Category Archives: News
Goodbye Second Life, Hello Bitcoin New Economy Seventh Continent
Seventh Continent Launches a Platform for Online Bitcoin Businesses, in Game Format
We are always on the lookout for innovate business platforms using Bitcoin, and this one grabbed our attention.
Seventh Continent calls itself a business platform, a market for trading digital products produced by virtual companies. Registered in the UK and founded by author Gregory Harmati, Ph.D., Seventh Continent employs a technical team in Budapest, Hungary and has been involved in the group Bitcoin Budapest.
The company has created a 24/7, online business exchange where privately owned virtual businesses trade digital commodities with each other. Modeled after popular game mechanics, the CEO is quick to assure users that Seventh Continent is not a gambling platform nor a ponzi scheme. He sees his company’s mission is to give online businesses more agility and liquidity in their trade.
“We hope to provide a brand new both lucrative and entertaining solution for Bitcoin owners with the intention to build a small economy,” said Gregory Harmati, CEO of Seventh Continent Ltd.
Seventh Continent is reminiscent of Second Life, a virtual world that was launched in 2001 and grew to a $500 million economy by 2009, enabling its “residents” to earn money by selling online wares. Can Seventh Continent achieve similar scale? Time will tell.
Interview with Seventh Continent CEO
We sat down with CEO Gregory Harmati for an exclusive interview to learn more about Seventh Continent.
On Bitcoin: Where did you get the inspiration for Seventh Continent?
Gregory Harmati: This is an idea I had many years ago. I wanted to create something new and different hence the idea of building a new continent; something that doesn’t exist yet. It was creation ex nihilo compared to developments that are ex materia today – the matter on what they build their platforms is of course Bitcoin. The year Bitcoin protocol was written we were already putting together our platform. Since my team is little and didn’t get proper funding it took us more time, couldn’t even finish the 3D world (80% ready) that comes with it.
On Bitcoin: What kind of businesses can be built on Seventh Continent? What services are you seeing sold for Bitcoin?
Gregory Harmati: We currently have 45 businesses users can choose from when registering a virtual company on Seventh Continent and will be growing along the way. These businesses produce goods and sell them to other virtual businesses they need these goods to be able to produce themselves their products and/or services. This creates an inherent economy in Bitcoin. A circle of production. From the oil refinery, restaurant, law firm, pharmaceutical factory, winery, private detective, car rental etc. to the mob we have many segments reflecting real life. These goods are digital products hence stored, delivered and used in electronic format having value in Bitcoin within this economy only. Users willing to make profit invest Bitcoin, start producing digital goods and are selling them to other users’ companies; this is how these digital products acquire a value expressed in Bitcoin the investment currency.
Pictured above, a screenshot of Seventh Continent.
These digital products are not electronic goods downloadable like an e-book, a software, or music. But since almost all of these digital products and services can be real why not making them real? Once users get used to trade these digital products on Seventh Continent Market why not offering the ability to them to sell real products also instead of selling only digital once? Let me give you an example. When you own a food company for instance on Seventh Continent you produce hamburgers, energy drinks etc. With the participation of brands (Red Bull, Coca-Cola, McDonald’s, etc) you will be selling branded products for extra profit. Of course you have the choice to do it or not, choose from a list of advertisers or even introduce your own brand. This would be the first step to make these digital goods real. The next step is evident: you will sell services and products for Bitcoin and deliver it in reality at your brick and mortar store or send it from your virtual store. Just imagine Avis renting cars, Gucci selling designer shoes, a law firm providing services you would pay on the Market of Seventh Continent directly in Bitcoin! Imagine yourself being a start-up or a little shop branding and selling your products and services for basically no direct costs, advertisement costs expressed in pennies! I believe in this next step but I also know this is for later.
For the time being opting for a particular business on the Seventh Continent Market is more a choice of opportunity rather than taste. You have to make a deliberate choice – and it is almost irrelevant which activity you chose since you have equal chances to succeed. Demand will justify your choice for a particular business. It is probably to your advantage to invest in a segment where goods are scarce. Therefore diversifying business portfolio is a wise choice. Invested capital can also be decisive hence each business require different funding – hints are provided by the Products and Services Chart on the Market. Nevertheless with a larger funding you can enter any business segments even a crowded one, upgrade your company (levels) and produce 10% more when stepping to next level for the same amount of resources used on previous one. Best way to swallow margins to increased sales.
Thanks to Gregory Harmati for his interview. Learn more at Seventh Continent.
Coinsetter Launches US-Based Bitcoin Forex Trading Platform
Coinsetter Targets Active, High Volume Traders with New Capabilities
In the race among Bitcoin exchanges, there is a new player: New York City-based Coinsetter. The company introduced its forex trading platform for Bitcoin to the public today.
“With this release,traders from around the world will have access to an institutional class platform that enables customers to execute bitcoin trades on a millisecond level with more reliability than any other option in the market,” said Coinsetter in a statement. “On top of its proprietary millisecond matching engine, Coinsetter platform will soon aggregate the order books of other bitcoin exchanges to provide more liquidity than any single exchange can alone.”
The company is marketing its platform to active traders, those familiar with existing trading paradigms. It provides a maker-taker pricing model for high volume traders, and institutional margin and financing for business customers.
For the month of November, Coinsetter is offering free trading and free SEPA deposits and withdrawals to celebrate the launch.
