27 votes

Bitcoin up 8,723% in 2013 -MtGox High $1242 / Current Average: $590

Bitcoin Average - https://bitcoinaverage.com/#USD-nomillibit
Kitco BTC Average - http://www.kitco.com/finance/bitcoin/
Exchange Charts - http://bitcoinity.org/markets

Well, here's a fact: The collapse of the Silk Road — the online drug-buying bazaar whose alleged founder was arrested earlier this month — has not destroyed Bitcoin, the digital currency that was used on the site.

In fact, the death of Bitcoin has been declared many times, and yet it continues to show impressive strength....

Read more: http://www.businessinsider.com/bitcoin-has-gone-on-an-insane...
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Bitcoin in the News - A Video Compilation

Bitcoin 101 Blackboard - Why Bitcoin's Growth is Normal & The S-Curves You Could Never See

Bitcoin 101 - What Is The Bitcoin Revolution Part 1 - Transparency On Steroids

Anonymity is great. And Bitcoin provides anonymous payments better than anything we've seen online. But what few realize is that Bitcoin also does transparency, and it does transparency better than anything we've ever seen in human history. This transparency is the focus of this first video looking at bitcoin as a revolution. Because bitcoin is the first ever tool (in human history) that can provide provable transparency, we could finally see transparency explode via the free market (competitive edges given to those who disclose). This one simple change seems innocuous but it could have major repercussions.

Intro:

When people talk about bitcoin, they talk about a revolution. The trouble is, many people can't even figure out what the revolution is. Is it really a revolution to have lower fees on credit cards and remittances? While these are big changes, they are hardly revolutionary. This series begins to look at the bigger picture, the jaw dropping changes that bitcoin could provide. And no future may be stranger or more earth shattering than the inherent capabilities of bitcoin to provide a free market for transparency. And this isn't transparency like we are used to, this is the possibility of absolute financial transparency. Not only would it eliminate the need for the IRS, but it stands to erase corruption and improve government. Amazing stuff. Hope you enjoy.

There's Nothing that Can Stop Bitcoin

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Trace Mayer: $2.8 Million per BTC

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Yahoo Finance:

SecondMarket CEO: Wall Street Will Put 'Hundreds of Millions' Into Bitcoin

Wed, Dec 11, 2013

Entrepreneur

Wall Street is getting ready to dive into Bitcoin, pouring vast amounts of institutional and investor money into the digital currency that has been labeled a "bubble" by former Federal Reserve chairman Alan Greenspan and which not long ago was seen as the sole preserve of crypto-geeks, monetary-theory wonks and anti-government types.

Silbert says he meets frequently with hedge fund workers, traders at large financial institutions and others who want to gain a better understanding of digital currencies and figure out how to capitalize on them. He reckons that Wall Street will enter the Bitcoin market in roughly three waves. The first is already beginning, and it's taking the form of IRA money. Customers with self-directed IRAs at Fidelity, Pensco Trust Company, The Entrust Group and Millenium Trust Company are now able to invest some of their money in Bitcoin via the BIT. Silbert expects most other IRAs to approve the BIT as an investment vehicle before the second quarter of next year, in response to growing interest from their customers.

Also in this first wave will be clients of the wealth-management arms of Wall Street banks. Silbert says the BIT is in conversations with "several major banks" and he expects the trust to be an approved product on their wealth-management platforms within the first half of 2014.

The second wave will be hedge funds and other institutional investors.

http://finance.yahoo.com/news/secondmarket-ceo-wall-street-p...
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See Also:
Bitcoin Self-Defense, Part I: Wallet Protection
http://www.dailypaul.com/304563/bitcoin-self-defense-part-i-...

See Also:
Bitcoin: Protect your privacy
http://www.dailypaul.com/307171/bitcoin-protect-your-privacy

See Also:
Beyond Bitcoin: A Guide to the Most Promising Cryptocurrencies
http://www.dailypaul.com/306558/beyond-bitcoin-a-guide-to-th...

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DISH Teams Up w/ Coinbase to Become Largest Company to Accept ฿

DISH Teams Up with Coinbase to Become Largest Company to Accept Bitcoin
May 29th, 2014
We’re excited to announce that DISH will accept bitcoin and has chosen Coinbase as their bitcoin payment processor.
DISH today announced they are the largest company and first subscription model pay-TV provider to accept bitcoin, marking a large step forward in the growing momentum of customers paying companies in bitcoin for things we do every day, like watching premium TV.

http://blog.coinbase.com/post/87191857392/dish-teams-up-with...

