Monthly Archives: May 2015

Weekly Bitcoin News Roundup: OKCoin, BitcoinTalk and Block Size Debate

If you haven’t had time to keep up with the news over the past week and are just now sitting down with your coffee in hand, here’s what you missed (each title links to the original article to read in full):

Roger Ver Accuses OKCoin of Forgery and Breach of Contract

Roger Ver, commonly referred to as “Bitcoin Jesus,” has accused cryptocurrency trading platform OKCoin of forgery and breach of contract regarding management of the bitcoin.com domain name. Ver was an early Bitcoin investor who has since invested in Blockchain.info, Blockpay, and most notably Ripple Labs.

Edgar Gonzales, Support and Fraud Specialist at LocalBitcoins

An interview originally conducted in spanish and appearing in Territorio Bitcoin, translated for our readers will full consent from its original authors, Javier Picos and Óscar Domínguez.

Canadian University to Begin Accepting Bitcoin, Launching Bitcoin ATMs

On May 26th, Simon Fraser University bookstores will begin accepting Bitcoin and launching BitSentBitcoin ATMs across three campuses. Ribbon-cutting ceremonies will be held at the Burnaby campus on May 26th, the Vancouver campus on May 27th, and the Surrey campus on May 28th. To encourage the use of Bitcoin in the bookstores, the first 100 customers to spend $CAN 20 or more using Bitcoin will receive a $CAN 5 bookstore gift card.

BitcoinTalk Compromised Through Social Engineering

On May 22th the BitcoinTalk forums suffered an attack caused by social engineering on their ISP, the intrusion was quickly noticed by forum administrator Theymos who took the server down. The service was restored on the 23th, however another suspicious irregularity was spotted on the 24th, causing yet another day of downtime for security purposes until it was finally restored.

Xapo Announces New Advisory Board

Xapo Founder and CEO Wences Casares took to the platform’s blog to unveil their new star-studded advisory board that will be comprised by three renown figures.

Middle Earth Bitcoin Black Market Endangering Users

The black Tor market “Middle Earth” has begun requiring all users to enable JavaScript to access the site, which is known for easy drug purchase using Bitcoin. The site, which claims the JavaScript is used to mitigate DoS attacks, was recently exploited to possibly expose it’s location.

Silk Road Kingpin Dealt Two Life Sentences

On May 29th, Silk Road kingpin Ross Ulbricht was sentenced to two life sentences along with maximum sentences on all other charges. Ulbricht’s convictions include money laundering, computer hacking, narcotics trafficking, identity fraud, and continuing a criminal enterprise. Judge Katherine Forrest spoke for nearly an hour, disregarding evidence of drug harm reduction, citing accusations which never manifested into charges, and following through with the prosecution’s recent recommendation to make an example of Ulbricht.

Switzerland To Establish The First Bitcoin Bank

In recent news, a team of eight members is all set to open up a Bitcoin bank in Switzerland. A Bitcoin bank, where all the usual banking facilities would be available, just without the paper currency. The Bitcoin bank aims to impart various services such such as loans, storage, transacting with the ‘international, digital, government-free currency’ that Bitcoin is.

Andresen Considering Shift to Bitcoin-Xt

In the latest development on the debate about the potential increase of the 1-megabyte block size limit, Gavin Andressen (Core developer, Bitcoin Foundation and MIT Digital Currency Initiative) expressed the possibility of moving forward with his proposed changes on the Bitcoin-XT project (authored by Mike Hearn, more information below the e-mails), in a chain of e-mails within the Bitcoin developers mailing list.

AdultFriendFinder Database on Sale for Bitcoins

Information about millions of AdultFriendFinder (part of FriendFInder Networks Inc.) was dumped earlier this week on the Dark Web, along with the promise of even more details for those willing to pay Bitcoin in exchange for the information.


Did we miss anything? Let us know in the comments.

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Euro area – May CPI likely ticked up to 0.1% y/y

The May euro-area CPI inflation rate release, due on Tuesday, is expected to have accelerated to 0.1% y/y from 0.0% prior. Core CPI likely remained …

Thailand – Inflation likely bottomed out in May

Thailand will release May CPI data on 2 June. Negative inflation is expected for a fifth consecutive month of 1.29% y/y, mainly due to lower global oil …

