Datasets:

EdaZ

/

bitcoin_news

like 3

2013-11-20 03:32:12+00:00

{"Bitcoin": [29, 827, 1929, 2009, 2051, 2068]}

{"Bitcoin": [60]}

Gaming Company Fined $1 Million After Using Players To Mine Bitcoin

https://finance.yahoo.com/news/finance.yahoo.com/news/gaming-company-fined-1-million-033212157.html

Business Insider

http://www.businessinsider.com/

bitcoin REUTERS/Jim Urquhart Bitcoin enthusiast Mike Caldwell poses at his office in Sandy, Utah, September 17, 2013. A gaming software company behind anti-cheating software for the popular Counterstrike game has been fined $1 million after a software update secretly added code that would mine for bitcoin without the users' knowledge, Robert McMillan of Wired reports. About 14,000 customers of E-Sports Entertainment Association (ESEA) were infected by the code, which mined about 30 bitcoins over a period of two weeks. The company blamed a rogue engineer for the malicious code. The software was designed to mine the cryptocurrency only when people weren't active on their computers , according to Forbes' Kashmir Hill. But one gamer noticed his computer was working much harder than usual and warned others of a possible Bitcoin botnet in April. “These defendants illegally hijacked thousands of people’s personal computers without their knowledge or consent, and in doing so gained the ability to monitor their activities, mine for virtual currency that had real dollar value, and otherwise invade and damage their computers," said Acting N.J. Attorney General John Hoffman, in a press release. From Wired: Though they reached a settlement, ESEA and the New Jersey AG disagree over the facts of the case. The AG’s office says that company co-founder Eric Thunberg and software engineer Sean Hunczak were both involved in the scam. In a statement posted to its website , ESEA said the software was the work of a single engineer, presumably Hunczak, adding that the “press release issued by the Attorney General about our settlement represents a deep misunderstanding of the facts of the case, the nature of our business, and the technology in question.” The company must pay $325,000 of the fine upfront, but will be required to pay the rest if they are caught misbehaving in the next ten years. More From Business Insider Bitcoin Explodes To 666 After Comments From Bernanke One Of The World's Largest Bitcoin Businesses Temporarily Ran Out of Bitcoins To Sell Bitcoin Crosses $700 As Senate Hearing Wraps

2013-11-20 12:28:00+00:00

{"Bitcoin": [5577, 5633]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-opening-bell-122829468.html

Business Insider

http://www.businessinsider.com/

bernanke REUTERS/Jonathan Ernst Good morning! Here's what you need to know. Most markets in Asia closed lower Wednesday. Japan's Nikkei fell -0.33%. Korea's Kospi was off -0.71%. Chinese indices defied the trend, with Hong Kong's Hang Seng up 0.18% and the Shanghai Composite up 0.62%. European markets are lower across the board, with London's FTSE off most at -0.28%. U.S. futures are pointing lower. Ben Bernanke gave a speech last night at the annual National Economists Club dinner in which he laid out how the Fed has sought to align market expectations with imminent Fed actions. He said that although the market completely misread the Fed's intentions at the June FOMC meeting and tightened, the Fed's subsequent decision to leave its bond buying program unchanged at the following FOMC meeting despite even more signs of an improving economy ended up strengthening its credibility by "surprising" the market again. " When, ultimately, asset purchases do slow," he said, "it will likely be because the economy has progressed sufficiently for the Committee to rely more heavily on its rate policies, the associated forward guidance, and its substantial continued holdings of securities to maintain progress toward maximum employment and to achieve price stability....T he target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after the unemployment threshold is crossed and at least until the preponderance of the data supports the beginning of the removal of policy accommodation." Japan's trade deficit unexpectedly widened in October as growth in imports outpaced robust increases in exports to the U.S. and China, Reuters says . While a weakening Japanese yen has lifted exports, it's increased the cost in yen terms for imports, especially of oil and natural gas meant to offset declines in power from shutting down Fukushima. Japan has now seen 16-straight months of deficits. BI's Joe Weisenthal says you're being misled about Abenomics if you're fixated on exports. "...if your conception of Abenomics — Japan's big economic experiment which has seen a weakened yen as part of aggressive monetary policy — is that it's just about making exports more competitive, you're totally wrong. It's not a beggar thy number/currency war move. If Abenomics is to work — and there are signs that it is — it works by stoking inflation expectations so that people domestically spend rather than horde cash." The minutes from the latest Bank of England meeting are out, and analysts say its policy making committee remains in "wait and see" mode. "The way out of the current fragile recovery is not around the corner and policymakers don't feel the pressure to reduce the accommodation in the current uncertain environment," the FT quotes Newedge's Annalisa Piazza . "The 7% unemployment rate is not seen as a trigger of the first rate hike as policymakers are willing to look at the broader picture to judge when the time for less accommodation has arrived. In the meanwhile, the expected spike in inflation (due to rising utility prices) is not considered as a threat for price stability in the medium term." We've got a busy day in economic data and releases. At 8:30 am ET we get both October consumer price inflation, with a consensus for core inflation to rise 0.1% from the previous month and 1.7% year over year; and retail sales, with total sales expected to advance 0.1% and non-auto-and-gas sales expected to rise by 0.2%. Then at 10 am we get September business inventories, which are expected to climb 0.3%; and October existing home sales, which are expected to have slowed to 5.14 million units at a seasonally adjusted annual rate. At 2 pm we get minutes from the October FOMC meeting. Plus New York Fed President William Dudley speaks at 10 am, and St. Louis Fed President James Bullard speaks at 12:10 pm. JC Penney reported losses of $1.81/share missing consensus of $1.72/share. Sames-store sales figures were down 4.8%. But shares are moving higher pre-market on guidance. Deere earnings beat at $2.11 versus $1.89 expected, while revenues came in in-line. The Wall Street Journal's Scott Patterson and Andrew Ackerman report there are new hiccups in implementing the Volcker rule designed to limit proprietary trading at financial firms. Some regulators at the SEC and CFTC are now "arguing [the rule] is too soft on banks," which threatens to "further delay [the rule's] implementation beyond the year-end deadline set by the Obama administration." Duncan Weldon explains in a new blog post this morning how short-term thinking among corporate brass has led to rising inequality. He first quotes from a recent piece by Reuters' James Saft : "[In the 1970's], companies invested about 15 times more in new equipment and ventures than they returned to shareholders via dividends. Now the ratio is less than two. As recently as the 1990s, this number was as high as six. Why? The change toward ever greater executive pay, doled out in share options which are highly sensitive to short-term stock price movements, has changed how CEOs behave." In other words, Weldon writes, "We have stumbled into a system whereby corporations are often run not for their own long term benefit but for the benefit of top staff. As Mariana Mazzucato has argued with are all too often rewarding value extraction rather than value creation ." A gaming company has been fined $1 million by the state of New Jersey after it secretly installed code on users' computers that turned their computers into Bitcoin mining units. The firm blames a rogue employee. Bitcoin prices fell sharply overnight and now stand at $470. California saw its first monthly increase in realtor licenses since early 2007 in August, Calculated Risk's Bill McBride reports . The figure remains 32.4% from its peak and is off 3.3% year-over-year. Broker's licensing rates are still declining, albeit slowly, and are just 8.4% from their peak. "This might be the bottom (or near the bottom) for real estate licensees in California, but so far there is no sign of a new bubble in real estate agents!" he says. More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning

2013-11-20 13:00:00+00:00

{"Bitcoin": [170, 235, 574, 651, 875, 1086, 1171, 2088]}

{"Bitcoin": [38]}

Global Leadership Institute to Accept Bitcoin

https://finance.yahoo.com/news/global-leadership-institute-accept-bitcoin-130000525.html

Marketwired

http://www.marketwired.com/

PHOENIX, AZ--(Marketwired - Nov 20, 2013) - Global Leadership Institute, formerly known as Cephas Holding Corp ( PINKSHEETS : CEHC ), today announced that it will accept Bitcoin as payment for future educational products and services. Bitcoin is the first decentralized electronic currency not controlled by a single organization or government. It's a virtual form of currency that can be used to make payments over the Internet with transaction fees or involving a financial institution. It is used by people all over the world who are trading millions of dollars worth of Bitcoin every day with no middle man and no credit card companies. Accepting Bitcoin is an example of GLI following the innovative model that it endorses in in its educational offerings. Additionally, some emerging markets that the company is targeting may be better suited to conduct transactions in Bitcoin than in different currencies. The company also believes that as it embarks on building an intellectual property library in 2014 it will be positioned to enhance monetization of these assets by accepting Bitcoin for articles, video classes, and other downloadable media. "We forecast that Bitcoin could allow us to reach additional markets and potentially change how education services are bought and sold in the developing world," added Peter Klamka Chairman. For more information on the company's educational products, visit www.gli360.com . This press release includes certain statements forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on the company's current expectations and projections regarding future events, which are based on available information. The forward-looking statements in this press release may also include statements relating to the company's anticipated new developments, including accepting Bitcoin for its products and services which are currently in development, business prospects, financial performance, strategies and similar matters. The company disclaims any obligation to update its forward-looking statements, except as required by law.

2013-11-20 21:00:00+00:00

{"Bitcoin": [7174]}

{}

On Wall Street, ‘Tick Size’ Does Matter

https://finance.yahoo.com/news/wall-street-tick-size-does-210000083.html

The Fiscal Times

http://www.thefiscaltimes.com/

Market structure debates can sometimes feel so arcane that you’d be forgiven if you preferred to train your attention instead on watching paint dry. But these debates can be important – as is the case with one proposal that is gaining traction . I’m talking about the suggestion by the Equity Capital Formation Task Force to try and spur more trading in small-company stocks by moving away from “decimalization” – having stocks trade in one-penny increments on exchanges – and going back to the days when the spreads between the bid and ask prices was wider. Up until the late 1990s, trading was pretty straightforward – you’d want to buy 100 shares of XYZ, and you’d be quoted a figure of perhaps $37 1/4, or $37 3/8; if you wanted to sell, the price might be $37 or $37 1/8. The idea is pretty familiar to anyone who’s ever changed their greenbacks for a foreign currency while on holiday: Not only do you pay a commission, but your rate is set up in such a way that you’ll have to buy high and sell low. In the late 1990s, the SEC added trading in sixteenths – or “teenies,” as they instantly were dubbed by trading floor denizens – and then, in 2001, came decimalization, with the idea being that a smaller “spread” between the bid and the asked prices would make trading more efficient and less costly. Related: PNC Bank’s Chairman Opens Mouth, Inserts Wingtip Decimalization always had its detractors , although it’s hard to draw a definite link between the pricing change and the problems that critics identify. Yes, price points move more rapidly, meaning that to capture the benefit of low costs, some investors may have to trade more frequently than they did before. But is that frequent movement in prices the result of the change in market structure or the arrival of new players in the trading universe, such as high-frequency trading firms? Moreover, even if someone has to trade a few more times to complete the purchase or sale of a block of shares, the fact remains that those trades are likely to have less of an impact on the market, meaning that they can complete the trade before the price gets ahead of them. With a minimum spread of 12.5 cents, for instance, purchasing a big block of shares might have been simpler but more costly, showing up immediately in the price. When a price can only go up or down by a penny, there are opportunities for others to jump in along the way. Story continues There’s no such thing as a perfect market structure, and there are plenty of problems and unresolved questions about the way stock trading functions today. We’ve got dark pools and high-frequency trading, which are in the midst of reshaping the market environment in ways we don’t yet understand. "Connectivity issues" that spark trading shutdowns have become frequent enough to spark jokes in the Twitterverse about rogue squirrels nibbling away on cables. Then there are big snafus, such as the one that wreaked havoc during Twitter’s IPO debut. Regulators aren’t keeping up. Years after the Dodd-Frank Act was passed, it remains unclear how the new rules banning proprietary trading by banks will affect such grey areas as market making, in which financial institutions take positions so that they can accommodate current and future trading needs of their clients. Nonetheless, for the Equity Capital Formation Task Force the market structure issue on which we all should be focusing our attention remains the minimum “tick size,” or the spread between the bid and asked price. This is the organization that has been behind some other initiatives, including crowdfunding start-up companies, that it believes will help spark capital formation. By changing the market structure for smaller companies, the group expects that trading activity will increase, market-makers will return to the business of buying and selling smaller stocks (because it will be more profitable) and the enhanced liquidity will attract more coverage from research analysts. That chain of events would make it easier overall for small companies to raise capital in the public markets, or so the argument goes. Now, I’m not suggesting that there aren’t obstacles confronting smaller companies that want to be public. Yes, it’s hard to get research coverage and to convince a trading firm to make a market in your stock. But I’m not sure that changing the market structure is the way to address them. The problem is far more fundamental. “If there was money to be made trading old sneakers, Wall Street would be involved,” points out Mike Driscoll, a veteran of Wall Street trading floors, who has seen the evolution of trading from eighths to “teenies” to pennies. “Providing research coverage and making money for those [smaller] companies just doesn’t make money for big banks, and smaller institutions are so lean right now that they can’t afford it.” Nor, he argues, will changing the spreads alter that fact. Indeed, what Driscoll, now teaching finance at Adelphi University and completing his PhD at the University of Pennsylvania, witnessed firsthand on the trading floor was that decimalization made it easier for his clients – including the mutual funds that the Equity Capital Formation Task Force claims suffered most – to accumulate or sell large positions in small stocks. “The markets were tighter and more liquid.” Related: JPMorgan Deal Won’t Close the Books on Mortgage Fraud There’s nothing wrong with trying out new trading systems to see if they’ll work, but the reality is that top-down initiatives rarely do work when it comes to the financial markets – and this is one area in which that kind of top-down intervention isn’t really called for, since we’re not talking about protecting the investor or the integrity of capital markets. The Equity Capital Formation Task Force might be better off focusing on the broader challenges to economic growth (which make businesses and investors risk averse) or to ensuring that new market regulations are structured in as predictable and rational way as possible, to minimize uncertainty among the firms that have the resources to step into the void and commit resources to the world of small and micro-cap companies. Ultimately, if both the buy side and the sell side on Wall Street don’t think that they’re likely to make money from this space, they won’t commit resources to it. Citigroup (NYSE: C) is interested in test-driving a system under which the tick size of less liquid stocks would be increased, but it will surely lose interest if the pilot program doesn’t prove profitable. (In particular, Citi won’t continue doing so if it finds itself at war with high-frequency traders trying to insist on their right to trade in pennies or even fractions of a penny.) At some point, if a real gap emerges and there is a strong demand for a better service, someone on a trading desk somewhere will spot it. That person will set up his or her own firm to exploit the opportunity by making markets in illiquid stocks. It has happened before, and it will happen again. That’s what groups like the Equity Capital Formation Task Force should be looking for and supporting. Top Reads from The Fiscal Times: Why Regulating Bitcoin Is Like Herding Cats The Dark Side of the North Dakota Oil Boom 15 Awful Things More Popular Than Congress

2013-11-20 22:07:00+00:00

{"Bitcoin": [3358]}

{}

Juicing Is Terrible, But Juice Is Great

https://finance.yahoo.com/news/juicing-terrible-juice-great-220700125.html

Business Insider

http://www.businessinsider.com/

Today Slate's Katy Waldman wrote a great post taking down the juice cleanse . She said drinking nothing but raw fruit and vegetable juice for several days on end, while touted as healthy, will leave you starving and unhappy. Not to mention everyone who does it acts elitist. But it's important to clarify that it's not drinking juice that leaves you miserable — it's drinking only juice. (Here, we're talking about the vegetable juice that's pressed in a juicer and either served straight from it or bottled and sold in stores, not your typical orange or cranberry juice.) When most Americans are struggling with their diets already, a story about why juice is bad might scare them away from it entirely. This would be bad, because juicing, in moderation, has an incredibly obvious, important benefit. It helps you eat more vegetables. As simple as it sounds, eating vegetables is a big struggle for many people. They're rich sources of essential vitamins and minerals, and fill you up faster on fewer calories. The Harvard School of Public Health says the daily recommended number of servings varies from five to thirteen daily. That comes in at 2 1/2 cups to 6/12 cups per day , depending on an individual's caloric intake. (The figure also includes servings of fruit.) Most people, however, can't even fit in a few servings. Ask your friends and family and they'll probably tell you that spinach and kale are okay, but not as delicious as pizza or a burger. Check out this map of the number of times people in the United States are eating vegetables every day: vegetables CDC.gov Not very often. Add a few handfuls of kale to your pasta. Mix Spinach into your morning smoothie . Eat carrots instead of crackers. Adopt an elaborate 30-day plan to fit more into your diet . The tips and tricks to get more are everywhere. We're resorting to mind games. With juicing, however, there's no need to think about it that hard. Drinking one glass of juice can bring you close to your daily recommended intake of vegetables in about five minutes. In New York, you can enter any convenience store or deli with pretty good chance there will be either a juice bar or some kind of bottled juice for sale inside. Story continues Look at how many fruits and vegetables are in one bottle of Evolution juice, sold at Starbucks: juice1 Business Insider This is the back of a bottle of "Sweet Greens" Evolution juice. Drinking that is basically eating a salad. There's no fiber in juice, but you still get all the vitamins and minerals from the plants. And for people trying to adopt a better diet, no one should be discouraged from consuming something that's so nutrient dense. Juice cleansing is unnecessary, like Slate pointed out. The insane cost, unhealthy mindset, and annoying metamorphosis into a status symbol are definite problems. Their popularity shows that we tend to jump on board whenever promised with a quick fix. So here's a quick fix. Drink a juice every once in a while. In terms of total servings of vegetables consumed daily — alongside your regular food intake, of course — there's no easier, faster, or better way to up your numbers. And being efficient is nice; it's why we order lunch from Seamless or pay bills online. More From Business Insider 7 Foods We Should Be Eating But Aren't STOP JUICING: It's Not Healthy, And The Mentality Is Dangerous Bitcoin Just Waterfalled

2013-11-20 22:07:00+00:00

{"Bitcoin": [3358]}

{}

Juicing Is Terrible, But Juice Is Great

https://finance.yahoo.com/news/finance.yahoo.com/news/juicing-terrible-juice-great-220700125.html

Business Insider

http://www.businessinsider.com/

Today Slate's Katy Waldman wrote a great post taking down the juice cleanse . She said drinking nothing but raw fruit and vegetable juice for several days on end, while touted as healthy, will leave you starving and unhappy. Not to mention everyone who does it acts elitist. But it's important to clarify that it's not drinking juice that leaves you miserable — it's drinking only juice. (Here, we're talking about the vegetable juice that's pressed in a juicer and either served straight from it or bottled and sold in stores, not your typical orange or cranberry juice.) When most Americans are struggling with their diets already, a story about why juice is bad might scare them away from it entirely. This would be bad, because juicing, in moderation, has an incredibly obvious, important benefit. It helps you eat more vegetables. As simple as it sounds, eating vegetables is a big struggle for many people. They're rich sources of essential vitamins and minerals, and fill you up faster on fewer calories. The Harvard School of Public Health says the daily recommended number of servings varies from five to thirteen daily. That comes in at 2 1/2 cups to 6/12 cups per day , depending on an individual's caloric intake. (The figure also includes servings of fruit.) Most people, however, can't even fit in a few servings. Ask your friends and family and they'll probably tell you that spinach and kale are okay, but not as delicious as pizza or a burger. Check out this map of the number of times people in the United States are eating vegetables every day: vegetables CDC.gov Not very often. Add a few handfuls of kale to your pasta. Mix Spinach into your morning smoothie . Eat carrots instead of crackers. Adopt an elaborate 30-day plan to fit more into your diet . The tips and tricks to get more are everywhere. We're resorting to mind games. With juicing, however, there's no need to think about it that hard. Drinking one glass of juice can bring you close to your daily recommended intake of vegetables in about five minutes. In New York, you can enter any convenience store or deli with pretty good chance there will be either a juice bar or some kind of bottled juice for sale inside. Story continues Look at how many fruits and vegetables are in one bottle of Evolution juice, sold at Starbucks: juice1 Business Insider This is the back of a bottle of "Sweet Greens" Evolution juice. Drinking that is basically eating a salad. There's no fiber in juice, but you still get all the vitamins and minerals from the plants. And for people trying to adopt a better diet, no one should be discouraged from consuming something that's so nutrient dense. Juice cleansing is unnecessary, like Slate pointed out. The insane cost, unhealthy mindset, and annoying metamorphosis into a status symbol are definite problems. Their popularity shows that we tend to jump on board whenever promised with a quick fix. So here's a quick fix. Drink a juice every once in a while. In terms of total servings of vegetables consumed daily — alongside your regular food intake, of course — there's no easier, faster, or better way to up your numbers. And being efficient is nice; it's why we order lunch from Seamless or pay bills online. More From Business Insider 7 Foods We Should Be Eating But Aren't STOP JUICING: It's Not Healthy, And The Mentality Is Dangerous Bitcoin Just Waterfalled

2013-11-21 05:15:00+00:00

{"Bitcoin": [39, 224, 339, 732, 809, 933, 1341, 1413, 1503, 1758, 1905, 2109, 2198, 2290, 2847, 2952, 3019, 3262, 3346], "BTC": [1331, 2141]}

{"Bitcoin": [15]}

Caveat Emptor: Bitcoin Reaches Mania Status as Price Swings Nearly 50%

https://finance.yahoo.com/news/caveat-emptor-bitcoin-reaches-mania-051500896.html

DailyFX

http://www.dailyfx.com/

Back in April, when we first discussed Bitcoin’s meteoric rise (and ensuing fall), it was still a relatively niche phenomenon: internet-savvy individuals or those working in finance or technology may have been familiar with Bitcoin, but not many others. It was that initial volatility that sparked the public’s love-hate relationship with Bitcoin in 2013. Since then, the digital currency has become quite prevalent. The discussion center moved from the backwaters of the internet (chatrooms, forums) to the mainstream media (TV, radio ). Promoters of the alternative currency have praised its independence from governments across the globe, while detractors have pointed to its short history as evidence that the ground supporting Bitcoin may not be as strong as price is leading on. Regardless if you think Bitcoin is the flavor of the week or the seedling of something bigger, there is one undeniable truth that inherently limits Bitcoin’s broader appeal beyond a speculative investment vehicle in the near-term: it is far too volatile. Volatility has spawned in a very dramatic fashion after key events surro unding the Federal Reserve earlier in the month . Over the past few days, prices have been on a ride: at the beginning of November, prices traded just over $200; this week, a new all-time high just above $900 was set: BTC/USD ( Bitcoins in US Dolla rs) H4 Chart – November 1 to Present Caveat_Emptor_Bitcoin_Reaches_Mania_Status_as_Price_Swings_Nearly_50_body_Picture_1.png, Caveat Emptor: Bitcoin Reaches Mania Status as Price Swings Nearly 50% Chart created by Christopher Vecchio, Currency Analyst using Clark Moody These gains are equally impressive and uncommon – the exchange rate nearly quadrupled in four weeks. And if you invested in 1 Bitcoin way back when its original price was $0.01, you briefly saw a +89,999% gain this week. It’s not a jump to say that the original holders of Bitcoin have benefited. Some of the early comers may have viewed the explosive price rise the past two weeks to take profit, as the past 48-hours have been unbelievably scary for recent entrants into the Bitcoin market: Story continues BTC/USD H1 Chart – November 1 6 to Present Caveat_Emptor_Bitcoin_Reaches_Mania_Status_as_Price_Swings_Nearly_50_body_x0000_i1028.png, Caveat Emptor: Bitcoin Reaches Mania Status as Price Swings Nearly 50% Chart created by Christopher Vecchio, Currency Analyst using Clark Moody Price collapsed Monday night/Tuesday morning around 20:00 EST/01:00 GMT, from $900 to as low as $460 – a -40% slide. Consider that the most volatile major currency pair over the same time period was the NZDUSD , and it only had an absolute range of +/-1.82%. Comparatively, 1 week historical volatility for the most widely traded currency, the EURUSD , as of November 18 was +3.97%. These conditions do not support the case for Bitcoin as an alternative store of wealth. Consider the following scenario: - on Monday, you purchased 1 Bitcoin as Federal Reserve Chairman Ben Bernanke applauded some of Bitcoin’s merits; initial outlay is $750 . - at the time of writing today, your investment would be worth - 19.2% less at $606 . A stable exchange rate is essential for a widely accepted and used currency, and that’s clearly not the case with Bitcoin. While short-term traders want volatility, the amount of volatility seen in Bitcoin is undesirable for risk neutral and risk averse investors, even those worrying about the ongoing central bank stimulus wars . --- Written by Christopher Vecchio, Currency Analyst To cont act Christopher Vecchio, e-mail cvecchio@dailyfx.com Follow him on Twitter at @CVecchioFX To be added to Christopher’s e-mail distribution list, please fill out this form DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM .

2013-11-21 05:54:27+00:00

{"Bitcoin": [253, 2690, 2731, 2749]}

{"Bitcoin": [82]}

University of Nicosia in Cyprus to be the First University in the World to Accept Bitcoin; Offers Master's Degree in Digital Currency

https://finance.yahoo.com/news/university-nicosia-cyprus-first-university-055427560.html

Marketwired

http://www.marketwired.com/

NICOSIA, CYPRUS--(Marketwired - Nov 21, 2013) - The University of Nicosia ("UNic"), the largest private university in Cyprus and one of the largest English language universities in the Euro-Mediterranean region, announced today that it is now accepting Bitcoin for payment of tuition and other fees, making it the first accredited university in the world to accept the increasingly popular digital currency. Additionally, UNic is also launching in Spring 2014 the first Master of Science Degree in Digital Currency , which is designed to help financial services and business professionals, entrepreneurs, government officials and public administrators better understand the technical underpinnings of digital currency, how it will likely interact with existing monetary and financial systems and what opportunities exist for innovation in digital currency systems. "We are acutely aware that digital currency is an inevitable technical development that will lead to significant innovation in online commerce, financial systems, international payments and remittances and global economic development. Digital currency will create more efficient services and will serve as a mechanism for spreading financial services to under-banked regions of the world," said Dr. Christos Vlachos, member of the Council of the University of Nicosia and the University's Chief Financial Officer. "Our world class business, accounting and computer science departments have partnered to create an interdisciplinary major to prepare people for these revolutionary changes. In this light, we consider it appropriate that we implement digital currency as a method of payment across all our institutions in all cities and countries of our operations." The new Master's program will be offered both online and on-campus to students worldwide starting in Spring 2014. The language of instruction will be English. Additionally, UNic will make the first class in the degree pathway, Introduction to Digital Currency , available for free as an open enrollment, MOOC-like course to anyone interested in learning more about the fundamental principles of digital currency. Story continues "While digital currency is a relatively new concept, currency is one of the oldest human inventions," said Dr. Andreas Polemitis, Senior Vice Rector at the University of Nicosia. "What we aim to explore in this program is the likely development pathway of digital currency and give our students insights that they can bring to bear in their professional careers." Additionally, UNic is proposing to the Cyprus Government and the relevant stakeholders the initiation of a comprehensive framework for developing Cyprus into a hub for Bitcoin trading, processing and banking. Bitcoin Payments: Bitcoin will be accepted throughout the whole University of Nicosia system, including affiliated institutions such as: St. George's University of London/UNic Medical School, a partnership between St. George's University of London and UNic Globaltraining, a professional training division with campuses in Cyprus, Greece and Romania Erasmus and Global Semesters exchange and study abroad programs UNic Online Degree Divisions, offering online programs to students worldwide. To learn more about the UNic digital currency initiatives, to request more information about enrollment in the MSc. Program or to register for future announcements please visit: www.unic.ac.cy/digitalcurrency . About the University of Nicosia The University of Nicosia is the largest private university in Cyprus and one of the largest accredited English language universities in the Euro-Mediterranean region. It offers more than 60 degree programs from the bachelor's to doctoral levels, and is a particular leader in the fields of accounting, business, computer science, law, architecture, engineering, psychology, medicine and international relations. For more than 20 years, the University has published its own academic journal, the Cyprus Review, which is the only English language international academic journal in Cyprus. Currently more than 8,500 students from all over the world attend a program at the University of Nicosia or affiliated institutions (such as St. George's University of London/UNic Medical School , a partnership between St. George's University of London and UNic; Intercollege , vocational colleges in Nicosia, Limassol and Larnaca; Globaltraining , professional training division with campuses in Cyprus, Greece and Romania; Erasmus and Global Semesters exchange and study abroad programs; and UNic Online , offering online programs to students worldwide). The language of instruction for most University of Nicosia programs is English. To learn more about the University, please visit: www.unic.ac.cy .

2013-11-21 15:26:00+00:00

{"Bitcoin": [507]}

{"Bitcoin": [24]}

Alix Provides Update on Bitcoins

https://finance.yahoo.com/news/finance.yahoo.com/news/alix-provides-bitcoins-152600667.html

Marketwired

http://www.marketwired.com/

VANCOUVER, BRITICH COLUMBIA--(Marketwired - Nov. 21, 2013) - Alix Resources Corp. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) (ARXRF-US CLEARING SYMBOL) announces that, with regards to the proposed launch of a bitcoin exchange (see PR dated November 14, 2013), the company will not be proceeding with the implementation of a bitcoin exchange at this time, instead the company will conduct additional due diligence on the bitcoin sector prior to making a decision as to whether to implement a Bitcoin exchange. The Company will provide an update to its shareholders when the due diligence process is complete. The Company further announces that it intends to continue its proposed bitcoin service payment plan with its mining service providers, whereby such service providers will accept payment in bitcoin for their services. Since the Company's initial announcement, the Company has received favorable responses from other entities in the junior public mining exploration industry, and anticipates that it may enter further bitcoin service payment plans with others. The Company will provide further updates as they arise. ON BEHALF OF THE BOARD Michael England, President Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

2013-11-21 15:39:08+00:00

{"Bitcoin": [506]}

{"Bitcoin": [24]}

Alix Provides Update on Bitcoins

https://finance.yahoo.com/news/finance.yahoo.com/news/alix-provides-bitcoins-153908721.html

Marketwired

http://www.marketwired.com/

VANCOUVER, BRITICH COLUMBIA--(Marketwired - Nov 21, 2013) - Alix Resources Corp. ("Alix" or the "Company") (TSX VENTURE:AIX)(FRANKFURT:37N) (ARXRF-US CLEARING SYMBOL) announces that, with regards to the proposed launch of a bitcoin exchange (see PR dated November 14, 2013), the company will not be proceeding with the implementation of a bitcoin exchange at this time, instead the company will conduct additional due diligence on the bitcoin sector prior to making a decision as to whether to implement a Bitcoin exchange. The Company will provide an update to its shareholders when the due diligence process is complete. The Company further announces that it intends to continue its proposed bitcoin service payment plan with its mining service providers, whereby such service providers will accept payment in bitcoin for their services. Since the Company's initial announcement, the Company has received favorable responses from other entities in the junior public mining exploration industry, and anticipates that it may enter further bitcoin service payment plans with others. The Company will provide further updates as they arise. ON BEHALF OF THE BOARD Michael England, President Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

2013-11-21 17:27:54+00:00

{"Bitcoin": [532, 1897]}

{}

FEC: Donors can't use bitcoins for contributions

https://finance.yahoo.com/news/finance.yahoo.com/news/fec-donors-cant-bitcoins-contributions-162916315.html

Associated Press

https://apnews.com/

WASHINGTON (AP) -- Political organizations can't accept contributions in the form of bitcoins, at least for now, The Federal Election Commission said Thursday. The commission passed on a request by the Conservative Action Fund, a political action committee, to use the digital currency. That group had asked the FEC recently whether it could accept bitcoins, how it could spend them and how donors must report those contributions. It was not immediately clear whether the same ruling would apply to individual political candidates. Bitcoin is a cybercurrency that is relatively anonymous and is created and exchanged independently of any government or bank. Some retailers accept it, and the currency can be converted into cash after being deposited into virtual wallets. But the FEC isn't yet sold on allowing bitcoins to funnel into the bank accounts of political campaigns and outside groups supporting them, and commissioners deadlocked 3-3 along party lines Thursday. FEC chairwoman Ellen Weintraub acknowledged that she had never heard of bitcoins until she saw the Conservative Action Fund's request. Weintraub, a Democrat, raised the prospect of anonymous or foreign bitcoin donations — both prohibited under federal law — flowing into campaigns and outside groups. But she suggested the FEC would revisit bitcoins at a later date. Some commissioners who supported bitcoin donations said current regulations already allow for bitcoin transactions. Republican Commissioner Lee Goodman, who was recently confirmed by the Senate, voted in favor of the fund's request. Fund lawyers had asked the FEC as early as this summer about the use of bitcoin in a changing campaign finance system. "Notwithstanding the worth of an individual bitcoin, their general popularity is soaring," they said in a letter, noting the Libertarian Party and other state-level candidates already accept the currency. Bitcoins have gained increased attention by the U.S. government, particularly how they can be used alongside of more traditional currency. At a hearing this week before the Senate Homeland Security Committee, federal officials told lawmakers that bitcoin and other companies should receive greater scrutiny from financial regulators and other authorities. Story continues This is not the FEC's first time debating how modern technology can square with the country's decades-old campaign finance laws. Last summer, for instance, the commission approved the use of political contributions via cell phone text messages. ___ Follow Jack Gillum on Twitter: http://twitter.com/jackgillum

2013-11-21 18:02:00+00:00

{"Bitcoin": [1375, 1438, 2191, 2490, 2736, 2978, 3105, 3213, 3525, 3737, 4393, 4505, 4828, 5072, 5727, 6237, 6606, 6881, 7746, 7872, 8066, 8113]}

{"Bitcoin": [0]}

Bitcoin Is the Segway of Currency

https://finance.yahoo.com/news/finance.yahoo.com/news/bitcoin-segway-currency-180200628.html

The Atlantic

http://www.theatlantic.com/

We were promised jetpacks. We got Segways instead. Well, we didn't get Segways. Nobody did. At least nobody other than mall cops, tour groups, and techies. Okay, and ironic polo players . But in any case, it's fair to say that Segway hasn't exactly been "to the car what the car was to the horse and buggy," like its founder Dean Kamen said it would . It hasn't even been to the moped what the moped was to the horse and buggy. Or what the bicycle was. It's just been a ( sometimes morbid ) punchline. And one that's almost too impossible to believe. Did you know that Kamen thought he'd need an around-the-clock factory churning out 10,000 Segways a week to meet initial demand? It's true. It's also true that he only needed to make 10 a week to do so. This wasn't just self-delusion. It was mass delusion. Back in 2001, Steve Jobs thought Segway could be as big as personal computers. The venture capitalist behind Amazon thought it could be bigger than the internet. The entire internet . The only reasonable explanation for all this hype was that neither of them had actually seen someone ride a Segway. Because, as Y Combinator's Paul Graham puts it, you can't ride a Segway without looking like a "smug dork." And people generally try to avoid looking like that. They won't use something so inherently ridiculous, no matter how technically impressive it might be. Like Bitcoin. Now, for those of you who aren't techno-libertarians, Bitcoin is supposed to be a virtual currency you can use to buy things online. Except it's not really a currency, and you can't really buy that much with it. It's more like a dotcom stock— circa 1999. See, in just the last month, one bitcoin has gone from closing at a then-record $192 to reaching $788 on Monday. It then opened at $502 on Tuesday, before briefly rocketing up to $900 , and ultimately falling to $646. Just your average 80 percent price swing. That's totally normal for currencies ... if you multiply their biggest swings by 80. Story continues You can kind of see these absurd price moves in the chart below. But only kind of, because the vertical up-and-downs have come so fast that they've blurred into each other. It's almost as if Bitcoin doesn't have a single price at any one time, but rather a range of possible prices that depend on the observer. ( Note: the red dots show each day's closing price, and the black lines show each day's high and low ). We can see this a little better if we zoom in on just the last two months. Bitcoin prices were pretty flat from the end of September through early October, but then (relatively at least) doubled slowly. Then they doubled quickly. And then even quicker—before falling fast. Not exactly a stable store of value. So why has Bitcoin gone parabolic? And what does this have to do with Segway? Well, the short answer is we don't know why the virtual currency has exploded. Part of it might be demand from China (which you can see in this realtime chart of who's buying Bitcoins ). Part of it might be the reduced supply after the FBI shut down and seized the drug website Silk Road's substantial Bitcoin holdings . And part of it might be pure mania. But all of these are just another way of saying that Bitcoin's design makes it prone to these boom-bust cycles. Segway certainly knows something about design problems. Though in its case, its product worked fine, if zipping around on a glorified scooter was your kind of thing. The problem was you couldn't use the product without looking insufferably pretentious. Bitcoin, though, has deeper problems. Its product doesn't work, and its early adopters are still incredibly self-satisfied—because it's making them rich. But the product really doesn't work. See, the idea behind Bitcoin is to create a decentralized currency that central banks can't inflate and governments can't tax. Basically, digital gold. And like actual gold, the only way to get new bitcoins is to "mine" for them. That involves running a computationally-taxing program on your computer that mostly generates gibberish, but maybe, just maybe, some bitcoins too. The key, though, is that mining for more of the virtual currency doesn't create more of it. That's because there's a predetermined number of bitcoins . Specifically, there are around 12 million today, and there will be 21 million in 2040 —and no more after that. Of course, this limited supply means Bitcoin should tend to increase in value against the dollar. But only tend to. See, its deflationary bias means Bitcoin prices will go up and down quite violently. Think about it this way. The supply of bitcoins can't increase much to meet increased demand, so increased demand will make prices soar. And soaring prices will make early adopters try to cash out their winnings—which will send prices crashing back down. In other words, Bitcoin is a Ponzi scheme libertarians use to make money off each other—because gold wasn't enough of one for them. Bigger Than PCs and the Internet Combined? But techies say so what. That this misses the point. That what's revolutionary about Bitcoin isn't that it's a currency with no state-backing. What's revolutionary is that it's a payments system with no third-party , like a credit card company, standing in between buyers and sellers. See, any time you buy something, it's a minor leap of faith. You choose to believe that the seller will deliver as promised—and if they don't, you want your money back. That's where financial intermediaries like credit card companies and Paypal come in. They make sure buyers and sellers are both trustworthy, and handle any disputes. Now, it's nice to be able to get your money back if things go wrong, but that's not free. The middlemen take their cut. Bitcoin, though, has no middlemen. It's just a decentralized peer-to-peer system. So you can't get your bitcoins back if things go wrong, but there won't be any transaction fees. The question is whether non-enthusiasts will think this trade-off is worth it. Actually, the question is whether anyone will actually use bitcoins to buy things at all. It's not clear why they would when its value can go from $500 to $900 in a matter of hours. Nor when so many people treat it as an inflation hedge. They think of Bitcoin more as an investment than as money. Indeed, researchers from the University of California-San Diego and George Mason University found that 64 percent of all bitcoins are being hoarded in accounts that have never been spent. And of the bitcoins that are being spent, a full 60 percent are on the gambling site Satoshi Dice. There are companies trying to expand Bitcoin beyond its core constituencies of libertarians, gamblers, and people buying drugs. The startup Bitpay , for one, lets merchants immediately convert any bitcoin payments into dollars. The idea is it can charge lower fees without making companies take on the risk that Bitcoin's value falls. It's a clever idea that should make merchants more willing to accept bitcoins ... but won't make people more willing to use them. The people who have bitcoins still have no reason to spend them, and the people who don't still have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible (and certainly wouldn't want that if they got hacked ). Every big idea starts out sounding crazy. But not every crazy-sounding idea ends up being big. History is littered with Segways. But for all its majestic dweebiness, at least the Segway was kind of useful. You really could zoom across sidewalks without anything resembling effort. I don't know why you'd want to, but you could. But what can you do with Bitcoin? Well, it's good for real and fake gambling. Since it doesn't have any actual fundamentals, it can be worth anything: Bitcoin 36,000 and 36 are about equally plausible. That's good for making money at the expense of people who get in the game later, but little else. So the biggest difference between Segway and Bitcoin might be that even mall cops won't use Bitcoin. More From The Atlantic Are You A Workaholic? Blame Your Parents You Can't Fix Income Inequality Without Fixing Unemployment Are Democrats Really Better at Running the Economy Than Republicans?

