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Paranoia Muddies Media's View of Bitcoin's Potential

"European financial regulators just took a positive step to engage directly with the disruptive effects of the growing cryptocurrency ecosystem, but you might not have realized that. The European Banking Authority (EBA) watchdog agency issued a report on Friday, July 11, titled “Opinion on ‘virtual currencies’.” It then received a great deal of media attention—most of it negative."

"However, Those taking the time to browse through the EBA’s 46-page report will notice what most of the press did not-—that it also acknowledged and highlighted several key benefits of Bitcoin, such as lower transaction costs and faster processing times. These benefits should not be discounted lightly, as even incremental improvements in speed and costs could buttress the tenuous global economic recovery and bring benefits both to individuals and institutions. "

It’s common to see apprehension towards new technologies, particularly ones as groundbreaking as digital currency. The EU taking a metered and comprehensive look at the utility of digital currency is a good thing.

"The fundamental advantage a Bitcoin gateway ecosystem has over PayPal is that it’s open. Any closed network will, by nature, be deprived of structural pressures that force it to improve. A third-party can’t improve a closed network; if they really want to, they first have to try to replicate the network itself from scratch. In contrast, the Bitcoin space is already seeing rapid iteration and compounding improvements."
It’s great to see another major technology player accepting bitcoin payments. Bitcoin is certainly gaining commerce traction, and we hope to see this trend continue. 

It’s great to see another major technology player accepting bitcoin payments. Bitcoin is certainly gaining commerce traction, and we hope to see this trend continue. 

bitcoinpulse:

Bitcoin, the digital currency in which transactions can be made without a central bank, increased in value substantially since it was created in 2008. In 2013, the price of one Bitcoin went from $13 to over $1,100. The value of the currency dropped this year after Bitcoin exchange company Mt. Gox shutdown in February and a false report was published about how the Chinese government banned the digital currency in the country. As of right now, the value of 1 Bitcoin is worth more than $600. Google has now made it easier to track these fluctuations by adding a Bitcoin tracking tool to its search website.

Well this is convenient! 

bitcoinpulse:

Bitcoin, the digital currency in which transactions can be made without a central bank, increased in value substantially since it was created in 2008. In 2013, the price of one Bitcoin went from $13 to over $1,100. The value of the currency dropped this year after Bitcoin exchange company Mt. Gox shutdown in February and a false report was published about how the Chinese government banned the digital currency in the country. As of right now, the value of 1 Bitcoin is worth more than $600. Google has now made it easier to track these fluctuations by adding a Bitcoin tracking tool to its search website.

Well this is convenient! 

Music streaming platform Grooveshark now accepts Bitcoin

bitcoinpulse:

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Grooveshark just announced great news for the Bitcoin community: the online music streaming is now accepting cryptocurrency payments for its premium services.

The platform – founded in 2006 in the United States and owned by the Escape Media Group - can be used for free, but to fully enjoy all Grooveshark’s features the users have to pay for the premium package, which costs 5$ per month or $50 per annum. Now this value can be paid using Bitcoin.

Welcome to bitcoin, Grooveshark! 

Realcoin, a Dollar backed crypto currency, might be hard to launch

Realcoin, a dollar-backed cryptocurrency, was recently announced with the hope of bringing the benefits of Bitcoin as a payment method with the stability of the US Dollar.

Sounds great, right? We’re not so sure. In order to make a USD backed altcoin work, it will have to act as a centralized currency with the backer (In this case Brock Pierce) holding the reigns. Sharing this opinion is Ledra Capital, a venture capital firm focused on education and technology. In January, they examined the prospect of Dollarcoin, an altcoin almost identical to the recently launched Realcoin. The article is a great explanation as to why USD-backed altcoins may be a bad idea and why such a coin would be hard to get off the ground. 

Bitcoin Series 13: Only the Fed can make a DollarCoin

1/2/14

Over the last week, Balaji SrinivasanTimothy Lee and Joe Weisenthal have mused publicly about a DollarCoin (DLC), aka a cryptocurrency pegged to the dollar that would eliminate the pesky BTC-USD volatility.

