Topic: BITCOIN NEWS EVRYDAY! From multiple sources. - page 22. (Read 51272 times)
Thanks for the news I love reading them. Definitely will bookmark your thread, and don't disappoint me, because I love reading news about BTC.
DualMiner The Bitcoin/Litecoin SHA-256 / Scrypt USB Miner
Scott Fargo 26/02/2014
The new DualMiner USB miner is one of the first entries of ASIC’s into the Scrypt mining domain.
Love them or hate them Scrypt ASIC are here.
In the case of the DualMiner it an easy to afford and use USB ASIC that also brings a vastly lower watt per kh/s ratio to GPU miner setups.
The deal with the DualMiner is it can mine both BitCoin SHA-256 and Scrypt coins (such as LiteCoins) at the same time if desired. With an easy dip switch setting, it will mine Scrypt at nearly double the dual rate making it simple to configure.
Here are some specifications on it.
DualMinerChip
DualMinerChip
It runs in dual mode at 500 MHz SHA-256 and Scrypt mode at 40 kh/s only using 2.5 watts.
It also run’s in scrypt mode only at 70 kh/s at 1.5 watts.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMinerChip-300x147.jpg
As you can see in terms of sheer speed one unit will not replace one GPU but at a power sipping 70 kh/s at 1.5 watts in Scrypt only mode getting a lot of these can save a huge amount of power costs over the course of even just a month.
Currently at roughly $98 per unit buying a lot of these to replace your GPU rigs won’t happen anytime soon.
For smaller setups or people just getting into mining, this is a great entry level product that is both simple to setup and use.
I have had mine for about 2 weeks now and have been pleasantly surprised at its performance.
My first surprise was that it worked. I was a bit skeptical and with the added SHA-256 element added to it I figured they were hedging their bets against it not operating properly or possibly just under performing.
Instead, it is a miner that runs as advertised.
The install was easy on both my Windows 8.1 system and my Windows 7 system. In both cases, it was detected and automatically setup with no drivers to download or to configure. I do not have any other O/S’s to set it up on at this time, but from what I have been reading of others, experiences that it has been mostly smooth sailing with the drivers available on the DualMiner website. They are also working on a Linux version and at this time some people have been having success getting them to run on Rasberry Pi setups.
On their site, they also have the Windows GUI software which is what I used.
It is a custom GUI version of cgminer that has been compiled to run the dual miners.
The interface is very easy to use and setup.
As you can see a simple check box to tell it if you are using Scrypt only or leave it empty for dual mode.
DualMiner GUI
DualMiner GUI interface for cgminer.
Easy entry boxes for your pool setups and worker information. There is also a “Param” box for adding overclocking arguments.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMinerPanel1-300x228.jpg
For those who prefer the command line version of cgminer you can run it from the DualMiner software directory, just enter your information as you would in any cgminer setup.
On a side note, BFGMiner and MultiMiner support is almost here, as well. Nate Wools and Luke Jr have been working hard on getting it integrated and have some beta testing going on now.
Once you have your information in you just hit the start button. It will connect and mine. There are several tabs where you can see what and how it is doing in each version SHA-256 and Scrypt as well as a cgminer output scroll just like in the command line version.
In my use of it, I only used dual mode for a day to see how it worked. I both worked at the advertised speeds. What I was more interested in was Scrypt only mode.
It runs at a steady 70+ kh/s in stock settings.
With the setting in the “Param” box of “–dualminer -pll 850” I typically get up to 93 kh/s averaging about 86 kh/s. This is in Scrypt only mode as I have not tried any SHA-256 overclocking.
This has been a solid first entry into ASIC Scrypt mining. With 5 chip units, also out now as well the Scrypt world is going to be changing much like when they hit the SHA-256 and Bitcoin scene last year.
ASIC’s for Scrypt mining has polarized the Scrypt mining communities, as well. Many believe it will ruin Scrypt mining for the masses much like they feel it did with Bitcoin mining turning it into a rich mans game and others embrace it as the iteration of it and love the lower power consumption and setup.
I am on the fence on if it is good or not.
On one hand, I love the ease of use and a smaller power draw and see it as a money saver over having to buy massively over priced GPU’s that the use an awful lot of electricity. As future generations of this keep developing, they are going to get even more powerful. Yes, there are those with $1000′s in huge GPU mining rigs but it is still accessible to almost anyone with basic setups, as well.
On the other hand, I do see it quickly becoming like the ASIC SHA-256 Bitcoin miners. It has quickly turned into a rich mans game where those who either had made a lot of Bitcoin or can buy it are the one’s that can afford the hugely overpriced ASIC miners. Leaving those with less income to buy older outdated equipment that cannot compete in the race to mine the next Bitcoin. Some are even calling for a fork in LiteCoin and other Scrypt coins to stop ASIC’s from taking hold.
So overall I see it as DualMiner and as dual edged sword both good an bad.
From a pure product standpoint, I think this is a great little miner and excellent first step into Scrypt mining ASIC’s.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMiner1-e1393367987175-225x300.jpg
DualMiner
DualMiner in Hub
The DualMiner has run well with a simple setup. DualMiner is actively supporting the miners recently setting up their own forum to provide support. They have also been active in the development communities as on BitCoinTalk and have provided info to people like Nate Wools and Luke Jr to get support into more mining software packages quickly and efficiently.
I am looking forward to more product offerings from DualMiner in the future, as well. My only regret with my DualMiner is I did not have any money to buy more than one. I have been pleasantly surprised.
Scott Fargo 26/02/2014
The new DualMiner USB miner is one of the first entries of ASIC’s into the Scrypt mining domain.
Love them or hate them Scrypt ASIC are here.
In the case of the DualMiner it an easy to afford and use USB ASIC that also brings a vastly lower watt per kh/s ratio to GPU miner setups.
The deal with the DualMiner is it can mine both BitCoin SHA-256 and Scrypt coins (such as LiteCoins) at the same time if desired. With an easy dip switch setting, it will mine Scrypt at nearly double the dual rate making it simple to configure.
Here are some specifications on it.
DualMinerChip
DualMinerChip
It runs in dual mode at 500 MHz SHA-256 and Scrypt mode at 40 kh/s only using 2.5 watts.
It also run’s in scrypt mode only at 70 kh/s at 1.5 watts.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMinerChip-300x147.jpg
As you can see in terms of sheer speed one unit will not replace one GPU but at a power sipping 70 kh/s at 1.5 watts in Scrypt only mode getting a lot of these can save a huge amount of power costs over the course of even just a month.
Currently at roughly $98 per unit buying a lot of these to replace your GPU rigs won’t happen anytime soon.
For smaller setups or people just getting into mining, this is a great entry level product that is both simple to setup and use.
I have had mine for about 2 weeks now and have been pleasantly surprised at its performance.