The company raised a venture capital round earlier this year of approximately $500K from the Bitcoin Opportunity Fund and Tribeca Venture Partners.
Embracing Regulatory Requirements
Coinsetter was founded by 28-year-old Jaron Lukasiewicz, who has worked in the financial services industry since graduating from Rice University in 2008. Mr. Lukasiewicz is using this experience to understand and embrace the regulatory requirements for operating a trading platform in the U.S.
Coinsetter CEO Jaron Lukasiewicz pictured second from right.
Several Bitcoin exchanges have run into troubles with regulation. For example, earlier this year, Tradehill suspended trading and Mt.Gox halted USD withdrawals. Later in the year, 22 Bitcoin companies were subpoenaed by the New York Department of Financial Services to answer critical questions about the digital currency.
In a statement, Coinsetter reported that it has secured a compliance-approved bank account with a U.S. banking institution, which will soon support ACH transfers for U.S. customers. For its international customers, Coinsetter has secured a compliance-approved bank account from Sparkasse Bank Malta plc, a subsidiary of Erste Group, one of Europe’s largest financial services providers.
“Coinsetter believes these relationships translate into a tangible value proposition for its customers, giving users confidence in timely bank deposits and withdrawals to and from Coinsetter,” said the company.
Excerpt from related story: Finding Business Model Opportunities in Bitcoin – Coinsetter CEO
Today, he proposes, Bitcoin is the dominant virtual currency. Not simply in terms of transactions and value, but based on awareness – including awareness outside current users of the market. The first mover advantage is significant and Mr. Lukasiewicz asks us to spend time thinking about how it has the potential to become an “IP address for money.”
Learn more or start trading at www.coinsetter.com.
You Can Now Buy Your Subway Footlong Sandwich with Bitcoin
It seems that a handful of Subway stores have started accepting Bitcoin.
In Allentown, Pennsylvania, and Moscow, Russia, Subway customers have posted evidence of paying for their food with the digital currency.
Last week @gotoalberto reported that a Moscow Subway restaurant was offering a discount for Bitcoin.
Subway near Moscow offers 10% off if you pay with #Bitcoin. pic.twitter.com/QMX4bJsNAP
— Alberto GomezToribio (@gotoalberto) November 3, 2013
In the United States, Adam Walsh visited a Subway store in Allentown, Pennsylvania and published a video of his purchase.
Here is his receipt for $12.35, paid in Bitcoin.
Bitcoin Week: Record Price, Silk Road 2.0, Dark Wallet, and Videos
Bitcoin News
Here is a roundup of the top Bitcoin news from last week.
This was a record week for Bitcoin, with the price breaking the previous all-time high, and then climbing even higher. The digital currency now has well over a $3 billion market cap.
A group launched Silk Road 2.0, a rebirth of the infamous anonymous drug marketplace that has been rebuilt for greater security. Government officials published a statement with their reaction to this news.
Cody Wilson, the creator of the 3D printed gun, has jumped into the Bitcoin market by partnering with a group to develop Dark Wallet, a Bitcoin cloud wallet focused on security and anonymity that is raising money on Indiegogo.
And we provided some helpful videos for Bitcoin novices to learn about the currency.
Tuesday, November 5
Wednesday, November 6
Thursday, November 7
Friday, November 8
Creator of 3D Printed Gun Launches Bitcoin Dark Wallet Campaign
Cody Wilson Turns His Focus on Bitcoin
Earlier this year, a Texas man named Cody Wilson created a firestorm in the mainstream media when he published his plans for a 3D printed gun he called the “Liberator.” Soon after, the U.S. government seized the plans from his DEFCAD website, which posted the message, “DEFCAD files are being removed from public access at the request of the US Department of Defense Trade Controls. Until further notice, the United States government claims control of the information.”
Now Cody Wilson is turning his attention to Bitcoin.
Read more about 3D printed gun by Cody Wilson on our sister site On 3D Printing
Libertarian Ideals
Mr. Wilson is an intelligent and thoughtful man who is guided by his libertarian principles to push the boundaries of our society. He is a law student at the University of Texas, and has used his legal resources to support his cause. He has strong convictions against government control and censorship, and uses projects like the Liberator to raise awareness of his views on individual freedoms.
In the 3D printed gun example, even though the Liberator plans were taken down immediately, Wilson feels that he was successful because the plans are out there and can’t be taken down.
Bitcoin Dark Wallet
Cody Wilson’s most recent project is the Bitcoin Dark Wallet, a web-based Bitcoin wallet with security at the forefront.
Wilson and his partner Amir Taaki, an experience Bitcoin wallet developer who has created Libbitcoin, believe that new technology is needed to protect and empower individual commerce.
“Dark Wallet is a project of unSYSTEM and Defense Distributed that starts with simple premises: Bitcoin as a web technology and privacy by default,” explained the Dark Wallet team. “We love Bitcoin and the way it empowers and reorients individual and community commerce. Dark Wallet as a project will serve as a platform or starting codebase for delivery of a high quality Bitcoin that serves The People over enterprise and government interests.”
The Dark Wallet premiere client will work as a light browser extension featuring trustless mixing, multisig, and colored coin support.
To complete this project, Wilson and Taaki are hoping to raise $50,000 on Indiegogo to fund development. Below is the very polished promotional video created for the project.
Want to learn more about Bitcoin Dark Wallet? See more technical info here, a list of the team’s past work, and how they will use the money. Also check out their Indiegogo crowdfunding campaign for yourself.