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Shit Bitcoin Fanatics Say, Part 1

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Mt. Gox Files for Bankruptcy, Claims $63.6m Debt

Karpelesbows2
Mt. Gox is officially filing for bankruptcy protection with an outstanding debt of ¥6.5bn ($63.6m), finally admitting openly that 750,000 of its bitcoins and 100,000 of the company’s own have been lost.

The exchange’s lawyer announced the news during a conference at the Tokyo District Court late on Friday afternoon, Japan time. CEO Mark Karpeles, wearing a suit and tie, bowed deeply in the tradition of disgraced Japanese business leaders fronting the media.
http://www.coindesk.com/mt-gox-files-bankruptcy-claims-63-6m...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Texas Gun Shop Accepts Bitcoins for Online Gun Sales

http://centraltexasgunworks.com/

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Ah yes, nothing like BTFATH

...or BT(C)FA(I)TH

mmmm, acronym pun

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Long Bitcoin and Short Gold? Mark Cuban Likes the Trade Idea

Billionaire Mark Cuban has a currency trade idea for 2014 - Long Bitcoin and Short Gold.

Cuban proposed the trade idea Tuesday via Twitter:

Could long bitcoin and short gold be the pseudo currency trade to make this year?
https://twitter.com/mcuban/status/430757741561262080

http://www.streetinsider.com/Forex/Long+Bitcoin+and+Short+Go...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Video: Marijuana dispensaries adopt Bitcoin currency

SPOKANE, Wash. -

More businesses around Spokane are starting to accept a form of currency called Bitcoin. One medical marijuana shop just started accepting it, because banks won't take their money.

You can't hold or touch a Bitcoin, but it has value and is similar to a stock. It's price can rise and fall. Right now one Bitcoin is worth about $800. You can trade it as a whole, or in parts. Some in the marijuana industry are using it to keep their money secure.
http://www.kxly.com/news/spokane-news/marijuana-dispensaries...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

2014 McLaren MP4-12C Spider 387.40 BTC

2014 McLaren MP4-12C Spider
http://www.eggify.com/vehicles/cars/2014-mclaren-mp4-12c-spi...

i want one. maybe next year!

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

BTC China Accepting Bank Deposits Again

Prominent Chinese bitcoin exchange BTC China is now accepting customer deposits via its corporate bank account, plus offering small prizes to its customers.

Bobby Lee, CEO of the exchange, confirmed that customers can now buy bitcoins from the exchange by depositing their funds directly into the company’s account.

“Previously, we judged doing this as not being viable, however, we have since changed our stance. We looked again at the guidance issued in December and we think it’s a reasonable for us to accept customer deposits via our corporate bank account,” said Lee.

He went on to say BTC China now believes the main message in the memo issued by the People’s Bank of China (PBOC) on 5th December was that banks in the country aren’t allowed to set up or become a bitcoin business.

The memo stated that people in China are permitted to buy and sell bitcoins and stressed that that bitcoin exchanges should register with the Ministry of Industry and Technology (MIIT).

http://www.coindesk.com/btc-china-accepting-bank-deposits/

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Pure coincidence that the "bitcoin CEO arrest"

was just before a hearing on bitcoin regulation!

http://www.coindesk.com/new-york-hearings-open-shrems-shadow/
http://www.coindesk.com/everything-you-need-to-know-new-york...
http://www.coindesk.com/bitcoin-hearings-day-1-bitcoin-hits-...

So after Shrem's arrest you've got the Winklevii calling for clearer regulation of bitcoin:
“The Wild West attracts cowboys. A sheriff would be good thing.”

And in general, if the pull quotes are any guide, a lot of common ground about the need for regulation. This is excellent for bitcoin/litecoin from a "how many FRNs can I get for a bitcoin" point of view, not so great from a libertarian point of view. More competing cryptos, ASAP, is what would be best for libertarian goals.

I think this guy is right about the direction bitcoin is heading, and today's hearings bear that out:

http://www.coindesk.com/bitcoin-abandons-anti-establishment-...
"Allaire is blunt about the transition bitcoin is going through, saying it’s “absolutely” moving away from its libertarian roots."

there are plenty of competing cryptos already, and Allaire...