My first surprise was that it worked. I was a bit skeptical and with the added SHA-256 element added to it I figured they were hedging their bets against it not operating properly or possibly just under performing.
Instead, it is a miner that runs as advertised.
The install was easy on both my Windows 8.1 system and my Windows 7 system. In both cases, it was detected and automatically setup with no drivers to download or to configure. I do not have any other O/S’s to set it up on at this time, but from what I have been reading of others, experiences that it has been mostly smooth sailing with the drivers available on the DualMiner website. They are also working on a Linux version and at this time some people have been having success getting them to run on Rasberry Pi setups.
On their site, they also have the Windows GUI software which is what I used.
It is a custom GUI version of cgminer that has been compiled to run the dual miners.
The interface is very easy to use and setup.
As you can see a simple check box to tell it if you are using Scrypt only or leave it empty for dual mode.
DualMiner GUI
DualMiner GUI interface for cgminer.
Easy entry boxes for your pool setups and worker information. There is also a “Param” box for adding overclocking arguments.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMinerPanel1-300x228.jpg
For those who prefer the command line version of cgminer you can run it from the DualMiner software directory, just enter your information as you would in any cgminer setup.
On a side note, BFGMiner and MultiMiner support is almost here, as well. Nate Wools and Luke Jr have been working hard on getting it integrated and have some beta testing going on now.
Once you have your information in you just hit the start button. It will connect and mine. There are several tabs where you can see what and how it is doing in each version SHA-256 and Scrypt as well as a cgminer output scroll just like in the command line version.
In my use of it, I only used dual mode for a day to see how it worked. I both worked at the advertised speeds. What I was more interested in was Scrypt only mode.
It runs at a steady 70+ kh/s in stock settings.
With the setting in the “Param” box of “–dualminer -pll 850” I typically get up to 93 kh/s averaging about 86 kh/s. This is in Scrypt only mode as I have not tried any SHA-256 overclocking.
This has been a solid first entry into ASIC Scrypt mining. With 5 chip units, also out now as well the Scrypt world is going to be changing much like when they hit the SHA-256 and Bitcoin scene last year.
ASIC’s for Scrypt mining has polarized the Scrypt mining communities, as well. Many believe it will ruin Scrypt mining for the masses much like they feel it did with Bitcoin mining turning it into a rich mans game and others embrace it as the iteration of it and love the lower power consumption and setup.
I am on the fence on if it is good or not.
On one hand, I love the ease of use and a smaller power draw and see it as a money saver over having to buy massively over priced GPU’s that the use an awful lot of electricity. As future generations of this keep developing, they are going to get even more powerful. Yes, there are those with $1000′s in huge GPU mining rigs but it is still accessible to almost anyone with basic setups, as well.
On the other hand, I do see it quickly becoming like the ASIC SHA-256 Bitcoin miners. It has quickly turned into a rich mans game where those who either had made a lot of Bitcoin or can buy it are the one’s that can afford the hugely overpriced ASIC miners. Leaving those with less income to buy older outdated equipment that cannot compete in the race to mine the next Bitcoin. Some are even calling for a fork in LiteCoin and other Scrypt coins to stop ASIC’s from taking hold.
So overall I see it as DualMiner and as dual edged sword both good an bad.
From a pure product standpoint, I think this is a great little miner and excellent first step into Scrypt mining ASIC’s.
http://www.cryptocoinsnews.com/wp-content/uploads/2014/02/DualMiner1-e1393367987175-225x300.jpg
DualMiner
DualMiner in Hub
The DualMiner has run well with a simple setup. DualMiner is actively supporting the miners recently setting up their own forum to provide support. They have also been active in the development communities as on BitCoinTalk and have provided info to people like Nate Wools and Luke Jr to get support into more mining software packages quickly and efficiently.
I am looking forward to more product offerings from DualMiner in the future, as well. My only regret with my DualMiner is I did not have any money to buy more than one. I have been pleasantly surprised.
Bitcoin is Legal, Says Central Bank of Cyprus
Dan Palmer | Published on February 26, 2014 at 15:05 GMT | Bitcoin ATM, Europe, Exchanges, Law, News, Regulation
...
... and the sources warned that the digital currency isn’t “subject to control or regulation”.
...
Dan Palmer | Published on February 26, 2014 at 15:05 GMT | Bitcoin ATM, Europe, Exchanges, Law, News, Regulation
...
... and the sources warned that the digital currency isn’t “subject to control or regulation”.
...
OMG OMG WTF WTF
The shocking truth!!!!
Bitcoin price info: (mtGox removed from blockchain.info markets page)
Bitcoin price average. (bitcoinaverage.com)
Bitcoin price average. (bitcoinaverage.com)
Bitcoin Foundation Board Reveals Hopes for Charlie Shrem’s Replacement
Pete Rizzo (@pete_rizzo_) | Published on February 26, 2014 at 17:07 GMT | Bitcoin Foundation, News
Mystery candidates
Following the sudden resignation of founding member and vice chairman Charlie Shrem, the Bitcoin Foundation has initiated moves to fill its first open Board of Directors seat.
The process got under way on 18th February, when it announced a formal schedule for the voting process.
Under the proposed timeline, a new board member will be elected in roughly two months’ time.
Early departures
Shrem’s seat has been vacant since 28th January, when he resigned amid accusations that he helped facilitate money laundering through the notorious and now-defunct online black market Silk Road.
Mt. Gox CEO Mark Karpeles also resigned from the board on 24th February, though no timeline has yet been introduced for vetting his replacement.
In the wake of these events, the remaining members of the board continue to work to promote and protect bitcoin – a task that they say is growing in importance and difficulty in accordance with the community’s own expansion.
For example, in just the last few weeks, the foundation has needed to reassure global consumers of the safety of the Bitcoin protocol, vet local groups that can help it expand its reach, and guard against people whose bitcoin associations might harm its reputation; in addition to dealing with two high-profile resignations.
Key skills
Speaking with current board members, it becomes clear that the organization is in need of a member with a broad-ranging skill set to help the foundation advance its cause, given these new challenges.
When CoinDesk asked Shrem to describe the ideal candidate for his replacement, he said:
“Whoever takes [my] place needs to be a leader. Someone who holds the foundation at a standard of excellence and who realizes that the foundation represents what people think of bitcoin. This power does come with an immense amount of responsibility.”
The resulting appointee will also be the first individual elected to the board since September 2013, when Elizabeth T. Ploshay, manager of communications at Bitcoin Magazine, and Meyer ‘Micky’ Malka, founder and general partner at Ribbit Capital, were awarded an individual and an industry seat, respectively.
With this in mind, CoinDesk spoke to current and past board members about the upcoming election and what attributes they feel the new board member will require.