Summary:  I don’t think it is possible to do in practice unless the Fed backs it.

Read More

Out and about with Bitcoin

It’s the weekend in New York City, and you’ve got a wallet full of bitcoin burning a hole in your pocket. Here’s a fiat-free plan for a weekend on the town!

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Get your groceries for the week at Greene Ave Market and De Wine Spot

First thing’s first – let’s get our errands for the week out of the way. Greene Ave Market, in Fort Greene, Brooklyn, is a great place to grab essentials for the week and check out with Bitpay. At De Wine Spot, in Williamsburg, you can find the perfect wine for your friend’s housewarming party or Friday’s date night (significant other or Netflix not included, unfortunately). 

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Treat yourself at Mirai Wellness Spa or HM Acupuncture

The weekend is meant for relaxation, so why not pamper yourself? At Mirai Wellness Spa in Fort Greene or HM Acupuncture on the Upper East Side, you can polish your nails, get a massage, or balance your qi with bitcoin.

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Grab a slice at Lean Crust

Even thinking about all this running around is making me hungry. Pizza always hits the spot, and Lean Crust Pizza in Fort Greene will sell you a bite for bits. Who wants a pie?

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Party the night away at Old Man Hustle or EVR 

 The sun has set and it’s time to head out. But where to go? One option is Old Man Hustle, a bar in the Lower East Side. With live music, comedy, art shows, and an extensive hot dog menu, Old Man Hustle is a great place to take in a show and spend some bitcoin. If you’re in the mood for something a little bit swankier, you can skip the hot dogs and go straight to bottle service at EVR NYC, a bar-lounge in midtown. Stefan would say this club has everything – a mixologist, American noveau cuisine, an elevated dj booth, and a dress code. Sneakers are a no-go but bitcoin is welcomed wholeheartedly. 

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Brunch at Rosette

With Saturday nights come the inevitable Sunday mornings – time for sunglasses, Advil, coffee, and eggs. Head down to the Lower East Side and check out Rosette for a fabulous brunch, sure to bolster recovery without putting too much of a dent in your wallet.

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Spend the afternoon at the Bitcoin Fair

Last, but certainly not least, is the Bitcoin Fair. Inside the Hester Street Fair, the Bitcoin Fair brings together local vendors who will gladly take some bitcoin off your hands. You can buy snacks, teas, jewelry, leather goods, even computer parts. All in all, the fair is a great place to support local artisans through digital currency. 

"Technology isn’t a section in the newspaper any more. It’s the culture."

Ben Smith, cited by Maureen Dowd in Who Do We Think We Are?

(via stoweboyd)

(via emergentfutures)

MIT Bitcoin Project Announces First Round Competition Winners

bitcoinpulse:

The MIT Bitcoin Project has announced the winners of the first round of its BitComp competition, with three teams winning cash prizes.

BitComp, which launched last month, is a small MIT-wide competition aimed at encouraging bitcoin innovation among students.

The aim of the MIT Bitcoin Project is to make bitcoin more accessible to students at the noted Massachusetts educational institute, and raise awareness of the new technology. It will fully kick off later this fall, when each MIT undergraduate student will receive $100 in bitcoin.

Continue reading at CoinDesk

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These products are awesome! BitTax, Ethos, and sWallet could all go a long way to bring Bitcoin use into the mainstream. 

We Now Know Who Bought All The Government's Bitcoins

Legendary VC Tim Draper has announced he won each of the nearly 30,000 Bitcoins the government  auctioned off Friday.  

In a post on Medium.com, Vaurum, a Bitcoin exchange, said Draper was partnering with it to “provide bitcoin liquidity in emerging markets.”

Draper’s investments have included Skype, Hotmail, Tesla, Baidu, Theranos, Athenahealth, Solar City, Box.

It’ll be interesting to see how Draper will actually put this capital to use. For perspective - at today’s price of $652 per Bitcoin, Draper’s purchase comes out to a whopping $19,650,000.