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Bitcoin value reaches new all time high against the dollar

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Author Topic: Bitcoin value reaches new all time high against the dollar  (Read 564 times)
Christian40
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« on: March 25, 2013, 11:02:32 pm »

The Bitcoin digital currency hit an all-time high Wednesday, as its US dollar exchange rate climbed past $32 for the first time ever. According to Bitcoin Magazine, that eclipses the currency's previous high of $31.9099, reached in June 2011.

This week's milestone, while notable, doesn't come as a major surprise. After bottoming out at under $2 in 2011, Bitcon's value has steadily risen over the past several months, as the anonymous currency has entered new markets. Last year, a French bank received clearance to operate as a Bitcoin exchange, shortly after total circulation of the currency hit 10.5 million. Sites like Reddit, Wordpress.com, and Kim Doctcom's forthcoming Mega service have all adopted Bitcoin payments, as well.

Bitcoin's rise can also be attributed to the fact that the currency has remained relatively free from major security breaches. In September, BitCoin exchange BitFloor was forced to temporarily suspend operations after a hacker stole more than $250,000 in virtual money. Things have been mostly stable since then, though security concerns to continue to loom large over Bitcoin's future, and will likely remain critical to its success going forward.

http://www.theverge.com/2013/2/28/4039042/bitcoin-value-reaches-new-high-against-us-dollar/in/3709249
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Kilika
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« Reply #1 on: March 26, 2013, 03:36:52 am »

Otherwise known as "vapor money". It doesn't really exist. Just a digital illusion.
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« Reply #2 on: March 26, 2013, 04:10:26 am »

Gold and silver.
They have been used as currency by man for thousands of years, and remain the only true form of economic wealth.

Don't be fooled by the pretenders.

Bitcoin can work and function in certain economic environments, Gold & Silver work in every and all economic scenarios.
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« Reply #3 on: November 18, 2013, 01:47:45 pm »

Bitcoin Soars Above $600: Rises 20% In One Day Ahead Of Senate Hearing
11/18/13
http://www.zerohedge.com/news/2013-11-18/bitcoin-soars-above-600-rises-20-one-day-ahead-senate-hearing

While the relentless multiple expansion (if not so much earnings growth and certainly not revenue contraction) looks set to push all three main stock indices over the key psychological levels of 16000, 1800 and 4000, with the all time bubble high on the Nasdaq increasingly looking like the next big target, the stock market mania has nothing on Bitcoin, which only yesterday crossed $500 for the first time ever, and as of this morning is already 20% higher, having just crossed $600 minutes ago. Which means that anything prices in Bitcoin has entered bear market in just the past day. How high BTC goes, is nobody's guess (Raoul Pal had a truly stunning price target): once the buying frenzy kicks in, step aside, especially since China is increasingly looking like it may be jumping on board the latest mania.

So is there any catalyst that has driven a more than  100% increase in the USD value of the currency in November alone? As previously noted, one event that may be promoting much broader acceptance in China is that the currency is now accepted for payment for real estate:

Bitcoin acceptance in China has now extended into real estate with a residential developer in Zhangjiang Hi-Tech park in Shanghai finding a new way to promote sales through the acceptance of Bitcoin virtual currency.


Shanda Group, one of the large IT giants in China, through its real estate development arm, opened sales of its first real estate investment project on October 25th, 2013. 300 apartments in the soon to be built buildings ranging from 42-81sqm were available for sale and sold out in a few minutes as demand far outstripped supply.

As part of the promotion, Shanda accepted Bitcoins for payment. Although the exchange rate was ‘fixed’ at 1,000 Chinese Yuan (CNY) to one Bitcoin and the developer reserved the right to adjust the rate, the deal represents one of the first times that Bitcoin could be used for such a large scale 'public' purchase. The exchange rate was about 1,200 CNY : 1 Bitcoin on BTCChina that day, so the developer was obviously trying to hedge a bit in case Bitcoin fell through, but considering the rate is rapidly reaching nearly 2,000 CNY : 1 Bitcoin, it would have been a great deal for the developer – Bitcoin is one of the few investments in China that has been increasing faster than real estate in 2013.

