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bitcoin_news

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2013-04-12 19:30:59+00:00

{"Bitcoin": [460, 1143, 1557, 2495, 2540, 4947]}

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Now is the time to gamble on bitcoin

https://finance.yahoo.com/news/now-time-gamble-bitcoin-193059558.html

Quartz

http://www.qz.com

If you’ve got money you can afford to lose and a penchant for gambling, there’s no better time than now to plow that cash into bitcoin, the alternative currency that plunged in value over the past two days after hitting astronomical highs. Let me be clear: I am not saying that, in the long run, bitcoin is a viable alternative currency. Many sophisticated thinkers have, at great length, established that it isn’t . And I’m not saying it’s a good investment. Bitcoin is far too volatile, and it’s not a good idea to bet on a single asset, anyway. In 2014, the price of a single bitcoin, currently trading at around $70 , is as likely to be zero as $1000. What I am saying is that there are plenty of reasons to believe that, as in many other classic economic bubbles , the world is full of “ greater fools ” ready to continue buying bitcoin and drive up its price again, even in the wake of the latest crash. Here’s an incomplete list of reasons why investors like the Winkelvoss twins are probably going to continue to pour money into bitcoin. 1. A large number of people are ideologically and materially invested in the success of bitcoin. Bitcoins are generated through “mining”—a process that requires powerful computers to crack hard math problems, which sometimes reward their owners with a new cache of bitcoins. This isn’t some weird second-order outgrowth of how cryptocurrencies work—it’s a deliberate feature of bitcoin. You can even graph, more or less exactly, the rate at which new bitcoins will be produced for the foreseeable future. Total Bitcoin supply over time Wikimedia Commons But mining those bitcoins doesn’t come cheap. One bitcoin miner told me that when he started less than a year ago, he and his team spent $3,000 on a high-performance PC workstation that generated 8 to 16 bitcoins a day, at a time when they were trading at $6 apiece. But the process of mining bitcoins is getting harder. Today, he notes, a rig that generates bitcoins at that rate—like a system from Avalon that is designed solely to mine bitcoins at the fastest possible rate—will cost you 75 bitcoins, or $4,500 at today’s conversion rate. A few days ago, when bitcoin was trading at an all-time high of more than $220, a system from Avalon would have cost an eye-popping $16,500. Story continues The folks who continue to mine bitcoin aren’t about to give up on the currency, no matter how much it looks like a speculative bubble that might never translate into a real means of exchange . 2. Bitcoin’s central bank is currently printing Bitcoin at a decent clip, propping up its viability. Wait , you’re saying, bitcoin doesn’t have a central bank to print money: The whole point of the currency is that there can only ever be 21 million bitcoins in circulation. This is true . But it misses a more subtle point, which is that as of this writing, there are still only 11,015,725 bitcoins in circulation , or just over half of the ultimate number of bitcoins out there. This keeps the bitcoin miners active, and actively invested in the currency, because they’re all hoping to get rich. For now, bitcoin is essentially subject to a de-facto expansionary monetary policy, notes Pascal-Emmanuel Gobry in this fascinating post on the subject . Printing money generally devalues a currency, but in this case, it’s been having the positive effect of keeping everyone excited about snatching up new bitcoins as they shake out of their mining rigs. The rate at which new bitcoins are being generated is, clearly, being swamped by speculation on their “real” value. 3. Every day, there are more ways to trade and use bitcoins, which helps maintain the idea that it’s a “real” currency whose value will only increase. Every day, it seems, new startups devoted to bitcoin are announced. And nascent bitcoin currency exchanges like Coinsetter will allow people to trade bitcoin on margin and even short the currency. As with just about any other instrument, the more ways there are to trade bitcoin, the more liquid the market for it will become—up to a point. As for retail, there are now electronics stores that accept only bitcoin , and ecommerce sites aimed at expats in China that skirt local banking strictures by accepting bitcoin . And that’s just two among an ever-growing list of hundreds of (mostly online) merchants that accept bitcoin . 4. The financial crisis in Europe has people spooked and looking for alternatives, and gold bugs are flocking to bitcoin. Erik Voorhees, who makes his entire income from bitcoin, outlined in a post at Reddit a number of forces pushing investors into the currency, including “Cyprus scared the hell out of everyone,” and “An increasingly wide swath of the libertarian/gold & silver ‘hard money’ types are buying into bitcoin.” 5. The media will not shut up about bitcoin. Yes, I know, this article is part of the problem. But the fact remains that the tech press is bonkers about bitcoin— Quartz included . Bitcoin has all the elements of a good story. What could be better than mysterious hackers trying to create a stateless alternative to the world’s occasionally frighteningly mismanaged fiat currencies, with a roller-coaster ride of a market thrown in to keep the story surfacing in the news cycle again and again. It’s a safe bet that, outside of techies, news and finance junkies, most of the world still has not yet heard of bitcoin. To the extent that bitcoin is a Ponzi scheme , dependent on ever more fools to buy into it in order to provide early adopters with profit, this is perhaps the most important reason why the value of bitcoin could continue to appreciate. Indeed, the Winkelvoss twins are explicit that this is their bet, too . So should I buy bitcoin? That depends. Because of the wild gyrations in price and possible black swans like theft , bitcoin is not something anyone should hope to hold onto for any length of time or rely on as a means of exchange. But should you gamble on bitcoin? That depends on whether you’re the type to wager money for fun and occasional profit. Just remember that, if you stick around long enough, the house always wins. More from Quartz Six reasons why Chinese people will drive the next bull market in bitcoin The hardest trick in mobile design: making the product simpler A visual look at the economic data worth caring about today

2013-04-12 19:35:34+00:00

{"Bitcoin": [545]}

{}

Gold Is Tanking AGAIN

https://finance.yahoo.com/news/gold-tanking-again-193534439.html

Business Insider

http://www.businessinsider.com/

Gold has erased 5 percent of its value today. It just took another big leg down after getting hit several times this morning and trading sideways for most of the afternoon. However, it's just come into some renewed selling pressure late in the day, and is now trading around $1487 (it started the day around $1560). Technically, gold is now in a bear market thanks to today's massive decline. Gold Thinkorswim Click to enlarge More From Business Insider GOLDMAN: SHORT GOLD Gold And Silver Are Surging Nouriel Roubini Is Going Off On Gold Bugs, Bitcoin, And James Rickards On Twitter

2013-04-12 19:41:25+00:00

{"Bitcoin": [2887]}

{}

Cell Networks Are Energy Hogs

https://finance.yahoo.com/news/cell-networks-energy-hogs-194125395.html

The Atlantic

http://www.theatlantic.com/

annualcloudconsumption.jpg For years, people have talked about the electricity consumption of data centers. Some people want to believe, somehow, that Googling is energy intensive. But it's not. Thanks to Koomey's Corollary to Moore's Law , computation has been getting more energy efficient: The number of computations per kilowatt-hour of electricity usage has been doubling every 1.5 years for decades. Relative to our society's other technological processes -- heating homes or growing corn or ground transportation -- computing's energy usage was and is a drop in the bucket. All of Google, all its servers and campuses and everything, require about 260 megawatts of electricity on a continuous basis, as of 2011 . The US has about 1,000 gigawatts of capacity , or 1,000,000 megawatts. So, to put it mildly, I am sanguine about the electrical consumption of our computing infrastructure . But, according to a new report from the University of Melbourne's Centre for Energy Efficient Telecommunications , the wireless networks that let our devices tap into those data centers might turn out to be another story. In a new whitepaper , the CEET estimates that when we use wireless devices to access cloud services, 90 percent of the electrical consumption of that system is eaten up by the network's infrastructure, not the servers or phones.. The data centers themselves use one-tenth that amount of electricity. Worse, cloud services accessed wirelessly will continue to explode, leading to a ballooning electrical load as well. By 2015, they estimate this system could eat up between 32 and 43 million megawatt hours. In 2012, the figure was only 9 million megawatt hours. Worse still, while computing has been getting more efficient at a fast and predictable clip, it's harder to tell whether the wireless access systems that the report fingers as the problem will advance as rapidly. They certainly have not advanced as predictably as computing along other metrics (reliability or bandwidth, say). Story continues What portion of the system is using the bulk of the energy? It turns out to be the 4G LTE links. Looking at 2010 data, "the energy consumption of a 4G LTE wireless access link ranges between 328 micro-Joules per bit and around 615 micro-Joules per bit," according to this paper on the energy efficiency of cellular networks . Those numbers are improving 26 percent a year, the CEET writes. Given that range, I don't want to try to calculate too precisely, but roughly, downloading a megabyte of data over an LTE connection would use a couple of kilojoules of electricity. That's still not a lot, but imagine multiplying by the scale of YouTube or by the number of wireless Internet users in China. The numbers, as the CEET discovered, can get very big very fast. More From The Atlantic Why Apple Wants (and Needs) a Music Streaming Service How Teenagers Spend Money Bitcoin Is No Longer a Currency

2013-04-12 20:29:00+00:00

{"Bitcoin": [889]}

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TAX DEADLINE LOOMS: How To File Your Taxes At The Eleventh Hour

https://finance.yahoo.com/news/tax-deadline-looms-file-taxes-202900437.html

Business Insider

http://www.businessinsider.com/

woman running in a relay race Flickr via adamkr The tax deadline is looming. Right now, about 47 million American workers are feeling a familiar pang anxiety as April 15 bears down. Don't panic just yet. W e've put together a comprehensive guide for anyone who needs a hand getting across that finish line: 1. Gather all of your paperwork. Identification: Social Security Numbers for everyone included on your return. Proof of employment: That includes a W-2 from each employer or a 1099 form from any freelance or contract work that netted over $600. If you collected unemployment, you'll need a 1099-G form, which you should find in your online your state labor department. Proof of interest earned: You'll need financial statements of interest paid and/or earned on savings and loan accounts. The same goes for gains you've earned on any investments or a home sale (and yes, even those Bitcoins ) Student loan servicers typically include that information in your online account, and banks will send out interest statements via mail. Last year's Adjusted Gross Income (AGI): This number should be included on your previous year's tax return. Alternatively, click here to get an Electronic Filing PIN from the IRS or call them at 866-704-7388. 2. Decide how you're going to file: Free filing online. There are a number of ways to file your taxes on the Web, which is hands down the fastest way to get a refund. If you earned less than $57,000, you can file your federal taxes for free at IRS Free File . Some tax software companies also offer free state tax filing. Paid tax software. Unfortunately, commercial tax software prices tend to rise the closer it gets to the filing deadline. Still, no matter which software you end up choosing, run a quick Google search beforehand to see if any coupon codes pop up online. Prices vary widely –– $30 to $100 with TurboTax , $20 to $80 with H&R Block At Home and $55 for TaxACT , according to Consumer Reports. Hire a professional accountant. T he 11th hour is not exactly prime time to get an appointment with a professional tax preparer. Still, it's worth a shot. Find a certified public accountant via the American Institute of Certified Public Accountants ' search function. It's the safest way to be sure you're getting someone competent who has your best interests at heart. Story continues National tax preparer chains . National chains like H&R Block , Jackson-Hewitt , and Liberty Tax Service are widely available and open on the weekend. They're best (and cheapest) for straightforward tax returns, which means they can be pricey for people with more complicated finances. A married couple filing jointly would have paid more than $200 for federal and state filing via H&R Block in 2012. Still, for some, the peace of mind of speaking with a live individual is worth the cost. 3. Don't leave money on the table. The beauty of tax software or working with a CPA is that you'll be prompted throughout the process to determine whether you qualify for certain tax deductions. Since the tax code is constantly fluctuating, you may be eligible for new deductions you never knew existed. Kiplinger has a helpful list of some of the deductions taxpayers miss the most, and we would recommend heading to the IRS to find out how to claim them. Everything from child care costs and moving jobs, to student loan interest and the earned-income tax credit could put more cash in your pocket. 4. Check for errors –– even if you're sure it's perfect. Don't let a dumb mistake get in the way of your refund. The most common error cited on tax returns is the simplest thing of all –– the Social Security Number. You should always sign and date your return as well, and that goes double for your CPA, if you hired someone to help. 5. Max out your retirement and Health Savings Account contributions . Most people can still make a contribution to their tax-advantaged retirement and healthy savings accounts before April 15. For IRAs, you can contribute as much as $6,000 if you’re over 50. Maximum contributions for HSAs run up to $6,000 for families. It's a great way to reduce your taxable income. Important : Make sure you tell your account holds that you're making a contribution for the tax year 2012, otherwise they'll wind up reporting it as a 2013 contribution. 6. Figure out how you're going to pay. You can't afford to pay: File your taxes anyway. Even if you apply for a filing extension, that doesn't give you any extra time to pay your tax bill. Once you've filed and you know what you're up against, you can work out a repayment plan that suits your needs with the IRS. Be aware of the fact that you'll still be charged late fees and interest each month the debt goes unpaid. If you have a 0% interest credit card handy, that might be a better route –– but only if you're sure you can pay it off within the promotion period. You're ready to pay: You can pay directly through tax software. Otherwise, e-payment options are available through the IRS. Checks should be written out to the “United States Treasury.” Request a Filing Extension. This does NOT mean you have more time to pay if you owe taxes. This simply gives you until Oct. 15 to do the paperwork. File for an extension here , or download Form 4868 The final tax deadline doesn't have to be your enemy year in and year out. You've got all the relevant information above, now get to it and remember to at least try to file just a little bit earlier next year. More From Business Insider 17 Celebrities Who've Run Into Trouble With The IRS TAXPAYERS VS. IRS: 3 Real Stories Of People Who Won 13 Things You're Better Off Buying Used

2013-04-12 20:52:00+00:00

{"Bitcoin": [794]}

{}

The Facebook Phone Software Is Available Now For Select Android Phones

https://finance.yahoo.com/news/facebook-phone-software-available-now-205210084.html

Business Insider

http://www.businessinsider.com/

facebook home for android on smartphones Screenshot Facebook Home is currently available right here in Google Play. The app aims to make Facebook the focal point of your phone, taking over your homescreen and providing you with a feed of your friends' posts, a means to chat with friends, and keep your notifications in a central spot. Facebook Home will only work on certain phones however – the HTC First, HTC One (not yet available), HTC One X, HTC One X+, Samsung GALAXY S III, Samsung GALAXY S4 (not yet available), and the Samsung GALAXY Note II. DON'T MISS: Here's what lots of smart people have to say about Facebook Home > More From Business Insider Comedy Icon Jonathan Winters Dies At 87 Next iPads Should Be Thinner With Brighter Screens The Winklevoss Twins Say They Own 1% Of All Bitcoins

2013-04-12 21:00:00+00:00

{"Bitcoin": [751]}

{}

Trading Radar: S&P Broke to New Highs This Past Week, Housing Data Next Week

https://finance.yahoo.com/news/trading-radar-p-broke-highs-210000712.html

Minyanville

http://www.minyanville.com/

This past week, the S&P ( ^INX ) rebounded off the economic weakness from the March payrolls report. What appeared to be a breakdown from congestion turned out to be a false signal as the S&P broke through the 1573 level of resistance to record highs. On Friday, though, equities gave some of it back as retail sales continued to show an economic slowdown. March retail sales were down 0.4% with much of this slowdown attributed to the drop in gas prices and weak auto sales concurrent with seasonally cold weather. Thus far, ex auto and gas, retail sales are only up 0.26% year-to-date, compared to a 2.41% gain in the first quarter of 2012. This doesn't inspire great confidence in any economic growth. [More from Minyanville.com: Strange Business: Bitcoin Mining Has a Real Impact on the Environment ] There was blood in the gold pits as the yellow metal took a 5% hit. Precious metals have remained in a downtrend for the past seven months and today could have been a change-in-trend day. Treasuries also had a big rally today as the deflation trade continued. After working off extreme overbought conditions this week, they have now retraced all of the week's losses. Additionally, the curve continued to reorient itself after many shorts got blown out on NFP day. Inflation breakevens, particularly in the more volatile 5-year sector, continued to struggle and have now gone down nearly every day since mid-March. [More from Minyanville.com: Herbalife Bulls Bet on a Short-Term Bounce ] For next week, the two US economic reports we are focusing on are monthly housing starts and the NAHB Housing Market Index. For the former, with March retail sales, we know that purchases of "building materials" declined. While not wholly indicative of a slowdown in housing construction, it is certainly a negative sign. Positive anecdotes continue to show that recent housing demand has caused supply to fall behind. Tying this into the NAHB Index -- which measures broker and builder sentiment -- we see the outlook for new housing construction rolling over in 2012. In 2012, the diffusion index went on a joyride from 21 to 47 and has since rolled over to 44. Similarly, homebuilder stocks were up 51.5% during the same time period. A continued slowdown will be negative for them. Story continues [More from Minyanville.com: Buzz on the Street: The Bulls Hang Tough, but Gold Gets Smashed ] Globally, not a whole lot stands out. UK employment figures on Tuesday will be a touchpoint as economic data has waned in the recent months, and the idea of another recession has begun to gain more headway. The ILO 3-month unemployment change is expected to remain unchanged at 7.8% with 60,000 jobs being added to the economy. With the recent USDJPY volatility causing price shocks in commodities and fixed income assets, it's only fair to mention a Japanese data point: Japan's merchandise trade balance is expected to continue showing a deficit at 522.2 billion yen. A large number of important earnings reports are due out this week as the reporting season begins to pick up. Notable reports include Google ( GOOG ), Intel ( INTC ) , Yahoo ( YHOO ), CSX ( CSX ), Pepsi ( PEP ), IBM ( IBM ), and SanDisk ( SNDK ). From the financial sector, Citigroup (NYSE:C), Morgan Stanley ( MS ), Schwab ( SCHW ), BlackRock ( BLK ), and American Express ( AXP ) will also report earnings. Monday, April 15 US Economics (Time Zone: EDT) 08:30 Empire Manufacturing – consensus 7, prior 9.24 09:00 Total Net TIC Flows – prior $110.9B 09:00 Net Long-term TIC Flows – consensus $40.0B, prior $25.7B 10:00 NAHB Housing Market Index – consensus 45, prior 44 11:00 Fed buying $4.75b - $5.75b notes in 4.5 to 5.5-year range 11:30 Treasury selling $35b 3-month bills, $30b 6-month bills Global Economics (Time Zone: GMT) 02:00 CNY Industrial Production 02:00 CNY Retail Sales 02:00 CNY Real GDP 04:30 JPY Industrial Production 13:00 CAD Existing Home Sales Earnings Before: Schwab (SCHW) Citigroup (C) Tuesday, April 16 US Economics (Time Zone: EDT) 08:30 Consumer Price Index YoY – consensus 1.6%, prior 2.0% 08:30 CPI Ex Food & Energy YoY – consensus 2.0%, prior 2.0% 08:30 Housing Starts – consensus 930K, prior 917K 08:30 Building Permits – consensus 945K, prior 946K 09:15 Industrial Production – consensus 0.2%, prior 0.7% 09:15 Capacity Utilization – consensus 78.4%, prior 79.6% 09:15 Manufacturing Production – consensus 0.1%, prior 0.8% 11:30 Treasury selling 4-week bills Fedspeak: 08:00 Dudely speaks in NY 09:00 Evans speaks in Chicago 12:00 Duke speaks in Washington 3:00 Yellen speaks in Washington 5:00 Kocherlakota speaks in Minneapolis Global Economics (Time Zone: GMT) 01:30 AUD RBA April Meeting Minutes 07:15 CHF PPI and Import Price Index 08:30 GBP PPI 08:30 GBP CPI 08:30 GBP Retail Price Index 09:00 EUR Eurozone CPI 09:00 EUR Eurozone ZEW Survey 22:45 NZD CPI Earnings Before: Coca-Cola (KO) BlackRock (BLK) US Bancorp (USB) WW Grainger (GWW) After: CSX (CS) Intel (INTC) Yahoo (YHOO) Johnson & Johnson (JNJ) TD Ameritrade (AMTD) Wednesday, April 17 US Economics (Time Zone: EDT) 07:00 MBA Mortgage Index 2:00 Fed Beige Book 11:00 Fed buying $1.25b-$1.75b bonds in 23 to 30-year range Fedspeak: 9:30 Bullard speaks in NY 12:00 Rosengren speaks in NY Global Economics (Time Zone: GMT) 05:00 JPY Consumer Confidence 08:30 GBP Jobless Claims Change 08:30 GBP 3M Employment Change 09:00 CHF ZEW Economic Expectations Survey 14:00 CAD Bank of Canada Rate Decision 23:50 JPY Merchandise Trade Balance 11:30 Germany selling EU4b 10-year notes Earnings Before: Abbott Labs (ABT) Mattel (MAT) Bank of NY Mellon (BONY) Bank of America (BAC) St. Jude Medical (STJ) After: American Express (AXP) SanDisk (SNDK) Steel Dynamics (STLD) eBay (EBAY) SLM (SLM) Thursday, April 18 US Economics (Time Zone: EDT) 08:30 Initial Claims – consensus 346K, prior 347K 08:30 Continuing Claims – prior 3079K 10:00 Philly Fed – consensus 3, prior 2 10:00 Leading Indicators – consensus 0.1%, prior 0.5% 11:00 Fed purchasing $2.75b-$3.5b notes in 7 to 10-year range 11:30 Treasury selling $18b in 5-year TIPS Fedspeak: 09:00 Kocherlakota speaks in NY 09:30 Lacker speaks on credit in Charlotte, NC 12:00 Raskin speaks in NY Global Economics (Time Zone: GMT) 01:30 CNY Property Prices 08:30 GBP Retail Sales 9:30 Spain selling 3,5, and 10-year notes 9:30 UK selling 30-year bonds 9:50 France selling 2 and 5-year notes Earnings Before: Sherwin-Williams (SHW) Union Pacific (UNP) UnitedHealth (UNH) KeyCorp (KEY) Fifth Third Bancorp (FITB) Pepsi (PEP) Phillip Morris (PM) Morgan Stanley (MS) Verizon (VZ) Freeport-McMoRan (FCX) BB&T (BBT) After: Chipotle Mexican Grill (CMG) IBM (IBM) Capital One (COP) Microsoft (MSFT) E*TRADE (ETFC) Google (GOOG) Advanced Micro Devices (AMD) Cypress Semi (CY) Blackstone (BX) Intuitive Surgical (ISRG) Friday, April 19 US Economics (Time Zone: EDT) No major economic reports 11:00 Fed buying $1.25b-$1.75b bonds in 23 to 30-year sector Global Economics (Time Zone: GMT) 05:00 JPY Leading Index 06:00 EUR German PPI 12:30 CAD CPI Earnings Before: General Electric (GE) Honeywell (HON) McDonald's (MCD) Baker Hughes (BHI) SunTrust (STI) Under Armour (UA) Schlumberger (SLB) State Street (STT) Twitter: @MichaelSedacca Related Articles Mr. Market Squashes the Gold Bugs Computer Stocks Show Their Age After Apple, China Directs Its Ire at Microsoft

2013-04-12 23:29:00+00:00

{"Bitcoin": [334]}

{}

US Dollar in Short-term Panic Amid Weak Data, Falling Yields

https://finance.yahoo.com/news/us-dollar-short-term-panic-232900341.html

DailyFX

http://www.dailyfx.com/

US_Dollar_in_Short-term_Panic_Amid_Weak_Data_Falling_Yields_body_Picture_1.png, US Dollar in Short-term Panic Amid Weak Data, Falling Yields US Dollar in Short-term Panic Amid Weak Data, Falling Yields Fundamental Forecast for US Dollar: Neutral Dollar at Risk if Soft US Data Underpins Fed QE Continuity Bets Euro-zone Crisis Spawns Bitcoin Craze, But Trading EURUSD Still Safer Bet FOMC Minutes Out Early, Policymakers Signal QE3 to Taper in 2013 The US Dollar was the second worst performing major this past week, gaining only against the significantly weaker Japanese Yen by +0.81%. Gains against the US Dollar were prevalent in the commodity currency and the Euro just like the first week of April, with the year’s top performer, the New Zealand Dollar, leading the way, up by +1.86%. Overall, the US Dollar’s weakness can be attributed to the combination of soft key data and dovish comments from Federal Reserve Chairman Ben Bernanke, which together pointed to the same conclusion: the Fed’s easing program is likely to remain in place throughout 2013. Are you new to FX or curious about your trading IQ? Chairman Bernanke’s comments during a speech on April 8 run directly against the tone struck at the most recent FOMC reading, as displayed in the Minutes which were released on Wednesday. The Minutes stated : “In light of the current review of benefits and costs, one member judged that the pace of purchases should ideally be slowed immediately. A few members felt that the risks and costs of purchases, along with the improved outlook since last fall, would likely make a reduction in the pace of purchases appropriate around midyear, with purchases ending later this year. Several others thought that if the outlook for labor market conditions improved as anticipated, it would probably be appropriate to slow purchases later in the year and to stop them by year-end. Two members indicated that purchases might well continue at the current pace at least through the end of the year.” This is particularly key, because it means that, despite a growing consensus that easing could cease later in the year, it means that Chairman Bernanke is run directly against the direction a growing number of other policymakers are. Story continues The chairman, however, may have economic data on his side, as recent economic data in the United States has turned lower. Over the past two weeks, the following major data releases have misses consensus forecasts: ISM Manufacturing (MAR), ADP Employment (MAR), ISM Services (MAR), Nonfarm Payrolls (MAR), Advance Retail Sales (MAR), and U. of Michigan Confidence (APR P). This week data, which really started in mid-March, has contributed to major downside pressure on US Treasury yields – this undermines the interest earned on US Dollar-denominated assets, which decreases the buck’s appeal. The US 10-year Treasury note yield peaked on March 11, and the 2s10s spread – often viewed as a guage of the market’s expectation for economic growth and/or inflation in the United States – has narrowed by 30.9-bps from 1.8036% to 1.4948%. During this period of compression, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR ) declined as well, peaking likewise on March 11 at 10576.73, and falling by -1.16% to 10454.52 at today’s close (the USDOLLAR fell by as much as -1.75% to its monthly low on April 2 at 10391.31). With this soft backdrop present – Chairman Bernanke’s bias overrides that of the aggregate FOMC – the week ahead will likely be that of further weakness for the US Dollar. The US Treasury’s semiannual report on foreign exchange stressed that Japan must be cautious in its easing agenda, a clear sign that fiscal authorities are starting to worry about the magnitude and pace of the USDJPY’s appreciation the past several months. Accordingly, this offers another reason to be bearish for the week ahead. A potential bullish catalyst? The Cypriot crisis is rearising, now that it’s clear that the country needs €6B more than expected – a revival of risk-aversion is necessary for substantial US Dollar strength for the next five days. –CV See the DailyFX Economic Calendar for a full list, timetable, and consensus forecasts for upcoming economic indicators. Want the forecasts to appear right on your charts? Download the DailyFX News App . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM .

2013-04-13 11:05:00+00:00

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{"Bitcoin": [0]}

Bitcoin Is Up 92% Since Yesterday

https://finance.yahoo.com/news/bitcoin-92-since-yesterday-110500360.html

Business Insider

http://www.businessinsider.com/

The remarkable ride for Bitcoin traders continues today. The virtual currency is now trading at $115, nearly double where it was y esterday, when Bitcoin plummeted to a low of $60 following a 12-hour trading halt on the world's largest Bitcoin exchange, Mt. Gox. On Wednesday, the currency topped out at $266 after staging an incredible run from levels around $15 in January. The chart below, which goes back to April 6, shows the big crash this week and the big rebound over the last 24 hours or so. bitcoin chart bitcoin.clarkmoody.com More From Business Insider BITCOIN TRADER: Don't Worry About The Crash, This Chart Shows We Should Have Seen It Coming BITCOIN $250 6 Things That Are Massively Overpriced If You Buy Them In Bitcoin

2013-04-14 14:45:02+00:00

{"Bitcoin": [1662]}

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How an iPhone App Lead VC Jason Pressman To Make A Huge Romantic Gesture For His Girlfriend

https://finance.yahoo.com/news/iphone-app-lead-vc-jason-144502476.html

Business Insider

http://www.businessinsider.com/

Shasta Ventures VC Jason Pressman is a newlywed, married to Jessica Newman (now Jessica Pressman). How he got her to say yes is really one of the sweetest stories we've heard in a long time. It all started with an iPhone app called the Tiffany Ring Finder from legendary jeweler Tiffany & Co, Pressman told Business Insider . The app lets you shop for rings and see what they'll look like on your hand. His girlfriend couldn't decide between two rings. Pressman let her believe the decision to ask for her hand was still up in the air when he booked a trip to a tropical island. On the first night there, he got down on one knee and presented her with one of the rings she loved. She said yes. Then on the second night, he proposed again, this time with the second ring. Dumbfounded, she said yes again. And here's where it gets really sweet. On the third night, she discovered another box hidden among their things. It wasn't another ring, he told her, he'd already given her two, which even he knew was over the top, and she wasn't a big jewelry lover to begin with. This time, in the box was a little gold charm, the letter "P." With her maiden name, the two of them had nearly the same initials, hers were JMN and his were JMP. She had made a joke some time ago that if she ever married him, she could almost still keep wearing her favorite piece of jewelry, a charm necklace of her initials, if it weren't for the letter P. So he solved that, for her, too. Here's a picture of the happy couple and the first ring, moments after she said yes. Jason and Jessica Pressman Jason Pressman Jason and Jessica Pressman and the first ring More From Business Insider Bitcoin Is Changing The World Why You Should Take Vladimir Putin's Official Income Of $187,000 With A Pinch Of Salt The Golf World Is Outraged That Tiger Woods Didn't Get Disqualified

2013-04-15 14:20:00+00:00

{"Bitcoin": [889]}

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TAX DEADLINE LOOMS: How To File Your Taxes At The Eleventh Hour

https://finance.yahoo.com/news/tax-deadline-looms-file-taxes-142000140.html

Business Insider

http://www.businessinsider.com/

woman running in a relay race Flickr via adamkr The tax deadline is looming. Right now, about 47 million American workers are feeling a familiar pang anxiety as April 15 bears down. Don't panic just yet. W e've put together a comprehensive guide for anyone who needs a hand getting across that finish line: 1. Gather all of your paperwork. Identification: Social Security Numbers for everyone included on your return. Proof of employment: That includes a W-2 from each employer or a 1099 form from any freelance or contract work that netted over $600. If you collected unemployment, you'll need a 1099-G form, which you should find in your online your state labor department. Proof of interest earned: You'll need financial statements of interest paid and/or earned on savings and loan accounts. The same goes for gains you've earned on any investments or a home sale (and yes, even those Bitcoins ) Student loan servicers typically include that information in your online account, and banks will send out interest statements via mail. Last year's Adjusted Gross Income (AGI): This number should be included on your previous year's tax return. Alternatively, click here to get an Electronic Filing PIN from the IRS or call them at 866-704-7388. 2. Decide how you're going to file: Free filing online. There are a number of ways to file your taxes on the Web, which is hands down the fastest way to get a refund. If you earned less than $57,000, you can file your federal taxes for free at IRS Free File . Some tax software companies also offer free state tax filing. Paid tax software. Unfortunately, commercial tax software prices tend to rise the closer it gets to the filing deadline. Still, no matter which software you end up choosing, run a quick Google search beforehand to see if any coupon codes pop up online. Prices vary widely –– $30 to $100 with TurboTax , $20 to $80 with H&R Block At Home and $55 for TaxACT , according to Consumer Reports. Hire a professional accountant. T he 11th hour is not exactly prime time to get an appointment with a professional tax preparer. Still, it's worth a shot. Find a certified public accountant via the American Institute of Certified Public Accountants ' search function. It's the safest way to be sure you're getting someone competent who has your best interests at heart. Story continues National tax preparer chains . National chains like H&R Block , Jackson-Hewitt , and Liberty Tax Service are widely available and open on the weekend. They're best (and cheapest) for straightforward tax returns, which means they can be pricey for people with more complicated finances. A married couple filing jointly would have paid more than $200 for federal and state filing via H&R Block in 2012. Still, for some, the peace of mind of speaking with a live individual is worth the cost. 3. Don't leave money on the table. The beauty of tax software or working with a CPA is that you'll be prompted throughout the process to determine whether you qualify for certain tax deductions. Since the tax code is constantly fluctuating, you may be eligible for new deductions you never knew existed. Kiplinger has a helpful list of some of the deductions taxpayers miss the most, and we would recommend heading to the IRS to find out how to claim them. Everything from child care costs and moving jobs, to student loan interest and the earned-income tax credit could put more cash in your pocket. 4. Check for errors –– even if you're sure it's perfect. Don't let a dumb mistake get in the way of your refund. The most common error cited on tax returns is the simplest thing of all –– the Social Security Number. You should always sign and date your return as well, and that goes double for your CPA, if you hired someone to help. 5. Max out your retirement and Health Savings Account contributions . Most people can still make a contribution to their tax-advantaged retirement and healthy savings accounts before April 15. For IRAs, you can contribute as much as $6,000 if you’re over 50. Maximum contributions for HSAs run up to $6,000 for families. It's a great way to reduce your taxable income. Important : Make sure you tell your account holder that you're making a contribution for the tax year 2012, otherwise they'll wind up reporting it as a 2013 contribution. 6. Figure out how you're going to pay. You can't afford to pay: File your taxes anyway. Even if you apply for a filing extension, that doesn't give you any extra time to pay your tax bill. Once you've filed and you know what you're up against, you can work out a repayment plan that suits your needs with the IRS. Be aware of the fact that you'll still be charged late fees and interest each month the debt goes unpaid. If you have a 0% interest credit card handy, that might be a better route –– but only if you're sure you can pay it off within the promotion period. You're ready to pay: You can pay directly through tax software. Otherwise, e-payment options are available through the IRS. Checks should be written out to the “United States Treasury.” Request a Filing Extension. This does NOT mean you have more time to pay if you owe taxes. This simply gives you until Oct. 15 to do the paperwork. File for an extension here , or download Form 4868 The final tax deadline doesn't have to be your enemy year in and year out. You've got all the relevant information above, now get to it and remember to at least try to file just a little bit earlier next year. More From Business Insider 17 Celebrities Who've Run Into Trouble With The IRS TAXPAYERS VS. IRS: 3 Real Stories Of People Who Won 13 Things You're Better Off Buying Used