Allaire is just one voice in the Bitcoin community. Regulating Bitcoin will prove to be as difficult as regulating the internet. If they regulate Bitcoin, then other cryptos will gain market share.

If they regulate ancillary businesses built on top of Bitcoin, then other countries that are without such regulations will prosper.

The key here is to understand that this technology has been invented. A public, decentralized ledger. Free from central control. The genie is out of the bottle, and cronies like Allaire can't stop it.

The Red Coats are coming!

Regulation

Allaire is just one voice, but he's not singing a solo, he's part of a well-financed choir all singing the same tune. Winklevoss: “The Wild West attracts cowboys. A sheriff would be good thing.” And lots of other pro-regulation sentiment.
http://www.coindesk.com/bitcoin-hearings-day-1-bitcoin-hits-...

Regulating bitcoin won't be difficult if the bitcoin foundation is pushing for it, the winkles and other venture capitalists, etc. I've said before that a bitcoin hard fork is impractical to pull off successfully, but with that kind of support for it I'll preemptively admit I was wrong. They all support regulation because it will make their bitcoin investment worth more (in FRNs) and that in turn is what would convince the biggest mining pools to support the fork, because that's where the best ROI will be by far, and that's all they need to make it happen.

Here's a scenario that would make the non-libertarian bitcoin owners salivate: there's a hard fork that puts "the compliance into the code" as one of the comments in that article calls it. (Something like CoinValidation, perhaps.) That gives the regulators what they want, which opens up wall street investment in a big way, and removes all obstacles for major retailers like Amazon accepting it (I mean accepting it directly, not via bitpay or similar). It also removes obstacles in China and so on. It's a huge change, just not a libertarian-friendly change.

There are competing cryptos now in a limited sense, but without the ability to exchange and spend easily the alt cryptos are even more of a "brand popularity" competition than bitcoin. Real competition *as competing currencies* doesn't exist at the moment. Mt Gox said last August that they would be supporting Litecoin and others soon, which would be a small step in a good direction, but it hasn't happened yet.

Joe Rogan Experience #446 - Andreas Antonopoulos

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Bitcoin Teller Machines are coming to Denver … Stay Tuned

The Launch

Throughout 2014 and into 2015, CoinTellerAutomatic will be rolling out bitcoin teller machines in and around the city of Denver on an unprecedented scale. We have a feeling that more opportunity to buy and sell bitcoins will lead to more, well, buying and selling.

The other crypto-currencies

We are considering supporting a small number of other crypto-currencies. Over time, it is likely that we will. For now, CoinTeller will focus on bitcoin.
http://www.cointelleratm.com/

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Bitcoin 2.0

"Bitcoin 2.0" is a meme-du-jour:
http://voices.yahoo.com/bitcoin-20-explained-colored-coins-v...
http://www.zerohedge.com/contributed/2014-01-19/bitcoin-20-a...

Common themes: derivatives, contracts, and the holy grail of trying to peg the price of a cryptocurrency to the price of gold.

I count three different concepts about what "bitcoin 2.0" would mean. Some are trying to add features for bitcoin as a currency. Others are leaching off the the bitcoin network, without using bitcoin as a currency. And others hope to replace bitcoin altogether.

And so the mass adoption phase begins

Google, Ebay, PayPal, overstock, Tigerdirect, Virgin etc etc etc...

Forbes: Google Lets Slip That It's Exploring Possible Bitcoin Integration Plans
http://www.dailypaul.com/310709/forbes-google-lets-slip-that...

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My ฿itcoin: 17khsA7MvBJAGAPkhrFJdQZPYKgxAeXkBY
http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Why proof-of-work cryptocurrencies like bitcoin won't survive

http://taylorsense.tumblr.com/post/73447014381/why-bitcoin-m...

He's thinks he's arguing for peercoin here, but what the article really does a good job with is explaining why proof-of-work is a dead idea. Litecoin tried to address some of the problems with a different PoW algorithm, but that's only a patch, and anyway ASIC scrypt mining is arriving soon.

Proof-of-stake fixes some big problems, and it's such a clear and dramatic improvement that bitcoin designers have been seriously exploring the idea of switching bitcoin to a proof-of-stake scheme. See here for example:
https://en.bitcoin.it/wiki/Proof_of_Stake
And discussions you can find on any bitcoin forum. Also Kaminsky's arguments for why he thinks bitcoins current proof-of-work algorithm won't survive another year, keeping in mind that Kaminsky is a major bitcoin proponent not a detractor.

