dollars per month, yet still cites a violation of 18 U.S.C. § 1960 (money transmitting regulations) as the impetus for the actual account seizures. When a seemingly innocuous section from the testimony by the Department of Homeland Security is added to this, the underlying motive for the seizures become clearer. In particular, the DHS states,

“The USSS is responsible for the forensics and cyber analysis in this ongoing criminal investigation [of Silk Road] and, along with our interagency partners, will attempt to identify the site’s origin and the identity of the site administrator. As a result of this ongoing investigation, approximately $5.5 million has been seized by the USSS and ICE-HSI.”

The $5.5M seized ‘as a result of the ongoing investigation’ into Silk Road isn’t explicitly tied to Mt. Gox by the DHS statement, but when considered in conjunction with other data points it becomes clear that the two are almost certainly directly related.

In addition to being roughly the same amount as the Gox seizures, the statement is in a section describing work done by the Baltimore Field Office (same jurisdiction that issued the seizure warrant), was done in conjunction with the US Secret Service (the agency that pursued the Gox seizures, as listed in the warrant) and also lists the involvement of ICE (the agency that describes themselves as the leaders of the interagency task force behind the seizures in the first testimony cited above).

Looking backwards, it’s clear why the Silk Road connection couldn’t be noted in any court filings that would become public. If federal agents made known at the time that they were actively pursuing Silk Road it could interfere with their ongoing investigation. This also means that, at least in this case, it appears money transmission laws were enforced on Mt. Gox not simply for their own sake, but to gain insight and hinder the capital flow to Silk Road without exposing the larger goal of shutting down the international narcotics marketplace.

source: http://thegenesisblock.com/mt-gox-seizures-linked-silk-road-fed-testimonies/

Guugll Search

http://www.guugll.eu/mt-gox-seizures-linked-to-silk-road-in-fed-testimonies/

Mediabistro’s Inside Bitcoins Conference

Inside Bitcoins recently took place in Las Vegas on December 10-11, 2013 and drew over 1,500 attendees from all over the world.


Mediabistro announced that it will be taking the Inside Bitcoins Conference on a World Tour in 2014. On February 12-13 Inside Bitcoins will make its first stop in Berlin, Germany.

Attendees will hear from industry experts including Aaron Koenig, Managing Director of Bitfilm and Organizer of Bitcoin Exchange Berlin; Malcolm CasSelle, CEO of Timeline Labs; Jaron Lukasiewicz, CEO of Coinsetter; Bobby Lee, CEO and Co-Founder of BTC China; Oliver Flaskamper, Managing Director of Bitcoin Germany; and Steve Beauregard, CEO & Founder of GoCoin.com. View the full speaker list.

The program is designed to provide an overview of where the virtual currency industry is today, and a panel of top venture capitalists will discuss what business opportunities are on the horizon. Exciting sessions include Mining for the Future, What Bitcoin Businesses Need to Know, How to Win in the Bitcoin Exchange Ecosystem and Bitcoin in China. Register here to make sure you reserve your spot at Inside Bitcoins in Berlin!

Mediabistro will soon announce firm dates for additional events taking place in 2014 in New York City; Hong Kong, China; London, England; and Las Vegas, Nevada.

source: http://cryptosource.org/mediabistros-inside-bitcoins-conference-is-going-on-a-world-tour-in-2014/

Guugll Search

http://www.guugll.eu/mediabistros-inside-bitcoins-conference/

Say hello to 42

42. The answer to life, the universe, and everything…


Except what the maximum amount of coins issued for an altcoin should be. 42 continues the trend of attempting to differentiate itself through the use of gimmicks, rather than adding something of value. The way most of these new coins are marketed is like showing up at an interview wearing a clown suit. It’s funny, novel, whatever you want to call it… But it doesn’t bring lasting success. Gone are the days of new coins adding something of value, or attempting to fix a problem. Welcome to the new world of altcoins.

42 price

42 is only only getting acknowledgement from me due to it’s seemingly high price point and prominent position on cryptsy. Naturally, this coin suffers from a lot more pressing issues than a gimmicky presentation. It had a “small” 1% premine associated with it (.42 coins) which currently represents about 50% of all coins in existence, and is valued at over 300 BTC at the current price. This should throw up a huge red flag, and begs the question as to why anyone would anyone would ever invest in this garbage when there’s so much downward pressure on the price.

As for the coin itself, the design of it is exceptionally poor, even by the low standards set by it’s predecessors. A planned total of 42 coins means that you’ll always be dealing with stupidly small fractions of a number, something that humans are poor at interacting with. Can you imagine going to the store and purchasing something for 0.00000569 42? Me neither. To add insult to injury, 42 only has the standard 8 bits of decimal precision. For a coin dealing with such small units, 12 or 16 bits of precision would been beneficial. But of course, this requires the developer to have some small degree of competency with the code that he is editing, so this feature was naturally left out.

