Daily Archives: January 26, 2015

Volatility, Deflation and Manipulation: A Response to Bitcoin's Critics

Bitcoin has its share of critics and skeptics, and opposition to the emerging technology – especially among the intelligentsia – shows no sign of abating.

Notable commentators on the topic range from author Jeffrey Robinson to finance blogger Karl Denninger, Boston University professor Mark Williams, rabid Keynesian Paul Krugman, Austrian economist Gary North and FT Alphaville‘s Izabella Kaminska.

Generously, I’m assuming that the pundits listed above have a thorough and accurate understanding of the bitcoin protocol that facilitates its native token’s dual role of currency and commodity.

Continue reading at CoinDesk

Bitcoin Ransomware Now Spreading via Spam Campaigns

Security firms McAfee Labs and Symantec have issued warnings that a type of bitcoin-demanding ransomware, CTB-Locker, is now being propagated through spam campaigns.

The malware, the name of which stands for ‘Curve Tor Bitcoin Locker’, was first identified last year. However, the spam distribution approach appears to be a relatively new development.

McAfee published its latest advisory last week, describing CTB-Locker as a form of ransomware that encrypts files on the target computer. Anecdotal evidence suggests .jpg image files are a frequent target. The victim then has to pay a ransom to have the files decrypted.

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UK Bank Closes Safello Accounts 6 Weeks After Entering Partnership

Six weeks after Swedish-based bitcoin exchange Safello announced rapid ‘Faster Payments’ deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow.

Safello, which received the 14-day closure notice from the undisclosed UK bank on 13th January, said: “there was no base for the decision to shut our accounts down. Nor were we unclear in our communication towards the UK bank prior to getting our accounts approved”.

Frank Schuil, Safello‘s CEO and co-founder, told CoinDesk that the exchange will continue to support international wire transfers for British pounds and that the firm would reactivate Faster Payments once a new bank account had been set up.

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Coinbase's US Bitcoin Exchange Opens Doors to Traders

Coinbase, exchange

Bitcoin services provider Coinbase officially launched its exchange product today to consumers in 24 states.

The news follows what proved a dramatic runup to the launch, one sparked by a single teaser tweet that caused speculation to run rampant Sunday. Speculation was put to rest later in the afternoon, however, when Coinbase confirmed to The Wall Street Journal that its “Lunar project” would be an exchange.

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Markets Weekly: Price Crosses $300 Following Coinbase News

The price of bitcoin has rocketed over the past week, gaining 19% over the seven days to break the $250 mark.

Just before 08:00 (GMT), the price pushed beyond $300, and it was still hovering around that level at press time.

The bitcoin price opened the week at $209.93 and closed seven days later at $254.51, gaining a whopping $40 over that period, according to the CoinDesk Bitcoin Price Index.

Continue reading at CoinDesk