The P2P Lending Boom——America's Next Ponzi

In “Presenting The $77 Billion P2P Bubble” we took a close look at the P2P lending market which is expanding exponentially amid Wall Street’s efforts to securitize the loans on the way to creating a market for P2P-backed ABS. As a reminder, P2P lending allows borrowers laboring under high-interest credit card debt to essentially refi via loans from individual lenders, thus transforming credit card debt into unsecured personal loans. As we noted, this only works if borrowers do not subsequently max out the credit cards they just paid off: Consider also that P2P loans create the conditions whereby borrowers can refi high-interest debt via personal loans, transferring credit risk from large financial institutions to private lenders in the process. It’s not entirely clear what the implications of that shift might ultimately be, especially if the market continues to grow rapidly, but one thing is clear: using a relatively low-interest P2P loan to pay off a high-interest credit card is no different in principle than using a new credit card that comes with a teaser rate to pay off an old credit card. The borrower will very often max out the old card again and thus end up with twice the original amount of debt. We were also quick to remark that as long as investors are buying the P2P-backed ABS, demand for the loans will only grow, causing lenders to lower underwriting standards in a repeat of the dynamic that led to the housing crisis: It’s not difficult to imagine a scenario where this spins out of control as borrowers refi multiple credit cards with multiple P2P loans, only to run up still more credit card debt. Voracious demand for P2P-backed ABS will provide an incentive for P2P companies to ignore signs of trouble as they profit from providing the loans that feedOriginally appeared at: http://davidstockmanscontracorner.com/the-p2p-lending-boom-americas-next-ponzi/The P2P Lending Boom——America’s Next Ponzi is a story from: BitcoinWarrior.net

The P2P Lending Boom——America’s Next Ponzi is a story from: BitcoinWarrior.net

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David Whiteing of CBA Says Digital Currency Tech is where the future of …

Cryptocurrency Trading News: Bitcoin in Bear-Trap By Yashu Gola May 31, 9:32 BST Originally appeared at: http://www.forexminute.com/bitcoin/david-whiteing-of-cba-says-digital-currency-tech-is-where-the-future-of-payments-is-heading-59374David Whiteing of CBA Says Digital Currency Tech is where the future of … is a story from: BitcoinWarrior.net

David Whiteing of CBA Says Digital Currency Tech is where the future of … is a story from: BitcoinWarrior.net

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Blaming Bitcoin for Aiding Terrorism, Money Laundering and Drug Trafficking …

A technology has two aspects — good and bad. The aspects however are not integrated within the functions of a technology; but instead, it is implied by its operator — the man — which decides whether to utilize an innovation for a good or bad purpose. Bitcoin somewhere has fallen between these two distinctive flocks: one, which is trying to utilize its technology for making banking easier, faster and cheaper; the other, which is abusing it for all notorious crimes that hold the power to destabilize order. Speaking particular about the latter, criminals indeed have found an accessible companion to feed their empire of terrorism, money laundering, drug trafficking and various other illicit activities. Some Surveys, Opinions Just a few months back, Chartered Accountants and PwC conducted a survey to understand the strong demand of disrupting technologies in the future. It derided that over 23% of accounting and finance professionals found money laundering and terrorism to be the biggest roadblocks for Bitcoin. In the same survey, it was told that over 67% of the 10,000 participators believed Bitcoin to be used widely in the next 10 years — perhaps by a majority of criminals as well. Regulators have therefore found it troubling to compute laws that could be well-fitted with Bitcoin’s technological traits. Just a month ago, a meeting held between government officials and digital currency entrepreneurs thoroughly raised this issue. There the regulators believed that companies will play a major role while combating Bitcoin-related risks, with FinCEN head Jennifer Shasky Calvery adding that: “When I put my financial intelligence unit hat on and we’re trying to trace funds of criminal and other illicit actors, the reporting that we’re getting from some of the bitcoin exchangers isOriginally appeared at: http://www.newsbtc.com/2015/05/31/blaming-bitcoin-for-aiding-terrorism-money-laundering-and-drug-trafficking-oped/Blaming Bitcoin for Aiding Terrorism, Money Laundering and Drug Trafficking … is a story from: BitcoinWarrior.net

Blaming Bitcoin for Aiding Terrorism, Money Laundering and Drug Trafficking … is a story from: BitcoinWarrior.net

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Cryptocurrency Trading News: Bitcoin in Bear-Trap

Cryptocurrency Trading News: Bitcoin in Bear-Trap By Yashu Gola May 31, 9:32 BST Originally appeared at: http://www.forexminute.com/technical-analysis-reports/cryptocurrency-trading-news-bitcoin-in-bear-trap-59378Cryptocurrency Trading News: Bitcoin in Bear-Trap is a story from: BitcoinWarrior.net

Cryptocurrency Trading News: Bitcoin in Bear-Trap is a story from: BitcoinWarrior.net

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Australia – RBA on hold with easing bias

After cutting rates to a record low of 2% in May, the RBA is expected to keep the cash rate steady in June. The RBA has an easing bias, reflecting its …