2013-04-15 18:08:00+00:00

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JIM ROGERS: Like I Said, I Expect Gold To Go As Low As $1,200

https://finance.yahoo.com/news/jim-rogers-said-expect-gold-180550281.html

Business Insider

http://www.businessinsider.com/

jim rogers Screenshot via Bloomberg TV Gold has been taking a battering all day. Gold is off 8.5% to $1,373.80 an ounce. Commodities guru Jim Rogers isn't buying gold yet. He told Business Insider there were four key things driving the sell-off. India - The country hiked its gold import tax rate by 50% to 6% at the start of the year. This has curbed gold demand. Chartists - Technical analysts that have warned that gold prices will continue to fall. Cyprus - "Ms. Merkel is seeking re-election so she has told Cyprus and others that they should sell some of their gold to pay their debts. The Germans are tired of bailing people out and she needs to be tough." Bitcoins - "The collapse of Bitcoin since most of them also own gold." Rogers said he hasn't hedged his positions at the moment. "I have repeatedly babbled about $1200 -1300, but that is just because that would be a 30-35% correction which is normal in markets," he told Business Insider. "But I am a hopeless market timer/trader." Rogers said he expects gold prices to fall further for the "foreseeable future" but expects "gold to eventually go higher over the decade." More From Business Insider SOCGEN TECHNICAL ANALYST: Gold Is Going To Crash To $1265 In The Next 3 Months GOLD BUGS: The Gold Crash Is A Bernanke Conspiracy GOLD $1400

2013-04-15 22:22:00+00:00

{"Bitcoin": [2125]}

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5 Smart Insights For Financial Advisors

https://finance.yahoo.com/news/5-smart-insights-financial-advisors-222259957.html

Business Insider

http://www.businessinsider.com/

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. What Falling Gold Prices Tell Us About The Stock Market (Advisor Perspectives) "At a most rudimentary level, equities are residual claims in the capital structure. Gold, on the other hand, expresses confidence in the financial system," writes Mark Ungewitter of Charter Trust Company in Advisor Perspectives. "Confidence in banks, currencies, governments and Wall Street seems necessary for a secular bull market in junior claims – i.e. common stocks – to occur." "The behavior of gold, then, helps confirm the stock market’s secular trend. A sustained move in the S&P 500 above its 13-year range, corroborated by a sustained downturn in the dollar price of gold, would suggest the beginning of a new secular bull market." S&P500 gold chart Advisor Perspectives/Charter Trust Company Wealth Management Firms Want Advisors To Spend More Time With Clients (Financial Planning) A new survey by Ernst & Young has found that wealth management firms want advisors to spend more time with their clients. 75% said they have initiatives to do just this. "Approximately 75% of wealth management firms surveyed plan to invest in mobile tools to increase advisor collaboration and effectiveness. Larger firms said they would use mobile technology to deepen client relationships by providing greater access to information, while smaller firms plan to use mobile applications to introduce new products and services and increase sales. "Proprietary tools used for data and interfacing with clients will also come under scrutiny." What The Big Gold Sell-Off Looks Like On A Chart Going Back To 1792 (Macro Tourist) This chart shows how big the sell-off in gold has been even when taking a historical perspective. gold long term price chart Twitter/@Macro_Tourist Jim Rogers: Like I Said, I Expect Gold To Go As Low As $1,200 ( Business Insider ) The gold rout continues and gold prices have fallen to $1,352 an ounce. Jim Rogers said the sell-off was being driven by falling gold demand in India, chartists, Cyprus and Bitcoins. Story continues "I have repeatedly babbled about $1200-1300, but that is just because that would be a 30-35% correction which is normal in markets," he told Business Insider. "But I am a hopeless market timer/trader." Rogers said he expects gold prices to fall further for the "foreseeable future" but expects "gold to eventually go higher over the decade." Tommy Belesis Charged With Fraud And Intimidation (Finra) Finra has accused Anastasios Tommy Belesis, CEO of at John Thomas Financial, and four other employees of fraud and intimidation. Finra alleges that John Thomas Financial (JTF) sold shares of America West Resources, Inc. (AWSR) "at the height of the price spike." But of the 15 customer orders received to sell over 1 million shares of America West, JTF just entered one. "JTF and Belesis prevented the orders from being executed on the same day they were received and some customer orders were executed the following day or days after at prices grossly inferior to those obtained by the firm while other customer orders were not entered or executed at all. AWSR is now in bankruptcy and the customers' investments are virtually worthless. "In addition, the complaint alleges that JTF and Belesis, through Misiti and Castellano, lied to the firm's registered representatives and customers about the reasons the customer shares could not be sold on Feb. 23, 2012, including that there was a problem with the clearing firm's trading systems, there was insufficient volume on that day to fill the orders, and the shares could not be sold because they were restricted under the Securities Act of 1933." More From Business Insider 5 Smart Insights For Financial Advisors 5 Smart Insights For Financial Advisors 5 Smart Insights For Financial Advisors

2013-04-16 11:28:00+00:00

{"Bitcoin": [1924]}

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10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-opening-bell-112832033.html

Business Insider

http://www.businessinsider.com/

boston marathon explosion REUTERS/Jessica Rinaldi Good morning. Here's what you need to know. Asian markets were mixed in overnight trading with the Shanghai Composite up 0.6 percent, the first gain in three sessions. This was driven by property developers and insurers. Europe is selling off and U.S. futures are rallying. 3 people, including an eight-year old died, and another 140 were injured by two explosions at the finish line of the Boston Marathon yesterday. President Obama said those responsible will "feel the full weight of justice" . FBI agents reportedly searched an apartment in the suburb of Revere but it isn't clear if this was tied to the explosions. The investigation into the blasts is ongoing. The FBI will host a press conference at 9:30 a.m. ET. Horrifying images from the Boston Marathon explosions > In earnings news, Blackrock beat expectations when it reported Q1 adjusted earnings of $3.65 per share , against consensus of $3.57 per share. Earnings per share were up 16% from a year ago. Goldman Sachs beat expectations when it reported earnings of $4.29 per share , on revenue of $10.09 billion. Yahoo is expected to report earnings of $0.24 per share after the bell. Gold prices are slightly higher today after posting their biggest one day fall yesterday. The sell-off was said to be driven by concerns about Cyprus being forced to sell its gold reserves and the impact this could have on other European countries. Jim Rogers: Gold could go as low as $1,200 > Housing starts were up 7% in March to an annualized level of 1.03 million. Meanwhile, permits fell 3.9%. Consumer prices unexpectedly fell 0.2% in March. Germany's ZEW economic sentiment plunged to 36.3 in April, more than expectations of a decline to 42. This is down from 48.5 the previous month. This is however the third highest level in the last 24 months. How Portugal became a horrific economic mess > The digital currency, Bitcoin, that surged to over $260 last week, fell below $57 today. Story continues Industrial production for March is out at 9:15 a.m. ET. Consensus is for production to rise 0.2% MoM and for manufacturing to rise 0.1% MoM. Follow the release at Business Insider > A 7.8 magnitude earthquake has struck Iran. The tremors have been felt in several other countries. The Global Disaster Alert and Coordination System reports that the quake hit 10 miles below ground. 300,000 people are reported to be within 60 miles of the epicenter. More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning

2013-04-17 11:04:00+00:00

{"Bitcoin": [970]}

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10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-morning-110459280.html

Business Insider

http://www.businessinsider.com/

mark zuckerberg facebook home ad YouTube Good morning. News: Facebook has some new talent. Apple Maps executive Richard Williamson is reportedly joining Facebook and designer/developer Loren Brichter will be helping the Facebook Home team. Microsoft and Foxconn's parent company, Hon Hai, have signed a worldwide patent licensing agreement for the manufacturing of tablets, TVs and smart phones. "The parties indicate that Microsoft will receive royalties from Hon Hai." Facebook's big mobile feature, "Chat Heads", began as a late night hack. "Chat Heads" puts a friend's face permanently on your mobile screen. The face follows you into any app you open, so sending a private message is always one tap away. 150 million images are being shared over Snapchat, the latest mobile app craze. Facebook is beginning to test ads in Graph Search, the new social search tool many of its users still don't have. The startup visa is a go. There's now another place you can spend Bitcoins: on dating site, OkCupid. Facebook will be launching News Feed video ads this summer, and it wants four advertisers to pay it more than $1 million per day for the 15 second spots. A new startup called Repost is taking re-blogging to a whole new level. It lets people embed articles with a snippet of code, the same way they embed YouTube videos. Yes, Mark Zuckerberg really stood fully clothed in a swimming pool for the Facebook Home ad. More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning View comments

2013-04-17 13:00:00+00:00

{"Bitcoin": [73, 179, 292, 315, 504, 595, 645, 694, 950, 1112, 1342]}

{"Bitcoin": [0]}

Bitcoin Alliance of Canada Seeks Experts and Enthusiasts to Build a Strong Community

https://finance.yahoo.com/news/bitcoin-alliance-canada-seeks-experts-130000793.html

Marketwired

http://www.marketwired.com/

TORONTO, ONTARIO--(Marketwired - Apr 17, 2013) - The concept behind the Bitcoin Alliance of Canada (BAC) was inspired by the need for accurate and professional media coverage of Bitcoin in Canada. Both on television and online, news typically doesn't properly address the dynamic aspects of Bitcoin. However, with Bitcoin use skyrocketing globally, the need for more concise and insightful information will only increase. The BAC is poised to become a reliable source of that information. Knowledgeable Bitcoin users, those who are fluent in economics, and merchants looking to start accepting Bitcoin will be key players in the development of Bitcoin in Canada. The BAC will exist to explain Bitcoin with clarity and professionalism. With more cryptocurrencies cropping up, businesses in Canada both interested in or already using electronic cash should keep up with news and facts surrounding these varied systems. The BAC hopes to strengthen the Bitcoin community by making all the news and facts accessible. The BAC will strive to clearly express new and foreign concepts common to emerging currencies like Bitcoin in order to avoid misconceptions and confusion, and to better appeal to a broad audience. Support and interest is welcome in this endeavor to establish a strong, knowledgeable market in Canada that understands and accepts Bitcoin. For media requests, general inquires, or to participate please contact the BAC.

2013-04-17 19:12:00+00:00

{"Bitcoin": [3710]}

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REVIEW: The Pebble Smartwatch

https://finance.yahoo.com/news/review-pebble-smartwatch-191220185.html

Business Insider

http://www.businessinsider.com/

pebble walkthrough Dylan Love As if Pebble needs any more publicity. This Kickstarter darling raised more than $10.2 million from almost 69,000 customers taken with the concept – an e-ink watch that talks to your Android or iPhone , alerting you of phone calls, texts, emails, and generally reappropriating your wrist as a window into your smartphone. What about apps, you ask? It'll run apps too. The promise here seems twofold. First, it's a watch in every conventional sense, displaying the time without breaking a sweat. Second, it keeps you more engaged as you no longer have to remove yourself from a social situation to check a ringing phone. A quick glance at your wrist is all it takes now to see if you absolutely must take that incoming call or return that text message. Click here for photos of the Pebble > Appearance and design Pebble is as comfortable as any watch I've ever worn. After a couple hours I had forgotten I was even wearing it, and I'd consider that a credit to the design – who wants to be consciously aware of a giant miracle watch occupying his body's real estate? The Pebble is unobtrusive and low-key enough that people won't be asking you about it unless they already know what it is. I loved the e-ink display, which proudly shows perfectly legible time and menu options in even the most direct sunlight. Navigating these menus with the three buttons on the right side of the watch is easy as well. The top and bottom buttons move you up and down and the middle selects whatever option you have highlighted. For those instances when you need to know the time in pitch black darkness, Pebble is backlit. Just touch the button on the left or give your wrist a small shake to activate the light. The face of the watch is larger than a conventional watch, but much smaller and discreet than other smartwatches I've seen. I found the larger-than-usual size to be perfect for navigating and reading menus, so I have no complaints there. Functionality I considered Pebble to be instantly-accessible portal to my iPhone. In this sense, it does one thing well and that's all it takes for me to get on board. When someone calls, my phone rings as it normally would, except now I have caller ID on my wrist. When someone texts, I can read the incoming message without even touching my phone. Story continues Pebble also vibrates, meaning you never have to worry about not feeling your phone vibrate in your pocket. I loved that aspect of it. The customizability here is great as well. A number of custom watchfaces are ready for download. I imagine many, many more will be on the way since the company recently released its watchface API, letting people create their own ways of displaying time. Best of all, the Pebble lasted about two days on a charge for me, much longer than your smartphone. Something's missing... An app API is on the way, which will let people create their own watch apps that can be bolstered by your smartphone's capabilities. For runners, your phone's GPS could track your total distance covered and display your mileage on your watch, for example. But until this happens, Pebble's functionality is slightly basic. You have to decide if its current abilities are enough to merit the $150 pre-order. Should you buy it? If you're down with Pebble's current functionality (a dashboard for your phone), then this is a great purchase. Grab it here for $150 . If you expect more from a watch at that price, you'd do well to wait until its app ecosystem takes off to see what developers can come up with. Click here for photos of the Pebble > More From Business Insider People Who Spend All Day Online Reveal How They Get The Most Out Of The Internet Now You Can Use Bitcoins To Find The Love Of Your Life How To Make Your iPhone Last For Years

2013-04-19 14:00:23+00:00

{"Bitcoin": [211]}

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Wikileaks’ Julian Assange asked Google’s Eric Schmidt to release information on secret US government requests for user data

https://finance.yahoo.com/news/wikileaks-julian-assange-asked-google-140023147.html

Quartz

http://www.qz.com

There’s a lot to chew on in the just-released, previously secret transcript of a conversation between Wikileaks founder Julian Assange and Google board chairman Eric Schmidt—the two talked about everything from Bitcoin to Assange’s “crazed” female visitors. (Though Schmidt acknowledged in his new book that he spoke with Assange, the full transcript of their conversation had not previously been released.) But the weightiest matter the two addressed was US government requests for data on users. Authorized under the 2001 Patriot Act, these requests are sent by US law enforcement agencies to Google up to 999 times per year, as Google regularly notes in its Transparency Report , where they’re listed as “National Security Letters.” (Total law enforcement for user data requests, including those authorized under the Patriot Act, numbered 8,438 in 2012 .) The company can’t be more specific than that about the frequency and nature of the requests because sharing such information would be illegal. Schmidt made that explicit to Assange, as the transcript of their conversation reveals: Assange: “We wouldn’t mind a leak from Google, which would be, I think probably all the Patriot Act requests.” Schmidt: “Which would be [whispers:] illegal .” Schmidt went on to explain that while he couldn’t give Assange or anyone else that data, it was certainly a problem he’d been thinking about due to his personal objections to provisions of the Patriot Act: Schmidt: “I’ve actually spent quite a bit of time on this question. Because I am in great trouble because I have given a series of criticisms about Patriot 1 and Patriot 2 [referring to the 2001 law and the 2011 extension signed by President Barack Obama]. Because I think they’re … because they’re non transparent. You know, because the judge’s orders are hidden and so on. And the answer … the answer is that the laws are quite clear about Google and the US. We couldn’t do it. It would be illegal.” Schmidt then told Assange he would pass along Assange’s request to Google’s lawyers, but then the two laughed, suggesting that they both knew the request was unlikely to come to anything. Story continues Assange had a personal interest in seeing Google leak information about data requests from Federal authorities, since those authorities have been requesting that Twitter disclose to the names and locations of anyone using Twitter to communicate with WikiLeaks . Since Assange and Schmidt’s conversation on June 23, 2011, Google has yet to release any information on requests from Federal law enforcement for user data, beyond the extremely vague range listed in its Transparency Report. More from Quartz Eric Schmidt is using the same argument against drones that others use against Google Glass “Mobile” computing no longer exists Welcome to the world’s weirdest e-commerce market

2013-04-23 16:34:00+00:00

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{"Bitcoin": [44]}

Here's Why Venture Capitalists Want To Make Bitcoin The 'Next Big Thing'

https://finance.yahoo.com/news/heres-why-venture-capitalists-want-163458625.html

Business Insider

http://www.businessinsider.com/

Bitcoin accepted here sign flickr/Adam Crowe Bitcoin – the controversial online currency that has soared in value this year – has captured the imagination of those in the investment community that see it as an opportunity to watch a classic "bubble" situation develop in real time . Today, Bitcoin is trading around $135. At its peak a few weeks ago, it reached $266. In January, it was trading at $15. For a big group of investors, though, Bitcoin seems to be anything but a bubble. "The most provocative feature of this dramatic rags-to-riches-to-rags-to-riches yoyo is that it is actually a diversion from the upcoming main event," says ConvergEx Group Chief Market Strategist Nick Colas. " Venture capitalists see a much larger narrative surrounding Bitcoin, and the capital they can put to work shaping the future of this novel currency far exceeds the $1.4 billion of Bitcoin value currently in the system. " Chris Dixon of Andreessen Horowitz , for example, recently said in a blog post that Bitcoin-like technologies were ushering in "the third era" of currency . Andreessen Horowitz is also putting its money where its mouth is. Earlier this month, the venture capital firm announced an investment in OpenCoin , a Bitcoin competitor. Colas says venture capitalists look for three things when making an investment: "a huge (usually +$1 billion) market size, a disruptive technology, and lots of ways to play those two features." That's Bitcoin, more or less. In a note to clients, Colas highlights the merits of Bitcoin for venture capitalists, comparing it to tech success stories like Amazon and Netflix : Those thousands of tech-savvy folks who run the bitcoin system have created a new and very low cost method for transferring money around the world. For the potential 25 bitcoin reward of solving one of those 10 minute puzzles, they keep track of all the transactions created by users around the world. The current system for money transfers – banks, brokers and other financial institutions – want a lot more for their efforts than a few thousand dollars six times an hour. Bitcoin is to money what Amazon is to retail or Netflix is to video content – a much more efficient way to meet the needs of millions of people around the world. Story continues In order to make Bitcoin the "next big thing," however, Colas says VCs need to focus on remedying the security issues that have caused so much price volatility in the market for the virtual currency. The world's largest Bitcoin exchange has been subjected to multiple attacks by hackers in recent months, which almost invariably always causes a panic in the thin, fledgling market. The other problem presented by Bitcoin for VCs, says Colas, is the currency's inherent anonymity. While this is arguably a positive factor for users of Bitcoin, it could be a problem on the regulatory front, given world governments' increased focus on cracking down on funding sources for terrorism and the illegal drug trade. "My humble recommendation to venture capitalists to avoid further regulation or an outright ban is to quickly convince global charities to use the Bitcoin system for both donations and money transfers," writes Colas. "It is, after all, ideally suited to the purpose of taking in money in rich countries and efficiently moving it abroad to places with limited financial infrastructure." He points to figures from the National Philanthropic Trust indicating that Americans gave $218 billion to charity in 2011, as well as the one million-plus U.S.-based charities who "presumably ... all have bank accounts to process payments and would like a more efficient way to distribute funds." It's in the hands of the VCs now. More From Business Insider ATM Receipt With $1 Million Balance Shows Tale Of 2 Cities In New York Video Of Astronaut Wringing A Wet Towel In Space Will Make You Say 'WHOA!' Bombing Suspect Allegedly Gave A Chilling Introduction To His Carjacking Victim

2013-04-25 13:53:23+00:00

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{"Bitcoin": [0]}

Bitcoin takes an important step toward becoming part of every web browser on the planet

https://finance.yahoo.com/news/bitcoin-takes-important-step-toward-201423919.html

Quartz

http://www.qz.com

A funny thing just happened: virtual currency bitcoin has now passed the first round of approval required to become a standard for the web, alongside other familiar “schemes” which allow elements on a webpage to, for example, open your email application when you click on an email address on a webpage. This is the first time a payment system has ever been legitimized in this way. The web—and more specifically HTML5, the language which web browsers understand—works because everyone who makes websites and builds web browsers has agreed on a common standard. It’s just like a regular language—if I say “chair” and you think “pants,” we have a problem. The same goes for the grammar in which vocabulary is embedded. One piece of the language of HTML5 is “schemes,” which allow websites or apps to designate themselves as the “handler” of the content located at a particular address on the internet. These schemes include, as I noted, one called “mailto:” that, when used as a link in a webpage, tells your browser to automatically email an address after you click on it, by whatever means you have previously specified. So this is where things get interesting: With a bitcoin-specific “scheme ,” any link on a webpage becomes a one-click route to instantaneously transmitting money—or at least bitcoin. Imagine you’re buying socks or more likely, since this is bitcoin, assault rifles stuffed with heroin. On the checkout webpage, the “buy” button could use the “bitcoin:” link, which would automatically pop open your bitcoin wallet, which might reside in an external application, on another website, or even in your browser itself. In any event, it would make paying with bitcoin dead easy and absolutely universal. The “bitcoin:” scheme has at this point, in technical parlance, merely been “whitelisted.” That means it’s OK, in the eyes of at least one web standards body, to start incorporating it into web pages—but it’s not mandatory, yet. This is a sign that the powers that be—i.e. the folks who administer the HTML5 standard—take bitcoin seriously. And it also means that some day “bitcoin:” might become part of the universal standard (administered by the W3C ) that virtually guarantees that an HTML5 standard will make it into every web browser on the planet. Story continues It’s all terribly complicated, and I invite you to read the thread on Hacker News or a similar one on Reddit if you want to confuse yourself further. But here’s the bottom line: bitcoin just took an important step closer to becoming the universal, open, distributed payments glue that binds the world of digital money, anonymous transactions, and extra-governmental currencies together. And if some day it’s a part of HTML5, or HTML6 or 7 or what have you, and federated across every web-connected device on the planet, well, you can say you read about it here first. More from Quartz Now is the time to gamble on bitcoin Just four companies will produce the microchips on which the global economy depends Hike, the messaging app you can use even if you can’t use apps

2013-04-25 18:59:58+00:00

{"Bitcoin": [73, 948, 1468, 1653, 2271, 2377, 2635, 2750, 2901]}

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A wildly popular Chinese conspiracy theorist says Bitcoin can “eliminate human greed”

https://finance.yahoo.com/news/wildly-popular-chinese-conspiracy-theorist-185958466.html

Quartz

http://www.qz.com

We’ve explored some reasons why the Chinese might be inclined to embrace Bitcoin. But there may be a new one: Song Hongbin , an influential Chinese pseudo-economist with 1.6 million Sina Weibo followers is now singing the virtual currency’s praises. Song made his name writing the best-selling Currency Wars books, a series that blends shopworn anti-Semitic conspiracy theories with Chinese monetary exceptionalism, explaining how a cabal of private banks have for centuries controlled the major Western financial institutions, and how China should respond. Despite aiming for Niall Ferguson, Currency Wars lands more in Dan Brown territory. Still, the books—especially the first one—proved wildly popular in China in the immediate aftermath of the financial crisis, as its criticism of derivatives trading seemed prescient. In 2009, reports of government officials and business leaders reading the books (paywall) abounded. And now Song’s touting Bitcoin’s merits on his Weibo channel (link in Chinese): In the wake of the financial crisis, the flaws in the American dollar system was made plain for all to see. For the first time since the currency dictatorship had usurped gold’s authority in 1971, the US dollar system faced severe difficulty. The democratizing power of currency raises two difficult questions. One is the historical emergence of people calling for a super-sovereign currency, including the gold standard. The other comes from future direction of Bitcoin’s new power. The intersection of both forms checks and balances against the limitless expansion of sovereign debt. Song goes on to say: In line with the spirit of the internet, Bitcoin firmly calls for putting an end to all monetary centralization. In being autonomous and not being issued by a central bank, the total amount of the currency has a fixed upper bound that uses strict mathematical logic to eliminate human greed. These comments represent an about-face in Song’s views. According to one forum contributor , earlier this year, Song had written on Weibo: “It doesn’t matter if a currency is paper, or electronic—that’s not important. What’s key is what the central bank uses as the currency’s underlying asset. Government debt? Gold? Or the length of time it’s been on the internet? Bitcoiners, think a bit more clearly about that and then we’ll talk.” Story continues Song’s new zeal for Bitcoin could influence the virtual currency’s popularity—or not. But Song’s high profile—in addition to his Weibo following and elite readership, he was named one of China’s most powerful people in 2009 by Businessweek—makes him one of the most influential Bitcoin fans in China—and, possibly, in the world. With 1.35 billion people, even a slight a bump in the country’s Bitcoin investment could drive up prices again. But contrary to Song’s beliefs, that would probably stoke a good deal of human greed. More from Quartz Bitcoin takes an important step toward becoming part of every web browser on the planet Someone could have just made a ton of money hacking the AP’s Twitter account Six reasons why Chinese people will drive the next bull market in bitcoin

2013-04-26 11:21:00+00:00

{"Bitcoin": [579]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-morning-112100052.html

Business Insider

http://www.businessinsider.com/

iphone photo Apple More smartphones shipped than feature phones during Q1, a first. Good morning. News: The New York Times has already built a Google Glass app. "iTunes’ share of the $2.9 billion U.S. digital music market has fallen to 63 percent, NPD says, its lowest since at least 2006." "Apple’s New iPhone Ad Says Nothing, And It’s Great." More smartphones shipped than feature phones during Q1, a first. AT&T rolled out a product that allows you to control your home's lights, cameras, thermostats, and security system from your phone or tablet. Now you can shop eBay with Bitcoins. A judge ordered that Microsoft pay Google $1.8 billion because of the Motorola patents Google owns. Google had been expecting $4 billion. Verizon wants to pay Vodafone $100 billion for Vodafone's stake in Verizon Wireless. Vodafone wants $130 billion. Betaworks bought Instapaper. Cool: You can now open Microsoft Office documents with Google Chrome. More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning

2013-04-29 13:30:00+00:00

{"Bitcoin": [1539]}

{}

VC Slams Analyst Who Questions $350 Million Investment In Food Startups

https://finance.yahoo.com/news/vc-slams-analyst-questions-350-133035631.html

Business Insider

http://www.businessinsider.com/

Vinod Khosla TechCrunch Max Whitaker, via Flickr Creative Commons Commercial Use license Food startups are gaining traction, as investors pumped in roughly $350 million into them over the last year . Some of these startups aim to connect restaurants with food lovers, provide on-demand delivery services from local farms, or even invent new foods, like meat and egg substitutes from plants, Jenna Wortham and Claire Cain Miller of The New York Times reports . One analyst, Susan Etlinger of the Altimeter Group, is skeptical about the long-term promise of food startups. "I don't see a multimillion-dollar business coming out of any of these companies," Etlinger told the NYT. "The majority of Americans will not likely be able to participate, they're simply too expensive for them." Etlinger's sentiments prompted an angry response from Vinod Khosla . a widely respected venture capitalist with investments in companies like GroupMe , Slide, AppNexus , and Jawbone. Khosla is the founder of Sun Microsystems , a former partner at Kleiner Perkins , and the founder of Khosla Ventures . "Typical clueless analyst who never did anything real herself," Khosla tweeted . Khosla Ventures has invested in a half-dozen food startups like Nu-Tek Salt, a company working on a replacement to salt with less sodium, and Unreal, a company working on low-sugar alternatives to candy, snacks, and soda. More From Business Insider Michael Jordan Got Married This Weekend The 10 Most Socially Advanced Countries In The World Gold Could Collapse Just Like Bitcoin Did

2013-04-29 13:48:00+00:00

{"Bitcoin": [212, 282, 470, 497, 655, 826, 1208, 1462]}

{"Bitcoin": [40]}

Top Silicon Valley VC: I'm Investing In Bitcoin Startups

https://finance.yahoo.com/news/chris-dixon-why-silicon-valley-134800275.html

Business Insider

http://www.businessinsider.com/

chris dixon eric eldon techcrunch disrupt ny 2013 Alyson Shontell/Business Insider Chris Dixon and TechCrunch co-editor, Eric Eldon Chris Dixon , like many other Silicon Valley investors, is really excited about Bitcoin. He says he's invested a significant amount of money into it. Bitcoin is a digital currency that was first introduced in 2008 and allows instant transfers to anyone, anywhere. Dixon spoke about why he and the rest of Silicon Valley are excited about Bitcoin, and what types of Bitcoin startups he's looking to invest in. The Andreessen Horowitz partner says some of the smartest entrepreneurs in California are thinking about starting Bitcoin companies. They're working on PayPal-like models, exchanges that will help people trade the currency, and banking models to help people store bitcoins. Dixon says Bitcoin is exciting partially because it offers relief to "pent-up frustration" surrounding the financial-tech industry. " I think for a lot of people in tech, finance has been this very frustrating area," says Dixon. "We see what happens on Wall Street, it's very corrupt, and it's so highly regulated that, when you do try to start a company, you run into all these regulations. [Bitcoin is] this release for the pent-up frustration. Finally something is happening in finance tech....[We spent] years in the desert there. More From Business Insider 13 Hot London Startups You Need To Watch Here's Why Venture Capitalists Want To Make Bitcoin The 'Next Big Thing' Grooveshark's CEO Is Making A Comeback After 'Getting Punched In The Face 10,000 Times'

2013-04-29 13:51:37+00:00

{"Bitcoin": [2688]}

{}

VC: There Are Three $50 Billion Companies That Should Buy Foursquare Right Now

https://finance.yahoo.com/news/vc-three-50-billion-companies-135137014.html

Business Insider

http://www.businessinsider.com/

Annie Leibovitz Dennis Crowley Dens/Instagram Foursquare CEO Dennis Crowley Foursquare , the New York-based startup with a mobile app that's lets you "check-in" from your location, just raised a bunch of debt in order to survive. Foursquare's problem is that "checking-in" seems to be something that tens of millions of people on the planet want to do, not hundreds of millions or billions of people. So, Foursquare user growth is not very fast. So, Foursquare was unable to raise new investment at a higher valuation than the ~$600 million valuation it got a couple years ago. Not everyone is so down on Foursquare, however! Venture capitalist and former Google executive Hunter Walk says there are three $50 billion companies that should buy it. They are: Visa, Mastercard, and American Express . His explanation: I've identified three companies each worth north of $50B who should be fighting over ownership of Foursquare. Apple, Facebook and Google? Nope. Visa ( $110B ), Mastercard ( $66B ) and American Express ( $75B ). Your credit card company has a tremendous amount of data on where you, and the world, shops. Not purchases at the SKU level - they largely don't know what you bought at West Elm or Cheesecake Factory - but they do know that you spend $350 at a furniture store and $75 at a casual food chain. Now extrapolate this over millions of customers. Using covisitation data they could recommend to me other establishments visited by folks with similar spending patterns. "Hunter, because you enjoy West Elm you might also like SF Modern Design located at 1000 State St." This would be especially helpful when traveling. But none of these credit card companies are (a) skilled at building consumer facing applications, (b) upstream of purchase decisions and (c) have place level data for retail establishments. Oh but wait, Foursquare has all of those. By combining with Foursquare, the credit card companies could finally justify and preserve their transaction fees (in the face of competition from other payment options) but working to drive demand to the local retailers. Today they do this in very non-scalable ways such as one-off marketing programs such as AmEx Small Business week. To take it a step further, this would also give a credit card company the ability power loyalty programs at the retailer level using Foursquare check-ins combined with verified purchases to close the discovery<>transaction loop. Is that a Foursquare-powered credit card in your pocket or is your app just happy to see me? More From Business Insider Is Mobile Now A More Important Ad Medium Than TV? The 10 Most Socially Advanced Countries In The World Gold Could Collapse Just Like Bitcoin Did

2013-04-30 12:39:30+00:00

{"Bitcoin": [459]}

{}

How America's Business Schools Can Save Themselves From Irrelevance

https://finance.yahoo.com/news/americas-business-schools-save-themselves-123930774.html