The rate now is much higher. However, as reported over a week ago, that may change depending on what comes out of the Senatorial hearing on Bitcoin sheculed for later today:

The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency.

Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like any other online-payment system, according to letters they released before the meeting.

The committee scheduled the hearing “to explore potential promises and risks related to virtual currency for the federal government and society at large” after the Silk Road Hidden Website was shut down in October. The closing of the marketplace, where people could obtain drugs, guns and other illicit goods using Bitcoins, is helping fuel a rally in the virtual currency as speculators bet that the digital money will gain more mainstream acceptance.

“The FBI’s approach to virtual currencies is guided by a recognition that online payment systems, both centralized and decentralized, offer legitimate financial services,” Peter Kadzik, principal deputy assistant attorney general, wrote in a letter yesterday. “Like any financial service, virtual currency system of either type can be exploited by malicious actors, but centralized and decentralized online payment systems can vary significantly in the types and degrees of illicit financial risk they pose.”
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« Reply #4 on: December 03, 2013, 06:21:30 pm »

Bitcoin recognized by Germany as 'private money'
8/19/13
http://www.cnbc.com/id/100971898

Virtual currency bitcoin has been recognized by the German Finance Ministry as a "unit of account", meaning it is can be used for tax and trading purposes in the country.

Bitcoin is not classified as e-money or a foreign currency, the Finance Ministry said in a statement, but is rather a financial instrument under German banking rules. It is more akin to "private money" that can be used in "multilateral clearing circles", the Ministry said.

"We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction,"said Frank Schaeffler, a member of the German parliament's Finance Committee, who has pushed for legal classification of bitcoins.

Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining. Currently one bitcoin is worth just over $119.

Schaeffler said the new ruling showed German authorities were preparing regulations on how to tax bitcoin transactions. According to German newspaper Die Welt, the government has stated that the legal classification of bitcoin means that commercial profits that stem from using the currency may be taxable.

Kathleen Brooks, a research director at FOREX.com, told CNBC that classification by the German government gave bitcoin legitimacy to be used as a settlement currency in one of the world's largest economies. She said this was a big step forward for the bitcoin movement.
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« Reply #5 on: February 10, 2014, 11:07:54 am »

Bitcoin Just Completely Crashed! All Withdrawals Halted!

In these just released videos from Dahboo7 and Blaine Cooper and story from Business Insider we learn that Bitcoin has just completely crashed and there is a massive sell-off in progress. With Bitcoin now going down the tubes, what’s next? Is this just another symptom of the global financial collapse that should be telling us that the ‘endgame’ is getting much closer?
Bitcoin just completely fell out of bed. The chart below, via BitcoinWisdom, shows the move.

The news comes as major trading exchange Mt. Gox says in a new press release that Bitcoin withdrawals remain halted. (On Friday, Mt. Gox issued a statement that amid the volume of withdrawals it was seeing, that it was suspending withdrawals until it could address a technical issue). Mt. Gox was at one point the foremost Bitcoin market site, though its volume and share of Bitcoin activity has declined considerably.

Withdrawals in actual currency are working, so traders can get cash out of the site, which is good news.

The bad news is that in addition to the direct matter of users not being able to withdraw Bitcoins, they say the technical issue that they’re dealing with is something that pertains to the broader Bitcoin community:

The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.

vids: http://beforeitsnews.com/economics-and-politics/2014/02/bitcoin-just-completely-crashed-massive-sell-off-in-progress-2461550.html
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Kilika
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« Reply #6 on: February 10, 2014, 03:36:11 pm »

Quote
Is this just another symptom of the global financial collapse that should be telling us that the ‘endgame’ is getting much closer?

No, it just shows the instability of having a currency that has zero value backing it other than perception. It's just another form of fiat currency, only the customers have control of it's value rather than bankers.
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« Reply #7 on: February 12, 2014, 11:50:21 am »

http://www.reuters.com/article/2014/02/12/us-usa-bitcoin-idUSBREA1A20X20140212
2/12/14
Bitcoin hit by denial of service attacks as regulators prepare clampdown

(Reuters) - Bitcoin is being hit by attacks from unknown computer hackers who are sending "mutated" lines of code into the program that runs the virtual currency, a spokeswoman from its main trade organization said in a statement on Tuesday.