2013-11-21 18:02:00+00:00

{"Bitcoin": [1375, 1438, 2191, 2490, 2736, 2978, 3105, 3213, 3525, 3737, 4393, 4505, 4828, 5072, 5727, 6237, 6606, 6881, 7746, 7872, 8066, 8113]}

{"Bitcoin": [0]}

Bitcoin Is the Segway of Currency

https://finance.yahoo.com/news/bitcoin-segway-currency-180200628.html

The Atlantic

http://www.theatlantic.com/

We were promised jetpacks. We got Segways instead. Well, we didn't get Segways. Nobody did. At least nobody other than mall cops, tour groups, and techies. Okay, and ironic polo players . But in any case, it's fair to say that Segway hasn't exactly been "to the car what the car was to the horse and buggy," like its founder Dean Kamen said it would . It hasn't even been to the moped what the moped was to the horse and buggy. Or what the bicycle was. It's just been a ( sometimes morbid ) punchline. And one that's almost too impossible to believe. Did you know that Kamen thought he'd need an around-the-clock factory churning out 10,000 Segways a week to meet initial demand? It's true. It's also true that he only needed to make 10 a week to do so. This wasn't just self-delusion. It was mass delusion. Back in 2001, Steve Jobs thought Segway could be as big as personal computers. The venture capitalist behind Amazon thought it could be bigger than the internet. The entire internet . The only reasonable explanation for all this hype was that neither of them had actually seen someone ride a Segway. Because, as Y Combinator's Paul Graham puts it, you can't ride a Segway without looking like a "smug dork." And people generally try to avoid looking like that. They won't use something so inherently ridiculous, no matter how technically impressive it might be. Like Bitcoin. Now, for those of you who aren't techno-libertarians, Bitcoin is supposed to be a virtual currency you can use to buy things online. Except it's not really a currency, and you can't really buy that much with it. It's more like a dotcom stock— circa 1999. See, in just the last month, one bitcoin has gone from closing at a then-record $192 to reaching $788 on Monday. It then opened at $502 on Tuesday, before briefly rocketing up to $900 , and ultimately falling to $646. Just your average 80 percent price swing. That's totally normal for currencies ... if you multiply their biggest swings by 80. Story continues You can kind of see these absurd price moves in the chart below. But only kind of, because the vertical up-and-downs have come so fast that they've blurred into each other. It's almost as if Bitcoin doesn't have a single price at any one time, but rather a range of possible prices that depend on the observer. ( Note: the red dots show each day's closing price, and the black lines show each day's high and low ). We can see this a little better if we zoom in on just the last two months. Bitcoin prices were pretty flat from the end of September through early October, but then (relatively at least) doubled slowly. Then they doubled quickly. And then even quicker—before falling fast. Not exactly a stable store of value. So why has Bitcoin gone parabolic? And what does this have to do with Segway? Well, the short answer is we don't know why the virtual currency has exploded. Part of it might be demand from China (which you can see in this realtime chart of who's buying Bitcoins ). Part of it might be the reduced supply after the FBI shut down and seized the drug website Silk Road's substantial Bitcoin holdings . And part of it might be pure mania. But all of these are just another way of saying that Bitcoin's design makes it prone to these boom-bust cycles. Segway certainly knows something about design problems. Though in its case, its product worked fine, if zipping around on a glorified scooter was your kind of thing. The problem was you couldn't use the product without looking insufferably pretentious. Bitcoin, though, has deeper problems. Its product doesn't work, and its early adopters are still incredibly self-satisfied—because it's making them rich. But the product really doesn't work. See, the idea behind Bitcoin is to create a decentralized currency that central banks can't inflate and governments can't tax. Basically, digital gold. And like actual gold, the only way to get new bitcoins is to "mine" for them. That involves running a computationally-taxing program on your computer that mostly generates gibberish, but maybe, just maybe, some bitcoins too. The key, though, is that mining for more of the virtual currency doesn't create more of it. That's because there's a predetermined number of bitcoins . Specifically, there are around 12 million today, and there will be 21 million in 2040 —and no more after that. Of course, this limited supply means Bitcoin should tend to increase in value against the dollar. But only tend to. See, its deflationary bias means Bitcoin prices will go up and down quite violently. Think about it this way. The supply of bitcoins can't increase much to meet increased demand, so increased demand will make prices soar. And soaring prices will make early adopters try to cash out their winnings—which will send prices crashing back down. In other words, Bitcoin is a Ponzi scheme libertarians use to make money off each other—because gold wasn't enough of one for them. Bigger Than PCs and the Internet Combined? But techies say so what. That this misses the point. That what's revolutionary about Bitcoin isn't that it's a currency with no state-backing. What's revolutionary is that it's a payments system with no third-party , like a credit card company, standing in between buyers and sellers. See, any time you buy something, it's a minor leap of faith. You choose to believe that the seller will deliver as promised—and if they don't, you want your money back. That's where financial intermediaries like credit card companies and Paypal come in. They make sure buyers and sellers are both trustworthy, and handle any disputes. Now, it's nice to be able to get your money back if things go wrong, but that's not free. The middlemen take their cut. Bitcoin, though, has no middlemen. It's just a decentralized peer-to-peer system. So you can't get your bitcoins back if things go wrong, but there won't be any transaction fees. The question is whether non-enthusiasts will think this trade-off is worth it. Actually, the question is whether anyone will actually use bitcoins to buy things at all. It's not clear why they would when its value can go from $500 to $900 in a matter of hours. Nor when so many people treat it as an inflation hedge. They think of Bitcoin more as an investment than as money. Indeed, researchers from the University of California-San Diego and George Mason University found that 64 percent of all bitcoins are being hoarded in accounts that have never been spent. And of the bitcoins that are being spent, a full 60 percent are on the gambling site Satoshi Dice. There are companies trying to expand Bitcoin beyond its core constituencies of libertarians, gamblers, and people buying drugs. The startup Bitpay , for one, lets merchants immediately convert any bitcoin payments into dollars. The idea is it can charge lower fees without making companies take on the risk that Bitcoin's value falls. It's a clever idea that should make merchants more willing to accept bitcoins ... but won't make people more willing to use them. The people who have bitcoins still have no reason to spend them, and the people who don't still have no reason to get them. They don't want a currency whose value you can't predict from one hour to the next. They don't want to buy things anonymously. And they don't want transactions to be irreversible (and certainly wouldn't want that if they got hacked ). Every big idea starts out sounding crazy. But not every crazy-sounding idea ends up being big. History is littered with Segways. But for all its majestic dweebiness, at least the Segway was kind of useful. You really could zoom across sidewalks without anything resembling effort. I don't know why you'd want to, but you could. But what can you do with Bitcoin? Well, it's good for real and fake gambling. Since it doesn't have any actual fundamentals, it can be worth anything: Bitcoin 36,000 and 36 are about equally plausible. That's good for making money at the expense of people who get in the game later, but little else. So the biggest difference between Segway and Bitcoin might be that even mall cops won't use Bitcoin. More From The Atlantic Are You A Workaholic? Blame Your Parents You Can't Fix Income Inequality Without Fixing Unemployment Are Democrats Really Better at Running the Economy Than Republicans?

2013-11-21 21:11:00+00:00

{"Bitcoin": [3006]}

{"Bitcoin": [74]}

There's An Electronic Currency That Could Save The Economy — And It's Not Bitcoin

https://finance.yahoo.com/news/theres-electronic-currency-could-save-211122961.html

Business Insider

http://www.businessinsider.com/

Electronic Money_Cover Mike Nudelman, Business Insider The United States has been marred in slow economic growth and a weak recovery for years now. Unemployment remains high. This is despite extraordinary efforts by the Federal Reserve to stimulate the economy. This drawn out period of low inflation and high unemployment has gotten more and more people talking about a "new normal" of mediocre growth. Economists have been looking for ways to give central banks more power to combat recessions and prevent these long, drawn out recoveries. Larry Summers laid out this major impending economic challenge in his recent speech at the IMF. Normally, when a recession hits, central banks cut interest rates to incentivize firms to invest and to spur economic growth. But when interest rates hit zero, those banks lose one of their most important tools to combat recessions. This is called the zero lower bound. Hitting the zero-lower bound means that interest rates cannot reach their natural equilibrium where desired investment equals desired savings. Instead, even at zero, interest rates are too high, leading to too much saving and a lack of demand. Thus we get the slow recovery. Until recently, we hadn't hit that bound. But since the Great Recession, we've been stuck up against it and the Fed has been forced to use unconventional policy tools instead. What Summers warned of is that this may become the new normal. When the next recession hits, interest rates are likely to be barely above zero. The Fed will cut them and we'll find ourselves up against the zero lower bound yet again and face yet another slow recovery. So what's the answer? University of Michigan economist Miles Kimball has developed a theoretical solution to this problem in the form of a n electronic currency that would allow the Fed to bring nominal rates below zero to combat recessions . He's been presenting his plan to different economists and central bankers around the world. Kimball has also written repeatedly about it and was recently interviewed by Wonkblog's Dylan Matthews . Story continues "If you have a bad recession, then firms are afraid to invest," he told Business Insider. "You have to give people a pretty good deal to make them willing to invest and that good deal means that the borrowers actually have to be paid to tend the money for the savers." But paper currency makes this impossible. "You have this tradition that as it is now is enshrined in law in various ways that the government is going to guarantee to all savers that they will get [at least] a zero interest," Kimball said. If the Fed lowered rates below zero in our current financial system, savers would simply withdraw their money from the bank and sit on it instead of letting it incur negative returns. The paper currency itself — because it's something that can be physically withdrawn from the financial system — prevents rates from going negative. This is where Kimball's idea for an electronic currency comes in. However, unlike Bitcoin, which prides itself on its decentralization and anonymity, Kimball's digital currency would be centralized and widely used. He would effectively set up two different types of currencies: dollars and e-dollars. Right now, your $100 bill is equal to the $100 in the bank. If you're bank account has a 5% interest rate, you earn $5 of interest in a year and that $100 bill is still worth $100. But what would happen if that interest were -5%? Then you would lose $5 over the course of the year. Knowing this, you would rationally withdraw the $100 ahead of time and keep it out of the bank. This is where the separate currencies come in. "You have to do something a little bit more to get the negative rate on the paper currency," Kimball said. "You have to have the $100 bill be worth $95 a year later in order to have a -5% interest rate. The idea is to arrange things so let’s say $100 in the bank equals $100 in paper currency now, but in a year, $95 in the bank is equal to $100 in paper currency. You have an exchange rate between them." "After a year, I could take $95 out of the bank and get a $100 bill or if I wanted to put a $100 bill into the bank, they would credit my account with $95." Got that? After a year of a -5% interest rate, $100 dollars are equal to $95 e-dollars. This ensures that paper currency also faces a negative interest rate as well and eliminates the incentive for savers to hoard dollar bills if the Fed implements a negative rate. Presto! The zero lower bound is solved. The benefits of this policy go even further though: We can say goodbye to inflation as well. "Once you take away the zero lower bound, there isn't a really strong reason to have 2% inflation at this point," Kimball said. "The major central banks around the world have 2% inflation and Ben Bernanke explained very clearly why that is. It's to steer away from the zero lower bound." He's right. Back in March, Ryan Avent asked Bernanke why not have a zero percent inflation target. Bernanke answered , "[I] f you have zero inflation, you’re very close to the deflation zone and nominal interest rates will be so low that it would be very difficult to respond fully to recessions." But if nominal interest rates are allowed to go below zero, then the Fed has ample room to respond to recessions even if rates start out low. This is another major benefit from eliminating the zero lower bound. What Kimball, whose blog is titled Confessions of a Supply Side Liberal , is most excited about is moving beyond the demand shortfall the economy currently faces to the supply side issues that hold back long-term growth. "If you care at all about the future of this country, one of the things you need to realize is we need to solve the demand side so we can get back to the supply side issues that are really the tricky thing for the long run," he said. "The way to solve the demand side issues that is the most consistent with not messing up our supply side is monetary policy and making it so we can have negative interest rates." At the moment, e-dollars are still only a theoretical concept, but Kimball is hopeful that they could be put into action in the near future. He believes that if a government bought in, it could be using an electronic currency in three years and reap the benefits of it soon after. "This is going to happen some day," he concluded. "Let me tell you why. There are a lot of countries in the world and some country is going to do this and it's going to be a whole lot easier for other countries to do it once some country has stepped out." NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate More From Business Insider Janet Yellen testified to Congress, opposed Audit the Fed, and gave no new clues on monetary policy going forward Here's a chart of interest rates since 3000 BC Here are all of the central banks that have cut interest rates in one map

2013-11-22 11:33:24+00:00

{"Bitcoin": [66, 159, 213, 314, 441, 545, 626, 696, 864, 1005, 1363, 1424, 1464, 1642, 1700, 1766, 1827, 1932, 2170, 2217, 2246, 2347, 2427, 2675, 2983, 3106, 3143, 3632, 3640, 3784, 3972, 4079]}

{"Bitcoin": [42]}

"In Cryptography We Trust"-Canada's First Bitcoin Expo Coming in 2014

https://finance.yahoo.com/news/cryptography-trust-canadas-first-bitcoin-113324847.html

Marketwired

http://www.marketwired.com/

TORONTO, ONTARIO--(Marketwired - Nov 22, 2013) - On behalf of the Bitcoin Alliance of Canada, I wish to invite you to one of the largest planned international Bitcoin events to date. Join us on April 11th-13th at Bitcoin Expo 2014 in Toronto. The prevailing theme will revolve around the growth and development of Bitcoin communities worldwide with a focus on collaborative and decentralized models. The Expo will be a showcase of prominent Bitcoin leaders, speakers, and businesses, and will be a stage where Canada can display its world class Bitcoin communities and business startups. Canada is fast becoming known for its Bitcoin innovation and leadership charge. Recently, the world's first Bitcoin ATM went live within our borders. This was made possible by the legal and regulatory environment we're currently enjoying in Canada which is proving to be more Bitcoin friendly than many other nations around the world. We're excited to show you firsthand the enthusiasm and dedication of the Canadian Bitcoin community. The Expo will be held at Metro Toronto Convention Center, Canada's largest conference and meeting facility, located next to Toronto's renowned financial district. Toronto is within a five-hour drive of some of the most populated cities in Canada, and is an hour drive from Niagara Falls and the border to the United States. In addition to Bitcoin community building, other themes will revolve around Bitcoin and charitable giving, benefits Bitcoin can offer to developing nations, and policy and regulatory environments that we see being constructed around the world in response to this disruptive new innovation. The Bitcoin Expo 2014 will be an event hosted by the Canadian Bitcoin community. However, we want to make this an international Bitcoin event, done 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. We will be offering scholarships that will allow potential speakers who might otherwise be limited by financial or political constraints the opportunity to visit Toronto and share valuable perspectives on Bitcoin. Again, this is an event put on by the Bitcoin community... for the Bitcoin community. It will be organized 100% by volunteers, and all proceeds will be returned to the Bitcoin community in a crowdsourced way that's decided by the membership of the Bitcoin Alliance of Canada. This is a non-profit event dedicated to assisting speakers, leaders, and business owners get their messages across. We would like everybody to participate, collaborate, and work together to make this the most meaningful Bitcoin event to date. Story continues Registration will begin in early 2014. Should you have any questions, wish to become a speaker, or contribute in any way, please give me a call at +1 416,831,9593, email me at adiiorio@bitcoinalliance.ca , or contact me via Skype; user name a.diiorio . I'm excited the Bitcoin Alliance of Canada is hosting this event. Please join us. Canada welcomes you! Anthony Di Iorio Executive Director Bitcoin Alliance of Canada About the Bitcoin Alliance of Canada The BAC is dedicated: to raising awareness of bitcoin among Canadian consumers, merchants, businesses, regulators, and policy makers; to promoting bitcoin adoption in Canada; to further Canadian and international study and research in bitcoin and other virtual currencies; and, to promoting Canadian participation in international partnerships, associations, and other efforts to promote, study, research, and discuss bitcoin and other virtual currencies. About Bitcoin Bitcoin is a digital currency and protocol that enables instant peer-to-peer transactions and worldwide payments for almost no processing fees. Bitcoin uses technology to operate with no central authority; managing transactions and bitcoin issuance is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that cannot be covered by any previous payment systems. The software that the Bitcoin network runs on is a community-driven, free, open-source project released under the MIT license.

2013-11-22 14:38:00+00:00

{"Bitcoin": [32, 287, 605]}

{"Bitcoin": [30]}

Virgin Galactic now accepting Bitcoin for future flights into space

https://finance.yahoo.com/news/2013-11-22-virgin-galactic-bitcoin-space-flight.html

Engadget

https://www.engadget.com/

As the value and credibility of Bitcoin continues to skyrocket, Virgin founder Richard Branson now wants to let people use the digital currency to finance a flight into space. Ahead of its first trips next year , Virgin Galactic has already had one "future astronaut" from Hawaii book a Bitcoin-funded ticket and hopes that its affluent clientele will follow suit. An investor himself, Branson has been pushing for governments to regulate the peer-to-peer payment system and believes that today's announcement will give it more credibility. Neither Virgin Galactic nor Branson has indicated just how many Bitcoins you'll need before you get a return ticket to the heavens, but we suspect this isn't the future that Gene Roddenberry was planning. Want to come to space with @virgingalactic ? Now you can pay with #bitcoins ! (One future astronaut has already) http://t.co/dYVmSBLVAF - Richard Branson (@richardbranson) November 22, 2013

2013-11-22 14:52:00+00:00

{"Bitcoin": [374, 1744, 3446]}

{"Bitcoin": [52]}

Silk Road's 'Dread Pirate Roberts' Used $20 Million Bitcoin Fortune To Order 6 Assassinations, According To Feds

https://finance.yahoo.com/news/silk-roads-dread-pirate-roberts-145202556.html

Business Insider

http://www.businessinsider.com/

Silk Road Ross ulbricht Ross Ulbricht / Facebook Ross Ulbricht At a bail hearing in a New York federal court yesterday, federal prosecutors claimed that Ross Ulbricht, the alleged operator of the Silk Road online marketplace for drugs, had ordered six hits on people he believed had cheated him or knew too much, and that he had amassed a personal fortune of $20 million in Bitcoins. In a memo to the judge requesting bail for Roberts be denied , prosecutors also claim that Ulbricht — who went by the name "Dread Pirate Roberts" — kept a diary of his finances and assassination orders. They also filed photographs of multiple driver's licenses that show a photos of Ulbricht but different names on each license. Ulbricht's mother and supporters say he is innocent : On Wednesday, supporters also launched a legal defense fundraising campaign, along with a video of testimonials from supporters describing Ulbricht’s character. “Ross is not a criminal mastermind, and Ross is not killer,” says one of Ulbricht’s friends, whose face is not shown in the video. “I can tell you he’s not a murderer,” Ulbricht’s mother Lyn Ulbricht said ... The diary begins in 2010, when he first came up with the idea of creating Silk Road using Tor, the anonymous, encrypted version of the internet that makes illicit transactions more secure: Silk road USDOJ As time went by, Ulbricht allegedly derived the vast majority of his livelihood from running Silk Road. But no one in "real" life knew he was "the Dread Pirate Roberts" — not even his girlfriend. Ulbricht allegedly confessed this fact to an under cover federal agent (UC): Silk Road USDOJ The prosecutors' motion shows Ulbricht believed his net worth was $104 million and he was holding $20 million in Bitcoin: Silk Road USDOJ At the time he was arrested, the feds found these different drivers' licenses at his rented house in San Francisco: silk road ft USDOJ The feds had Ulbricht under surveillance for months, but in 2013 Ulbricht allegedly started hiring contract killers, the court papers claim: Story continues Silk Road USDOJ The number of hits Ulbricht allegedly ordered grew over time, so he added the hits to his Silk Road admin "to-do list," on his computer, the feds' motions says . Here's a sample of the list from March 2013 (emphasis added): 04/06/2013 made sure backup crons are working gave angels go ahead to find tony76 cleaned up unused libraries on server added to forbidden username list to cover I l scam 04/08/2013 sent payment to angels for hit on tony76 and his 3 associates . . . very high load (300/16), took site offline and refactored main and category pages to be more efficient The first alleged hit was against a Silk Road employee that Ulbricht allegedly felt lacked "integrity": Silk Road USDOJ The motion says that none of the hits actually led to anyone's death — although Ulbricht allegedly believed they had worked. The second alleged hit was on someone who tried to blackmail him: Silk Road USDOJ Hits four through six were supposed to be on a group of drug dealers Ulbricht allegedly believed had ripped him off. Feds say he hired a Hell's Angel, "redandwhite," to do the work: Silk Road USDOJ The feds also filed this image, which they claim is the administrator's user interface for Silk Road. Silk road Ulbricht laptop 2 USDOJ More From Business Insider The Man Allegedly Behind The Silk Road Drug Site Is Also Accused Of Plotting Six Murders Founder Of New Bitcoin Assassination Market Wants It To Destroy 'All Governments, Everywhere' Read All About The Silk Road Drug Marketplace In Its New Newspaper, The 'SR Courier'

2013-11-22 16:11:00+00:00

{"Bitcoin": [545]}

{"Bitcoin": [0]}

Bitcoin's Long-Term Outlook Is Dim

https://finance.yahoo.com/news/bitcoins-long-term-outlook-dim-161100485.html

Moody's

https://www.moodys.com/

The cyber-currency bitcoin shot to market stardom over the past week, rising in value from a low of $359 to just over $900 on Monday, before falling to $502 Tuesday morning and rebounding to $740 in the afternoon on the Japan-based Mt. Gox exchange. Speculators drove the price up and down as the currency drew tentative approval from officials from the U.S. Justice Department, the Securities and Exchange Commission and even Federal Reserve Chairman Ben Bernanke. Boosters were encouraged to think it could be on the verge of wide acceptance. Bitcoin's use in digital commerce has grown to an average 54,000 transactions per day in the past two months, up from an average 49,400 over the previous 10, according to blockchain.info, which monitors the currency. Users are attracted to bitcoin's anonymity and online security, features that have also made it attractive to dealers in illicit drugs and malicious software. Yet security has been breached, and the currency's fundamentals could work against its long-term acceptance. Unlike conventional currencies, bitcoin is not created or backed by any government, but rather created by "miners" performing elaborate computational tasks on line. The number of bitcoins in existence is determined by computer programs that determine the difficulty of mining them. By design, the number of new bitcoins that can be created will decline over time, which means it will experience the equivalent of monetary deflation as demand for the currency grows. Proponents argue that bitcoins can simply be divided into fractional units for commerce, but a rising currency value also encourages hoarding, by users who see bitcoins as investments or hedges against inflation. Hoarding in turn discourages commercial use. Unless the system changes, bitcoin is likely to end up as the novelty it was before the recent bubble. Abraham Goldstein is an Associate Economist at Moody's Analytics. More from Dismal Scientist: Economic Indicator Calendar This Week's Commentary U.S. Business Cycle Tracker

2013-11-22 23:15:13+00:00

{"Bitcoin": [189, 267, 406, 492, 632, 748, 949, 1011, 1065, 1544, 1659]}

{"Bitcoin": [47]}

FinancialContent Expands Editorial Coverage of Bitcoins

https://finance.yahoo.com/news/financialcontent-expands-editorial-coverage-bitcoins-231513745.html

Marketwired

http://www.marketwired.com/

SAN CARLOS, CA--(Marketwired - Nov 22, 2013) - FinancialContent, a leading online provider of business content and stock market data, today announced that it would increase its coverage of Bitcoins and other cryptocurrencies. FinancialContent has already made a free Bitcoin to US Dollar currency exchange rate widget for free on its website. This JavaScript widget allows websites to display the price of Bitcoins. Online publishers are welcome to retrieve code for this widget on a special Bitcoin to US Dollar widget webpage. In addition to creating this new widget, FinancialContent will be increasing its editorial coverage of Bitcoins and other peer-to-peer, decentralized digital currencies through its main editorial channel Market Minute. Bitcoins were introduced in 2008 and gained media attention in 2012 as Internet-based companies began accepting the virtual currency as payment for online services. Since January 1, 2013, the price of Bitcoins has increased 50-fold. With approximately 12 million Bitcoins in circulation, the recent price of $700 per Bitcoin suggests a market cap of more than $8 billion. For more information about FinancialContent or to inquire about custom financial data and news widgets, please email us at info@financialcontent.com . Disclaimer: The widgets are provided by FinancialContent for news and informational purposes only and should not be construed as financial or investment advice. The widgets do not constitute an offer to sell, a solicitation to buy, or a recommendation for an investment in Bitcoins or other virtual or cryptocurrencies. FinancialContent and its products are not affiliated or endorsed by Bitcoin or its underwriters. For a complete overview of FinancialContent's terms and conditions, please visit the webpage at http://www.financialcontent.com/terms.php About FinancialContent Services, Inc. FinancialContent Services, Inc. ( www.financialcontent.com ) is a leading business-to-business provider of stock market data, business news and content syndication services. Backed by Agile Opportunity Fund and Bay Partners, FinancialContent serves over 250 publishers and delivers more than 300 million widgets and web pages a month.

2013-11-23 12:12:00+00:00

{"Bitcoin": [3006, 6681]}

{"Bitcoin": [74]}

There's An Electronic Currency That Could Save The Economy — And It's Not Bitcoin

https://finance.yahoo.com/news/theres-electronic-currency-could-save-121228399.html

Business Insider

http://www.businessinsider.com/

Electronic Money_Cover Mike Nudelman, Business Insider The United States has been marred in slow economic growth and a weak recovery for years now. Unemployment remains high. This is despite extraordinary efforts by the Federal Reserve to stimulate the economy. This drawn out period of low inflation and high unemployment has gotten more and more people talking about a "new normal" of mediocre growth. Economists have been looking for ways to give central banks more power to combat recessions and prevent these long, drawn out recoveries. Larry Summers laid out this major impending economic challenge in his recent speech at the IMF. Normally, when a recession hits, central banks cut interest rates to incentivize firms to invest and to spur economic growth. But when interest rates hit zero, those banks lose one of their most important tools to combat recessions. This is called the zero lower bound. Hitting the zero-lower bound means that interest rates cannot reach their natural equilibrium where desired investment equals desired savings. Instead, even at zero, interest rates are too high, leading to too much saving and a lack of demand. Thus we get the slow recovery. Until recently, we hadn't hit that bound. But since the Great Recession, we've been stuck up against it and the Fed has been forced to use unconventional policy tools instead. What Summers warned of is that this may become the new normal. When the next recession hits, interest rates are likely to be barely above zero. The Fed will cut them and we'll find ourselves up against the zero lower bound yet again and face yet another slow recovery. So what's the answer? University of Michigan economist Miles Kimball has developed a theoretical solution to this problem in the form of a n electronic currency that would allow the Fed to bring nominal rates below zero to combat recessions . He's been presenting his plan to different economists and central bankers around the world. Kimball has also written repeatedly about it and was recently interviewed by Wonkblog's Dylan Matthews . Story continues "If you have a bad recession, then firms are afraid to invest," he told Business Insider. "You have to give people a pretty good deal to make them willing to invest and that good deal means that the borrowers actually have to be paid to tend the money for the savers." But paper currency makes this impossible. "You have this tradition that as it is now is enshrined in law in various ways that the government is going to guarantee to all savers that they will get [at least] a zero interest," Kimball said. If the Fed lowered rates below zero in our current financial system, savers would simply withdraw their money from the bank and sit on it instead of letting it incur negative returns. The paper currency itself — because it's something that can be physically withdrawn from the financial system — prevents rates from going negative. This is where Kimball's idea for an electronic currency comes in. However, unlike Bitcoin, which prides itself on its decentralization and anonymity, Kimball's digital currency would be centralized and widely used. He would effectively set up two different types of currencies: dollars and e-dollars. Right now, your $100 bill is equal to the $100 in the bank. If you're bank account has a 5% interest rate, you earn $5 of interest in a year and that $100 bill is still worth $100. But what would happen if that interest were -5%? Then you would lose $5 over the course of the year. Knowing this, you would rationally withdraw the $100 ahead of time and keep it out of the bank. This is where the separate currencies come in. "You have to do something a little bit more to get the negative rate on the paper currency," Kimball said. "You have to have the $100 bill be worth $95 a year later in order to have a -5% interest rate. The idea is to arrange things so let’s say $100 in the bank equals $100 in paper currency now, but in a year, $95 in the bank is equal to $100 in paper currency. You have an exchange rate between them." "After a year, I could take $95 out of the bank and get a $100 bill or if I wanted to put a $100 bill into the bank, they would credit my account with $95." Got that? After a year of a -5% interest rate, $100 dollars are equal to $95 e-dollars. This ensures that paper currency also faces a negative interest rate as well and eliminates the incentive for savers to hoard dollar bills if the Fed implements a negative rate. Presto! The zero lower bound is solved. The benefits of this policy go even further though: We can say goodbye to inflation as well. "Once you take away the zero lower bound, there isn't a really strong reason to have 2% inflation at this point," Kimball said. "The major central banks around the world have 2% inflation and Ben Bernanke explained very clearly why that is. It's to steer away from the zero lower bound." He's right. Back in March, Ryan Avent asked Bernanke why not have a zero percent inflation target. Bernanke answered , "[I] f you have zero inflation, you’re very close to the deflation zone and nominal interest rates will be so low that it would be very difficult to respond fully to recessions." But if nominal interest rates are allowed to go below zero, then the Fed has ample room to respond to recessions even if rates start out low. This is another major benefit from eliminating the zero lower bound. What Kimball, whose blog is titled Confessions of a Supply Side Liberal , is most excited about is moving beyond the demand shortfall the economy currently faces to the supply side issues that hold back long-term growth. "If you care at all about the future of this country, one of the things you need to realize is we need to solve the demand side so we can get back to the supply side issues that are really the tricky thing for the long run," he said. "The way to solve the demand side issues that is the most consistent with not messing up our supply side is monetary policy and making it so we can have negative interest rates." At the moment, e-dollars are still only a theoretical concept, but Kimball is hopeful that they could be put into action in the near future. He believes that if a government bought in, it could be using an electronic currency in three years and reap the benefits of it soon after. "This is going to happen some day," he concluded. "Let me tell you why. There are a lot of countries in the world and some country is going to do this and it's going to be a whole lot easier for other countries to do it once some country has stepped out." More From Business Insider There's An Electronic Currency That Could Save The Economy — And It's Not Bitcoin Get Ready For A Busy Day Of Fedspeak Here's The Scary Possibility That The US Might Need Permanent Bubbles In Order To Grow

2013-11-24 10:45:00+00:00

{"Bitcoin": [8119]}

{}

The Fed Is Widening the Income Gap…and That’s a Good Thing

https://finance.yahoo.com/news/fed-widening-income-gap-good-104500570.html

The Fiscal Times

http://www.thefiscaltimes.com/

At her confirmation hearing before the Senate Banking Committee this month, Janet Yellen faced questions from senators on both sides of the aisle about whether the central bank’s monetary stimulus is an “elitist,” “trickle down” policy that disproportionately benefits the wealthy and exacerbates income inequality. "One of my concerns is that the Fed’s monetary policy doesn’t do enough to serve all Americans," said Sen. Sherrod Brown (D-OH). “It’s not clear to me, and more importantly, it’s not clear to the many Americans who have not seen a raise in a number of years, that this policy increases wages and incomes for workers on Main Street.” Related: Are We Suffering from 'Secular Stagnation?' It’s a charge that critics of the Fed have been leveling for a long time about the bank’s extraordinarily low interest rates and large scale “quantitative easing” asset purchases. Ethan Harris, an economist at Bank of America Merrill Lynch, sums up the complaints in a new note to clients: “Critics argue that the Fed is creating higher financial sector profits and a booming stock market, but unemployment remains high and wage growth remains low. By stimulating home prices, the Fed is making it harder for low-income families to buy homes. By keeping interest rates low, the Fed is punishing people on fixed incomes. Finally, by pushing up inflation, the Fed is lowering the real spending power of average Americans. In sum, the critics conclude, the Fed should stop hurting Joe Six Pack and immediately normalize monetary policy.” Do those charges hold up? Yellen, a key architect of the Fed’s stimulus measures, acknowledged that “low interest rates harm savers,” but they also have a broader ripple effect that extends through the economy, helping both the unemployed as well as those who have jobs and would benefit from increased wages that would result from a stronger economy. A couple of recent reports shed some more light on Yellen’s defense. Story continues The first is a discussion paper released this month by the McKinsey Global Institute that examines how and how much low rates have hurt savers. The authors looked at how different players in the U.S., U.K. and Eurozone economies have fared under ultra-low interest rates over the last five years. They found that the governments in question benefitted by $1.6 trillion, while non-financial companies and U.S. banks – but not European ones – also came out winners. (Troublingly for the economies being studied, though, higher corporate profits have not resulted in higher corporate investment, the report finds, “possibly as a result of uncertainty about the strength of the economic recovery, as well as tighter lending standards.”) The losers from years of ultra-low rates, according to McKinsey, have been pension plans, life insurers and, yes, households. McKinsey found that households in these countries have lost $630 billion in net interest income, including some $360 billion lost in the U.S. Winners and losers from low interest rates Those numbers don’t look good for Joe Six Pack, but the details of McKinsey’s findings make them appear decidedly better. The authors note that the effects of low interest rates vary greatly by age group (see the McKinsey chart below), with younger households that are net borrowers benefitting and older savers losing out. Households headed by someone between the ages of 35 and 44 have gotten, on average, $1,700 more in annual income because of the lower rates, while those headed by someone 75 or older have lost $2,700 a year. McKinsey on net interest impact Here are the key lines, though, for those worried about a widening income gap: “Across income percentiles in the United States, the richest 10 percent own about 90 percent of net financial assets,” the McKinsey report notes. “It is this group whose net interest income has fallen, while other income groups have seen minimal change.” Interest income is only part of the picture, of course, and the McKinsey report notes that the hits to household income may be offset by gains in asset prices. House prices in the U.S. and U.K. may have been as much as 15 percent higher at the end of 2012 than they would have been without ultra-low rates, McKinsey’s report says. (Surprisingly, the report found that the impact of low interest rates on equity prices may be smaller than is widely thought.) “If one accepts that house prices and bond prices are higher today than they otherwise would have been as a result of ultra-low interest rates, the increase in household wealth and possible additional consumption it has enabled would far outweigh the income lost to households,” the authors write. Those rising asset prices have been they key mechanism widening the wealth gap between “haves” and “have nots,” but they don’t necessarily mean that Joe Six Pack is suffering more than he would have been. And as Merrill Lynch’s Harris detailed in his note to clients on Friday, tightening monetary policy woudn’t be an effective solution to the problem. Harris took on criticism of the Fed’s policies point by point and offered a more detailed long-term defense than the Fed’s incoming chairwoman did at her hearing: Income inequality has been rising globally for much longer than the Fed has been driving interest rates down or making its “quantitative easing” asset purchases. The share of income going to the top 1 percent of households in the U.S. has been rising since the 1970s, and has continued whether the Fed was raising rates or lowering them. The labor market recovery since the Great Recession is only now getting to the point where wages may rise. That’s because, after an economic downturn, business profits tend to bounce back first as the high rate of joblessness gives workers little negotiating leverage and keeps wages down. It’s only after the recovery is further along and the unemployment rate drops that employers face a more pressure to raise wages. “Ironically, critics of the Fed are suggesting that the Fed should give up on moving the economy into the second, labor-friendly, stage of the economic expansion,” Harris writes. Fueling the housing recovery doesn’t just help the wealthy. “Lower interest rates help raise home prices — and stop foreclosures — precisely because they make homes more affordable for everyone,” Harris writes, adding that the National Association of Realtors Housing Affordability Index hit a record high earlier this year, even as home prices continued their rebound. “Again,” Harris says, “the irony here is that by doing exactly what critics favor—and threatening to taper—the Fed is hurting affordability for low-income people.” The argument that rising inflation undercuts consumers’ spending power stems from what Harris calls “a fundamental misunderstanding of the word ‘inflation.’” The term refers to “a generalized rise in the price of everything—goods, services and labor,” with the Fed’s ultimate goal being to push inflation back to 2 percent and to have working wages grow at a more normal pace of 3.5 percent to 4 percent. Harris sums up by noting that raising rates to help savers today could backfire by sapping economic momentum – and that Japan’s long struggles with a stagnant economy serve as a cautionary tale in this regard. “Raising interest rates in the U.S. today is a great way to penalize savers in the years ahead,” Harris argues. So, yes, the Fed may be making the rich even richer right now, but the ultimate goal is to restore interest rates to more normal levels by restoring the economy to faster growth. “As in every business cycle recovery, easy Fed policy has temporarily exacerbated the long-term widening of income disparities, but ultimately easy policy means low unemployment and stronger labor income,” Harris writes. “Fortunately, the Fed understands that the fastest path between two points is not always a straight line.” Unfortunately for many Americans, the fastest path can still feel awfully rocky. Top Reads from The Fiscal Times: How Secret Global Trade Talks Can Destroy the Internet CEO Pay: Why Even the Swiss Are Riled Up Why Regulating Bitcoin is Like Herding Cats

2013-11-25 11:30:00+00:00

{"Bitcoin": [132, 898, 1087, 1130, 1500, 1587, 1815, 1960, 2047, 2969, 3297, 3317, 3573, 3944, 3981, 4032]}

{"Bitcoin": [48]}

There Is A 'Very Surprising' Connection Between Bitcoin's Creator And The Alleged Founder Of The Silk Road

https://finance.yahoo.com/news/finance.yahoo.com/news/study-very-surprising-connection-between-113049513.html

Business Insider

http://www.businessinsider.com/

UPDATE: The researchers have retracted their claim, click here to read the story » The two most important moments in the history of Bitcoin are its creation, and the founding of illicit goods and services site Silk Road, which created the first ever market for the digital currency. Now, two Israeli mathematicians, Dorit Ron and Adi Shamir of the Weizzman Institute south of Tel Aviv, write in a new paper (first reported on by John Markoff at Bits ) that they've found a "very surprising connection" between the individual or individuals behind the first and the individual allegedly behind the second. In October, the FBI arrested San Francisco resident Ross Ulbricht, accusing him of being Dread Pirate Roberts, the hacker handle of the guy who ran Silk Road. They seized his laptop, shuttered Silk Road, and after considerable effort — 25 days — they took control of all 144,336 of Ulbricht's Bitcoins, which would now be worth more than $115 million, and transferred them into FBI-controlled accounts. Upon doing so, the agency gave anyone a way to trace the history of Ulbricht's Bitcoin wealth. Although both parties in a Bitcoin transaction are anonymous, the details of all transactions — the address of the buyer and seller, the quantity, and the date — are publicly known, chronicled in a master ledger which can be found here or here (the researchers used the former) . So if you can match a given amount with a given personality, it's possible to excavate the entirety of that person's Bitcoin banking records. Given the quantities seized, it was immediately obvious which Bitcoins had belonged to Ulbricht, though the FBI publicly released the address of the seized funds account anyway. Out of curiosity, Ron and Shamir traced the history of every transaction executed by addresses connected to the Bitcoins seized by the FBI. Eventually they made a surprising discovery: on March 20 of this year, an Ulbricht-controlled account received 1,000 Bitcoins from an account created on Jan. 16, 2009 — just one week after the first-ever Bitcoins were mined. That account accumulated over 77,600 BTCs, mostly through mining, until 2011, when it began shooting off its balance into separate accounts, as illustrated here. Story continues dpr 2 Ron/Shamir Such a transaction is unusual, they explain: "Such a single large transfer does not represent the typical behaviour of a buyer who opens an account on Silk Road in order to purchase some narcotics (such buyers are expected to make an initial deposit of tens or hundreds of dollars, and to top the account off whenever they buy additional merchandise). It could represent either large scale activity on Silk Road, or some form of investment or partnership, but this is pure speculation. Instead, it may be evidence of something more profound: "The short path we found (which is depicted in Figure 6) suggests (but does not prove) the existence of a surprising link between the two mysterious figures of the Bitcoin community, Satoshi Nakamoto and DPR. It is reasonable to assume that all the accounts described along the top of Figure 6 belong to the same person, but to be on the safe side we refer to him as a “Founder” rather than as Satoshi Nakamoto. We are sure that analyzing this figure will start a very vigorous debate in the Bitcoin community." Bitcoin aficionados themselves like to play down the importance of knowing the identity of Satoshi, heralding him/her/them as more of a benevolent specter who created a universe and whose true identity is immaterial to that world's success. But given that Bitcoins are now worth $800 and rising — and assuming that Satoshi owns or owned a lot of them (some suggest he has 1 million), many still wonder whether a secret multi-millionaire now stalks the land. Meanwhile, for the latest in everything we know about Satoshi Nakamoto, check out this chart from Chartgirl.com . More From Business Insider The Value Of SecondMarket's Bitcoin Trust Just Broke $50 Million Bitcoin Prices Just Hit Another Record Here's What Bitcoin Gets Right