But while the case against proof-of-work is increasingly strong, the rest of the article's argument is weak. Proof-of-stake demonstrated that proof-of-work was not the only algorithm that could be used for cryptocurrencies. But that doesn't mean that proof-of-stake is the best that anyone will come up with. And even if it were, peercoin is just the first to implement proof-of-stake.

Meanwhile, dogecoin's transaction rate is higher than bitcoin's, and its network hash rate higher than non-ASIC coins *combined*. So meme. Much woof.

found it

Litecoin dev's take on Peercoin
https://litecointalk.org/index.php/topic,7142.msg54677.html#...

can't find the video with charlie lee talking about asic but he explained how they would not be as efficient as btc asic's. i think he said they would be less the 4x as efficient as current scrypt mining rigs.

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Harsh

He's trying to dismiss Sunny King, and everything he's done, by saying the market has decided his ideas are not good. In fact peercoin has been highly influential, and although peercoin itself might not survive the ideas from it are thriving. Some of the problems with peercoin come from using sha256, but bitcoin uses sha256 too, so criticizing Sunny King for having flaws shared with bitcoin and trying to dismiss everything else King has done that way is lame.

I understand why asics won't be as much of a difference for scrypt coins as they were for sha256 coins, but the problem is that asic mining, if it's sufficiently profitable, pushes the network toward centralization. The total hashrate isn't what makes the network strong, it's distribution of the power over as many independent owners as possible. (That's for proof-of-work coins only, it doesn't apply to proof-of-stake.) When the argument shifts form "nobody can get 51%" to "getting 51% wouldn't be that hard but it's not in their self interest to do it" then it's a failed idea.

Just to be clear, peercoin itself is neither here nor there. The ideas from peercoin have been hugely influential on the direction new altcoins have taken, in a way that's bad news for the bitcoin/litecoin first generation of crypto-currency. That's what has the litecoin dev in a lather I suspect.

great article

i'll have to give peercoin another look.
i did read a pretty bad rant on peercoin by the litecoin devs and heard charlie lee say the ASIC scrypt problem was way over blown.

i'll try and find both and post them here.

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Could Bitcoin Provide Relief For Marijuana Dispensaries Stuck Wi

Could Bitcoin Provide Relief For Marijuana Dispensaries Stuck With Cash?

Colorado marijuana dispensaries have been facing a problem for the last two weeks. What do they do with the millions of dollars they are taking in from now legal sales? As of Jan. 1, marijuana became legal to sell in the Centennial State, and since that date dispensaries have been the financial successes that pot proponents said they would be. But as the New York Times reported earlier this week, banks have been reluctant to accept the funds from weed sales, despite their legality, because of federal laws that classify marijuana as a Schedule I drug clashing with state laws that have made it legal for adults 21 and older. As banks are queasy about getting into the murky waters of legal drug money, bitcoin may offer a solution to the dispensary’s jam.

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As in a scene from a big budget heist movie, dispensary owners are becoming nerve-addled paranoids as they drive with briefcases and sacks full of cash to pay their taxes. These legitimate businessmen are being forced to fear thieves, carjackers, and petty criminals looking for a huge payout. But by converting their cash into bitcoin, or accepting the digital currency outright, dispensaries are given the opportunity to secure their earnings in a way that isn’t currently offered to them. It has been reported that at least one dispensary so far is already accepting bitcoins as a form of payment.
http://www.ibtimes.com/could-bitcoin-provide-relief-marijuan...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Looking at this from a big picture perspective

One could see numerous social changes taking place because of this 'problem'.