The attacks are responsible for problems experienced by two bitcoin exchanges that caused them to temporarily halt withdrawals by customers who stored bitcoins in digital wallets provided by the exchanges, the Bitcoin Foundation said in a statement.

"This is a denial-of-service attack," said the spokeswoman, Jinyoung Lee Englund. "Whoever is doing this is not stealing coins, but is succeeding in preventing some transactions from confirming. It's important to note that DoS attacks do not affect people's bitcoin wallets or funds."

Englund said a team of core software developers who focus on bitcoin were working to fix the problem, but until it was solved some users would not be able to do anything with their bitcoins, and the affected bitcoins would appear to be "tied up" in transactions.

"Only users who make multiple transactions in a short period of time will be affected," she said.

On Tuesday, Slovenia-based Bitstamp became the second major bitcoin exchange to halt customer withdrawals in the past several days, citing "inconsistent results", and blaming a denial-of-service attack.

That was a day after Mt. Gox, the best-known digital marketplace operator, said a halt on withdrawals would continue indefinitely. Traders reacted to the halt by sending the value of bitcoin to its lowest in nearly two months.

The price of bitcoin, which has gained wider acceptance in recent months, varied dramatically from one exchange to another. On Tuesday, it was quoted at $645 per coin on Bitstamp's exchange, down 6 percent on the day.

NEW MOVES BY REGULATORS

Also on Tuesday, Canada said it will toughen rules targeting money laundering and terrorist financing to keep a closer eye on the use of virtual currencies.

Meanwhile, in Washington, Benjamin Lawsky, superintendent of New York's Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money
.

"Our objective is to provide appropriate guard rails to protect consumers and root out money laundering without stifling beneficial innovation," Lawsky said in a speech at the New America Foundation in Washington.

Lawsky said last month that his agency plans to issue rules for businesses handling virtual currencies, including a "BitLicense", which could make New York the first U.S. state to regulate virtual currencies such as bitcoins.

Bitcoin proponents like the fact that it and a host of other currencies generated by computer programs are not backed by a government or central bank, and that their value fluctuates only according to demand
.

"The really tricky question for regulators is how we structure those types of rules in light of the fact that the funds these firms hold are not denominated in dollars or other forms of traditional fiat currencies," Lawsky said.

Lawsky expected to release the regulations in the spring or the summer of this year, and said the agency would seek public comment once it had published the plan in a so-called notice for proposed rule-making.

His agency is still wrestling with the question of whether to ban or restrict the use of "tumblers", which obscure the record and source of virtual currencies. Tumblers are a concern to law enforcement, but they might also have legitimate uses.

He said most virtual currencies have public ledgers which, when combined with know-your-customer guidelines, could serve as anti-money laundering controls.

The remarks follow two days of hearings in New York on the potential regulation of virtual currencies. Witnesses at the late January hearings included state and federal prosecutors, as well as industry participants such as the investor twins Cameron and Tyler Winklevoss.
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Kilika
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« Reply #8 on: February 12, 2014, 12:43:23 pm »

Quote
Lawsky said last month that his agency plans to issue rules for businesses handling virtual currencies, including a "BitLicense", which could make New York the first U.S. state to regulate virtual currencies such as bitcoins.

Bitcoin proponents like the fact that it and a host of other currencies generated by computer programs are not backed by a government or central bank, and that their value fluctuates only according to demand.

Yeah, that's the key in this. Government cannot stand people doing any kind of business without their "tax" cut.

And of course bankers would hate anything that replaces their worthless paper.

Quote
Meanwhile, in Washington, Benjamin Lawsky, superintendent of New York's Department of Financial Services, expects to adopt consumer disclosure rules, capital requirements and a framework for permissible investments with consumer money.

Yeah, I see where this is going. And just where do they propose all that "capital" is suppose to be kept? I suspect some bank of the state's choosing.

But this ignores the fact that bankers paper currency is backed by NOTHING, and they demand "capital requirements" of digital currencies? Hypocrites.

"permissible investments"? So the state now says what a person can spend their money on? It's the "consumers" own money, so is this guy saying the state is the one who should mange the consumers own money?