2013-11-25 12:15:00+00:00

{"Bitcoin": [617]}

{}

10 Tech Things You Need To Know This Morning

https://finance.yahoo.com/news/10-tech-things-know-morning-121555804.html

Business Insider

http://www.businessinsider.com/

yahoo employees Yodeanecdotal via Yahoo Yahoo employees are resisting the switch to Yahoo Mail for their corporate email accounts Happy Monday. Here's some news to kickstart your week: TV is dying and here are some charts that prove it. Apple has confirmed its acquisition of 3-D sensor startup PrimeSense. PrimeSense was reportedly bought for about $360 million. Uber has partnered with Toyota and General Motors to help its drivers buy more affordable cars. Yahoo employees don't want to switch their corporate email accounts to Yahoo Mail. A new study found there is a surprising connection between the creator of Bitcoin and the alleged founder of Silk Road. A woman's angry, tech-savvy ex hacked her phones, voicemail and computer to block her from her digital life. Unfortunately, that's what domestic violence is starting to look like in the digital age. Scott Adams, the creator of the Dilbert cartoon, explains why he wants his elderly, sick father to die immediately. He believes doctor-assisted suicides should be legal. That 3 hour and 12 minute football game you like to watch every Sunday? On average, you'll see 100 commercials during it and only 11 minutes of real action with the football. Google-owned Waze now lets its users receive driving directions from celebrities via voice navigation. 9 entrepreneurs, including Aaron Levie of Box and Max Levchin of Slide and PayPal, reveal why they decided to sell for big bucks or pass on life-changing acquisitions . More From Business Insider 10 Tech Things You Need To Know This Morning 10 Tech Things You Need To Know This Morning LEAKED EMAIL: Apple's Lawyers Ask All Employees To Review The Company's Code Of Conduct View comments

2013-11-25 17:23:00+00:00

{"Bitcoin": [2494]}

{}

There's A Swanky Building In Luxembourg That's Like A Hotel Just For Rich People's Expensive Possessions

https://finance.yahoo.com/news/theres-swanky-warehouse-luxembourg-thats-172337815.html

Business Insider

http://www.businessinsider.com/

luxembourg freeport LuxFreeport.lu They never really left their perch in the first place, but rich people are definitely on top of the world again. Pick your evidence: setting a record price on a painting purchase , flipping your Gulf Stream jet , buying a flat in London for a price rivaling the GDP of a small country , or turning down a $3 billion offer for your photo-taking mobile app. Now the global 1 Percent is investing in another new toy — but you may not notice it at first. The Economist recently reported on the existence of an unassuming warehouse outside Luxembourg's main airport that's been under construction. But this is no ordinary hangar. Instead, it is a "freeport," designed to house the collectibles, like art or gold, of the 1%, shielding them from the taxman and offering layers of anonymity not available at other high-end storage facilities. As the Economist explains: "[Freeports'] attractions are similar to those offered by offshore financial centres: security and confidentiality, not much scrutiny, the ability for owners to hide behind nominees, and an array of tax advantages. This special treatment is possible because goods in freeports are technically in transit, even if in reality the ports are used more and more as permanent homes for accumulated wealth. If anyone knows how to game the rules, it is the super-rich and their advisers." Here's the thing: the place is awesome — way more awesome than it should be for just a warehouse. Remember the village in the movie "Gattaca" where genetically superior beings prepared to launch into space? It looks like like that, but with a way more ludicrous soundtrack. An architectural feat: arched trusses, isolation booths, lots of wide-open space. luxembourg freeport LuxFreeport.lu It's half art museum ... freeport luxembourg LuxFreeport.lu ... half 1% Valhalla. freeport luxmebourg LuxFreeport.lu Glass walls, sky-high ceilings, and electrifying security. luxembourg freeport LuxFreeport.lu Pointilist windows and rooftop turrets: freeport 1 LuxFreeport.lu "My possessions unload from the front." Story continues freeport LuxFreeport.lu Crates, please, not boxes — we're rich, thank you. freeport luxemoburg LuxFreepor.lu But you really need to watch the whole video, which is only about two minutes, and contains the New Age background music, to get a sense of how the super rich live these days. Click here for the full video » More From Business Insider There Is A 'Very Surprising' Connection Between Bitcoin's Creator And The Alleged Founder Of The Silk Road Here's The Ominous Demographics Chart That Shows What China Will Become In Less Than 2 Decades 8 Items People Will Go Nuts For On Black Friday

2013-11-25 18:09:56+00:00

{"Bitcoin": [518, 1702, 1927, 2899, 3855, 3886], "BTC": [1993, 2211]}

{"Bitcoin": [32, 49]}

How Thieves Stole $1 Million In Bitcoins From A 'Bitcoin Bank'

https://finance.yahoo.com/news/thieves-stole-1-million-bitcoins-180956571.html

Business Insider

http://www.businessinsider.com/

BIPS CEO Kris Henriksen YouTube/Newfination BIPS CEO Kris Henriksen If you're a smart enough hacker, you can break into a company that stores bitcoins for people and wipe out their bank accounts. Thieves have done just that with BIPs, one of Europe’s biggest bitcoin payment processors, the company announced on its website . The crooks walked away with 1,295 bitcoins , BIPs founder and CEO Kris Henriksen, told his customers via a post to the company's online forums . That's about $990,00 based on today's value of Bitcoins on Coindesk (about $760 per coin). BIPs offered a service that lets merchants accept bitcoins and exchange them into other currencies. As part of that service, it stored people's bitcoins for free in what's known as a bitcoin wallet. That's akin to a bank account. Hackers broke into that service on Friday and wiped out people's wallets, Henriksen said. The company explained how the hackers broke in: First they created what's known as a deniel of service attack, which is when computers on the Internet send a website so many hits that the website can't handle all the traffic and it shuts down. That hack let them discover a weakness in the website. Then they did a second attack two days later, broke into company's network, controlled the company's computer storage systems where the bitcoins were stored, and transferred the money into their own bitcoin wallet, Henriksen said in his blog post. After the robbery, Henriksen tried to shrug off some of the blame, telling his customers, "Web Wallets are like a regular wallet that you carry cash in and not meant to keep large amounts in." Needless to say, the people who were using BPS's free web wallet to store their Bitcoins are not happy that they were robbed. One user, "cubicdissection" wrote : As someone who pursues and gets merchants to sign up for your service, you surely realize that many if not most of them are not well versed in Bitcoin. At NO point did you EVER say hey you shouldn't keep your BTC with us. In fact, your website said: Your data is secure at BIPS ... BIPS protects your payment information with industry-leading security and fraud protection. ... So yeah, I felt pretty god---- secure leaving my BTC balance there. ... So basically ALL balances are gone? Story continues Here's the warning about the robbery that BIPs posted to its website: BIPS temporarily closes consumer wallet initiative after security breach Nov 19 To protect the successful merchant processing business BIPS has decided to temporarily close down its consumer wallet initiative. BIPS has been a target of a coordinated attack and subsequent security breached. Several consumer wallets have been compromised and BIPS will be contacting the affected users. As a consequence BIPS will temporarily close down the wallet initiative to focus on real-time merchant processing business which does not include storing of Bitcoins. Subsequently BIPS will consider to reintroduce the wallet initiative with a re-architected security model. The consumer wallet initiative has not been BIPS core business and as such regrettably affecting several users has not affected BIPS merchant acquiring. All existing users will be asked to transfer bitcoins to other wallet solutions, and users affected by the security breach will be contacted. Additional support information: BIPS help desk system is currently not accessible and will not be re-enabled until an alternative hosting solution has been arranged for this. In the mean time, support is reachable via email to support(at)bips(dot)me. Previously submitted tickets need to be resubmitted via email. Please be patient and allow 24-72 hours to receive a reply. More From Business Insider The Man Allegedly Behind The Silk Road Drug Site Is Also Accused Of Plotting Six Murders These Guys Generated $3 Million In Four Days From The Bitcoin Craze Researchers Say 'Bitcoin Is Broken' And Could Collapse

2013-11-25 21:46:00+00:00

{"Bitcoin": [22, 310, 382, 477, 523, 598, 734, 1144, 1186, 1448, 1506, 1653, 1886, 1913, 2099, 2173, 2182, 2328, 2525, 3003, 3145, 3301, 3879, 4116, 4163, 4187, 4494, 4716, 4772]}

{"Bitcoin": [23]}

'Litecoin Is Silver To Bitcoin's Gold' — Here's What That Actually Means

https://finance.yahoo.com/news/finance.yahoo.com/news/heres-deal-litecoin-robin-bitcoins-214632375.html

Business Insider

http://www.businessinsider.com/

At $800, the price of Bitcoin is now so great that it threatens to shut out some mainstream users. You may be wondering whether there were ever any mainstream users in the first place. But Charlie Lee, a former Googler and MIT grad, recognized such an audience did exist. In 2011, two years after the birth of Bitcoin, the former Googler and MIT grad decided to create a version of Bitcoin that would make it more accessible. He called it Litecoin. "I think Satoshi [Nakamoto, Bitcoin's pseudonymous creator] is great, and Bitcoin is awesome," Lee said in a recent interview with BI. "I didn't fix Bitcoin. I just made small changes that made [Litecoin] a little bit better." Litecoin is not the only digital currency to have mounted Bitcoin’s virtual coattails. Coinmarketcap lists about two-dozen ones who’ve seen their prices increase in the past few months. But Litecoin appears to be the first among these secondary equals, something reflected in its $282 million market cap — 5x greater than the next largest currency, Peercoin. If you're at all familiar with Litecoin, you've probably heard it described, by Lee or others, as "silver to Bitcoin's gold." But if you don't believe Bitcoin is worth much in the first place, that may mean nothing to you. So we asked Lee to elaborate, and he made a convincing case for where Litecoin will fit into the for-now expanding realm of digital currency. "It's more abundant, and more lightweight" than Bitcoin, he says. Here's what that means. Only 21 million Bitcoin will ever get created, and it's projected that won't occur until 2040. Although in theory this has no practical effect on its value if the Bitcoin economy truly takes off thanks to demand remaining consistent, that fixed amount will help keep prices elevated. Lee designed Litecoin so that 84 million units would be created. And if the Litecoin economy scales up to where Bitcoin evangelists insist Bitcoin should be, the same pseudo-scarcity effect could someday be seen in Litecoin prices. Story continues In addition, Litecoin is not subject to the “arms race” currently seen among Bitcoin miners looking to corner the market on acquiring large amounts of Bitcoin. Bitcoin is built around hash cryptography that is supposed to get more complex — and thus require more expensive computing power to mine — as the Bitcoin economy expands and grows in value. But this has allowed individuals with more efficient computer chips — in other words, ones that require less electricity power to mine a given amount of Bitcoin — to get the jump on more conventional miners. Litecoin eliminates that advantage by using an entirely different cryptography program, called Scrypt, where the limiting factor is memory, not processing efficiency. That means you'd have to buy a greater quantity of computer hardware to beat the program, not just design a better chip. “There will be less of a cartel of miners,” Lee says. Finally, Lee says Litecoin transactions enjoy faster "confirmation" times. For a Bitcoin transaction to be completely processed, it must receive a number of confirmations from other users who've located the transfer on the Bitcoin's master ledger, the Blockchain . This usually takes about 10 minutes. That doesn't mean you have to wait around at a cash register if you're using Bitcoin to pay for groceries, as we have documented . But those transactions depend on temporary confirmations. With Litecoin, Lee says, confirmations take just two-and-a-half minutes. So although the odds of a temporary confirmation not being confirmed on the Blockchain are minuscule, Litecoin eliminates the problem entirely. So maybe it's better to understand Litecoin as "silver" in the medieval sense of the word: designed to be carried around in your virtual pocket for daily transactions. "If Litecoin truly succeeds, people will be using it for everyday purchases, and Bitcoin for large purposes," Lee says. Digital currency users appear to have grasped Litecoin's utility relatively swiftly. It's now worth around $10, as shown in this chart... ltc 2 ltc-charts.com ...And its price surge corresponded to Bitcoin's mid-month explosion in November. btc Bitcoin Charts And like Bitcoin, Litecoin has come a long way in a very short amount of time. ltc ltc-charts.com Lee estimates Litecoin is about two years behind in both price and adoption. Right now the online retail outlets taking Litecoin are somewhat limited , though will surely grow with the price of Litecoin. But, he says, Bitcoin itself is still decades away from reaching its full potential. "It's still in an inflationary stage," he says. "Once that stops, in 2040, that's when that's when things get interesting." More From Business Insider Bitcoin Just Crashed For The Fourth Or Fifth Time Today Bitcoin Just Fell Out Of Bed BITCOIN JUST CRASHED BY OVER 30%

2013-11-26 21:17:11+00:00

{"Bitcoin": [4778]}

{}

How To Talk To Your Family About The Taper Over Thanksgiving

https://finance.yahoo.com/news/talk-family-taper-over-thanksgiving-211711666.html

Business Insider

http://www.businessinsider.com/

turkey Flickr Thanksgiving is two days away so it's about that time when you start fretting about how you talk to your relatives about public affairs. Most people are worried about debates over Obamacare. Wonkblog's Sarah Kliff gives a rundown on how to navigate those . But there's a more pressing issue that is sure to light up dinner table discussion and create all sorts of mayhem: the Fed's taper! Here's your guide for how to handle those conversations: What is tapering? Let's start of with the basics. The Federal Reserve has been using an unconventional monetary policy tool called quantitative easing (QE) to spur economic growth since the Fed has already cut short term rates, the tool it normally uses to fight recession, to zero. This is the third round of QE and has been in place since September of last year when the Fed announced it would buy $40 billion of mortgage-backed securities. In December, it began buying an additional $45 billion of long-term Treasuries. The goal of these asset purchases is to bring down long-term interest rates by removing supply from the market. As the economy has recovered in the past 15 months, the Fed has begun considering when it would start reducing its purchases. That's called tapering. So, that's what tapering is. Does anyone know when the Fed is going to stop? Nope. No one knows for sure, not even Ben Bernanke or Janet Yellen. Back in June, Bernanke announced that if the economy continued improving at a moderate pace, that the taper would happen sometime in the latter half of the year. Over the summer, the recovery slowed slightly, mortgage rates rose and the potential for a government shutdown grew. The Fed surprised the market in September when it postponed the taper. Right now, no one is certain when the taper will come. Many believe it will happen in March in Janet Yellen's first FOMC meeting as chairman while others believe it will occur in December during Bernanke's final meeting. Much of it will depend on the upcoming economic data, specifically the November jobs report. Story continues Wait, I thought the market has a good read on these things. Why was it so surprised in September? There are mixed opinions on this. Many blame the Fed's communication strategy and argue that it led the market to believe that a taper was coming in September. Others, including Bernanke himself, think that the Fed followed the baseline policy that it laid out in June. They say that the Fed informed the market that a taper was coming if the underlying economic data continued to come in at a continued pace. Since it came in below that level, it's not surprising that the Fed postponed tapering. OK got it. I've heard a lot of people argue that QE is going to cause rampant inflation. Is that true? Are we about to see prices skyrocket? Nope. Many economists have spent the past few years predicting that inflation is right around the corner. They argue that the Fed has pumped trillions of dollars into the money supply and that this will undoubtedly lead to inflation. Except that hasn't happened. Inflation has been persistently below the Fed's 2% target the past few years, despite those dire warnings. In fact, some commentators are starting to become more worried about deflation than inflation after CPI came in at just 1.0% year over year rate in October and core CPI, which is prices minus food and energy, came in at 1.7%. Quite simply, there are no signs that inflation is around the corner. Alright, that's comforting at least. What about unemployment? Is the economy improving? Yes, but slowly. The October jobs report, which was distorted a bit by the government shutdown, showed stronger job growth than we have seen in a while. The housing market looks like it is still improving despite rising mortgage rates over the summer. Retail sales and GDP growth both came in above expectations as well. However, expectations have been low so beating them was not difficult. The economy is still recovering at a slow pace and it would be years until we reached full employment. Well there goes my comfort. Is there anything that can make me feel optimistic? Well, things could be a lot worse. Just look at Europe. The ECB has been much slower to cut rates and have not used any unconventional tools like the Fed has done with quantitative easing. That has lead to a miserably slow recovery that is still way behind yours. As for back here, the economy is slowly getting better and it doesn't look we'll have another government shutdown. If that doesn't cut it for you, then check out Steven Perlberg's guide for how to drink on Thanksgiving . That always makes dinner table arguments much more fun. More From Business Insider There's An Electronic Currency That Could Save The Economy — And It's Not Bitcoin Ben Bernanke Just Gave A Superb Speech That Explained All Of His Biggest Decisions CHART OF THE DAY: Here's What The Changing Stocks-Bonds Correlation Means For Equities When The Fed Tapers

2013-11-27 12:06:00+00:00

{"Bitcoin": [875]}

{}

10 Tech Things You Need To Know This Morning

https://finance.yahoo.com/news/10-tech-things-know-morning-120629677.html

Business Insider

http://www.businessinsider.com/

google glass redesign with earbud Google Only one more day until we gorge ourselves with turkey! Here's some news to tide you over. The NSA spied on the porn-watching habits of six Muslim "radicalizers" so it could potentially undermine their credibility, according to Snowden documents. Aaron Levie of Box has been named Inc's Entrepreneur of the Year. Was the viral GoldieBlox video, which re-wrote lyrics for The Beastie Boys' song Girls, legal? That's up for debate, but there's a good explanation of fair use and what constitutes copyright infringement here. Apple has tweaked its App Store search engine to improve results for mis-typed words. Fab's CEO has a track record of failing. Here's how the company found itself in rough shape and what Jason Goldberg needs to do to turn it around. There may be no link between the alleged Silk Road founder and the founder of Bitcoin after all. Athos is a tiny new wearable sensor that's built into Under Armour-like shirts and leggings. It tracks everything from repetitions, heart rate and muscle effort while you work out. Google is inviting developers to buy Glass now. "OK Google": Google is releasing a new Chrome extension that will enable hands-free voice search on desktop computers. MSNBC has fired Alec Baldwin over a "homophobic rant" at a New York Post photographer. His show, "Up Late With Alec Baldwin" has been cancelled. More From Business Insider Google Chairman Eric Schmidt Thinks Cell Phones Can Stop (And Start) Wars Google Just Unveiled A Badass 'Doctor Who' Doodle Google's Logo Is An Addictive, Multi-Level Video Game To Celebrate The 50th Anniversary of 'Doctor Who' View comments

2013-11-27 17:36:00+00:00

{"Bitcoin": [0, 360, 871, 1734, 2822, 3300, 3570, 3629, 3727]}

{"Bitcoin": [0]}

Bitcoin Breaks $1,000 for First Time Ever

https://finance.yahoo.com/news/bitcoin-breaks-1-000-first-173600505.html

Entrepreneur

http://www.entrepreneur.com/

Bitcoin continued its stellar rally on Wednesday, breaking above $1,000 for the first time and marking a rise of over 7,600 percent so far this year. Many analysts and investors have labeled bitcoin's unfettered rise a bubble, yet greater awareness of digital currencies and relief following last week's U.S. senate hearing have paved the way for fresh gains. Bitcoin traded as high as $1,030 on the Mt. Gox exchange, up 7,661 percent year-to-date from its December 31 close of $13.27. Digital currencies cleared a major hurdle when U.S. authorities signaled a willingness to accept them as legitimate payment alternatives at a November 18 U.S. Senate hearing on virtual currencies. The outcome allayed concerns that the government would take steps that could undercut mainstream adoption. "What we're seeing is governments publicly announce and show that they recognize Bitcoin as a factor in the financial system and that they are considering how to regulate it - which is good for the currency," Zennon Kapron, managing director of KapronAsiam, told CNBC. Comments from Federal Reserve Chairman Ben Bernanke were also seen as supportive. In an open letter to Senators before the Senate hearing Bernanke echoed comments from former Fed Vice Chairman Alan Blinder who spoke about digital currencies at a House of Representatives hearing in 1995. "Vice Chairman Alan Blinder's testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system," Bernanke wrote. With much of the recent surge in Bitcoin demand coming from China, the U.S. senate hearing outcome has raised expectations that Beijing may steer away from heavily regulating digital currencies. "If either government were going to ban the currency outright, they would have made the decision now rather than later as it would really serve no purpose to delay beyond fueling speculation. So overly heavy-handed government regulation looks unlikely," Zennon added. Story continues The digital currency has risen around 30 percent since its open on Tuesday, November 19, one day after the U.S. Senate hearing. Greater awareness Increased awareness also underlies bitcoin's continued rise following a surge in mainstream media coverage and the preponderance of bitcoin-related events globally. Web-based searches for the term 'bitcoin,' which was added to Oxford Dictionaries Online this year, have seen a sharp increase since September according to Google data. On the day of the U.S. Senate hearing on virtual currencies, 'bitcoin' was the most popular search term, Google Trends showed. India will hold its first official Bitcoin conference in mid-December. According to a report in the Economic Times, the event is expected to see participation from the Reserve Bank of India – India's central bank – as well as State Bank of India – the country's largest bank. Billionaire entrepreneur Richard Branson said last Friday that his commercial space flight venture will accept bitcoin as payment. A test of whether the digital currency is being accepted more broadly could come with the second annual ' Bitcoin Black Friday ' this week. The event will be held one day after the U.S. Thanksgiving holiday. According to the official promotional website for the event, merchants selling everything from web hosting to organic beer will offer special deals to anyone paying in Bitcoin. More From Entrepreneur Black Friday: A Chance for Bitcoin to Get Some Mainstream Love Trekking Into Space With Branson? You Can Now Pay Your Way in Bitcoins Alleged Creator of Silk Road Detained Without Bail

2013-11-27 17:36:00+00:00

{"Bitcoin": [0, 360, 871, 1734, 2822, 3300, 3570, 3629, 3727]}

{"Bitcoin": [0]}

Bitcoin Breaks $1,000 for First Time Ever

https://finance.yahoo.com/news/finance.yahoo.com/news/bitcoin-breaks-1-000-first-173600505.html

Entrepreneur

http://www.entrepreneur.com/

Bitcoin continued its stellar rally on Wednesday, breaking above $1,000 for the first time and marking a rise of over 7,600 percent so far this year. Many analysts and investors have labeled bitcoin's unfettered rise a bubble, yet greater awareness of digital currencies and relief following last week's U.S. senate hearing have paved the way for fresh gains. Bitcoin traded as high as $1,030 on the Mt. Gox exchange, up 7,661 percent year-to-date from its December 31 close of $13.27. Digital currencies cleared a major hurdle when U.S. authorities signaled a willingness to accept them as legitimate payment alternatives at a November 18 U.S. Senate hearing on virtual currencies. The outcome allayed concerns that the government would take steps that could undercut mainstream adoption. "What we're seeing is governments publicly announce and show that they recognize Bitcoin as a factor in the financial system and that they are considering how to regulate it - which is good for the currency," Zennon Kapron, managing director of KapronAsiam, told CNBC. Comments from Federal Reserve Chairman Ben Bernanke were also seen as supportive. In an open letter to Senators before the Senate hearing Bernanke echoed comments from former Fed Vice Chairman Alan Blinder who spoke about digital currencies at a House of Representatives hearing in 1995. "Vice Chairman Alan Blinder's testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system," Bernanke wrote. With much of the recent surge in Bitcoin demand coming from China, the U.S. senate hearing outcome has raised expectations that Beijing may steer away from heavily regulating digital currencies. "If either government were going to ban the currency outright, they would have made the decision now rather than later as it would really serve no purpose to delay beyond fueling speculation. So overly heavy-handed government regulation looks unlikely," Zennon added. Story continues The digital currency has risen around 30 percent since its open on Tuesday, November 19, one day after the U.S. Senate hearing. Greater awareness Increased awareness also underlies bitcoin's continued rise following a surge in mainstream media coverage and the preponderance of bitcoin-related events globally. Web-based searches for the term 'bitcoin,' which was added to Oxford Dictionaries Online this year, have seen a sharp increase since September according to Google data. On the day of the U.S. Senate hearing on virtual currencies, 'bitcoin' was the most popular search term, Google Trends showed. India will hold its first official Bitcoin conference in mid-December. According to a report in the Economic Times, the event is expected to see participation from the Reserve Bank of India – India's central bank – as well as State Bank of India – the country's largest bank. Billionaire entrepreneur Richard Branson said last Friday that his commercial space flight venture will accept bitcoin as payment. A test of whether the digital currency is being accepted more broadly could come with the second annual ' Bitcoin Black Friday ' this week. The event will be held one day after the U.S. Thanksgiving holiday. According to the official promotional website for the event, merchants selling everything from web hosting to organic beer will offer special deals to anyone paying in Bitcoin. More From Entrepreneur Black Friday: A Chance for Bitcoin to Get Some Mainstream Love Trekking Into Space With Branson? You Can Now Pay Your Way in Bitcoins Alleged Creator of Silk Road Detained Without Bail

2013-11-27 17:47:00+00:00

{"Bitcoin": [6339]}

{}

Online Shoppers: Beware the 12 Scams of Christmas

https://finance.yahoo.com/news/online-shoppers-beware-12-scams-174700405.html

Entrepreneur

http://www.entrepreneur.com/

Christmas may be the season for giving, but it also the season for scamming, according to internet security firm McAfee. As more and more consumers now use their smartphones to help manage the demands of the holiday season, the risk of exposure to malicious software or malware, which enables cyber criminals to steal personal information, is higher than ever. Here, we reveal the 12 most prevalent scams to help you be extra vigilant and keep your festive good mood intact this Christmas. 1. Not-so-merry mobile apps The holiday season has prompted the launch of a whole range of fresh mobile applications, or 'apps,' designed to enhance the holiday shopping experience. But McAfee warns consumers to think twice before downloading; malicious software can masquerade as a trusted app, allowing cyber criminals to steal personal information and charge purchases to your accounts. Only update your apps by using an official, trusted app store to minimize this risk. 2. Holiday mobile SMS scams Scammers obtain your mobile numbers from websites or forms people you might have innocently given your contact details too. One method is to target victims by sending texts promising "free" gifts or prizes, but consumers who click on the links could find themselves handing over sensitive information in exchange for the free gift, exposing them to credit card fraud and identity theft. Texters should also be careful that they don't find themselves unwittingly signed up to a premium rate texting service that racks up a hefty bill. Even worse, malware can even hide in the background watching your text messages for bank authorization codes to steal. Keep an eye on your bills for unusual text messaging charges. 3. Hot holiday gift scams The old adage 'if it seems too good to be true it probably is' rings true when it comes to holiday scams. Beware of seemingly incredible deals on the latest tablet devices, game consoles, and other hot gadgets. If you click a link to enter a contest or get a great deal on a new device you could end up on a site that attempts to trick you into downloading malware or revealing your personal information. To avoid getting duped, McAfee experts recommend being suspicious of very low prices and online stores you've never heard of. 4. Seasonal travel scams Travel is a big part of the holiday season for many people, and we often look for the best flights and hotel deals online. But cyber criminals are present here as well, working hard to trick you into giving up your credit card numbers and other private information. The same rule on holiday gift scams applies here, be wary of unrealistically low prices on vacations and stick to reputable sites. Story continues 5. Dangerous E-Season Greetings Yes, you guessed it; even electronic greeting cards can contain malware that makes itself at home on your tablet, phone or computer when you click on e-card link. While most are safe and harmless, McAfee advises not opening the link unless you know the sender. You can also check the address that the e-card came from to verify it belongs to a legitimate, known greeting company. 6. Deceptive online games Many people enjoy playing online and interactive games on their smartphones and tablets, but a seemingly harmless game can also be used by cyber criminals to lure you into downloading malware. While you're busy ridding the world of zombies, malware could be busy extracting your personal information. Game fans should check online reviews for warnings from less fortunate gamers and stick to well-known app stores. 7. Shopping notification shams Cyber criminals know you'll get deliveries during the holidays, so they send out fake but realistic email messages with shipping verification requests, but filling out bogus forms can lead to account theft or identity fraud. Check the sender's email address to see if it's valid, look out for spelling and grammar mistakes – a trademark warning sign of a fake email – and bear in mind, most shippers will already have the information they need so won't need to ask for it again. 8. Bogus gift cards Gift cards can be an attractive solution for buying gifts for hard-to-please friends or fussy relatives, but there are bogus ones around. The safest way to buy online is from an official retailer, not third party websites; otherwise you could end up with a red-faced friend trying to shop at the mall with a fake gift card! 9. Holiday 'SMiShing' Most consumers are aware of email 'phishing' scams where cyber criminals masquerade as a trustworthy entity and attempt to extract user names, passwords and credit card details. But as mobile phones and tablets are become more popular, 'SMiShing' – or text message phishing – is now becoming just as dangerous. Most legitimate businesses would never ask you to provide personal details, passwords or other sensitive information in a text message. Instead of replying, contact the organization directly by phone. 10. Fake charities The festive period can encourage many to think of those less fortunate than them, and can prompt generous donations to charities. Cyber criminals are ready to take advantage as always. Watch out for fake charities using copied texts and logos in emails or on websites, and check the sender's email address – some fake charity branding can look almost identical to authentic ones – so be vigilant. 11. Romance scams Everyone wants someone special to share the holidays with, and online dating sites have become a popular way to meet people. But your prospective holiday romance might not be who he or she seems, and may in fact be a cybercriminal using photos, email and text messages to pretend to be another member of a dating website, with a real goal of luring you into visiting a site laden with malware. The best way to avoid this is to never click on links from anyone you don't already know and trust. 12. Phony E-tailers Just as charities are subject to bogus imitations, so are legitimate retailers. Be careful before you hand over your credit card details, as a 'once-in-a-lifetime' special offer could turn into identity theft or an empty bank account. Check names and web addresses carefully for subtle differences that might indicate you are on a fake website and limit your online shopping to trusted e-tailers. More From Entrepreneur Black Friday: A Chance for Bitcoin to Get Some Mainstream Love Huh? One Retailer Says Don't Buy Our Stuff on Black Friday McAfee: Spam, Malware On the Rise View comments

2013-11-27 18:15:55+00:00

{"Bitcoin": [206, 518, 1025, 1059, 1811]}

{"Bitcoin": [0]}

Bitcoin passes $1,000 for first time as enthusiasm grows

https://finance.yahoo.com/news/bitcoin-passes-1-000-first-181555847.html

Reuters

https://www.reuters.com/

NEW YORK (Reuters) - The price of the digital currency bitcoin soared above $1,000 (£614.51) for the first time on Wednesday, extending a surge this month after a U.S. Senate hearing on virtual currencies. Bitcoin hit a high of $1,073 on Tokyo-based exchange Mt. Gox, the best-known operator of a bitcoin digital marketplace, compared with just below $900 the previous day. At the beginning of the month, bitcoin, a prominent digital currency that is not backed by a government or central bank, traded at around $215. Bitcoin advocates say last week's Senate hearing gave more legitimacy to the currency, which has been gaining acceptance by the general public and investment community but has yet to become an accepted form of payment on the websites of major retailers such as Amazon.com. "It isn't just the bitcoin community saying that bitcoin is used for good things and there's a lot of great potential, we have members of Congress and government agencies who all agree," said Jinyoung Lee Englund, spokeswoman for the Bitcoin Foundation in Washington. Bitcoin is valued by many users for its anonymity. But government officials expressed concerns that many virtual currency services do not have the proper controls in place to prevent illegal activities such as money laundering. In October, federal authorities shut down an online marketplace called Silk Road that was used for purchasing drugs and hiring hit men. Authorities seized $3.6 million worth of bitcoin, which was used instead of cash or credit cards to complete transactions on Silk Road. Others pointed to the volatility in bitcoin prices. "A narrow asset class and lots of liquidity is the perfect environment for a rapid burst up in value and then corrections," said Sebastien Galy, a currency strategist at Societe Generale in New York. Bitcoin trades 24 hours a day, every day. The supply of the currency, which is "mined" by solving math problems, is limited. More than 200 bitcoin businesses and other merchants are participating in a bitcoin Black Friday shopping event, where users can buy everything from airplane tickets, Christmas trees or organic beer. (Reporting by Wanfeng Zhou; Editing by Kenneth Barry and Krista Hughes)

2013-11-27 19:28:08+00:00

{"Bitcoin": [262, 925, 1137, 2027, 2061, 2331]}

{"Bitcoin": [0]}

Bitcoin price zooms through $1,000 as enthusiasm grows

https://finance.yahoo.com/news/bitcoin-surpasses-1-000-first-time-171730595--sector.html

Reuters

https://www.reuters.com/

By Wanfeng Zhou NEW YORK (Reuters) - The price of the digital currency bitcoin soared above $1,000 for the first time on Wednesday, extending a 400 percent surge in less than a month that some see as a growing bubble in an asset that is still a mystery to many. Bitcoin hit a high of $1,073 on Tokyo-based exchange Mt. Gox, the best-known operator of a bitcoin digital marketplace, compared with just below $900 the previous day. At the beginning of the month, bitcoin, a prominent digital currency that is not backed by a government or central bank, traded at around $215. The spike in its price has some believing that it has become overvalued in a short period of time, owing to its limited supply and increasing demand. "A narrow asset class and lots of liquidity is the perfect environment for a rapid burst up in value, and then corrections," said Sebastien Galy, a currency strategist at Societe Generale in New York. Bitcoin trades 24 hours a day, every day. The supply of the currency, which is "mined" by solving math problems, is limited, and recently stood at 12 million bitcoins, worth about $12.9 billion at recent prices. Bitcoin is not backed by physical assets and is not run by any person or group. Its value depends on people's confidence in the currency. It has been gaining acceptance by the general public and investment community but has yet to become an accepted form of payment on the websites of major retailers such as Amazon.com. Earlier in the month, the U.S. Senate held a hearing on virtual currencies, with some officials expressing concern that it is notable for its use in criminal activity and that there is a lack of regulatory oversight. But bitcoin advocates say last week's Senate hearing gave more legitimacy to the currency, in part fueling the gains. "It isn't just the bitcoin community saying that bitcoin is used for good things and there's a lot of great potential. We have members of Congress and government agencies who all agree," said Jinyoung Lee Englund, spokeswoman for the Bitcoin Foundation in Washington. Bitcoin is valued by many users for its anonymity. But government officials expressed concerns that many virtual currency services do not have the proper controls in place to prevent illegal activities such as money laundering. "Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others and confused the heck out of the rest of us," Senator Thomas Carper told the Senate Homeland Security Committee earlier this month. In October, federal authorities shut down an online marketplace called Silk Road that was used for purchasing drugs and hiring hit men. Authorities seized $3.6 million worth of bitcoin, which was used instead of cash or credit cards to complete transactions on Silk Road. More than 200 bitcoin businesses and other merchants are participating in a bitcoin Black Friday shopping event, where users can buy everything from airplane tickets to Christmas trees to organic beer. (Reporting by Wanfeng Zhou; Editing by Kenneth Barry and Krista Hughes)

2013-11-27 19:28:08+00:00

{"Bitcoin": [262, 925, 1137, 2027, 2077, 2347]}

{"Bitcoin": [0]}

Bitcoin price zooms through $1,000 as enthusiasm grows

https://finance.yahoo.com/news/bitcoin-surpasses-1-000-first-171730281.html

Reuters

http://www.reuters.com/

By Wanfeng Zhou NEW YORK (Reuters) - The price of the digital currency bitcoin soared above $1,000 for the first time on Wednesday, extending a 400 percent surge in less than a month that some see as a growing bubble in an asset that is still a mystery to many. Bitcoin hit a high of $1,073 on Tokyo-based exchange Mt. Gox, the best-known operator of a bitcoin digital marketplace, compared with just below $900 the previous day. At the beginning of the month, bitcoin, a prominent digital currency that is not backed by a government or central bank, traded at around $215. The spike in its price has some believing that it has become overvalued in a short period of time, owing to its limited supply and increasing demand. "A narrow asset class and lots of liquidity is the perfect environment for a rapid burst up in value, and then corrections," said Sebastien Galy, a currency strategist at Societe Generale in New York. Bitcoin trades 24 hours a day, every day. The supply of the currency, which is "mined" by solving math problems, is limited, and recently stood at 12 million bitcoins, worth about $12.9 billion at recent prices. Bitcoin is not backed by physical assets and is not run by any person or group. Its value depends on people's confidence in the currency. It has been gaining acceptance by the general public and investment community but has yet to become an accepted form of payment on the websites of major retailers such as Amazon.com. Earlier in the month, the U.S. Senate held a hearing on virtual currencies, with some officials expressing concern that it is notable for its use in criminal activity and that there is a lack of regulatory oversight. But bitcoin advocates say last week's Senate hearing gave more legitimacy to the currency, in part fueling the gains. "It isn't just the bitcoin community saying that bitcoin is used for good things and there's a lot of great potential. We have members of Congress and government agencies who all agree," said Jinyoung Lee Englund, spokeswoman for the Bitcoin Foundation in Washington. Story continues Bitcoin is valued by many users for its anonymity. But government officials expressed concerns that many virtual currency services do not have the proper controls in place to prevent illegal activities such as money laundering. "Virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others and confused the heck out of the rest of us," Senator Thomas Carper told the Senate Homeland Security Committee earlier this month. In October, federal authorities shut down an online marketplace called Silk Road that was used for purchasing drugs and hiring hit men. Authorities seized $3.6 million worth of bitcoin, which was used instead of cash or credit cards to complete transactions on Silk Road. More than 200 bitcoin businesses and other merchants are participating in a bitcoin Black Friday shopping event, where users can buy everything from airplane tickets to Christmas trees to organic beer. (Reporting by Wanfeng Zhou; Editing by Kenneth Barry and Krista Hughes)

2013-11-27 19:32:00+00:00

{"Bitcoin": [29, 262, 550, 622, 717, 763, 838, 974, 1391, 1433, 1695, 1753, 1900, 2149, 2176, 2346, 2420, 2429, 2575, 2772, 3250, 3392, 3548, 4126, 4526, 4833, 4959]}

{"Bitcoin": [94]}

WHAT IS LITECOIN: Here's What You Need To Know About The Digital Currency Growing Faster Than Bitcoin

https://finance.yahoo.com/news/finance.yahoo.com/news/litecoin-heres-everything-know-digital-193238685.html

Business Insider

http://www.businessinsider.com/

Litecoin Electronic currency Bitcoin Noah Luis Editor's note: We originally ran this piece Nov. 25. Since then, the price of Litecoin has skyrocketed approximately 400% to more than $25. We've updated it to reflect price changes. At more than $900, the price of Bitcoin is now so great that it threatens to shut out some mainstream users. You may be wondering whether there were ever any mainstream users in the first place. But Charlie Lee, a former Googler and MIT grad, recognized such an audience did exist. In 2011, two years after the birth of Bitcoin, the former Googler and MIT grad decided to create a version of Bitcoin that would make it more accessible. He called it Litecoin. "I think Satoshi [Nakamoto, Bitcoin's pseudonymous creator] is great, and Bitcoin is awesome," Lee said in a recent interview with BI. "I didn't fix Bitcoin. I just made small changes that made [Litecoin] a little bit better." Litecoin is not the only digital currency to have mounted Bitcoin’s virtual coattails. Coinmarketcap lists about two-dozen ones who’ve seen their prices increase in the past few months. But Litecoin appears to be the first among these secondary equals, something reflected in its $670 million market cap — nearly 8x greater than the next largest currency, Peercoin. If you're at all familiar with Litecoin, you've probably heard it described, by Lee or others, as "silver to Bitcoin's gold." But if you don't believe Bitcoin is worth much in the first place, that may mean nothing to you. So we asked Lee to elaborate, and he made a convincing case for where Litecoin will fit into the for-now expanding realm of digital currency. "It's more abundant, and more lightweight" than Bitcoin, he says. Here's what that means. Only 21 million Bitcoin will ever get created, and it's projected that won't occur until 2040. Although in theory this has no practical effect on its value if the Bitcoin economy truly takes off thanks to demand remaining consistent, that fixed amount will help keep prices elevated. Story continues Lee designed Litecoin so that 84 million units would be created. And if the Litecoin economy scales up to where Bitcoin evangelists insist Bitcoin should be, the same pseudo-scarcity effect could someday be seen in Litecoin prices. In addition, Litecoin is not subject to the “arms race” currently seen among Bitcoin miners looking to corner the market on acquiring large amounts of Bitcoin. Bitcoin is built around hash cryptography that is supposed to get more complex — and thus require more expensive computing power to mine — as the Bitcoin economy expands and grows in value. But this has allowed individuals with more efficient computer chips — in other words, ones that require less electricity power to mine a given amount of Bitcoin — to get the jump on more conventional miners. Litecoin eliminates that advantage by using an entirely different cryptography program, called Scrypt, where the limiting factor is memory, not processing efficiency. That means you'd have to buy a greater quantity of computer hardware to beat the program, not just design a better chip. “There will be less of a cartel of miners,” Lee says. Finally, Lee says Litecoin transactions enjoy faster "confirmation" times. For a Bitcoin transaction to be completely processed, it must receive a number of confirmations from other users who've located the transfer on the Bitcoin's master ledger, the Blockchain . This usually takes about 10 minutes. That doesn't mean you have to wait around at a cash register if you're using Bitcoin to pay for groceries, as we have documented . But those transactions depend on temporary confirmations. With Litecoin, Lee says, confirmations take just two-and-a-half minutes. So although the odds of a temporary confirmation not being confirmed on the Blockchain are minuscule, Litecoin eliminates the problem entirely. So maybe it's better to understand Litecoin as "silver" in the medieval sense of the word: designed to be carried around in your virtual pocket for daily transactions. "If Litecoin truly succeeds, people will be using it for everyday purchases, and Bitcoin for large purposes," Lee says. Digital currency users appear to have grasped Litecoin's utility relatively swiftly. It's now worth more than $25, a 400% gain in just a week. Lee estimates Litecoin is about two years behind in both price and adoption. Right now the online retail outlets taking Litecoin are somewhat limited , though will surely grow with the price of Litecoin. But, he says, Bitcoin itself is still decades away from reaching its full potential. "It's still in an inflationary stage," he says. "Once that stops, in 2040, that's when that's when things get interesting." More From Business Insider There Are Dozens Of Digital Currencies That Are All Going Insane Right Now You Think Bitcoin Is On A Tear? Check Out How Much Litecoin Is Up In Just The Last Week There Is A 'Very Surprising' Connection Between Bitcoin's Creator And The Alleged Founder Of The Silk Road