The Atlantic

http://www.theatlantic.com/

Thumbnail image for 615_Graduate_Graduation_College_Reuters.jpg MBAs -- both the degrees and the people who have them -- are an obsolete waste of time and money . An irrelevant recipe for failure . At least that's what all the cool entrepreneurs and venture capitalists are saying. So what's next? Learning to code and " lean startups ." Accelerators are the new b-school. Quartz-Logo.jpg MORE FROM QUARTZ Hackers Are Building Their Own Financial System With Bitcoin Quartz Chartbook: 19.2 Million European Workers Job-Hunting There's just one problem though. While creating a product and starting a company have never been easier, building and sustaining a business have never been harder. And lean is not everything. That means business education has never been more important. But first, both b-schools and companies need to learn some new tricks. The Cult of Innovation Right now, "innovation" is the hottest thing in business. Google searches for the term have grown almost 500% in the last five years. It's not just entrepreneurs, either. According to The Wall Street Journal , public companies mentioned it 33,528 times in SEC filings last year, 64% more than they did five years ago. This obsession with innovation matters because it's changing how businesses and people operate. Entrepreneurs and corporate executives are starting to shun traditional approaches to new product development and growth. And most of those outdated approaches are closely associated with MBAs. Instead, they're embracing new methods of innovation, like the lean startup, accelerators, hackathons and growth hacking . And in a world where anyone with $9.94 can learn to work like a lean startup, no one needs an MBA, right? Well, it's not quite that simple. That's because failing fast--the crux of the lean approach--doesn't make succeeding easier. It just makes it cheaper and less risky. As serial entrepreneur, Howard A. Tullman notes, "all these innovations, and the continually lower costs and lower barriers to entry that they bring, are a very mixed blessing ... They make it much more difficult to create sustainable competitive advantages, which, in turn, makes it much more difficult to succeed." Story continues The numbers back him up. Growth Is Hard Even in better times, building a business was hard. At least 75% of startups fail . Only 6% grew to $10 million in revenues within 10 years. Fewer than 2% hit the $50 million mark. And it's just as hard for big companies. Two-thirds of new products launched by established firms fail within two years and only 9% of big businesses consistently grow faster than 5%. In fact, the average lifespan of S&P 500 companies is plummeting. It's now just 15 years . Now, it's only getting harder. It's getting harder because business is getting more complex. By 2020, as many as 60% of companies will be sourcing, producing and selling more in foreign markets than they do at home. That includes small ones. The global economy, meanwhile, has become permanently turbulent and hyper-competitive. The result, the Boston Consulting Group calculates, is that volatility in both revenues and profit margins have tripled in the last 50 years. Disruptions to competitive positions are occurring twice as frequently as they used to. And while cheap technology and lean methods do enable disruptive innovations, they are rarely the reason new launches fail, small businesses can't scale and big ones die-off. According to technology giant, IBM (pdf), as well as the Sloan Management Review , at tech mecca MIT, those things are usually traced back to not understanding or defining customer needs properly, unclear business strategies or insufficient resources. And for all their virtues, these new startup methods don't completely address those issues. Lean Is Not Everything The lesson here is that strong leadership and solid management will always be essential. If anyone can create, then continuously iterating and pivoting aren't enough to buck the odds. If they were, we'd have thousands more thriving, valuable businesses and a lot fewer would-be entrepreneurs frittering away their life savings creating 1.5 million mobile apps (paywall) that no one needs, wants or even knows exist. But we don't. That's because building a real business requires not just creating things, but also getting people to pay for them; and to pay more than they cost. To do that, though, you need to do more than define a vision and discover a viable value proposition. You also need to secure scarce resources, develop cohesive teams, assemble collaborative networks and build lasting customer relationships. All those skills--also known as strategy, finance, accounting, HR, operations, marketing and sales--aren't completely addressed by accelerators and lean methods. But they are exactly the type of things that formal business education, especially MBAs, can develop. Unfortunately, the MBA critics are right about one thing. MBA curricula and formats have lost touch . So, What's Next? Startups say they're reluctant to hire MBA graduates because they don't learn the techniques that today's entrepreneurs actually use. And big employers say they lack the skills required to effectively manage today's diverse, globally-dispersed, super-connected and resource-constrained organizations--things like strategic thinking, leadership and interpersonal communications. That's all starting to change , though. More and more business schools are overhauling their programs. They're emphasizing entrepreneurship, providing more flexible, personalized and global experiences and integrating coursework with experiential learning. And it is working. Some startups and growth companies are already warming up to MBAs. However, business education still has a long way to go. On three fronts, in particular: who, what and how. The Next Generation of Business Leaders For starters, business skills should be accessible to a lot more people (that's the "who"). And MBAs are just a drop in the bucket. B-schools only turn out 178,000 of them a year . But there are 16 million corporate managers and at least 27 million small-business owners . That's just in the United States. Apparently, most of us aren't very good, either, whether we have MBAs or not. Two-thirds of US businesses report persistent shortages of talented mid-level leaders. And that feeling is mutual. Only 30-40% of managers felt well-prepared to deal with the economic crisis. That's probably because half of them got no training or development at all from their companies, according to Bersin by Deloitte . And for those who did, it was most likely too late or already forgotten . That's a big problem for employers, not business schools. Every day, 10,000 baby boomers--the people still running most businesses today--retire. And there simply aren't enough Generation Xers to fill their shoes. At least 10 million fewer , in fact. So over the next decade, more and more millennials are going to take responsibility for making decisions, allocating resources and getting results--whether they're ready or not. The Next Generation of Business Skills It would be better, of course, if they were. Which brings us to the "what." A lot of business education and corporate training is still based on ideas developed in--and for--the 20th century. Yet the world has changed a lot. So today's business leaders need new skills for the future. And innovation and entrepreneurship are only the start. Data analytics , digital fluency and global business are three other obvious examples, but the lists (there are actually dozens) go on and on. At the same time, businesses need new ways of thinking about the basics. As l eadership consultants, Hay Group , put it, "organizations will have to radically adapt their cultures, structures, systems and processes in order to survive the new world order." Strategy, for example, needs to become more flexible, which is a big part of what accelerators and lean startups are about. But entire organizations also need to become more agile , teams more collaborative and reporting more holistic than they used to be. And lean doesn't address those things at all. The Next Generation of Business Education And that leads us to the "how." Most importantly, business education needs to be more practical. Moving faster means leaders have to make more decisions with incomplete, unstructured or ambiguous information. That requires a stronger emphasis on judgement and problem solving, not just analysis. And that realization is already driving both startups and established companies to ditch market research and business plans in favor of prototypes and experiments. The same thing is happening in classrooms. Consumer behavior, multicultural teams, global markets, political risks and ethical dilemmas are complicated, messy and unpredictable. They don't fit neatly into textbooks or case studies. So MBA programs are starting to create what Harvard Business School professor Rakesh Khurana calls, "carefully coached experiences" where "you actually have to go deliver a product or a solution, as part of a team, and apply your skills of leading and managing to that team." Markets, customers and competitors are constantly evolving, though. To keep up, business learning also has to shift from an occasional event to a continuous, ongoing activity. Innovation itself is a good example. Until recently, it was all about products and services. Now, it's increasingly focused on finding new ways to operate. But as Fortune Magazine points out , "business-model innovation is a competency that doesn't exist in most companies. It never had to." It does now. Speed, agility and adaptability have become requirements for businesses of all sizes. No matter how lean or innovative they are, though, most entrepreneurs still fail, most small businesses never get big and most big companies have a hard time sustaining growth. So business education can't disappear. In fact, it's now more important than ever. More From The Atlantic Forget Plan B: To Fight Teen Pregnancy, Focus on Economic Opportunity The Twlight of the Sharing Economy—or the Dawn? This Is the Biggest Mistake Conservatives Make About Keynes

2013-04-30 12:45:35+00:00

{"Bitcoin": [177, 1058, 2781, 5334]}

{}

Hackers are trying to create an untraceable and comprehensive financial system using bitcoin

https://finance.yahoo.com/news/hackers-trying-create-untraceable-comprehensive-124535348.html

Quartz

http://www.qz.com

What’s often missed about alternative currencies like bitcoin is that they weren’t just made for buying and selling things. Nor are they simply tools for financial speculation. Bitcoin is also a payment system, allowing anyone to transfer money anonymously, immediately, irreversibly—and, if you like, illicitly. As virtual currencies grow, that could have profound implications for governments trying to keep track of and regulate the flow of money across their borders. What’s more, this ghost of a banking system is key to understanding that there’s a real demand for bitcoin—just not as a currency in the old-fashioned, pay-for-goods sense. Anonymous banking It is possible to remain anonymous online. Services like BitTorrent , for file-sharing, and Tor , for web broswing, route data through networks of computers in order to protect the identities of their users. Although it was developed by the US Navy , TOR has evolved into a public service, allowing political dissidents, journalists, government officials, and geeks to surf the web anonymously. Bitcoin is, if anything, the opposite, perfectly transparent. A ledger of all transactions made on the bitcoin is broadly accessible—in fact, that publicness is what makes bitcoin work and maintains faith in the network. But people aren’t identified by name, just algorithmically generated public keys that serve as the user’s wallet. “The exciting thing about these new currency schemes is that you have these anonymous payment systems grafted onto anonymous networks,” Chris Dixon, a partner at venture capital firm Andreessen Horowitz, which has invested in bitcoin startups, said recently . A new initiative called Open Transactions , led by a programmer known only as FellowTraveler, is attempting to blend the anonymity of privacy networks like Tor with the openness of virtual currencies like bitcoin. The idea is to create decentralized transactions involving three completely blind parties: an issuer (who announces that he has some amount of currency up for sale), a server or network of servers (who manage the transaction), and a user (who wants to purchase the currency). Story continues By routing the the transaction through intermediaries and using a privacy network, money can flow anonymously through the web. And the same concept can apply to other asset classes, as well—including, according to the developer, collateralized debt obligations, a financial product that’s about as arbitrary as bitcoin. The means of exchange In the world of Open Transactions, virtual currencies are just a means of exchange, another middleman. Traditional hard currency is converted to bitcoin—or, say, gold from the videogame World of Warcraft—and converted back into traditional currency at the end of the transaction. Bitcoin’s value, then, is not what it can buy at Walmart but the trust that others place in its network. Given how volatile trading in bitcoin has been, it’s hard to imagine it will ever be secure enough to be trusted as a medium of swapping fiat currency or other assets. In fact, bitcoin exchanges are so vulnerable that hackers betting on the price of bitcoins to dollars seemingly crashed the market on purpose : They sell bitcoins, then overwhelm the primary bitcoin exchange (Mt.Gox) with traffic. This causes the site to fail, which sparks panic selling, and the market essentially crashes. At that point, the hackers can turn around and buy bitcoin again at a big discount, and pocket the difference in profits. But it’s highly likely that bitcoin exchanges won’t always be so volatile. Mt.Gox’s programmers have been criticized by bitcoin traders and other bitcoin developers for failing to take even the most basic precautions to protect the most popular bitcoin exchange against hacker attacks. The new currency has already spawned multiple startups to compete with Mt.Gox, some with outside funding. New competitors are not likely to make the same mistakes, and bitcoin will probably be increasingly difficult to manipulate. Moreover, bitcoin as an un-hackable payments system—with an indisputable record of irreversible transactions—clearly has a value. Just think, “internet gold” without the risk of shocks to supply. Untraceable payments Typically, regulation to discourage money laundering is carried out by banks. But if you can truly create a system of blind transfers, then every person’s online wallet becomes a bank. In an interview with AgoristRadio.com, FellowTraveler, the anonymous creator of Open Transactions, explained why it will be impossible to control these payments : If you go down to the bank and withdraw, say, $100 and then you give it to a prostitute. and then she gives it to her pimp, and then he gives it to his drug dealer and his drug dealer goes and puts it back in the back, because he’s going to college or whatever. Now what does the bank see? They can see that you withdrew $100 from your account. Yes…They see that you withdrew $100 from your account and they also see that the drug dealer deposited $100. They can see that, too. But what they can’t see is that it’s the same $100. They don’t know that that’s the $100 that came from you…and they also didn’t know who had it in between…Digital cash does the same thing. Whether OpenTransactions itself works out or not, it relies on a profound concept: Bitcoins will become the medium for a system of untraceable exchanges between one currency and another, a completely anonymous means of foreign exchange. Instead of a purely speculative investment, bitcoins are a commodity with demand determined by the volume of bitcoins being exchanged at any given moment. What’s more, wallets themselves can serve as personal bank accounts, anonymous and separate from the traditional financial system and government control. Clearly, this comes with its own risks: Most citizens benefit from laws meant to provide oversight of the traditional financial system. But for those wary of governments and banks, OpenTransactions—and any system like it—can serve as a means of storing, investing, and exchanging money that could really be untraceable. A decentralized financial system with a virtual currency traded by anonymous users poses a clear challenge to traditional legal and banking systems, a challenge governments may never really be able to control. More from Quartz It is becoming increasingly inaccurate to call Google an internet company Six reasons why Chinese people will drive the next bull market in bitcoin Real money starts to pour into math-based currencies like bitcoin

2013-04-30 22:27:27+00:00

{"Bitcoin": [2746]}

{}

Quartz Daily Brief—Asia Edition—May Day, Apple bonds, IKEA in India, French state wine sale

https://finance.yahoo.com/news/quartz-daily-brief-asia-edition-222727130.html

Quartz

http://www.qz.com

Good morning, Quartz readers! What to watch for today Many markets closed for May Day. It’s international worker’s day, or labor day, depending on the country you’re in, and that means stock exchanges from Frankfurt to Shanghai will be closed . There will also be potentially contentious rallies in Venezuela , and protests across the US . High Court in London begins inquest into murder of ex-Russian spy Alexander Litvinenko. The MI6 secret intelligence service reportedly paid him $136,000, and now maybe we’ll find out more about why . India might finally get around to letting IKEA in. This has been dragging on forever. Earnings ahoy! Merck ( preview ), CBS, Chesapeake Energy, Facebook, GlaxoSmithKline, Tesoro, MasterCard, Visa and Yelp all report. While you were sleeping Apple issued $17 billion in debt. And oh boy, but do the bond markets love it . Riptides in the US housing market. Home ownership rates in the US dropped to their lowest level since 1995 , while home prices in major cities shot up at the fastest rate since May 2006 , which boosted consumer confidence . Cyprus bailout passed—barely. The island nation’s parliament approved the financial rescue package by just two votes . The death toll in the Bangladesh factory collapse could reach as high as 1,400. Grim news as rescuers give up on finding any more missing workers. Italian fashion firm Benetton is now on its third, increasingly contrite statement about the tragedy, after having denied any connection to the manufacturing there. Saudi Arabia declared it wasn’t scared of US oil production. “In the blink of an eye, the scarcity scare-mongers have been replaced by the apostles of plenty,” said petroleum and mineral resources minister Ali I. al-Naimi . Yahoo just doubled maternity leave for employees. If they can’t work from home, at least employees of the Internet company can spend the first four months there after their child is born. Regulators promised new rules in the wake of the stock market flash crash last week linked to an AP Twitter account hacking. The US Commodity Futures Trading Commission is ON IT . Story continues Earnings winners : BP is set to gain despite all the lawsuits . UBS is back after the Libor scandal, easily beating estimates . Earnings l osers : Cummins, maker of engines, saw earnings drop 38% . Revenue for health insurer Aetna was down 3.8%. Pfizer missed on earnings . US Steel reported a first-quarter loss . Quartz obsession interlude Simone Foxman on how bitcoin could become an untraceable and comprehensive parallel financial system. “What’s often missed about alternative currencies like bitcoin is that they weren’t just made for buying and selling things. Nor are they simply tools for financial speculation. Bitcoin is also a payment system, allowing anyone to transfer money anonymously, immediately, irreversibly—and, if you like, illicitly.” Read more here. Matters of debate Should migration be restricted on economic grounds? Most definitely not, says Tim Worstan , who calls it “the most effective anti-poverty program there is.” Baidu, the Google of China, is flailing because it failed to embrace mobile. Live by the desktop, die with the desktop . BlackBerry’s CEO is correct: There’s no future in tablets. At least if you want to make money on them . Surprising discoveries A large-screen iPhone 6 is coming in June 2014, says analyst. We said Apple should do it , but it stretches believability to imagine they might . France’s presidential palace will sell part of its wine collection, with the proceeds to go to the state. Let’s see how long 1,200 bottles can hold off the euro crisis. Pope’s favorite film the subject of a bitter copyright dispute. It’s the 95-year-old director versus an American producer who claims he purchased the rights in 2007 . In France, sales of fast food eclipse regular restaurants for the first time. This is possibly the worst thing to happen to France since that Economist cover . Watch Virgin Galactic’s SpaceShipTwo hit supersonic speeds during its first rocket-powered flight. Here comes 16 seconds of pure awesome . Our best wishes for a productive day. Please send any news, comments, theories about the future of tablets and ideas for what the French state should sell off next to [email protected]. You can follow us on Twitter here for updates during the day. And you can join Quartz’s Google Hangout debating the merits of an MBA on May 1 at 2 p.m. EST. More details here . Sign up for the Quartz Daily Brief here , tailored for morning delivery in Asia, Europe, and the Americas. More from Quartz Quartz Daily Brief—Americas Edition—The Fed rate, Seoul props up exporters, half the world takes the day off Quartz Daily Brief—Europe Edition—Apple’s beloved bonds, closing Gitmo, paydays for Sorrell and Mayer, happy May Day Quartz Daily Brief—Americas Edition—Japanese gains, new Dutch reign, Spain in the slow lane

2013-05-01 13:17:00+00:00

{"Bitcoin": [605]}

{}

Zuckerberg Confidant Says Facebook Users Are Going To 'Get Bored,' Unless ...

https://finance.yahoo.com/news/top-zuckerberg-confidant-says-facebook-131700504.html

Business Insider

http://www.businessinsider.com/

Before he left to found a venture capital firm, Social+Capital, Chamath Palihapitiya was Facebook 's longest-tenured senior executive. He remains close with Facebook CEO Mark Zuckerberg . He stopped by BI headquarters yesterday. He told us that he'd give Facebook CEO Mark Zuckerberg an "A-/B+" for his performance since last year's IPO. Palihapitiya said that he's worried Facebook is getting lost in incremental "feature creep" – and that it should be focusing on "ground-breaking new products." He suggested Facebook should think about solving problems in healthcare, education, or maybe even bringing Bitcoin into the mainstream. Watch the interview here: // Please enable Javascript to watch this video More From Business Insider This Startup Is Betting Big On Homemade Porn Videos This iPhone App Will Make Sure You Actually Keep Plans You Make With Friends Sorry, But Fees For Things Like Checked Bags Are Never Going Away, Says Kayak Chairman

2013-05-01 14:22:07+00:00

{"Bitcoin": [251, 483, 1249, 1765, 1800, 2114, 2818, 3456, 4414, 5481, 5705, 5788, 5928, 6607, 6788, 7085, 8534, 8856], "BTC": [2606]}

{"Bitcoin": [21]}

Should You Invest in Bitcoin?

https://finance.yahoo.com/news/invest-bitcoin-142207371.html

U.S.News & World Report

http://money.usnews.com/

If you get wistful imagining the American penny discontinued, a topic that makes the rounds every once in a while, imagine the thought of getting rid of the penny, nickel, quarter, dollar and the rest of American currency--and using bitcoins instead. Bitcoins have been around for a few years, but there has been buzz in the mainstream media lately due to the digital currency recently both shooting up and plummeting in value. It can be hard to comprehend at first, in part because Bitcoin, in upper case, refers to the software code that makes the digital currency and the network that distributes it, and bitcoins, in lowercase, refer to the currency itself. Then there's simply grasping the concept: Although bitcoins have a logo that looks like a coin, you will never actually hold one in your hand. Still, with debit and credit cards and online and mobile banking, a consumer these days could theoretically go weeks, months or perhaps years, if they never tip, without touching actual money. Some people think bitcoins are the wave of the future, a digital form of money that could someday be a universal form of money that replaces the dollar, euro, yen, rupee and onward along the international currency chain. "If even modestly successful, Bitcoin could wind up being the tipping point of a sea change regarding how we are paid and how we pay for things," says Thomas Way, a computing sciences professor at Villanova University in Villanova, Pa. Others think its future will fall more along the lines of the recent housing bubble, or even the Beanie Babies craze of the 1990s, when some people bought hundreds and thousands of the stuffed toys, planning to sell them one day to fund their retirement or kids' college education. "People shouldn't invest in Bitcoin. And I think writing about Bitcoin will cause people to lose more money than if the media simply ignore it," says Peter Cohan, who teaches business strategy at Babson College in Wellesley, Mass., and has a background in management consulting and venture capital. Story continues [Read: 2 Simple Steps to Make Your Retirement Savings Leap .] Bitcoin was created in 2009 as a software code project, with the goal to verify and safeguard financial transactions without the assistance of a centralized bank or government treasury. These digital dollars are "mined," as the lingo goes, involving a complex computer system that creates and verifies bitcoins, which are essentially strings of numbers. Due to the authenticated history attached to this virtual money, counterfeiting is virtually impossible. Once you have a bitcoin, or some BTC, as more lingo goes, you can give it to someone else--a friend, family member, an online storekeeper--over the Internet. You can also exchange the bitcoin into a dollar, euro, yen, rupee and so on. Moreover, Bitcoin is modeled after some of the ideas behind gold. For instance, the computer systems that "mine" for bitcoins create new coins every 10 minutes and will continue until the total amount reaches a limit of 21 million bitcoins in the year 2140, a number and year that was chosen by an algorithm. Just as there is a finite, if unknown, amount of gold on the planet, there is, or will be, a finite amount of bitcoins, which makes them valuable. The fact that a computer algorithm dictated the concept of bitcoins, versus the idea of human beings deciding monetary policy, drives their popularity among many enthusiasts. "The idea behind Bitcoin, the most popular instance of cryptocurrency to date, is generally a good one primarily because of its decentralized nature," Way says. "Democratizing some, and perhaps one day all, of the global financial system by using this decentralized digital-currency approach should have a similar effect on the financial market to what the Internet in general has had on information, communication and entertainment." Way thinks "cautious adoption is likely," and he is likely to get little argument there. There are probably too many skeptics out there for the general public to embrace bitcoins any time soon. Ian Comisky, a partner at Blank Rome, a multidisciplinary law firm with offices throughout the world, is one of those. He believes consumers could face inadvertent tax fraud by investing in it, mostly because some taxpayers might not realize that you have to report any investments in bitcoins as capital gains. But he also sees a darker side of Bitcoin. As Comisky points out, the anonymous nature of the digital currency means there is scant evidence that you've used it. With conventional money, Comisky says, "there's a paper trail. You make a deposit, and you have a copy of the item, and the money's in your bank account, and a government agency can subpoena that if they need to." [Read: How to Spot Counterfeit Money .] But with bitcoins, because of the almost anonymous nature of the money, "If you're a bad guy, there are a lot of uses for it. You can use bitcoins for tax evasion, launder money with it or use it for narcotics," Comisky says. Indeed, last year, the Federal Bureau of Investigation came out with an unclassified report, which was immediately leaked online, asserting that at least one online service, a market place called Silk Road, has taken bitcoins as payment for illegal drugs. Dodi Glenn, director of AV Labs at ThreatTrack Security, a Clearwater, Fla.-based firm that specializes in helping identify and stop sophisticated malware and cyber attacks, points out another problem. "Bitcoin-targeted malware, like viruses and Trojans, can do several bad things to your PC," Glenn says. "For example, hackers can steal account information, such as your username and password, which gives them access to your Bitcoin wallet. They also can hijack your computer and use it to help spread their Bitcoin-stealing malware to other PCs." Of course, malware can get access to a bank account, too. But banks will give you your money back. "Bitcoins aren't insured with an agency like FDIC, or with an actual bank," says Glenn. Even if you're confident you are hack-proof, and you're a perfectly good citizen with no interest in money laundering or narcotics, you may wonder why you'd want to pay for anything with a bitcoin. That's the million-dollar question--sorry, the million-bitcoin question. Right now, you can't buy much with bitcoins. It's estimated that only about 100 retailers throughout the world accept them, all arguably obscure businesses like PhoneSomeone, an Australian telephone wholesaler of second-hand equipment, and Grass Hill Alpacas in Haydenville, Mass. Still, the appeal for some is that with Bitcoin, you can pay friends and family on the Internet for free (although in some cases, there may be a small fee) and without a lot of hassle, once you have digital money in your Bitcoin online wallet. A friend can scan your cell phone with his cell, or you can touch the two smartphones together, provided they both use Near Field Communication technology, and pay each other that way. In fact, you can pay anyone anywhere in the world, within about 10 minutes, according to Bitcoin's website. But it may take a while for consumers to get comfortable using bitcoins. For instance, the New York City bar, EVR, recently gained a lot of press for being the first New York bar to accept bitcoins. As CNN reported in mid-April, at its then-current value, a $15 martini cost .08 bitcoin. Wrapping one's head around what would be a fair cost for a purchase with bitcoins may take some time. As the New York bar scene suggests, some businesses and consumers are embracing bitcoins, as are some investors, who clearly hope they can buy low, or low enough, and sell later. Currently, bitcoins aren't pegged to the dollar or any international currency, and their value fluctuates--sometimes wildly. In the past, it has traded for less than a penny. For a time in 2012, each bitcoin was worth less than $5. As of this writing, the exchange rate for 1 bitcoin is 140 American dollars; by the time you read this, it may well be different. You can find the current exchange rate at bitcoinexchangerate.org. [See 10 'Digital Utilities' You Need Every Day .] In other words, this isn't an investment for the cautious investor, or anyone who doesn't have money they can afford to lose; nobody should feel confident about putting their life savings into bitcoins. On the other hand, if digital currency isn't here to stay, it's nonetheless making a valiant attempt. It's worth noting that there are other cryptocurrencies vying to be the next Bitcoin, notably litecoins (www.litecoins.org) and PPCoins (www.ppcoin.org). For those who are intrigued, investing cautiously in bitcoins seems the way to go for now. And if you're someone like Harlan Platt, finance professor at Northeastern University's D'Amore-McKim School of Business, you shouldn't touch it at all. "Bitcoins are a bit like pixie dust, the substance that Tinker Bell used," Platt says. "It only exists if you believe it exists. Unlike formal currencies, there is nothing that stands behind them such as the full faith and credit of the United States government. Like other schemes, though, it is somewhat like musical chairs. As long as you're not the last person to sit down, the game is fun. The last person left holding these instruments only has a story to tell and no value." More From US News & World Report 6 Tips for Twitter's IPO: How Not to Be a Facebook Will the Data Boom Pay Dividends? How to Add Real Diversity to Your Portfolio

2013-05-01 15:11:54+00:00

{"Bitcoin": [88]}

{}

The Whole Truth About Student Debt in 17 Charts

https://finance.yahoo.com/news/whole-truth-student-debt-17-151154557.html

The Atlantic

http://www.theatlantic.com/

Quartz-Logo.jpg MORE FROM QUARTZ BlackBerry Is Right: Tablets Are Over Why Hackers Love Bitcoin 1. What Great De-leveraging? Americans have tempered their appetite for debt in the aftermath of the financial crisis, except when it comes to student debt. Over the last few years the outstanding amount of US student debt has surpassed the stock of automotive, home equity lines of credit and credit card debt. With just shy of $1 trillion in student loans outstanding, mortgages are the only form of debt Americans have more of. Student-loans-Home-equity-credit-lines-Auto-Credit-Card_chart 2. More Students. Part of that is simply because more people are going to college, a long-term trend in the US. Enrollment-in-US-degree-granting-institutions_chart 3. More Debt. On top of that long-term trend, when the great recession hit, many had difficultly finding work and instead returned to school to burnish their skills and wait out the worst of the downturn. And plenty took on debt to do it. As a result, the number of people carrying student debt has been moving steadily higher, the New York Fed reports . Screen Shot 2013-04-28 at 5.12.51 PM 4. More Money. But it's not just numbers of people that's pushing student debt higher. The average amount of student debt these people are taking on is growing too. Screen Shot 2013-04-28 at 5.18.04 PM 5. So Why Is That? The cost of college tuition has been rising stupidly fast in the US. Over the last 35 years, it's up more than 1,100%. During the same period, the Consumer Price Index--a broad gauge of the level of prices in the US--is up about 260%. College-cost-inflation-US-Consumer-Price-Index_chart 6. A New Reality. So, student debt is becoming a much more common fact of life for young Americans, with some 43% of all 25-year-olds carrying student debt at the end of 2012. Just eight years ago it was 27%. Screen Shot 2013-04-26 at 4.06.28 PM 7. Don't Freak Out. It's true that more people have student debt. And it's also true that the average debt load has been moving higher. But it's important to keep in mind that the vast majority of those with student debt don't have tons of it. Here's a look at the breakdown at the end of last year, from the Federal Reserve Bank of New York . Screen Shot 2013-04-29 at 1.01.14 PM 8. That Said ... Larger chunks of debt are clearly becoming more common. Here's a look at the same chart, from back at the end of 2005. You can see that a lot more people have debt loads of $10,000 or more now, with a lot of growth in those with debt between $25,000-$50,000. Story continues Screen Shot 2013-04-29 at 1.00.23 PM 9. And ... Even a modest amount of debt can be too much if you can't make the payment. For students leaving college during and after the great recession, things have been especially tough. For example, unemployment for college grads is still quite high by historical standards. (Although it's much lower than unemployment for those without a college degree.) Screen Shot 2013-04-29 at 2.17.28 PM 10. But ... That figure includes everybody over the age of 25. A February report on the job prospects of recent graduates showed higher rates of unemployment for those between ages 20 and 29. Researchers found that the cohort of people who graduated in 2011--either from graduate and undergraduate programs--had an unemployment rate of 12.6%. If you just look at those with bachelor's degrees, it's 13.5%. Unemployment-rate-of-recent-bachelor-s-degree-graduates-ages-20-29_chart 11. Not to Mention ... The ones who have jobs are earning less. Check out this chart, from a recent Economic Policy Institute report . (HT: Jordan Weissmann ) Screen Shot 2013-04-29 at 2.39.57 PM 12. As a Result, More Student Loans Are Starting to Sour ... Here's a look at the percentage of the outstanding balance of different types of consumer debt that are 90 days delinquent. You can see that student debt has ticked higher in recent months. And by the way, these numbers likely understate the extent of the problem since more than 40% of borrowers are estimated to be currently in a forbearance, grace or deferment period when payments don't have to be made. In fact, researchers at the New York Fed say that the true rate of borrowers at least 90 days behind on their student loan payments is over 30%. Mortgage-HELOC-Auto-Credit-Card-Student_chart 13. So, Is This the Subprime Meltdown, Part II? No. It is true that the US student lending market looks complicated. And investors do buy packages of student loans that are somewhat similar to the mortgage-backed securities that nearly brought down the financial system. Screen Shot 2013-04-29 at 2.51.47 PM 14. No Lehman. But here's the thing. The student loan market is tiny compared to the mortgage markets. Oh, and the US private student lending market kind of already did collapse--or at least contract sharply--during the financial crisis. Screen Shot 2013-04-29 at 3.07.14 PM 15. Uncle Sam Steps In. As a result, the US government now plays a larger role in student lending. Private-student-loans-Federal-student-loans_chart 16. Seal of Approval. Either by slapping government guarantees on packages of student loans made by private lenders.. That's the red stuff in the chart below. Screen Shot 2013-04-30 at 10.40.58 PM 17. Cut Out the Middle Man. Or by lending directly to students. That's the vast majority of the consumer debt that's now owed to the US government, which has been skyrocketing lately. It may not be great for the US debt load. But it means there's not going to be any unforeseen crisis that will swoop in and force Uncle Sam to shore up the market, because--well--he's already done it. Screen Shot 2013-04-26 at 3.26.33 PM So, if it's not going to cause another crisis, why should I care? You should care because the US economy runs on debt. And debt is a way of pulling future consumption into the present. Put simply, the insane cost of going to US colleges and universities is gobbling up too much of future spending power of college graduates, before they even get their first job. And that leaves less to be spent throughout their lives on things like cars, houses and vacations. In fact, we're already seeing young student borrowers retreating from two cornerstones of the US economy--the home and car markets--according to researchers from the Federal Reserve Bank of New York . "While highly skilled young workers have traditionally provided a vital influx of new, affluent consumers to US housing and auto markets, unprecedented student debt may dampen their influence in today's marketplace," they wrote. The bottom line is that college graduates are supposed to be the bright spot of the US economy, but runaway college costs are turning even them into a potential liability. More From The Atlantic Online Sales Taxes: A Good Idea Done Badly The Global Youth Jobless Crisis: A Tragic Mess That Is Not Getting Any Better Disney's $1 Billion Strategy to Make You Spend More Money at Disney World Is: 'Magic' Bracelets

2013-05-02 19:00:15+00:00

{"Bitcoin": [50, 160, 616, 785, 1019, 1221, 1349]}

{"Bitcoin": [3]}

Is Bitcoin for real? Find out at GigaOM’s Silicon Valley meetup

https://finance.yahoo.com/news/bitcoin-real-gigaom-silicon-valley-190015364.html

Gigaom

http://gigaom.com/

Everyone from banks to bad guys are buzzing about Bitcoin — the cryptography-based currency that is beyond the control of governments. At GigaOM, we’ve covered Bitcoin as part of our mission to explain new ways that technology is connecting us. Now, we’re hosting a get-together in Silicon Valley where people who know their money and their tech will share their perspective on this new form of payment. The event is taking place on Thursday, May 16 from 6pm to 9pm at the San Jose Tech Museum — and it’s free thanks to our friends at Ribbit Capital. This will be a great way to get the inside scoop on who is using Bitcoin — from pizza merchants to investors — and what will happen next with the controversial currency. Joining us will be David Barrett of Expensify, which now offers Bitcoin as a way for companies to repay employee expenses. We’ll also have engineers Mike Hearn of Google and Ben Davenport of Facebook, and Wences Casares who founded the digital wallet service Lemon. Together, we’ll explore whether Bitcoin can be a viable payment option amid wild valuation swings and ongoing hacking incidents. We’ll also look at how U.S. government agencies like the IRS and FinCEN are taking a growing interest in Bitcoin — and how much they can affect the use of the currency. At a broader level, the event will also be a way to examine how Bitcoin is part of trans-national technology networks that connect people without government intermediaries. Here’s the link again to sign up . See you on May 16. More From paidContent.org Barnes & Noble integrating Google Play into Nook HD and Nook HD+ tablets