New York has some of the most insane thieving socialist politicians I've ever seen. They haven't seen anything they don't want to tax, yet what has it got New York financially? MASSIVE debt and out of control corruption.
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« Reply #9 on: February 14, 2014, 11:55:37 am »

http://rt.com/usa/silk-road-hack-bitcoin-millions-947/
Major Silk Road 2.0 hack costs bitcoin users millions of dollars
 Published time: February 14, 2014 01:19

Users who had flocked to the reincarnation of the ‘dark web’ Silk Road marketplace were handed bad news on Thursday when site administrators announced that they had been hacked by users who made off with millions of bitcoin.

The original Silk Road, which was by all accounts a marketplace where users could solicit any number of criminal services anonymously, was first launched in 2011. Founded and operated by a user known only as Dread Pirate Roberts, the site helped popularize the bitcoin crypto-currency and reportedly had trade revenue of $1.2 million USD every month. The site was shut down by the FBI in October 2013, with police alleging that Dread Pirate Roberts is in fact the alias of one Ross William Ulbricht.

While Ulbricht awaited trial on charges including murder-for-hire and narcotics trafficking the Silk Road was relaunched. Yet the site's future was put into doubt again on Thursday when an administrator who identified himself as “Defcon” explained on the site's forums what had happened.

“I am sweating as I write this...I must utter words all too familiar to this scarred community: We have been hacked,” he wrote. “Our initial investigations indicate that a vendor exploited a recently discovered vulnerability in the bitcoin protocol known as 'transaction malleability' to repeatedly withdraw coins from our system until it was completely empty.”

Defcon did not disclose the exact number of bitcoin that was stolen yet Nicholas Weaver, a researcher at the International Computer Science Institute, told Forbes that approximately 4,400 coins were taken, equaling about $2.6 million.

“Stop at nothing to bring this person to your own definition of justice,” he wrote.

The sudden loss of online cryptocurrency was blamed on a bitcoin protocol bug that also led to several exchanges halting withdrawals last week, including Mt Gox.

But users were not convinced. Many pointed to the long-held claim of security experts who assert that transaction malleability, while a problem, is not an issue deep enough to permit such a vast theft.

“Oh this is rich. How many users called for the shutdown of SR2 to fix the problems? They were ignored,” wrote one skeptic. “Admins did this. Not some vendor.”

Defcon denied that he was involved in the site's compromise.

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Kilika
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« Reply #10 on: February 15, 2014, 01:56:08 am »

They already got burned once, and now they fell for it again?  Roll Eyes

I like their determination to oppose the bankers traditional currency, but it's obvious that those same bankers and their government friends won't tolerate any challenge to their fiat currency.
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« Reply #11 on: February 28, 2014, 07:14:21 am »

Mt. Gox Exchange Files for Bankruptcy

Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy in Japan, focusing attention on the digital currency’s risks.

The company, which had revenue of 135 million yen ($1.33 million) in the year ended March, applied in Tokyo District Court today with debt exceeding its assets by 2.7 billion yen, Mt. Gox said in a statement. The exchange discovered on Feb. 24 that it had lost 750,000 Bitcoins belonging to users and 100,000 of its own, it said.

The collapse follows weeks of turmoil amid reports that hackers had pilfered the missing $473 million in Bitcoin from Mt. Gox, leading the company to halt withdrawals on Feb. 7. The regulation of Bitcoin, let alone derivatives of it, is an unresolved question in many parts of the world.

Mt. Gox Chief Executive Officer Mark Karpeles said his company lost Bitcoins because its computer systems were weak, according to remarks broadcast on NHK today. The firm had 6.5 billion yen in debt.

Companies from San Francisco to London as well as the virtual currency’s industry group, the Bitcoin Foundation, have been seeking to assure Bitcoin users that their funds won’t disappear due to theft or mismanagement.

The digital currency was introduced in 2008 by a programmer or group of programmers under the name Satoshi Nakamoto and has since gained traction with merchants around the world. Bitcoin has no central issuing authority, and uses a public ledger to verify transactions while preserving users’ anonymity.

rest: http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html
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