Leadership qualities
Of course, while leadership is a rather broad concept, current members of the Bitcoin Foundation were able to paint a picture of the kind of person that could most benefit the organisation.
Perhaps unsurprisingly, many of these qualities were a reflection of its recent objectives and challenges.
Bitcoin Foundation Executive Director and CoinDesk contributor Jon Matonis described his ideal candidate, emphasizing that communication will be a key attribute:
“A good candidate would understand bitcoin’s fundamental importance in the world and have a demonstrated capability of articulating that vision to a global audience.”
Ploshay, Malka and Shrem also stressed that candidates must understand that, as a board member, their actions will have a broad impact on the community. Shrem noted that this is a crucial component, in part, because of some members have erred on this point in the past.
“Unfortunately, some of the current members do not hold this responsibility and bring themselves to meaningless ‘blame games’ and lawsuits, where a real leader would look at the bigger picture,” Shrem said.
While this may seem negative, Shrem sought to be constructive with his remarks, which also cited the hard work that continues to be done by the body and his intention to do everything he legally can to provide it with support going forward.
Global expertise
shutterstock_130558322
Another common response from current board members was that the newest appointee should reflect the foundation’s motto, “Think Globally, Act Locally”.
This objective is top of agenda at the organization, very likely because of the recent addition of approved international chapters in Australia and Canada.
Malka echoed this necessity, saying that he believes his global experience was integral to his election. Malka grew up in Latin America, has lived in Europe, and now calls the US home.
“I believe that the more people with global experiences, or an understanding of global markets, or visions for the protocol, will be welcome,” he said.
Ploshay, however, said that candidates don’t need to have a diverse background to help the organisation improve its position globally, noting that applicants should be evaluated “regardless of where their passport is [from]”. She added:
“The most important thing is that the best candidate wins.”
Community interaction
Ploshay suggested that the election was not only the best way for the foundation to move forward, but for the community to address pertinent issues and ultimately choose an individual who can help lead such group discussions.
The board member continued, saying that the new appointee needs to be willing to share new ideas, interact with the community and operate in environments where their actions are noticed.
Malka suggested that the new member should be able to collaborate on matters of regulation. Noting the divergent opinions of bitcoin users on the subject, he explained that this means striking a sometimes complicated balance:
“You have to understand regulatory environments. I’m not saying going against them, or go for 100% of what they ask you do to [...] but you have to be willing to have that kind of mentality.”
The voting process
Of course, while the board members may have well-defined attributes in mind for an ideal colleague, only industry members of Bitcoin Foundation can vote for the open seat – meaning some of those interviewed here will not have a final say in the appointment.
As Shrem was currently serving a two-year board term set to end in December, a representative from the Bitcoin Foundation suggested the upcoming election may actually be a special election for the remainder of this period, not the full two-years. However, the Bitcoin Foundation has not responded formally to requests for clarification on the matter.
Voting will be held on 21st April. For more information on the voting process, visit the Bitcoin Foundation’s official blog for more details.
Pete Rizzo (@pete_rizzo_) | Published on February 26, 2014 at 17:07 GMT | Bitcoin Foundation, News
Mystery candidates
Following the sudden resignation of founding member and vice chairman Charlie Shrem, the Bitcoin Foundation has initiated moves to fill its first open Board of Directors seat.
The process got under way on 18th February, when it announced a formal schedule for the voting process.
Under the proposed timeline, a new board member will be elected in roughly two months’ time.
Early departures
Shrem’s seat has been vacant since 28th January, when he resigned amid accusations that he helped facilitate money laundering through the notorious and now-defunct online black market Silk Road.
Mt. Gox CEO Mark Karpeles also resigned from the board on 24th February, though no timeline has yet been introduced for vetting his replacement.
In the wake of these events, the remaining members of the board continue to work to promote and protect bitcoin – a task that they say is growing in importance and difficulty in accordance with the community’s own expansion.
For example, in just the last few weeks, the foundation has needed to reassure global consumers of the safety of the Bitcoin protocol, vet local groups that can help it expand its reach, and guard against people whose bitcoin associations might harm its reputation; in addition to dealing with two high-profile resignations.
Key skills
Speaking with current board members, it becomes clear that the organization is in need of a member with a broad-ranging skill set to help the foundation advance its cause, given these new challenges.
When CoinDesk asked Shrem to describe the ideal candidate for his replacement, he said:
“Whoever takes [my] place needs to be a leader. Someone who holds the foundation at a standard of excellence and who realizes that the foundation represents what people think of bitcoin. This power does come with an immense amount of responsibility.”
The resulting appointee will also be the first individual elected to the board since September 2013, when Elizabeth T. Ploshay, manager of communications at Bitcoin Magazine, and Meyer ‘Micky’ Malka, founder and general partner at Ribbit Capital, were awarded an individual and an industry seat, respectively.
With this in mind, CoinDesk spoke to current and past board members about the upcoming election and what attributes they feel the new board member will require.
Leadership qualities
Of course, while leadership is a rather broad concept, current members of the Bitcoin Foundation were able to paint a picture of the kind of person that could most benefit the organisation.
Perhaps unsurprisingly, many of these qualities were a reflection of its recent objectives and challenges.
Bitcoin Foundation Executive Director and CoinDesk contributor Jon Matonis described his ideal candidate, emphasizing that communication will be a key attribute:
“A good candidate would understand bitcoin’s fundamental importance in the world and have a demonstrated capability of articulating that vision to a global audience.”
Ploshay, Malka and Shrem also stressed that candidates must understand that, as a board member, their actions will have a broad impact on the community. Shrem noted that this is a crucial component, in part, because of some members have erred on this point in the past.
“Unfortunately, some of the current members do not hold this responsibility and bring themselves to meaningless ‘blame games’ and lawsuits, where a real leader would look at the bigger picture,” Shrem said.
While this may seem negative, Shrem sought to be constructive with his remarks, which also cited the hard work that continues to be done by the body and his intention to do everything he legally can to provide it with support going forward.
Global expertise
shutterstock_130558322
Another common response from current board members was that the newest appointee should reflect the foundation’s motto, “Think Globally, Act Locally”.
This objective is top of agenda at the organization, very likely because of the recent addition of approved international chapters in Australia and Canada.
Malka echoed this necessity, saying that he believes his global experience was integral to his election. Malka grew up in Latin America, has lived in Europe, and now calls the US home.
“I believe that the more people with global experiences, or an understanding of global markets, or visions for the protocol, will be welcome,” he said.
Ploshay, however, said that candidates don’t need to have a diverse background to help the organisation improve its position globally, noting that applicants should be evaluated “regardless of where their passport is [from]”. She added:
“The most important thing is that the best candidate wins.”
Community interaction
Ploshay suggested that the election was not only the best way for the foundation to move forward, but for the community to address pertinent issues and ultimately choose an individual who can help lead such group discussions.