2013-05-03 15:28:26+00:00

{"Bitcoin": [389, 1030, 1188, 3354]}

{}

$75 million lawsuit could destroy bitcoin’s largest exchange—but might help the currency go mainstream

https://finance.yahoo.com/news/75-million-lawsuit-could-destroy-152826100.html

Quartz

http://www.qz.com

Coinlab, one of the best-funded bitcoin startups in the US, is suing Mt.Gox, the world’s largest exchange for bitcoin, for $75 million . According to estimates, that’s several times more than Mt. Gox’s entire annual revenue, which The Verge pegs at about $22 million a year . (My own calculations, based on periodic reports issued by Mt.Gox itself, suggest this is a reasonable estimate.) Bitcoin, in case you haven’t been following, is a type of secure digital currency, known as a “crypto currency,” which some believe will become the world’s first stateless, fixed-supply, untraceable means of exchange. Considering that Mt.Gox, which is based in Tokyo, Japan, currently handles 66% of all exchanges of bitcoin for more conventional currencies, a court finding in favor of Coinlab would probably shut down the primary venue for turning bitcoin into hard currency. That’s not necessarily a bad thing. Coinlab’s CEO and founder, Peter Vessenes, issued an impassioned personal letter to accompany the lawsuit, in which he wrote: “Bitcoiners have, on average, lost more money due to technology difficulties, frozen / lost banking relationships and shady characters…than due to any part of Bitcoin’s fundamental economics. I hate this fact, passionately.” Those “technological difficulties” probably include the multiple shutdowns of Mt.Gox that have occurred over the past year, whether due to overwhelming demand or attacks by hackers . One of the original motivations for the partnership between Coinlab and Mt.Gox was to add two things to the Mt.Gox system. The first was to give people in North America, where Coinlab was to be the exclusive partner of Mt.Gox, the ability to easily transfer hard currency into and out of the exchange. The second reason for the partnership was that Coinlab hoped to leverage its considerable technical expertise and computing platform to handle some aspects of bitcoin exchange in North America in a way that would make the Mt.Gox trading system more stable overall. What went wrong? The complaint filed by Coinlab against Mt.Gox is illuminating. First, there’s the apparent speed with which Coinlab opted for a legal remedy. The two companies announced their partnership fewer than three months ago, on February 28, but the complaint reveals that the agreement between them was actually signed on November 22, 2012. Mt.Gox then had four months, until March 22, to transition all US and Canadian customers of Mt.Gox onto Coinlab’s systems. Coinlab claims that Mt.Gox breached their agreement in a number of ways, which ultimately led to a loss of customers, who were part of an “alpha” test and were relying on Coinlab to get up and running a US-based outlet for accessing the Mt.Gox system. Transferring money to and from Japanese banks (a current requirement of Mt.Gox) is expensive and time-consuming, and this was the primary issue Coinlab was supposed to solve, initially. Story continues Briefly, here are the ways Coinlab says Mt.Gox breached their agreement: “Mt. Gox has failed to cooperate in facilitating the timely and seamless transfer of CoinLab Customers to Coinlab since the Agreement took effect.” “Despite repeated requests to do so, Mt. Gox has failed to deliver all passwords, Yubikeys, administrative logins and any other security information required so that CoinLab may assume operation of the Bitcoin exchange services for customers in the United States and Canada in case of a service interruption.” “Mt. Gox has failed to timely deposit Liquidity Funds in the manner instructed by CoinLab.” “Despite repeated requests to do so, Mt. Gox has failed to make available to CoinLab on-demand and read-only access to Mt. Gox’s databases and other related records and data pertaining to any and all accounts for customers in the United States and Canada.” “Defendants have breached their promises to provide necessary technology, software, and know-how to CoinLab and have refused or failed to establish promised connections from CoinLab’s computer network to Mt. Gox’s computer network.” If true, these accusations suggest a pattern of delay on the part of Mt.Gox. And while neither company has issued any comment beyond brief public statements (one from Coinlab , one from Mt.Gox ), by coincidence I visited the offices of Coinlab in Mid-April. At the time, I was supposed to meet with Coinlab head Peter Vessenes, but at the last minute he had to cancel on account of a trip to Japan to meet with the people behind Mt. Gox. This is pure speculation, but it would make sense, given the timing of this announcement, that Vessenes’ mid-April trip to Japan was an attempt to make the deal with Mt.Gox work, before it fell apart completely. Why would Mt.Gox allegedly violate its deal with Coinlab? The original contract between Coinlab and Mt.Gox provides for a minimum $50 million penalty if it is breached. In addition, even after the contract between the two companies is terminated, for five years Coinlab is apparently entitled to a portion of Mt.Gox’s revenues earned from people in North America. Given these penalties, the question is, if Mt.Gox was in violation, why would the heads of the company take such a risk? This, too, is speculation but there may be a hint in the rate at which Mt.Gox has lately been signing up new customers all over the world, including North America. According to a statement from Mt.Gox, the company is now signing up 20,000 new users a day —after adding a total of only 60,000 in March. And the complaint from Coinlab further alleges that Mt.Gox has continued to sign up new users in North America after the March 22 deadline for handover of all such customers to Coinlab. How a takedown of Mt.Gox could ultimately be a boon to bitcoin Immediately after the partnership between Coinlab and Mt.Gox was announced in February, the price of a bitcoin recovered from a months-long slump , and subsequently shot up to record levels . Everyone I’ve interviewed about bitcoin, and countless sources in news stories on the currency (like this comprehensive take from Quartz’s own Simone Foxman) have noted that bitcoin, like any other currency, needs to have robust, liquid exchanges in order to become more widespread. Despite being one of the most secure bitcoin exchanges ever (thefts by hackers have plagued others), Mt.Gox has had ongoing issues with handling the sheer volume of requests it receives from both users and hackers. And yet it continues to carry out the majority of bitcoin exchanges. Many startups, Coinlab included, are angling to make the exchange of bitcoins a more reliable experience, and there’s no reason to believe that their ability to throw more bandwidth and computing hardware at the problem won’t solve it. So what happens if Mt.Gox is crippled by this lawsuit? Maybe, as other, more stable exchanges rise to take its place, bitcoin gains more of the credibility that is essential for any means of exchange to become widely accepted. More from Quartz $1 billion in bitcoin was traded in April—16 times the previous record Why you should access online banking on your smartphone rather than your computer It is becoming increasingly inaccurate to call Google an internet company View comments

2013-05-03 16:45:00+00:00

{"Bitcoin": [2036]}

{}

29-Year-Old Mike Brown Just Raised $33 Million To Start A VC Firm In New York

https://finance.yahoo.com/news/yorks-newest-vc-29-just-164500925.html

Business Insider

http://www.businessinsider.com/

mike brown bowery ventures aol Mike Brown Mike Brown, Bowery Capital Mike Brown spent the past year traveling all over the country. He made quick trips to rural towns and spent weeks in cities spanning coast to coast. But none of it was for fun. That's just what it takes when you're 29, and you want to launch your first venture capital firm. Brown met with dozens of high wealth individuals – potential limited partners – and pitched his idea for Bowery Capital . It'd be an early stage firm based in New York, and it'd go after startups working on enterprise solutions. N early all of the people Brown pitched were strangers, some without an in-depth knowledge of the tech industry. The tiring year paid off. Brown, who formerly invested Richard Branson 's money at Virgin Group and is a partner at AOL Ventures, raised $33 million for Bowery Capital . Each LP invested about $1 million. Brown will be off on his own as a sole partner with two employees who worked with him at AOL Ventures, Nic Poulos and Keegan Forte . Through AOL Ventures, Brown invested in startups such as behaviorally-targeted content company, Sailthru, advertising CAPTCHA startup, Solve Media , and content syndication platform, NewsCred. Brown is also personally invested in a few startups, including former TechCrunch Disrupt winner, Qwiki . Brown's personal investments will be tucked into Bowery Ventures' portfolio. Brown will be investing in about 25 startups, spending between $250,000 and $3 million on each. He'll be investing in their seed and Series A rounds. Seed investments are often the first money put into a startup; Series A rounds provide enough capital for startups to begin scaling. Brown isn't the first twenty-something to start a VC fund. Joshua Kushner , 27, raised money for his own New York startup fund, Thrive Capital . He has since invested in companies like Instagram and GroupMe . More From Business Insider Bang With Friends Is Raising ~ $1 Million To Help People Find Hook Up Buddies Top Silicon Valley VC: I'm Investing In Bitcoin Startups Startup CEO: We Had The Perfect Product Launch Planned, And Then It All Went Splat

2013-05-03 17:42:00+00:00

{"Bitcoin": [1935]}

{}

Jodi Arias' Ex-Boyfriend Sent An Ominous Text Before She Killed Him

https://finance.yahoo.com/news/jodi-arias-ex-boyfriend-sent-174233502.html

Business Insider

http://www.businessinsider.com/

jodi arias www.myspace.com A prosecutor in the Jodi Arias murder trial showed a jury on Thursday a striking text message sent by the man she killed. "I want you to understand how evil I think you are," Travis Alexander texted Arias. Prosecutor Juan Martinez gave closing arguments Thursday in the death-penalty case accusing Arias, 32, of maliciously plotting to kill Alexander in his Arizona home back in 2008. Arias admits she killed Alexander — who was stabbed nearly 30 times, shot in the head, and nearly decapitated — but claims he attacked her first. In order for her to be convicted of first-degree murder, Martinez needs to show she planned out her attack. (A jury could convict her of the lesser crimes of second-degree murder or manslaughter, neither of which carry the death penalty.) During closing arguments on Thursday, Martinez showed jurors the text message from Alexander calling Arias "evil" to try to show premeditation, according to an Associated Press report. Two days after Arias got this text, a .25 caliber gun was stolen from her grandparents' house where she was staying, according to the AP. Martinez says she took the gun after she realized Alexander didn't want to have anything to do with her anymore. “This is a meticulous approach to premeditation,” Martinez reportedly told the jurors. Alexander was killed with a .25 gun, which Arias says she grabbed from his closet after he threatened her. While there's no evidence Alexander owned a gun, prosecutors can't prove for sure the weapon used to kill him was Arias' grandparents' since she dumped the gun after her attack. If a jury finds that Arias killed Alexander impulsively, it could convict her of second-degree murder and put her away for up to 25 years. The defense will give its own closing arguments on Friday. More From Business Insider Texas Fertilizer Plant Was The Target Of 'Breaking Bad'-Style Meth Recipe Theft Lawyer Says He'll Accept Bitcoins From Clients To Keep Things 'Discreet' America's Prison Guards Are The 'Ugly Stepchildren' Of The Criminal Justice System

2013-05-04 15:16:00+00:00

{"Bitcoin": [3071]}

{}

This Tiny Startup Is Trying To Reinvent How We Learn And Read Music

https://finance.yahoo.com/news/tiny-startup-trying-reinvent-learn-151600707.html

Business Insider

http://www.businessinsider.com/

blake west Blake West Blake West, co-founder at Hummingbird How we learn and read music hasn't changed in hundreds of years. Until now. Hummingbird co-founder and music teacher Blake West was inspired to create an entirely new music notation when he saw a lot of his students struggling with how to read music, West tells Business Insider . "I felt like they weren't doing as well as they should be," West says. "As a teacher, I felt like I was spending too much time trying to teach people how to read music." Generally speaking, it could take someone anywhere from three to nine months in order to gain some level of confidence reading traditional sheet music, West says. But with Hummingbird, that time is measured in minutes. "We see it as something that can be beneficial for anyone," West says. "Beginners get the most value out of it now. It's designed to speed of the process of learning music." hummingbird notation Hummingbird/Screenshot With Hummingbird notation, aspiring musicians don't need to count lines. And every note has its own symbol. The idea isn't to change the meaning of music, West says, but rather make learning music more accessible to people. When developing Hummingbird notation, West and his co-founder Mike Sail tried just about everything. They experimented with colors, shapes, lines, squiggles, and other symbols. Sail says that they weren't satisfied with any aspect of the notation until students were able to guess what the notation meant without needing any explanation. Down the road, Hummingbird will release a tablet app that replicates the experience of having a teacher right in front of you. In terms of monetization, Hummingbird plans to open up a sheet music store, and license the music to other content creators and publishers. Since launching last month, Hummingbird has seen 80,000 unique visitors download 25,000 pieces of sheet music. But Hummingbird is already receiving some backlash from traditional musicians. West says some highly-trained musicians have called the idea terrible. Story continues Though, West says he can understand where the critics are coming from. "When I started teaching, I underestimated the difficulty of learning traditional notation," West says. "Once you know it well, it's very easy to forget that it was hard to learn in the first place." As much backlash Hummingbird has received from professional musicians, Sail says they're still receiving tons of emails and comments from people who believe in the platform. One man, who has always had trouble learning music because of his dyslexia, told Sail how Hummingbird is much easier for him. "It's been polarizing in both directions," Sail says. The ultimate goal for Hummingbird is to provide a legitimate alternative to reading traditional sheet music. "We want it to be the type of thing where no one feels the need to switch to traditional," West says. "We're not saying professionals need to switch over or trying to convert people already great at learning music." More From Business Insider Top Silicon Valley VC: I'm Investing In Bitcoin Startups Startup CEO: We Had The Perfect Product Launch Planned, And Then It All Went Splat Meet The CEO Who Lived In A Taco Bell Parking Lot And Now Runs A Cool New Startup

2013-05-06 10:48:33+00:00

{"Bitcoin": [536]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-morning-104800663.html

Business Insider

http://www.businessinsider.com/

nook hd Barnes and Noble The Nook HD just got 30% cheaper Good morning! In a blog post lots of people passed around over the weekend , established Los Angeles-based VC Mark Suster explains where he gets his proprietary deal-flow. Samsung came out with a low-end, 4.3 inch smartphone called the Galaxy Core. Intel subsidiary McAfee bought a Finnish firewall specialist called Stonesoft for $389 million. YouTube is launching paid subscription channels. HP has new, MacBook Air-like laptops out, starting at $499. EBay might start taking Bitcoin. Kara Swisher wrote a feature for Vanity Fair on the history of Instagram, which sold to Facebook for $1 billion a year ago last month. 52% of Kansas City residents say they would like to switch to Google Fiber. Barnes & Noble cut the Nook's price by 30% "for Mother's Day." Saturday Night Live mocked Google Glass. More From Business Insider 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning 10 Things You Need To Know This Morning

2013-05-07 13:00:00+00:00

{"Bitcoin": [1838, 1878, 1951]}

{}

Premier Freelance Talent Surges Online

https://finance.yahoo.com/news/premier-freelance-talent-surges-online-130000905.html

Marketwired

http://www.marketwired.com/

MOUNTAIN VIEW, CA--(Marketwired - May 7, 2013) - Elance , the leading online work platform, today released its Global Online Employment Report revealing that its network of online professionals jumped 52%, led by a 153% increase in freelancers with skills in science, technology, engineering and mathematics (STEM). Overall hiring on Elance increased 60% in Q1 2013. "The surge in online work is driven by growth in both supply and demand for skilled professionals," said Fabio Rosati, CEO of Elance. "Highly skilled individuals are choosing Elance to build their freelance careers and connect with clients looking to hire. We believe this online work trend will continue to accelerate and predict 1 in 3 people will be hired online by 2020." Jobs Get Filled Faster Online While traditional jobs remain vacant an average of 23 business days, according to a new measure of Labor Department data , the average time-to-hire on Elance was only 3.3 days. Faster hiring online not only reflects the improvements in matching technology on the Elance platform but also the inherent efficiency of the online hiring process: hiring managers are able to view a candidate's previous work history and initiate interviews in minutes. STEM Skill Sets Skyrocketing Online Experts in STEM industries are experiencing an unprecedented level of growth on Elance; freelancers with STEM skill sets have increased 153% year-over-year. The demand for mobile and cloud talent continues to soar: job posts calling for expertise in Windows Azure (+248%), Amazon Web Services (+38%), iOS (+97%) and Android (+71%) have all surged in Q1 2013 versus a year ago. Cross-platform HTML5 keeps up with a 72% growth, and job posts for software languages like Python and C# have grown 132% and 117%, respectively. Sandbox for Emerging Skills: Online Workers Innovating with Bitcoin , Google Glass and 3-D Printing Bitcoin's popularity is trending upward in online work as the demand for Bitcoin skill sets has leaped 433%. In addition, while there was no single Google Glass job posting last year, the demand for both technical and business-oriented experts has surged on Elance. Before 3-D printing hits mainstream, job posts seeking talent to help with modeling and design have already increased 206%. Story continues Admin 2.0: Your Personal Assistant in the Cloud Your data and systems are in the cloud, and so is your assistant. The demand for virtual assistants is up 85% compared to a year ago. Skills such as online research and customer service have surged 78% and 52%, respectively. Today's admin assistants use cloud productivity tools like Dropbox, Prezi, Google Docs, and Skype in addition to mastering traditional skills like researching data, creating presentations, writing supplier letters, culling social media content, responding to emails and managing calendars for their clients. The Video Economy: Every Business Needs a Studio Businesses are creating more videos to engage with customers and enhance the customer experience. YouTube commercials, introduction videos, product tours and instructional videos are easier to consume on mobile devices and more effective than lines of copy. This is driving demand for video production and editing (+80%) and photography (+73%). Escaping Southern Europe, Youth Looking for Online work Eurozone's unemployment rate hit a record high in Q1 2013 and many young professionals are taking the matter into their own hands, escaping their local economies and working online. In particular, Spain, with a youth unemployment rate surpassing 55%, has shown 100% growth in freelancer registrations. And with youths facing near 40% unemployment in Italy, online work offers an escape plan, with freelancer registrations growing 126%. More Q1 data and trends analysis is available in the Global Online Employment Report . Additional insights can be found in the Trends section of the Elance website. About Elance Elance is where people Work Differently™. A pioneer in today's freelance revolution, Elance connects the world through work. Today over 500,000 businesses and 2 million freelancers use Elance in 170+ countries. Innovative global enterprises, small businesses and startups tap into the Elance talent pool, building teams from software engineers, application developers and web and graphic designers to copywriters, market researchers, data scientists, social media marketers, customer service agents and other business professionals. More than 1 million freelance jobs are completed through Elance annually. Headquartered in Mountain View, California and Oslo, Norway, Elance is a privately-held company. For more information, visit www.elance.com .

2013-05-08 19:00:00+00:00

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{"Bitcoin": [41]}

Engadget Primed: The rise (and rise?) of Bitcoin

https://finance.yahoo.com/news/2013-05-08-engadget-primed-bitcoin.html

Engadget

https://www.engadget.com/

Engadget Primed The rise and rise of Bitcoin Ask anyone about why Bitcoin has suddenly risen to prominence and they may offer one of a number of theories. Perhaps it'll be the one about Cypriots smuggling money out of their country, or the promise of a digital gold rush, or perhaps the tale of a disruptive new economy created by a person who may not even exist. Either way, if you'd like to untangle the myths, half-truths and labored economic newspeak behind the world that is Bitcoin, why not join us after the break? What is Bitcoin? Bitcoin's basic idea is to create digital cash that can be spent as anonymously as the cash in your wallet, rather than as traceable as money in an electronic bank account. There's a tired metaphor that Bitcoin is "digital gold," letting you wander around shelling out gold coins for goods or watching them amass into a fortune -- at least in theory. Compare that to a service like PayPal , which can (and will ) intervene in transactions at its whim, and you can see why people would desire more fiscal autonomy. Of course, PayPal and major banks expend huge amounts of time and resources to ensure that your money is safe, but with Bitcoin, the security of the system is trusted to your fellow users. Each transaction is publicly verified by the community of Bitcoin users, so as long as there are more honest users than dishonest ones (who would try and steal the cash for themselves) then your money is theoretically safe. "Satoshi Nakamoto" launched Bitcoin back on January 3rd, 2009, which took the theories of Wei Dai's " B-Money " concept of a digital currency that was impossible to be regulated, and fleshed it out with the necessary hard mathematics to create the system in existence today. Nakamoto has since disappeared from the internet and we were unsuccessful in our attempts to contact them, but it is believed that the name is a pseudonym for a group of coders. Nakamoto produced a nine-page PDF file, which outlined a system for conducting transactions based on "cryptographic [i.e., mathematical] proof instead of trust," and outlined the peer-to-peer infrastructure necessary for it to work. Story continues Engadget Primed The rise and rise of Bitcoin [Data sourced from BitcoinCharts.com ] On January 3rd, 2009, Bitcoin's value relative to the US dollar was less than a penny. Over time, its value began to increase, and by the summer of 2011, the money was valued at over $30. Shortly afterwards it crashed back to $3, but rose again to $20 in the summer of 2012. It wasn't until 2013 that the currency's value began to surge, and by April 9th, the value of a single Bitcoin had passed the $200 mark -- rapidly crashing back down to the $80 level soon after. At the time of writing, the value lingers around the $120 to $130 mark, lurching between the two on a regular basis. So, how does Bitcoin work? Let's labor that gold metaphor a little further, shall we? The coins are created in a process that's called "mining," but it's really a computer validating data called the block chain. What's a block chain? Well, imagine the data for every bank transaction in the world was printed out in one long line. Mining is the process whereby a computer goes through and checks every single Bitcoin transaction ever made, making sure that the books are balanced at the end. The machine (or "node") that successfully validates the block chain (of the hundreds, if not thousands of machines that are competing) is then awarded a small fee of Bitcoins as a prize. In the early stages of Bitcoin's life, it would have been possible to leave a desktop on overnight in the hope of earning yourself some cash, but as the system has grown, that's no longer feasible. Bitcoin is artificially self-limiting, and to ensure that there is a steady and constant flow of money coming into the economy, validating the block chain is constantly made harder, keeping the successes to a regular pattern. In order to prevent people from circumventing these algorithms and inventing more money, the whole block chain needs to be agreed upon by a majority -- so as long as the honest nodes control more CPU power than the dishonest ones, the system is safe. In practice, this means that as long as no more than 49 percent of Bitcoin users are trying to defraud the system, it'll work. Unlike fiat currencies, where money can be printed to ensure a constant and theoretically infinite flow, Bitcoin is artificially limited to around 21 million units. At a built-in end date of 2140, no more coinage will be created, but miners will still be required to validate each Bitcoin transaction made. While miners currently receive a small cut of every transaction as commission, at the currency's end date, these transaction fees will be the only way of making money -- and we'll have to find a more apt description than "mining" to describe it. In the early stages of Bitcoin's life, it would have been possible to leave a desktop on overnight in the hope of earning yourself some cash, but as the system has grown, that's no longer feasible. While originally this brute-force hashing was undertaken at the CPU level, people quickly realized that GPUs were far more efficient, and now there is a race to build custom systems specifically designed for mining, but heaven knows what the hardware will do to your home energy bill. As there is no central bank monitoring all Bitcoin activity, your money is stored locally on your computer. There is no independent record of your wealth, and so it is your responsibility to ensure that it remains secure. There is a risk that those with large Bitcoin accounts make a prime target for hackers, as anyone could theoretically wander off with your wallet data (and therefore your cash), leaving you with no mechanism for getting your money back if the worst should happen. Bit spending DNP Engadget Primed The rise and rise of Bitcoin If you decided that mining looked like too much hassle, you could always just buy some Bitcoins at a currency exchange like Japan's Mt. Gox -- which claims to handle 80 percent of global Bitcoin traffic. But once you've acquired your fortune, what do you do with it? You could always cash out, add to your pile in the hopes of becoming a Bitcoin Billionaire or just hit the shops. While one Bitcoin could cost up to $200 to buy, you can break each one down to eight decimal places in order to make smaller transactions. If you'd prefer not to get an industrial quantity of LSD delivered to your door, then there are a growing number of more mainstream places that now accept Bitcoin. Whenever you pay for something out of the money in your pocket, theoretically you're in charge of that transaction. While that may not work out in practice, cash transactions are much harder to trace than a documented credit card statement -- letting you buy legitimate or illegitimate goods. That's part of Bitcoin's appeal, because you can snag grey market goods, firearms or contraband without the risk of detection by a law enforcement agency. Naturally, Bitcoin has become the most popular unit of exchange on Tor's online "black market," Silk Road, where illegal drugs can be bought anonymously. If you'd prefer not to get an industrial quantity of LSD delivered to your door, then there are a growing number of more mainstream places that now accept Bitcoin. For instance, you can buy premium services from WordPress or OkCupid , and you can even use them to donate funds to Wikileaks . While the EFF had previously accepted donations that way, it has distanced itself from the system saying that it didn't want its acceptance to be misconstrued as an endorsement. Because Bitcoin has been described as the digital equivalent to gold, currency speculators have been encouraged to buy up huge reserves of the coinage in the hope of selling them on at a higher price. Tyler and Cameron Winklevoss (yes, them ) are believed to have purchased around $11 million worth of the currency, which has been saved on flash drives and stored in separate banks to keep their hoard secure. Popular currency DNP Engadget Primed The rise and rise of Bitcoin Thanks to Bitcoin's volatility against the US dollar, like many other currencies, the system has become a huge draw for investors thinking that the system is a viable way to make a quick buck. It also garners coverage thanks to its shadowy genesis and the regularity of its crashes , which frequently wipe huge sums of money from the value of the fledgling economy. Then there's the partially debunked theory that during the Cyprus crisis, President Nicos Anastasiades had planned to tax every savings account in the country and use the cash to bail out the failing economy. As locals were unable to withdraw their cash from the banks (to prevent them from "running") the nationals were believed to be hiving their cash into Bitcoin, therefore escaping the levy. The story has prompted a few people, including entrepreneurs Jeff Berwick and Zach Harvey , to develop competing Bitcoin ATMs. Finally, Bitcoin is now sufficiently visible to appear on the government's radar. The US Treasury Department's Financial Crimes Enforcement Network has recently issued a note saying that "money-transmitting" bodies like Bitcoin exchanges must register with the agency, with failure to comply resulting in either a $5,000 fine or up to five years in jail. The economics But is Bitcoin the currency that will revolutionize the world's economy? That depends on which economist you ask. Because the money has a fixed and unchangeable limit, the closest real-world example is the gold standard (yep, more gold) -- a historical way to give value to paper money and determine exchange rates between countries. Because there's only a finite quantity of gold in the world, it was easy to keep everyone's currencies at a relatively fixed value. Those who believe in gold standards (like the Austrian School) feel that limited currencies are important for investor confidence, preventing runs on banks and runaway hyperinflation. But while this system does seem to offer permanent stability, it encourages something even more unwelcome: deflation. Because the money has a fixed and unchangeable limit, the closest real-world example is the gold standard (yep, more gold) ..." If we want to learn about the downsides of Bitcoin, then we should turn to Nobel Prize-winning economist Paul Krugman, who explained the deflation problem back in 1998. He told the story of a babysitting co-operative that was set up in the late '70s by Washington civil servants. In order to make sure that each of the 150-or-so couples did their fair share of babysitting, the group printed a limited number of coupons, equal to an hour of child-minding -- so, if you watched your neighbor's kids for five hours, you'd earn five coupons. While it seemed like a perfectly fair system, parents of young children decided not to leave the houses too often, and so began to hoard coupons for the future. When that happened, the amount of coupons "circulating" in this mini-economy dried up, plunging this motley band of babysitters into a recession, mirroring the great depressions of the early 20th century. In the end, the problem was solved by injecting more liquidity into the market -- printing more coupons to lower their value and discourage hoarding. This is the key problem that Keynesian economists feel will eventually kill Bitcoin, because as its value increases, people will be less likely to spend it in the hope of making a profit later on. Except, by sitting on their money, they'll eventually plunge the coinage into a recession that'll send its value plummeting. Wrap-up DNP Engadget Primed The rise and rise of Bitcoin South Sea Bubble by Edward Matthew Ward, Tate Gallery The hype, speculation and hysteria that surrounds Bitcoin is nothing new, and whenever an industry gets its digital makeover, history repeats itself. In 1720, the British South Sea Company exaggerated the worth of its dealings to increase its share price. The nation, gripped in a belief that they'd become rich beyond avarice, spent its last penny on buying stock -- causing the share price to skyrocket. Naturally, when the deceit was revealed, the company's shares fell from £1,000 (roughly £120,000 in today's money) to £100 (£12,000, same) to send even the government into meltdown. This was history's first bubble. Those with shorter memories will remember the Dot-Com bubble of 2000, in which wildly speculative investment saw huge amounts of cash ploughed into unsustainable businesses. Bitcoin uses a historically discredited economic principle and doesn't -- as yet -- offer any practical benefit if you're not buying contraband. Leaving the ordinary user ripe for hacking attacks without any form of recourse means we'd be highly unlikely to put our own money into Bitcoin, at least in its current form. The digital revolution is coming for money, don't doubt it, but we're reasonably sure that Bitcoin won't be the torchbearer for the new world order.

2013-05-09 12:29:00+00:00

{"Bitcoin": [211, 221, 288, 336, 451]}

{"Bitcoin": [85]}

The Most Important Early-Stage Investor Of The Last 10 Years Just Made A Huge Bet On Bitcoin

https://finance.yahoo.com/news/2-years-twitter-zynga-investor-121935658.html

Business Insider

http://www.businessinsider.com/

Fred Wilson Randy Stewart Union Square Ventures principal Fred Wilson just led his first startup deal in nearly two years. Wilson led a $5 million round in Coinbase, a startup for buying, selling, and accepting Bitcoins. Bitcoins are a form of decentralized, digital currency. This year, Bitcoin's value has reached new heights. Today, Bitcoin is trading around $111. At its peak , it reached $266. In January, it was trading at $15. "We believe that Bitcoin represents something fundamental and powerful, an open and distributed Internet peer to peer protocol for transferring purchasing power," Wilson wrote on the USV blog . Wilson went on a hiatus because of his commitments to other startups, he writes on his blog . Since USV formed in the fall of 2004, Wilson has made 20 investments (now 21) but only six of those startups have made an exit. Some of the companies in Wilson's portfolio include Twitter, Zynga , and Kickstarter . "Two things have happened to get me off the schneid (a hitless streak if you aren't familiar with that term)," Wilson writes. "First, the fourteen companies have all matured a lot in the past two years and the demands of that group of companies has waned a bit. And second, I have come to believe that a number of new fundamental technologies have hit the Internet and it is time to get busy putting out money." Before Wilson's hiatus, he would typically lead two to three startup investments per year for USV. Earlier this year, Wilson admitted that 2012 was a "sh***y year for him because he didn't make a single investment. More From Business Insider People In The Valley Are Passing Around This Smart Take On VC Deal Flow This Tiny Startup Is Trying To Reinvent How We Learn And Read Music 29-Year-Old Mike Brown Just Raised $33 Million To Start A VC Firm In New York

2013-05-10 16:37:00+00:00

{"Bitcoin": [2243, 2288]}

{}

Beaver-Sized Rodents Are Devouring Louisiana

https://finance.yahoo.com/news/beaver-sized-rodents-devouring-louisiana-163608258.html

Business Insider

http://www.businessinsider.com/

Nutria orange.JPG Wikipedia The nutria is a large rodent that looks like a large rat or a beaver. Oh rats. A very large rodent that looks like a beaver with a rat-like tail is destroying coastal Louisiana, chomping its way through the state's wetland vegetation and removing the plants and grasses that are critical to preventing these marshes from turning into open water. The nutria, a web-footed animal with shaggy, brown outer fur and large, orange teeth, is originally from South America. The swamp creature was brought to the United States in the early 19th century and farmed for its fur. But as fur declined in popularity over the next century, many farms were shut down. Some animals were released into the wild by their owners, others are believed to have escaped. By the 1950s, there were around 20 million nutria running around coastal Louisiana , according to the U.S. Geological Survey. Today that number has been vastly reduced thanks to a series of efforts to control overpopulation , including a $4 bounty on each nutria tail and an extensive trapping and harvest program. There is also a growing market for nutria meat, which is high in protein. Nutria Wikipedia The large rodents have voracious appetites, which in turn, is destroying Louisiana's wetland vegetation. Documentary filmmaker Chris Metzier, who is currently making a movie about nutria called "Rodents of Unusual Size" (taken from the name of creatures that lived in the fire swamp in "The Princess Bride"), said in an interview with Take Part that the Louisiana nutria population is presently around 5 million . Nutria are known for their hearty appetite and remain a serious threat to Louisiana's wetlands because they feed on the roots of plants. Without the root system to hold the soil together, the land becomes even more vulnerable to erosion and flooding. The Louisiana government estimates that at any one point in time, nutria impact more than 46,000 acres of Louisiana's coastal wetlands. The silver lining is that that number is down from 80,000 acres, before nutria-control methods were implemented in 2002 . More From Business Insider New Obama Adviser Compares Republicans To A 'Cult Worthy Of Jonestown' — And Then Apologizes FINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014 CRASH: Bitcoin Collapses After Major Blow From China

