With MtGox effectively dead, Bitcoin can now enter the third stage of evolution, explains BitGo CEO Will O'Brien in an extensive essay. More »
Erik Voorhees, a respected Bitcoin entrepreneur who created SatoshiDice and now runs Coinapult, shares his views about MtGox and the future of Bitcoin. More »
Hollywood could learn a lot from Silk Road 2 about heightening stakes and creating suspense in this epic whodunnit thriller where 4000 bitcoins were stolen! More »
In this extensive video, Bitcoin Leah interviews Brock Pierce, Alan Meckler, Sam Cole, and companies including BitGo, GoCoin, Lamassu and more. More »
Bitcoin Exchange Mt. Gox Resumes U.S. Dollar Withdrawals
Bitcoin exchange Mt.Gox announced that they are resuming account withdrawals. Two weeks ago, Mt.Gox suddenly halted withdrawals of U.S. dollars, prompting wide concerns.
Below is the company’s published statement on resuming withdrawals and improving banking.
Dear Mt. Gox Merchants, Mt. Gox is happy to announce that global account withdrawals have now fully resumed as of today, after several days of testing our new system for processing transactions. We want to keep you informed about our progress in this arena, and especially assure our customers that their funds are accessible.
Progress in the Previous Two Weeks
While we announced that there would be a temporary hiatus on withdrawals, during our testing over the past two weeks we managed to process over $1,000,000 USD to customers. As this required a great deal of manpower and was not a perfect solution, we are quite happy with the progress made despite the conditions.
New Banking Partners
Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.
Current Back-log
The new system is just now getting under way, so there is still a back-log of withdrawals that we need to process. Our team is working hard to increase transaction speeds, but there is approximately a two-week back-log we need to overcome. It will take a few weeks to get back to normal, and we thank you for your patience during this time.
Moving Forward
We at Mt. Gox are proud to be one of the first advocates and entrepreneurs in this growing ecosystem, but much still needs to be accomplished to bring trust and stability to a mass market. In addition to our improved withdrawal system and new trading engine, we are very excited about the innovation happening across our industry and around the world. Despite the hiccups, these are exciting times and we are eternally grateful for your confidence and support along this bumpy road.
Turn Cash into Bitcoins in Seconds with the Lamassu Bitcoin ATM Machine
Lamassu Bitcoin ATM: Turn Cash into Bitcoins in Seconds
Bitcoin startup Lamassu Bitcoin Ventures has launched an ATM that turns cash into Bitcoin in under 15 seconds. In the video below, 3 simple steps are demonstrated:
- Scan your Bitcoin QR code.
- Insert cash.
- Send Bitcoins.
The Lamassu Bitcoin machine was demonstrated at the BTC London conference as the first Bitcoin ATM ever outside the United States, reprogrammed of course to accept British sterling (GBP).
“The Bitcoin Machine was always meant as a global solution, and we’re thrilled to be able to demonstrate our machine in London, converting pounds sterling to Bitcoin,” said Lamassu co-founder Zach Harvey in a release on PR Web. “Talking about the economic and technological advantages of Bitcoin is a lot to wrap your head around, but experiencing the power of Bitcoin via our machine only takes six seconds. Even without prior knowledge of Bitcoin, it’s a wow factor.”
Here are the key features of the machine:
- Fiat to Bitcoin in fifteen seconds
- Accepts notes from over 200 countries
- Compatible with leading exchanges, such as Mt.Gox and Bitstamp
- Coded and audited by network security experts
- Intuitive and simple user interface
- Internal steel vault is securely bolted to wall, stand, or countertop
- Web-based back end
- Sub-second QR code scanning
- License-free
- Compact desktop size (13” W × 17” H × 10” D)
Lamassu has reportedly been contacted by more than 60 potential distributors in over 30 countries, including China, Canada, Libya, Cyprus, Kenya, Israel, the United Kingdom, Australia, Denmark and Switzerland, and expects production of the Bitcoin Machines to begin this fall.
NYC’s Inside Bitcoins Conference Attracts Leading Experts
NYC’s Inside Bitcoins Conference Attracts Leading Experts
Explore the future of virtual currency and bitcoin with industry thought leaders from Bitcoin Foundation, BitPay, and Tradehill at the Inside Bitcoins Conference, July 30 in New York City.
Attendees will discuss what business and investment opportunities, as well as legal issues, exist in this emerging field. Don’t delay– prices increase next week.
You’ll hear from 20 bitcoin experts on topics including The VC Take on Bitcoin, Bitcoin Boom: The Business Adoption of Bitcoin, Bitcoin and Freedom of Speech, Rethinking Content Monetization with Bitcoin, Legal and Regulatory Issues Facing Virtual Currency Businesses, and more. View the full program here.
The event will also feature AlphaPoint and CoinMKT as exhibitors, and the evening’s drinks reception provides the ideal forum to network with like-minded peers. Developers, entrepreneurs, investors, finance professionals, bankers, consultants, lawyers, security solution providers, data and payment processors, and online retailers will all be present.