2013-11-27 19:45:00+00:00

{"Bitcoin": [110, 350, 859, 935, 1096, 1221, 1561, 1719, 1768, 1792, 2133, 2207, 2709, 2949, 3041, 3210, 3247, 3361, 3676]}

{"Bitcoin": [27]}

Black Friday: A Chance for Bitcoin to Get Some Mainstream Love

https://finance.yahoo.com/news/black-friday-chance-bitcoin-mainstream-194500389.html

Entrepreneur

http://www.entrepreneur.com/

By now, it's common knowledge that some people have made small (and, in some cases, not-so-small) fortunes on Bitcoin . But even though U.S. regulators and lawmakers gave bitcoins a tentative thumbs up last week, and an increasing number of merchants are accepting them as legal tender, you still can't walk into most retailers and spend them. Enter Bitcoin Black Friday , designed to harness the indefatigable spirit of American consumerism to bring the world's most popular cryptocurrency into the mainstream. Shoppers will be able to spend their digital ducats this Friday not only on gift cards to Target, Banana Republic, Sears and other major retailers, but on airline tickets, Christmas trees, organic coffee, OK Cupid memberships, alcoholic beverages, Moroccan rugs and more. More than 250 merchants are participating in the one-day shopportunity for Bitcoin users, a pumped-up version of a similar event launched last year by Bitcoin proponent Jon Holmquist. This year, Holmquist has teamed up with Internet activist group Fight for the Future to organize the event. Backers include the Bitcoin Investment Fund, Silicon Valley Angel and Ribbit Capital, who have helped with promotion and outreach to merchants. "Bitcoin is at a very pivotal moment," Wilson says. "Since we feel like it's such an important and powerful technology, and something that could be really positive for the world, we think it's really important that it cross over and go mainstream as soon as possible. Because that's the moment when it becomes politically safe." The goal of Bitcoin Black Friday is to speed things up that process, according to a media release. Related: Trekking Into Space With Branson? You Can Now Pay Your Way in Bitcoins Coinbase, one of the largest U.S.-based Bitcoin exchanges and a Bitcoin Black Friday sponsor, will be waiving its transaction fees on Friday. The exchange, which has raised more than $6 million of investment capital from major Silicon Valley players, usually charges a 1-percent fee for buying and selling bitcoins. Story continues The shopping event puts the lie, at least for 24 hours, to the claims of Bitcoin critics that the cryptocurrency isn't very useful. "You can't use Bitcoin for much today besides gambling in online casinos and reserving seats on Virgin Galactic spaceflights," former Gawker writer Adrian Chen said Tuesday in an opinion piece for The New York Times . But in fact, to give just one example, you can buy the aforementioned gift cards with bitcoins on any day of the year through Gyft.com; the Black Friday deal simply provides a slight discount on the purchase price. Even so, Chen is right to point out the "speculative greed" fueling much of today's Bitcoin trading. On Coinbase, the price of a single bitcoin is now close to $1,000, and the price has already reached quadruple digits on some exchanges. The crash, predicts Chen, will be great. Wilson disagrees, though he admits that some Bitcoin traders are just out to make a quick buck. "What speculators are betting on is that Bitcoin will become widely used." And that, he says, "would be great for a number of reasons," among them the ability to avoid credit-card processing fees, a feature of Bitcoin which Chen acknowledges. "If Bitcoin succeeds, it's going to become the currency of the vast majority of online transactions," Wilson says. If Bitcoin can gain mainstream respectability quickly enough by proving its usefulness to merchants and consumers, it may forestall the crash that some market watchers think is coming. Related: Alleged Creator of Silk Road Detained Without Bail More From Entrepreneur Online Shoppers: Beware the 12 Scams of Christmas Bitcoin Breaks $1,000 for First Time Ever Huh? One Retailer Says Don't Buy Our Stuff on Black Friday

2013-11-27 20:38:08+00:00

{"Bitcoin": [0, 951, 1398, 2403]}

{"Bitcoin": [31]}

Will Better Technology Deflate Bitcoin Fever?

https://finance.yahoo.com/news/better-technology-deflate-bitcoin-fever-203808640.html

ETFguide

http://www.etfguide.com/

Bitcoin has been called "electronic gold," "synthetic money" and a "crypto-currency." Big name investors, the public and startup companies have fueled bitcoin fever along with speculation about its future. On Mt. Gox (no relation to Mt. Rushmore), the second largest digital currency exchange by volume, bitcoin prices topped $1,000. That's a ten-fold increase from April, when bitcoin prices broke $100. The S&P 500 ( IVV - News ) and Dow Jones Average ( DIA - News ) aren't the only benchmarks hitting all-time highs! Blogger Phil Carney describes the mania this way: "The bitcoin currency is decentralized therefore not controlled by any one person and so offers protection from the endless rounds of Central Bank money printing. This assists the promoters of bitcoin in peddling the fallacy that it offers a safe haven away from invasive government spying, and of course, those evil parasites they refer to as the 'banksters' (banker/gangsters)." Bitcoin's Competition If world governments can't dilute or deflate the value of bitcoin, is there anything else that can? The answer may surprise you. Inventors of competing digital currencies are plentiful and are already seeking to dethrone bitcoin. And they may succeed. The list of bitcoin competitors and alternatives grows by the week, here are just a few: -Namecoin -Litecoin -PPCoin -Betacoin -AnonCoin -PhenixCoin -IxCoin Moore's Law and Bitcoin In 1965, Moore's law was introduced by Intel co-founder Gordon E. Moore to explain how in the technology world the number of transistors on integrated circuits doubles approximately every two years. Yet, despite the constant improvement in chip processing power, the cost of computer hardware has consistently decreased over time. What's the point? Although bitcoin's fan base calls it a "currency," referring to bitcoin as a technological solution is probably a more accurate description. And as technology improves, "the cost of a unit decreases exponentially over time," says Moore's law. Story continues Think about it this way: If Moore's law has proven to be a reliable indicator in an established marketplace like semiconductors, what about the jungle-like world of techno-synthetic currencies? Regardless, bitcoin is still being pitched as an alternative to the U.S. dollar ( UUP - News ) and even to long-established assets like gold ( IAU - News ) and silver ( SLV - News ). In the end, Bitcoin's ultimate worth will be challenged by new and improved digital technologies that are faster, easier to use, and even more secure. Just wait. The ETF Profit Strategy Newsletter uses technical, fundamental, and sentiment analysis along with market history and common sense to keep investors on the right side of the market. Since the beginning of the year, 74% of our weekly ETF picks have been winners. (through Q3 2013) Follow us on Twittter @ ETFguide More From ETFguide.com Bearishness in the Right Places Pays Big Dividends Is Gold Headed to $1,000 per Ounce? The Two Month VIX Cycle

2013-11-27 21:00:00+00:00

{"Bitcoin": [2346, 2615]}

{}

STOCKS EDGE HIGHER: Here's What You Need To Know

https://finance.yahoo.com/news/stocks-edge-higher-heres-know-210006695.html

Business Insider

http://www.businessinsider.com/

china man on coals REUTERS A man sweeps burning charcoal as he participates in the traditional ritual called "Lianhuo", or "fire walking," in Pan'an county, Zhejiang province Nov. 25, 2013. Stocks inched north on a busy day of economic data ahead of the holiday. First, the scoreboard: Dow : 16,097.20 (+24.40, 0.15%) S&P 500 : 1,807.23 (+4.48, 0.25%) NASDAQ: 4,044.75 (+27.00, 0.67%) And now the top stories: The November purchasing manager's index for the ISM's Chicago division hit 63 . The better than expected print marked a two-year high. “Having kept inventories lean for so long, a pick-up in demand has led to a sharp rise in stock building among the companies in our panel. And to handle the latest production and new orders boost, companies are hiring at the fastest pace for two years,” MNI chief economist Philip Uglow said. Initial jobless claims fell to 316,000 , better than the 330,000 economists had expected. Last week's 323,000 print was revised up to 326,000 as well. "We believe that the timing of the Thanksgiving holiday is likely a contributing factor behind the unexpected decline in initial jobless claims this week. According to MNI, the Labor Department cited no unusual readings in the state level data, but also noted that the combination of the Veterans Day holiday last week plus the later-than-normal Thanksgiving holiday makes it more difficult to properly seasonally adjust the data," wrote Barclays' Michael Gapen. Durable goods orders dropped by 2.0% in October. Excluding transportation, orders fell 0.1%, missing expectations for a 0.5% gain. "The continuing slump in US non-defencs capital goods (ex. aircraft) orders and shipments suggests that business equipment investment contracted over the entire second half of this year," Capital Economics Paul Ashworth wrote clients. "The survey evidence on capex intentions has been pointing to a rebound in equipment investment for some time now, but it just isn't coming through in the actual hard data." The University of Michigan Consumer Confidence measure jumped to 75.1 in November , beating economist expectations for 73.1. "W e expect improvement in housing and labor markets to keep confidence on a broadly upward trend in the medium term despite the risks from further negative policy shocks," Barclays' Cooper Howes wrote clients after the release. Bitcoin, everyone's favorite digital currency, hit $1,000 today on the Mt. Gox exchange. Demand from China has helped boost the price this month. Cryptocurrencies in general have been getting more attention lately , so check out our profile of Litecoin ("the silver to Bitcoin's gold"). The Italian Senate voted to strip Silvio Berlusconi of his seat after his August conviction for tax fraud, thus removing his parliamentary immunity from being arrested as a case unfolds. Don't Miss: GOLDMAN: Here Are 25 Stocks That Hedge Funds Are Shorting Like Crazy » More From Business Insider STOCKS FALL AFTER NASDAQ HITS 4,000: Here's What You Need To Know STOCKS RALLY TO RECORD HIGH: Here's What You Need To Know STOCKS RISE: Here's What You Need To Know

2013-11-28 15:59:00+00:00

{"Bitcoin": [2336]}

{}

Pizza Hut Offers Fired Manager His Job Back After He Refused To Open On Thanksgiving

https://finance.yahoo.com/news/pizza-hut-offers-fired-manager-155954639.html

Business Insider

http://www.businessinsider.com/

tony rohr CNN Tony Rohr Pizza Hut has offered to re-hire the general manager of their Elkhart, Ind. franchise two days after he claims he was fired for refusing to open the store on Thanksgiving . In a statement provided to Business Insider, the chain says the situation "could and should have been avoided" while claiming they worked with the Elkhart franchisee to reinstate manager Tony Rohr. Here's their full statement: "As follow up to the situation in Elkhart, IN, we feel strongly that the situation involving our independent franchisee and the local store manager could and should have been avoided. We fully respect an employee’s right to not work on a holiday, which is why the vast majority of Pizza Huts in America are closed on Thanksgiving. As a result, we strongly recommended that the local franchisee reinstate the store manager and they have agreed. We look forward to them welcoming Tony back to the team." Rohr, who started out at the pizza chain as a cook before working his way up to general manager, confronted his superiors after being told the store would need to be open on Thanksgiving. In years past, Rohr said, Pizza Hut stores had been closed on Thanksgiving and Christmas, according to Fox 8. His bosses told him to tender his resignation, but he wrote a scathing letter instead. "I am not quitting. I do not resign, however I accept that the refusal to comply with this greedy, immoral request means the end of my tenure with this company," Rohr wrote, according to WSBT. " ... I hope you realize that it's the people at the bottom of the totem pole that make your life possible." The company endured a fierce backlash on their official Facebook page , with some calling the chain "greedy" and threatening to never eat there again. One of Rohr's bosses claimed that he quit, and being open on Thanksgiving wasn't an individual's decision — it was a company decision, according to WSBT. Pizza Hut's corporate office told CNN the franchise "made a serious error in judgment." It was unclear whether Rohr would take his old job back, according to CNN. More From Business Insider Pizza Hut Manager Says He Was Fired For Refusing To Open On Thanksgiving Gap's Response To Racist Graffiti On A Subway Ad Was Perfect WHAT IS LITECOIN: Here's What You Need To Know About The Digital Currency Growing Faster Than Bitcoin View comments

2013-11-28 17:24:58+00:00

{"Bitcoin": [3639]}

{}

Here's What 'No Animals Were Harmed' REALLY Means

https://finance.yahoo.com/news/finance.yahoo.com/news/heres-no-animals-were-harmed-172458681.html

Business Insider

http://www.businessinsider.com/

luck HBO HBO Many people heard that filming of the HBO series "Luck" was canceled when four horses died. The Hollywood Reporter just published a stunning investigation suggesting this is just the tip of the iceberg of animal abuses occurring in the film world. The American Humane Association (AHA) is the group that watches over animal welfare and awards films and TV shows the "no animals were harmed" moniker. They send representatives to watch over filming of movies and TV shows. While the AHA once played a huge role in making Hollywood safer for animals, many recent incidents suggest that their work today in inadequate. Even those within the AHA who spoke to the Hollywood Reporter have lost hope in their role. But the problem, according to the article, is that the AHA's flexible application of the "no animals were harmed" credit leaves plenty of animals harmed. Notably, the credit doesn't apply during hiatuses in filming, when the harm wasn't intentional, or if the harm happened when the cameras aren't recording. Here are some allegations made in the investigative report : During New Zealand filming of Peter Jackson's "The Hobbit: An Unexpected Journey," 27 animals reportedly perished. According to the Hollywood Reporter, sheep and goats died from dehydration and drowning during a filming hiatus. A trainer punched a Husky dog repeatedly in its diaphragm on Disney’s 2006 Antarctic sledding movie "Eight Below," starring Paul Walker, after the dogs got into a fight on set. A chipmunk was fatally (and accidentally) squashed during the production of Paramount’s 2006 "Failure to Launch." Potentially because crew members on Disney's "Pirates of the Caribbean: The Curse of the Black Pearl" had taken no precautions to protect marine life when setting off special-effects explosions in the ocean, dozens of dead fish and squid washed up on shore for days. In March, a 5-foot-long shark died after being placed in a small inflatable pool during a Kmart commercial shoot in Van Nuys. Two horses died during the filming of Fox's "Flicka," which the AHA claims were accidents. This film didn't get a "no animals were harmed" credit but a credit that said the "American Humane Association monitored the animal action." So now you know what that means. In 2010 during the filming of the Hallmark Channel's "Everlasting Courage," a horse named Glass was fatally injured when he was stabbed by a small broken part of a runaway wagon. He was euthanized. [See the somewhat disturbing injury on Glass's leg] Four horses died during the Luck filming's between 2010 and 2012 Read the full story on Luck here » During the filming of "The Chronicles of Narnia: Prince Caspian," many horses were removed from production because of injuries – up to 14 at one time. But, the production recieved a "No Animals Were Harmed" disclaimer. A report on equine performers from 2001 to 2006 concluded that 82 horses had been adversely affected while working on sets during this period, including 58 injuries and eight deaths (from things like a "collision with camera car," "stepped on lead rope," and "impalement"). Multiple horses died from colic (potentially triggered by heatstroke) on the set of "There Will Be Blood" from Paramount Vantage. The AHA gave the film a modified end credit that stated that they "monitored the animal action.” Story continues Read Animals Were Harmed at the Hollywood Reporter » More From Business Insider Here's What 'No Animals Were Harmed' REALLY Means Gap's Response To Racist Graffiti On A Subway Ad Was Perfect WHAT IS LITECOIN: Here's What You Need To Know About The Digital Currency Growing Faster Than Bitcoin

2013-11-28 19:02:00+00:00

{"Bitcoin": [12058]}

{}

Stocks, Sassafras, and Standish: The Corporate History Of America's First Settlers

https://finance.yahoo.com/news/america-first-colonists-were-profit-190200018.html

Business Insider

http://www.businessinsider.com/

roanoke en.wikipedia.org Virginea Pars map, including Roanoke Island, drawn by John White during his initial visit in 1585. England’s first colonies in the New World were profit-seeking corporations, and like any wave of firms entering a radically new sector, it took some flameouts and consolidation for what might be called England's America industry to really get off the ground. Born at the same moment, the Virginia Companies of London and Plymouth would come to know radically different fates. The former struggled mightily for nearly a decade before flaming out. The Plymouth company would help make the Pilgrims' story possible. It would take a third company backed by investors with entirely different motives than the first two to make America work . -- You’ll recall from our profile of the British East India Company last year that many colonies were founded not by governments themselves but rather by private individuals who raised funds to finance expeditions. This concept lies at the root of the word adventure . Sometimes they would form joint stock companies, which would finance expeditions to prospective lands with the hope of splitting up whatever commerce they were able to drum up on the other side of the sea. The first two English adventurers to attempt to make it in America were Sir Walter Raleigh and his half brother Humphrey Gilbert. We can get a sense of their motivations from the following account , dated 1583 — 37 years before the pilgrims — from Captain Edward Hayes, who commanded one of Gilbert’s ships back from Newfoundland, site of the first-ever English colony in America: …although we cannot precisely judge (which only belongeth to God) what have been the humours of men stirred up to great attempts of discovering and planting in those remote countries, yet the events do shew that either God's cause hath not been chiefly preferred by them, or else God hath not permitted so abundant grace as the light of His word and knowledge of Him to be yet revealed unto those infidels before the appointed time. Story continues Yeah. God and money don’t mix so good. The 1584 charter granted by Queen Elizabeth to Raleigh to settle America, which Raleigh called "Virginia," further emphasizes this. It basically says: go over there and do what you want, it’s all yours. There’s nothing in the document about religion, or even claiming the land in the name of England (though that is implied). You may know what happened next: Over the next three years, Raleigh financed expeditions to set up a beachhead settlement on Roanoake Island, on modern-day North Carolina’s Outer Banks. But some time between 1587 and 1590, the entire colony vanished. You can read about some of the theories why here , but it probably ended in terror: the only clues left at the site were the words “CRO” and “CROATOAN” carved into a tree and post, indicating the presence of Native Americans. This failure plays into the legend of the divine providence we now say was accorded from on high to the pilgrims. Raleigh ended up taking a 40,000-pound loss on the enterprise, and it would be more than a decade before an Englishman got the idea to try the enterprise again. In the meantime, the Earl of Southampton, best known as a quasi-muse of William Shakespeare, put together funds for a series of voyages that would again to tap into American natural resources. This technically violated the charter given to Raleigh, though he did not realize what had occurred until the price of London-traded sassafras suddenly dropped in the summer of 1602 . The sallies had the effect of re-energizing interest in American projects, and in 1606, two groups of investors, one from London, the other from Plymouth and other parts of western England petitioned King James for charters. The King dutifully stamped out a charter granting rights to two separate colonies. You can see the text of the charter here . But the colonies’ purpose was clear: “dig, mine, and search for all Manner of Mines of Gold, Silver, and Copper.” George Cawston, an early 20th century American historian who studied the early colonies writes about Virginia’s first settlers as if they were employees. “No privileges were yet granted to the settlers, who were thus left at the mercy of the Governor, himself the agent of a soulless corporation whose main object was gain.” So on May 14, 1607, England’s second attempt at a full-time colony in the modern U.S. commenced when 104 men and boys landed at Jamestown, Virginia. Right away hostility from the locals and greedy settlers threatened to tank the enterprise. But from Jamestown we get the legend of John Smith, whom historians now consider as much masterful salesman as courageous Englishman, because on his return trip to England he convinced London’s financiers to keep investing in America. Thus, in 1609, the first American joint stock company was formed: The Treasurer and Company of Planters of the City of London for the First Colony in Virginia, or, simply The London Company. We get our next account from historian Robert Rudolph. To attract demand for the company's stock, the earliest subscribers were promised large tracts of land, and if you hazarded to "adventure your person" you'd get a 100-acre plot on the other side, guaranteed. Plus, you names would be officially added to the charter, something your descendants might appreciate.The original share price was £12.10, about £2,600 in 2013. In May 1609, an eight-ship voyage set sale for Jamestown. But by that point, John Smith was still nursing a severe leg injury sustained when from nearly accidentally having his legs blown off , and evidently no one else was up to the task of glossing over the jungle-like conditions of Virginia in the summer. So as voyages returned “laden with nothing but bad reports,” interest in the America project flagged, and subscribers began defaulting. As a result, the company’s operations in Virginia began to founder. The company tried borrowing money to stay alive as a going concern. In 1610, it got a loan for an expedition led by Lord de la Warr (Sound familiar? Say it out loud… ) to turn its investments around. As Governor, de la Warr proved an able leader, but he died at sea in 1618. In a last-ditch effort, company officials enticed skilled Italian and Polish workers to settle in the South, and turned to tobacco as a cash crop. It didn’t work. The company failed to issue a “dividend” until 1616 — and it came in the form of land, not cash! By 1624, King James had seen enough and revoked the company’s charter. The crown assumed full control of the plantations the company had established in southern Virginia. For a successful English colony to take hold, more than greed would be required. -- The rights to the Plymouth colony — the second half of the original 1607 American charter — had lain dormant since soon after they were first issued, when an attempt to settle an area near present-day Bath, Maine failed. In 1620, having fled to the Netherlands but still in search of a new permanent home, the Pilgrims saw an opportunity. They lobbied a firm in London called the Merchant Adventurers to finance a voyage to America. The Merchant Adventurers paid the passage in exchange for a seven-year labor contract with the company, though the Pilgrims were also guaranteed some equity. (The religious tolerance demonstrated by company officials is no small matter.) As the New York Times' Kate Zernicke wrote last year : Historians say that the settlers in Plymouth, and their supporters in England, did indeed agree to hold their property in common — William Bradford, the governor, referred to it in his writings as the “common course.” But the plan was in the interest of realizing a profit sooner, and was only intended for the short term; historians say the Pilgrims were more like shareholders in an early corporation... “It was directed ultimately to private profit,” said Richard Pickering, a historian of early America and the deputy director of Plimoth Plantation , a museum devoted to keeping the Pilgrims’ story alive. The Pilgrims ended up at the point we know today as Plymouth but lacked a license to settle there. So they asked the Merchant Adventurers to sign a contract on their behalf with a man named Sir Ferdinando Gorges, who’d secured the dormant Plymouth rights and was in the process of rechartering the company under the name "The Council established at Plymouth, in the County of Devon, for the Planting, Ruling, Ordering, and Governing of New England,' to settle large swaths of land in “New Plymouth.” As Caleb Johnson, a member of the General Society of Mayflower Descendants, writes : The Mayflower Compact was a "quick fix", but even the Pilgrims knew they would need the [authority] of the English government behind them if they wanted to continue living at Plymouth. When news from Plymouth returned to England in May, 1620 along with the Mayflower , the Merchant Adventurers led by John Peirce went to the Council of New England to get the Pilgrims the rights to live and establish a government of their own at Plymouth. The result was the 1621 Pierce Patent, which in a sense supersedes the Mayflower Compact. As at Jamestown, difficulties initially surfaced in and around Plymouth. The Council got a bit overzealous in issuing commercial charters to individual English merchants, and Bradford would go on to complain of lazy and incompetent settler neighbors. You can see the outlays of the land grants, and how the pilgrims basically subleased Gorges' territory (they're not formally listed anywhere). council for new england grants map Council For New England Some of these men got into the habit of swindling American Indians. This, in turn, led the Indians to deem all settlers enemies, and the resulting ill will never really dissipated. These merchants also sought to hedge the small margins they were realizing by drastically overcharging the pilgrims for the basic goods they needed. “But by thrift and industry,” George Cawston writes, the pilgrims triumphed. By 1627, they'd accumulated enough wealth that a group led by Myles Standish could buy out the Merchants' stake in Plymouth. The Pilgrims formed a government and until 1640 elected their own governor. So the Pilgrims were more successful than the Jamestowners, and that's why we know them today. However, never numbering more than several hundred — and eschewing any form of financial enterprise — they ultimately lacked the means of getting America itself off the ground. That distinction would fall to the Massachusetts Bay Company, established in 1627 by a group of wealthy investors from western England known as Puritans. Their religious views were not quite as radical as the austere Pilgrims', but a crackdown on non-conformists in England shifted the organization's focus from profit-seeking to something else, according to Robert Brennan : "The political crisis of the later 1620s and the sudden determination of large numbers of Puritans to leave England forced the company to concentrate almost totally on the foundation of a haven for victims of religio-political persecution." The combination the wealth of the companies' backers, along with a more sustained wave of settlers fleeing intolerance, allowed the Massachusetts Bay Company's to become England's first large-scale successful American colony. Eventually they absorbed Plymouth colony. We know the rest of the story from there. One final note: although the Massachusetts Bay Company became successful, it was not America's most successful company. That distinction belonged to the Dutch West India Company, a nationalized corporation set up by the Netherlands government, which between 1624 and 1664 set up a thriving trading hub at the mouth of the Hudson called New Amsterdam ... More From Business Insider The Obamas Are Eating NINE Different Kinds Of Pie On Thanksgiving Gap's Response To Racist Graffiti On A Subway Ad Was Perfect WHAT IS LITECOIN: Here's What You Need To Know About The Digital Currency Growing Faster Than Bitcoin

2013-11-29 12:32:00+00:00

{"Bitcoin": [348]}

{}

10 Things In Tech You Need To Know This Morning

https://finance.yahoo.com/news/10-things-tech-know-morning-123222686.html

Business Insider

http://www.businessinsider.com/

Elf YouTube Good morning! If you celebrated Thanksgiving yesterday, we hope you had a happy and healthy holiday! But as you know, tech news doesn't stop for turkey, so here's what you need to know on this Black Friday morning: 1. The Business Insider Guide To The Best Tech Gifts - try scoring some good deals on a few of these items today! 2. The Bitcoin Survival Guide - everything you need to know about the future of money. 3. Instead of lowering the cost of its hardware, Apple has opted to include gift cards with select purchases. 4. Apple brings developers 5x more revenue than Android. 5. Here's what a Twitter photo-sharing service could look like. 6. You'll chuckle when you see this comic: What Tech CEOs Are Thankful For This Holiday Season . 7. Sony is disabling some PSN features for its European launch. 8. What is proper Google Glass etiquette, anyway? 9. Here's what not to buy if you go shopping today (tablets are on the list!) 10. Before they made it big: tech CEOs talked to Business Insider about their first jobs. More From Business Insider 10 Tech Things You Need To Know This Morning 10 Tech Things You Need To Know This Morning 10 Tech Things You Need To Know This Morning View comments

2013-11-29 13:27:33+00:00

{"Bitcoin": [333, 464, 908, 952, 2022, 2205, 2280, 2438, 2971, 3967], "BTC": [586]}

{}

As bitcoin tops $1,200, its fate could rest in China

https://finance.yahoo.com/news/finance.yahoo.com/news/buyer-beware-bitcoins-fate-could-231628139.html

CNBC

http://www.cnbc.com/

Getty Images A surge in Chinese demand underlies bitcoin's astronomical rise over the past few months-the alternative digital currency topped $1,200 early Friday-underscoring the nation's interest in digital currencies as alternative investments, but the question lingers: is it only a matter of time before the government steps in? Bitcoin high a new high of $1,242 on Friday, before retreating to trade in the $1,180 range. According to independent pricing site Bitcoin Average, China now accounts for 62 percent of global market volumes. The surge in demand recently led China-based BTC China to overtake Mt. Gox as the world's the largest bitcoin exchange by volume as the bitcoin craze continues to gather pace. "China has a culture that is already acclimated to the use of digital currency, so it's not surprising that it has been quick to embrace bitcoin," Patrick Murck, founder and principal of the Bitcoin Foundation, told CNBC. ( Read more: Bitcoin breaks $1000 barrier for the first time ) While the 30-fold rise in the volume of yuan-based bitcoin trades over the last two months underscores China's interest and helped to push the value of bitcoin above $1,000 Wednesday for the first time on the Mt. Gox exchange, buyers beware: Beijing has taken steps to rein in virtual currencies in the past. In 2009, the government introduced legislation banning the use of digital monies to purchase tangible goods. The laws were aimed at curbing enthusiasm toward Q Coin, a digital currency used on Tencent's (Hong Kong Stock Exchange: 700-HK) web-based instant messaging service called Tencent QQ. While Q Coin was initially used for the purchase of online games, it quickly spread into mainstream marketplaces. The New York Times reported last week that People's Bank of China (PBOC) Deputy Governor Yi Gang said at an economic forum that it would be impossible for the central bank to recognize bitcoin as a legitimate financial instrument in the near term. However, Yi said people were free to participate in the Bitcoin market, a sign that some have interpreted as a cautious nod. Story continues ( Read more: Why bitcoin may never be ready for popular consumption ) Murck rejects the idea that Bitcoin risks being outlawed by Beijing. "It's a very different situation. Bitcoin is a decentralized virtual currency, while [Q Coin] is centralized, it's controlled by Tencent. There's an entirely different risk profile," he said. Bitcoin's decentralized nature is part of its appeal for Chinese investors. Because the government does not allow the yuan (Exchange:CNY=)to float freely, analysts say the flock of funds into bitcoin may be less a vote of confidence in digital currencies than a no confidence vote for the yuan. While the outcome of the Third China plenum earlier this month indicates that the government may be leaning towards a more liberal yuan policy, itBit CEO Richmond Teo doesn't believe it will dent demand for cryptocurrencies. ( Read more: Bitcoin merchants: Where to spend bitcoin ) "The liberalization of the yuan could actually help the adoption as people seek fast and low cost methods to transact," he told CNBC. Star power is also keeping bitcoin at the forefront of the public imagination. The Winklevoss twins, of Facebook fame, are heavily invested in bitcoin and have lodged an SEC filing to establish the first ever bitcoin trust. More recently, Sir Richard Branson told CNBC's " Squawk Box " of his willingness to accept the virtual currency on Virgin Galactic, his space travel endeavor. These public discussions are helping legitimize bitcoin, Murck says. "The key imperative now is for companies and entrepreneurs to go about establishing the infrastructure necessary to make bitcoin a safe and reliable investment. Among exchanges, we're starting to see a move away from quantity to quality. Exchanges are becoming higher quality, better backed and offer safer and more secure infrastructure," Murck added. ( Read more: Bitcoin-the world's best boost to a brand? ) itBit, which recently raised $3.25 million to launch a NASDAQ ( NDAQ )-powered platform offering "bitcoin trading for serious investors," is part of this new wave of exchanges that appeal to investor preference for safety. itBit holds customers' bitcoins in an offline bitcoin wallet and offers security features including two-factor authorization and withdrawal delays. Still, the million-dollar question remains - what is fair value for this fledgling currency that seems to know no limits? "Fair value is difficult to determine... we believe it could be a multiple of what it is now," Murck said. - By CNBC's Julia Wood. Follow her on Twitter @JuliaCNBC More From CNBC Marc Faber: 'In a massive, speculative bubble' On register's other side, there's little to spend Chart of the Day: Why Black Friday matters

2013-11-29 19:24:00+00:00

{"Bitcoin": [2795]}

{}

5 Things Every Investor Should Know About The Bond Market Today

https://finance.yahoo.com/news/5-things-every-investor-know-192428563.html

Business Insider

http://www.businessinsider.com/

Lisbon bonds REUTERS/Jose Manuel Ribeiro FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. 5 Things To Know About The Current Bond Market (Morningstar) There are five key things to remember about today's bond market, according to John Rekenthaler at Morningstar. 1. Despite the run-up in interest rates, the 30-year Treasury yield is up to 3.8%, from 2.8% about six months ago, this is still lower than the 5.2% average since 1926. 2. Being long bonds could be dangerous. "Whereas intermediate-length Treasuries almost never shed 10% in total return during a bond-market sell-off, long Treasuries have done so a dozen times." 3. High quality corporate bonds look good as companies are posting big profits and healthy balance sheets and recession worries have faded. 4. When rates rise stocks are flat and don't lose money because investors have already been anticipating the rise and have absorbed some of the losses. Whereas bonds are "outright losers." 5. Bonds still look more expensive than stocks. Advisors Should Watch For These 5 Regulatory Changes That Could Be Coming In 2015 (Think Advisor) There could be five key regulatory changes to watch for in 2014, according to Nancy Lininger, founder of California-based The Consoritum. 1. Fiduciary standard - "All financial advisors should have full disclosure of services, fees, conflicts of interest, and act in the best interest of the client." 2. Bringing various brokerage and advisory services under "one regulatory regime," though Lininger admits this is more her "ideal futuristic shape of the industry." 3. Some states could prohibit arbitration clauses in broker dealer and investment advisor contracts. 4. Regulators could require some sort of business continuity plan (BCP) from investment advisors and broker dealers in the event of unforeseen risks to businesses. 5. While many firms have already implemented the Federal Trade Commission’s (FTC) Red Flags Rule other groups that don't think of themselves as 'financial institutions' or 'creditors' could also come under the scanner. Story continues 5 Creative Presents For Clients Around The Holidays (WealthManagement.com) Megan Leonhardt at WealthManagement.com created a list of creative presents advisors can get their clients over the holidays. Here are five of the ideas. 1. Pies to help ease the pressure off the Thanksgiving feast 2. A trip to the shooting range. 3. Personal presents like a coffee table book on a destination you might visit with a client when considering an investment. 4. A dinner and a show. 5. Clients' children often get an early acceptance into their schools around the holidays and some advisors gift them a sweatshirt or other memorabilia from the school. Advisors Avoid Bitcoin Even As It Surges (Investment News) Even as bitcoin crossed the $1,000 mark last Friday, advisors are staying away from the digital currency, reports Megan Durisin at Investment News. "Because it hit that $1,000 mark, [investors] think it's going to go to $2,000, going to go to $5,000," Phil Christenson, portfolio manager at Phillip James Financial told Investment News. "This is probably the time to ignore it. Other advisors admitted that while they aren't ready to jump on the bitcoin band wagon just yet, they will research it if a client broaches them on the subject. More From Business Insider Here Are 5 Red Flags For Spotting Bad Bond Funds BLACKROCK: Investors Are So Caught Up In Bubble Fears That They Are Ignoring A Bigger Risk VANGUARD: Investor Behavior Is The Same As It Ever Was

2013-12-01 15:38:00+00:00

{"Bitcoin": [282, 445, 472, 852, 963, 1240, 1463, 1744, 1780, 1817]}

{}

A College Kid Made More Than $24,000 Yesterday Just By Waving This Sign On ESPN

https://finance.yahoo.com/news/finance.yahoo.com/news/college-kid-made-over-24-153845085.html

Business Insider

http://www.businessinsider.com/

q1aR9Ee Imgur A college student quickly made over $24,000 just by waving this sign on TV. Here's the deal: Yesterday on ESPN's "College GameDay" (an ESPN college football show that's filmed at a different college campus each week) some student held the above sign that has both the Bitcoin logo and a QR code. A QR code is a visual representation of any kind of information (frequently a URL for a website). In this case, the code represented a Bitcoin wallet. On Reddit, Bitcoin fans managed to enhance the QR code from the screen in order to identify his wallet, so that people could donate money to him. Here's one enhancement from Redditor DanielTaylor : cs6G0j3 Reddit That allowed people to figure out his wallet address, which is: 1HiMoMgBaAikFHgAt3M4YJtetp4HrnsiXu. The image made it onto the front page of Reddit and quickly spread across the Bitcoin community. And perhaps sensing an opportunity to turn this into a huge publicity stunt and free ad for Bitcoin (with articles like this one!) the community sent him donations. The guy received 100 transactions totalling more than 22 bitcoins. At current prices above $1,100 per bitcoin, the kid has made over $24,000. bitcointransactions Blockchain.info A crucial thing about how Bitcoin works is that all transactions are made public, and you can see the number of bitcoins associated with each wallet. What you can't see, however, is the actual person associated with the wallet. Needless to say, the Bitcoin community was floored. Here are some folks on Reddit watching, stunned, as the kid's wallet swelled with bitcoins: redditreaction Reddit (Via CryptoJunky.com ) More From Business Insider Researchers Retract Claim Of Link Between Alleged Silk Road Mastermind And Founder Of Bitcoin The Value Of SecondMarket's Bitcoin Trust Just Broke $50 Million Bitcoin Prices Just Hit Another Record

2013-12-01 21:40:00+00:00

{"Bitcoin": [57, 292, 414, 510, 594, 725, 804, 1088, 1913, 2266, 2322, 2525, 2793, 2906, 2980, 3038, 3976, 4013, 4303, 6074, 6197, 6864, 6902, 6966, 7937, 8060, 8238, 8325, 8482, 8636, 8782, 8900, 8948, 9093, 9177, 9452, 9593, 9695, 9806, 10126, 11318, 11849, 12033, 12079, 12272, 12448, 12814, 12958, 13037, 13201, 13471, 13635, 14172, 14935, 15364, 15457], "BTC": [5272, 8824]}