2013-05-13 13:50:00+00:00

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{"Bitcoin": [45]}

This Guy Is Selling His Book Exclusively Via Bitcoin

https://finance.yahoo.com/news/guy-selling-book-exclusively-via-135020153.html

Business Insider

http://www.businessinsider.com/

james altucher YouTube/GraemeThickins James Altucher is a blogger, author, and Internet journeyman with big ideas. His latest is to sell his new book, Choose Yourself , exclusively via Bitcoin starting today . (It will be available for purchase through all the conventional means starting June 3rd.) We caught up with James to talk Bitcoins, his new book, and what it means to "choose yourself." BUSINESS INSIDER: What's the book about? What do you want people to take away from it? JAMES ALTUCHER: My book is called "Choose Yourself!" because it's about the best investment – when we invest in ourselves. It's about how we live in a word where all the large institutional structures that supposedly supplied "safety" to the individual are slowly disintegrating. The only way we can thrive as entrepreneurs, artists, innovators, or whatever we want to do to live successful lives is to choose ourselves for that success. No longer can we rely on the old paradigms ("school", "corporations", "government", etc) to provide the safety and success we deserve. In fact, it might be the only way to be successful, whether you want to achieve success in entrepreneurial endeavors, financial, artistic, creative, or any passion that you pursue. I only advise what I have done for myself and I wouldn't presume to give any advice that has not worked for me. I describe how I hit bottom (more than once. Ha, more than thrice) and how I used the techniques I describe in this book to pick myself up off the floor and make millions. I then give other examples, stories, and testimonials, as well as talk about the economic shift that is occurring now that is forcing people to choose themselves rather than wait for the powers-that-be to reach down from the corporate skies to choose them. That isn't happening anymore. And yet more opportunities exist than ever before. It's either an exciting time or a scary time. But, either way, it's our choice. I had a fun time writing it. As a side note: I am very happy that Dick Costolo, the CEO of Twitter, wrote the foreword. BI: Why make your book only available for purchase by Bitcoin at launch? Why make the paper-dollar crowd wait to buy it? JA: The kindle and hardcover and audio versions of my book are all going to be available on Amazon on June 3. I like working with Amazon and that has always been my planned release date and I have a lot of fun stuff planned around that date including some surprising announcements and experiments I am trying. Many people who self-publish right now are simply uploading their files and hoping for the best. I am self-publishing as if I were my own actual publishing company and doing every aspect of this perhaps even more professionally than a publishing company does things. I plan on describing the step-by-step in a separate post on what things I did here that are different than the average self-published (or even mainstream-published) book. So that's why I decided to keep June 3 as the official release date. Story continues That said, the book is ready now, I'm fascinated by Bitcoin as a "Choose Yourself" currency, and didn't think it was a big deal to release it this way three weeks early. I don't expect a lot of people will buy via Bitcoins (I don't think that many people have Bitcoins) but I liked the idea of being the FIRST book in history to be, for a couple of weeks at least, only available on Bitcoin. BI: Set us straight on Bitcoin – is it only hot for the moment or is it here to stay? JA: At first I thought Bitcoin was a fad because I kept seeing daytraders gamble and lose money on it. Daytraders should not be daytrading Bitcoins. But after extensive conversations with a friend of mine, Naval Ravikant , the founder of AngelList, he convinced me that Bitcoin is, in fact, the first "choose yourself" currency. It is not dependent on any one institution or person to bless its success. He convinced me (plus subsequent research) that Bitcoin has many features that make it attractive not only as a potential future currency but as a replacement for all contract law. In one swoop, any economy that takes up Bitcoin as a currency will rewrite all contract law (eliminating the need for lawyers in 99% of situations), will eliminate the need for exchanges, and make international trade infinitely simpler. A lot of my answers, and a lot of the reason why I did this is based on the conversation I had with Naval plus subsequent research. Additionally, Naval was the first person to buy the book using bitcoin. Bitcoin is a "choose yourself" currency. So I wanted to make this the first book ever to be for sale ONLY on Bitcoin if you want to read it before the final release. What makes it a "choose yourself" currency? It is not dependent on any one person (for instance, a Federal Reserve Chairman). It is not dependent on a government (for instance, a government that relies on a fiat currency). It is not dependent on complicated central bank operations to have the money transfer from one wallet to another (every wire or transfer, or even credit card transaction) from one human to another in US currency involves the central bank at some level unless it is in small amounts like a cash transaction). Nor is it dependent on "In God We Trust", a phrase that was first put on coins in 1862 to instill more "faith" in a currency that was potentially in trouble due to war. Will it be here to stay? Nobody knows. Ultimately, a government/country acknowledges something as currency if it accepts that currency as tax revenues. Else, it is not a valid currency in that country. Bitcoin is not a valid currency in the United States, just like gold and yen are not currencies in the United States. You can use gold and yen to barter in the US but it is actually very difficult to do so and most people would just as soon do transactions with dollars. That said, for complicated transactions there are several things which are no longer necessary given current Bitcoin technology: an overlay of contract law (when people do a sophisticated transaction it often involves escrows, lawyers, banks, etc. to complete the transaction) and for international transactions, central banks are involved. These things are not necessary for a Bitcoin transaction. Furthermore, there ultimately will be a fixed amount of Bitcoins. This will get rid of the pervasive worry that a government can print its way to inflation, which has happened quickly in some countries in dire circumstances (Zimbabwe, Argentina in the 80s, Germany in the 20s) and more slowly in the US (where the dollar has lost 97% of it's value since 1913). Whether or not Bitcoin is the "winner" it has several qualities that are going to be important for "Currency 2.0": It is encrypted, making all transactions secure and private. A feature our banking system does not have. It is peer to peer. Meaning, no bank or credit card company (or both) is involved in the middle of a complicated transaction. No "wire" needs to be done. It is decentralized. Meaning, a single bank (The Federal Reserve) cannot control all transactions. Remember Napster ? It was centralized and now gone. As opposed to BitTorrent , which is decentralized and here to stay. A cryptographic record of every transaction is kept in every Bitcoin wallet. Transactions occur as the network "approves" them, eliminating the need for banks, checks, and all the massive overhead of processing transactions in a fiat currency. Such overhead ultimately leads to inflation, and mindless draining on the system that will no longer occur with "Bitcoin". For these reasons, Bitcoin is like the "Internet of Money". Will Bitcoin be the winner? Who knows. But the eventual Currency 2.0 must have the above characteristics and Bitcoin is the winner so far. BI: Are you familiar with other currencies like Litecoin? What's your take on those? JA: Very familiar with Litecoin. Litecoin is very similar to Bitcoin but there are small technical differences. However, the primary difference right now is simply that Bitcoin is first and for various reasons that makes it less prone to hacking or manipulation. Since the size of the Bitcoin universe is bigger at the moment, it is much more difficult for one entity to control it. For now, Bitcoin is the Currency 2.0 of choice no matter what Litecoin does. That said, I do believe PPCoin (#3 in transactions after Bitcoin and Litecoin) has some significant differences and I will be adding PPCoin functionality within the next week. BI: Do you personally own any Bitcoins? Ever bought anything with them? JA: Yes, I bought my own book with Bitcoin. I haven't bought anything else with them. I prefer to horde them :) BI: Are people wise to be dumping money into digital currencies right now, or has that ship sailed? JA: I don't know if it's wise or not. Three types of people ask me about Bitcoin. Technology people who want to know if I think Bitcoin is technologically sound (it is) and unable to be hacked/stolen (it isn't, if you keep your own wallet key(s) secure). Libertarians who want to know if this is Gold 2.0 (it could be), And daytraders. Daytraders are the only ones who should not be thinking of Bitcoin at all. It does make sense to look into digital currencies as a long-term replacement for "normal" currencies. But if you think there is only a one in 1,000 chance that Bitcoins can replace the US dollar, then only put that portion of your net worth into Bitcoins. Daytraders, however, have no way of valuing a Bitcoin or the direction of Bitcoin's price. It is pure gambling. It is volatile. It is stupid to trade Bitcoins. It is just as stupid to daytrade Bitcoins as it is to daytrade stocks or currencies, which are totally rigged systems whose day to day movements are beyond the capabilities or machinations of most daytraders sitting at home. ( Here is why I am against daytrading in general .) BI: Will you declare Bitcoin income on your taxes? How the hell does that work? JA: Of course. With Bitcoin it is very easy to keep track of all the transactions. Every transaction is forever stored in your wallet. Additionally, in my logs I am converting everything immediately (on paper) to dollars at the second of transaction, so I can see the profits. Assuming I make some money on people buying the book via Bitcoin, I can easily convert Bitcoin prices to dollars and declare any profits on my taxes. If you want to buy James's new book with Bitcoins, you can do so right here . You can also check out his other writing on his blog . More From Business Insider Amazon Just Gave $5 To Everyone In The US With A Kindle Fire The Crazy And Surreal Sights Of Google Earth How To Beat The Plateau Effect, The Progress-Stopping Phenomenon That Might Be Holding You Back View comments

2013-05-13 17:44:09+00:00

{"Bitcoin": [605]}

{}

Amazon Just Bought Liquavista, Samsung's Touchscreen Company

https://finance.yahoo.com/news/amazon-just-bought-liquavista-samsungs-174409085.html

Business Insider

http://www.businessinsider.com/

kindle fire hd 8.9 Steve Kovach, Business Insider Amazon has bought Liquavista, Samsung 's screen technology company. The news has been officially confirmed via Amazon in an emailed statement, but we first heard about it via The Digital Reader . There are no public details on how much Amazon paid for the company, but the immediate speculation is that the purchase was carried out as a means to develop new display tech for its Kindle Fire tablets. More From Business Insider New York Attorney General Asks Apple To Do Something About All Those iPhone Thefts This Guy Is Selling His Book Exclusively Via Bitcoin Amazon Just Gave $5 To Everyone In The US With A Kindle Fire

2013-05-15 17:24:00+00:00

{"Bitcoin": [157, 516, 779]}

{"Bitcoin": [59]}

Here's Why The Feds Seized Assets From The World's Biggest Bitcoin Exchange

https://finance.yahoo.com/news/heres-why-feds-shut-down-172400496.html

Business Insider

http://www.businessinsider.com/

bitcoin Flickr / zcopley Ars Technica reports on the finer details of how the government was able to seize a bunch of cash from Mt. Gox, the world's largest Bitcoin exchange. Homeland Security says it had probable cause to believe that Mt. Gox is guilty of money transmitting without a license. Companies like PayPal and Western Union have this license, but Mt. Gox does not. Punishment for money transmitting without a license is a fine or a maximum of five years in jail. By using a confidential informant to move Bitcoins through Mt. Gox to Dwolla, one of the most popular ways to turn the digital currency into physical currency, authorities were able to trace the money and find it to be a violation. This is an interesting (and major) way for the government to acknowledge Bitcoin. We reached out to Dwolla, but it was unable to provide us with any additional information. More From Business Insider Google Announces Its Spotify Killer The Mysterious Founders Of 'Bang With Friends' Have Finally Revealed Themselves Google Is Launching A Spotify Killer And It Sounds Kind Of Weak

2013-05-17 15:18:31+00:00

{"Bitcoin": [4451, 5026]}

{}

Black-hat bitcoin’s days are numbered

https://finance.yahoo.com/news/black-hat-bitcoin-days-numbered-151831117.html

Quartz

http://www.qz.com

On Tuesday (May 14), the US government seized accounts that Japan-based Mt. Gox, the world’s largest bitcoin exchange, held at its US bank, Wells Fargo, and with Dwolla, an online payments company. The government said Mt Gox violated money laundering rules. (Mt Gox says it is investigating .) For the fast-evolving bitcoin ecosystem, this marks a new phase of development. It looks like Mt. Gox got caught red-handed. In March, the US Treasury Department issued new rules. Companies that exchange traditional currency for bitcoins now need to register with the Financial Crimes Enforcement Network (FinCEN), which is charged with preventing money laundering. But Mt. Gox’s US subsidiary, Mutum Silligum (in Latin, roughly: “Silent Seal”) didn’t register, or tell Wells Fargo that it was a money transmitter. A confidential informant who used Mt. Gox to buy and sell bitcoins provided the government with the evidence it used to seize the accounts. It’s not an attack on bitcoin. Some have characterized bitcoin’s treatment by the government as “stomping out currency competition.” But that’s roughly the same as saying that the investigation of HSBC for laundering drug money is an attack on the dollar. The government regulates businesses that send money so that criminals can’t launder their gains through the financial system, and so consumers don’t get ripped off in scams. Dwolla, which Mt. Gox used to transfer money between Mutum Silligum and its customers, is registered with FinCEN. But it will hurt exchanges that aren’t ready for the big leagues. The Treasury’s rules raise the cost of doing business. Companies that trade bitcoin for other currencies will need to keep records about their customers’ identities, and report transactions over $10,000—and keep an eye out for any transactions that are “structured” to get around that cap. That means trouble for small-time outfits, and any that rely on illicit funds. It’s also an advantage for venture-fund backed tech companies getting into the space, who have more capital for the up-front costs. Story continues And it gets harder: The patchwork of money transmission laws in the US will likely mean dealing with regulators separately in every state, a complicated and expensive proposition. While many exchanges have joined forces with institutions that already have state money transmission licences, legal experts and bitcoin insiders say that state regulators have begun planning to enforce the rules directly on bitcoin exchanges. The laws that Mt. Gox is running into are no different to the ones that Square and PayPal had to adapt to as they became increasingly popular methods of sending money between states and countries. The bitcoin business landscape is changing. CoinLab, a venture-backed exchange, had already put pressure on Mt. Gox with a $75 million lawsuit over a proposed partnership gone sour. That collaboration was designed to help Mt. Gox comply with US rules. CoinLab and another venture-backed US exchange, Coinbase, are both registered as money transmitters with FinCEN. That puts them a step ahead of Mt. Gox, which would need to settle the government’s case and begin complying with regulations to stay in business in the US. But any bitcoin exchange needs to go through the arduous process of getting state money transmission licenses in each US state where it has users (barring two states that don’t require licenses), according to Terry Maher, an attorney who helps emerging payments companies comply with money transmission laws. What about anonymity? Some would like bitcoin to be the home of a truly anonymous financial system . But if it’s going to be tradable in advanced economies—Poland and the UK have raised similar issues—the exchanges will need to know more about their customers. “The anonymous nature would probably be no more,” Maher says. Patrick Murck, who works on legal issues for Coinlab, notes that the crypto currency’s ability to disguise transactions is over-rated, due to the distributed nature of bitcoin record-keeping (every transaction is recorded in every node on the network). But since the regulations currently only apply to exchanging money in and out of bitcoin, they touch only a small part of the market. ”There’s a lot of action where bitcoin intersects with traditional finance,” Murck says, “but there’s a lot of bitcoin business you can do where you never have to touch cash.” How else will bitcoin go mainstream? Bitcoin has a lot of problems as a currency—its tendency for spasms of crazy volatility , most notably—but fewer as a payments system. Losing its reputation for illicit activities could help it gain mainstream acceptance. Especially with big competitors like Google trying to win over the online payments business , it needs all the brand credibility it can get. “White-hat people won’t care for the most part,” Murck says. “At CoinLab, I don’t want black-hat or grey-hat business, I only want people who are willing to put their name behind their actions.” More from Quartz Bitcoin takes an important step toward becoming part of every web browser on the planet Now is the time to gamble on bitcoin Argentina mulls opening its banks to money launderers

2013-05-19 11:05:44+00:00

{"Bitcoin": [1274, 1692, 3121, 3398, 3407]}

{"Bitcoin": [0]}

Bitcoin’s creator is Japanese mathematician Shinichi Mochizuki, says hypertext inventor

https://finance.yahoo.com/news/mysterious-creator-bitcoin-could-japanese-110544678.html

Quartz

http://www.qz.com

I think my brain is going to explode. Kyoto University Ted Nelson, the American academic who in 1963 coined the term hypertext, and is therefore viewed as one of the World Wide Web’s founding fathers, just released a 12-minute video with a big reveal at the end: The inventor of bitcoin , says Nelson, is probably Japanese mathematician Shinichi Mochizuki . [Update: Nelson answered our request for comment. He says that he did not receive help from anyone in coming to his conclusions, and that his supposition was inspired by a recent feature on Mochizuki . After reading it, writes Nelson in an email to Quartz, "It was obvious, like a pie in the face." He has not contacted Mochizuki directly. "I did this as fast as possible, hoping to be first with this realization. I wasn’t, as I found out later .”] Nelson offers no direct evidence for his conclusion that Shinichi Mochizuki is behind the pseudonymous creator of bitcoin, Satoshi Nakamoto. Instead, in his eccentric way, he offers plausible circumstantial evidence about his theory, outlined below. Internet surfers and the press are bound to investigate furiously. (We have reached out to Mochizuki for comment, but haven’t heard back.) 1. Mochizuki is the kind of genius who could create bitcoin. Whoever created Bitcoin has the intellectual might of Isaac Newton, says Nelson. Mochizuki’s work as a mathematician has cracked some of the simplest and toughest problems in his field, attracting global media coverage . “It’s not like I’m accusing him of a crime!” Nelson tells Quartz. “I’m accusing him of greatness.” 2. Mochizuki, like the creator of bitcoin, is fond of dropping brilliant works on the internet and stepping back. Bitcoin was released by a pseudonymous programmer (or programmers) under the name Satoshi Nakamoto, who then disappeared from the internet. Nelson compares this to Mochizuki’s style of delivering his work not through academic journals, but simply by dropping it on the internet and walking away. (Notably, this is one area where Nelson gets his bitcoin history wrong: Satoshi Nakamoto didn’t just drop bitcoin onto the internet and disappear. He, she or they, engaged with the community for some time over chat and email before disappearing.) 3. Mochizuki could easily have written all the correspondence associated with Satoshi Nakamoto. Despite being a Japanese professor at a Japanese university, Mochizuki’s English must be quite good, says Nelson, because he was the salutatorian of his graduating class at Princeton, and he completed his undergraduate education in only three years. (Nelson doesn’t note this, but it’s reasonable to expect that Mochizuki is actually a native English speaker; he moved to the US with his parents when he was only five years old.) Story continues It’s worth noting that at least one expert in the cryptographic aspects of bitcoin doesn’t believe Nelson’s theory. Here’s Ryan Lackey , creator of Sealand, the world’s first data haven , refuting Nelson’s video: I assess with extremely low confidence Ted Nelson's proposal that a Japanese mathematician with no dev/crypto experience developed Bitcoin.— (@octal) May 19, 2013 Lackey went further in a comment on YouTube . Does the proposed candidate have any documented experience as a software developer? He appears to just be a mathematician, which is very helpful but not sufficient to have built the first version of Bitcoin. Bitcoin has both some theoretical breakthroughs and extensions to existing protocols (Wei Day’s bmoney, Hal Finney’s RPOW, etc.), but is implemented fairly reasonably in code. I see absolutely no reason to think this mathematician was Satoshi. Mathematician Tyler Jarvis, who went to graduate school with Mochizuki, doesn’t believe Mochizuki has anything to do with bitcoin , either. Others have attempted to identify the creator of bitcoin , and no one has succeeded conclusively. Writing for Fast Company , Adam Penenberg offered what is perhaps the most compelling case so far, that bitcoin was created by three men who intended to profit from it. [Update 2: Nelson tells Quartz that he is offering to donate to charity if Mochizuki denies being Satoshi Nakamoto. "If that person denies being Satoshi, I will humbly give one bitcoin (at this instant worth about $123) to any charity he selects. If he is Satoshi and denies it, at least he will feel guilty. (One month time limit on denial-- bitcoins are going UP.)"] More from Quartz Google figures out the simplest, most profound way to send money: over email Facebook’s first funder just backed TransferWise, a startup that’s like an ancient Islamic money transfer system The bitcoin network is now more powerful than the top 500 supercomputers, combined View comments

2013-05-22 21:30:27+00:00

{"Bitcoin": [3795]}

{}

Why Argentina isn’t sharing its famous steaks anymore

https://finance.yahoo.com/news/why-won-t-eating-argentinian-213027885.html

Quartz

http://www.qz.com

Argentina’s steaks are world-renowned, but good luck finding one these days. Argentines have become oddly bashful about sharing their beef. That’s what their country’s mind-boggling red meat exports suggest, anyway: Argentina now ships less than 7% of its beef. The current insularity of Argentina’s beef industry is especially surprising considering that back in 2005 the country was the world’s third largest beef exporter. At the time, Argentina exported nearly 800,000 tonnes (882,000 US tonnes); last year, that number fell to a paltry 183,000 tonnes (202,000 US tonnes), dropping Argentina to 11th in the world in beef exports. It’s not like the country is suddenly starved for cows; the number of cattle grew from 48 million in 2010 to almost 52 million last year. Neighboring Uruguay and Paraguay may export more beef than Argentina, but it still produces more than the two countries combined. So what happened then? A few things. First, beef got really expensive in Argentina When global demand for Argentina’s beef drove exports up in the early 2000s, farmer’s didn’t complain—they were turning a profit shipping out cattle. But locals did. The global demand drove up the price of beef domestically as well. Coupled with the country’s 2001 default and subsequent inflationary problems, steak got really expensive. It all culminated in 2005, when Argentina exported 771,000 tonnes (850,000 US tonnes) of beef, nearly 25% of all the beef produced in Argentina that year. So former President Kirchner did something about it In 2006, former president Nestor Kirchner (current president Cristina Kirchner’s husband) raised the tax on beef exports from 5% to 15%. But that’s not all; just four months later, he banned all exports of beef for 180 days. The combined measures were meant to combat rising beef prices in the country, but many, including local farmers, responded angrily. The ban, farmers held, would hurt their ability to sell beef overseas. Story continues At the time, Javier Martinez del Valle, the director of the Argentine Association of Producers and Exporters, conjectured that “even if exports reopen at some point, it will be very difficult for Argentina to recover the confidence of markets,” a forecast largely validated by the sharp decline in beef exports ever since. Thus, exports dropped sharply in the ensuing years—beef exports fell 45% from 2006 to 2011. And Cristina Kirchner isn’t crazy about exporting beef either Beef exporters in Argentina have been hit hard by their country’s current wonky monetary system and trade restrictions, too. The confluence of Argentina’s unreliable currency and president Cristina Kirchners lack of support for the beef export industry have made it increasingly difficult to turn a profit. “Restrictions on exports, a non competitive foreign exchange and the fact that the meat industry for every 2.5 tons exported must sell one in the domestic market at 50% the export price, makes the whole business unprofitable,” Victor Tonelli, a consultant for the meat industry, told South Atlantic news agency Merco Press . As a result, exporters today get about 4 pesos to every US dollar, even though the official rate is upwards of 5 pesos and the black market rate is hovering near 10 pesos. The incentive to export beef just isn’t there anymore. The US does ban the import of Argentinian beef , but that policy began long before the country’s beef exports dropped and Argentina has historically relied more on European consumption, anyway. The world may still long for Argentine steaks, but for the time being traveling to Argentina is the only viable way to get them. The plane ticket might cost a hefty sum, but at least the meal won’t. More from Quartz In Argentina, there’s a gorgeous apartment for sale and it only costs 409 Bitcoins Europe’s Repsol shareholders jump into epic battle over Argentina’s shale riches The worse off Argentines’ currency gets, the more cars they buy

2013-05-29 14:51:00+00:00

{"Bitcoin": [35, 407, 487, 817, 911, 1013, 1165, 1408, 1571, 1701, 1868, 2022, 2700, 2710, 2894, 3471, 4866]}

{}

The Social Mood of Money, and Why the Virtual Marketplace Is Thriving

https://finance.yahoo.com/news/social-mood-money-why-virtual-145100704.html

Minyanville

http://www.minyanville.com/

There has been a lot of talk about Bitcoin the past few months. And you know what? There's going to be even more discussion of virtual currencies of any sort, as evidenced by yesterday's news about the Liberty Reserve money laundering scandal. I'm also pretty sure I won't have the last word on this topic, either. In fact, I'm going to take this topic in a whole new direction. But first, let's start with Bitcoin, the best known virtual currency. The most obvious question is why. Why Bitcoin? Because, simply put, it's never been done before. An alternative currency, not controlled by any government, developed by an anonymous hacker? If it all sounds a bit like a science fiction story, like from the futuristic Los Angeles of Blade Runner, that's because it kind of is. There's just something about the idea of Bitcoin that captures the imagination. Some establishments are now even accepting payments in Bitcoins as well as cash. So, no. Republic credits will not be fine anymore. (See also: The Basics on Bitcoin: 11 Things to Know About This Suddenly 'Hot' Digital Currency. ) But at the same time, there's something very, very familiar behind the idea of Bitcoin, too. A fixed quantity of virtual coins you have to either buy on the open market or mine, stored somewhere on some secure server because you don't want to be robbed of them. Sounds a bit like gold, doesn't it? Well, that's the point. Bitcoin is very much like gold. They both appeal to folks who mistrust government, central banks, and well, pretty much most of the world. They have their gold or Bitcoins, and they want to use them right here, right now. Like at a trading post, or a saloon. And to me, it's pretty clear that Bitcoin's value as an exchange medium -- like gold -- is geared to people who live in a never-ending state of "me, here, now." Sure you can talk about trading gold or Bitcoins, but you don't know what you're going to be able to buy with either, or how much, from one day to the next. We have seen some very wild moves in Bitcoin markets. Who wants to constantly deal with that much volatility? The short answer is, not many. Besides those issues, do you want to know what you almost never hear from either gold bugs or virtual currency enthusiasts? The idea of credit. Why? Well, think about it. If your mood can be described by the three words "me, here, now" as Peter Atwater is fond of saying, you aren't thinking of the future and you aren't thinking of other people. Your only focus is on right here, right now and yourself, so many of your decisions will be fear-based. It's as if you're at the top of the roller coaster and the only way to go is down, to the fear. As Felix Salmon said about Bitcoin, "Bitcoin, by contrast, is based on mistrust - it's specifically designed so that it's every man for himself." So from that vantage point, a person talking about the idea of credit to a Bitcoin enthusiast might as well come from Asgard or perhaps LV-223. But the problem is, without credit, without trust, our economy starts to resemble some sort of closed system where the law of conservation of energy is the only law that explains it: Money, like energy, would neither be created nor destroyed, but merely transferred from one state to another. But clearly, this isn't suitable for the world we live in, where our population is growing and with it, the overall supply and demand for goods and services. Clearly, a different method to transact is needed. So if Bitcoin is the digital version of "me, here, now," what is the converse of that? What is the digitized payment form of "us, everywhere, forever"? I think it's data. As Tom Cochran, the CTO of Atlantic Media recently wrote at AllThingsD : The currency of the 21st century digital economy is your personal information. It has no transaction costs and does not decrease in value when the supply increases. Contrary to the laws of economics, it may even increase in value with greater supply. The more information you provide to companies, the more value they can extract from it. I think the second to last statement is the most powerful one. An economic good that increases in value as more of it is supplied? That's like proving wormholes in the space-time continuum actually exist. But look at the last statement in that quote from Cochran. You're not only providing information to companies when you share with them, you're giving them your trust. You're trusting them to do what they promised to do with your data, and nothing more. They're not going to mine and infer any more about you than what you want them to know, because, that's theft. So in that sense, data -- as a currency -- is the ultimate expression of "us, everywhere, forever." But will people buy into that idea? I don't know. I suspect people will buy into using data as a currency as much – if not less – than proponents of Bitcoin do today. But I have to say, it's an interesting time to be alive. Twitter: @japhychron Related Articles Gold's Wide Range Is Preparation for a Breakout Can 1976 Give Us Insight Into Gold's Price Behavior? Are Silver and Gold Setting Up a 'Correlation' and Bottom?

2013-05-29 17:23:00+00:00

{"Bitcoin": [1146, 2504, 2730, 2844, 3178, 3419]}

{}

Digital Currency Liberty Reserve Busted for Money Laundering

https://finance.yahoo.com/news/on-digital-currency-liberty-reserve-money-laundering.html

AOL.com

https://www.aol.com/

About 1 million users worldwide, including 200,000 in the U.S.; 55 million transactions; and $6 billion in ill-gotten gains. Those are the numbers defining the case of Liberty Reserve, a digital currency and online payment service incorporated in Costa Rica in 2006. On Tuesday, an indictment was unsealed showing that seven men have been charged with running the unlicensed Liberty Reserve as a "bank of choice for the criminal underworld." According to The Wall Street Journal , "The system allegedly was designed to give criminals a way to move money earned from credit-card fraud, online Ponzi schemes, child pornography and other crimes without being detected by law enforcement." Five of the seven men are in custody, having been arrested on Friday in Spain, Costa Rica and Brooklyn, N.Y. Extradition will be sought for the suspects who are overseas; the other two remain at large. For the first time, officials invoked the post-9/11 Patriot Act to shut down a virtual currency when they cut off Liberty Reserve from the U.S. financial system. The drastic measure comes at a time when digital alternatives to traditional currencies such as Bitcoin are drawing wider interest from the public. Even for an online alternative currency, Liberty Reserve allowed its users an extreme level of opacity. According to Newsday , "Liberty was so lax that investigators were able to open an account in the name of 'Joe Bogus,' listing an address of '123 Fake Main Street' in 'Completely Made Up City, New York,' officials said. Actual accounts bore names like 'Russian Hackers.'" Richard Drew, AP Preet Bharara, U.S. Attorney for the Southern District of New York, describes a chart showing the global interests of Liberty Reserve, during a news conference in New York, Tuesday, May 28, 2013. The service was founded by Arthur Budovsky, and wasn't his first foray into legally questionable money-transmission. In 2006, he was convicted of violating money-laundering laws with a business called Gold Age. Sentenced to five years probation, Budvosky moved to Costa Rica and renounced his U.S. citizenship. When the Costa Rican authorities became suspicious of his new operation, Budovsky told them he'd shut it down, but in fact used shell companies to keep Liberty Reserve running. In one prominent case of illegal application of Budovsky's services, officials said the eight New Yorkers charged with stealing $45 million from ATMs used Liberty to move their loot. And while better-known online currencies like Bitcoin are being used more legitimately and gaining acceptance among some established merchants, the Liberty Reserve case carries obvious implications for them. Already authorities have confiscated money from the Japan-based Bitcoin exchange Mt. Gox, claiming it was not complying with U.S. money-laundering laws. In an obvious warning to Bitcoin, Acting Assistant Attorney General Mythili Raman told The Washington Post , "other virtual payment systems should take notice of today's announcement and ensure that they comply with . . . regulatory obligations and ensure they are not designed to be a safe haven for criminals to launder their criminal proceeds." Which puts Bitcoin in something of a bind: As an alternative to regular dollars, the asset depends for its appeal on greater privacy and flexibility. But those some qualities provide potential prosecutorial openings for the governments whose authority Bitcoin in some measure challenges. %Gallery-187371%

2013-05-29 22:20:23+00:00

{"Bitcoin": [1777, 1982, 3598]}

{}

Why the Liberty Reserve money-laundering scandal poses a major threat to bitcoin

https://finance.yahoo.com/news/why-liberty-money-laundering-scandal-222023653.html

Quartz

http://www.qz.com

Yesterday, the US Treasury charged virtual currency exchange Liberty Reserve in a $6 billion money-laundering scheme . The company, which used its own transferable tokens (Liberty dollars) to move money from anonymous account to anonymous account and in and out of other currencies, highlights bigger problems plaguing the cryptocurrency bitcoin and its exchanges. Liberty Reserve’s setup isn’t that different from many of the companies being developed to handle bitcoin transactions. And the scandal isn’t the first; just a few weeks ago Mt.Gox, which handles about 80% of the world’s bitcoin exchanges, saw its accounts at Wells Fargo and Dwolla frozen . Because bitcoin is anonymous and transferrable across borders, it’s bound to be used by criminals, whether they are the desired clientele or not. The Mt.Gox account seizures and Liberty Reserve money laundering indictments suggest that the US government is stepping up its monitoring of virtual currencies: 1. The US government will aim to marginalize virtual currencies “The Bank Secrecy Act (BSA), as amended and implemented by regulations passed by FinCEN [Financial Crime Enforcement Network], requires a wide-swath of otherwise unregulated financial institutions to register with the government, implement anti-money laundering procedures, keep data, and report certain transactions and other data,” wrote Reuben Grinberg, a lawyer for Davis Polk & Wardwell, in an academic paper on bitcoin in 2011. However, at this point monitoring of money transfers in bitcoin may be more trouble than it’s worth for the US government. Sidelining the currency altogether might be simpler and more effective. ”Under the statute, FinCEN has power to prevent US financial institutions from dealing with institutions that deal with Bitcoin, which would essentially outlaw it in the US,” Grinberg told Quartz in an email. “Previously in interviews I have said that I think it’s unlikely that the US Government would just say outright ban Bitcoin. But this action shows that its not impossible. “ Story continues 2. Old anti-money laundering standards don’t apply Liberty Reserve was based in Costa Rica, which is not a member of the Financial Action Task Force on Money Laundering (FATF), the international organization that collaborates on anti-money money laundering (AML) rules. And yet, Costa Rican authorities cooperated with the US government (which is a member). Therefore, “not being located or not operating out of the US is not going to save you unless you are ultra careful not to have any kind of connection to the US market, a tall order,” says Grinberg. For its part, Liberty Reserve allegedly encouraged criminal activity, and made no attempt to keep out US users. Even if it had warned criminal clients not to use its service, the company still could have been subject to US law, particularly if it suspected that its clients were laundering money. 3. Exchanges will have to be decentralized Liberty Reserve was a centralized operation, making it an easy target for US law enforcement and an easy operation to dismantle. But bitcoin users tend to be anti-establishment and anti-government. If anything, the future of bitcoin probably involves decentralized structures that are difficult for US authorities to target. For example, services like Open Transactions (reincarnated as Monetas), a decentralized, blind money transfer service, believe that no server or user can ever be trusted. More from Quartz US says a $6 billion alternative currency scheme is a bank for global criminals Someday, you may use bitcoin without even knowing it Bitcoin’s creator is Japanese mathematician Shinichi Mochizuki, says hypertext inventor

2013-05-30 11:05:00+00:00

{"Bitcoin": [1031]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-morning-110512607.html