On the subject of developer incompetence, the author claims there is a max of 42 coins ever to be minted. This is not true, as one can look at the source and see that the 0.000042 block reward continues forever, with no end programmed in. However, this coin will be long dead way before it ever approaches 42 total coins, so I suppose it really doesn’t matter in the end.

42 altcoin

As with all gimmick coins, and especially with coins that have a premine, the long term price outlook for this coin is poor. It won’t be long before people get bored before they move onto the ‘latest and greatest’ coin.

source: http://cryptolife.net/the-gimmicks-continue-say-hello-to-42/

Guugll Search

http://www.guugll.eu/say-hello-to-42/

Australia’s National Broadcaster Does a Story on Bitcoin

Australia’s National Broadcaster Does a Story on Bitcoin

Guugll Search

http://www.guugll.eu/australias-national-broadcaster-does-a-story-on-bitcoin/

Singapore Declares Bitcoin Taxable

The Inland Revenue Authority of Singapore (IRAS) has stated in an email that gains from transactions in Bitcoin will be taxed as Income Tax, for companies and individuals based in Singapore.


It was also mentioned that if the Bitcoins were held as a long-term investment, then capital gain profits will not be taxed. Also, all transactions where Bitcoins are used as payment for physical money, services, and goods will be taxed if both parties involved are in Singapore.

While this does not mean much for the rest of the world, it impacts Singaporean companies greatly, taking off profit from their goods and services. It also means more regulations on Bitcoin transactions, as the Inland Revenue Authority of Singapore would clamp down and track Bitcoin to fiat transaction, to tax them with Goods and Services tax (GST). With only a few countries around regulating the usage of Bitcoin in their respective countries, such as China preventing companies from transacting Bitcoin payments, would Bitcoin survive the tough regulations to come? Bitcoins may be anonymous while it still is in Bitcoin form, but when you exchange them into fiat and withdraw it into your bank account, that amount draws a huge red flag. Governments would be monitoring transactions more closely, and tax everything that does not seem right.

But is there a way to prevent this? There is one obvious solution: keep everything in Bitcoin. By keeping your savings and fiat into Bitcoin as a long term investment, you not only benefit from added anonymously, security, and a rising value and devaluing of fiat, but you also are not taxed on any gains that you make. Maybe one day employees will get their pay in the form of Bitcoin, preventing income tax for some as governments cannot easily track Bitcoin payments to the original senders and receivers. However, countries cannot run without tax money to pay for infrastructure, education, health care, and police, among others. This will save Bitcoiners bottom line from those tedious but necessary taxes, but would effect would it have on our countries and governments? More likely than not, regulations will toughen over the next few years, as young and defiant Bitcoin goes against the forces of a devaluing fiat world. Governments may in the future find a way to identify and tax eligible transaction in Bitcoin. But until then, we can all sleep a little better knowing Bitcoin is truly anonymous, for now.

source: http://cryptosource.org/singapore-declares-bitcoin-taxable/

Guugll Search

http://www.guugll.eu/singapore-declares-bitcoin-taxable/

Avoiding Coins Created With Coingen

Some of you might be aware of a new service launched called coingen, which allows any idiot with about 0.2 BTC to make their very own crapcoin.


Now, some of you might be saying: But Hazard, don’t you create coins for people as well? Well, yes, but the difference is that I’m always available for future developmental work and to fix any problems a coin might encounter. Coingen comes with no such guarantee, which is especially problematic since these coins come with a death sentence attached from the moment they’re created.

You see, coingen was created by one of the oldest bitcoin supporters and exists solely to discredit altcoins. Accordingly, every coin this site spits out has it’s difficulty scaling set the same as Bitcoin – 400% in either direction every 2 weeks. History has shown that this is a laughably bad idea, and that the difficulty will get stuck at some obscenely high value. This causes miners to jump ship and block generation to come to a standstill. At this point the coin is effectively dead, unless a patch is issued. Since all these coins lack a developer, no such patch will ever come. It is therefore inevitable that all coingen coins will be dead within a few days of launch.

In the end, the buyer is left with a dead coin, and the miners have wasted time mining air. Everyone gets screwed – except the coingen operator of course. He makes a nice little profit on the whole ordeal.

Thankfully, coins generated by this site are extremely easy to avoid if you know what you’re looking for. Our of sheer laziness, every coin generated through this site shares the same genesis block, so we can have a quick look at the genesis hash to see if it was created through it. In the debug console (help tab) type in getblockhash 0. If it returns either of the following, it’s a coingen coin:

SHA256 Coins

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Scrypt Coins

12a765e31ffd4059bada1e25190f6e98c99d9714d334efa41a195a7e7e04bfe2

source: http://cryptolife.net/avoiding-coins-created-with-coingen/

Guugll Search

http://www.guugll.eu/avoiding-coins-created-with-coingen/