{"Bitcoin": [27]}

I'm Changing My Mind About Bitcoin

https://finance.yahoo.com/news/im-changing-mind-bitcoin-214003736.html

Business Insider

http://www.businessinsider.com/

joe weisenthal Joe WEisenthal I'm changing my mind about Bitcoin. I used to think it was a joke or at best a currency for clowns. Now, I no longer think that. Now, I don't know what its future is. Here, let me explain. I've gone through two phrases writing about the "crypto-currency" called Bitcoin. I first started paying close attention to it early this year. In April, during its first big mega-spike, I wrote Bitcoin Has No Intrinsic Value, And Will Never Be A Threat To Fiat Currency . Then the price of Bitcoin crashed, and I kind of lost interest. Then a few weeks ago, as the price of Bitcoin started exploding again, I wrote a post that earned me all kinds of trolls and anger on the Internet. That post was titled Bitcoin Is A Joke . That post seriously caused a major ruckus. Everyone on the Bitcoin message boards freaked out. Someone tried turning me into a meme. 0168dcbfbf65db09dd5e1122b53acbec Joe Weisenthal Other folks, like Max Keiser , eagerly anticipated the moment that I would commit suicide on live TV. Screen Shot 2013 12 01 at 3.12.05 PM Max Keiser Since then, Bitcoin has exploded in price much more, going from about $300 per coin to over $1,000, and even hitting $1,200 at one point. Now there's always a danger in changing your mind on something after a gigantic rally, because that looks like "capitulation" and that usually happens at the top, and then you're made to look like a fool twice. First you end up looking like a fool for being negative at the bottom. Then you look like a fool for changing your mind at the top. You see this kind of thing happen all the time, because humans are herders, and it's difficult to have contrary opinions, especially in markets where the price moves against you daily. But I'll say at the outset (and this defense is going to end up being pointless) I don't think that that applies here. First of all, I've never really expressed a view on Bitcoin's "price." The whole thing seemed like a house of cards to me. And at this point, I still have no idea whether it will go up or down. If I had to guess, I'd still guess that the price of a bitcoin is still much more likely to go to zero than to have any durable value out into the future. At this point, I have zero idea what a "fair" price for Bitcoin is. Story continues But I'm less convinced that Bitcoin is for clowns or that the whole thing is a house of cards destined to disappear at the first mention of wind. It might be a house of cards! I just don't think I know. The more I've thought about Bitcoin though, the less valid some of my earlier objections to it seem, which is why in the interest of intellectual honesty and being someone who takes into account new evidence when presented with it, I'm writing this post now. First of all, it's wrong to say that Bitcoin has no value. There's prima facie evidence that this is untrue. If you want to buy weed on the Internet, Bitcoin serves a useful purpose. First you convert your U.S. dollars into Bitcoin, which is a totally legal thing to do. With those Bitcoins you now have the ability to anonymously purchase anything you want on the Internet (like pot). The seller, the recipient of those bitcoins, can anonymously sell marijuana to you, and then convert those bitcoins back to U.S. dollars — again a totally legal action. Basically, both the buyer and the seller each engage in one activity that could theoretically be tracked (converting dollars into bitcoins and vice versa) while the actual illicit action (the selling of marijuana) is done in a system that is theoretically impossible to track. It's easy to dismiss the foundations of a currency that provides the most value to people engaging in illegal action, but that's really not a good counterargument. Illicit action is a part of the economy and will always be with us. A protocol for buyer and seller to connect online anonymously is a useful thing for people in that economy, and so that alone offers at least some value to Bitcoin. Two other arguments against Bitcoin, which I've stated in the past, are that the currency is too volatile to be a useful medium of exchange. And that it's also deflationary in the sense that if you assume the price is going to keep going up, then you have no incentive to ever spend your bitcoins, thus preventing the Bitcoin economy from becoming a vibrant thing. But both of these counter-arguments have flaws. Let's go back to the marijuana sale. If you're scouring The Silk Road, you're most likely looking to pay roughly the "street value" for the pot your buying, plus perhaps some premium for being able to purchase the product from the comfort of your own home. You probably don't really care what the bitcoin price of the pot is, just as long as it's pretty close to what you consider a fair value for it in U.S. Dollars. The bitcoin price is kind of a distraction — remember its main purpose is so you can complete a transaction with the veil of anonymity, which is something that's pretty much impossible using existing technologies on the Internet. According to PriceOfWeed.com , the average price for an oz. of high quality weed is $352.88 in New York. Screen Shot 2013 12 01 at 3.36.11 PM PriceOfWeed So the bitcoin price of an ounce of high-grade pot should be around 0.3 BTC. If I'm the buyer I don't really care if yesterday the price was 0.2 or 0.5 or 0.1 or 1. The only thing that matters is that right now the bitcoin price is roughly in line with what I want to pay in USD. Then the only thing that matters is whether I can switch my USD bitcoin in a timely manner, and make the transaction. And then for the seller, the key thing is to be able to quickly unload the bitcoin for U.S. dollars, so that he or she isn't taking any big risk on bitcoin fluctuations (after all, selling weed is risky enough. You don't want a big currency risk as well). Provided the market is liquid enough, and the transaction infrastructure is robust enough, both the buyer and the seller should be able to conduct a mutually agreeable transaction at a fair U.S. dollar-based price, with Bitcoin simply providing the anonymity needed for the actual swap. The same argument applies to the deflationary aspect of Bitcoin. If I'm buying weed online, what do I care if others are hoarding it, or if the price has gone up five times in the last day? So long as at the current price, the seller and me are able to come to a mutually agreeable price when translated back into U.S. dollars, the price rise just isn't that big of an impediment. In fact, the price rise might actually be helpful (more on this later). Even if you don't think drugs, online gambling, and other illegal activity is enough to sustain a "currency," the same principle applied above could apply to something more important: money laundering or circumventing capital controls. This is what the excitement about Bitcoin in China is all about. In the Bitcoin community, there's tons of talk about how the future of Bitcoin is in China, and there does seem to be tons of trading volume happening there. Here's the potential: China has lots of rich people, but a fragile banking system, and strict capital controls, meaning it's difficult to get your wealth out of the country. One way rich people get their wealth out of the country is by laundering it through Macau. Mamta Badkar wrote a great explainer of how this works . Basically, your Chinese millionaire gives millions of dollars to a "junket" operator in the mainland. That junket operator then provides them with millions of dollars worth of chips at a casino in Macau. The millionaire then plays numerous hands of some game (probably baccarat) then at the end of the session cashes in the chips in Macau's currency, the Pataca. Then those Patacas are deposited into a bank in Macau, and voila, the millionaire has just escaped China's capital controls, having successfully moved millions outside of the Chinese banking system. Bitcoin, theoretically, promises an even easier path to do this. Rich person buys a bunch of bitcoins, transfers them to a Bitcoin wallet associated with a financial institution outside of China, sells the bitcoins into some new currency, and then voila. Economist Tyler Cowen wrote a long post about Bitcoin and its potential in China last week: Right now, you can think of the value of Bitcoin being set in the same way that the value of an export license might be set through bids. If/when China fully liberalizes capital flows, the value of Bitcoin likely will fall. A lot. To the extent the shadow market value of the yuan rises, and approaches the level of the current quasi-peg, the value of Bitcoin will fall, by how much is not clear. Or maybe getting money out through Hong Kong (or Shanghai) will become easier and again the value of Bitcoin would fall. If Beijing shuts down BTC China , the main broker, which by the way accounts for about 1/3 of all Bitcoin transactions in the world, the value of Bitcoin very likely will fall. A lot. You will recall that the Chinese government shut down the virtual currency QQ in 2009; admittedly stopping Bitcoin could prove harder but still they could thwart or limit it. If you are long Bitcoin for any appreciable amount of time, it seems you are betting that the Chinese economy will do poorly and capital controls will remain. Then more people will be increasingly desperate to get more money out of the country. Or you may be betting that the Chinese use of Bitcoin to launder money will increase due to the mere spread of the idea, through social contagion. According to this source , the value of Bitcoin is up by a factor of 66 this year in China. Now, earlier I mentioned that the rising price of Bitcoin, rather than being a hindrance, could actually be helpful. Here's why. See, while everyone talks about Bitcoin, there are actually a ton of crypto-currencies. The website CoinMarketCap.com lists 42 different ones, and helpfully lists the total "market cap" of each. The "market cap" is just the price of each coin multiplied by the number of outstanding coins there are for each. Here's a look at the top eight among them. Bitcoin, at over $10 billion, is the biggest. Feathercoin, at over $19 million, is still pretty substantial. Screen Shot 2013 12 01 at 3.57.54 PM CoinMarketCap Now each one of these coin systems are pretty similar, but they have slightly different characteristics. The second biggest one is Litecoin, which advertises that transactions are faster, and that the mining system is fairer than bitcoins. Theoretically, any one of these would suffice if you're a rich person in China looking to get your money outside the border. But in practice, several of these wouldn't suffice. For you to get your money out of China you need to be able to buy coins in size, and then be confident that once you've switched them to a wallet outside of the country, that you'd be able to sell those coins in size for roughly the same price. If you wanted to move $1 million worth of Feathercoin, you'd be trying to move over 5% of the entire Feathercoin market. It's highly unlikely you'd be able to find that kind of liquidity in any reasonable period of time. You'd be taking a gigantic risk that when you wanted to sell your Feathercoin, that there would be no buyers, and you'd be totally screwed. Now that Bitcoin has, notionally, billions of dollars in the ecosystem, moving $1 million (just ~1,000 bitcoins) is less likely to cause any kind of splash. You can probably obtain the coins and sell them without much disruption. So although theoretically the competing coins can technically do the job of getting past the border, you really need the network effects of a system with a high "market cap" to make it work. So in a sense, the rising price makes it easier for the whole system to operate. Rather than being discouraging to the Bitcoin ecosystem, it enables it, because there's enough money in the system to absorb the needs of buyers and sellers doing transactions. Felix Salmon wrote a post titled Waiting for Bitcoin to get Boring in which he argued that Bitcoin bulls should be more excited by long periods with little volatility rather than the periods like recently where the price goes ballistic. But while that seems intuitive if you think of Bitcoin like a "currency" that needs stability, it doesn't necessarily jibe with the thinking above. Higher and higher bitcoin prices enable transactions in size. It's because Bitcoin has gone parabolic, and the number of dollars associated with it are now over $10 billion that it could become a plausible avenue for rich Chinese to start thinking of it as a way for them to get money out of the country. Rather than the high price being a hindrance, the high price expands the market. There are all kinds of reasons to be compelled by anti-Bitcoin and to be deeply skeptical. The Economist had a great piece Saturday about how there's a huge and growing technical strain on the whole Bitcoin network that could cause an implosion. And the cult-like fanaticism of Bitcoin bulls spewing warmed-over goldbug cliches about the instability of fiat currency or the demise of the Fed should make anyone skeptical. If the advocates of Bitcoin are telling you to blow your brains out, it's a good heuristic to think that what they're advocating is a total fraud which you can safely ignore. But while that might work most times, it's not necessarily always right. Then there are charts like this comparing Bitcoin to the famous South Sea Bubble, which Mebane Faber put together . bitcoin south seas Mebane Faber It's hard not to look at that and conclude that obviously Bitcoin is a bubble that will go to zero. But there is at least the possibility that what we're seeing is network effects pricing themselves in real time, and acting like any other Internet protocol (or company) whose value grows like crazy the more people who are using it. If you were able to put a "value" on Napster in its early days as more and more people put their files on it, the chart might have looked similar. Does that mean Napster was a speculative bubble? No (although eventually it crashed for other reasons). Right now, Bitcoin has real-world value to people because there are speculators who will supply bitcoin on demand (almost) and buy bitcoin in a liquid manner, allowing people to conduct online transactions that they might not otherwise be able to using a traditional currency. If the speculators ever lose interest (which might happen if the price stops going parabolic) then the people who use it for real transactions are cooked. Real currencies, backed by a central bank, and whose value is the function of laws, don't have to worry about this. People have to hold dollars in the U.S. no matter what (to pay taxes, to use the banking system, etc.) so the speculators aren't that important for the conduct of actual transactions. Whether the speculators will stick around Bitcoin, and always ensure that people using it for real purposes (to buy drugs, to gamble, to buy things with no fees, to circumvent capital controls) can swap in and out of it is an open question. But it's an interesting question with real-world ramifications that is more intriguing than I first thought. More From Business Insider WHAT IS LITECOIN: Here's What You Need To Know About The Digital Currency Growing Faster Than Bitcoin There Are Dozens Of Digital Currencies That Are All Going Insane Right Now You Think Bitcoin Is On A Tear? Check Out How Much Litecoin Is Up In Just The Last Week

2013-12-02 12:45:00+00:00

{"Bitcoin": [53, 227, 348, 552, 662, 739, 807, 938, 1607, 1966, 2041, 2451, 2852, 3294, 3432, 3539, 3628, 4122, 4225, 4714, 4722, 4866, 5054, 5161, 5389], "BTC": [3133, 3185]}

{"Bitcoin": [4]}

The Bitcoin Alliance of Canada Officially Launches to the Public with a Community Building Web Platform and Tiered Membership Structure

https://finance.yahoo.com/news/bitcoin-alliance-canada-officially-launches-124500686.html

Marketwired

http://www.marketwired.com/

TORONTO, ONTARIO--(Marketwired - Dec 2, 2013) - The Bitcoin Alliance of Canada (BAC) is excited to officially announce itself to the public by way of a new community building platform and membership structure. Starting today, Bitcoin enthusiasts from Vancouver to St. John's have a space to gather, interact, and communicate. A place to see where Bitcoin events across the country are happening, and a place where members can interact with the BAC leadership. Based on models that promote mass participation, mass acceptance and mass involvement, the Bitcoin Alliance of Canada has been structured as a non-profit organization dedicated to raising awareness of Bitcoin among Canadian consumers, merchants, and policy makers; to promoting Bitcoin adoption in Canada; and to furthering study and research in Bitcoin and other virtual currencies. The BAC leadership consists of a seven member board , elected by an independent committee of Bitcoin enthusiasts from across the country. Also joining the team is Stu Hoegner as Legal Counsel, as well as accountants, and executive director Anthony Di Iorio . Building up to this official public launch, nine committees within the BAC have been formed, with board members taking on one or more roles. Over the next many months, these committees will be filled in by BAC members so that a robust, diversified group may be established. The committees are; Membership, Marketing, & Fundraising; Accounting & Audit Policy; Legal & Regulatory; Bylaws; Public Relations and Education; Website; Merchant & Commercial Relations; Expo & Events; and Technical. To grow the Bitcoin community in Canada the BAC in proud to unveil a community building website based on the NationBuilder platform. This community organization system will bring together people, finances, communications and website and help the BAC grow, organize communities and provide a unique setting for its members. It is expected the platform will unite Canadian Bitcoin enthusiasts behind a common purpose and help spread the message of Bitcoin through tight integration with social media and by taking advantage of the many tools the platform offers. Notable features include a social credit system and leader-boards that are designed to foster participation and growth of the community. Story continues Along with the new website the BAC is also making an announcement regarding membership. "After months of discussion between the board and the Bitcoin community, the BAC is excited to announce its membership structure", says Executive Director Anthony Di Iorio. "The idea is to have a free base BAC membership, with upgraded paid memberships that will offer voting rights and other perks. We feel it's important to always offer a free option for whatever we are organizing", continues Di Iorio. "Our goal is to represent a large portion of the Bitcoin community in Canada and nothing gets more numbers behind you than free memberships and actions the garner mass participation", For those wanting a say in various voting situations and for added benefits, yearly paid memberships are offered at the equivalent of $25 paid in BTC, and lifetime memberships of $125 equivalent in BTC. Industry membership structure will be determined in the upcoming weeks with the input from the Canadian Bitcoin community and the membership base. It's been an exciting few weeks of activity for the BAC, starting with the announcement of the Bitcoin Expo taking place at the Metro Toronto Convention Center April 11-13, 2014. This will be the first Bitcoin Expo to come to Canada and its shaping up to be one of the largest International Bitcoin gatherings to date. Notable speakers include Jeffrey Tucker, Jeff Burwick, Joseph David, Michael Turpin, Elizabeth Ploshay, Cody Wilson, Stephanie Murphy, Adam B. Levine, Andreas Antonopoulos and Jason King, and Erik Voorhees (tentative). 80+ speakers are expected to present in 4 theater rooms and an Expo hall will house 30+ exhibitors and serve as a networking meeting space for the attendees. Keeping with the "free" concept, a half day of free seminars for those just getting into Bitcoin will take place. Upgraded full access packages are expected to be reasonably priced. About the Bitcoin Alliance of Canada The BAC is dedicated: to raising awareness of bitcoin among Canadian consumers, merchants, businesses, regulators, and policy makers; to promoting bitcoin adoption in Canada; to further Canadian and international study and research in bitcoin and other virtual currencies; and, to promoting Canadian participation in international partnerships, associations, and other efforts to promote, study, research, and discuss bitcoin and other virtual currencies. About Bitcoin Bitcoin is a digital currency and protocol that enables instant peer-to-peer transactions and worldwide payments for almost no processing fees. Bitcoin uses technology to operate with no central authority; managing transactions and bitcoin issuance is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that cannot be covered by any previous payment systems. The software that the Bitcoin network runs on is a community-driven, free, open-source project released under the MIT license. For information on the Alliance, or if you wish to volunteer or help the organization pursue its goals, please contact the Bitcoin Alliance of Canada .

2013-12-02 14:59:00+00:00

{"Bitcoin": [1633]}

{}

Everything You Need To Know About The Legality Of Amazon's Delivery Drones

https://finance.yahoo.com/news/finance.yahoo.com/news/everything-know-legality-amazons-delivery-145900638.html

Business Insider

http://www.businessinsider.com/

amazon prime air drone Amazon They're not legal at all. Yet. During a 60 Minutes interview last night, Amazon founder Jeff Bezos revealed that the company is experimenting with self-piloting delivery drones that will fly an order to your house 30 minutes after you place it. The future of Amazon delivery appears to be completely automated, but the company has quite a way to go on the legal front. Bezos says that the Amazon drones could be in operation by 2015, but acknowledges that timeline as optimistic. Commercial drone certification isn't even slated to begin until 2020 under the FAA's roadmap. Remember, these are the guys who only just recently let you read a Kindle during takeoff. Hobbyist drones, like those used by videographers to get awesome shots, are limited to operating no higher 400 feet. But Amazon's drones are large commercial instruments without pilots, and they'd be carrying payloads up to five pounds in weight a distance of up to 10 miles. Quartz puts it bluntly – drones can explode and run into things. This type of drone is currently outside the bounds of the law for a reason. So if Amazon's miracle drones aren't an imminent practical reality with the laws set up as they are, why would it spill the beans? It was likely a move designed to get the public to share Amazon's vision of what the future could look like. When the time actually does come for this stuff to get regulated, public opinion will be paramount. (And Amazon is probably also glad to catapult itself into the news the night before the biggest online shopping day of the year.) More From Business Insider There's A Documentary On Bitcoin And Silk Road Raising Money On Kickstarter Right Now Japan Wants To Turn The Moon Into A Giant Power Plant The NSA Probably Gained Access To Google And Yahoo's Data By Tapping Their Cable

2013-12-02 15:59:45+00:00

{"Bitcoin": [229, 386, 537, 816, 1608, 1755, 1829], "BTC": [1137, 1320, 1377]}

{"Bitcoin": [58]}

'Sheep Marketplace' Goes Offline And Up To $44 Million In Bitcoins Disappears

https://finance.yahoo.com/news/finance.yahoo.com/news/sheep-marketplace-goes-offline-44-155945253.html

Business Insider

http://www.businessinsider.com/

Shrek sheep Modern Farmer Shrek the sheep, before being shorn. Sheep Marketplace, an online market for drugs that became prominent after Silk Road was shut down by U.S. prosecutors, has also gone offline and up to $44 million in Bitcoins may have disappeared with it. The BBC reports that the operator of Sheep Marketplace closed the site after he discovered a theft of $5.3 million in Bitcoins. But Sheep users on Reddit began complaining of a discrepancy over a weeklong period in which withdrawals were blocked: Sheep users and other Bitcoin followers on reddit say that the administrators began blocking withdrawals of bitcoins from the site more than a week ago, and may have absconded with as much as $44 million from the site’s users, pointing to a movement of 39,900 bitcoins visible in the public record of Bitcoin transactions known as the blockchain. Many of those users are now openly saying they have been scammed . Here is the note that the Sheep operators posted after they closed the site : We are sorry to say, but we were robbed on Saturday 11/21/2013 by vendor EBOOK101. This vendor found bug in system and stole 5400 BTC – your money, our provisions, all was stolen. We were trying to resolve this problem, but we were not successful. We are sorry for your problems and inconvenience, all of current BTC will be ditributed to users, who have filled correct BTC emergency adress. I would like to thank to all SheepMarketplace moderators by this, who were helping with this problem. I am very sorry for this situation. Thank you all. These thefts aren't surprising. As we noted previously, Bitcoin is favored by criminals . More From Business Insider Researchers Retract Claim Of Link Between Alleged Silk Road Mastermind And Founder Of Bitcoin BITCOIN $1000 The Unluckiest Man In The World Has $6.5 Million In Bitcoin Buried In A Landfill

2013-12-02 15:59:45+00:00

{"Bitcoin": [229, 386, 537, 816, 1608, 1755, 1829], "BTC": [1137, 1320, 1377]}

{"Bitcoin": [58]}

'Sheep Marketplace' Goes Offline And Up To $44 Million In Bitcoins Disappears

https://finance.yahoo.com/news/sheep-marketplace-goes-offline-44-155945253.html

Business Insider

http://www.businessinsider.com/

Shrek sheep Modern Farmer Shrek the sheep, before being shorn. Sheep Marketplace, an online market for drugs that became prominent after Silk Road was shut down by U.S. prosecutors, has also gone offline and up to $44 million in Bitcoins may have disappeared with it. The BBC reports that the operator of Sheep Marketplace closed the site after he discovered a theft of $5.3 million in Bitcoins. But Sheep users on Reddit began complaining of a discrepancy over a weeklong period in which withdrawals were blocked: Sheep users and other Bitcoin followers on reddit say that the administrators began blocking withdrawals of bitcoins from the site more than a week ago, and may have absconded with as much as $44 million from the site’s users, pointing to a movement of 39,900 bitcoins visible in the public record of Bitcoin transactions known as the blockchain. Many of those users are now openly saying they have been scammed . Here is the note that the Sheep operators posted after they closed the site : We are sorry to say, but we were robbed on Saturday 11/21/2013 by vendor EBOOK101. This vendor found bug in system and stole 5400 BTC – your money, our provisions, all was stolen. We were trying to resolve this problem, but we were not successful. We are sorry for your problems and inconvenience, all of current BTC will be ditributed to users, who have filled correct BTC emergency adress. I would like to thank to all SheepMarketplace moderators by this, who were helping with this problem. I am very sorry for this situation. Thank you all. These thefts aren't surprising. As we noted previously, Bitcoin is favored by criminals . More From Business Insider Researchers Retract Claim Of Link Between Alleged Silk Road Mastermind And Founder Of Bitcoin BITCOIN $1000 The Unluckiest Man In The World Has $6.5 Million In Bitcoin Buried In A Landfill

2013-12-02 18:41:00+00:00

{"Bitcoin": [2749]}

{}

Why Benjamin Netanyahu Gave The Pope A Book About The Spanish Inquisition

https://finance.yahoo.com/news/why-benjamin-netanyahu-gave-pope-184144909.html

Business Insider

http://www.businessinsider.com/

Netanyahu pope Francis AP Today Israeli Prime Minister Benjamin Netanyahu met Pope Francis at the Vatican. According to the DPA news agency, Netanyahu brought with him a slightly unusual gift : A book about the Spanish inquisition. The leader of the world's only Jewish state giving the leader of the Catholic Church a book that largely revolves about Spanish Catholics questioning, torturing, and punishing Jewish converts to Catholicism is certainly noteworthy. The Spanish inquisition is widely held up as one of the worst excesses of the Roman Catholic Church, and thousands of people were expelled from Spain or burned at the stake. Worse still, the inquisition of Catholic converts (and the use of torture to discover heretics) was first legally sanctioned by Pope Innocent IV. So, Netanyahu's gift may seem passive aggressive (or maybe just aggressive), and perhaps it is. But it is important to think of the context of the book, which is written by Netanyahu's father Ben-Zion Netanyahu, a well-regarded historian who worked at both Hebrew University of Jerusalem and Cornell University. The elder Netanyahu's impact on his politician son is well-known within Israeli circles. In 1998, David Remnick of the New Yorker wrote that while Ben-Zion Netanyahu's opinions frequently differed from his son, the pessimism of his right wing worldview influenced his son's hawkish policies. “His dilemma is always to what degree he can, or should, remain true to the ideals, the stubbornness, of his father," Remnick observed. The book given to the pope, titled " The Origins of the Inquisition in Fifteenth-Century Spain ," is considered Netanyahu's most important work, and it reflects that deep pessimism. The book argues that, contrary to the widely held view that the Jewish converts persecuted by the Catholic church were secretly practicing Judaism, they were in fact devout Catholics who had forsaken their religious heritage. As such, the book argues, the persecution of the Jews was not truly based on religious grounds, but on a racial prejudice and financial envy that would be echoed years later in the Holocaust. Story continues As Ben-Zion Netanyahu died just last year at the age of 102, it seems likely that Netanyahu meant the gift to be a personal touch. Given the reported inscription ("To His Holiness Pope Francis, great guardian of our common heritage") and the other reported gift — a carved panel of Saint Paul, an apostle who holds a special place in the relationship between the two religions — it seems also to highlight the inescapable link between Judaism and Catholicism, for better or worse. More From Business Insider Amazon Experimenting With Drones That Will Deliver Packages In 30 Minutes I'm Changing My Mind About Bitcoin The Pope Just Published One Of The Most Powerful Critiques Of Modern Capitalism That You Will Ever Read

2013-12-02 18:46:32+00:00

{"Bitcoin": [64, 210, 341, 893, 1124, 1262, 1287, 1590, 1844, 3202]}

{"Bitcoin": [0]}

Bitcoin Bubble: Not Bursting Now

https://finance.yahoo.com/news/bitcoin-bubble-not-bursting-now-184632480.html

Zacks

http://www.zacks.com/

Touted as the best invention in history since the Internet, the Bitcoin business has also been dubbed as a “mathematical framework that is free of politics and human error.” The blistering speed of the booming Bitcoin is evident from its rise to over $1,000 a unit at November end, from less than $15 in January of this year. The concept of Bitcoin sprouted in 2008 from a paper published under the fictitious name of Satoshi Nakamoto. The idea was officially implemented the following year. Digital currency gained distinction in 2012, and has not looked back ever since. Is It Overvalued? The price of cryptocurrency saw its ebb and flow, hitting $230 in April, falling below $70 in July, and then peaking at $1,000 in November. The only thing constant is its huge flock of followers. However, the latest jump – symbolic of the surging Chinese demand – looks like an archetypal bubble. With Bitcoin touching such unforeseen heights, mainstream adoption cannot be far away. In a major victory last month, digital currencies got U.S. regulatory signals of being accepted as legitimate payment alternatives. Indications that Bitcoin growth will not be disrupted by regulatory intervention, strengthened the rally in the price of the cryptocurrency. The Beauty of Bitcoin The best part of Bitcoin is that it’s a peer-to-peer currency not regulated by any central bank, but based on digital tokens with no intrinsic value. The value of a bitcoin depends on a distributed system, based on a transaction ledger which is cryptographically verified and jointly maintained by the currency’s users. Bitcoin transactions are free from intermediaries and designed to ensure increased money supply only at a fixed rate that slows over time and then stops altogether. Also, anonymity is possible with the right precautions. This has increased the appeal of Bitcoin among geeks, libertarians, drug dealers, speculators and gold bugs. However, with the recent regulatory acceptance, cryptocurrency has gained popularity. Further, building on its success, many other altcoins have emerged in recent times. Litecoin, Peercoin, Anoncoin and Zerocoin are only to name a few. Authorities Cracking the Whip The worldwide use of virtual currency has left regulators with a nagging headache thanks to the risky dealings prompted by it. In June, another virtual currency firm, Liberty Reserve was hauled up by regulators on allegations of money laundering. In March, the Federal Financial Crimes Enforcement Network issued regulations for virtual currencies, entailing them to register with the government. This means that every source of virtual currency has to worry about conformity to certain standard laws. Moreover, regulatory bodies are investing heavily in their cybercrime software and equipment. With companies like EMC Corp. ( EMC ), Symantec ( SYMC ) and Akamai Technologies, Inc. ( AKAM ) churning out new and innovative cybersecurity software, anonymous transfer of criminal proceeds has become difficult. This has resulted in noticeable changes in the digital currency business. Companies like Perfect Money and WebMoney are no longer accepting U.S. customers. Further, some organizations are steering clear of Bitcoin exchanges. Certain consumer Internet companies such as Facebook ( FB ), eBay ( EBAY ), Amazon ( AMZN ) and Netflix, Inc. ( NFLX ), which use virtual money, could be hit by the regulations. The overwhelming success of digital currency has been the foundation of the rip-roaring growth in online money transmission business. Prosecutors over the world will keep a watchful eye on this booming business. But as long as online games as well as dating and shopping sites gain popularity, virtual currency will not lose its luster. Read the Full Research Report on SYMC Read the Full Research Report on AKAM Read the Full Research Report on AMZN Read the Full Research Report on NFLX Read the Full Research Report on EMC Read the Full Research Report on EBAY Read the Full Research Report on FB Zacks Investment Research

2013-12-02 22:28:09+00:00

{"Bitcoin": [459, 1002, 1061, 1288, 1387, 1584, 2161, 2193, 2361, 2454, 2619, 2658, 2852, 3076, 3495, 3544]}

{"Bitcoin": [6]}

Meet 'Bitcoin Jesus', a virtual currency millionaire

https://finance.yahoo.com/news/meet-bitcoin-jesus-virtual-currency-222809027.html

CNBC

http://www.cnbc.com/

Roger Ver The astronomical rise in the value of bitcoin - which has surged more than 8000 percent over the course of 2013 - has created a new breed of digital currency multi-millionaires. 34-year-old Roger Ver began investing in bitcoins in early 2011 - and made his first million from the virtual currency that same year - which saw prices skyrocket from around $0.30 to $32.00 before settling at $2. He bought his first bitcoins at around $1. ( Read more : Bitcoin's surge due to 'excess liquidity': Faber ) With prices currently hovering above $1,000, his virtual wealth has since exploded. Ver says he doesn't feel "richer" but that his wealth is "much more liquid than it would be in a normal bank account." Ver is one of hundreds of investors that have struck it big with bitcoin. But his association with the virtual currency extends far beyond just owning it. He has helped seed about a dozen different businesses involving bitcoin and actively promotes the currency, earning him the nickname "Bitcoin Jesus". "I believe Peter Vessenes [chairman of the Bitcoin Foundation] gave me the title when we were at a BBQ together. I was explaining bitcoin to about two dozen high school kids. The kids were all enthralled by bitcoin, and hanging on my every word," he said. ( Read more : Bitcoin breaks $1,000 barrier for the first time ) "Peter then commented that 'it's like you are a Bitcoin Jesus, and you have all your disciples around you'," he added. His venture MemoryDealers.com, a website that sells discounted computer parts, became the first mainstream business to accept Bitcoins as payment. It's also worth noting that it was through this business that he made his first million, in dollar terms, back in 2003. Ver's nickname is as colorful as his past. Born and raised in Silicon Valley, he moved to Tokyo, Japan in 2005 after serving 10 months in federal prison for selling a product called "Pest Control Report 2000" - which he described as a firecracker used by farmers to keep animals away from their cornfields - on eBay. Before that, in 2000, he tried his hand in politics, running for California State Assembly as a Libertarian, but lost. Bitcoins are "incredibly cheap" Bitcoin's meteoric rise in the recent weeks has led to concerns that it may be a speculative bubble, but Ver says this is not a concern for him. At $1,000, Ver regards Bitcoin as "incredibly cheap", noting that if it gains in popularity as he anticipates, each Bitcoin would be worth tens or hundreds of thousands of dollars. "The rapid price rise is due to people with money starting to realize how important of an invention Bitcoin is," he said. Story continues "Bitcoin will experience many bubbles along its way to improving the lives of everyone on the planet. I'm not concerned with the short-term price fluctuations," he added. Ver, who currently uses Bitcoins to pay factories in China to produce electronics components for his company, says he plans to use them "to promote the ideas of Voluntaryism and economic freedom" in the future. ( Read more: Regulators see value in Bitcoin, and investors hasten to agree ) This past weekend, Ver made the largest-ever bitcoin-based charitable donation. Ver donated 1000 bitcoins (over $1 millions) to the Foundation for Economic Education - an American organization that promotes the principles of laissez-faire economics, private property, and limited government to students. -By CNBC's Ansuya Harjani; Follow her on Twitter @Ansuya_H More From CNBC Bitcoin's surge due to 'excess liquidity': Faber Bitcoin breaks $1,000 barrier for the first time Regulators see value in bitcoin; investors agree View comments

2013-12-03 01:51:13+00:00

{"Bitcoin": [1245]}

{}

The PC Market Has Shrunk By 10% Because People Don't Want New Ones

https://finance.yahoo.com/news/pc-market-shrunk-10-because-015113773.html

Business Insider

http://www.businessinsider.com/

Surface ad Microsoft When 2013 officially comes to a close, PC makers will have sold 10.1% fewer PCs this year than they did in 2012 – the worst year on record, according to a new report by IDC. The market research firm had previously predicted the PC market would contract by 9.7%. And IDC believes it won't hit rock bottom 2014, either, but will shrink by another 3.8%. Total 2013 shipments will wind up being about 314 million, "barely ahead of 2008 volumes," IDC says. Why? People just aren't getting rid of their old PCs. "Perhaps the chief concern for future PC demand is a lack of reasons to replace an older system," said Jay Chou, Senior Research Analyst, Worldwide Quarterly PC Trackers at IDC. "While IDC research finds that the PC still remains the primary computing device – for example, PCs are used more hours per day than tablets or phones – PC usage is nonetheless declining each year as more devices become available." If there is a bright spot, it's Windows 2-in-1 convertibles, devices that work like a PC and a tablet. Sales of those devices are expected to grow to 39.3 million units in 2017 from less than 7.5 million in 2013. More From Business Insider Hackers Are Attacking Millions Of Computers And Demanding Ransom In Bitcoins An Ex-Microsoft Headhunter Tells Us Why Stephen Elop Will Likely Be Microsoft's Next CEO Microsoft Is Working On A New Version Of Windows Called 'Threshold'

2013-12-03 13:06:00+00:00

{"Bitcoin": [42, 1432, 1749]}

{"Bitcoin": [9]}

btcQuick Bitcoin Exchange Eliminates Fraud With miiCard Online Identity Verification

https://finance.yahoo.com/news/btcquick-bitcoin-exchange-eliminates-fraud-130600483.html

Marketwired

http://www.marketwired.com/

DENVER, CO--(Marketwired - Dec 3, 2013) - Bitcoin exchange btcQuick today shared results from its deployment of online identity proofing service miiCard to verify new customer identity and combat fraud. In its first 30-days with miiCard, btcQuick eliminated chargebacks from identity fraud and saved money on administrative costs while dramatically improving the overall customer experience and meeting regulatory requirements. "miiCard is far superior to our previous bureau data and document scanning process, plus our customers prefer the easier interface and experience," said btcQuick founder and CEO Jerrod Bunce. "We deployed miiCard in just a few hours time and it delivered an immediate ROI while freeing up development resources for core business needs." During its first year of operation, btcQuick grew to millions of dollars in sales but experienced a high rate of chargebacks due to identity fraud and low levels of assurance from its offline document scanning process. In addition to these recurring losses and high administrative overhead, the btcQuick customer sign-up experience was slower and more difficult than anticipated. Key outcomes from btcQuick's use of miiCard include: Eliminated fraud and reduced administrative costs; Improved overall user experience; Supports all Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements; Deployed new online identity verification system in just hours. "Bitcoin is a disruptive new financial force, but companies operating within that market still face the same fraud risks and must meet the same regulatory compliance thresholds as traditional financial institutions," said miiCard CEO James Varga. "miiCard is a plug-and-play compliance and identity fraud solution for Bitcoin and other financial service innovators that pays for itself in trust, ease of use, and operational savings. We're delighted to be solving this massive pain of identity related fraud for our customers." miiCard's Level of Assurance 3+ identity verification and authentication service leverages the authority and security inherent in a member's online financial accounts to prove identity to a passport or photo ID standard. The miiCard platform offers a wide range of features for financial service companies including identity proofing, personal data, strong multi-factor authentication , financial transaction data and security features available through simple API's and hosted services. Story continues The full btcQuick case study is available by clicking here . To learn more, please visit miiCard at http://www.miiCard.com or contact sales@miicard.com . About miiCard miiCard is a consumer centric global online identity service (IDaaS) platform that establishes true trust online by guaranteeing an individual's identity to the level of an offline photo ID check, completely online and in just minutes. miiCard helps businesses eliminate fraud, reduce manual processing costs, and prevent high rates of dropout when offline identity checks are required. A member-driven service, based on the principles of Bring Your Own Identity, miiCard empowers consumers to proactively manage their digital identity, build trust online , and trade and transact with confidence. miiCard is available in ten countries and can verify over 350 million people today.

2013-12-03 16:32:05+00:00

{"Bitcoin": [106, 333, 390, 519, 996, 1199, 1595, 3021, 3168, 3345, 4048, 4077, 4161, 4240, 4319, 4357]}

{"Bitcoin": [53]}

A Thief Is Attempting To Hide $100 Million In Stolen Bitcoins — And You Can Watch It Live Right Now

https://finance.yahoo.com/news/thief-attempting-hide-100-million-163205279.html

Business Insider

http://www.businessinsider.com/

robber thief graffiti Flickr/Richt A person who allegedly robbed the web site Sheep Marketplace of 96,000 Bitcoins — about $100 million at current prices — is attempting to hide the heist by breaking up the massive online currency cache and repeatedly trading it through various "tumblers," which mix up and (supposedly) launder old Bitcoins for new. You can watch his progress here , on a Bitcoin address tracker where the money has been tagged with the marker "Sheep Market Scam." It's not clear exactly how big this Bitcoin theft is, but it is shaping up to be one of the biggest. Sheep Marketplace was an anonymous site for drug dealers that became prominent when Silk Road was closed down. In the last couple of days, Sheep Marketplace was hacked in such a way that users' accounts were drained even though their balances continued to show the money was still there. The robbery was discovered in late November and Sheep Marketplace promptly shut down. The thief's problem is that the angry Bitcoin account holders whose money has gone are following the thief through the tumbler, by sending him small amounts of cash that are appended to the larger amount as it is split up and moved on. Each Bitcoin transaction generates a "blockchain" record showing its history, and the appended loose change thus identifies where the bulk of the money is going. The theft victims are hoping that eventually the thief will be prevented from cashing out his accounts because doing so would lead to him being identified in real life. So far, Reddit user sheepreleoaded2 believes he has identified 96,000 Bitcoins (about $100 million) being exchanged by the thief: He was desperately creating new wallet addresses and moving his 49 retirement wallets through them, but having to wait for 3 or 4 confirmations each time before moving them again. Each time I caught up, I "666"ed him - sent 0.00666 bitcoins to mess up his lovely round numbers like 4,000. Then,all of a sudden, decimal places started appearing, and fractions of bitcoins were jumping from wallet to wallet like grasshoppers on a hotplate without stopping for confirmations. Story continues S---! He was tumbling our stolen bitcoins a second time, and a tumbler is unbeatable.... Unless you guess which one it is, nearly all the coins belong to the person you're tracking, jump in with him, and get jumbled up through the same wallets using the same algorithm. I was hopping from foot to foot shouting "come on!" at my laptop, waiting an age for 6 blockchain confirmations to get 0.5 btc into "bitcoin fog". My half a bitcoin got sliced and diced through loads of wallets and I followed the biggest chunk with blockchain.info - along with 96,000 stolen ones! The blockchain record is here . The last transaction was just a few minutes ago. The thief appears to have split the 96,000 coins into packets of ~1,000 each, sending each one on a different route. Unfortunately for those who have been ripped off, the chances of them getting any money back are slim: Once a Bitcoin transaction has been made, it cannot be reversed without the consent of the recipient. The thief therefore must find a way to cash out his Bitcoins without revealing his true identity, according to The New Statesman: Selling those bitcoins and turning them into cash is going to be extremely difficult, as the major Bitcoin exchanges all demand proof of identity (specifically to avoid charges that they're involved in money laundering), and if they're broken down into smaller quantities to sell via a site like localbitcoins.com a paper trail will still be generated. As soon as it's possible to link one real-life bank account or identity to any bitcoins from that stash, it will be possible to work out their real-life identity. Those observing the chase on Reddit seem to believe that the thief will either eventually get away with it, or the money will be "lost" by becoming irretrievable: You aren't going to get anything back. None of you are going to get anything back, and it's by design. This is EXACTLY how Bitcoin is supposed to work. Bitcoin would be fundamentally broken if you somehow got your money back. Remember, Bitcoin is for criminals . More From Business Insider There's A Documentary On Bitcoin And Silk Road Raising Money On Kickstarter Right Now 9 Alternatives To Bitcoin You Probably Haven't Heard Of Bitcoin Is A Few Bucks Away From Gold

2013-12-03 18:15:00+00:00

{"Bitcoin": [921, 980, 1246, 1353, 2194, 2226, 2682, 3407, 3504]}

{"Bitcoin": [9]}

How Did 'Bitcoin Jesus' Become a Virtual Currency Millionaire?

https://finance.yahoo.com/news/did-bitcoin-jesus-become-virtual-181500133.html

Entrepreneur

http://www.entrepreneur.com/

The astronomical rise in the value of bitcoin —which has surged more than 8,000 percent over the course of 2013—has created a new breed of digital currency multimillionaires. The 34-year-old Roger Ver began investing in bitcoins in early 2011—and made his first million from the virtual currency that same year—which saw prices skyrocket from around $0.30 to $32 before settling at $2. He bought his first bitcoins at around $1. With prices currently hovering above $1,000, his virtual wealth has since exploded. Ver says he doesn't feel "richer" but that his wealth is "much more liquid than it would be in a normal bank account." Ver is one of hundreds of investors that have struck it big with bitcoin. But his association with the virtual currency extends far beyond just owning it. He has helped seed about a dozen different businesses involving bitcoin and actively promotes the currency, earning him the nickname "Bitcoin Jesus." "I believe Peter Vessenes [chairman of the Bitcoin Foundation] gave me the title when we were at a BBQ together. I was explaining bitcoin to about two dozen high school kids. The kids were all enthralled by bitcoin, and hanging on my every word," he told CNBC. "Peter then commented that 'it's like you are a Bitcoin Jesus, and you have all your disciples around you'," he added. Related: Black Friday: A Chance for Bitcoin to Get Some Mainstream Love His venture MemoryDealers.com, a website that sells discounted computer parts, became the first mainstream business to accept bitcoins as payment. It's also worth noting that it was through this business that he made his first million, in dollar terms, back in 2003. Ver's nickname is as colorful as his past. Born and raised in Silicon Valley, he moved to Tokyo, Japan in 2005 after serving 10 months in federal prison for selling a product called "Pest Control Report 2000"—which he described as a firecracker used by farmers to keep animals away from their cornfields—on eBay . Story continues Play Video Why the bitcoin economy could go mainstream Patrick Murck, Principal & Founde Before that, in 2000, he tried his hand in politics, running for California State Assembly as a Libertarian, but lost. Bitcoins are 'incredibly cheap' Bitcoin's meteoric rise in the recent weeks has led to concerns that it may be a speculative bubble, but Ver doesn't believe this is a concern for him. At $1,000, Ver regards bitcoin as "incredibly cheap," noting that if it gains in popularity as he anticipates, each bitcoin would be worth tens or hundreds of thousands of dollars. "The rapid price rise is due to people with money starting to realize how important of an invention bitcoin is," he said. "Bitcoin will experience many bubbles along its way to improving the lives of everyone on the planet. I'm not concerned with the short-term price fluctuations," he added. Ver, who currently uses bitcoins to pay factories in China to produce electronics components for his company, says he plans to use them "to promote the ideas of Voluntaryism and economic freedom" in the future. This past weekend, Ver made the largest-ever bitcoin-based charitable donation. Ver donated 1,000 bitcoins (more than $1 million) to the Foundation for Economic Education —an American organization that promotes the principles of laissez-faire economics, private property, and limited government to students. Related: 3 Big Misconceptions About Bitcoin More From Entrepreneur Spotify to Musicians: Don't Hate On Us Black Friday: A Chance for Bitcoin to Get Some Mainstream Love The Case for an Early Buyout