Business Insider

http://www.businessinsider.com/

tesla Reuters/Stephen Lam Short week! Can you believe it's already Thursday? Here's the news: Samsung announced a new smartphone called the Galaxy S4 Mini. It's smaller and cheaper than the full-sized Galaxy S4. Mary Meeker gave another masterful presentation on the state of the Web. Elon Musk announced Tesla will have car chargers spread across the country, making a trip from LA to New York possible by the end of 2013. Here's a leaked screenshot that shows the Start button is coming back to Windows 8 in a future software update. Your Gmail inbox is going to get a new look soon. Someone made a Google Glass app that can count cards. Facebook's talks to acquire mapping company Waze fall apart. Apple will use Foxconn competitor Pegatron to build its new low-cost iPhone. Motorola's new smartphone is coming out in October. Famous designer Yves Behar introduced a new app called August that unlocks your door using Bluetooth. More From Business Insider The Wall Street Journal To Launch A LinkedIn Competitor World's Largest Bitcoin Exchange Announces That Anyone Depositing Currency Will Need To Be Verified ELON MUSK: I Didn't Join Tesla To Get A Return On Investment

2013-06-04 12:15:56+00:00

{"Bitcoin": [2832, 2978, 3120, 3299, 3401, 4545]}

{}

The Zacks Analyst Blog Highlights: Facebook, eBay, Amazon, Netflix and Celanese

https://finance.yahoo.com/news/zacks-analyst-blog-highlights-facebook-121556399.html

Zacks

http://www.zacks.com/

For Immediate Release Chicago, IL – June 4, 2013 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Facebook ( FB ), eBay ( EBAY ), Amazon ( AMZN ), Netflix, Inc. ( NFLX ) and Celanese Corporation ( CE ). Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513 Here are highlights from Monday’s Analyst Blog: Virtual Currency: Too Much Liberty? “If Al Capone were alive today, this is how he would be hiding his money," said U.S. prosecutors about Liberty Reserve, the popular digital currency site. Liberty Reserve described itself as the “oldest, safest and most popular payment processor... serving millions all around a world." However, the users in the mushrooming world of digital currencies were in for a rude shock on May 28 when Liberty was held up by U.S. regulators on charges of money-laundering operations amounting to $6 billion. The regulators labeled Liberty as "the bank of choice for the criminals." The Costa Rica-based digital currency provider allowed users to convert euros or US dollars into Liberty Reserve Dollars or Liberty Reserve Euros simply by providing an email address. Moreover, these funds could be transferred to other real and digital financial institutions by being either anonymous or untraced. Liberty: A Playground for Criminals Liberty did not process cash payments made by clients directly. Rather, third party exchangers were employed to credit or debit the accounts of its clientele so that no sign remained of their banking and other personal information. This provided the leeway for criminal proceeds from frauds, including credit card scams, narcotics trafficking, computer hacking and child pornography, to name but a few. Regulators charged Liberty for laundering billions of dollars from about 55 million transactions involving millions of clients all over the world, 200,000 from the U.S. Seven people, including founder Arthur Budovsky, were charged by the U.S. regulatory body. Budovsky is no stranger to illegal money laundering activities. In 2006, he was found guilty of breaching money transmission guidelines associated with E-Gold. In 2011, he surrendered his U.S. citizenship and built a new financial network in Costa Rica. Budovsky ran out of luck in that country, as well. His company was charged for violating money laundering rules in 2011. However, Costa Rican regulators were duped by a false computer portal which provided fake data. Meanwhile, Liberty continued to run its operations through subsidiary companies in Malaysia, Russia, Nigeria, Cyprus, Hong Kong and Australia. No Liberty, No Crime? Bitcoin, Litecoin and Namecoin are the main virtual currencies that accept real currency and convert it to electronic currency. In May, a unit of Bitcoin had a run-in with the federal authorities. The regulators seized accounts of Mutum Sigillum, a mediator of Mt. Gox -- the Tokyo-based Bitcoin exchange, having almost 80% of the market share. The Fed accused Mutum Sigillum of not being appropriately registered as a money transmitter with the Treasury Department. Bitcoin is, however, not in the same shaky ground as Liberty Reserve is. Right from its commencement, Bitcoin was designed to be both undetectable and decentralized. Moreover, it was programmed exclusively to prevent misuse or criminal activities. Litecoin and Namecoin also use scrypt in their proof-of-work algorithm -- a sequential memory-hard function, which makes these foolproof and safer than Liberty. Authorities Cracking the Whip The worldwide use of virtual currency has left regulators with a nagging headache thanks to the risky dealings prompted by it. In March, the Federal Financial Crimes Enforcement Network issued regulations for virtual currencies, entailing them to register with the government. This means that every source of virtual currency has to worry about conformity to certain standard laws. Story continues Moreover, regulatory bodies are investing heavily in their cybercrime software and equipment. Such measures have made money-laundering operations hard to transfer criminal proceeds without being traced. This has resulted in noticeable changes in the digital currency business. Companies like Perfect Money and WebMoney are no longer accepting U.S. customers. Further, some organizations are steering clear of Bitcoin exchanges. Certain consumer Internet companies such as Facebook ( FB ), eBay ( EBAY ), Amazon ( AMZN ) and Netflix, Inc. ( NFLX ), which use virtual money, could be hit by the regulations. The overwhelming success of digital currency has been the foundation of the fast growing online money transmission business. With online games as well as dating and shopping sites gaining popularity, virtual currency has also been well received. The Liberty clearout, however, will have prosecutors over the world keep a watchful eye on this booming business. Celanese Lifted to Outperform We have upgraded chemical maker Celanese Corporation ( CE ) to Outperform based on improved earnings visibility. We are also encouraged by its commitment to boost shareholder returns through higher dividend payouts. Why the Upgrade? Celanese’s first-quarter 2013 adjusted earnings, reported on Apr 18, outpaced the Zacks Consensus Estimate while sales missed. While Celanese envisions challenging economic conditions to sustain moving ahead, it expects earnings to rise on the back of company-specific initiatives. Earnings estimates for Celanese are on the upswing following the release of the first quarter results. The Zacks Consensus Estimate for 2013 has gone up roughly 8% to $4.61 per share. On a similar note, the Zacks Consensus Estimate for 2014 has also increased around 6% to $5.23. With the Zacks Consensus Estimates for both 2013 and 2014 going up, Celanese now has a Zacks Rank #1 (Strong Buy). Celanese is among the world’s largest producers of acetyl products as well as the leading global producer of high-performance engineered polymers. The company’s strong presence in emerging markets will enable it to deliver incremental earnings in 2013. Celanese has taken up cost-cutting measures and the necessary steps to run its plants better to counter weak demand. It is aggressively expanding capacity in the emerging Asian markets. Its expansion initiatives in China are expected to support earnings growth. The company’s integrated chemical complex in Nanjing, China, serves as a base for expansion in Asia, supporting the region's increasing demand. Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515 . About Zacks Equity Research Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term. Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons. Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517 About Zacks Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518 . Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release. Follow us on Twitter: http://twitter.com/zacksresearch Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security. Media Contact Zacks Investment Research 800-767-3771 ext. 9339 [email protected] http://www.zacks.com Read the analyst report on FB Read the analyst report on EBAY Read the analyst report on AMZN Read the analyst report on NFLX Read the analyst report on CE Zacks Investment Research More From Zacks.com Read article on zacks.com View comments

2013-06-10 10:40:23+00:00

{"Bitcoin": [7348, 7402, 7791, 9799]}

{}

How to Keep Your Info Private (Even From the NSA)

https://finance.yahoo.com/news/keep-private-even-nsa-104023345.html

Money Talks News

http://www.moneytalksnews.com

With the recent revelations that the NSA and other agencies have been tapping into corporate streams of data that can provide them with massive amounts of private information about U.S. citizens, now is a good time to start thinking about how best to keep your private information private. Not a big deal, you say? Well, whether you’re concerned about the government digging through your personal data or not, you should be concerned about protecting your privacy. According to the Department of Justice’s most recent National Crime Victimization Survey, “In 2010, 7 percent of households in the United States, or about 8.6 million households, had at least one member age 12 or older who experienced one or more types of identity theft victimization.” That’s almost one in 10, with 76 percent of them experiencing direct financial loss as a result. Imagine that statistic was for bank robberies or home break-ins. If 1 in 10 Americans had their bank accounts emptied or their home broken into, we’d all be living in fear. And yet, that’s happening every year to our personal information. Making that information harder for someone else to obtain is Step One in preventing identity theft. And not all identity theft is of the “crime” variety. There’s a famous quote that I’m paraphrasing: “If you’re using a website and you can’t figure out what they’re selling, you’re what they’re selling .” Many corporations make a living off of selling or processing your personal habits and preferences for marketers, retailers and government agencies, practically without your knowledge. Since you’re not being paid for this information, and (unless you speak legalese and love spending your afternoons reading “Terms and Conditions”) you’re not aware that it’s being taken and used in this fashion, I’d consider it “theft.” But since the government has yet to agree with me, the best way to prevent yourself being used in this fashion is to get a little more serious about your privacy. Story continues In this article, we’ll focus on the things the NSA has reportedly been looking at. It’s reasonable to assume that if you can stop them from taking a peek at your private information, you’ll have stopped hackers and others, too. Fortunately, thwarting the efforts of a billion-dollar super-secret government spy agency is not that difficult. You just need to know which services to turn to. It’s important to note that everything in this article is public knowledge. If you’re worried about terrorists reading it and figuring out how to thwart our government’s best efforts at finding them, don’t be. The terrorists already know this stuff. You, however, might not. 1. Your phone If you’re looking to keep SMS messages secure and you have an iPhone, there’s a free app called Wickr that can help. The app uses end-to-end encryption without storing the keys for decryption on its servers. What that means is that when you send a message to someone else using Wickr, nothing you say can be read by anyone at Wickr. Because of that, there’s no stream of plain text messages going back and forth that the NSA or anyone else can siphon. To make voice calls, the easiest option is Silent Circle, but you’re going to have to pay for the privilege — $20 to $29 per month to call other Silent Circle users, with an optional add-on to safeguard calls to everyone else. Joining Silent Circle also gets you secure chat, email and video calling. If you’re an Android user, you have a few more options than iPhone users do. For text messages, there’s Gibberbot. Like Wickr, Gibberbot is free and promises more secure messaging. And for calls, check out RedPhone. When calling someone who also has RedPhone, everything you say is encrypted, making it much more difficult for someone to listen in. Plus, it’s free and uses your data connection, not your cellular voice. So not only will your calls be secure, you won’t have to pay for the minutes either. More Android apps to check out: TextSecure (chat). Ostel (voice — in beta, but looks promising). Kryptos (chat). 2. Your Dropbox According to documents released by The Guardian and The Washington Post, Dropbox is “coming soon” to the NSA’s spy program. If that were to happen, documents, tax records or other private information in your Dropbox folder could be subject to government monitoring. Add to that Dropbox suffering security breaches in the past, and they’re just not safe enough for me. The solution? SpiderOak. SpiderOak is just like Dropbox — there’s a folder, you put stuff in it, that folder syncs between computers and devices — but with one important difference: good encryption. Everything you put in your SpiderOak Hive (that’s what they call their syncing folder) is first encrypted on your computer using your password, then sent to the SpiderOak servers. This means that even SpiderOak can’t read your data without your password; it looks like gibberish. So if someone (the NSA, a foreign government, or a hacker in Latvia) manages to get into SpiderOak’s servers, they won’t be able to see what you’ve stored there without breaking one of the world’s most advanced encryption algorithms (one the NSA trusts to secure its own data). But SpiderOak can also back up any file or folder on your computer, sync any file or folder on your computer, and share any file or folder on your computer. This makes it a great one-stop-shop for all your syncing, sharing and backup needs. There’s a free plan that offers 2 GB of data, plenty for storing tax returns, scans of important documents, photos, small videos, and other data that you would prefer was stored securely. If you need more space, they offer it for a fee. Prices are almost identical to Dropbox, starting at $10 for 100 GB. 3. Your social network Unfortunately, there’s no good option here. You join social networks because you want to share things with others, or connect with people you know and see what they’re sharing. Typically, this includes things that you might use as password reset reminders on other sites: a pet’s name, your mother’s name, high school you attended, favorite sports team, etc. That means that if a hacker or the NSA can gain access to your social media profile (either directly with your password, or indirectly by pretending to be someone you know and friending you), they can probably find enough information to gain access to your accounts on other sites, as well. While there are a few start-up social networks that offer more advanced encryption of your data, they’re complicated to install, and even more difficult to get everyone you know using them, too. For now, the best option is to assume that anything you post on Facebook, Google+, Twitter, Pinterest, etc., will eventually be read by everyone in the world. That way, it won’t matter much if someone gets access to your data, be that a government agency, a jilted ex-girlfriend, or simply a prospective or current employer. To share more securely, use something like SpiderOak or a secure messaging program to share directly with those you trust. 4. Your credit cards Yes, the NSA is probably looking at credit card transactions, too. So how do you get around exposing your purchase history? “I already know this; the answer is to use cash,” you’re probably thinking. But how do you shop online without using a credit card? The answer, sort of, is Bitcoin. It’s a virtual currency (you give or receive Bitcoins, which are worth something in dollars), but if used correctly, it can provide almost complete anonymity when shopping online. And since you’re not typing your credit card information into a site that may or may not keep that data secure, there’s no risk that your account will be stolen by someone hacking the site. The only catch is that there aren’t a lot of places that accept Bitcoins. In fact, you’d be hard-pressed to find ones that do. But if the currency takes off, it could become the “cash” of the Internet. A more doable option? Buy prepaid gift cards from Visa, MasterCard or American Express with cash. Then use those to shop online. You’ll probably have to pay a few dollars extra when buying the card, but afterward you’ll be able to shop anywhere those cards are accepted without having the purchase data and your identification forwarded to a government agency. If the site where you used the card is ever hacked, you’ve got nothing to worry; by that time you’ll probably have already used the balance on the card and moved on to one with a different number. 5. Your Web history Everything you search for on Google, and a good deal of your browsing activity, can also be snooped on by the NSA, according to news reports. The problem is your IP address. It’s the sequence of numbers that identifies your computer on the Internet, and can be traced back to you through your ISP (Internet service provider). The answer? A virtual private network, or VPN. A VPN will sit between you and the websites you visit, encrypting and relaying information back and forth. So when you do a search on Google, the IP address Google records as having performed the search is that of the VPN, not you. Find a good VPN, one that’s easy to use, with a good price, limited or no logging of your activity and fast speed, and you’ll be much harder to track online. Just make sure you sign out of your Google, Facebook, and Twitter accounts before connecting to the VPN, or use your web browser’s private mode. Here’s a list of VPNs to consider. If you just want me to pick one for you, check out IPVanish.com . They have software that makes them especially easy to use, can be set up on your computer, tablet or smartphone, have servers all over the world that you can connect to, and cost $10 for unlimited use (and it’s even cheaper if you pay for a year in advance). Bonus: Some VPNs accept Bitcoin as payment, making for the ultimate in anonymous Web browsing. Not even the VPN has to know who you are. While using a VPN at home is something you might consider to protect your privacy from the NSA, using a VPN at a public Wi-Fi hot spot or hotel network should be mandatory. Often, those networks are unsecured and almost everything you do can be “sniffed” out of the air by someone else connected to the same network. A VPN would protect you. 6. Your everything else While I’ve tried to hit all the major areas you might want to protect, this is by no means a comprehensive list of everything you can do to keep your private information safe and secure. Entire websites could be devoted to the topic. Websites like Security In-A-Box . They’ll teach you everything from creating good passwords and protecting your computer from hackers to remaining anonymous online and bypassing censorship. And it’s free. If you’re interested in protecting your data in this brave new world, I encourage you to check it out. This article was originally published on MoneyTalksNews.com as 'How to Keep Your Info Private (Even From the NSA)' . More from Money Talks News IRS Says It Can Read Your Email and Facebook Messages 4 New Ideas for Protecting Your Online Privacy Social Networking vs. Your Privacy

2013-06-13 12:00:00+00:00

{"Bitcoin": [147, 517, 1583, 3051]}

{"Bitcoin": [0]}

Bitcoin Purchase Platform BitInstant Integrates Jumio's Netverify to Speed Transactions and Reduce Fraud

https://finance.yahoo.com/news/bitcoin-purchase-platform-bitinstant-integrates-120000752.html

Marketwired

http://www.marketwired.com/

PALO ALTO, CA--(Marketwired - Jun 13, 2013) - Jumio, Inc., the fast growing online and mobile credentials management company, today announced that Bitcoin purchase platform, BitInstant, has implemented Jumio's Netverify software into its online funds transfer process. Jumio's technology provides secure and convenient KYC functionality, enabling BitInstant customers to confirm their identity in real time, and offering an all-important extra layer of protection for financial transactions. "Our goal is to make the Bitcoin purchase process as seamless as possible for our customers and Jumio plays a key role in accelerating that transaction," says Charlie Shrem, CEO of BitInstant. "By enabling customers to easily scan and validate their ID with their mobile phone or webcam, we take the friction out of the authentication process while protecting against fraudulent activity." With Netverify, BitInstant can easily confirm that its customers' online and offline identities are one and the same by scanning their passport, driver license or government ID issued by more than 60 countries. This instant authentication replaces manual and time-consuming authentication processes such as faxing or mailing a copy of their ID that customers typically endure and that present an obstacle to transaction completion. "Knowing your customer is important for all online businesses but perhaps never more so than in payment transactions," said Daniel Mattes, CEO of Jumio. "As bitcoins have rapidly increased in popularity, purchase platforms like BitInstant, along with the merchants and Bitcoin exchanges they interact with, need the security and confidence that comes from knowing exactly who is on the other end of the transaction." Jumio's Netverify is the easiest way to confirm a customer's identity in real time, reducing fraud and the costs associated with reviewing low-quality copies of mailed or faxed documents while increasing overall conversions. Using the camera on a smartphone or computer, consumers scan an image of the front and back of IDs and documents to complete the customer verification process in real time. Both the business and customer receive feedback if the ID is valid, thus allowing for the transaction to continue without delay. The technology enables companies to meet KYC (Know-Your-Customer) and ID verification requirements and helps businesses develop a critical degree of trust with their customers. In addition, Netverify uses 256-bit encryption to transmit data, guaranteeing the highest level of security for sensitive transactions. Story continues Netverify is available for web sites and on iPhone and Android, enabling mobile applications to add ID and document scanning into mobile applications. For more information about Jumio Netverify, go to http://www.jumio.com/netverify . About BitInstant BitInstant enables customers to quickly buy and sell bitcoins and conveniently transfer funds between their various accounts. Based in Manhattan, NY and operating since 2011, BitInstant is a trusted leader in the Bitcoin ecosystem. Learn more at http://new.bitinstant.com About Jumio Utilizing advanced computer vision technology, Jumio is a next generation credentials management company offering payments and ID scanning & validation products for mobile and web transactions. Designed to reduce fraud and increase revenue by minimizing friction in customer transactions, Jumio's products integrate easily into mobile apps or websites and create great customer experiences. Jumio's products are widely used by leading retailers, marketplaces and financial institutions. Jumio's Netswipe® enables customers to scan their cards in online and mobile checkout resulting in increased revenue and reduced fraud for the merchants. Netverify™ supports real-time ID verification in over 60 countries to help clients meet a variety of know-your customer requirements. The company was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, California Jumio operates globally with offices in the US, Europe and Asia.

2013-06-22 12:29:00+00:00

{"Bitcoin": [2619]}

{}

Google's Virtual Assistant Google Now Is Awesome – Here's Why I Never Want To Use It

https://finance.yahoo.com/news/googles-virtual-assistant-google-now-122900944.html

Business Insider

http://www.businessinsider.com/

google Larry Page and Sergey Brin REUTERS/Chip East Google founders Larry Page and Sergey Brin are recognized for their efforts at the conclusion of the Clinton Global Initiative in New York, September 22, 2006. Former US President Bill Clinton's annual event brings together world leaders from business, government and philanthropy to try to solve world issues. Google Now is best understood as the company's response to Apple's Siri. In fact, it puts Siri to shame – it's more accurate and far more versatile. And I want nothing to do with it. My colleague Steve Kovach sang Google Now's praises last year and provided some compelling examples of its functionality: It paid attention to his repeated Google searches for Mets scores, so now the app automatically sends him notifications of the latest score. Google Now noticed a meeting on his calendar and gave him a warning based on his location that if he wanted to arrive on time, he had to leave right at that moment (it even accounted for traffic). While killing time before a flight from San Francisco to New York, it captured his flight number based only on his search history to keep him apprised of gate information and delays. Steve's only "input" was his everyday Internet use and the appointments he entered into Google Calendar. With access to this data as its foundation, Google Now can automatically solve problems and provide you with useful info. Sounds amazing, right? Well, not to me. Google Now raises a troubling question for me. It's pretty easy to imagine a person making Google Now a huge part of his or her existence. It begs to be relied upon and integrated into your lifestyle in a major way. Even a casual Google Now user is still feeding all his data to it every time he uses the web. How do we draw the distinction between the technology that makes your life easier and the technology that breeds mindlessness? In my opinion, Google Now flirts too closely with this boundary. I kind of pride myself in having my phone work for me instead of the other way around. The best example of this is that I refuse to use push notifications. I'd rather check email and Twitter on my own terms, not when my phone tells me it's time. Story continues When I see my people fumbling with their phones in response to whatever notification just popped up, I can't help but be reminded of Thoreau's quote that "men have become the tools of their tools." If we can learn anything from technology's recent history, it's that relying too strongly on a third party service can be dangerous when it fails. Even those things that are "too big to fail" – banks, Bitcoin , your cloud provider –have all shown their weaknesses. And the intrinsic nature of Google Now is that it's designed to be blindly relied upon, to be a "life aid." What happens when it goes kaput for some reason? All those things that you were used to not having to think about become problematic. Your phone is no longer sounding the alarm to catch your flight on time unless you set it yourself. If its servers were somehow compromised, then Steve would have been late to his meeting, missed his flight, and wouldn't know the score of the latest Mets game (probably for the best). If I were to boil this all down to a single idea, it would go as follows: I'm in charge of my phone. My phone's not in charge of itself. Google Now nearly represents the phone coming to life, acting on its own and without your direction. It becomes slightly less your phone and you become a slightly less mindful. More From Business Insider Apple Is Using This Deck To Convince The DOJ That It's Not Fixing E-Book Prices Now There's A Talent Agency For People Who Are Good At Vine The Little Invention That Might Change Food Forever Has Blown Away Its Crowdfunding Goals

2013-06-24 23:53:55+00:00

{"Bitcoin": [2732]}

{}

Gold Was a Horrible Investment from 1500 to 1965

https://finance.yahoo.com/news/gold-horrible-investment-1500-1965-235355186.html

The Atlantic

http://www.theatlantic.com/

Ron Paul thinks gold could go to " infinity ", which would certainly be a lot of dollars. But it won't be an easy ride into Buzz Lightyear territory for the shiny metal: gold has fallen 8.5 percent since Ben Bernanke started talking about tapering the Fed's bond-buying a month ago. Of course, that's nothing compared to gold's looong bear market from 1500 to 1965. As you can see in the chart below from Goldman Sachs ( via Zerohedge ), it lost over 80 percent of its value compared to inflation-adjusted British pounds over those four-and-a-half centuries. That's a lot less than infinity. Gold Long-Term.jpg Why has gold been such an abysmal investment, if you can even call it that? Well, gold doesn't have any earnings; it doesn't pay out any dividends; and it costs money to store. As Paul Krugman points out, it's only worth piling money into the shiny metal when the opportunity cost of doing so is low -- when real interest rates are negative. Now, that can happen when rates are high, but inflation is higher still, or when rates are low, and inflation isn't quite as low. Britain didn't have negative inflation-adjusted rates for most of the past millennium, because it was on a silver standard from the mid-1200s through the early 1700s, and a de facto, and later de jure, gold standard up until 1931. Ideas Report 2013 Modest ideas that can change the world. See full coverage But even in its age of fiat money, Britain has only had two episodes of below-zero real rates: the Great Inflation of the 1970s, and the Great Recession today. The former ended when central banks around the world jacked up interest rates in the 1980s, and the latter might be ending now, as central banks look for any excuse to exit their bond-buying despite low inflation and low growth. Indeed, real rates on 10-year U.S. Treasuries have made a violent move from around -0.3 percent at the end of May to 0.64 percent now . It's the first time those bonds have had a positive inflation-adjusted yield since early 2012, when they only briefly offered a 0.02 percent real return. But if inflation-adjusted keep rising this time around, don't be surprised if gold keeps falling -- all the way back to its recent historical average, just like it did in the 1980s and 1990s. Story continues The " t-word " is Bernanke's Midas touch. It turns gold back into gold. No longer will the shiny metal offer better returns than companies that actually do and make things; instead, it will just be the money-suck it's been for centuries on end. Sell gold! More From The Atlantic How to Be Better at Email: A Comprehensive Scientific Guide Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't!

2013-06-27 22:40:54+00:00

{"Bitcoin": [2054]}

{}

India and Pakistan's Relationship, According to Space

https://finance.yahoo.com/news/india-pakistans-relationship-according-space-224054979.html

The Atlantic

http://www.theatlantic.com/

The India/Pakistan border at night (NOAA imagery courtesy Ka Chun Yu) There is a lot that can be known only by nightfall. Seen at night -- and from a distance -- the Earth can reveal new truths about itself and its occupants. I mention that because of the image above, which is based on data captured by Suomi NPP , the Earth-observing research satellite that orbits the planet as a collaboration between NASA and NOAA. This afternoon, as part of a presentation at the Aspen Ideas Festival , Dr. Ka Chun Yu and Dr. Bob Raynolds of the Denver Museum of Nature and Science presented the image as part of a broader view of Earth seen at night -- and from space. The image depicts the lights of India and Pakistan. It shows the areas of human concentration -- the cities and highways and other bits of infrastructure. You can tell, via the darkness, where the rural areas are. And you can tell, if you look a little more closely, where rivers are. Ideas Special Report 2013 Dispatches from the Aspen Ideas Festival. Full coverage. And if you look more closely still, you can see something else, too. Smack in the middle of the image -- vaguely echoing the lines of the river to its left -- is a spindly line of light winding down the length of the image. It's a line notable for its line-iness: Instead of the bursts of illumination that give the map its sense of organic humanity, the line threads down at a uniform width. That line is the International Border , the recognized geographic divide between the two countries. The line of lights is the fence built to demarcate the separation. Most imagery of space is notable for its transcendence: it shows one Earth and recognizes neither nations nor the disagreements between them. This one, however, is notable for the opposite. The divide between India and Pakistan here isn't overcome by more universal things. It's stark. It's bright. And it's visible from space. More From The Atlantic Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't! How the Sharing Economy Can Save Summer Vacation

2013-06-28 06:59:00+00:00

{"Bitcoin": [237, 850, 1452, 1502]}

{"Bitcoin": [24]}

Startup Debut to Accept Bitcoins & Showcase Digital Currency Companies During CES and South by Southwest

https://finance.yahoo.com/news/startup-debut-accept-bitcoins-showcase-065900680.html

Marketwired

http://www.marketwired.com/

LAS VEGAS, NV--(Marketwired - Jun 28, 2013) - Startup Debut ( www.startupdebut.com ), a leading media showcase company owned by BitAngels ( www.bitangels.co ) 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. 2 nd 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. Terpin will be also speaking on Bitcoins and first amendment rights at the Inside Bitcoins ( http://www.mediabistro.com/insidebitcoins/ ) conference in New York on July 30. About Startup Debut. Startup Debut has been serving the needs of innovative digital and startup companies and the media since January, 2010, when it first debuted at the Consumer Electronics Show. It has now grown to five annual shows, connecting thousands of media with hundreds of early-stage startups and innovators. About SocialRadius. One of the very first social media marketing agencies, SocialRadius has established itself as one of the world's premier boutique firms, serving an array of corporate clients and startup companies globally. The agency, created in 2006 by Marketwire founder Michael Terpin, is focused on blogger outreach, content creation, social networks and platforms, as well as full-service hybrid PR campaigns. SocialRadius is headquartered in Las Vegas, with offices in Los Angeles, New York and San Francisco. For information on exhibiting at the event, please contact Kristine Pfeiffer, [email protected] , 646-765-1108. Disclaimer: "Consumer Electronics Show", "CES," "CES®" and "International CES®" are registered trademarks of the Consumer Electronics Association. South by Southwest and SXSW are trademarks of SXSW, Inc. Startup Debut is not affiliated with or endorsed by CES or the Consumer Electronics Association. Startup Debut is not associated with SXSW.

2013-06-28 14:21:58+00:00

{"Bitcoin": [7109]}

{}

Y U No Go Viral: The Emerging Science of Memes

https://finance.yahoo.com/news/y-u-no-viral-emerging-142158722.html

The Atlantic

http://www.theatlantic.com/

memes_hd.png Bauckhage et al. More and more of the things that set the internet on fire are of that species of charmingly moronic pairing of text and image that allows even the post-literate to feel like they have partaken of a shared cultural moment. And now, scientists are beginning to understand how the curiously addictive visual tropes known as "memes" are born, why they die, and whether or not it's possible to predict which will "go viral" and be harvested by the night-soil merchants up at meme warehouses like Cheezburger . Treating memes like genes tells us which are likely to spread The internet, of course, was barely in its infancy when Richard Dawkins, a British evolutionary biologist, coined the term "meme" back in 1976 . And he meant it as a much more nuanced concept, encompassing pretty much any idea that is good at propagating from one human brain to another -- whether it is dialectical materialism or the tune to Happy Birthday. More From Quartz How to Get to the Top of Reddit: Lessons From the Banning of Quickmeme The Most Important Person Entering U.S. Government You've Never Heard Of The Trillion-Dollar Opportunity That Could Save Health Care in the U.S. But Dawkins was deliberate in his comparison of memes to genes. Like the molecular units of inheritance, memes "reproduce" by leaping from one mind to another, "mutate" as they are re-interpreted by new humans, and can spread through a population. The internet has radically accelerated the spread of memes of all kinds; but it has also led to the rise of a specific kind of meme, the kind encapsulated by a phrase or a picture. And importantly for scientists, the life of a such a meme is highly measurable. New research from Michele Coscia of Harvard University goes so far as to suggest a decision tree -- which is sort of like a flow chart -- that can show at any given point in an internet meme's life how likely it is to go viral. In order to generate this chart, Coscia tracked 178,801 variants of 499 memes, all gathered from what is arguably the internet's biggest clearinghouse for memes, Quickmeme . Story continues decision-tree.png Michele Coscia This decision tree is a bit challenging to parse, but here goes. The number at the top, 35.47%, is the total proportion of all the memes Coscia analyzed that were "successful." By his definition, success meant receiving a high enough score on Memebase, where users can vote a meme up or down. (His threshold for "success" was necessarily somewhat arbitrary.) Among these successful memes, an interesting phenomenon emerges. Those that hit an above-average peak of popularity at some point in their life were less likely, overall, to ultimately break the "success" threshold. Memes that were shared more consistently over time, rather than a great deal all at once, were more likely to ultimately rack up enough points. In the attention economy, memes do battle to the death If you think Nature is red in tooth and claw, you have yet to stare longingly at a website's analytics dashboard, quietly willing an article you wrote to go viral. (Not that anyone at Quartz has ever done this.) In the attention economy, memes compete for a finite pool of attention, representing all the time everyone spends on the internet. Which means that for one meme to become popular, some other meme must pass into obscurity. Coscia's data crunching revealed that memes that were "more competitive" than others -- that is, whose rise in popularity tended to correlate with the fall in popularity of other memes -- were more likely to succeed overall. But memes that travel in packs do best of all Coscia identified a number of "meme organisms" -- clusters of memes that tend to do well together. He doesn't speculate about why, exactly, these memes' fates seem to be linked together, but a look at meme cluster #45, consisting of two memes (the average number in a cluster was 4.8) suggests a strange sort of logic to their linkage. meme-cluster-45.png (Michele Coscia) Perhaps (this is my speculation) one interpretation of meme organisms is that certain memes seem to capture the zeitgeist. Thus, memes could have seasonal patterns, or even follow the anxieties and fads of the day, as suggested by trends in the news. Or perhaps memes that remind you of one another do well because they feed off one another's attention. Just as genres emerge in music, literature and art, so too in internet memes. Memes have a life of their own, independent of who shares them Coscia notes that most previous research on how things go viral has sought to map the social interconnections of those who are sharing content. Thus, studies of how news is shared on, say, Twitter seek to map who are the most influential sharers of information in any given news cycle. egypt_syria.jpg Nodes at the center of these maps of how news spreads represent people with influence online. (Weng et al.) But Coscia completely ignored who was sharing which memes -- all of his data came entirely from the scores that memes receive on Quickmeme -- and yet he was still able to discern patterns about which kind of memes would go viral. It's not surprising that the underlying structure of the internet, a given website, and the human brain should all have an effect on making some things more likely to spread than others, but in his attempt to qualify the characteristics of this collective system, Coscia showed that memes can have intrinsic characteristics that make them more likely to succeed. Granted, these qualities aren't apparent until a meme has already begun to spread, but once identified, they help predict how well it might do at some point in the future. People get bored quickly, and are surprisingly predictable about what they'll share Past research about memes shows two things that should surprise no one, but are worth emphasizing: If you can figure out what someone is interested in, you can predict how likely she is to share a piece of content. And the more similar a piece of content is to what she has shared before, the more likely she is to share it . In other words, affinity groups rule the web. affinity-posting.jpg "Relationship between the probability of retweeting a message and its similarity to the user's interests, inferred from prior posting behavior." (Weng et al.) Also, memes have a half-life . They become popular, and then, taken as a whole, they are consumed and then tossed on the scrap-heap of history. meme-lifetime.jpg While their individual histories vary, on average the slow disappearance of interest in a meme is highly predictable. (Weng et al.) No one has any idea what makes something go viral in the first place Attempts to predict what will go viral on the internet are based on the past behavior of a meme. As Coscia emphasizes in his work, no one has yet to rigorously demonstrate, in advance, why any particular type of content goes viral. This sort of prognostication remains an art rather than a science . More From The Atlantic Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't! How the Sharing Economy Can Save Summer Vacation

2013-06-28 15:00:16+00:00

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Unfathomable: How Much We Don't Know About the Ocean

https://finance.yahoo.com/news/unfathomable-much-dont-know-ocean-150016496.html

The Atlantic

http://www.theatlantic.com/

deeper sea full.png Derek Keats/Flickr Oceanographer David G. Gallo notes that we've explored less than 10 percent of this planet -- perhaps less than 5 percent -- and that astonishing things lurk down in the bottom most depths of the ocean: Underwater waterfalls! There is, he says, an underwater waterfall that is 5 times higher than Angel Falls. Lakes at the bottom of the sea -- some are 300 feet deep, with animals that live only in the lake, not in the ocean above. On the sea floor, mountain ranges with thousands of valleys wider and deeper than the Grand Canyon. 297 new species discovered living on a single column of volcanic rock. It's strange talking to people who study the deep sea, because of the sudden realization that one knows very little about it -- to have explored the moon before the sea floor seems counterintuitive. There is, of course, the tremendous challenge of exploring at that depth, due to pressure and darkness. Perhaps that's why I am flummoxed not by how little we know about the deep sea, but by how recently we explored the shallows, and the creatures with which we're familiar today. I've reflected on the subject while researching a biography of a Sea World founder. A WWII veteran, his generation is the one that got to know dolphins en masse for the first time in the guise of Flipper, began buying the first commercially available SCUBA equipment, and marveled at the films of Jacques Cousteau. When Sea World opened in 1964, there was no killer whale. Before the decade was over Shamu would be a nationally famous marine mammal, and Sea World would eventually build a park in Ohio, where many had never seen the ocean. Ideas Special Report 2013 Dispatches from the Aspen Ideas Festival. Full coverage. These days we've got high-definition underwater nature programs and ubiquitous snorkeling in coastal vacation destinations -- that is to say, when the average American goes to the beach and gazes out at the horizon, they have some idea what it looks like beneath the water. How strange that just a few generations ago, standing on the beach, almost no one had an accurate image in their mind of what it looked like beneath the surface, out in the relative shallows. And perhaps a generation or three in the future, they'll find it as strange that we were totally unaware of the creatures -- there are many we don't know about -- lurking down in the ocean deep. More From The Atlantic How to Be Better at Email: A Comprehensive Scientific Guide Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't!