The board member continued, saying that the new appointee needs to be willing to share new ideas, interact with the community and operate in environments where their actions are noticed.
Malka suggested that the new member should be able to collaborate on matters of regulation. Noting the divergent opinions of bitcoin users on the subject, he explained that this means striking a sometimes complicated balance:
“You have to understand regulatory environments. I’m not saying going against them, or go for 100% of what they ask you do to [...] but you have to be willing to have that kind of mentality.”
The voting process
Of course, while the board members may have well-defined attributes in mind for an ideal colleague, only industry members of Bitcoin Foundation can vote for the open seat – meaning some of those interviewed here will not have a final say in the appointment.
As Shrem was currently serving a two-year board term set to end in December, a representative from the Bitcoin Foundation suggested the upcoming election may actually be a special election for the remainder of this period, not the full two-years. However, the Bitcoin Foundation has not responded formally to requests for clarification on the matter.
Voting will be held on 21st April. For more information on the voting process, visit the Bitcoin Foundation’s official blog for more details.
Exclusive: State of Bitcoin 2014 Report Analyses Emerging Trends
CoinDesk (@coindesk) | Published on February 26, 2014 at 16:09 GMT | Analysis, Investors, News, Prices
Today, CoinDesk is pleased to release its first ever ‘State of Bitcoin’ report.
This report is not intended to be another guide answering the question ‘what is bitcoin?’, which we cover in detail elsewhere on our site. Instead, the main aim is to provide an overview of key cryptocurrency trends, challenges, and opportunities, while also highlighting the most important developments over the last year.
Earlier this week we published two articles on trends in bitcoin venture capital investment which drew analysis from the report, and additional articles will follow in the weeks to come. CoinDesk will also be presenting highlights from the report at the upcoming CoinSummit conference in San Francisco on 25th – 26th March.
As anyone who follows Bitcoin closely knows, this is an extremely fast-moving space – making the production of a comprehensive while still up-to-date report extremely difficult.
Case in point: the recent developments at Mt. Gox and resultant impact on bitcoin exchanges is still very much a fluid situation. Throughout the report, every effort has been made to provide the most current data available.
Thank you to our readers for making CoinDesk the world’s leading source of Bitcoin news, analysis and perspective. Our intention is to publish the ‘State of Bitcoin’ report on an annual or even more frequent basis, and we very much welcome your feedback and ideas on how we can make it better.
Sincerely,
The CoinDesk Team
Download the full report in PDF form:
Link: http://media.coindesk.com/report/CoinDesk-State-of-Bitcoin-2014.pdf
CoinDesk (@coindesk) | Published on February 26, 2014 at 16:09 GMT | Analysis, Investors, News, Prices
Today, CoinDesk is pleased to release its first ever ‘State of Bitcoin’ report.
This report is not intended to be another guide answering the question ‘what is bitcoin?’, which we cover in detail elsewhere on our site. Instead, the main aim is to provide an overview of key cryptocurrency trends, challenges, and opportunities, while also highlighting the most important developments over the last year.
Earlier this week we published two articles on trends in bitcoin venture capital investment which drew analysis from the report, and additional articles will follow in the weeks to come. CoinDesk will also be presenting highlights from the report at the upcoming CoinSummit conference in San Francisco on 25th – 26th March.
As anyone who follows Bitcoin closely knows, this is an extremely fast-moving space – making the production of a comprehensive while still up-to-date report extremely difficult.
Case in point: the recent developments at Mt. Gox and resultant impact on bitcoin exchanges is still very much a fluid situation. Throughout the report, every effort has been made to provide the most current data available.
Thank you to our readers for making CoinDesk the world’s leading source of Bitcoin news, analysis and perspective. Our intention is to publish the ‘State of Bitcoin’ report on an annual or even more frequent basis, and we very much welcome your feedback and ideas on how we can make it better.
Sincerely,
The CoinDesk Team
Download the full report in PDF form:
Link: http://media.coindesk.com/report/CoinDesk-State-of-Bitcoin-2014.pdf
Bitcoin is Legal, Says Central Bank of Cyprus
Dan Palmer | Published on February 26, 2014 at 15:05 GMT | Bitcoin ATM, Europe, Exchanges, Law, News, Regulation
“Bitcoin is not illegal” say anonymous sources from the Central Bank of Cyprus (CBC), according to a report by the Cyprus Mail.
The fact remains that bitcoin is in a grey area for banks – neither a currency nor a financial instrument – and the sources warned that the digital currency isn’t “subject to control or regulation”.
The Cypriot bank has recently indicated disapproval of cryptocurrencies, stating on 7th February that they were not classified as legal tender:
“The CBC does not authorise any activity falling within its mandate unless legal compliance is ensured. Any activity without the required license is liable for breach of law.”
The latest statement should, therefore, come as good news to bitcoiners fearing a government crackdown to limit rampant tax evasion as people desert a banking system they see working against their interests.
In actual fact, as a member of the Eurozone, Cyprus’s banking affairs are overseen by the European Central Bank and any future legislation of digital currencies is likely to be passed down from there.
Cash crisis
During 2012 and 2013, Cyprus experienced crippling financial problems in the fallout from the Greek debt crisis. In the months that followed, it implemented a host of austerity measures, including an infamous one-time levy on all uninsured bank deposits.
Cypriots were enraged by the move, seeing it as a robbery of the people. Interest in alternative currencies rose dramatically, causing a spike in the global price of bitcoin.
The country has a history as a financial centre and, with traditional banking deemed as a failure by much of the population, some expect Cyprus will forge a new future as a centre of bitcoin use and commerce.
Since the crisis, the University of Nicosia has started accepting bitcoin for everything from tuition fees to books and meals, and is even offering a Masters degree in Digital Currencies.
More recently, the world’s first brick-and-mortar bitcoin deposit and financial services portal, Neo, opened its flagship branch in Nicosia, with the aim of being a ‘bank’ for bitcoin.
Dan Palmer | Published on February 26, 2014 at 15:05 GMT | Bitcoin ATM, Europe, Exchanges, Law, News, Regulation
“Bitcoin is not illegal” say anonymous sources from the Central Bank of Cyprus (CBC), according to a report by the Cyprus Mail.
The fact remains that bitcoin is in a grey area for banks – neither a currency nor a financial instrument – and the sources warned that the digital currency isn’t “subject to control or regulation”.
The Cypriot bank has recently indicated disapproval of cryptocurrencies, stating on 7th February that they were not classified as legal tender:
“The CBC does not authorise any activity falling within its mandate unless legal compliance is ensured. Any activity without the required license is liable for breach of law.”
The latest statement should, therefore, come as good news to bitcoiners fearing a government crackdown to limit rampant tax evasion as people desert a banking system they see working against their interests.