2013-12-03 20:13:30+00:00

{"Bitcoin": [92, 177, 364, 523, 884, 1173, 1319, 1688, 3007, 3264, 3412]}

{"Bitcoin": [73]}

GoCoin Partners With Boys & Girls Clubs of Santa Monica to Revolutionize Bitcoin Philanthropy on Giving Tuesday

https://finance.yahoo.com/news/gocoin-partners-boys-girls-clubs-201330230.html

Marketwired

http://www.marketwired.com/

SANTA MONICA, CA--(Marketwired - Dec 3, 2013) - GoCoin, a leading payment platform for the Bitcoin economy, today announced it is participating in Giving Tuesday by asking the Bitcoin community to contribute to its #GO4Good campaign and raise money for the Boys & Girls Clubs of Santa Monica (BGCSM). Through its online campaign to highlight the positive uses of Bitcoin, GoCoin's #GO4Good campaign asks participants to tweet using the hashtag on Giving Tuesday and the GoCoin founders will donate $10 per tweet and match Bitcoin donations up to $10,000. Donations to the BGCSM will benefit at-risk youth and under-privileged families in the same community where the GoCoin US team resides: Santa Monica, Calif. Last year, Giving Tuesday involved more than 2,500 partners, raising $10 million via online charitable giving. "Some of the most progressive retail brands are joining the Bitcoin revolution," said Steve Beauregard, GoCoin's founder and CEO. "We are opening the playing field for charitable and political campaign contributions as well. Giving has never fully recovered from the financial crisis of 2008, but people want to give, and that's especially true for Bitcoin investors." BGCSM is the first of the Boys & Girls Clubs of America to take donations in the revolutionary peer-to-peer digital currency. Bitcoin donations to the Clubs will be instantly and securely converted into U.S. dollars. GoCoin's trusted payment platform has been in private beta with a targeted client base of e-commerce and charitable merchants since early November. "We are thrilled to be the first of the Boys & Girls Clubs of America, and one of the first non-profits in Los Angeles to welcome Bitcoin users," said Aaron Young, BGCSM CEO. "Not only is our goal to stay on the cutting edge of technology, but to also provide as many options as possible for our community to support and contribute to our efforts to help those in need." About Boys & Girls Clubs of Santa Monica Founded in 1944, Boys & Girls Clubs of Santa Monica currently serves approximately 8,000 youth through memberships and community outreach. The Boys & Girls Clubs of Santa Monica now has nine sites, with two more opening up in 2013. Youth come to the Clubs from all over Los Angeles County, Santa Monica, Culver City, Venice, West Los Angeles and Inglewood. Members pay a $20 annual fee for access to all Club amenities and programs that span across education, leadership, recreation and more. The Club operates with the objective of serving children from all backgrounds, regardless of economic circumstances -- ensuring that youth ages 6 to 18 have a safe and nurturing environment to develop socially, succeed in school, stay physically active and prepare for positive futures. For more information, visit us at www.smbgc.org , or follow us on Facebook (facebook.com/smbgcfan) and Twitter ( twitter.com/SMBGC ). About GoCoin The GoCoin international payment platform makes it easier than ever for online and retail merchants to accept Bitcoin as a payment method. While payments infrastructure over the last half-century was designed to hold funds for as long as possible, while extracting maximum fees from consumers and merchants, GoCoin enables merchants to reap the benefits of accepting Bitcoin. GoCoin takes all of the perceived risk of accepting the digital currency on behalf of merchants. Founded in July 2013, GoCoin will process Bitcoin payments for online and brick and mortar retailers, bypassing the often cumbersome and insecure options of virtual exchanges and other third parties. For more information, please visit http://www.gocoin.com . View comments

2013-12-04 01:43:56+00:00

{"Bitcoin": [1804]}

{}

A California Woman Got A Traffic Ticket For Driving With Google Glass

https://finance.yahoo.com/news/california-woman-got-traffic-ticket-014356389.html

Business Insider

http://www.businessinsider.com/

Google glass Zugaldia, Flickr What could be the first ever court case for driving with Google Glass is in the works. The woman who got the ticket is fighting it, reports the AP's Justin Pritchard. The gist of the story is this: In October, a California High Patrol officer pulled over Cecilia Abadie in the L.A. area for suspicion of speeding. Abadie was one of about 10,000 "explorers" who bought Glass earlier this year. She was wearing the device and when the cop saw it, he added a citation given to people driving with a video or TV in the car. But the woman says Glass wasn't on while she was driving. She says Glass turned itself on later, when she was stopped and lifted her head to look at the officer standing at her window. Glass can automatically turn itself on when the head is tilted. It's an interesting case because Abadie and her lawyer are arguing that the citation for driving with a video screen on shouldn't apply to wearable mobile devices such as Google Glass. Some states, like Delaware, New Jersey and West Virginia, are already working on laws that would specifically ban driving with Glass, reports Pritchard. But in states that don't have those laws, can other distracted driving laws cover Glass? And can they cover Glass when it's not turned on? And should states ban wearable tech like Glass while driving at all, or should they be considered in the category of a hands-free mobile phone accessory? Using a hands-free device to talk on the phone is legal in California, according to its Department of Motor Vehicles. Some of these questions could be figured out in January when the case will be heard in court. More From Business Insider The PC Market Has Shrunk By 10% Because People Don't Want New Ones Hackers Are Attacking Millions Of Computers And Demanding Ransom In Bitcoins How To Find The Bars That Women Love

2013-12-04 03:00:00+00:00

{"Bitcoin": [7090]}

{}

Forex: Dollar Tumbles as Risk Appetite Slides

https://finance.yahoo.com/news/forex-dollar-tumbles-risk-appetite-030000541.html

DailyFX

http://www.dailyfx.com/

Talking Points: Dollar Tumbles as Risk Appetite Slides… Yen Crosses Stumble but Have Yet to Reverse Australian Dollar Mixed Bag after RBA, Now for 3Q GDP Dollar Tumbles as Risk Appetite Slides… Risk appetite was on the retreat this past session led by sizable losses for global equities and broad declines for the yen crosses. And yet, the US dollar ended the same day in the red. Once again, FX traders are left questioning the position of the greenback as a safe haven when it can’t capitalize on the most substantive correction in capital markets in two months. The divergence in performance is certainly an important observation, but it doesn’t necessarily indicate a systemic change to the world’s most liquid currency. Following the principle of Occam’s razor, the simpler explanation is often the correct one . Rather than speak to a fundamental change in the greenback from low-yield reserve to high-flying risk currency, we are instead looking at a situation where conviction in the risk theme itself has yet to build sustainable momentum. Add to that the growing distraction in Taper speculation, and the parking break for hearty dollar trend is still on. Moving forward, dollar traders have to gauge both the intensity of risk trends and the speculation surrounding the Fed’s policy plans for the coming three months. Shaping the latter theme, the upcoming US session brings two particularly noteworthy indicators on which to benchmark the suitability of pulling back on accommodation earlier rather than later: the ADP employment change and ISM service sector report for November. Both offer an update on employment – one of the two mandates for the FOMC. Yet, with the NFPs due Friday, an override of the wait-and-see approach likely requires a significant ‘surprise’. The Beige Book is also due at 19:00 GMT. Though the report card the Fed will use to judge its next policy decision, it will still struggle to divert traders’ attention. The greatest threat to a big move for the dollar and broader FX and capital markets likely rests with risk trends. If the S&P 500 moves to a fourth consecutive drop, it will be more difficult for traders to ignore. Story continues Yen Crosses Stumble but Have Yet to Reverse The 20-day (1 trading month) correlation between EURJPY and the S&P 500 is 0.72 – exceptionally high – and it has maintained this tight relationship over the months. In contrast, EURUSD’s tracking of the benchmark risk index is materially weaker at 0.39. The yen crosses in general are proving far more sensitive to the ebb and flow in risk trends. That connection has led to a market-wide advance for the Japanese currency through this morning. The Nikkei 225 has dropped 2.4 percent (over 380 points) today from its highest close in six years just the day before. Risk trends were on meaningfully weaker over the previous 24 hour cycle. Now the burden is on trend generation. Does the sharp drop mean general sentiment is turning over into a committed selloff? It is too early to judge. If capital market selling pressure persists into the upcoming European and US sessions, a temporary stall from pairs like USDJPY and EURJPY may turn into tangible retracements . Australian Dollar Mixed Bag after RBA, Now for 3Q GDP Yet another active morning for Australian fundamentals. Yesterday, the RBA (Reserve Bank of Australia) kept to the same script it has used at its previous few meetings by holding its monetary policy bearings while lamenting the level of the currency. Talking about their concern over the level of Aussie dollar however means little traders. Suggestions that the exchange rate is high and that a lower level is likely needed to stabilize growth isn’t an active verbal threat to actively intervene in the market – and even under those circumstances the market is dubious. That said, the currency proved more responsive to an otherwise modest miss in this morning’s data: 3Q GDP . The 0.6 percent performance through last quarter was a modest miss of the consensus, yet the AUD is down between 0.2 ( AUDNZD ) and 1.0 percent (AUDJPY) in Wednesday trade. Euro Strong Despite Worst Capital Market Performance in Months The euro was a mixed bag Tuesday, but the EURUSD advance stood out. An advance on the day is noteworthy when we measure it against the tremendous decline in the Euro-area’s capital markets. The Euro Stoxx index tumbled 2.1 percent through the past session for the worst single day decline since August 20. This decline strikes a dramatic picture on charts and would suggest that we are seeing a heavy speculative shift if it were not for the heavy event risk ahead. Yet, with NFPs on Friday and the ECB Thursday, there is incentive to shy away from a strong risk move. Meanwhile, the drop in the Eurozone factory price index dropped to its lowest level in nearly 4 years. Canadian Dollar Extends Decline ahead of BoC Rate Decision The Canadian dollar was majors’ worst performer this past session even though the docket was empty. The USDCAD’s climb to three-year highs in subjugation to a troubled US currency is an indication of the loonie’s trouble to draw appeal through either its ill-fitting carry or reserve currency status. We may see both fundamental titles further slip in the coming session as the docket offers up the BoC rate decision and October trade report. The IMF recently suggested the central bank can defer lifting rates until 2015. Will they agree? British Pound: Fundamental Threshold for Sustained Rally Growing The sterling is one of the best performing currencies over the past month as an improved economic outlook has upgraded the country’s interest rate forecast. Yet, with each leg higher, there is a greater level of expectation for growth and favorable yield. Outpacing the global economy is difficult to do over a consistent time frame; and as optimistic as the yield scenario is, the BoE is highly unlikely to hike until mid-2015 – and the market recognizes these probabilities. We will continue to absorb data point by data point with the November services report due today . Gold ’s Positive Close a Stall, Not Recovery Gold bugs needed a ‘win’. Yet, the tepid 0.3 percent pickup this past session hardly makes up for the heavy 2.7 percent tumble the metal suffered Monday. The commodity is still suffering an identity crisis that is proving structural rather than simply cyclical. Traditional safe havens (currencies and sovereign bonds) are stable enough to keep the metal far from touching the theme. Meanwhile, there are few concerns of inflation. The focus remains on the need for gold as an alternative to central bank-manipulated currencies. If all four major central banks (Fed, ECB, BoE and BoJ) were simultaneously engaged in active stimulus programs , the market may suspend its concerns about the commodity’s shortfall and bid it higher. Yet, the ECB is still seeing its balance sheet shrink, the market is pricing in the first BoE hike and there are concerns of a Fed Taper. Further, there is a new candidate for the ‘alternative’ space that may be sapping gold’s appeal as well: Bitcoin and other digital currencies. Though loaded with its own imperfections, the virtual currency has drawn a lot of speculative alternatives seekers. ** Bring the economic calendar to your charts with the DailyFX News App . ECONOMIC DATA GMT Currency Release Survey Previous Comments 0:01 GBP BRC Shop Price Index (YoY) (NOV) -0.5% 0:30 AUD Gross Domestic Product (QoQ) (3Q) 0.7% 0.6% Although the Aussi took a break from its continuous decline on Tuesday, a deviation from the expectation here could spur the next move. 0:30 AUD Gross Domestic Product (YoY) (3Q) 2.6% 2.6% 1:45 CNY HSBC/Markit PMI Services (NOV) 52.6 The manufacturing print on Monday beat estimates by 0.3. 8:15 CHF Industrial Production (YoY) (3Q) -1.1% 8:45 EUR Italian PMI Services (NOV) 50.5 Italian PMI Services has only been over 50 twice since the summer of 2011. Eurozone Services PMI has been above 50 since August, but momentum has appeared weak since then. For volatility in EUR pairs, keep an eye out for GDP at 10:00. 8:50 EUR French PMI Services (NOV F) 48.8 48.8 8:55 EUR German PMI Services (NOV F) 54.5 54.5 9:00 EUR Euro-Zone PMI Services (NOV F) 50.9 50.9 9:00 EUR Euro-Zone PMI Composite (NOV F) 51.5 51.5 9:30 GBP PMI Services (NOV) 62.0 62.5 U.K. PMI services hasn’t been this high in the 10 year record. 9:30 GBP Official Reserves (Changes) (NOV) -$208M 10:00 EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (3Q P) 0.1% 0.1% Though an update from the initially reported 3Q GDP reading, this round of data offers more details on the backdrop for growth. Trouble in domestic consumption, investment or exports can guide expectations for the future 10:00 EUR Euro-Zone Gross Domestic Product s.a. (YoY) (3Q P) -0.4% -0.4% 10:00 EUR Euro-Zone Household Consumption (QoQ) (3Q P) 0.1% 0.2% 10:00 EUR Euro-Zone Gross Fixed Capital (QoQ) (3Q P) 0.0% 0.3% 10:00 EUR Euro-Zone Government Expenditure (QoQ) (3Q P) 0.0% 0.4% 10:00 EUR Euro-Zone Retail Sales (MoM) (OCT) 0.1% -0.6% 10:00 EUR Euro-Zone Retail Sales (YoY) (OCT) 1.0% 0.3% 12:00 USD MBA Mortgage Applications (NOV 29) -0.3% 13:15 USD ADP Employment Change (NOV) 170K 130K Estimate lowered from 173K to 170K over the past week. 13:30 CAD International Merchandise Trade (C$) (OCT) -0.65B -0.44B Deficit for 21 straight months 13:30 USD Trade Balance (OCT) -$40.0B -$41.8B A sustained drop in imports outside of energy may speak to weakening consumer-led growth 15:00 CAD Bank of Canada Interest Rate Decision 1.00% 1.00% The IMF recommends a hold to 2015 15:00 USD ISM Non-Manufacturing Composite (NOV) 55.0 55.4 Key Employment component 15:00 USD New Home Sales (OCT) 430K New Home Sales data delayed from the government shutdown will be critical data that the Fed will certainly consider in their decision of when to taper asset purchases. 15:00 USD New Home Sales (MoM) (OCT) 15:30 USD DOE U.S. Crude Oil Inventories (NOV 29) 2953K Demand shows a slide in growth potential, supply – domestic output 15:30 USD DOE U.S. Implied Oil Demand (NOV 29) 23:50 JPY Japan Buying Foreign Bonds (Yen) (NOV 29) 1405.6B Heading into the year end, an increase in capital gains tax in Japan can lead to a significant shift in exposure 23:50 JPY Japan Buying Foreign Stocks (Yen) (NOV 29) -91.6B 23:50 JPY Foreign Buying Japan Bonds (Yen) (NOV 29) -209.3B 23:50 JPY Foreign Buying Japan Stocks (Yen) (NOV 29) 707.5B GMT Currency Upcoming Events & Speeches 1:30 JPY BoJ's Takehiro Sato Speaks on Japanese Economy 15:00 USD SEP/OCT New Home Sales Released Jointly Due to Shutdown 19:00 USD Federal Reserve Releases Beige Book Survey SUPPORT AND RESISTANCE LEVELS To see updated SUPPORT AND RESISTANCE LEVELS for the Majors, visit Technical Analysis Portal To see updated PIVOT POINT LEVELS for the Majors and Crosses, visit our Pivot Point Table CLASSIC SUPPORT AND RESISTANCE EMERGING MARKETS 18:00 GMT SCANDIES CURRENCIES 18:00 GMT Currency USD/MXN USD/TRY USD/ZAR USD/HKD USD/SGD Currency USD/SEK USD/DKK USD/NOK Resist 2 13.4800 2.1000 10.7250 7.8165 1.3650 Resist 2 7.5800 5.8950 6.5135 Resist 1 13.2400 2.0850 10.5000 7.8075 1.3250 Resist 1 6.8155 5.8475 6.2660 Spot 13.2063 2.0404 10.2752 7.7523 1.2564 Spot 6.5674 5.5108 6.1227 Support 1 12.6000 1.9140 9.3700 7.7490 1.2000 Support 1 6.0800 5.3350 5.7450 Support 2 12.4200 1.9000 8.9500 7.7450 1.1800 Support 2 5.8085 5.2715 5.5655 INTRA-DAY PROBABILITY BANDS 18:00 GMT CCY EUR/USD GBP/USD USD/JPY USD/CHF USD/CAD AUD/USD NZD/USD EUR/JPY Gold Res 3 1.3640 1.6476 104.16 0.9170 1.0726 0.9190 0.8280 141.01 1250.59 Res 2 1.3614 1.6445 103.88 0.9151 1.0705 0.9167 0.8256 140.64 1243.73 Res 1 1.3588 1.6415 103.61 0.9132 1.0685 0.9144 0.8233 140.26 1236.87 Spot 1.3537 1.6354 103.06 0.9094 1.0644 0.9098 0.8185 139.51 1223.15 Supp 1 1.3486 1.6293 102.51 0.9056 1.0603 0.9052 0.8137 138.76 1209.43 Supp 2 1.3460 1.6263 102.24 0.9037 1.0583 0.9029 0.8114 138.38 1243.73 Supp 3 1.3434 1.6232 101.96 0.9018 1.0562 0.9006 0.8090 138.01 1250.59 v --- Written by: John Kicklighter, Chief Strategist for DailyFX.com To contact John , email jkicklighter@dailyfx.com . Follow me on twitter at http://www.twitter.com/JohnKicklighter Sign up for John’s email distribution list, here . The information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. Forex Capital Markets, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. Forex Capital Markets, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Forex Capital Markets, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM .

2013-12-04 16:00:00+00:00

{"Bitcoin": [126, 364, 463, 1136, 1368, 1777, 1955, 2439, 2608, 2742, 3570, 3628, 3760, 4033], "BTC": [1227, 1267]}

{"Bitcoin": [102], "BTC": [39]}

Backed by $5 Million in Funding (4,700 BTC), Mastercoin Is Building a Flexible, New Layer of Money on Bitcoin

https://finance.yahoo.com/news/backed-5-million-funding-4-160000183.html

Marketwired

http://www.marketwired.com/

SEATTLE, WA--(Marketwired - Dec 4, 2013) - Developers of Mastercoin ( www.mastercoin.org ), a programmable money layer on the Bitcoin blockchain created by J.R. Willett, today announced that they have officially launched the Mastercoin Foundation ( www.mastercoinfoundation.org ) to help build a distributed exchange and facilitate smart property transactions for Bitcoin powered by the Mastercoin Protocol. The Mastercoin Foundation is backed by just over 4,700 Bitcoins (approximately $5 million USD) raised by Mastercoin and Willett in its initial sale to investors, led by David Johnston of the BitAngels, in August 2013. Ron Gross was named as executive director of the new foundation. Previously, Gross was CEO and co-founder of bitBlu, a cryptocurrency portfolio management platform startup. It already boasts a branch in Israel with others soon to come in China and the United Kingdom. Though still experimental, in just a little more than 90 days of operation on the blockchain (trading commenced September 1, 2013), Mastercoin overall is trading at a market cap of $132 million USD, or slightly higher than one percent of all Bitcoins. Over this time, Mastercoin has also seen its individual value increase from 0.01 BTC (approximately $1 in August) to 0.2 BTC (approximately $220), representing a 220x increase in value in just a little more than 90 days. "Bitcoin is not only proving to be a sturdy foundation to support all kinds of commercial activities, but to also support a secondary layer such as Mastercoin," said Willett. "While Mastercoin is still at a high-risk stage and we expect the usual setbacks, we are confident it will continue to grow in usefulness as we build out its service properties through the foundation. That, in turn, will also help the Bitcoin ecosystem as a whole expand." As part of its official launch, the Mastercoin Foundation is also creating a new distributed exchange where traders can buy, sell and trade Bitcoins through the Mastercoin layer, as well as conduct other smart property transactions and activities like sales and fund transfers. The foundation supports the open-source development of the distributed exchange software but will not have an operational role in the exchange itself. "While Mastercoin itself is decentralized, the Mastercoin Foundation will be instrumental in helping to continue to make Mastercoin the conduit through which people can practically apply and use Bitcoin," added Gross. "Whether it's personal money transfer, payment fulfillment, issuing user currencies and future event triggers, or simply conducting and recording Bitcoin transactions, Mastercoin is the perfect operational unit, and its continued growth will proceed to drive the overall value of Bitcoin at large." Story continues The primary features of Mastercoin (MSC) include: A decentralized exchange: the Mastercoin network itself serves as a fully functional exchange between any two currencies in the Mastercoin network. Anyone can place an order on the blockchain to trade a quantity of one currency for another, and anyone else can match the orders and have the trade complete automatically without the order poster's further involvement. On-blockchain price feeds: trusted organizations can publish price data (e.g. the value of one ounce of gold in USD), which can then be used in Mastercoin scripts to essentially create digital currency that tracks gold, silver or other precious commodities. Savings addresses, providing an additional level of security for high-value savings accounts. About Mastercoin - The Bitcoin Currency Layer Mastercoin (MSC) is a crowdfunded, Bitcoin blockchain currency layer that allows for a plethora of new digital currencies and property sales to be created through the Bitcoin blockchain. The Mastercoin Protocol removes the typical broker level (and fees) from financial transactions, restoring trust as the keystone element in trade. The principles of Mastercoin were first developed in J.R. Willett's Jan. 6, 2012, white paper, The Second Bitcoin Whitepaper . To learn more about Mastercoin, please visit http://www.mastercoin.org . About the Mastercoin Foundation The Mastercoin Foundation is a non-profit organization whose mission is to enable and accelerate innovation worldwide by building a technological crowd-sourcing platform for community projects, coupled with a rich financial-exchange system and liquidity layer. Members use the Mastercoin Open Source Project and Protocol precedents as benchmarks for their enforcement standards. For more information, please visit http://www.mastercoinfoundation.org . View comments

2013-12-04 16:55:25+00:00

{"Bitcoin": [8874]}

{}

Meet the Preliminary 2014 Dogs of the Dow: Dividends Galore

https://finance.yahoo.com/news/meet-preliminary-2014-dogs-dow-165525349.html

24/7 Wall St.

http://247wallst.com

There is a trend at the end of each year followed by many income investors. This is the Dogs of the Dow, which is simply made up of the 10 Dow Jones Industrial Average (DJIA) components that have the highest common stock dividend yields. This is widely followed at the start and end of each year, but it has merit all throughout each year because these companies attract so many different dividend strategy investors. The following look as though they will be the top five Dogs of the Dow for 2014: AT&T Inc. (NYSE: T ), Verizon Communications Inc. ( VZ ), Intel Corp. ( INTC ), Merck & Co. Inc. ( MRK ), McDonald's Corp. ( MCD ) and Chevron Corp. ( CVX ). ALSO READ: The Best & Wort Run States: Survey of All 50 24/7 Wall St. has identified the basics on each component for these 10 Dogs of the Dow. We have also given color on each to see what could drive each one higher or lower in 2014. All these companies are systemically important or they are sector movers on their own right. Another issue to consider for 2014 is that there will be some serious changes to the Dogs of the Dow, barring any major performance changes in the final three weeks of 2013. Consensus estimates were also based on Thomson Reuters data. ALSO READ: Six Things That Could Cause Stocks to Drop 20% Remember that share performance can alter many of these positions by the time the year ends. That imminent dividend hike from General Electric Co. ( GE ) could drastically alter the order of these, as could any serious portfolio repositioning at the end of the year. AT&T Inc. (NYSE: T ) is the king of dividends, with a 5.2% yield now that shares have sold off to around $34.50. AT&T's consensus price target is barely above $37, and a fresh analyst downgrade from J.P. Morgan is highlighting what may be continued cellphone trend erosion in 2014. Then there is the risk that it will make a huge international acquisition, which is the last opportunity for serious growth as regulators are not going to allow it to gobble up anything of real size in the United States. AT&T is a repeat as the leading dividend or the top dog in the Dogs of the Dow. Story continues Verizon Communications Inc. ( VZ ) is again the number-two position in the Dogs of the Dow strategy. With shares close to $49.60, its yield is just under 4.3%. Its post-Vodafone deal is adding to earnings, and the telecom giant added debt on the cheap in the largest debt offering of its kind. A lot of the good news may be priced in since it is up so much from its 52-week low of $41.50, but the consensus price target is up just over $54 for the next 12-month period. ALSO READ: Market Strategist Sees Stocks Rising 20% in 2014 Intel Corp. ( INTC ) ranks as the number three likely candidate in the dividend strategy, with a dividend yield of almost 3.8%. Intel remains in catch-up mode as it has only just recently begun making an entrance into smartphone and tablet processors arena, even if it dominates in desktop processors. At $23.75, its consensus price target is $24.42 and the 52-week high is $25.98. We outlined before its most recent earnings report that Intel could be a stealth growth stock masquerading as a value stock, and how its stock could ultimately rise to $30 and beyond. Merck & Co. Inc. ( MRK ) has been a victim of the ongoing patent cliff affecting the Big Pharma sector. At $49.60, Merck is actually less than a buck under its 52-week high, and the consensus price target is up at $51.42. It yields 3.55% as of now. Merck can still lift its dividend if it wants, but the company faces a revenue growth issue, and changes in health care laws may pose "fee" challenges in the coming years. The company also is restructuring, and that could go either way over the next year or two. McDonald's Corp. ( MCD ) now has moved up the ladder in its rank from 2013 to 2014 as the fifth highest yield of almost 3.4%. Shares trade around $96, and its runaway stock performance seems to have leveled off handily, even if shares are up more than 12% so far in 2013. Its consensus price target is almost the same as its 52-week high: $103.84 target vs. $103.70 high. It is hard to imagine what can drive McDonald's higher at the moment. It faces labor cost issues ahead, the move to a healthier menu is not proving to be a vast success and many do not believe it can grow as much as the company has tried to forecast. ALSO READ: Five Big Analyst Stocks to Sell in 2014 Chevron Corp. ( CVX ) is new to the Dogs, and this is because its dividend hike was substantial and shares have lagged the DJIA performance with gains of "only" 17% so far in 2013. At $122.50, the yield is almost 3.3%, and we have already grown to expect another big dividend hike in 2014. Analysts have a consensus price target above $133 for Chevron, and the obvious caveat is that much depends on its ability to manage production costs, along with where the price of oil goes in 2014. Cisco Systems Inc. ( CSCO ) is also making its debut as a Dogs member because 1) its share price tanked after the last earnings report and 2) its dividend hike was rather large considering where it started from. At $21.30, the dividend yield is 3.2%, while its consensus price target is $23.85 and its 52-week high is all the way up at $26.49. Business was signaled as having fallen off the cliff by John Chambers in the latest quarter and analysts bagged it hard. Now Cisco's restructuring gains may be deemed a failure, unless the company can rekindle some of its lost business. You could even make the likely argument that it has an "accidentally high dividend" now. Pfizer Inc. ( PFE ) is generally a Dogs member and this year is a repeat. All of the same issues facing Merck seem to be an echo at Pfizer and the $31.40 share price compares to a consensus price target of $32.75 and a 52-week high of $32.50. Its dividend yield is much lower than Merck's at 3.05%, so Pfizer may need to catch up in that department. Pfizer has already had one recent spin-off and its revenue is expected to decline marginally again in 2014. E.I. du Pont de Nemours and Co. ( DD ), or simply DuPont, is another repeat Dog, and its dividend yield is currently 2.95%. At $60.55, its consensus price target is $64.00, and the 52-week high is $62.69. DuPont is carving out its lower growth businesses to unlock value, and it could be worth $5 billion by some estimates, versus a total market cap of about $56 billion. ALSO READ: Top Export Winners to Watch for 2014 Microsoft Corp. ( MSFT ) was a serious gainer in the Dow, and we did not have it as a member of the Dogs of the Dow in 2013. At $38.50, its stock has risen almost 50% so far in 2013. Microsoft offers a 2.9% dividend yield since it raised its payout by almost 22%. With a new chief executive coming soon, a restructuring into a post-Windows company and large buybacks ahead, Microsoft has become the unexpected stealth winner. One word of caution: the stock hit multiyear highs at $38.90 and the consensus analyst target price is down at $36.32 for the next year. Caterpillar Inc. ( CAT ) was not a Dog in 2013, but its stock price drop of 5% so far in 2013 makes it among the worst DJIA stocks of the year. As the last position in the Dogs, it is possible that Caterpillar could get bounced out of the preliminary Dogs of the Dow for 2014 (see runner-ups below). A coming dividend hike from General Electric Co. ( GE ) could drive Caterpillar out of the Dogs as well, assuming it is substantial enough and assuming Caterpillar shares do not make a big run late in the year from bargain hunters. Adding 15% more to its payout also drove it higher into the Dogs of the Dow. Its $84.20 share price generates a dividend yield of 2.85%. The consensus estimate was well over $100 at one point, but the performance and expectations have driven the consensus target price down to about $90.50. Caterpillar's 52-week range is $79.49 to $99.70. If the emerging markets and heavy infrastructure and mining/land projects come back, then maybe Caterpillar can surprise everyone in 2013. There are several wild cards for the last Dogs of the Dow position, all of which are yielding close to 2.8%. These include General Electric Co. ( GE ), Johnson & Johnson ( JNJ ), Coca-Cola Co. ( KO ), and Procter & Gamble Co. ( PG ). Again, GE is the wild card for sure, because it has a dividend hike likely coming by the end of the second week of December. When you take these into a portfolio for consideration in equal weighting, the yield comes close to 3.5% for the portfolio of the 10 Dogs of the Dow. Some investors get more focused on just the top five dividend yields, and that average would be a yield of just over 4%. Investors love dividends, and the Dogs of the Dow sure generates above-market dividend yields. ALSO READ: Fast Food Chains Costing America the Most Related Articles Ten Brands That Will Disappear in 2014 Can Bitcoin Beat Gold in 2014? States With The Highest Minimum Wages

2013-12-04 18:12:00+00:00

{"Bitcoin": [1030]}

{}

Gold Is Surging

https://finance.yahoo.com/news/gold-surging-181233935.html

Business Insider

http://www.businessinsider.com/

Gold is having a big day. The yellow metal is trading around $1247 an ounce, up $26 (or 2.1%) on the day. Much of the price appreciation has come since noon in North American trading, as the chart below shows. BNN reporter Amber Kanwar says there may be a large buyer in the market: Gold popping higher right now. Trader tells me a big buyer is in the market. Up ~$25/oz $GLD $GDX @BNN — Amber Kanwar (@amberkanwar) December 4, 2013 Gold has lost nearly 8 percent in value since October 28. In that span, it has fallen in 17 of 27 trading sessions. "Tighter monetary policy in the U.S. and rising rates are hanging over the market and could push gold towards $1,100/oz in 2014," wrote BofA Merrill Lynch analysts in a December 2 note to clients. "Yet, while the pause in the bull market may continue, we see several encouraging signs, most notably physical demand from EM, that suggest to us that gold remains a sound medium-term investment." /gc Thinkorswim More From Business Insider Gold Is So Ugly Gold Is Breaking Down Again Bitcoin Is A Few Bucks Away From Gold

2013-12-04 19:10:00+00:00

{"Bitcoin": [1789]}

{}

2 Million More Passwords For Facebook, Google, Twitter, Other Sites Were Stolen And Posted To The Net

https://finance.yahoo.com/news/2-million-more-passwords-facebook-191054295.html

Business Insider

http://www.businessinsider.com/

two guys on computers Oli Scarff/Getty Images A computer security researcher has stumbled upon another huge file of stolen user names and passwords that was posted on the 'net for other hackers to enjoy. Daniel Chechik, and his fellow researchers at Trustwave SpiderLabs, found a cache of user names and passwords for 2 million accounts that gives hackers access to accounts on popular websites like Facebook, Google, Yahoo, Twitter, LinkedIn, and others. This stash of 2 million passwords follows a massive hack on Adobe revealed in October in which a jaw-dropping 38 million user accounts and passwords were nabbed and posted to the 'net. That attack was so big that other website vendors were affected, because many people use the same user name and password for all of their websites. Website vendors like Facebook and Evernote sifted through hacked passwords, found accounts using the hacked user/password combo and forced those people to change their passwords. Evernote even went so far as to blame Adobe by name as the reason why it was forcing Evernote users to change their passwords. One thing learned from all these lists of stolen passwords is how many people use the same easy-to-guess passwords. Here are the 25 most popular passwords in the hands of hackers, reported by BBC News and SpiderLabs. If you recognize your favorite password here, it's really time to pick something else. 123456 123456789 password admin 12345678 qwerty 1234567 111111 photoshop 123123 1234567890 000000 abc123 1234 adobe1 macromedia azerty iloveyou aaaaaa 654321 More From Business Insider A California Woman Got A Traffic Ticket For Driving With Google Glass The PC Market Has Shrunk By 10% Because People Don't Want New Ones Hackers Are Attacking Millions Of Computers And Demanding Ransom In Bitcoins

2013-12-04 20:22:00+00:00

{"Bitcoin": [135, 257, 394, 1651, 2001, 2078, 3051, 3082, 5413, 5493, 5530, 5569, 5624, 6311, 6387, 6407], "BTC": [5072]}

{"Bitcoin": [63]}

Two Guys On Reddit Are Chasing A Thief Who Has $220 Million In Bitcoins

https://finance.yahoo.com/news/two-guys-reddit-chasing-thief-202229564.html

Business Insider

http://www.businessinsider.com/

matrix reloaded screengrab / Matrix Reloaded Trailer Two guys on Reddit who were enraged when someone stole as much as $100 million in Bitcoins from "Sheep Marketplace," an illegal online drug sales web site, believe the thief has passed the cash through a Bitcoin wallet that at one point contained as much as $220 million. The thief is currently attempting to hide a stash of at least 96,000 Bitcoins (about $100 million), the pair said in a conversation on Reddit. The two Reddit users, "SheepReloaded2" and "NodManOut" have become heroes on a subreddit dedicated to tracking the thief . They believe the theft — which Business Insider told you about yesterday — is one of the largest heists in history. But there is just one problem (for the thief): His haul is so huge it sticks out like a sore thumb whenever he tries to launder the money. And his pursuers believe he will be unable to cash out a sum that large without revealing himself. "He has 1% of the world's bitcoins. Its hard to clean and sell more than 4 or 5 btc at a time," SheepReloaded2 says. The stakes are high: It's not simply that there is a large amount of stolen cash at stake. Because Sheep Marketplace was a haven for criminals who do business, it's likely that some of the victims in this theft want the perpetrator dead. "I won't find this guy. Somebody else will," SheepReloaded2 told Reddit. "I assume he'll be jailed, blackmailed, tortured or killed. I dunno." Agent Smith The Matrix Warner Bros. Although the chase is virtual, it "feels" like something from The Matrix — two heroes chasing a thief through the world's computer networks, and the thief has split up his Bitcoin runners into 96 different quarries. The drama began in late November when the operators of Sheep Marketplace — which had risen to prominance after the FBI took down Silk Road, the previous large, anonymous hub for drug dealers — announced they were closing down because the site was hacked. The hacker fooled users into thinking their online Bitcoin wallets were full when in fact they had been looted. Story continues Bitcoin's "blockchain" ledger keeps track of every single transaction, so anyone can see what happens to the money. And the transactions are so large it's obvious that they involve Sheep Marketplace money. NodManOut figured out a way to track the money, he posted on Reddit (errors in the original): ... its easy when chasing a big amount so say you transfer 500k and that's.tied to 3 small.deposits ranging from 3-5hundred now you just find which wallet got the 500k. or in this instance he.was.dumping random amounts along the way so wallet would be 498k and keep.following doesn't take a genius, its pretty obvious when you got a bunch of withdraws coming out of the wallet we know was the right one at the amounts of 940k multiple times then he would just.do the same thing with those as I've stated.before.multiple times you can check wallets I've listed already to see for yourself SheepReloaded2 took NodManOut's advice and began sending the thief tiny fractions of Bitcoins, specifically 0.00666 Bitcoins. The "666" amount helped him follow further transactions involving that tiny sum. Now that SheepReloaded2's money is mixed in with the thief's money, he can see where the stolen money is going — as long as he sends another "666" amount into any new wallet where the money lands. matrix via DVDBeaver Thus SheepReloaded2 is always one step behind the thief, but the thief can't shake off SheepReloaded2, he says: Its like running a marathon through fog, listening for the footsteps of other runners. It helps if there are 96,000 of them, though! ... This guy is good, but he's on his last legs. If he can sell a single bitcoin, I'll be surprised. He also praised NodManOut for being the first to spot the "exit" the thief had used from Sheep Market: This is the biggest heist of all time. Is it in the newspapers? No TheNodManOut made the hardest spot - the escape route wallet from sheep. I assume he normally drives round in a van solving mysteries. ... He has 1% of the world's bitcoin. He likes neat whole numbers. When tiny fractions suddenly appear, its obvious he's tumbling them. nearly all the pants in the washing machine are his, so sheep swag mixes with sheep swag,and comes out looking like...er, sheep swag. Then, he just combines it back together into the same sized lump! He's probably scared and wished he only had 100 bitcoins. His laptop hard drive is worth millions. Every day he spends another $3million, tumbling his bitcoin with his bitcoin. The Heist Warner Bros. Tracking the thief is difficult, though, because he is splitting up the haul into smaller and smaller chunks of cash, and each one might be the wallet that allows him to cash out, NodManOut says: Yeah its tedious because after he splits those down you have to follow that through another 50-100wallets untill he apparently thinks they've been moved safely Sheepreloaded2 has become manic in his pursuit of the money: I followed him for hours yesterday, he was creating new wallets, moving 2000 BTC in, waiting for enough confirmations, then moving 2000BTC into the next wallet, leaving the balance at zero. I would see the new wallet before the first confirmation even appeared on the blockchain. I'd point my mobile at the QR code,and send a memorable number. He must have felt he devil was chasing him. The drama hit a peak when one Bitcoin wallet linked to the Sheep thief was discovered to have roughly 220,000 Bitcoins in it — about $220 million: Bitcoin Blockchain A screengrab of the Bitcoin wallet that at one point had more than 220,000 Bitcoins in it. "No wonder the bitcoin price is high. Half of them are out of circulation!," Sheepreloaded2 told Reddit. He believes the thief lives in the Czech Republic, and has vowed to never stop pursuing him: I have a computer attached to the internet, so like everyone, I can track every bitcoin wallet for the rest of time. $200M is the largest theft in history. eventually it might get in the newspaper. the police could even assign an officer to look for him. I asked very politely,you know what us brits are like. But he stole from the wrong guy. I will chase him on foot through hell and out the other side if I have to, so help me god. More From Business Insider The Largest Bitcoin Exchange In The World Went Down Earlier Today Why The Fair Price Of Bitcoin Is $0 Could Bitcoin Ever Stabilize Enough To Replace State Currencies?