2013-06-28 18:08:01+00:00

{"Bitcoin": [10655]}

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U.S Government Surveillance: Bad for Silicon Valley, Bad for Democracy Around the World

https://finance.yahoo.com/news/u-government-surveillance-bad-silicon-180801830.html

The Atlantic

http://www.theatlantic.com/

9074740413_bd2d118133_c.jpg Germans protest U.S. data-collection programs at Checkpoint Charlie in Berlin. (Digitale Gesellschaft/Flickr) In the public debate thus far over the NSA's mass surveillance programs, Americans have obsessed over our right to protect our emails, phone calls, and other communications from warrantless spying. But an issue that is just as important has been almost completely ignored: should the U.S. government be collecting the communications of foreigners without a warrant or any suspicion of wrongdoing? Unlike spying on U.S. citizens, where the government may well be breaking the law , spying on foreigners is almost certainly legal. But is it wise? We don't think so. Unfettered U.S. spying on foreigners will cause serious collateral damage to America's technology companies, to our Internet-fueled economy, and to human rights and democracy the world over. Rampant surveillance harms both privacy and our long-term national security. Foreigners don't vote in American elections, so perhaps it's not surprising that U.S. law throws them under the privacy bus. "If you are a U.S. person," President Obama (inaccurately) assures us , "the NSA cannot listen to your telephone calls." But the government doesn't disguise its broad snooping on foreigners. Director of National Intelligence James Clapper confirmed recently that the NSA "targets foreigners located overseas for a valid foreign intelligence purpose." The legal basis for wide-scale Internet spying on foreigners is set out in black and white in the Foreign Intelligence Surveillance Act (FISA). FISA allows collection of "foreign intelligence information," a grant of authority which goes well beyond counterterrorism or national security to include "information with respect to a foreign power or foreign territory that relates to ... the conduct of the foreign affairs of the United States." In the original version of FISA, individuals could only be targeted if they were "agents of foreign powers," but 2008 amendments to the statute did away with that limitation. Thus, FISA as it now stands authorizes warrantless surveillance of any non-U.S. individual reasonably believed to be located abroad, allowing for the interception of the most private kind of information so long as it "relates to" U.S. foreign affairs. That language is broad enough to allow the U.S. to seize almost any sort of foreign communication, on the grounds that a communication might relate in some way to a foreign-affairs interest of the United States. Story continues For foreigners who don't regularly read American surveillance statutes, this all came as an unpleasant surprise. And the details of how the NSA administers the mass surveillance programs do not make the surprise any more palatable. Individuals subject to NSA surveillance are almost never notified. The proceedings authorizing the surveillance are secret. The orders and directives are classified. The Internet companies that respond to the U.S. government's information demands are under gag order, or otherwise obligated not to disclose. And from a foreigner's perspective, all this happens at the request of a government they can't hold to account and is approved by a secret foreign court they can't petition. In addition to its broad legal authority to spy on foreigners, the U.S. now has a distinct technological advantage in doing so. In the past, the nature of the telecommunications infrastructure meant that NSA commonly had to operate abroad to intercept in real-time phone calls between non-Americans. But today, most communications flow over the Internet and a very large percentage of key Internet infrastructure is in the United States. Thus, foreigners' communications are much more likely to pass through U.S. facilities even when no U.S. person is a party to a particular message. Think about a foreigner using Gmail, or Facebook, or Twitter -- billions of these communications originate elsewhere in the world but pass through, and are stored on, servers located in the U.S. We can't have secret warrantless mass surveillance -- of Americans or of foreigners -- and also enjoy Internet-fueled economic, democratic, and political empowerment. With so few legal or technical checks on the U.S. government's power to snoop, Internet users look to U.S. Internet companies to serve as gatekeepers. Fortunately, some U.S.-based Internet companies also have a pro-privacy streak, and view themselves as critical checkpoints in the surveillance infrastructure. Here are just two examples: In 2007, Yahoo unsuccessfully challenged the Protect America Act, a precursor law to the updated FISA. More recently, an unknown company brought a case before the FISA court which resulted in a secret 2011 holding that the NSA had violated the Fourth Amendment. Yet, Internet companies are in a terrible position to rein in government overreach. The court processes and the reasons for surveillance are kept secret from the companies. The cases that interpret the government's powers under the law are secret. And for whatever protections FISA might afford to Americans, it serves no such role for foreigners, who comprise a growing majority of any global company's customers. When the government comes to an Internet company with a lawful but secret court order signed by a judge and demanding certain data, they can review the order skeptically. They can judiciously select the responsive information. They can bring a secret lawsuit in the FISA court to challenge the secret law on behalf of their international clients who have speculative Fourth Amendment rights under the U.S. Constitution. But beyond these usually quixotic efforts, the companies' powers are limited. As a result, from the perspective of many foreign individuals and governments, global Internet companies headquartered in the U.S. are a security and privacy risk. And that means foreign governments offended by U.S. snooping are already looking for ways to make sure their citizens' data never reaches the U.S. without privacy concessions. We can see the beginnings of this effort in the statement by the vice president of the European Commission, Viviane Reding, who called in her June 20 op-ed in the New York Times for new EU data protection rules to "ensure that E.U. citizens' data are transferred to non-European law enforcement authorities only in situations that are well defined, exceptional and subject to judicial review." While we cheer these limits on government access, the spying scandal also puts the U.S. government and American companies at a disadvantage in ongoing discussions with the EU about upcoming changes to its law enforcement and consumer-privacy-focused data directives, negotiations critical to the Internet industry's ongoing operations in Europe. Even more troubling, some European activists are calling for data-storage rules to thwart the U.S. government's surveillance advantage. The best way to keep the American government from snooping is to have foreigners' data stored locally so that local governments - and not U.S. spy agencies -- get to say when and how that data may be used. And that means nations will force U.S.-based Internet giants like Google, Facebook, and Twitter, to store their user data in-country, or will redirect users to domestic businesses that are not so easily bent to the American government's wishes. So the first unintended consequence of mass NSA surveillance may be to diminish the power and profitability of the U.S. Internet economy. America invented the Internet , and our Internet companies are dominant around the world. The U.S. government, in its rush to spy on everybody, may end up killing our most productive golden goose. Even worse, a shift away from U.S.-based Internet services is a blow to free expression around the world. We expect U.S.-based Internet companies to resist authoritarian governments that ask for help squelching political dissent. That resistance is good for global democracy, and good for the United States. Of course, U.S. technology companies' response to such demands have not always been exemplary. Rebecca Mackinnon's 2012 book details corporate complicity with repressive regimes' censorship and surveillance. Yet, without question, the role of Internet firms, especially those based in America, is a net plus for democracy abroad. Having Twitter in the U.S. helped when the U.S. State Department asked it in 2009 to delay its regularly scheduled maintenance to ensure activists can communicate during the Iranian elections. It is much harder to say no to a foreign government when a business has employees and data in that country. In this way, the EU push for local data storage plays right into what some have called the "cyber sovereignty movement," an effort by many nations for more national control over the Internet within their own borders. But unlike current discussions in Europe, those demands are not motivated by a desire to protect civil liberties. To the contrary, authoritarian countries want to censor, spy on, and control Internet access within their own borders. These nations -- Russia, China, the United Arab Emirates, Sudan, Saudi Arabia, and others -- unsuccessfully pushed for changes to the Internet's infrastructure at the International Telecommunications Union meeting last December in Dubai. The growth of cyber-sovereignty would be a serious blow to the spread of liberal democracy worldwide. The U.S. government's fervor for Internet surveillance has now provided advocates for such cyber-sovereignty with new privacy-motivated allies and a great set of talking points. President Obama recently chided Americans concerned with NSA surveillance for our naïveté, saying "you can't have 100 percent security and also then have 100 percent privacy." But this administration's rhetoric is short-sighted and depressing when, in fact, rampant surveillance harms our long-term security. Given the Internet's role in empowering democracy activists the world over, the State Department now ranks support for an open and uncensored Internet as one of it fundamental missions. We think this is unquestionably correct. But, we can't have secret warrantless mass surveillance -- of Americans or of foreigners -- and also enjoy Internet-fueled economic, democratic, and political empowerment. It is time to demand both security and privacy, for everyone -- Americans and foreigners alike -- before it's too late. More From The Atlantic How to Be Better at Email: A Comprehensive Scientific Guide Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't!

2013-06-28 21:23:14+00:00

{"Bitcoin": [27212]}

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Healthcare.gov: Code Developed by the People and for the People, Released Back to the People

https://finance.yahoo.com/news/healthcare-gov-code-developed-people-212314995.html

The Atlantic

http://www.theatlantic.com/

healthcare-gov-homepage.jpg Healthcare.gov As the first website to be demonstrated by a sitting President of the United States, Healthcare.gov already occupies an unusual place in history. In October, it will take on an even more important historic role, guiding millions of Americans through the process of choosing health insurance. How a website is built or designed may seem mundane to many people, but when the site in question is focused upon such an important function, what it looks like and how it works matter . Last week, the United States Department of Health and Human Services (HHS) relaunched Healthcare.gov with a new appearance and modern technology that is unusual in federal-government websites. "It's fast, built in static HTML, completely scalable and secure," said Bryan Sivak, chief technology officer of HHS, in an interview. "It's basically setting up a web server. That's the beauty of it." What makes such an ambitious experiment in social coding more unusual is that the larger political and health-care policy context that it's being been built within is more fraught with tension and scrutiny than any other arena in the federal government. The implementation and outcomes of the Affordable Care Act -- AKA "Obamacare" -- will affect millions of people, from the premiums they pay to the incentives for the health care they receive. "The goal is get people enrolled," said Sivak. "A step to that goal is to build a health insurance marketplace. It is so much better to build it in a way that's open, transparent and enables updates. This is better than a big block of proprietary code locked up in a CMS [content management system]." healthcare-gov-marketplace-graphic (1).jpg Healthcare.gov Thinking differently about a .gov The new site has been built in public for months, iteratively created on Github using cutting edge open-source technologies. Healthcare.gov is the rarest of birds: a next-generation website that also happens to be a .gov. "We needed to evolve from the previous site but didn't want a total departure," said Ed Mullen, a user experience designer who has worked on Healthcare.gov since it was first launched, in an interview. "The web has changed dramatically in that time. Part of adapting to that [change] has been creating a site that really understands consumers. Today, consumers are doing all kinds of things across the web. We're comparing ourselves to Rdio and similar services. We want to be aligned with the current thinking of the Web." Story continues The people that helped to build the new Healthcare.gov are unusual: Instead of some obscure sub-contractor in a nameless office park in northern Virginia, the site was iteratively created by a cross-disciplinary team of developers and editors at HHS, and contractors at Teal Design, Edward Mullen Studio, and Development Seed, a scrappy startup in a garage in the District of Columbia. "This is such a lean site," said Jon Booth, head of the web and new media group at the Centers for Medicare and Medicaid Services (CMS), in an interview. "HHS had a blanket contract when we when awarded this. Aquilent got creative and brought people on with powerful skills, like Ed and Jessica, a designer at Teal Media , and Development Seed. Most of my team is working on this site; we have internal UX, information architects, designers, developers, and infrastructure people that stood up the cloud environment. Their collaboration is one of the high points of this process." The involvement of Development Seed drove specific technology choices that led to substantial improvements in design and function. The startup first made its mark in the DC tech scene consulting on Drupal, an open source content management system that has become popular in the federal government over the past several years. Recently, Development Seed has been pushing the limits of lightweight Web design, open data-driven maps and open-source code. "This is our ultimate dogfooding experience," said Eric Gundersen, the co-founder of Development Seed, in an interview. "We're going to build it and then buy insurance through it." "The work that they're doing is amazing," said Sivak, "like how they organize their sprints and code. It's incredible what can happen when you give a team of talented developers and managers and let them go." The new Healthcare.gov will fill a yawning gap in the technology infrastructure deployed to support the mammoth law, providing a federal choice engine for the more than 30 different states that did not develop their own health-insurance exchanges, but the site is just one component of the insurance exchanges. Others may not be ready by the October deadline . According to a recent report from the Government Accountability Office, the Department of Health and Human Services' (HHS) Centers for Medicare & Medicaid Services (CMS) is behind in implementing key aspects of the law, such as training the workers who will help people navigate the process, certifying the plans that will be sold on the exchanges, and determining the eligibility of consumers for federal subsidies. Despite all this, HHS expressed confidence to the GAO that exchanges will be open and functioning in every state on October 1. On that day, Healthcare.gov will be the primary interface for Americans to learn about and shop for health insurance, as Dave Cole , a lead developer at Development Seed, wrote in a blog post this March. Cole, who served as a senior advisor to the United States chief information officer and deputy director of new media at the White House, was a key part of the team that moved WhiteHouse.gov to Drupal. As he explained, the code will be open in two important ways: First, Bryan [Sivak] pledged, "everything we do will be published on GitHub," meaning the entire code-base will be available for reuse. This is incredibly valuable because some states will set up their own state-based health insurance marketplaces. They can easily check out and build upon the work being done at the federal level. GitHub is the new standard for sharing and collaborating on all sorts of projects, from city geographic data and laws to home renovation projects and even wedding planning, as well as traditional software projects. Moreover, all content will be available through a JSON API, for even simpler reusability. Other government or private sector websites will be able to use the API to embed content from healthcare.gov. As official content gets updated on healthcare.gov, the updates will reflect through the API on all other websites. The White House has taken the lead in defining clear best practices for web APIs. Putting open source to work According to Sivak, his team didn't get directly involved in the new Healthcare.gov until November 2012. After that, "we facilitated the right conversations around what to build and how to build it, emphasizing the consumer-facing aspects of it," he said. "The other part was to figure what the right infrastructure was going to be to build this thing." That decision is where this story gets especially interesting, if you're interested in how government uses technology to deliver information to the people it serves. Government websites have not, historically, been sterling examples of design or usability. Unfortunately, in many cases, they're also built at great expense, given the dependence of government agencies on contractors and systems integrators, and use technologies that are years behind the rest of the web. Healthcare.gov could have gone in the same direction, but for the influence of its young chief technology officer, an "entrepreneur-in-residence" who had successfully navigated the bureaucracies of the District of Columbia and state of Maryland. "Our first plan was to leverage Percussion, a commercial CMS that we'd been using for a long time," said Sivak. "The problem I had with that plan was that it wasn't going to be easy to update the code. The process was complicated. Simple changes to navigation were going to take a month." At that point, Sivak did what most people do in this new millennium when making a technology choice: He reached out to his social networks and went online. "We started talking to people about a better way, including people who had just come off the Obama campaign," he said. "I learned about the ground they had broken for the political space, from A/B testing to lightweight infrastructure, and started reading about where all that came from. We started thinking about Jekyll as a platform and using Prose.io." After Sivak and his team read about Development Seed's work with Jekyll, they contacted the startup directly. After a little convincing, Development Seed agreed to consult on one more .gov project. "A Presidential Innovation Fellow used same tech we're using for several of their projects," said Cole. "Bryan [Sivak] heard about it and talked to us. He asked where we would go. We wanted to be on Github. We knew there were performance and reliability benefits from building the stack on HTML." Jekyll, for those who are unfamiliar with web-development trends, is a way for developers to build a static website from dynamic components. Instead of running a traditional website with a relational database and server-side code, using Jekyll enables programmers to create content like they create code. The end result of this approach is a site that loads faster for users, a crucial performance issue, particularly on mobile devices. "Instead of [running] farms of application servers to handle massive load, you're basically slimming down to two," said Sivak. "You're just using HTML5, CSS, and Javascript, all being done in responsive design. The way it's being built matters. You could in theory do the same with application servers and a CMS, but it would be much more complex. What we're doing here is giving anyone with basic skills to basic changes on the fly. You don't need expensive consultants." That adds up to cost savings. Sites that are heavily trafficked -- as Healthcare.gov can reasonably expected to be - normally have to use a caching layer to serve static content and add more server capacity as demand increases. "When we worked with the World Bank , they chose a plan from Rackspace for 16 servers," said Gundersen. "That added tens of thousands of dollars, with a huge hosting bill every month." HHS had similar strategic plans for the new site, at least at first. "They were planning 32 servers, between staging, production and disaster recovery, with application servers for different environments," said Cole. "You're just talking about content. There just needs to be one server. We're going to have two, with one for backup. That's a deduction of 30 servers." Why was Development Seed able to succeed in selling this approach to coding and collaboration with a federal agency and other contractors, in contrast to traditional systems integrators? Or to put it another way, what could a mapping startup teach the world about making government work better? Quite a lot, as it turns out. "It helps that we're running a cloud SaaS business," said Cole, referring to MapBox. "If you're not doing your own products and using your own products, you're not going to have a sense of what the future is. You can put Wordpress into Amazon but then you'll have problems; it wasn't designed to be a cloud application. In this case, the code is completely cloud-ready and able to be scaled through a CDN [content delivery network], through Akamai. Understanding that comes from running a cloud company." While Jekyll eliminates the need for a full-blown content management system for Healthcare.gov (and with it, related costs) people managing the site still need to be able to update it. That's where Prose.io comes in. Prose.io is an open-source content editor developed by Development Seed that gives non-programmers a clean user interface to update pages. "If you create content and run Jekyll, it requires content editors to know code," said Cole. "Prose is the next piece. You can run it on your on own servers or use a hosted version. It gives access to content in a CMS-like interface, basically adding a WYSIWYG [What You See Is What You Get] skin, giving you a text editor in the browser." To non-technical users, Prose.io looks much like the standard "What you see is what you get" interface, familiar from Wordpress or Microsoft Word, with a couple bells and whistles, such as mobile editing. "You can basically preview in live," said Cole. "You usually don't get a full in-browser preview. The difference is you have this with no backend CMS. It's just a directory and text files, with a web interface that exposes it. There are no servers, no infrastructure, and no monthly costs. All you need is a need free web app and Github. If you don't want to use that, use Git and Github Enterprise." Prose was built by Development Seed to enable them to pass management of code off to the owners of websites. That's exactly how it's being used here. "We were doing Jekyll sites and wanted to turn them over to clients who could then maintain them themselves," said Cole. "It's just a wrapper around the workflow, with design aesthetic to make it clean and something in the backend that's technical." The technology behind Healthcare.gov also delivered on a crucial feature: a version geared toward a growing Spanish-speaking population that is quite likely to access the site on a mobile device. "When you look at providing a Spanish translation or a mobile site, it becomes really complicated trying to have a site render in different ways, in different configurations," said Cole. "A CMS needs a different version for each one. That's not true here, with a responsive, easy-to-iterate upon design. A change is a quick process, not altering any application code." The HHS tech team is now singing the praise of that choice. "One of the strong attractions for working in Jekyll is that you can have multiple versions of everything," said Booth. "We can provide the exact same experience and mobile capacity on the Spanish website as on the English version." While the front end of Healthcare.gov is distributed over Akamai, the back end of the site will be be hosted in a secure cloud. "The servers are hosted in Terramark, a cloud computing firm that's a subsidiary of Verizon," said Booth. "When we got involved, Terramark had already been selected as the vendor. We inherited that; it was our first major cloud deployment. It's wonderful, compared to the traditional 'buy a lot of boxes and get the servers set up.' Percussion was fine as a CMS but the scalability issue was huge for us, really overarching." Combining these two approaches finally realized some of the more aspirational rhetoric about the potential of "cloud computing" to deliver better savings and services that has bounced around Washington over the past four years. "For us, it's a combination of Terramark as data center and Akamai as content distribution network," said Cole. "For the relaunch, no consumer traffic hits Terramark at all, with the exception of search queries. We have completely pushed the website out to Akamai, which gives us a lot of flexibility. This is by far the fastest site we've ever built. We wanted to make sure that this site is not adding any overhead, is as lightweight as it can be." Embracing citizen-centric design "Thinking differently" about this site went beyond technical choices for architecture or how rules and regulations were instantiated in code. If you visit Healthcare.gov on a smartphone or tablet, you'll notice how quickly it loads, how clean the design is on mobile, and how the site renders to fit the size of your screen. That's no accident, as Mullen and Booth explained. "Across the board, there was agreement that it needed to be all about the consumer," said Mullen. "That was the mantra from the beginning. It comes down to understanding the audience, from thinking about the reading level of all content to writing clear, declarative sentences." Focusing on the consumer -- or the citizen -- as the primary driver for design and technical decisions may sound like common sense but it's not a principle that appears to have animated the construction of many .gov websites over the past two decades. In recent years, however, design principles are redefining how online government is created and delivered, with notable results. "We knew, building this marketplace from scratch, that we needed to have consistency," said Mullen. "We had to make sure all efforts work together, from outreach, engagement, education, to enrollment. We knew there was an opportunity to make some changes and largely to simplify. The first time around, the site was a pretty big success. When it came time to reassess, what was the core mission? It boiled down to being a strictly consumer site." "Before we made any decisions on what the site was going to be, we did a lot of research into the population we were going to try to reach," explained Booth. "One of our goals was to reach a much younger demographic," said Booth. "That pointed us to doing mobile. Mobile is growing, representing about 10 percent of the traffic to medicare.gov now." The goal of speaking clearly to the people that HHS is trying to reach drove a series of choices for design and content. "One of the things we saw was the need to explain the project really clearly to people, not to introduce other topics that might be confusing," said Booth. "The marketplace program was separate. We've moved away other parts, like the text of the law or implementation timeline. It's important to keep those materials online but on other properties. Policy guidelines also were moved over to other websites. We needed something that could speak clearly to the people we're trying to reach." In design, choosing what not to include is as important as what elements do appear. The involvement of Teal Design early on and Edward Mullen throughout, focusing on user experience, made a difference in how Healthcare.gov looks and works on a mobile device today. Code for the people, with the people Performance, citzen-centric design, and management aside, there's a deeper importance to how Healthcare.gov is being built that will remain relevant for years to come, perhaps even setting a new standard for federal government as a whole: updates to the code repository on Github can be adopted by every health insurance exchange using this code. (The only difference between different state sites is a skin with the state logo.) "We have been working in the .gov space for a while," said Gundersen. "Government people want to make the right decisions. What's nice about what Bryan [Sivak] is doing is that he's trying to make sure that everyone can learn from what HHS is doing in real-time. From a process standpoint, what Bryan is doing is going to change how tech is built. FCC is watching the repository on Github. When agencies can collaborate around code, what will happen? The amount of money we have the opportunity to save agencies is huge. Think about servers alone." The impact of this reduction in infrastructure on costs was a point he made repeatedly. "You can't underestimate the cost of complexity," said Gundersen. "If you think the servers are expensive, consider the team required to maintain them." With Healthcare.gov, something quite important happened that could also be lost in the mix: Code developed for the people, by the people, was released back to the people. "There's an important legal detail here," said Cole. "Public domain doesn't apply to works for hire and it doesn't apply to code developed by a contractor. Healthcare.gov and other code was developed under BSD, the most permissive license possible ." While the website, funding from the federal government paid for the improvement of a series of open source software tools that it itself used. "It's nice when government doesn't just take from open source but contributes code back to the community," said Gundersen. The choice that HHS made in working with Development Seed meant that upgraded code for that tool was released on Github for the use of the public, over the course of the project. "All of those contributions were made in real-time on Github as they were developed," said Cole. "The code now pulls in Google Analytics to analyze content for popularity." "We got 10,000 authenticated users through Github and more through repository," said Cole. "Recently, we did a complete redesign, adding mobile and responsive development. HHS paid for that development. They also paid for enhancement of other open source tools that people are already using." Collaboration and cascading updates aren't an extra, in this context: they're mission-critical. "This was a really distributed team, with design done by another party," said Cole."It started with a 'lock in' that laid out architecture and design, then tech followed. We wanted something really agile, to get it right first and keep iterating. After four months of development, we put together a site that's responsive and multilingual, and did so scalably." Sivak said that he expects the new site to continue to be improved iteratively over time, in response to how people are actually using it. "We're going to be collecting all kinds of data," said Sivak. "We will be using tools like Optimizely to do A/B and multivariate testing, seeing what works on the fly and adapting from there. We're trying to treat this like a consumer website. The goal of this is to get people enrolled in health care coverage and get insurance. It's not simple. It's relatively complex process. We need to provide a lot of information to help people make decisions. The more this site can act in a consumer-friendly fashion, surfacing information, helping people in simple ways, tracking how people are using it and where they're getting stuck, the more we can improve." Sivak is a fan of the agile development methodology that has become part of start-up development everywhere, including using analytics tools to track usage and design accordingly. Notably, the HHS team has been using feedback to drive design choices from the beginning, applying the "lean startup" model to development. "We did rounds of usability testing, starting early on with a card sort for taxonomy," said Booth. "We built out wireframes and did testing on look and feel. From my point of view, that was informed by a mix of designers, then getting user feedback." This approach may be maturing in the private sector but still feels novel in some parts of government. "One thing that has been nice that isn't always there on federal projects was a lot of support from leadership to look at user feedback, watch what users tell us and then go from that," he said. "It's not about what someone's favorite color might be." The work of the team at HHS earned some praise from their collaborators at Development Seed. "It's not a case where they needed developers," said Cole. "They just needed to adapt an agile workflow, have a good conversation and manage requirements dynamically, not create a huge spreadsheet of what they wanted and come back in two months. Open by default Using Jekyll and Prose.io to build the new Healthcare.gov is the latest chapter in government IT's quiet open source evolution . Across the federal government, judicious adoption of open source is slowly but surely leading to leaner, more interoperable systems. An open, agile approach to development gave Sivak and his team transparency into the status of the project through issue trackers on Github. "Put yourself in Bryan's perspective, with his ability to know what's going on," said Gundersen. "He could just open up an issue tracker and look at what's been done, not wait for a briefing." Talking at length with HHS' CTO, it's clear that he's happy with the process and outcomes, though he emphasized repeatedly that the site will continue to improve. "The thing that Git is all about is social coding ," said Sivak, "leveraging the community to help build projects in a better way. It's the embodiment of the open source movement, in many ways: it allows for truly democratic coding, sharing, modifications and updates in a nice interface that a lot of people use." Sivak has high aspirations that publishing the code for Healthcare.gov will lead to a different kind of citizen engagement. "I have this idea that when we release this code, there may be people out there who will help make improvements, maybe fork the repository, and suggest changes we can choose to add," he said. "Instead of just internal consultants who help build this, we suddenly have legions of developers." The long game for the code behind Healthcare.gov may be quite interesting, given the status of exchanges in the states. If their health insurance exchanges aren't ready or robust, they can simply pull this code and adopt it. While states and federal government sharing code might make for fertile fodder for constitutional scholars and philosophical discussions of federalism in the future, for the moment, the stakeholders all just need something that works. "This is multi-lingual, 508-compliant, and hits on mobile," said Gundersen. "So many states and fed agencies can look at this as part of a new, different way of building websites. Part of that is process-based, from the start, using tech that is faster and more flexible." In fact, Booth says that there have already been a couple of states that have asked CMS if they can pull the code on their sites. "We don't have to ask if you're on Microsoft, Unix or Application Server Pages," he said. "It's on Github and you can pull it down. Open source is not always applicable but when it is, it's very powerful." Not everything is innovative in the new Healthcare.gov , as Nick Judd reported at TechPresident in March: The procurement process that led to Development Seed is complicated, with some potential conflicts of interest present. The end result, however, is a small startup in a garage in DC collaborating with the federal government to relaunch one of the most important federal websites of the 21st century in a decidedly 21st-century way: cheaper, faster and scalable, using open source tools and open standards. "This is the responsive Web of structured data," said Mullen. "Create once, publish everywhere." That's a huge win for the American people, and while the vast majority of visitors to Healthcare.gov this fall will never know or perhaps care about how the site was built, the delivery of better service at lowered cost to taxpayers is an outcome that matters to everyone. "Open by design, open by default," said Sivak. "That's what we're doing. It just makes a lot of sense. If you think about what should happen after this year, all of the states that didn't implement their systems, would it make sense for them to have code to use as their own? Or add to it? Think about the amount of money and effort that would save." More From The Atlantic How to Be Better at Email: A Comprehensive Scientific Guide Weird Is Good: What Portland's Economy Can Teach Every City in the World The Winklevoss Twins Want You to Invest in Bitcoin—Don't!

2013-07-02 11:18:00+00:00

{"Bitcoin": [3127, 3157, 3207, 3300, 3352]}

{}

10 Things You Need To Know This Morning

https://finance.yahoo.com/news/10-things-know-opening-bell-111823340.html

Business Insider

http://www.businessinsider.com/

egypt mursi protest REUTERS/Asmaa Waguih Anti-Mursi protesters look up at a military helicopter over the area as protesters chant slogans at a massive protest for the second day at a main street in Alexandria, July 1, 2013. Good morning! Here's what you need to know. The Nikkei has surged today , gaining 1.8% and crossing the 14,000 threshold, a level not seen in a month. Europe is having a rougher go of it , with Germany's DAX down -1.2%. Italy's FTSE MIB was also lower. New York Fed president William Dudley will be speaking in Stamford at 12:30 pm today to discuss the economy. The last time he spoke he managed to induce an hour-long sell-off as investors picked apart his address for discrepancies with Chairman Ben Bernanke's ostensibly upbeat forecast. There is already chatter about a weak June jobs number Friday , based on last week's employment print from the ISM index, which at 48.7 showed its worst reading since the recovery began in 2009. The consensus is for 161,000, according to Econoday. U.S. auto sales data for June will be released throughout the day today. Sterne Agee expects a print of 15.4 million units on a seasonally-adjusted annual rate (SAAR) versus a 14.3 million unit rate in the comparable period last year. They also note U.S. light vehicle sales have totaled between 13.9 and 15.5 million units every month since the beginning of 2012. The Census Bureau will release factory orders data at 10 am. Consensus is for a gain of 2%, versus prior 1%, or 0.1% not counting aerospace orders, according to Econoday . The index has been essentially flat for about a year and a half. Greece has been given an ultimatum to reassure its creditors that it can deliver on its end of bailout package terms. "The lenders are unhappy with progress Greece has made towards reforming its public sector, a senior euro zone official involved in the negotiations said, while another said they might suspend an inspection visit they resumed on Monday," Reuters reported. The New York Times' Beijing correspondent David Barboza reports Chinese banks may be using repackaged loans to prop up risky business ventures . "Analysts warn that shadow banking is helping drive the rapid growth of credit in a weakening economy, which could lead to — in the worst situation — a series of bank failures. 'This is the biggest uncertainty I’ve seen in my 18 years following the China market,' Dong Tao, an economist at Credit Suisse, said of shadow banking. Read more > On a related note, the FT reported China has ordered its news outlets to stop talking about the country's cash crunch. Last month saw the Shanghai inter-bank offering rate (Shibor) unexpectedly spike as the People's Bank of China sought to impose discipline on its financial sector by starving it of cash. Egypt is at a standstill after President Mohamed Morsi rejected an ultimatum from the army . At the same time, the government's principal opposition refused to back the army's urgent language. Meanwhile, an Egyptian court ordered Morsy to reinstate an attorney general he fired last year. If you missed it, the Winklevoss brothers have founded a Bitcoin ETF . The "Winklevoss Bitcoin Trust" will track the underlying value of Bitcoins, which in turn will be determined by a Calculating Agent who will compile a Blended Bitcoin Price based on various quotes from existing Bitcoin exchanges. Story continues More From Business Insider How Americans Meet Their Mate Has Changed A Lot In 30 Years Here's What Happened When We Strapped A Bunch Of People Into The Oculus Rift Virtual Reality Headset Why Local-Mobile Marketing Is Exploding View comments

2013-07-02 12:05:00+00:00

{"Bitcoin": [60, 122, 229, 262, 283, 357, 382, 417, 596, 688, 1264, 1370, 1434, 1617, 1646, 1819, 2505]}

{"Bitcoin": [47]}

OpenCoin Extends Ripple Network to Include All Bitcoin Merchants and Users

https://finance.yahoo.com/news/opencoin-extends-ripple-network-bitcoin-120500664.html

Marketwired

http://www.marketwired.com/

LONDON--(Marketwired - Jul 2, 2013) - OpenCoin announced at Bitcoin London that Ripple users can now make payments to all Bitcoin addresses directly from the Ripple client. As a result, Ripple users now have access to over 8,500 Bitcoin merchants and the entire Bitcoin economy. The Bitcoin Bridge allows Ripple users to send a payment in any currency to a Bitcoin address, and the Bitcoin address will receive it in Bitcoins. "This is both an important milestone for Ripple and a powerful demonstration of the promise of the Ripple system," said OpenCoin CEO Chris Larsen. "Now, anyone can send Bitcoins without having to use a central exchange. At the same time, any merchant accepting Bitcoins now has the potential to accept any currency in the world." OpenCoin is the company that designed the Ripple protocol, a math-based payment network, virtual currency, and the world's first distributed currency exchange. Ripple enables fast, secure and essentially free transactions of any size, in any currency, anywhere in the world. How it Works Ripple builds direct pathways between parties for faster transactions with no added fees. As a distributed multi-currency exchange, Ripple pathways allow users to pay in one currency and receive payment in another. The Bitcoin Bridge extends these pathways so that Ripple users can now send multiple currencies directly to a Bitcoin address. From their Ripple wallet, users simply enter a Bitcoin address and choose the type and amount of currency that they wish to send. Through Bitstamp.net, the Ripple system automatically and without a fee converts that currency into Bitcoins for delivery to the Bitcoin address. The Ripple payment system can be used for a wide range of applications, including merchant payments, money transfers, or remittances. Merchants that accept Bitcoin can now receive payment from a Ripple user in multiple currencies from around the world. For more information on Ripple, please visit http://www.ripple.com . About OpenCoin OpenCoin, Inc. is a privately funded company based in San Francisco led by veteran industry founders and developers. OpenCoin developed the Ripple protocol, a virtual currency and distributed payments system. About Ripple The Ripple network is a distributed global payment network. It enables free payments to merchants, consumers and developers; the ability to pay in any currency; no chargebacks; and instant global payments. Ripple can accommodate any currency, including dollars, yen, euros, and even Bitcoin, making it the world's first distributed currency exchange. Ripple's goal is to become the best way for people to send money to anyone, anywhere. Ripple is currently in beta. For more information about Ripple, please visit http://www.ripple.com .