In actual fact, as a member of the Eurozone, Cyprus’s banking affairs are overseen by the European Central Bank and any future legislation of digital currencies is likely to be passed down from there.
Cash crisis
During 2012 and 2013, Cyprus experienced crippling financial problems in the fallout from the Greek debt crisis. In the months that followed, it implemented a host of austerity measures, including an infamous one-time levy on all uninsured bank deposits.
Cypriots were enraged by the move, seeing it as a robbery of the people. Interest in alternative currencies rose dramatically, causing a spike in the global price of bitcoin.
The country has a history as a financial centre and, with traditional banking deemed as a failure by much of the population, some expect Cyprus will forge a new future as a centre of bitcoin use and commerce.
Since the crisis, the University of Nicosia has started accepting bitcoin for everything from tuition fees to books and meals, and is even offering a Masters degree in Digital Currencies.
More recently, the world’s first brick-and-mortar bitcoin deposit and financial services portal, Neo, opened its flagship branch in Nicosia, with the aim of being a ‘bank’ for bitcoin.
#121 . @Kraken trader. Can u pls unquote whole article, just put #number in front of your comment so we know what article you talking about. Tnx.
#113
I think there is an easier and FASTER way to switch from USD to EUR.
That way you may not get the 2% conversion discount mentioned by Dargo,
but you would cut the waiting time, and most people don't like to wait
I think there is an easier and FASTER way to switch from USD to EUR.
- 1. cancel your USD withdrawal request
- 2. Trade USD for BTC
- 3. Trade BTC for EUR
- 4. Request EUR withdrawal
That way you may not get the 2% conversion discount mentioned by Dargo,
but you would cut the waiting time, and most people don't like to wait
#116 yeah that's for sure... I am making so may posts here 
. I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll !
And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
. I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll ! And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
@MACRO Everyone sometimes can make spelling mistakes but if you wouldnt here the news would be more professional in my opinion.
Im not trying to drown you but you can swim better.
Jezzz.. I am so sleepy . And yes sorry for that . Will remember that!
I didnt mean you to be sorry, there is no need but to improve thyself
#116 yeah that's for sure... I am making so may posts here . I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll !
And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
. I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll ! And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
@MACRO Everyone sometimes can make spelling mistakes but if you wouldnt here the news would be more professional in my opinion.
Im not trying to drown you but you can swim better.
Jezzz.. I am so sleepy . And yes sorry for that . Will remember that! English is not my primary language.
#116 yeah that's for sure... I am making so may posts here . I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll !
And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
. I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll ! And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it, will be highly apprishiated.
@MACRO Everyone sometimes can make spelling mistakes but if you wouldnt here the news would be more professional in my opinion.
Im not trying to drown you but you can swim better.
#116 yeah that's for sure... I am making so may posts here . I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll !
And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it. Pls
. I would be better of doing some random posts than this. This takes time. Also if u recal i asked if people read this . If they did not answer i would stop it. Also u can take look at poll ! And i will politely ask to remove that image . Its not suitable for this thread. Comment is fine. Ur opinion, but image ... dont see the point in it .
If u can remove it. Pls
Spam news.
Raise post count.
Collect "hard earned" BTC every 17th day of the month.
Raise post count.
Collect "hard earned" BTC every 17th day of the month.
Mt. Gox CEO Issues New Statement, Claims He’s Still in Japan
Nermin Hajdarbegovic | Published on February 26, 2014 at 12:20 GMT | Exchanges, Mt. Gox, News
Mark Karpeles
Mt. Gox has issued yet another brief statement and this time it is coming straight from CEO Mark Karpeles. The troubled exchange issued a very short statement late yesterday, saying that it decided to “close all transactions” for the time being in order to “protect the site” and its users.
No change
The latest statement won’t do much to reassure customers, either. Here is what Karpeles had to say:
February 26th 2014
Dear MtGox Customers,
As there is a lot of speculation regarding Mt. Gox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues.
Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates.
Sincerely,
Mark Karpeles
It should be noted that Karpeles is still nowhere to be found. Mt. Gox moved to new offices and Karpeles isn’t talking to the media (apart from a short statement made to Reuters). This appears to be his only formal statement since the exchange was closed a few days ago.
Serious questions persist
The fact that Karpeles and the rest of the Mt. Gox team have been so secretive ever since the exchange suspended bitcoin withdrawals is just adding insult to injury. A leaked document indicates that the exchange is insolvent, quite spectacularly so.
An online chat conversation published by Fox Business last night reportedly shows Karpeles telling a consultant that he is not giving up on Mt. Gox. In the chat, Karpeles says the leaked document was not produced by Mt. Gox, but he admits that there is some truth to it.
Even before Mt. Gox closed its doors and abandoned its offices, it was in a world of trouble. It suspended bitcoin withdrawals citing technical issues, namely transaction malleability.
Shortly thereafter, members of the bitcoin community started organising protests in front of the Mt. Gox headquarters in Tokyo. For days the offices were picketed by customers demanding their cash or bitcoins back, but eventually the company simply vanished.
Two days ago Karpeles resigned from the Bitcoin Foundation’s Board of Directors. The foundation announced that Karpeles submitted his resignation and that it was effective immediately.
Now we know that Karpeles is still in Japan and that something is happening behind the scenes. The question is – what?
My toughs: Go fuck ur self and leave bitcoin alone when its on the rise again.
Nermin Hajdarbegovic | Published on February 26, 2014 at 12:20 GMT | Exchanges, Mt. Gox, News
Mark Karpeles
Mt. Gox has issued yet another brief statement and this time it is coming straight from CEO Mark Karpeles. The troubled exchange issued a very short statement late yesterday, saying that it decided to “close all transactions” for the time being in order to “protect the site” and its users.
No change
The latest statement won’t do much to reassure customers, either. Here is what Karpeles had to say:
February 26th 2014
Dear MtGox Customers,
As there is a lot of speculation regarding Mt. Gox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues.
Furthermore I would like to kindly ask that people refrain from asking questions to our staff: they have been instructed not to give any response or information. Please visit this page for further announcements and updates.
Sincerely,
Mark Karpeles
It should be noted that Karpeles is still nowhere to be found. Mt. Gox moved to new offices and Karpeles isn’t talking to the media (apart from a short statement made to Reuters). This appears to be his only formal statement since the exchange was closed a few days ago.
Serious questions persist
The fact that Karpeles and the rest of the Mt. Gox team have been so secretive ever since the exchange suspended bitcoin withdrawals is just adding insult to injury. A leaked document indicates that the exchange is insolvent, quite spectacularly so.
An online chat conversation published by Fox Business last night reportedly shows Karpeles telling a consultant that he is not giving up on Mt. Gox. In the chat, Karpeles says the leaked document was not produced by Mt. Gox, but he admits that there is some truth to it.