First is that those merchants could simply make it known that they have standing orders for all localbitcoin sellers (within some set limits). These people could buy btc wherever and then go to a dispensary and sell btc for cash.
Points: Liberty 1, banks -1, dispensaries 0, localbitcoin members 1

Next, the bitcoin ATM companies could install a few in and around Denver, etc. and take the point away from the localbitcoin members above.
Points: Liberty 1, banks -1, dispensaries 0, ATM companies 1

Next, the crowd funding and crowd lending sites could benefit as dispensary owners find that it's easier and more profitable to park their savings in peer operated investments rather than Wall St. scam investments.
Points: Liberty 1, banks -1, dispensaries 1, crowd funding 1

Next, the gold and silver markets in Colorado could find higher margins as these newly wealthy individuals hunt for legal places to park their money. If we're all lucky, this could eventually break the stronghold that the paper gold has on the gold spot price - maybe that's just wishful thinking.
Points: Liberty 1, banks -1, dispensaries 1, gold dealers 1

Last, the local economy could switch from Visa/MC/bank based transactions back to direct cash (FRNs, that is).
Points: Liberty 1, banks -1, dispensaries 0

Score totals: Liberty 5, banks -5, dispensaries 2, localbitcoin members 1, btc ATM's 1, crowd funding 1, gold dealers 1

Welcome To The Colorado Gas Station Where You Can Fill Your Tank

Welcome To The Colorado Gas Station Where You Can Fill Your Tank On Bitcoins
Greeley Cosmic Market Owner Shahzad Sarwar demonstrates a Bitcoin purchase. For him, offering payment via Bitcoin comes from a deeply held philosophical belief.

The Bitcoin revolution is steadily marching toward a merchant near you. At the first gas station in the U.S. to accept Bitcoins, Funyuns, energy drinks and a full tank of gas are a brief digital money exchange away.

Once reserved for hackers, gamers and online activists, the peer-to-peer digital currency is quickly gaining legitimacy. In Colorado, you can buy a scuba trip for your family, a checkup for your dog, an acupuncture treatment for your mom, a bottle of wine for dinner, or even the mundane: gas for your car.
http://kunc.org/post/welcome-colorado-gas-station-where-you-...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

The Sacramento Kings NBA......accept Bitcoin. End The Fed

The Sacramento Kings NBA team just became the first major professional sports franchise to accept Bitcoin, according to an announcement from payment processor BitPay.

http://money.cnn.com/2014/01/16/news/companies/nba-bitcoin/

BITCOIN ATM OPENS IN HONG KONG Get your Bitcoin in cash:

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Bitcoin to hit $100,000? Maybe one day…

Just how high can the value of Bitcoin go? That’s a matter of debate, but if your name happens to be Chris Dixon, then your most optimistic answer would be “really, really high”.

As far as the Andreessen Horowitz venture capitalist is concerned, the cryptocurrency is only in its infancy, and it’s value should sky-rocket as it steadily goes mainstream. For the last few weeks its been hovering just around the $1,000 mark, but Dixon is one of many who’re optimistic that Bitcoin’s fate is on an upward trajectory that could see it’s value shoot far north of where it’s currently at.

Speaking to Wired.com earlier today, Dixon said that a single Bitcoin could one day climb to a dizzying $100,000 –

Dixon isn’t just sold on Bitcoin just as an investment, he’s also putting Andreessen Horowitz’s money where his mouth is. Recently, he led the firm’s $25 million investment in Coinbase, the first Silicon Valley Bitcoin-related firm to receive a large VC round, and he’s been meeting with Bitcoin companies almost since the day he joined Andreessen Horowitz about a year ago.
http://siliconangle.com/blog/2014/01/16/bitcoin-to-hit-10000...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Wells Fargo May be the First Bank to Adopt Bitcoin

Is the banking community soon to be welcoming bitcoin (BTC) with open arms?

In San Francisco next week, Wells Fargo will be heading a meeting of financial executives, United States government officials and virtual currency experts to discuss the “rules of engagement” pertaining to bitcoin and the risk of money laundering schemes, according to a report from the Financial Times.

Quoting sources close to the matter, Jim Richards, Wells Fargo’s anti-money laundering chief, has established a group to investigate how the company can offer bitcoin services to digital currency entrepreneurs. The purpose of the investigation is to produce a series of anti-money laundering rules when working with virtual currency start-ups. - See more at: http://www.pfhub.com/wells-fargo-may-be-the-first-bank-to-ad...

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http://www.dailypaul.com/303151/bitcoin-has-gone-on-an-insan...

Understanding and Profiting with BitCoin...

Hey...

I came across this site: http://idealchoices.info

I checked out all the videos on the site... Found them to be very informative...

I've traded forex and binary for many years... This seems to be a no brainer... I will give it a go...

http://youtu.be/hrnND0iTfjo (Knowledge is Freedom)
http://idealchoices.info Understanding Bitcoin

SteveMT's picture

Bitcoin just went live on Overstock.com