2013-12-04 22:54:00+00:00

{"Bitcoin": [1871]}

{}

10 Competitive Jobs That Everyone Wants But Hardly Anyone Gets

https://finance.yahoo.com/news/10-competitive-jobs-everyone-wants-223920202.html

Business Insider

http://www.businessinsider.com/

jerry maguire tom cruise Sony Pictures / Columbia One of the biggest job stresses is having to fight with competitors and coworkers for clients, commissions, and recognition. Rather than focusing on your own work, highly competitive fields force you to be constantly aware of what everyone else is doing. Competition is particularly acute in visible, hard-to-break-into industries like entertainment and sports, jobs that offer lucrative payouts to top performers, and coveted positions with only a limited number of spots. Sports and talent agents, for example, constantly fight over a small number of high-profile clients. Poets and writers constantly fight to get published and have their work seen. And athletes compete on a daily basis as their job. Based on data from the Occupational Information Network (O*NET), a U.S. Department of Labor database full of detailed information on occupations, below are the 10 most competitive jobs in America. The ranking measures the extent that the job "requires the worker to compete or to be aware of competitive pressures." Each job is scored on a scale of zero to 100, with a score above 75 denoting a job that's extremely competitive: 1. Choreographers Competitiveness score: 96 2. Poets, Lyricists and Creative Writers Competitiveness score: 95 3. Athletes and Sports Competitors Competitiveness score: 94 4. S ales Agents, Securities and Commodities Competitiveness score: 93 5. Sound Engineering Technicians Competitiveness score: 89 6. Makeup Artists, Theatrical and Performance Competitiveness score: 88 7. Music Composers and Arrangers Competitiveness score: 88 8. Real Estate Sales Agents Competitiveness score: 88 9. Coaches and Scouts Competitiveness score: 87 10. Agents and Business Managers of Artists, Performers, and Athletes Competitiveness score: 85 More From Business Insider Someone Bought A Tesla Using Bitcoin This Photo Of The Obamas' Dog Can Legitimately Be Called Epic The 15 Jobs That Are Most Damaging To Your Health

2013-12-05 08:58:53+00:00

{"Bitcoin": [434], "BTC": [2188]}

{}

China central bank warns banks against use of bitcoin

https://finance.yahoo.com/news/finance.yahoo.com/news/china-central-bank-warns-banks-081701838.html

Reuters

https://www.reuters.com/

BEIJING (Reuters) - China's central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to China's financial system, it carries risks. The central bank also said in a statement on its website that it would act to prevent money laundering risks from bitcoin, a prominent digital currency that is not backed by a government or central bank. Bitcoins, and other computer-generated virtual currencies like it, have seen their relative values rise to historic highs in recent months as speculators have piled into the currency. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. As such they have been heavily covered in domestic media, including a special broadcast on state-run television earlier in 2013. The People's Bank of China (PBOC) may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's closed capital account. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. More cause of worry is the way these currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The PBOC will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The central bank did allow that ordinary individuals were free to use bitcoin, so long as they take on the risk themselves. "I don't think it's good or bad," said bitcoin vendor Du Zhiliang, who sells bitcoin "mining" computers online. Du owns over 2,000 bitcoins himself and has been a heavy speculator in the past. Story continues "The policy won't affect the BTC exchange rate. It means the government acknowledged its existence, and didn't say it's illegal. Now the whole country has their eyes on bitcoin." The value of bitcoins on Chinese platform FXBTC.com fell in heavy volume after the news to about 6,500 yuan per coin at 0830 GMT from around 6,900 yuan. (Reporting by Jonathan Standing, Aileen Wang; Additional reporting by Anita li; Editing by Alex Richardson)

2013-12-05 08:58:53+00:00

{"Bitcoin": [434], "BTC": [2188]}

{}

China central bank warns banks against use of bitcoin

https://finance.yahoo.com/news/china-central-bank-warns-banks-081701838.html

Reuters

https://www.reuters.com/

BEIJING (Reuters) - China's central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to China's financial system, it carries risks. The central bank also said in a statement on its website that it would act to prevent money laundering risks from bitcoin, a prominent digital currency that is not backed by a government or central bank. Bitcoins, and other computer-generated virtual currencies like it, have seen their relative values rise to historic highs in recent months as speculators have piled into the currency. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. As such they have been heavily covered in domestic media, including a special broadcast on state-run television earlier in 2013. The People's Bank of China (PBOC) may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's closed capital account. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. More cause of worry is the way these currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The PBOC will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The central bank did allow that ordinary individuals were free to use bitcoin, so long as they take on the risk themselves. "I don't think it's good or bad," said bitcoin vendor Du Zhiliang, who sells bitcoin "mining" computers online. Du owns over 2,000 bitcoins himself and has been a heavy speculator in the past. Story continues "The policy won't affect the BTC exchange rate. It means the government acknowledged its existence, and didn't say it's illegal. Now the whole country has their eyes on bitcoin." The value of bitcoins on Chinese platform FXBTC.com fell in heavy volume after the news to about 6,500 yuan per coin at 0830 GMT from around 6,900 yuan. (Reporting by Jonathan Standing, Aileen Wang; Additional reporting by Anita li; Editing by Alex Richardson)

2013-12-05 10:50:00+00:00

{"Bitcoin": [0, 104, 369, 647, 882, 954, 962]}

{}

BITCOIN CRASHES AFTER WARNING FROM CHINA

https://finance.yahoo.com/news/bitcoin-getting-crushed-090020240.html

Business Insider

http://www.businessinsider.com/

Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. This is according to data from Bitcoin exchange Mt. Gox . That $370 drop can by characterized as a 30% crash. Earlier today, the People's Bank of China warned that the controversial electronic currency carried risk. It also instructed financial institutions not to trade it. "Is this a bubble in Bitcoin?" asked former Federal Reserve Chairman Alan Greenspan Wednesday on Bloomberg. "Yeah it's a bubble." "This is worse than the tulip mania," said Nout Wellink, former president of the Dutch Central Bank . "At least then you got a tulip [at the end], now you get nothing." Bitcoin has bounced back a bit and it's currently straddling the $1,000 level, which means it's down by around 20% from its high. Here's a look at the chart from Clark Moody . bitcoin Clark Moody More From Business Insider At Least 54 Bitcoin Clones Have Been Created Since April I'm Changing My Mind About Bitcoin Bitcoin Crashes Below $1,000

2013-12-05 10:50:00+00:00

{"Bitcoin": [0, 104, 369, 647, 882, 954, 962]}

{}

BITCOIN CRASHES AFTER WARNING FROM CHINA

https://finance.yahoo.com/news/finance.yahoo.com/news/bitcoin-getting-crushed-090020240.html

Business Insider

http://www.businessinsider.com/

Bitcoin prices fell from a high of $1,240 to a low of $870 this morning. This is according to data from Bitcoin exchange Mt. Gox . That $370 drop can by characterized as a 30% crash. Earlier today, the People's Bank of China warned that the controversial electronic currency carried risk. It also instructed financial institutions not to trade it. "Is this a bubble in Bitcoin?" asked former Federal Reserve Chairman Alan Greenspan Wednesday on Bloomberg. "Yeah it's a bubble." "This is worse than the tulip mania," said Nout Wellink, former president of the Dutch Central Bank . "At least then you got a tulip [at the end], now you get nothing." Bitcoin has bounced back a bit and it's currently straddling the $1,000 level, which means it's down by around 20% from its high. Here's a look at the chart from Clark Moody . bitcoin Clark Moody More From Business Insider At Least 54 Bitcoin Clones Have Been Created Since April I'm Changing My Mind About Bitcoin Bitcoin Crashes Below $1,000

2013-12-05 11:22:09+00:00

{"Bitcoin": [948, 3188], "BTC": [1343, 3015, 3449]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/china-central-bank-warns-banks-083530231.html

Reuters

http://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI, Dec 5 (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. Story continues EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said.

2013-12-05 11:23:44+00:00

{"Bitcoin": [941, 3181], "BTC": [1336, 3008, 3442]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/china-central-bank-warns-banks-080434835.html

Reuters

https://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. Story continues EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said. (Additional reporting by Jonathan Standing, Aileen Wang and Anita li; Editing by Alex Richardson)

2013-12-05 11:23:44+00:00

{"Bitcoin": [941, 3181], "BTC": [1336, 3008, 3442]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/finance.yahoo.com/news/china-central-bank-warns-banks-080434985.html

Reuters

http://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. Story continues EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said. (Additional reporting by Jonathan Standing, Aileen Wang and Anita li; Editing by Alex Richardson)

2013-12-05 11:23:44+00:00

{"Bitcoin": [941, 3181], "BTC": [1336, 3008, 3442]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/finance.yahoo.com/news/china-central-bank-warns-banks-080434835.html

Reuters

https://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. Story continues EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said. (Additional reporting by Jonathan Standing, Aileen Wang and Anita li; Editing by Alex Richardson)

2013-12-05 11:23:44+00:00

{"Bitcoin": [941, 3181], "BTC": [1336, 3008, 3442]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/china-central-bank-warns-banks-080434985.html

Reuters

http://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. Story continues EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said. (Additional reporting by Jonathan Standing, Aileen Wang and Anita li; Editing by Alex Richardson)

2013-12-05 11:24:15+00:00

{"Bitcoin": [941, 3184], "BTC": [1336, 3011, 3445]}

{}

China bars banks from bitcoin transactions

https://finance.yahoo.com/news/china-central-bank-warns-banks-against-bitcoin-080505703--business.html

Reuters

https://www.reuters.com/

By John Ruwitch and Pete Sweeney SHANGHAI (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals. "I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency." The value of bitcoins on Chinese exchanges fell after the announcement, however, with one expert predicting the price could halve in the short-term. Digital currencies are generally highly volatile. Bitcoins have seen their value relative to the dollar skyrocket some 800 percent in the past two months as speculators have piled into the currency, according to bitcoinity.org. While there is no official data available, bitcoin market operators say Chinese nationals are major participants in the market and hold an outsized share of the total number of bitcoins in circulation. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume. A statement on the website of the People's Bank of China (PBOC) said that the government would act to prevent money laundering risks from bitcoin, which is not backed by a government or central bank. The PBOC may have cause to be concerned about bitcoins, which are anonymous, untraceable, and can be carried on memory sticks or transmitted electronically, because they represent a potential hole in the country's capital controls. However, analysts point out that, given the tiny value of the total bitcoins in circulation relative to other currencies, it is unlikely to have much impact on the wider economy. EYES ON BITCOIN More cause for worry is the way these digital currencies have engendered a new wave of creative criminality focused on hacking online platforms and stealing bitcoins stored there, and their potential for use in money laundering, bribery and purchases of illicit products such as drugs and weapons. The government will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The notice was issued jointly by the PBOC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission and the China Securities Regulatory Commission and China Insurance Regulatory Commission. "This is an industry that will need to be governed or regulated. The safety and the well-being of the common user has to be taken into consideration. All this is expected," said Ron Cao, Managine Director at Lightspeet Venture Partners, which recently invested $5 million (3 million pounds) in BTC China. "'We've got a long way to go. This thing needs to be regulated at some point. We're studying it. Don't jump into it.' My read is that's the tone of the message." Bitcoin traders sold on the Chinese government's announcement. On the Chinese platform FXBTC.com, the yuan-bitcoin exchange rate dropped as much as about 20 percent after the news before rebounding slightly to around 5,800 yuan per bitcoin in heavy trading. On BTC-e, the dollar-bitcoin rate had fallen about 11 percent to about $945 from $1,063 before the news. Cao said he would not be surprised to see the value of bitcoins fall as much as 50 percent over the next week or two. Many bitcoin proponents say the currency's volatility will have to flatten out before it can be adopted more widely as a near-frictionless means of payment and regulation may help. More regulation was likely, although the initial ban on financial institutions may eventually be lifted, analysts said. "I would be cautious about jumping the gun and taking today's announcement as indicative as how the space will be regulated in the future," said Mark Natkin, of Beijing-based Marbridge Consulting. "Once they have a better idea of how the market works and which players are likely to emerge as the leading players, then they'll come out with firmer regulations, with more specific licensing requirements," and possibly minimum capital requirements for firms entering the sector, he said. (Additional reporting by Jonathan Standing, Aileen Wang and Anita li; Editing by Alex Richardson)

2013-12-05 12:47:45+00:00

{"Bitcoin": [183]}

{}

French central bank warns over bitcoin risks

https://finance.yahoo.com/news/finance.yahoo.com/news/french-central-bank-warns-over-124745878.html

Reuters

https://www.reuters.com/

PARIS (Reuters) - The Bank of France warned on Thursday about risks related to the digital currency bitcoin, adding its voice to growing concerns about the unregulated, online money. Bitcoin is not backed by any central bank or government, or by physical assets. Their value depends on people's confidence in the currency. It has been gaining acceptance by the general public and investment community but have yet to become an accepted form of payment on websites of major retailers such as Amazon.com. The Bank of France said the price of bitcoin in legal currencies was inherently volatile and users may find it difficult to convert to real money. The anonymity that bitcoin offer users also raises the risk that they could also be used for money-laundering and financing of terrorism, the central bank said in a publication. "Even if bitcoin is not currently a credible investment vehicle and therefore do not pose a significant risk to financial stability, they represent a financial risk for those who hold them," the Bank of France said. Though the central bank saw no threat to its monopoly on the issuance of legal tender, bitcoin's growing popularity has increasingly attracted the attention of authorities in several countries, including China and the United States. The Chinese central bank warned financial institutions on Thursday against trading bitcoin, which has proven particularly popular in China. The price of the digital currency rose over $1,000 last month for the first time, extending a 400 percent surge in less than a month and fuelling concerns of a bubble in the making. The Bank of France warned that speculating on the price of bitcoin could become costly if other users became unwilling to convert gains into legal tender, potentially putting the whole system at risk of collapse if bitcoin demand evaporated. Noting a growing number of retailers and service providers who accept bitcoin for payment in France, the central bank warned they benefited from no guarantee that the bitcoin could be cashed for real money. (Reporting by Leigh Thomas; Editing by Pravin Char)

2013-12-05 14:24:03+00:00

{"Bitcoin": [1742]}

{}

CFOs warn on froth in US stocks, tech, bitcoin

https://finance.yahoo.com/news/finance.yahoo.com/news/froth-us-stocks-tech-bitcoin-142403365.html

CNBC

http://www.cnbc.com/

Nikada | E+ | Getty Images Despite optimism over the state of the global economy, chief financial officers from around the globe are becoming increasingly wary of asset valuations -- with some stating that they have held back on deals because of froth in markets. More than 92 percent of respondents believe that U.S. stock valuations are high, according to a CNBC survey of 26 chief financial officers (CFO) from Europe and Asia who make up the CNBC CFO Council. Half of those CFOs who said their company was looking at acquisitions, admitted that they had completed the deal regardless of these valuations. About a third said valuations had been a deterrent. The technology sector was a particular area of valuation concern, with more than 83 percent of those surveyed seeing valuations in the technology sector as being high, with over 8 percent believing that they are extremely high. Twitter ( TWTR )'s current price of around $40 since its initial public offering in November is also overvalued, according to 86 percent of respondents. ( Read More : Business confidence booms, hiring returns: Global CFO Council survey ) But despite this market froth, the CFOs remain convinced that the Nasdaq Composite ( ^IXIC ) is not in a bubble. The index has risen 33 percent so far this year with a current price-to-earnings ratio of 19.87. In late November, big-cap technology stocks helped the Nasdaq to finish above 4,000 points for the first time since the dot-com bubble burst in 2000. Almost two-thirds, 62 percent, of the CFO survey's respondents believe the Nasdaq is not in a bubble, compared with 38 percent who believe it is. CNBC's survey showed finance chiefs have similar overvaluation concerns when it comes to virtual currencies. Bitcoin allows users to exchange online credits for goods and services. There's no central bank that issues them and they can be created online by using a computer to complete difficult tasks, a process known as mining. The price of bitcoin has topped $1,000 recently and whilst many advocates tout it as an alternative to fiat currency, our CFOs aren't as certain. Story continues Over 85 percent of CFOs that responded see it as a "purely speculative" tool for investors trying to cash in, whereas around 14 percent considered it a "legitimate currency". Nearly 64 percent replied that they thought the digital currency was currently in an economic bubble. The results reflect the concerns of several high-profile investors that years of central bank stimulus have made the markets too buoyant. The U.S. Federal Reserve expanded its balance sheet soon after the global financial crash of 2008. It has since embarked on two more quantitative easing programs and is currently pumping an open-ended $85 billion-a-month into the U.S. economy. Meanwhile, the Bank of Japan and the Bank of England have both followed the Fed with asset purchases and low interest rates have been prevalent across the globe in an effort to combat deflation. ( Read More : Faber: 'We are in a massive speculative bubble' ) With this increased liquidity, stocks have been one of the main beneficiaries. The S&P 500 ( ^GSPC ) is nearly 26 percent higher year-to-date and logged its longest weekly winning streak since 2004 on Friday. Nomura strategist Bob Janjuah told CNBC on Tuesday that bond-buying by the Fed has essentially benefited the "owners of capital" and "people that can take leverage at the Fed window", failing to trickle down to the real economy. ( Read More : Holiday spending highlights US wealth gap: Nomura ) Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC on Friday he believes a "massive speculative bubble" has encroached on everything from stocks and bonds to alternative currency bitcoin and farmland. He attributed the vast bubble to "symptoms of excess liquidity." - CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81 More From CNBC Marc Faber: 'In a massive, speculative bubble' Holiday spending highlights US wealth gap: Nomura Cyber Monday to shatter records

2013-12-05 15:20:30+00:00

{"Bitcoin": [893, 1083]}

{"Bitcoin": [37]}

How Many Tulips Can You Buy With One Bitcoin?

https://finance.yahoo.com/news/many-tulips-buy-one-bitcoin-152030406.html

The Atlantic

http://www.theatlantic.com/

See that big number up there? It’s the current bitcoin-tulip exchange rate. Based off the weighted price of bitcoin from the currency exchange website Mt. Gox , and updated every 15 minutes, it calculates just how many tulips you could buy with one bitcoin. As of publication, the number was in the 700s. It’s a silly way of getting at a serious question: Is bitcoin a bubble? The digital currency has now been the subject of a giddy U.S. Senate hearing , a Federal Reserve economist’s advisory letter , and oodles of bemused press. Since briefly losing value when law enforcement shut down the online black market Silk Road in October, the currency’s value has almost unstoppably climbed. A single bitcoin—little more than $13 a year ago—now costs over $1000. “All I can say is that the crash is going to be great,” proclaimed technology writer Adrian Chen in the New York Times last week. “ Bitcoin is too dependent on speculative mania to be of practical use as a currency.” The rise and fall of tulip prices, according to research by the economist Earl Thompson (Jay Henry, CC ) Bitcoin's sudden rise has people thinking about the ludicrous heights that tulips achieved in the Netherlands in the 1630s. At the peak of that bubble, a single tulip bulb could cost more than ten times a craftsman’s annual salary. While some of these prices were “justified” by market forces—the rarest breeds were enviable luxury goods—the speculation bore common tulips aloft too, raising their price 26 times in January 1637 before, a week later, it fell to one-twentieth of the peak price. “ This is worse than the tulip mania,” a former Dutch central bank president said yesterday about bitcoin . “At least then you got a tulip [at the end], now you get nothing.” What does speculation like that look in action? The Atlantic investigates. Here are some charts. As of today, you can buy more than 700 tulips with one bitcoin. That’s a precipitous rise in value—at the beginning of October 2013, you couldn’t even buy 90 tulips with one bitcoin. And two years ago? A single bitcoin could buy you almost exactly two measly tulips. Look at that recent spike! Look at the growth just in 2013! It’s ridiculous. Now: My methods aren’t scientific. In trying to calculate the price of a single tulip stem, I consulted a major floral online retailer, a local florist, and a tulip grower in California. They variously presented the price of a single flower at $1.66, $1.50, and $1.00. I’ve settled here, imprecisely, on the gloriously accurate median of $1.50/tulip. Talking to those folks, I learned that the Dutch still dominate the modern-day political economy of tulips. Tracy Callahan, the president of Bethesda Florist in Bethesda, Maryland, estimated that 85 percent of tulips on the east coast—85 percent of those $1.50 tulips—are grown in Holland. Story continues American florists work out bulk deals with brokers, he said, who themselves deal with growers whose families have sometimes been in the flower-growing business for centuries. After working out a deal, florists receive weekly or twice weekly shipments of tulips, each usually with 3,600 stems. In this satire on “Tulip Mania,” painted in 1640 by Dutch artist Jan Brueghel the Younger, the upper class are portrayed as monkeys (in 17th century Dutch garb!), buying tulips at ludicrous prices. Because they’re sold privately in bulk, Callahan was reluctant to reveal the wholesale price of tulips, but said it was “significantly less than $1.50.” Tulips are also grown in the states, though. The biggest American grower of tulips is Sun Valley Floral Farms , based in California. Bill Prescott, a spokesman for the farms, said that unlike Dutch tulips, which are grown hydroponically, most American tulips tend to be grown in soil. The price of tulips, Prescott said, also varied strongly by their color. Orange tulips go for a high price before Thanksgiving, for example, but then immediately lose value come Black Friday, when red and white tulips become the hot item. (Which, in turn, lose value after Valentine’s Day, when springy pastels take over.) Prescott said this posed a real problem for growers. “We’ve been in the position where we have too many orange tulips come December,” he told me. What happens then? “You either sell it to a bouquet maker who can put it in a holiday bouquet and hide the fact that they’re orange tulips,” Prescott said, or “Trader Joe’s has a sale on orange tulips.” And, for all this folly, it doesn’t look like there’s a way to buy tulips with bitcoin right now. In an email to me, Tim Maly, a Canadian writer and researcher who first proposed the tulip-bitcoin exchange rate, said that there was no easy way to convert bitcoins to tulips. “ There are some hints of bitcoin florists but they seem to have never taken off or become scams,” he wrote. “There was talk of it on Reddit too but nothing came of the threads I found.” It looks like the best way to buy tulips is buying a gift card for 1-800-Flowers.com from Gyft , an online gift card company that accepts bitcoin, and buying tulips from that florist. It’s “clearly an inefficient system,” writes Maly, “as the [bitcoin] have to be converted to cash-equivalent and then bought retail.” He continues: And even worse than that, you have very limited ability to pick your tulip varietal via 1-800-flowers. A big part of what drove the tulip mania was the various specialized breeds and varieties. There is no opportunity to invest in those mechanisms given the current system. Alas, it looks like it may be best for flower investors to stick to a government-controlled currency. Callahan, the Maryland florist, knew all about bitcoin—his son had written a college paper on the topic—and I asked him if he would accept the digital currency in return for tulips. “Well, right now,” he said, “no.” Thanks to Tim Maly, who conceived the bitcoin-tulip exchange rate, and Max Fenton, who first thought of putting it in a graph . The live exchange rate counter and the charts were made by Atlantic web developer Frankie Dintino . More From The Atlantic This Former DEA Agent Is Going to Work in the Marijuana Business I Thought I Knew How Big Upworthy Was on Facebook: Then I Saw This Yes, Men Should Do More Housework View comments

2013-12-05 15:36:35+00:00

{"Bitcoin": [5482]}

{}

Whistleblower targets PE's 'crack cocaine' fees

https://finance.yahoo.com/news/whistleblower-targets-pes-crack-cocaine-153635594.html

CNBC

http://www.cnbc.com/

Paul Burns | Photodisc | Getty Images Are private equity firms about to become much less private? Or lose an easy way to make tens of millions of dollars? One of the two is likely if an anonymous industry executive's whistle-blower complaint gets traction. Crain's New York Business has reported that a "senior" private equity insider filed a compliant with the Securities and Exchange Commission earlier this year about the so-called transaction fees that PE firms often charge when they buy a company. At issue is whether relatively lightly regulated private equity firms can advise on transactions just like an investment bank without registering as a broker-dealer. Such a designation would come with greater regulatory oversight, something PE funds would hate. The whistler blower, who stands to make up to 30 percent of money recovered by the government, argues that private equity firms are violating federal securities law by awarding themselves multi-million dollar payments for sealing a deal, such as the $40 million Clayton Dubilier & Rice took in 2011 when it closed its $3.2 billion acquisition of Emergency Medical Services. ( Read more : Private equity firms brace for 'mafia' style scrutiny ) The private equity industry has been indignant in reaction, mostly because fees are often disclosed during a deal and haggled over with fund investors. "This is a waste of time," said one private equity firm employee who asked to remain nameless. "The fee is a negotiated deal between very sophisticated parties. No one is being taken advantage of here." Plus, an increasing number of private equity clients are reimbursed for the transaction fees. Buyout funds launched in 2012 and 2013 rebate an average of 87 percent of transaction fees to their investors, according to industry data tracker Preqin. About 63 percent give the entire fee back to investors, up from 51 percent in 2010 and 2011. Firms like Warburg Pincus and Hellman & Friedman have traditionally not charged such fees, and other firms like Bain Capital have more recently joined the fee-refund club. The ones that still do, such as TPG Partners and Apollo Global Management ( APO ), are already being pressured by public pensions to stop the practice. Story continues ( Read more : U.S.pension funds pressure Caesars' private equity owners ) For most observers, the whistler-blower charge was hardly a revelation. "Most limited partners have always hated transaction fees," said Susan Long McAndrews, a partner at $24 billion fund of private equity funds Pantheon. She joked that the practice is sometimes called the "crack cocaine of the private equity industry" because the fees aren't traditionally subject to minimum performance requirements. While McAndrews was quick to note that PE investors have successfully pushed for more fee rebates, there may be something to the new SEC focus. "Yes, it's gone on forever and it's not new information. But there could be a case where, by the letter of the law, taking these fees does change the nature of what that firm is doing from being an asset manager to a broker dealer," McAndrews said. ( Read more : Private equity needs to act 'maturely': Report ) Many firms are already watching the SEC for movement on the issue. In April, senior SEC lawyer David Blass gave a speech noting the potential that PE shops might need to be registered as broker-dealers in part because of their transaction fees. Blass called for "dialogue" on the issue. That dialogue came-mainly in the form of the industry strongly voicing its opposition to the idea. "Layering broker-dealer regulations on private equity will be of no meaningful benefit to investors and would levy significant costs on private equity firms," said Steve Judge, president of the chief industry lobbyist Private Equity Growth Capital Council. Judge argues that services provided by PE firms to their affiliated funds and portfolio companies are investment advisory services, a designation that already faces more scrutiny under the Dodd-Frank Act. Jordan Thomas, a partner at Labaton Sucharow and the whistle-blower's lawyer, disagrees. "For almost a decade, many of the largest and most prominent private equity firms appear to have chosen to increase their bottom line without subjecting themselves to the oversight, limitations and expenses of the required broker dealer regulatory regime," Thomas said. He estimates that private equity firms have made more than $2 billion dollars in transaction fees over the last 10 years without being properly registered as broker dealers. (Read more: These pension funds made a killing with private equity ) Law firms like Covington & Burling have warned their private equity clients to be prepared for transaction fee questions during so-called "presence exams" for newly registered firms. "I'm seeing many clients who are apprehensive about taking transaction fees going forward," said Lindsey Simon, founder of regulatory consultancy Simon Compliance. She said several of her private equity funds clients have stopped charging the fees and are waiting for guidance from the SEC before deciding whether to resume collecting them at all. Simon declined to provide the names of those clients. The call for greater scrutiny by the SEC comes just as a bill in Congress would exempt most PE firms from registering with the SEC. -By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne . More From CNBC Gangbuster! US growth surges, joblessness plunges Bitcoin crashes 20% on China clampdown fears How 'on-call' hours are hurting part-time workers

2013-12-05 15:38:00+00:00

{"Bitcoin": [49, 213, 507, 761, 946, 1205, 1308, 1548, 1791, 1847, 1913, 1985]}

{"Bitcoin": [52]}

This Is, Quite Simply, The Biggest Endorsement That Bitcoin Has Ever Received

https://finance.yahoo.com/news/finance.yahoo.com/news/quite-simply-biggest-endorsement-bitcoin-153805744.html

Business Insider

http://www.businessinsider.com/

david woo Bank of America David Woo " We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers. As a medium of exchange, Bitcoin has clear potential for growth, in our view. " That quote is from David Woo , FX and Rates Strategist at Bank of America/Merill Lynch. Woo is one of the most genuinely brilliant minds on Wall Street, and that statement is huge. Here's why: Lots of folks have made positive noises about Bitcoin. Ben Bernanke , for example, said it "may hold long-term promise" but mostly spoke very generally about being open-minded toward digital currencies. He never said anything specific. Various hedge fund managers have made positive statements about Bitcoin, but you have to take their comments with a grain of salt. Most of them aren't experts in economics, and just get excited by things that go up or down by a lot (which obviously Bitcoin does in spades). But Woo's analysis represents a top-flight mind at a major financial institution assessing it in a serious way, and coming to the conclusion that it could be the real deal. Woo even identifies the three things that need to happen for Bitcoin to be worth what it currently is: Our fair value analysis suggests that to justify the current Bitcoin valuation, it will need to (1) account for at least 10% of all global e-commerce B2C transactions, (2) become one of the top three players in the money transfer industry, and (3) acquire a store of value reputation close to silver. Bitcoin is lodging into people's minds, and not just as some theoretical amusement that might one day be meaningful, but as something that can be defined and judged against benchmarks. As such, Woo's note represents the biggest endorsement of Bitcoin to date. More From Business Insider The Largest Bitcoin Exchange In The World Went Down Earlier Today At Least 54 Bitcoin Clones Have Been Created Since April I'm Changing My Mind About Bitcoin

2013-12-05 15:52:38+00:00

{"Bitcoin": [16, 302, 511, 1301], "BTC": [1489]}

{}

China bars banks from handling bitcoins

https://finance.yahoo.com/news/finance.yahoo.com/news/china-bars-banks-handling-bitcoins-095527646.html

Associated Press

https://apnews.com/

BEIJING (AP) -- Bitcoins suffered a new setback after China's central bank said Thursday its banks and payment systems are barred from handling the virtual currency. The central bank said bitcoins did not qualify as a currency but private individuals still are allowed to trade them at their own risk. Bitcoins are created, distributed, and authenticated independently of any bank or government. Their relative anonymity holds out the promise of being able to spend money across the Internet without scrutiny. "Bitcoins are virtual goods that have no legal status or monetary equivalent and should not be used as currency," said a Chinese central bank statement. It said financial institutions and payment systems were not allowed use bitcoin prices for products and could not sell, trade or store bitcoins. "Ordinary people are free to participate in transactions at their own risk," the central bank said. Despite wild swings in value, the virtual currency has been moving toward broader acceptance. A growing number of companies accept bitcoins, which can be converted into cash. Last month, the biggest private university in Cyprus said it would accept bitcoins for tuition. But other governments are wary of the cybercurrency. In July, Thailand's central bank banned trading and use of bitcoins. Bitcoins are actively traded in China, possibly due to relatively limited options for investment. Just over 2 million bitcoins were traded over the past month on China's biggest exchange, BTC China, according to bitcoincharts.com, which follows trading in the cybercurrency. This week, Chinese police announced the detention of three people operating an online bitcoin trading platform who are suspected of stealing investors' assets. Operators told users the platform based in the eastern province of Zhejiang allowed them to trade bitcoins like stocks, according to the official Xinhua News Agency. Users may have lost as much as 25 million yuan ($4 million) when the platform shut down in October, Xinhua said. In Cyprus, the country's biggest private university said last month it will begin accepting bitcoins for tuition. Also last month, the U.S. Federal Election Commission said political organizations cannot accept contributions in the form of bitcoins. The commission's chairwoman cited the possibility of foreign or anonymous donations, which both would be illegal, flowing to candidates or outside political groups.

2013-12-05 15:52:38+00:00

{"Bitcoin": [16, 302, 511, 1301], "BTC": [1489]}

{}

China bars banks from handling bitcoins

https://finance.yahoo.com/news/china-bars-banks-handling-bitcoins-095527646.html

Associated Press

https://apnews.com/

BEIJING (AP) -- Bitcoins suffered a new setback after China's central bank said Thursday its banks and payment systems are barred from handling the virtual currency. The central bank said bitcoins did not qualify as a currency but private individuals still are allowed to trade them at their own risk. Bitcoins are created, distributed, and authenticated independently of any bank or government. Their relative anonymity holds out the promise of being able to spend money across the Internet without scrutiny. "Bitcoins are virtual goods that have no legal status or monetary equivalent and should not be used as currency," said a Chinese central bank statement. It said financial institutions and payment systems were not allowed use bitcoin prices for products and could not sell, trade or store bitcoins. "Ordinary people are free to participate in transactions at their own risk," the central bank said. Despite wild swings in value, the virtual currency has been moving toward broader acceptance. A growing number of companies accept bitcoins, which can be converted into cash. Last month, the biggest private university in Cyprus said it would accept bitcoins for tuition. But other governments are wary of the cybercurrency. In July, Thailand's central bank banned trading and use of bitcoins. Bitcoins are actively traded in China, possibly due to relatively limited options for investment. Just over 2 million bitcoins were traded over the past month on China's biggest exchange, BTC China, according to bitcoincharts.com, which follows trading in the cybercurrency. This week, Chinese police announced the detention of three people operating an online bitcoin trading platform who are suspected of stealing investors' assets. Operators told users the platform based in the eastern province of Zhejiang allowed them to trade bitcoins like stocks, according to the official Xinhua News Agency. Users may have lost as much as 25 million yuan ($4 million) when the platform shut down in October, Xinhua said. In Cyprus, the country's biggest private university said last month it will begin accepting bitcoins for tuition. Also last month, the U.S. Federal Election Commission said political organizations cannot accept contributions in the form of bitcoins. The commission's chairwoman cited the possibility of foreign or anonymous donations, which both would be illegal, flowing to candidates or outside political groups.

2013-12-05 16:52:54+00:00

{"Bitcoin": [304]}

{"Bitcoin": [0]}

Bitcoin May Be in a 'Bubble' but It Can Also Buy You a Tesla Model S

https://finance.yahoo.com/news/finance.yahoo.com/news/bitcoins-aren-t-just-for-boring-stuff--tesla-s-buyer-finds-165255714.html

Yahoo Finance

http://finance.yahoo.com/

What can you buy with bitcoins? Wine-flavored lollipops ? Custom leather watch bands ? Or how about ... a Tesla ( TSLA ) Model S? A Lamborghini dealership in Costa Mesa, California, says it just sold a Tesla Motors Model S for bitcoins and will accept the virtual currency for any future car purchases. “Bitcoin, a fully encrypted and fully digital currency, has been used by a recent client of ours to pay for a Tesla Model S Performance we had in our inventory," the Lamborghini Newport Beach dealership posted on its website . “That's right, an electronic currency was used to purchased a fully electric vehicle.” The dealership didn’t identify the buyer or price tag on the electric car, likely left over from a trade in by an earlier Lambo buyer. A new Tesla Model S starts at $62,400. With bitcoins trading at $1,052 on the Mt.Gox Exchange Thursday, it would take about 59 bitcoins to grab a new electronic ride. The currency's rise from a few cents each back in 2010 to over $1,000 has fueled more large purchases than just this one. For example, back in October, we saw headlines on a 27-year-old Norwegian man who bought a flat in Oslo with bitcoin profits generated from an initial investment of less than $30. But in that case, he had to actually exchange the coins to kroner. It's notable that the Newport Beach dealership accepted the bitcoins on their own merit. There have been few other big-item vendors that have done this, although Virgin Galactic did announce it would accept bitcoin for its space flights going forward, and a Hawaiian flight attendant was reportedly the first to bite . The value of a bitcoin has fluctuated wildly this year, rising from $20 at the beginning of the year to $140 in October to more than $1,200 at the beginning of December. News this week that Chinese authorities would not allow the country’s banks to deal in bitcoin sent the currency price tumbling back down to $1,000. Former Fed chief Alan Greenspan also said the cryptocurrency is in a "bubble,"  an idea that has been debated as bitcoin's value has inflated. But car dealers and other commercial vendors can ignore the price swings because bitcoins can be so easily and quickly converted back into dollars.

2013-12-05 16:52:54+00:00

{"Bitcoin": [304]}

{"Bitcoin": [0]}

Bitcoin May Be in a 'Bubble' but It Can Also Buy You a Tesla Model S

https://finance.yahoo.com/news/bitcoins-aren-t-just-for-boring-stuff--tesla-s-buyer-finds-165255714.html

Yahoo Finance

http://finance.yahoo.com/

What can you buy with bitcoins? Wine-flavored lollipops ? Custom leather watch bands ? Or how about ... a Tesla ( TSLA ) Model S? A Lamborghini dealership in Costa Mesa, California, says it just sold a Tesla Motors Model S for bitcoins and will accept the virtual currency for any future car purchases. “Bitcoin, a fully encrypted and fully digital currency, has been used by a recent client of ours to pay for a Tesla Model S Performance we had in our inventory," the Lamborghini Newport Beach dealership posted on its website . “That's right, an electronic currency was used to purchased a fully electric vehicle.” The dealership didn’t identify the buyer or price tag on the electric car, likely left over from a trade in by an earlier Lambo buyer. A new Tesla Model S starts at $62,400. With bitcoins trading at $1,052 on the Mt.Gox Exchange Thursday, it would take about 59 bitcoins to grab a new electronic ride. The currency's rise from a few cents each back in 2010 to over $1,000 has fueled more large purchases than just this one. For example, back in October, we saw headlines on a 27-year-old Norwegian man who bought a flat in Oslo with bitcoin profits generated from an initial investment of less than $30. But in that case, he had to actually exchange the coins to kroner. It's notable that the Newport Beach dealership accepted the bitcoins on their own merit. There have been few other big-item vendors that have done this, although Virgin Galactic did announce it would accept bitcoin for its space flights going forward, and a Hawaiian flight attendant was reportedly the first to bite . The value of a bitcoin has fluctuated wildly this year, rising from $20 at the beginning of the year to $140 in October to more than $1,200 at the beginning of December. News this week that Chinese authorities would not allow the country’s banks to deal in bitcoin sent the currency price tumbling back down to $1,000. Former Fed chief Alan Greenspan also said the cryptocurrency is in a "bubble,"  an idea that has been debated as bitcoin's value has inflated. But car dealers and other commercial vendors can ignore the price swings because bitcoins can be so easily and quickly converted back into dollars.