Even before Mt. Gox closed its doors and abandoned its offices, it was in a world of trouble. It suspended bitcoin withdrawals citing technical issues, namely transaction malleability.
Shortly thereafter, members of the bitcoin community started organising protests in front of the Mt. Gox headquarters in Tokyo. For days the offices were picketed by customers demanding their cash or bitcoins back, but eventually the company simply vanished.
Two days ago Karpeles resigned from the Bitcoin Foundation’s Board of Directors. The foundation announced that Karpeles submitted his resignation and that it was effective immediately.
Now we know that Karpeles is still in Japan and that something is happening behind the scenes. The question is – what?
My toughs: Go fuck ur self and leave bitcoin alone when its on the rise again.
Bitcoin Alliance of Canada to Host Bitcoin Expo in Toronto
Dan Palmer | Published on February 26, 2014 at 14:07 GMT | Coinbase, Events, Litecoin, News, Regulation, Startups, US & Canada
It is perhaps ironic that Canada, a country considering rather draconian regulations for cryptocurrency businesses, is to play host to what organizers claim will be “one of the largest planned international bitcoin events to date”.
The event, dubbed “Bitcoin Expo 2014”, is being hosted by the Bitcoin Alliance of Canada (BAC), and will take place in Toronto from April 11th-13th.
According to the BAC website, the prevailing theme of the event will revolve around the “growth and development of bitcoin communities worldwide with a focus on collaborative and decentralized models”.
Prominent bitcoin leaders, speakers, and businesses will be talking at the event, and Canada’s bitcoin communities and business startups will be given special prominence on a dedicated stage.
Impending regulation
Income from bitcoin transactions is already taxable in Canada and, although the government has been somewhat hands-off in its approach to bitcoin in the past, it is now threatening to clamp down on the country’s burgeoning cryptocurrency industry.
The country’s finance minister Jim Flaherty singled out bitcoin by name in his federal budget statement on 13th February, as he announced new laws to regulate cryptocurrencies.
Furthermore, after the publication of an internal governmental report, there are fears that the North American nation may try to ‘choke the oxygen’ out of its bitcoin ecosystem by denying Canadians access to foreign exchange markets.
Collaborative event
Bitcoin Alliance Canada
In spite of this, Canada currently has a thriving population of active bitcoiners and crypto companies, which the event organizers are keen to showcase.
The BAC emphasizes, however, that this is an international event, claiming it will be carried out “in a collaborative way that will benefit bitcoin communities not just in Canada but also specifically in under-developed areas and in areas where Bitcoin is still in its infancy”.
To that end, the BAC is offering scholarships to allow speakers, who might otherwise not be able to attend, the chance to make an appearance at the expo and “share valuable perspectives on bitcoin”.
BAC says that the expo will be organized and run on a non-profit basis, with all proceeds to be “returned to the Bitcoin community in a crowdsourced way”.
The speakers
Master of Ceremonies at the event will be Andreas M Antonopoulos, entrepreneur and Chief Security Officer of Blockchain.info, while over 50 notable members of the international bitcoin community will be speaking, from CEOs to libertarians and proponents of Deep Web organisations.
Notable among these are Charlie Lee, a software engineer at Coinbase and the creator of litecoin; Vitalik Buterin, co-creator of Ethereum, a decentralized mining network and software development platform; and Stephanie Murphy, co-host of the Let’s Talk Bitcoin podcast.
Jason King, founder of Sean’s Outpost – a homeless outreach programme funded by bitcoin – will also be speaking.
The venue
MTCC mapBitcoin Expo 2014 will be held at Metro Toronto Convention Center, Canada’s largest conference facility,. The venue is situated close to the city’s financial district (view an interactive map here).
The MTCC has ample parking, and a wide variety of hotels and eateries within easy reach.
Furthermore, Toronto is just an hour’s drive of the US border, for those thinking of cruising up from New York.
Dan Palmer | Published on February 26, 2014 at 14:07 GMT | Coinbase, Events, Litecoin, News, Regulation, Startups, US & Canada
It is perhaps ironic that Canada, a country considering rather draconian regulations for cryptocurrency businesses, is to play host to what organizers claim will be “one of the largest planned international bitcoin events to date”.
The event, dubbed “Bitcoin Expo 2014”, is being hosted by the Bitcoin Alliance of Canada (BAC), and will take place in Toronto from April 11th-13th.
According to the BAC website, the prevailing theme of the event will revolve around the “growth and development of bitcoin communities worldwide with a focus on collaborative and decentralized models”.
Prominent bitcoin leaders, speakers, and businesses will be talking at the event, and Canada’s bitcoin communities and business startups will be given special prominence on a dedicated stage.
Impending regulation
Income from bitcoin transactions is already taxable in Canada and, although the government has been somewhat hands-off in its approach to bitcoin in the past, it is now threatening to clamp down on the country’s burgeoning cryptocurrency industry.
The country’s finance minister Jim Flaherty singled out bitcoin by name in his federal budget statement on 13th February, as he announced new laws to regulate cryptocurrencies.
Furthermore, after the publication of an internal governmental report, there are fears that the North American nation may try to ‘choke the oxygen’ out of its bitcoin ecosystem by denying Canadians access to foreign exchange markets.
Collaborative event
Bitcoin Alliance Canada
In spite of this, Canada currently has a thriving population of active bitcoiners and crypto companies, which the event organizers are keen to showcase.
The BAC emphasizes, however, that this is an international event, claiming it will be carried out “in a collaborative way that will benefit bitcoin communities not just in Canada but also specifically in under-developed areas and in areas where Bitcoin is still in its infancy”.
To that end, the BAC is offering scholarships to allow speakers, who might otherwise not be able to attend, the chance to make an appearance at the expo and “share valuable perspectives on bitcoin”.
BAC says that the expo will be organized and run on a non-profit basis, with all proceeds to be “returned to the Bitcoin community in a crowdsourced way”.
The speakers
Master of Ceremonies at the event will be Andreas M Antonopoulos, entrepreneur and Chief Security Officer of Blockchain.info, while over 50 notable members of the international bitcoin community will be speaking, from CEOs to libertarians and proponents of Deep Web organisations.
Notable among these are Charlie Lee, a software engineer at Coinbase and the creator of litecoin; Vitalik Buterin, co-creator of Ethereum, a decentralized mining network and software development platform; and Stephanie Murphy, co-host of the Let’s Talk Bitcoin podcast.
Jason King, founder of Sean’s Outpost – a homeless outreach programme funded by bitcoin – will also be speaking.
The venue
MTCC mapBitcoin Expo 2014 will be held at Metro Toronto Convention Center, Canada’s largest conference facility,. The venue is situated close to the city’s financial district (view an interactive map here).