Charlie Shrem, Vice Chairman, Bitcoinfoundation.org and Chief Executive Officer of BITINSTANT, will deliver the keynote presentation, while additional speakers include Tuur Demeester, Author of MacroTrends, Chris Larsen, CEO & Co-Founder of OpenCoin, Jared Kenna, Founder & CEO of Tradehill, and Manu Sporny, Founder & CEO of Digital Bazaar. View the full speaker list.
This conference is one of the first to allow attendees to pay for tickets in bitcoin. Each registrant will also receive a bitcoin paper wallet with a 0.01 bitcoin.
Enter On Bitcoin’s discount code: ONBC to save 15% on your conference pass. For the best rates, register before July 11.
Winklevoss Twins File IPO to Bring Bitcoin to the Public
The Winklevoss twins, best known for suing Mark Zuckerberg for stealing their idea for Facebook, today filed an S-1 to create an exchange-traded fund for Bitcoin.
Tyler Winklevoss explained the motivation behind going public, “The trust brings bitcoin to Main Street and mainstream investors to bitcoin. It eliminates the friction of buying and reduces the risks associated with storing bitcoin while offering similar investment attributes to direct ownership.”
Cameron and Tyler Winklevoss have already made several headlines when it comes to Bitcoin. First, they claimed to own 1% of the outstanding bitcoins available. Later, they announced that they were investors in Bitcoin startup BitInstant. They operate an investment fund called Winklevoss Capital.
The filed S-1 outlines the Winklevoss Bitcoin Trust, a vehicle that the public can invest in and simply reflects the value of Bitcoin.
The investment objective of the Trust is for the Shares to reflect the performance of the Blended Bitcoin Price of Bitcoins, less the expenses of the Trust’s operations. The Shares are designed for investors seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk.
The Bitcoin Network is a recent technological innovation, and the Bitcoins that are created, transferred, used and stored by entities and individuals have certain features associated with several types of assets, most notably commodities and currencies. Apart from the Financial Crimes Enforcement Network of the US Department of the Treasury (“FinCEN”), major US regulators such as the US Commodity Futures Trading Commission (“CFTC”), Internal Revenue Service (“IRS”) and SEC, have yet to make official pronouncements or adopt rules providing guidance with respect to the classification and treatment of Bitcoins and other Digital Math-Based Assets for purposes of commodities, tax and securities laws. The Sponsor believes that, on balance, the important features of Bitcoins and other Digital Math-Based Assets are those that are characteristics of commodities and therefore has referred to and discussed these assets as such. It is not known whether US or foreign regulators will share this view, adopt a single, different view or espouse a variety of differing views; this regulatory uncertainty creates risks for the Trust and its Shares. See “Risk Factors—Risk Factors Related to the Regulation of the Trust and its Shares.”
The Sponsor believes the Trust to be the first exchange-traded product that seeks to track the price of a Digital Math-Based Asset such as Bitcoins (a “DMBA ETP”). Some of the distinguishing features of the Trust and its Shares include directly holding Bitcoins using the Trust’s proprietary Security System, storage of the Trust’s Bitcoins in various premises of the Trustee located in the United States, the experience of the Sponsor’s management team, the use of [TRUSTEE] as custodian, third-party vault inspection and the use of a security consultant to advise on upgrades to the Trust’s technology and custody procedures. See “Business of the Trust.”
Cameron Winklevoss is listed at the CEO, while Tyler is listed as the CFO of the Winklevoss Bitcoin Trust.
CES and SXSW to Feature Bitcoin Showcase Hosted by Startup Debut
Startup Debut, a leading media showcase company owned by BitAngels co-founder Michael Terpin, will hold the first-ever media showcase events for Bitcoin and digital currency companies at the 2014 Consumer Electronics Show® in Las Vegas and at the 2014 South by Southwest® festival in Austin, Texas.
The first and largest event will be at the start of CES® on Sunday, January 5, 2014, from 7-10 pm at Cili Restaurant, 5160 Las Vegas Boulevard South, a large events facility on the Bali Hai Golf Course, two blocks south of Mandalay Bay, where Sunday’s primary CES media activities will be taking place. Startup Debut will be able to accommodate more than 100 exhibitors and 1,000 media, with up to two dozen of the companies expected to be involved in the Bitcoin space.
Startup Debut will hold a second media event for startups at the 2014 South by Southwest (SXSW®) Interactive festival on Sunday, March 9, at Flemings Prime Steakhouse and Wine Bar, 320 E. 2nd St., Austin, from 5-9 pm. This showcase can accommodate up to 50 exhibitors and 500 media. Both events are expected to co-locate with Internet personality and video blogger Sarah Austin’s “Bubble Tank” startup competition for brands, which will immediately precede both events and incorporate a filmed competition with prizes and tech/brand/celebrity judges.