2013-12-05 17:30:00+00:00

{"Bitcoin": [23, 244, 517, 825, 1241, 1312, 1378]}

{"Bitcoin": [19]}

The Daily Value Of Bitcoin Transactions Has Passed Western Union's And It's Catching Up To Paypal's

https://finance.yahoo.com/news/daily-value-bitcoin-transactions-passed-173013428.html

Business Insider

http://www.businessinsider.com/

The value of all daily Bitcoin transactions is now just about one-third less than transactions on online pay service giant PayPal. That's according to Coinometrics , a site that tracks digital currency data. Around 80,000 transactions occur in Bitcoin daily. The dollar value of those transactions total around $257 million. Compare that with $397 million for Paypal. And that's already greater than $216 million worth of transactions conducted by Western Union, the company that Bank of America's David Woo compared Bitcoin to in his forecast for the digital currency's potential . However, those 80,000 overall daily transactions still pale in comparison to more mainstream American companies, including Western Union, which does 633,000 exchanges a day, Coinometrics says. The transactions include all transactions on the Bitcoin network, meaning exchanges processed by places like Bitpay and Coinbase. They do not include trades that occur at exchanges, which are off-chain transactions that do not show up on the network. Here's the chart: bitcoin comparison chart 1 Coinometrics And here's the data in table form: bitcoin comparison table Coinometrics And here's the fun graphic : bitcoin Coinometrics More From Business Insider Could Bitcoin Ever Stabilize Enough To Replace State Currencies? The Largest Bitcoin Exchange In The World Went Down Earlier Today At Least 54 Bitcoin Clones Have Been Created Since April

2013-12-05 18:12:20+00:00

{"Bitcoin": [31, 792, 1775, 2274, 2440, 2595]}

{"Bitcoin": [6]}

BofA: Bitcoin could hit $15 billion market cap

https://finance.yahoo.com/news/bofa-bitcoin-could-hit-15-181220111.html

CNBC

http://www.cnbc.com/

Siegfried Layda | Getty Images Bitcoin has "clear potential for growth" and could become a major means of payment for online transactions and money transfers, a Bank of America analyst told CNBC on Thursday. The digital currency could hit a market capitalization of $15 billion on its way to becoming similar to a store-of-value commodity like silver, David Woo said in a CNBC interview. Woo, head of global rates and currencies research, spoke on CNBC's "Squawk on the Street" after writing BofA's first assessment of bitcoin. His note is a reflection of the attention the fledgling currency has received from investors-and government regulators. On Thursday, the People's Bank of China outlawed the country's banks from using it, leading some to cash in on their investments. ( Read more : Bitcoin crashes 20% on China clampdown fears ) "At the end of the day, we've never seen anything like this before," Woo said of the growth of bitcoin. "You have to look at this from outside the box to get some kind of fair value notion. We think the market is very much in need of value assessment because otherwise you don't know how far this thing could go." Woo valued an individual bitcoin at $1,300 at his maximum market capitalization. According to bitcoin exchange Mt.Gox.com , prices were above $1,000 Thursday afternoon. Woo said the estimated market capitalization was an "upper limit" on his bitcoin forecast, and would only happen if the digital currency crosses three thresholds: It becomes 10 percent of business-to-consumer online transactions, one of the top three means of money transfers and a commodity similar to silver. Despite Beijing's move, Woo said bitcoin has immense growth potential in countries with strict regulations such as China. ( Read more : Meet 'Bitcoin Jesus,' a virtual currency millionaire ) "There's no question that bitcoin has some inherent risk," Woo said. "But I think we also need to recognize the fact that bitcoin does have a role to play in countries where its citizens face high taxes, capital controls or even high confiscation risk. This is why China has seen massive growing demand for bitcoins." Story continues Woo played down fears that bitcoin could fuel an underground economy of illicit drugs and untraceable transactions. Bitcoins, which are complex lines of code, contains a built-in code that produces a digital-and public-footprint, he said. ( Read more : US grabs $3 million worth of Bitcoins in Silk Road raid ) "From that point of view, I don't think bitcoin could become a big story in the criminal underworld," Woo said. ( Read more : Bitcoin's surge due to 'excess liquidity': Faber ) - By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street" Disclaimer More From CNBC Wall Street: The day of reckoning nears NBA rookie phenom plays tight D with his money 3 big hedge fund predictions for 2014

2013-12-05 21:46:00+00:00

{"Bitcoin": [2244]}

{}

Former South African President Nelson Mandela Has Died At The Age Of 95

https://finance.yahoo.com/news/nelson-mandela-dead-former-south-214601415.html

Business Insider

http://www.businessinsider.com/

Nelson Mandela Released AP Nelson Mandela and wife Winnie, walking hand in hand, raise clenched fists upon his release from Victor prison, Cape Town, Sunday, February 11, 1990. Nelson Mandela has died today at the age of 95, according to South African President Jacob Zuma. His death marks the final chapter in a life that changed South Africa forever. The former South African president had been suffering from a recurring lung infection, and the Daily Telegraph reports that his friends and family had gathered at his bed today. Zuma announced his death in a televised address to the nation, telling mourners that Mandela, often affectionately referred to by his Xhosa clan name "Madiba," had passed away at 8:50 p.m. local time. "Our nation has lost its greatest son, yet what made Nelson Mandela great was precisely what made him human," Zuma said. "We saw in him what we seek in ourselves, and in him we saw so much of ourselves." Mandela's struggle was one of the defining stories of the 20th century. Trained as a lawyer, he became involved in politics after 1948 as South Africa moved into a system of racial apartheid. While initially espousing non-violent protests with the African National Congress (ANC), he eventually founded a militant organization and was behind a bombing campaign in the early 1960s. He was arrested and sentenced to life in prison in 1962. Initially imprisoned in a 8-foot by 7-foot concrete cell with only a straw mat on which to sleep , Mandela's imprisonment soon became an international cause. He was eventually released on Feb. 2, 1990 after intervention by President F. W. de Klerk. Mandela became president of the ANC in 1991, and was elected president of South Africa in May 1994, a position in which he remained until 1999. During his time in office he led the dismantling of the apartheid system, for which he was awarded the Nobel Peace Prize in 1993 . Mandela is survived by his wife, Graça Machel; six children; and 17 grandchildren. Mandela had been sick for a long time. Earlier this year, South Africa's Sunday Times ran a story on Mandela's illness under the headline " It's time to let him go ." Story continues Sunday Times Mandela AP More From Business Insider Someone Bought A Tesla Using Bitcoin BITCOIN CRASHES AFTER WARNING FROM CHINA This Photo Of The Obamas' Dog Can Legitimately Be Called Epic

2013-12-05 22:01:00+00:00

{"Bitcoin": [1512]}

{}

Tipping Less Than 20% Will Make You Seem Cheap

https://finance.yahoo.com/news/tipping-less-20-seem-cheap-220154865.html

Business Insider

http://www.businessinsider.com/

Waiter pouring a drink WikiMedia Commons When it comes to tipping waiters, 15% no longer cuts it. That's according to a new study from data provider PayScale , which finds that the typical American leaves tips of more than 19% for wait staff. The finding largely holds true across generations, regions, income brackets, and genders, suggesting that bigger tips are part of a widespread cultural shift. "It's something that has been evolving over time, that the standard of 15% has been changing," said Katie Bardaro, lead economist for PayScale. "It seems to be an overall migration." Here's a quick breakdown of the data: Both men and women tip waiters generously, at nearly 20%. PayScale tipping men/women Business Insider Most income brackets tip generously as well, though people making less than $25,000 still stick closer to 15%. PayScale tipping by income bracket Business Insider Of the regions in the U.S. that are defined by the Census, New England tips the most . The West South Central region (that's Arkansas, Lousiana, Oklahoma, and Texas) tips the least. PayScale tipping by region in the U.S. Business Insider It's important to keep in mind that the tips waiters get make up the bulk of their income. According to PayScale's data, waiters make 62.71% of their hourly income from tips. That's second only to gaming dealers. "When you don't tip your waiter, you're actually costing them a large portion of their take-home pay," Bardaro says. More From Business Insider Someone Bought A Tesla Using Bitcoin BITCOIN CRASHES AFTER WARNING FROM CHINA This Photo Of The Obamas' Dog Can Legitimately Be Called Epic View comments

2013-12-05 22:05:06+00:00

{"Bitcoin": [921]}

{}

Is 'Smart Beta' Just a Fancy Word Trick?

https://finance.yahoo.com/news/smart-beta-just-fancy-word-220506890.html

ETFguide

http://www.etfguide.com/

Are 'smart beta' strategies really a new and better breed than competing investment strategies or just an innovative word trick for something else? James Montier, a member of GMO's asset allocation team observes: "When these strategies are corrected for their exposure to 'value' and 'small,' they exhibit no statistically significant outperformance compared to the cap weighted benchmark. In other words, the fact that smart beta has outperformed has nothing to do with the story told (i.e., better covariance matrix, exploiting index hugging, or contra trading against the cap weighted benchmark), it is simply that they embed exposure to value and small, two traits known to have outperformed over time." "Smart beta strategies are at the intersection of active and passive investing. Their goal is to beat the market using a rules based, transparent, low-cost approach," says Research Affiliates. LISTEN: " Beware of Bitcoin Mania " from Ron DeLegge's latest podcast Smart beta strategies in the investment world generally fall into two camps: 1) Indexes that use a one-dimensional or simple formulas, like equal weighting all the stocks within a benchmark like the Guggenheim S&P 500 Equal Weight ETF ( RSP - News ) does. Or, 2) Weighting stocks within a portfolio using a multiplicity of complex factors like book value and cash flow, as does the PowerShares FTSE RAFI US 1000 Portfolio ( PRF - News ). Smart beta's goal is to outperform traditional market cap weighted indexes and active managers. In less sophisticated circles, this is just known as "beating the pants off of everything." ETFs that weight companies by dividends like the WisdomTree Large Cap Dividend Fund ( DLN - News ) or the iShares Select Dividend Fund ( DVY - News ) are other offshoots of the smart beta movement, despite their singular focus on dividends. Over the past five years, PRF and RSP have handedly outperformed the S&P 500 ( VOO - News ) and other cap weighted benchmarks linked to large company stocks. Story continues But even with impressive historical performance by smart beta indexes comes a notable admission. "Seen from another perspective, the smart beta strategies inherently have value and small size tilts relative to cap-weighted benchmarks," notes a 2011 paper by Chow, Hsu, Kalesnik and Little. Isn't that essentially the same point Montier, a critic of smart beta, makes? Wouldn't this point also make smart beta strategies essentially an old concept but in entirely new packaging? Furthermore, can't investors simply tilt their portfolios to overweight small cap and value stocks with corresponding funds, rather than relying on a smart beta ETF to do it for them? Another issue deals with whether smart beta strategies, which have been optimized in a financial laboratory, can replicate that same type of historical success in the real world. Regardless of how long a smart beta strategy has been backtested, the real test is how it performs in the future. "Smart beta is an impressive branding story. Investors should question the labels and recognize the emotion that may be involved in the narratives, said Colin McLean, a writer for the CFA Institute's blog. Sounds like pretty smart advice for even the dumbest of people. The ETF Profit Strategy Newsletter uses technical, fundamental, and sentiment analysis along with market history and common sense to keep investors on the right side of the market. Since the beginning of the year, 74% of our weekly ETF picks have been winners. (through Q3 2013) Follow us on Twittter @ ETFguide More From ETFguide.com Bearishness in the Right Places Pays Big Dividends Is Gold Headed to $1,000 per Ounce? The Two Month VIX Cycle

2013-12-06 09:02:00+00:00

{"Bitcoin": [8230]}

{}

Today's Jobs Report Is Even More Important Than The Last One — Here's Everything You Need To Know

https://finance.yahoo.com/news/todays-jobs-report-even-more-090200546.html

Business Insider

http://www.businessinsider.com/

Job growth St. Louis Fed Job growth is making a comeback in 2013. On Friday, at 8:30 AM ET, the U.S. Bureau of Labor Statistics releases the most important economic data release on the calendar: the November Employment Situation (a.k.a. "the jobs report"), which Wall Street economists believe will show that 185,000 workers were added to nonfarm payrolls last month. Many believed the October jobs report would be negatively affected by the government shutdown that spanned the first two weeks of the month. Instead, it showed that the economy shrugged off the shutdown, creating 204,000 nonfarm payrolls in October — well above the consensus 120,000 estimate. The unexpected acceleration in hiring caused a big sell-off in the Treasury market as investors re-calibrated forecasts of when the Federal Reserve is most likely to begin winding down (i.e., taper) its quantitative easing program — the sole consideration dominating markets at the moment. In recent weeks, we have seen a lot of positive economic data points that seem to confirm that the U.S. economy accelerated in October and November, including various indicators of labor market activity. Tomorrow's jobs report could be the key confirmation many investors are looking for. "In our view, the strength in the October employment report put the possibility of a December taper back on the table, after a weak September employment report had dimmed the prospects," says Deutsche Bank chief U.S. economist Joe LaVorgna. "Another month of solid job gains (inclusive of revisions) increases the probability that policymakers will taper when they meet at the December 17-18 FOMC meeting." Regardless of whether a strong November jobs report will actually spur the Fed to consider tapering QE in December, it's a game of probabilities for market participants, so a big nonfarm payrolls number will force the market to adjust accordingly. 10yr yield Business Insider/Matthew Boesler (data from Bloomberg) Gennadiy Goldberg, an interest rate strategist at TD Securities, argues that "w ith the market already pricing in increasing odds of a January taper amid the steadily improving flow of economic data," an above-consensus nonfarm payrolls print in the range of 190,000-225,000 will only spark a "mild sell-off" in the Treasury market. Story continues Indeed, on the back of a sell-off that has gripped the market over the past six weeks, the yield on the 10-year Treasury note is at 2.87% — right where it closed on September 16, when imminent tapering was widely believed to be largely priced into the market. Below are consensus forecasts for the major components of the November jobs report: Change in nonfarm payrolls: 185,000, down from 204,000 in October Change in private payrolls: 180,000, down from 212,000 in October Change in manufacturing payrolls: 10,000, down from 19,000 in October Unemployment rate: 7.2%, down from 7.3% in October Average hourly earnings growth: 0.2% from the previous month, up from 0.1% in October Average weekly hours worked: 34.5, up from 34.4 in October Estimates for the crucial, market-moving nonfarm payrolls number range from 115,000 to 230,000, according to a survey of Wall Street economists polled by Bloomberg. Société Générale economist Brian Jones is usually on the higher end of that range — his forecast has been above consensus every month for the last year. This time, however, he's slightly bearish — predicting 150,000 — given where the Thanksgiving holiday fell on the calendar this year. "We have found that the placement of Thanksgiving over the 22-28 November span can provide either a significant lift to or exert a considerable drag on estimated job growth in that month," explains Jones. "Reflecting the early hiring of seasonal holiday workers when the fourth Thursday of the month falls between 22-24 November, the estimated change in payroll employment is on average 57,000 above what the fundamental variables in our model would suggest. The converse is essentially true when Thanksgiving is observed over the 26-28 November period. Indeed, our estimated coefficient – a drag of 45,000 – is almost symmetric." Perhaps the most interesting forecast is also on the bearish side of the spectrum. Toby Dayton, CEO of the job listing search engine LinkUp, predicts the nonfarm payrolls number will actually be negative for the first time in over three years. "With the 6.4% decline we saw in our September LinkUp data, we are anticipating a massive downward revision to a gain of only 65,000 jobs last month," writes Dayton in a post on the LinkUp blog. " If October’s numbers are as horrible as we believe them to be, we are forecasting that the economy actually lost jobs in November for the first time since September 2010. With the 5.6% decline in new and total job listings in the LinkUp index in October, we predict that the U.S. showed a net loss of 25,000 jobs in November." Needless to say, that would be quite a surprise. Finally, courtesy of Goldman Sachs economist David Mericle, here are all of the data points that point to either a strong or a weak report. A number of factors point toward a moderately strong report: 1 . Strong recent trend . The three-month average of nonfarm payrolls now stands a bit over 200k, and the 204,000 gain in October was an impressive positive surprise relative to expectations for a shutdown-induced slowdown. 2 . Job cuts . Challenger, Gray & Christmas reported a decline in seasonally adjusted job cuts in November, despite a boost from the final closing of two large chain stores. 3 . Job advertisements. The Conference Board's measure of new job ads reported in its Help Wanted OnLine index rose in November. While the index is quite volatile month-to-month, its four-month average has steadily improved since July. 4 . ADP. Once again, the ADP report proved to be a poor indicator of payrolls in October. In addition, methodological revisions late last year have made its predictive power for private non-farm payrolls difficult to gauge. However, yesterday's report showed a strong 215k gain and suggested in particular that recent employment gains in the construction and manufacturing sectors would continue in November. Other indicators are sending a neutral-to-weaker message: 1 . Business surveys. The most worrisome sign for November payrolls is the decline in the employment component of the ISM non-manufacturing index, which we have found to be the most valuable business survey for forecasting payrolls, from 56.2 in October to 52.5 in November. Partly offsetting this, the Richmond Fed's service sector survey reached a record high and the employment components of the ISM manufacturing index and the Chicago PMI both improved. 2 . Cold weather . While October had an unusually small number of cold days, November had an unusually large number. Our model suggests less supportive weather could detract about 10k from November payrolls relative to October. 3 . Jobless claims. The jobless claims data have been difficult to interpret over the last couple of months as a result of distortions in October and challenges associated with seasonal adjustment during holiday weeks in the second half of November. However, the early November prints in the low 340s were roughly in line with or a touch above the four-week average before the distortions began. 4 . Consumer confidence. Headline confidence numbers were mixed. The Conference Board's confidence numbers remain depressed last month, while the University of Michigan's consumer sentiment index beat expectations, suggesting that the shutdown's blow to confidence is beginning to fade. More importantly for payrolls, respondents to the Conference Board's consumer confidence survey who answered that jobs are "hard to get" exceeded the number answering that jobs are "plentiful" by 22.2 percentage points, a slight improvement from October. We will be flooding the zone with jobs report coverage Friday morning. Follow the release LIVE on Business Insider » More From Business Insider Former South African President Nelson Mandela Has Died At The Age Of 95 Wall Street Economist Predicts Exactly How Stocks Will Move In The First Half Hour After The Jobs Release Someone Bought A Tesla Using Bitcoin

2013-12-06 12:17:00+00:00

{"Bitcoin": [603]}

{}

Sears Shares Are Higher

https://finance.yahoo.com/news/sears-shares-climb-retailer-announces-121700606.html

Business Insider

http://www.businessinsider.com/

land's end Land's End Sears shares are up 1.6% this morning to $50.80 after the Chicago-based retail giant announced it was spinning off its Land's End clothing division. Land's End was sold to Sears in 2002 for $1.9 billion. Sears shares have fallen 20% this week on reports of flagging sales. It's been losing market share to other big-box retailers , and Fitch recently downgraded some of its debt . More From Business Insider Former South African President Nelson Mandela Has Died At The Age Of 95 Slow-Mo GoPro Video Of Cliff Jump Gone Wrong Is Nothing Short Of Insane Someone Bought A Tesla Using Bitcoin

2013-12-06 13:24:00+00:00

{"Bitcoin": [61, 318, 788, 820, 916, 1833, 3443, 3654, 3746, 3861, 3932]}

{"Bitcoin": [30]}

PRESENTING: The Most Powerful Bitcoin Miner In The World

https://finance.yahoo.com/news/presenting-most-powerful-bitcoin-miner-132411051.html

Business Insider

http://www.businessinsider.com/

knc jupiter bitcoin miner Rob Wile/Business Insider Mining a Bitcoin, which involves directing large amounts of computing power at solving complex equations, doesn't come cheap. We recently told you about the gonzo sales Stockholm-based KnCMiner saw on Black Friday for its Neptune device, set to be the most powerful Bitcoin mining device in the world when it's released. It won't be available until next year, and you won't be able to get it right away unless you're a pre-existing KnC customer. And it will cost $13,000. We got our hands on the next best thing: KnC's Jupiter miner, currently the world's most powerful. You actually can't purchase one of these now either — KnC has promised all customers who bought before August that it wouldn't sell anymore so as not to disrupt the Bitcoin mining difficulty rate. Bitcoin is designed so that the more people mining, the more power is required to mine a single Bitcoin. But yesterday, Alex Lawn, KnC's English head of technical communications, stopped by our offices to demonstrate a Jupiter model. Check it out: Lawn carried around the miner in this box, which helped land him an hour's audience with JFK customs officials. knc jupiter miner Rob Wile/Business Insider Lawn removed the casing right away so we could check out the inside. The casing isn't much to look at anyway, although you can get a sense from the branding that KnC, which started out as a corporate IT shop , is not some fly-by-night operation. knc jupiter bitcoin miner Rob Wile/Business Insider And here's what he wanted us to see: four circuit boards with fans stacked on top. Don't laugh: It took four-and-a-half months and more than $3.5 million dollars to build. knc jupiter bitcoin miner Rob Wile/Business Insider Right now, at the current rate of mining difficulty, one of these babies can print one Bitcoin in three days. By comparison, it now takes the average miner about two months to do so. (We weren't really able to mine any because we weren't mining for long enough.) knc jupiter bitcoin miner Rob Wile/Business Insider The real star of the show actually fits in the palm of your hand: a 28 nanometer application-specific integrated circuit. These are usually found in the iPhone 5s . Now they're used to power printing presses. Story continues knc jupiter bitcoin miner Rob Wile/Business Insider The key to the 28 nm ship is its power efficiency: It uses 40% less power than a 40g computer. However they do still eat up a lot of electricity — this machine alone would add $4 a day to your electric bill — which is why you need the fans blasting. knc jupiter bitcoin miner Rob Wile/Business Insider Here's what you would see on your mining monitor if you actually had one up and running for real. It shows how well your machine is performing ((avg. hash rate"), and the current mining difficulty rate. KnC Jupiter CGMiner Status Alex Lawn/KnCMiner And this is what you'll see when the miner is operating — "accepted" means it's solved one of the complex equations: KnC Jupiter CGMiner SSH Terminal Alex Lawn/KnCMiner Lawn would not reveal how many Jupiters they've sold, only to say that each of their batches have sold out, and that individuals in 120 different nations, including Swaziland, have purchased a unit. knc jupiter bitcoin miner Rob Wile/Business Insider Again, their is a commitment to branding: the company's motto is, "The whole world, only one block apart" — referring the "blocks" of Bitcoin the miners must unlock. knc jupiter bitcoin miner Rob Wile/Business Insider At $5,000, these don't come cheap — though you'd only be able to get your hands on one second hand anyway. Things move fast in Bitcoinland. knc jupiter bitcoin miner Rob Wile/Business Insider More From Business Insider Bitcoin Developer Sells $8 Million Worth Of Hardware In 24 Hours, As Mining Technology Arms Race Goes Insane Could Bitcoin Ever Stabilize Enough To Replace State Currencies? The Largest Bitcoin Exchange In The World Went Down Earlier Today

2013-12-06 15:32:00+00:00

{"Bitcoin": [1559, 1586]}

{}

Facebook Is Giving Up On A Potentially Huge Revenue Stream: Developing Its Own Currency

https://finance.yahoo.com/news/facebook-giving-potentially-huge-revenue-153242755.html

Business Insider

http://www.businessinsider.com/

facebook zuckerberg REUTERS/Edgar Su A visitor looks at portraits of Facebook's founder Mark Zuckerberg at solo exhibition "The Face of Facebook" by Chinese artist Zhu Jia at a gallery in Singapore October 30, 2013. For years, analysts and reporters who watched Facebook said the company would eventually roll out some sort of product to do with payments. You'd hear that Facebook was working on a "Pay With Facebook" button. Or you'd read that Facebook Credits, a currency you could once use to buy virtual goods in Facebook games, would eventually become a currency you could use at e-commerce or even offline stores. Never happened. Then, earlier this year, Facebook ceased supporting Facebook Credits all together. What gives? Reporting for The Information, Katie Benner says that according to "interviews with Facebook executives, former employees and payments experts," Facebook only wants to be in the payments business so far as it can bolster its ad revenues. Facebook has a product called Autofill, where users can give Facebook their credit card information once, and then when visiting e-commerce apps and websites later, can click a button and have that information quickly populate fields on the page. Benner says the business goal behind the product is for Facebook to understand "consumer buying patterns that should bolster its advertising business, its main revenue stream and core competence." Venture capitalist Hunter Walk is disappointed by Facebook's payments pivot. In a blog post, he writes that he thinks Facebook could have created Bitcoin before there was a Bitcoin. He lists four reasons: 1. Immediate Utility Different Than The Dollar (First Party Utility) An alternate currency needs to have bootstrapped/kickstarted market liquidity and validation. Facebook, at the time, had the power to tell all Facebook Platform app developers that they needed to use Credits as their virtual currency. Immediately there was a widespread use case and reason for consumers to hold Credits instead of Dollars. The issuer of the currency was also able to create a market. Story continues 2. Broader Third Party Recognition Once the Games market was set, other on-platform businesses started to experiment with Credits. For example, you could rent movies from Warner Brothers. At the time “F-Commerce” (omg what a horrible name) was trendy and all different types of apps were being used to help merchants set up storefronts within Facebook and on their Facebook Pages. 3. Tied to Identity & Reputation Because Facebook is a real name space, it was exciting to imagine that Facebook Credits could come with a reputation system. There hasn’t been an interesting transaction-oriented reputation system on the web since eBay built their user ratings, and that never broadened despite fact that eBay User Ratings + Paypal COULD HAVE BEEN HUGE AS A PLATFORM. Within Facebook, or anywhere that you could sign in using Facebook ID (which is still the most robust part of their platform play), you would have a one-click payment system tied to a user history. Huge. 4. Inherently Global Facebook was also the first global social network at scale. That meant you were going to run into inter-country transactions and a frictionless proxy currency would have had use. Within a single country it would be very hard to replace the local unit of exchange, but across borders, less so. Why didn’t the Hacker Way push Facebook to be aggressive here. Hacking money? That’s so cool. Unfortunately they turned in another direction. Admittedly they had much on their plate and needed to focus, but I wonder why they don’t take on a few of these 100 Year Hacks… Facebook's decision to leverage whatever position it has, or could have, in online transactions for the benefit of its already existing ad business fits a general trend at the company these days. Unlike Google, which is investing its massive and growing search advertising profits into seemingly unrelated industries like cars, robots, and health – Facebook is going through a narrowing of its ambitions. It's figuring out how to sell branded ads against social content viewed on mobile devices. More From Business Insider Twitter Is Now More Teen-Centric Than Facebook Now There's A Foolproof Way To Know Which Of Your Facebook Friends Hate Your Guts Here's Facebook's New Way Of Letting You Block Annoying Stuff That Appears In Your News Feed

2013-12-06 20:39:00+00:00

{"Bitcoin": [94, 302, 409]}

{"Bitcoin": [0]}

Bitcoin Jesus Appears On Bloomberg

https://finance.yahoo.com/news/bitcoin-jesus-appears-bloomberg-203907081.html

Business Insider

http://www.businessinsider.com/

This happened. bloomberg jesus Bloomberg TV Here's the full story of Roger Ver, also known as Bitcoin Jesus. The 34-year-old has made a fortune investing in the digital currency since 2011. More From Business Insider Former South African President Nelson Mandela Has Died At The Age Of 95 HUGH HENDRY: Bitcoin Could Go To $1 Million And I Wish I Could Own It The Amount Of Computing Power Dedicated To Mining Bitcoin Has Gone Parabolic View comments

2013-12-08 18:00:00+00:00

{"Bitcoin": [3995]}

{}

Middle class getting priced out of ski trips

https://finance.yahoo.com/news/finance.yahoo.com/news/middle-class-getting-priced-ski-180000835.html

CNBC

http://www.cnbc.com/

John P. Kelly | Image Bank | Getty Images Skiers and snowboarders searching for "the steep and deep" this winter may find the concept has taken on a much less appealing connotation: The price of the sport is getting so steep that some believe it may be becoming the exclusive domain of those whose pockets are exceedingly deep. "You have the haves and the have mores," said Douglas Quinby, principal analyst at PhoCusWright, which conducts market research on the travel industry. "When you factor in the airfare of the typical ski trip, the accommodations and the length of stay, you're talking about a pretty significant penny." Coupled with lift tickets that can top $100 per day and clothing and equipment that can cost thousands, it's not surprising that both the industry and its fans are concerned about the sports' long-term viability for those of more modest means. Read more at NBCNews.com Southwest, Virgin approved for LaGuardia slots Apps to smooth your journey N.Ireland looks to 'Game of Thrones' to lure tourists Skiing, of course, has never been considered an inexpensive activity, but the sport has seen a significant upward shift in visitor demographics in recent years. Last year, 54 percent of skier visits, defined as one skier/snowboarder riding for one day, came from households earning more than $100,000, according to the National Ski Areas Association (NSAA). That's up from 48 percent five years ago, a 12.5 percent increase. In contrast, visits from households earning less than $100,000 during the same period slipped from 52 percent to 46 percent-an 11.5 percent decrease. "They're chasing existing customers who have the money to spend rather than going after new customers," said Roger Marolt, a lifelong skier and Aspen resident. "They're creating all these expensive amenities to attract them, which drives the price of skiing up even further." ( Read more : Unused vacation: Too afraid to stay away? ) The average weekend lift-ticket price last season was $85.52, which was actually a bargain compared to the $129 you'd have paid if you walked up to a ticket window at Vail or Beaver Creek last Christmas. This year, Deer Valley, Jackson Hole, Park City and Sun Valley have all joined Aspen and Vail in charging $100 or more for a lift ticket during peak periods. Story continues Such prices clearly play into the perception that skiing is the exclusive domain of the well-heeled, but it's also true that few people pay such stratospheric rates. More than half of so-called ski travelers (as opposed to day-trippers) now buy their tickets at least a week in advance and just under half buy them online, garnering potentially significant discounts by doing so, according to Quinby's research. Many get discounts as part of lodging packages that include multi-day lift tickets; others by taking advantage of "dynamic-pricing systems" that peg prices to seasonal demand and how far in advance they buy. "Selling lift tickets at the window is like the airline industry selling all its tickets at the counter," said Evan Reece, co-founder and CEO of Liftopia, which sells online advance tickets, rentals and other products to 250 resorts around the world. For those willing to commit in advance, the site offers deals such as day tickets at Smugglers' Notch, Vt., in December for as low as $38 (43 percent off) and 5 of 7 day tickets at Sun Valley, Idaho, in January for $261 (45 percent off). There's even a one-day lift ticket and bacon Bloody Mary deal at Arapahoe Basin, Colo., for as low as $58 (24 percent off). Other skiers and snowboarders save big bucks by buying season passes, some of which pay for themselves in as few as five or six visits. Traditionally offered by individual resorts and pegged toward locals, newer passes such as Vail Resorts' Epic Pass (unlimited skiing at 12 resorts for $729) and the Mountain Collective pass (12 days at six destinations for $379) extend the concept to those who don't live at the base of the hill. ( Read more : Bitcoins in a fountain: Travelers make a go ) "If you look at the season pass deals out there, by some definitions skiing has never been more affordable for our core participants," said Michael Berry, NSAA president. And therein lies the proverbial rub. That core audience is getting older and they're not being replaced by enough new participants to grow the sport. Last year, the median age on the slopes was 38, compared to 34 a decade ago, a worrisome shift for the industry. The overall result is little or no growth in participation and the potential for future declines as baby boomers "age out" of the sport. Last year, skier visits hit 56.9 million, an increase of 11 percent over 2011 - which was the worst season in 20 years - but still below the sport's 10-year average of 57.4 million. The challenges are only expected to grow. As the major resorts spend millions on new lifts and posh lodges, smaller areas - so-called "feeder and breeder" resorts - can't afford to offer competitive amenities. In 1978, there were approximately 700 ski areas in the U.S.; last year, there were only 477. The future of the ski industry, Quinby said, looks increasingly like the travel industry at large: a two-tiered market in which wealthier participants are more optimistic, more able to travel and more willing to accept higher costs. The rest, by contrast, are less optimistic and less likely to spend - with one major caveat. Regardless of their economic status, skiers and snowboarders are nothing if not passionate about the sport, and most will find a way to satisfy their passion. They're people like Elizabeth Rodgers, a lifelong skier who lives in Boise, Idaho. She can hit the local slopes at Bogus Basin, where season passes sold for $229 earlier this year, or drive 2.5 hours to Sun Valley, where day tickets during peak periods are $105. For Rodgers, a mother of two who skis about 20 times a year, the economics are simple: "Bogus is much smaller but it's accessible, it's affordable and you can still ski a lot." And Sun Valley? "It's just heaven-it's only gotten more beautiful and more fancy-but only the one percent can afford to have a real family vacation there." ( Read more : Say goodbye to the world's longest flight ) -By NBC News contributor Rob Lovitt. Follow him on Twitter . More From CNBC US income gap for middle-age jumps 21% in 20 years A surprising group stands in way of income equality Pushed out too soon? Age discrimination claims rise

2013-12-09 12:02:00+00:00

{"Bitcoin": [2367, 2451, 2545, 2658]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-opening-bell-120216908.html

Business Insider

http://www.businessinsider.com/

lenin statue REUTERS People surround a statue of Soviet state founder Vladimir Lenin, which was toppled by protesters during a rally organized by supporters of EU integration in Kiev, December 8, 2013. Good morning. Here's what you need to know. Asian markets were mostly higher in overnight trading. Japan's Nikkei closed up 2.29%; Hong Kong's Hang Seng, 0.29%; and Korea's KOSPI, 1.01%. European markets were mostly lower, but U.S. futures were pointing north. It's a light week of economic data , but economists continue to speculate on whether the Fed will taper its asset purchasing program in December or if it will wait until next year. Citing interviews and public statements by Fed officials, the New York Times' Binyamin Appelbaum reports that the taper is not expected until next year . On the other hand, Deutsche Bank's Joe LaVorgna wrote clients, "Regarding the Fed, last Friday’s employment report reinforces our previous view that the Fed will begin QE tapering in December." In China, consumer prices grew 3% in November, slightly below expectations for a 3.1% rise. Producer prices fell 1.4%, missing expectations for a 1.5% drop. Meanwhile, reforms in the country continue, with China introducing the inter-bank negotiable certificate of deposits on Saturday. The reform "can help banks secure a more stable funding source and offer liquid and safer underlying securities for investment products targeting individual investors," wrote Societe Generale's Wei Yao. And in another completely different reform, Chinese officials can no longer eat extravagant meals of shark fin and bird's nest soup on business trips. Japan's growth slowed in Q3 , with GDP expanding an annualized 1.1% on the quarter, revised down from 1.9%. " Weaker-than-estimated business spending contributed to the revision to the GDP figures, indicating that Japan Inc. is yet to be convinced that Abenomics will trigger a prolonged economic revival," reports Reuters' Keiko Ujikane. We won't have new economic data today in the U.S., but we will see three Fed speeches that may further illuminate where officials stand on monetary policy. Richmond Fed President Jeffrey Lacker will speak in Charlotte, St. Louis Fed President James Bullard will speak on the economy in St. Louis, and Dallas Fed President Richard Fisher will speak in Chicago on the economy and monetary policy. Bitcoin's weekend of pain is over, and the digital currency has staged a comeback . Bitcoin crashed on Friday and Saturday, at one point falling from $1100 to below $600 on poor Bitcoin-related news out of China. Now the cryptocurrency is above $900 again. Still, not everyone is buying the Bitcoin hype. "It’s not a currency at all, it’s a complete joke," Bill Fleckenstein said in a recent interview. After weeks of protests, Thai Prime Minister Yingluck Shinawatra dissolved parliament and called a snap election , Reuters reports. Still, protestors continue to clash with police in an attempt to remove Yingluck from power and " eradicate the influence of her self-exiled brother, former prime minister Thaksin Shinawatra," according to the report. Speaking of protestors, demonstrators in Kiev's Independence Square toppled a statue of Soviet state founder Vladimir Lenin on Sunday. After protestors beat the headless statue with hammers, a poster read , "Yanukovich, you are next!" a reference to the current Ukranian president. Demonstrators have rioted over the government's ties with Russia at the expense of the European Union. The merger of American Airlines and US Airways is expected to be finalized today , creating the world's largest airline. After a lengthy antitrust suit with the Justice Department (and with the Supreme Court declining a challenge), the two are expected to sign merger documents before the bell, CNNMoney's Gregory Wallace reports. Congress could bring Americans a nice gift for the holidays — a budget deal. "L awmakers and aides are optimistic that negotiators can reach a budget accord and continue to make progress on a farm bill and other measures," reports the Wall Street Journal's Kristina Peterson and Michael R. Crittenden . PRG's Greg Valliere believes the deal will come in the next couple of days , as an "emotionally spent" Congress is willing to take smaller deals to avoid another budget trauma. " The pending 21-month budget deal will soften the sequester (while coming up with offsetting savings), and will greatly reduce the uncertainty over fiscal issues. And, of course, the deficit continues to plunge," Valliere wrote clients. Story continues More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning View comments

2013-12-10 05:49:22+00:00

{"Bitcoin": [1482]}

{}

PRESS DIGEST- New York Times business news - Dec 10

https://finance.yahoo.com/news/press-digest-york-times-business-054922421.html

Reuters

http://www.reuters.com/

Dec 10 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. * The government bailout of General Motors ended on Monday with the Treasury Department's announcement that it had sold its final shares of GM stock. The sale closes a tumultuous chapter in the history of the American auto industry, and allows the nation's largest automaker to continue its comeback free from the stigma of being known as "Government Motors." () * The Finnish cellphone giant Nokia is expected on Tuesday to offer almost $400 million to resolve a tax dispute with Indian authorities ahead of the company's planned sale of its handset business to Microsoft for $7.2 billion. () * Output at German factories, mines and power plants declined in October for a second straight month, official data showed on Monday, the latest sign that the economy at the heart of the euro zone recovery might not be growing as quickly as had been hoped. () * Not limiting their activities to the earthly realm, American and British spies have infiltrated the fantasy worlds of World of Warcraft and Second Life, conducting surveillance and scooping up data in the online games played by millions of people across the globe, according to newly disclosed classified documents. () * The advent of a new medium to conduct business inevitably means avenues for criminals to swoop in to take advantage. The development of Bitcoin, the virtual currency that is not issued by any government, presents challenges for the authorities to use laws that were not designed for the digital world to combat illegal conduct. () * Shortly after 1 a.m. on a day nearly a year ago, Cerberus Capital Management announced that it planned to sell its gun manufacturing company, the Freedom Group, after the deadly school shooting in Connecticut four days earlier. But the efforts to sell the company, which produced the Bushmaster rifle that Adam Lanza used in his assault on Sandy Hook Elementary School in Newtown, Conn., have been hamstrung by the public furor that prompted the auction in the first place. () Story continues * European Aeronautic Defense and Space, the parent company of Airbus, announced plans on Monday to cut 5,800 jobs from its military and space divisions over the next three years as it responds to reductions in European military budgets driven by austerity measures. () * The billionaire trader Steven A. Cohen is one step closer to converting his onetime $15 billion hedge fund into a family office after a tentative deal to sell a reinsurance firm he formed in 2012. Hamilton Reinsurance Group - a privately held firm led by the former insurance executive Brian Duperreault and Two Sigma Investments - will be buying the firm, known as SAC Re Ltd, for an undisclosed amount. () * When you think about Nelson Mandela, you probably think about freedom - free people, free country, free speech. What may be overshadowed by Mandela's extraordinary legacy was his complicated journey to support free markets and a free economy.

2013-12-10 12:30:00+00:00

{"Bitcoin": [248, 378, 455, 524, 669, 1402, 3515]}

{"Bitcoin": [47]}

Myriad Interactive Media Begins Development of Bitcoin Platform CryptoCafe.com

https://finance.yahoo.com/news/myriad-interactive-media-begins-development-123000821.html

Marketwired

http://www.marketwired.com/

TORONTO, ON and LAS VEGAS, NV--(Marketwired - Dec 10, 2013) - Myriad Interactive Media Inc . ( OTCQB : MYRY ) ( BERLIN : XNG ) a global interactive media & development company, is pleased to announce an exciting new platform coming to the world of Bitcoin. Myriad has initiated development of a new innovative platform which will be announced in the next 90 days to enhance the Bitcoin and cryptocurrency community. "We have been involved in the world of Bitcoin for the last year," said Myriad CEO Derek Ivany. "We believe Bitcoin brings a world of possibilities to many around the world, and our new platform will add further value to these exciting P2P currencies." Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. "We're pleased to add another platform to our technology portfolio," says Derek Ivany, CEO of Myriad "Our first two developed technologies, MingleSuite and MyMobiPoints focus on SME's, and now that we are in the sales phase with these two fabulous products, we have decided to put our development team to work on another exciting platform which introduces Myriad to a completely different market and further expands our asset portfolio as well as offers our shareholders another platform to be excited about." CryptoCafe.com will be dedicated to not only Bitcoin but will embrace Litecoin and other currencies within. The platform which is planned to be announced for both desktop and mobile will be dedicated to virtually every person who uses cryptocurrencies, and opens up Myriad to what is becoming a major mainstream audience. About Myriad Interactive Media, Inc.: Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops customized marketing plans, social media marketing campaigns, pay per click, and search engine marketing. Our company also develops in house web & mobile applications. Story continues Myriad Interactive Media Inc. is a public company quoted on the OTCQB under the symbol MYRY. For more information, please visit us in the USA at www.myriadim.com Forward-Looking Statements In addition to historical information, this press release may contain forward-looking statements that reflect the Company's current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future. Contacts: Myriad Interactive Media Inc. Find us on Social Media http://www.myriadim.com/community MyMobiPoints Social Media Mobile Marketing Technology http://www.mymobipoints.com MingleSuite Social Media Platform Aggregator http://www.minglesuite.com CryptoCafe.com - Coming to the world of Bitcoin! http://www.cryptocafe.com

2013-12-10 12:30:00+00:00

{"Bitcoin": [248, 378, 455, 524, 669, 1402, 3515]}

{"Bitcoin": [47]}

Myriad Interactive Media Begins Development of Bitcoin Platform CryptoCafe.com

https://finance.yahoo.com/news/finance.yahoo.com/news/myriad-interactive-media-begins-development-123000821.html

Marketwired

http://www.marketwired.com/

TORONTO, ON and LAS VEGAS, NV--(Marketwired - Dec 10, 2013) - Myriad Interactive Media Inc . ( OTCQB : MYRY ) ( BERLIN : XNG ) a global interactive media & development company, is pleased to announce an exciting new platform coming to the world of Bitcoin. Myriad has initiated development of a new innovative platform which will be announced in the next 90 days to enhance the Bitcoin and cryptocurrency community. "We have been involved in the world of Bitcoin for the last year," said Myriad CEO Derek Ivany. "We believe Bitcoin brings a world of possibilities to many around the world, and our new platform will add further value to these exciting P2P currencies." Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. "We're pleased to add another platform to our technology portfolio," says Derek Ivany, CEO of Myriad "Our first two developed technologies, MingleSuite and MyMobiPoints focus on SME's, and now that we are in the sales phase with these two fabulous products, we have decided to put our development team to work on another exciting platform which introduces Myriad to a completely different market and further expands our asset portfolio as well as offers our shareholders another platform to be excited about." CryptoCafe.com will be dedicated to not only Bitcoin but will embrace Litecoin and other currencies within. The platform which is planned to be announced for both desktop and mobile will be dedicated to virtually every person who uses cryptocurrencies, and opens up Myriad to what is becoming a major mainstream audience. About Myriad Interactive Media, Inc.: Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops customized marketing plans, social media marketing campaigns, pay per click, and search engine marketing. Our company also develops in house web & mobile applications. Story continues Myriad Interactive Media Inc. is a public company quoted on the OTCQB under the symbol MYRY. For more information, please visit us in the USA at www.myriadim.com Forward-Looking Statements In addition to historical information, this press release may contain forward-looking statements that reflect the Company's current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future. Contacts: Myriad Interactive Media Inc. Find us on Social Media http://www.myriadim.com/community MyMobiPoints Social Media Mobile Marketing Technology http://www.mymobipoints.com MingleSuite Social Media Platform Aggregator http://www.minglesuite.com CryptoCafe.com - Coming to the world of Bitcoin! http://www.cryptocafe.com