The MTCC has ample parking, and a wide variety of hotels and eateries within easy reach.
Furthermore, Toronto is just an hour’s drive of the US border, for those thinking of cruising up from New York.
Kraken Halts USD Transactions, Asks Customers to Switch to Euros
Jon Southurst (@southtopia) | Published on February 26, 2014 at 12:03 GMT | Companies, Exchanges, News
Bitcoin exchange Kraken put a brief halt on US dollar withdrawals and suspended USD deposits today, offering customers a 2% bonus to convert their balances to euros (EUR).
“Many USD withdrawals have been delayed beyond a limit we can accept, and it reflects poorly on our service,” a customer support representative said.
“All pending USD withdrawals not already in transit are being cancelled and the funds will be automatically credited back to your account.”
Customers can now select the ‘Convert USD to EUR’ option on its support page, either for one withdrawal or the entire account. Converting EUR amounts back to USD for USD-only bank accounts would incur a fee of less than 1%, Kraken said.
The problem was apparently caused by a recent increase in US dollar transaction volume, much of which came from outside the United States, and temporarily overwhelmed Kraken’s current US banking partner.
Don’t use USD
The exchange has indicated that it actually prefers customers to use non-US currencies.
Kraken CEO Jesse Powell said US dollars represented only a small piece of the company’s business, and that dealing with USD and its associated headaches cost it more in customer service and agent time than it earned in revenue.
“We’re still doing dollar withdrawals and dollar trading; we just don’t want to take any more new dollars,” he said.
“They can still withdraw, they can still trade with dollars. We just didn’t want to create any new liabilities.”
Most Kraken customers trading in USD are not even US residents. Powell recommended those customers should switch to euros, where liquidity was greater and transaction fees were lower.
“We haven’t even been going after the US market at all. We just offer the dollar because we’re able to. In hindsight we probably should not have [...] at least until we have a more robust banking partner.”
“In the meantime we’re emailing all the users with dollar balances, offering to convert their balances to euros; they can trade on the euro if they want to.”
New banking partner
The company was currently in negotiation with a couple of other banks, Powell said, and would reactivate USD deposits then.
Despite the recent debacle surrounding Mt. Gox, he said while Kraken had “not heard any panicked phone calls” the topic had a chilling effect and was bound to come up in meetings over the next couple of days.
“I don’t see the point of offering a service that’s just going to be an exercise in frustration,” he concluded.
“If it’s not a good service, if we can’t do it well, then why do it?”
Jon Southurst (@southtopia) | Published on February 26, 2014 at 12:03 GMT | Companies, Exchanges, News
Bitcoin exchange Kraken put a brief halt on US dollar withdrawals and suspended USD deposits today, offering customers a 2% bonus to convert their balances to euros (EUR).
“Many USD withdrawals have been delayed beyond a limit we can accept, and it reflects poorly on our service,” a customer support representative said.
“All pending USD withdrawals not already in transit are being cancelled and the funds will be automatically credited back to your account.”
Customers can now select the ‘Convert USD to EUR’ option on its support page, either for one withdrawal or the entire account. Converting EUR amounts back to USD for USD-only bank accounts would incur a fee of less than 1%, Kraken said.
The problem was apparently caused by a recent increase in US dollar transaction volume, much of which came from outside the United States, and temporarily overwhelmed Kraken’s current US banking partner.
Don’t use USD
The exchange has indicated that it actually prefers customers to use non-US currencies.
Kraken CEO Jesse Powell said US dollars represented only a small piece of the company’s business, and that dealing with USD and its associated headaches cost it more in customer service and agent time than it earned in revenue.
“We’re still doing dollar withdrawals and dollar trading; we just don’t want to take any more new dollars,” he said.
“They can still withdraw, they can still trade with dollars. We just didn’t want to create any new liabilities.”
Most Kraken customers trading in USD are not even US residents. Powell recommended those customers should switch to euros, where liquidity was greater and transaction fees were lower.
“We haven’t even been going after the US market at all. We just offer the dollar because we’re able to. In hindsight we probably should not have [...] at least until we have a more robust banking partner.”
“In the meantime we’re emailing all the users with dollar balances, offering to convert their balances to euros; they can trade on the euro if they want to.”
New banking partner
The company was currently in negotiation with a couple of other banks, Powell said, and would reactivate USD deposits then.
Despite the recent debacle surrounding Mt. Gox, he said while Kraken had “not heard any panicked phone calls” the topic had a chilling effect and was bound to come up in meetings over the next couple of days.
“I don’t see the point of offering a service that’s just going to be an exercise in frustration,” he concluded.
“If it’s not a good service, if we can’t do it well, then why do it?”
Mt. Gox Faces US Subpoena and Investigation in Japan
Nermin Hajdarbegovic | Published on February 26, 2014 at 11:25 GMT | Exchanges, Mt. Gox, News
The Mt. Gox maelstrom is starting to attract attention from law enforcement in Japan and the US.
According to the Wall Street Journal, Mt. Gox has been subpoenaed by the US Attorney’s office in New York. Additionally, a few thousand miles west, Japanese officials have confirmed that local authorities are looking into the matter, too.
The Wall Street Journal cites an unnamed source, which revealed the federal subpoena was sent this month. Details are rather thin on the ground and at this point in time it remains unclear when the subpoena was sent, or what it is all about.
In any case, federal prosecutors don’t tend to waste their time in vain and the fact that the attorney’s office is declining to comment the matter is consistent with an ongoing investigation.
Japan authorities “gathering information”
As for Japan, it might be even more serious, as Japanese authorities are already looking into the closure of Mt. Gox.
“At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case,” Chief Cabinet Secretary Yoshihide Suga told a news conference, Reuters reports.
Suga stopped short of saying what sort of investigation has been launched. It should be pointed out that Japan’s Financial Services Agency and the Ministry of Finance insist that they simply do not have jurisdiction over Mt. Gox. The Bank of Japan has not commented publicly, either.
However, Suga also mentioned the police, so it is plausible that he is talking about a criminal investigation – although this is not something we can confirm at this time.
Mt. Gox still isn’t saying much
For its part, Mt. Gox is still practically silent. Mt. Gox CEO Mark Karpeles isn’t talking to the media, but he did tell Reuters that the exchange should have an official announcement ready “soon-ish”. He added that Mt. Gox is “at a turning point” and that he cannot say more as other parties are involved.
The only things coming out of Mt. Gox are new revelations that are anything but positive.
Fox Business published an online chat between Karpleles and consultant Jon Fisher that all but confirmed that leaked documents purporting the exchange’s insolvency are more or less true, although he insists they were not produced by Mt. Gox.
Karpeles mentioned “other parties” in his response to Reuters, but it remains unclear who produced the documents and how (or why) they were leaked.
Nermin Hajdarbegovic | Published on February 26, 2014 at 11:25 GMT | Exchanges, Mt. Gox, News
The Mt. Gox maelstrom is starting to attract attention from law enforcement in Japan and the US.
According to the Wall Street Journal, Mt. Gox has been subpoenaed by the US Attorney’s office in New York. Additionally, a few thousand miles west, Japanese officials have confirmed that local authorities are looking into the matter, too.
The Wall Street Journal cites an unnamed source, which revealed the federal subpoena was sent this month. Details are rather thin on the ground and at this point in time it remains unclear when the subpoena was sent, or what it is all about.
In any case, federal prosecutors don’t tend to waste their time in vain and the fact that the attorney’s office is declining to comment the matter is consistent with an ongoing investigation.
Japan authorities “gathering information”
As for Japan, it might be even more serious, as Japanese authorities are already looking into the closure of Mt. Gox.
“At this stage the relevant financial authorities, the police, the Finance Ministry and others are gathering information on the case,” Chief Cabinet Secretary Yoshihide Suga told a news conference, Reuters reports.
Suga stopped short of saying what sort of investigation has been launched. It should be pointed out that Japan’s Financial Services Agency and the Ministry of Finance insist that they simply do not have jurisdiction over Mt. Gox. The Bank of Japan has not commented publicly, either.
However, Suga also mentioned the police, so it is plausible that he is talking about a criminal investigation – although this is not something we can confirm at this time.
Mt. Gox still isn’t saying much
For its part, Mt. Gox is still practically silent. Mt. Gox CEO Mark Karpeles isn’t talking to the media, but he did tell Reuters that the exchange should have an official announcement ready “soon-ish”. He added that Mt. Gox is “at a turning point” and that he cannot say more as other parties are involved.
The only things coming out of Mt. Gox are new revelations that are anything but positive.
Fox Business published an online chat between Karpleles and consultant Jon Fisher that all but confirmed that leaked documents purporting the exchange’s insolvency are more or less true, although he insists they were not produced by Mt. Gox.
Karpeles mentioned “other parties” in his response to Reuters, but it remains unclear who produced the documents and how (or why) they were leaked.
Mt. Gox CEO Says Leaked Documents More or Less Legit
Daniel Cawrey (@danielcawrey) | Published on February 26, 2014 at 01:51 GMT | Exchanges, News, Regulation
Mark Karpeles, CEO of troubled Japan-based bitcoin exchange Mt. Gox, has responded informally to reports of major problems at his business and rumors that his company will be rebranding its services.
In an online chat conversation published by Fox Business, Karpeles told consultant Jon Fisher that he is not giving up on Mt. Gox.
When asked by Fisher if documents purporting the exchange’s insolvency are true, Karpeles replied:
“As the name suggests it’s a draft, and it’s a bunch of proposals to deal with the issue at hand, not things that are actually planned and/or done.”
Karpeles also revealed his company was not the author of the document, titled ‘Crisis Strategy Draft’, saying:
“This document was not produced by MtGox”
The news comes as the ripple effects of Mt. Gox’s abrupt closure continue to be felt in the industry in the actions of business partners and the movements of the overall market.
Volume
Regulatory pressure has been a big problem for Mt. Gox according to Karpeles:
“The pressure we got from banks and governments make things very hard”
Prior to the suspension of trading that then led to the site going offline, Mt. Gox was one of the biggest US dollar bitcoin exchanges.
According to Bitcoin Charts market data, Mt. Gox’s previous 30-day volume was 1,030,921 BTC, valued at $377,383,264.92 USD.
By volume, Mt. Gox was still the biggest exchange for the BTC/USD trading pair.
Reaction
Major news outlets are reporting that Mt. Gox’s problems “spell doom” for bitcoin, or that there is at least “bitcoin turmoil”.
Jon Matonis, the president of the Bitcoin Foundation, tweeted that a systematic failure of this major bitcoin exchange is quite different from centralized financial systems:
Some are taking heed to investor Marc Andreessen’s assessment that there is a MF Global comparison to be made regarding Mt Gox.
Karpeles maintains he is not in hiding, posting this image of his workspace, and as reported by Fox Business he is:
“At home, with my cat being a pain sleeping on the keyboard.”
Karpeles_workspace
The desktop of Mt. Gox CEO, Mark Karpeles
Full Chat Log
Source: Fox Business
CoinDesk is monitoring this developing story, and will post updates as they become known.
Daniel Cawrey (@danielcawrey) | Published on February 26, 2014 at 01:51 GMT | Exchanges, News, Regulation
Mark Karpeles, CEO of troubled Japan-based bitcoin exchange Mt. Gox, has responded informally to reports of major problems at his business and rumors that his company will be rebranding its services.
In an online chat conversation published by Fox Business, Karpeles told consultant Jon Fisher that he is not giving up on Mt. Gox.
When asked by Fisher if documents purporting the exchange’s insolvency are true, Karpeles replied:
“As the name suggests it’s a draft, and it’s a bunch of proposals to deal with the issue at hand, not things that are actually planned and/or done.”
Karpeles also revealed his company was not the author of the document, titled ‘Crisis Strategy Draft’, saying:
“This document was not produced by MtGox”
The news comes as the ripple effects of Mt. Gox’s abrupt closure continue to be felt in the industry in the actions of business partners and the movements of the overall market.
Volume
Regulatory pressure has been a big problem for Mt. Gox according to Karpeles:
“The pressure we got from banks and governments make things very hard”
Prior to the suspension of trading that then led to the site going offline, Mt. Gox was one of the biggest US dollar bitcoin exchanges.
According to Bitcoin Charts market data, Mt. Gox’s previous 30-day volume was 1,030,921 BTC, valued at $377,383,264.92 USD.
By volume, Mt. Gox was still the biggest exchange for the BTC/USD trading pair.
Reaction
Major news outlets are reporting that Mt. Gox’s problems “spell doom” for bitcoin, or that there is at least “bitcoin turmoil”.
Jon Matonis, the president of the Bitcoin Foundation, tweeted that a systematic failure of this major bitcoin exchange is quite different from centralized financial systems:
Some are taking heed to investor Marc Andreessen’s assessment that there is a MF Global comparison to be made regarding Mt Gox.
Karpeles maintains he is not in hiding, posting this image of his workspace, and as reported by Fox Business he is:
“At home, with my cat being a pain sleeping on the keyboard.”
Karpeles_workspace
The desktop of Mt. Gox CEO, Mark Karpeles
Full Chat Log
Source: Fox Business
CoinDesk is monitoring this developing story, and will post updates as they become known.
Guys time for shot feadback .
Do u guys still reading this ? Don't let me posting like crazy if nobody read it .
. Do u guys still reading this ? Don't let me posting like crazy if nobody read it
. keep going please
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