2013-07-02 13:41:14+00:00

{"Bitcoin": [0, 334, 605, 1085, 1105, 1452, 1530], "BTC": [1184]}

{"Bitcoin": [2]}

A Bitcoin ETF May Become a Reality

https://finance.yahoo.com/news/bitcoin-etf-may-become-reality-134114994.html

ETF Trends

http://www.etftrends.com/

Bitcoins, the highly encrypted digital currency that rose to prominence earlier this year as investors sought non-dollar assets, could finally get an ETF to call home. On Monday, the Winklevoss twins of Facebook ( FB ) fame, or notoriety in the eyes of some, filed plans with the Securities and Exchange Commission for the Winklevoss Bitcoin Trust. The trust’s sponsor is Math-Based Asset Services LLC, which was formed less than two months ago, according to the filing. Math-Based Asset Services believes it will unveil the first-ever bitcoins ETF although the bitcoin system was introduced in 2009. The Bitcoin is a type of decentralized digital currency based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary. Earlier this year when bitcoins were soaring and more traditional currencies were faltering amid ongoing central bank easing, the idea of a bitcoin was floated, but was met with skepticism because the sponsoring bank would have to be willing to back the appreciation or depreciation of the currency. [ Is a Bitcoin ETF Next? ] Bitcoin would later be stung by a rising dollar. Over the past six months, USD/BTC has traded as high as 266, but resides below 90 as of this writing, according to bitcoinity.org. Among the risks of the trust mentioned in the filing are “If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, such actor or botnet could manipulate the source code of the Bitcoin Network or the Blockchain in a manner that adversely affects an investment in the Shares or the ability of the Trust to operate.” Additionally, the filing acknowledges commercial and retail use of bitcoins is small compared to activity in the retail market, which could contribute to volatility in the currency. The filing did not include a ticker, expense ratio or possible release date. ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of Facebook. The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

2013-07-02 15:50:13+00:00

{"Bitcoin": [715]}

{"Bitcoin": [30]}

Believe It or Not: Winklevoss Bitcoin ETF on the Horizon

https://finance.yahoo.com/news/believe-not-winklevoss-bitcoin-etf-155013643.html

Zacks

http://www.zacks.com/

ETFs have become great options for investors seeking to tap into illiquid corners of the market, or new asset classes. Products have sprung up offering exposure to a number of commodities, stocks in far-flung countries like Nigeria or Kazakhstan , and possibly on the horizon, bitcoins as well. A shocking filing came across the wires recently detailing plans for a trust holding bitcoins from major players in the industry, the Winklevoss twins. These two individuals, famous for their lawsuit of Mark Zuckerberg over the founding of Facebook, are thought to have a decent chunk of the current bitcoin holding pie, and are looking to bring the asset class to the masses with a fund targeting the digital currency. Bitcoins in Focus For those of you are unaware, bitcoins have burst onto the scene in recent months as an alternative to fiat-based currencies. The main item to know is that ‘bitcoins are basically digital commodities based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain.”’ While this is obviously a mouthful, it basically means that bitcoins are ‘mined’ by using incredible amounts of computer processing power. There is a fixed amount of bitcoins though, so as the limit is reached, it becomes increasingly hard to ‘mine’ for the coins (read Protect Your Portfolio with Gold ETFs ). The main benefit of this system is that it is beyond the hands of central banks, preventing a devaluation or a high rate of inflation. This could allow the currency to pop up as a competitor to the dollar, or even other ‘safe haven’ commodities out there like gold. The currency is also beginning to be accepted by merchants on the web, though this has seen a relatively slow level of adoption. Price Performance The real selling point of bitcoins, at least in recent months, has been their incredible level of price appreciation. After trading in relative obscurity for quite some time, bitcoins have taken off in 2013, surging to new heights (see all the Top Ranked ETFs ). Story continues Prices were trading in the low $20s/bitcoin, but skyrocketed in late March and April, rising to well over $200/bitcoin. The value has since fallen back significantly-- $80/bitcoin was roughly the last price seen—though this still represents a good return for earlier adopters of the digital currency. Risks While some might like the idea of having an easier way to tap into the bitcoin market, there are a host of risks that come with this strategy. The market is extremely small at less than $1 billion , suggesting that volatility and price spikes (as well as crashes) could be prevalent in this asset class (read 4 Ways to Short Gold with ETFs ). There are also a number of legal rissue to consider as well. From the SEC filing, “The loss or destruction of a private key required to access a bitcoin may be irreversible. The Trust’s loss of access to its private keys or its experience of a data loss relating to the Trust’s bitcoins could adversely affect an investment in the Shares.” Even more troubling though is this statement from the same document, “It may be illegal now, or in the future, to acquire, own, hold, sell or use bitcoins in one or more countries, and ownership of, holding or trading in Shares may also be considered illegal and subject to sanction.” If these types of risks weren’t enough to sway you away from this idea, it is also worth considering who one of the biggest players in the bitcoin market is today; the Winklevoss twins. Due to this, some are viewing this new trust as just an easy way for the twins to cash out of their sizable bitcoin position in a relatively liquid manner (read Three Biggest Mistakes of ETF Investing ). Bottom Line Given the sizable risks, it might be worth it to avoid the bitcoin ETF if it ever comes on to the market, though it even passing regulatory hurdles seems like a long shot to me. The SEC has taken forever to even allow derivative-based ETFs, so one in which assets vanish if there is a data loss could be problematic for the regulatory body. Still, the fund could give some added liquidity to the space, or at least make it much easier for the average investor to buy into the bitcoin idea, much like what the current crop of precious metal ETFs has done for that corner of the market. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >> Read the analyst report on GLD Read the analyst report on IAU Read the analyst report on UUP Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report More From Zacks.com Read article on zacks.com

2013-07-02 20:54:12+00:00

{"Bitcoin": [156, 175, 576, 812, 923, 1029, 1172, 1274, 1313, 1491, 1656, 1765, 1951, 2446, 2466, 2542, 2683, 2935, 3352, 3801, 4080]}

{"Bitcoin": [43]}

The Winklevoss Twins Want You to Invest in Bitcoin—Don't!

https://finance.yahoo.com/news/winklevoss-twins-want-invest-bitcoin-205412514.html

The Atlantic

http://www.theatlantic.com/

Winklevii1.jpg (Reuters) Henry Ford brought cars to the masses. Mark Zuckerberg brought social networking. And the Winklevoss twins are trying to bring ... Bitcoins. Remember Bitcoin? It's the virtual currency that isn't really a currency . It was developed back in 2009 by the pseudonymous hacker(s) "Satoshi Nakamoto." The idea was to create money that central banks couldn't print and governments couldn't tax. It would give people an anonymous way to buy and sell things over peer-to-peer networks without middlemen -- or inflation! -- taking a cut. Indeed, the supply of Bitcoins is tightly regulated: anyone can " mine " for them by running a computationally-taxing program, but there isn't that much digital gold in them thar computers. No matter how many people become virtual prospectors, the supply of Bitcoins will grow at a predetermined rate -- until 2040. After that, no more will be created. In other words, Bitcoin has a massive deflationary bias that makes it semi-worthless as a currency. Because the supply of Bitcoins can't increase to meet increased demand, the price should go up. But if the price goes parabolic, nobody will want to part with their Bitcoins to, you know, actually buy things. ( Except to buy illegal things ). After all, why use your Bitcoins to buy things today when your Bitcoins will be worth more tomorrow? Now, this hoarding can set off a speculative bubble: People buy because the price is going up . And what if the price stops going up? Well, Bitcoin "investors" will try to take their profits off the table, which will push prices down even more, which will lead to even more selling, and so on. That's how Bitcoin went from $48 to $266 in a month -- and then to $105 in a day. It's not clear why anybody would want Bitcoins. Normal people don't care about hiding what they buy from the government. They're happy with Paypal. And they definitely don't want to go through the hassle of actually getting Bitcoins, which, as Kevin Roose discovered, involves either giving a "currency dealer" your bank account info or sending cash to a Nigerian prince P.O. box. Story continues Enter the Winklevii. America's most famous rowing-twins-who- love-pistachios -and-think-they-invented-Facebook want to make it easy for the little guy to gamble on crypto-currencies. On Monday, they filed paperwork with the SEC to launch an exchange-traded-fund (ETF) that would trade like a stock, and track the price of Bitcoin -- and only Bitcoin. Of course, as the prospectus for the delightfully-named Winklevoss Bitcoin Trust makes clear, there are plenty of risks speculating in a digital asset with no inherent value. Aside from the volatility of the Bitcoin market -- which is perfectly set up for manipulation -- there's the danger that the virtual coins in the Winklevii's virtual "vault" could get hacked, and vanish like that . And then there's the biggest risk of all: the government could outlaw Bitcoins at any moment. After all, why would the authorities put up with a currency people use to launder money, evade taxes, and buy narcotics? But the Winklevoss twins are convinced virtual currencies are the hottest thing since virtual friends -- and this time Mark Zuckerberg won't steal their idea! They've already plowed some of their Facebook settlement money into scooping up 1 percent of all the outstanding Bitcoins, and now they want to give everyone else the chance to own part of THE FUTURE -- provided you pay them a fee. Here's how Tyler Winklevoss evangelized for this brave, new currency a few months ago: We have elected to put our money and faith in a mathematical framework that is free of politics and human error. He should try putting his faith in history. Inflexible currencies are nothing new, and have failed everywhere they've been tried. Bitcoin can only "work" as long as it's an alternative currency that only techno-utopians care about. And even then, it wouldn't really be a currency. It'd be the bubbliest dotocm stock of them all. That'd be a hard lesson investors would learn for themselves if the Winklevii's Bitcoin ETF somehow got approved ( which it won't ). But the good news is if, against all odds, the Winklevoss twins' latest foray into business ends up getting turned into a movie, there's a ready-made title: The Muppet Network. More From The Atlantic In Rapidly Aging Japan, Adult Diaper Sales Are About to Surpass Baby Diapers A Reminder to All Investors: Bonds Are Not Safe Don't Invest in Hedge Funds

2013-07-02 21:16:00+00:00

{"Bitcoin": [686, 706, 870, 1045, 1215, 1233]}

{}

FINANCIAL ADVISOR INSIGHTS: Financial Advisors Jumping Ship Should Leave Their Small Clients Behind

https://finance.yahoo.com/news/financial-advisors-jumping-ship-leave-211640472.html

Business Insider

http://www.businessinsider.com/

walk the plank AP FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. Should You Abandon Smaller Clients When You Leave Your Firm? (Financial-Planning) Should financial planners drop their smaller clients when they leave firms? Maybe. Clients with $100,000 or less in investible assets are over 100 times more likely to ditch their financial advisor than become a big client with that advisor, according to a report from research firm PriceMetrix. Still, smaller clients may just be younger clients — with potential for growth, according to some financial advisors. The Winklevoss Twins Would Like To Help You Trade Bitcoins With Their Bitcoin ETF (Business Insider) The Winklevii — famous for their dispute with Mark Zuckerberg over Facebook — have created a trust that will give buyers exposure to Bitcoin, the elusive digital currency. From the SEC filing: "The investment objective of the Trust is for the Shares to reflect the performance of a weighted average price of Bitcoins, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective and convenient means to access exposure to Bitcoins." One of Bitcoin's earliest developers, Martti Malmi, told Business Insider that the ETF " would make bitcoin investment easier for the big money and could improve bitcoin's liquidity and price stability in the long run. Increase of bitcoin's market cap would be obviously beneficial to the Winklevii, who reportedly own 1% of all the bitcoins in existence." Malmi said it was "risky business, but worth a try." Age Divides Baby Boomers' Outlook, Study Says (FA Mag) Boomers divide in two distinct groups based on their attitudes toward finances and retirement, according to a new study from the Insured Retirement Institute. The study placed created two groups — boomers between 61-66 and those between 50-55 — and found that older boomers were more optimistic. Having worked many years in a safer economy, 42% of older boomers believed they had enough savings to retire comfortably, while only a quarter of the young boomers were so enthused. Investment strategies should take this intra-generational divide into account, according to the study. Story continues FORGET THE FED: Here's The Troubling Trend That's Really Behind Stock Market Volatility (FactSet) "For Q2 2013, 87 companies have issued negative EPS guidance and 21 companies have issued positive EPS guidance," said FactSet's John Butters. "If 87 is the final number, it will mark the highest number of companies issuing negative EPS guidance for a quarter. "The percentage of companies issuing negative EPS guidance is 81% (87 out of 108)," Butters added. "If this is the final percentage for the quarter, it will mark the highest percentage of companies issuing negative EPS guidance for a quarter." S&P 500 negative and positive preannouncements 5 year FactSet 8 ETFs That Are Absolutely Crushing It (Index Universe) Three Japan ETFs have been crushing it lately: the MSCI Japan Investible Markets index (appreciated 22% over the past year), the WisdomTree Japan Hedged Equity Fund (returned more than 40%), and the db X-trackers MSCI Japan Hedged Equity Fund (rallied 50%). The funds did better than Index Universe's Japanese benchmark thanks to currency hedging (returns weren't hurt by a plummeting yen). More From Business Insider Wealth Manager Fees May Become Less Tied To Assets And More Tied To Customer Satisfaction SOROS: The Efficient Market Hypothesis Has Run Into Bankruptcy BlackRock: Here Are 3 Reasons Why You Shouldn't Dump Stocks

2013-07-07 19:25:43+00:00

{"Bitcoin": [855, 1953, 2126, 2261, 2791, 3819]}

{"Bitcoin": [22]}

Does The World Need A Bitcoin ETF?

https://finance.yahoo.com/news/does-world-bitcoin-etf-192543916.html

Seeking Alpha

http://www.seekingalpha.com/

By Morningstar : By Abby Woodham Earlier this week, Math-Based Asset Services LLC submitted paperwork to the SEC seeking permission to create a bitcoin exchange-traded fund, perhaps setting the record for one of the most outlandish ETF filings to date. The proposed fund would hold bitcoins in a trust structure similar to those used by gold ETFs, and it would protect its assets using a proprietary security system. The fund is being proposed by Tyler and Cameron Winklevoss, who are best known for their multiple lawsuits against Facebook (:FB) . Notably, the filing has the support of Kathleen Moriarty of Katten Muchin Rosenman LLP; she was involved in the creation of early physical commodity ETFs. Although the bitcoin is an interesting concept, the asset is riddled with risks that prevent it from having any investment merit in its current state. Bitcoins are a digital commodity generated and governed by an open-source algorithm. In simplified language, new bitcoins are created upon the completion of complex math problems and are intended to function as an alternative to fiat currency by operating independently from governments and central banks. In a nod to a long history of gold-backed currencies, the act of generating new bitcoins is called "mining." Unsurprisingly, bitcoins initially only attracted the interest of libertarian-leaning technocrati, but are quickly becoming noticed by more mainstream market participants. A recent survey of leading economists by the IGM Forum showed an overwhelming consensus that the primary driver of bitcoin value is speculation on the asset's future acceptance as a currency. Today, the number of businesses that accept bitcoins as a form of payment is extremely limited, a state that is likely to persist in the face of bitcoins' volatility: In 2013, the price of a single bitcoin has ranged from $13 to more than $200, with extreme fluctuations regularly occurring over the course of minutes. Bitcoins are best conceptualized as a highly speculative commodity whose volatility is driven, in part, by price manipulation and its faulty infrastructure. Story continues Bitcoins exist in digital form only, so investors are subject to the risk of fraud and losses arising from hacking-related activities. Bitcoin prices have crashed in the past after widespread hacking saw large numbers of participants irrevocably stripped of their assets. Indeed, one of the many risks listed in the proposed trust's paperwork is the irreversible loss of the trust's assets should a security breach occur. Considering bitcoins' security track record, this risk is not insignificant. The crypto-currency's biggest impediment to legitimacy is perhaps its faulty infrastructure. Hackers can manipulate bitcoin prices through denial of service attacks. Bitcoin prices tank when service lags or halts completely during attacks on exchanges, allowing the attacker to scoop up cheap bitcoins and sell them when prices re-stabilize post-assault. The major bitcoin exchanges already have demonstrated their susceptibility to denial of service attacks. In April of 2013, digital assaults forced primary bitcoin exchange Mt. Gox offline for days, which sent the price of bitcoins plummeting. Without reliable infrastructure in place, bitcoins are likely to continue their trend of extreme volatility. When bitcoin prices swing by double-digit percentages regularly, companies are even less inclined to consider bitcoins as a form of payment. Legitimacy will be the least of the proposed fund's troubles if governments make bitcoins entirely illegal. The bitcoin market has remained largely unregulated, but it is already coming under heightened regulatory scrutiny this year. Many of Mt. Gox's assets were frozen, and another exchange was charged with money laundering and was shut down. Bitcoins have a notorious reputation as the payment of choice for the online purchase of contraband. The outlawing of bitcoins is listed as one of the fund's risks in the filing, and the SEC is unlikely to act until the legal gray area that bitcoins currently occupy is resolved. The proposed bitcoin trust will have to clear tremendous regulatory hurdles before launching, if it ever does. The SEC likely will put this opaque, risky, and illiquid asset under extreme scrutiny. Should the proposed fund beat the odds and make it to launch, the vast majority of investors should avoid it just as much as retailers avoid using bitcoins as payment today. Disclosure : Morningstar, Inc. licenses its indexes to institutions for a variety of reasons, including the creation of investment products and the benchmarking of existing products. When licensing indexes for the creation or benchmarking of investment products, Morningstar receives fees that are mainly based on fund assets under management. As of Sept. 30, 2012, AlphaPro Management, BlackRock Asset Management, First Asset, First Trust, Invesco, Merrill Lynch, Northern Trust, Nuveen, and Van Eck license one or more Morningstar indexes for this purpose. These investment products are not sponsored, issued, marketed, or sold by Morningstar. Morningstar does not make any representation regarding the advisability of investing in any investment product based on or benchmarked against a Morningstar index.

2013-07-08 11:30:06+00:00

{"Bitcoin": [1555, 2789, 4617]}

{"Bitcoin": [20]}

Making Cents Of The Bitcoin ETF

https://finance.yahoo.com/news/making-cents-bitcoin-etf-113006518.html

etf.com

https://www.etf.com/

The ink on the filing documents for the Winklevoss twins’ bitcoin ETF barely even had a chance to dry and we here at IndexUniverse had already exchanged nearly 50 emails on the subject. The following morning we had a near-20-minute debate about the merits of the product. Suffice it to say, this thing has captured our imaginations. While that type of hype may be a public relations firm’s dream, it will eventually pass, and what the market will be left with is the nuts and bolts of a product that has no precedent. Sure, the Winklevoss twins may point in interviews to the gold fund SPDR Gold Shares ( GLD ) and its physically backed structure as a template, but the reality is that gold and bitcoins are about as similar as a manatee and a peregrine falcon. To be fair, the Winklevoss twins, who were part of the Harvard beginnings of Facebook, seem to be doing and saying all of the right things with regard to their planned product. They have meticulously mapped out a list of risks—18 in all—and hired perhaps the most famous ETF lawyer around:Kathleen Moriarty. Anyone with any knowledge of the ETF industry knows Moriarty as “SPDR Woman” thanks to her role in writing the prospectus to the first and still largest ETF:the SPDR S'P 500 ETF ( SPY ). Despite what seems like an honest commitment to getting this filing and a possible launch right, I’m left wondering exactly what this product seeks to achieve. Heck, I’m not even sure most people know what the attraction of bitcoin is moving forward. First, a little background for the uninitiated:Bitcoin was created in 2008 as a virtual currency whose inflation rate and issuance are dictated not by fat-cat central bankers or central planners, but by a complex algorithm. The goal is to decrease issuance every year until 2140, when the amount of bitcoins in circulation will reach 21 million. At that point, the currency will be subject entirely to the ebbs and flows of demand for the currency. While the currency has attracted a tremendous amount of attention in the past five years, not all of that coverage has been positive. The virtual currency’s exchange rate has fluctuated—sometimes wildly—and there’s always the looming threat of some kind of intervention by the U.S. Treasury Department. Story continues Both of these concerns are relevant, and both of them cause me to wonder just how likely it is that this ETF will come to market. Ultimately, the question I’ve been asking anyone who will listen is, What is a bitcoin supposed to be, a currency or a store of wealth? Beware Of Treasury If it’s intended to be a currency, then I have little doubt the Treasury Department will eventually shut it down. Sure there are other currencies than the U.S. dollar in circulation, but those are issued by foreign governments. Bitcoins, on the other hand, have no country of issuance and are designed to be used for e-commerce. While the government has made it clear that users of the currency do not have anything to worry about from a legal standpoint, the Treasury has made it clear that it does have jurisdiction over domestic bitcoin “miners” and exchanges. This may not mean bitcoins will be put out of business directly by the Treasury, but it does mean that the existence of the exchanges and providers hinges on their compliance with the complex and onerous regulations of being money transmitters. In short, the Treasury is going to ensure that any nefarious users of bitcoins will have to navigate the same treacherous waters that someone dealing in greenbacks would. None of this is to say that the Treasury won’t decide one day that bitcoins are a competing currency and should be shut down. It’s not like you have to go back that far to find a useful—albeit imperfect—precedent:the U.S. Liberty dollar whose creator was charged with “making, possessing, and selling his own currency.” That sure sounds familiar. In his recent interview with Financial News, Tyler Winklevoss said he believed regulators are looking to bring “healthy and reasonable” regulations. He sure seems confident that the Treasury will exercise patience with bitcoins, but it remains to be seen if that confidence winds up being naivete instead. A Dicey Store Of Value Still, some argue that bitcoins are merely a store of value in the same way that gold has been used in recent years. If that’s true, then it’s not as much a currency as an investment vehicle. In my mind, that may be the most dangerous line of thinking yet. Gold is a physical asset whose value over centuries has been dictated by the laws of supply and demand—and government intervention, of course. Bitcoins may be a lot of things, but tangible is not one of them. The “storage” of bitcoins has to do with servers, not vaults, and the value of bitcoins has to do with algorithms, not production. As such, anyone who’s banking on bitcoins to provide a store of wealth over the next 100 years is putting a tremendous amount of faith in not just a complex algorithm, but a network of servers and systems whose security is only as good as the piece of regulatory paperwork it’s written on. Of course, that type of irony—relying on paper promises of security for a currency whose whole rationale for being is to avoid fiat, i.e., paper currency—is rich, even for the financial services industry. In the end, it will be up to the market and regulators to decide whether a bitcoin ETF will come to market and survive. Maybe Tyler Winklevoss is right and pension funds and fiduciaries are lining up for “frictionless” bitcoin access. And maybe Kathleen Moriarty, the SPDR Woman, will have another feather in her cap when all is said and done. Maybe I will pay for my son’s college tuition in bitcoins that I redeemed from the bitcoin ETF held in his 529 plan. As always, time will tell. In the meantime, I hope someone can explain to me what a bitcoin is. At the time this article was written, the author held no positions in the securities mentioned. Contact Paul Baiocchi at [email protected] . Permalink | ' Copyright 2013 IndexUniverse LLC. All rights reserved

2013-07-09 13:03:25+00:00

{"Bitcoin": [72, 350, 519, 1205, 1230, 1352, 1474, 1635, 1717, 1759, 1893, 2274]}

{"Bitcoin": [11]}

Winklevoss Bitcoin ETF: Crazy, or Crazy Like a Fox?

https://finance.yahoo.com/news/winklevoss-bitcoin-etf-crazy-crazy-130325180.html

ETF Trends

http://www.etftrends.com/

The Winklevoss twins’ plan to launch an exchange traded product holding Bitcoins has been met with some over-the-top negative reactions from many financial journals and bloggers. However, these commentators won’t be the ones who decide whether the proposed ETF is successful, or if it even launches. That’s up to two unknown factors: the SEC and the Bitcoin market itself. Make no mistake, the Winklevoss brothers and their expensive Wall Street attorneys are facing a seemingly uphill struggle with the SEC to get the Bitcoin ETF listed. Of course, they are no stranger to protracted legal battles after their famous lawsuit against Facebook founder Mark Zuckerberg. The eight-year Facebook litigation eventually resulted in a $65 million settlement. The twins have tapped ETF expert Kathleen Moriarty, a partner at law firm Katten Muchin who has decades of experience getting products through the tricky regulatory process before they can launch. It can sometimes take years for the SEC to declare a product “effective,” so don’t expect an ETF tracking a virtual currency to come out anytime soon. The future of this opaque and unregulated currency market itself is another wild card for the Winklevoss Bitcoin Trust. ‘Bringing Bitcoins to investors’ “The vision of the exchange traded product is to create a simple solution to the problem of buying Bitcoins if you don’t want to purchase and store them,” said Tyler Winklevoss in a telephone interview. “We want to bring Bitcoins to a broader group of investors that before couldn’t get easy exposure to the asset.” Winklevoss and his brother Cameron reportedly own about 1% of the Bitcoin market, or roughly $10 million. Of course, that number fluctuates because Bitcoin prices can be extremely volatile. Bitcoin prices fell to around $70 at one point last week after spiking as high as $266 in April. When asked whether the brothers’ own Bitcoin stash would back the proposed $20 million trust, Tyler Winklevoss said they haven’t decided yet. Indeed, many of the ETF’s details have yet to be worked out, including the potential listing exchange, market makers and fees. However, the filing does extensively outline the ETF’s potential risks. “It may be illegal now, or in the future, to acquire, own, hold, sell or use Bitcoins in one or more countries, and ownership of, holding or trading in Shares may also be considered illegal and subject to sanction,” according to the filing. “We’re being very transparent on the risk factors,” Tyler Winklevoss said. Next page: Twin ambitions and SEC hurdles View comments

2013-07-11 12:35:00+00:00

{"Bitcoin": [964]}

{}

Tranzbyte Expands to Larger Facility

https://finance.yahoo.com/news/tranzbyte-expands-larger-facility-123500382.html

ACCESSWIRE

https://www.accesswire.com/

PHOENIX, AZ, July 11, 2013 – Tranzbyte Corporation ( ERBB ),announced today that it has consolidated its divisions and facilities into a single, larger 4,000+ square foot facility located at 1221 W. Warner Road in Tempe, Arizona. https://maps.google.com/maps?hl=en&tab=ml&authuser=1 The Tranzbyte companies and divisions working out of its new offices will include Altitude Organix, One Bode International, ProximaRF Technologies, Yo! Debit Card Network, and Tranzbyte Corporation. The facilities include storage and shipping facilities which will be essential in supporting the planned operation and expansion of each of its operating units. PanPacific International, the last Tranzbyte spin-off company which resulted in a dividend to Tranzbyte shareholders under the corporation's unique "dividend farming" concept, will take over Tranzbyte's previous headquarters in Scottsdale. PanPacific, now a private company, has begun operations in the new and exploding Bitcoin sector. News of its operations is expected shortly. David Gwyther, Tranzbyte's president states, "Moving into the new, larger facilities will greatly improve the communication and synergies between Tranzbyte's subsidiaries and divisions and set us up for rapid expansion." Mr. Gwyther concludes, "We welcome all shareholders to stop by our new headquarters and chat with our energetic management and staff." The company also encourages all folks wishing to follow our progress to visit the Tranzbyte website at www.tranzbyte.com and sign up to receive our 'Email Alerts' which are sparingly sent to interest-holders periodically. Just click on the orange 'contact' button after you arrive at the company's website or click here ( http://tranzbyte.com/#/contact/ ) to go there directly. Mobile users can also sign up by navigating to the company's website on their android smart phone or iPhone. ABOUT TRANZBYTE The Tranzbyte Corporation ( www.tranzbyte.com ) is a driving force behind Altitude Organic Corporation, One Bode, The YO! Debit Card, and ProximaRF. The company expects to continue its plan to acquire, hold, or spin out successful divisions in what has been described in previous news releases as "dividend farming," Companies that qualify and decide to become public on their own will agree to carve out shares for Tranzbyte and dividends for their ERBB shareholders. Tranzbyte also houses the company's 10-year-old technology division which is actively engaged in the sale of its optical media enhancement products to potential customers in the US and Asia. Products in the Tranzbyte division include FLASHAlbum[TM] and FlixStix -- technologies that enable distributors of optical media (CDs, DVDs, etc.) to consolidate the best features of each medium onto a single content-protected USB flash drive. Story continues ABOUT ONE BODE One Bode was founded in 2006 by a group of health conscious professionals with backgrounds in sports, health, and nutrition who recognized the need for supplements to compliment any lifestyle. Focusing on plant-based nutrients and enzymes, One Bode created an assortment of products that enable the everyday person interested in improving their health to access the kind of nutritional supplements previously enjoyed by professional athletes, entertainers, and those with the time to devote their entire lives to the pursuit of such diets. The company is combining its successful product rep program with an aggressive online campaign focusing on a realistic plan to increase sales measurably within the next 90 days of operation and throughout the coming years. The versatility of the products combined with the various dietary deficiencies present in practically everyone enables individuals to tailor a custom program designed to fit their specific needs; as such the company sees a virtually unlimited market-space for expansion. ABOUT ALTITUDE ORGANIC CORPORATION Altitude Organic Corporation is the first publicly traded medical marijuana dispensary brand in the world. Beginning in 2009, the company has developed retailing, branding, and commercial cultivating strategies in conjunction with its licensed medical marijuana retail dispensaries operating under the Altitude Organic Medicine brand name. The Company is currently developing an automated vending concept that will offer its proprietary products to qualified adults around the world. The Company is also in the process of converting its recently acquired YO! Debit Card for use in its machines and its vendor network. Visit www.altitudeorganix.com . ABOUT PROXIMARF AND APPLIED RFID Founded in 2006, Applied RFID and its operating subsidiaries ( www.proximarf.com ), have a versatile and leading-edge portfolio of RFID reader, sensor tag and data logging products based on the ISO 15693 standard of high frequency (13.56Mhz) RFID. The company has plans to increase its network of global distributors and value-added resellers. With its "Proxima RF" line of RFID readers, sensor tags, sensor probes and data logging products, the Company seeks out opportunities with partners who have a unique software offering within market verticals where the implementation of secure data collection and temperature sensing bring real and immediate ROI to users. These key markets include: food safety, cold chain logistics and healthcare/pharmaceutical as well as factory and field maintenance applications. NOTES ABOUT FORWARD-LOOKING STATEMENTS Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made. Companies and Contacts: Tranzbyte Corporation David G. Gwyther, President 1221 W Warner Rd Ste 103 Tempe, AZ 85284 480-443-1600 [email protected] http://www.tranzbyte.com Tranzbyte Corporation Hong Kong Mr. John Martin, Managing Director Rm 308, 3/F, Kai Tak Commercial Building 317-319 Des Voeux Road Central, Hong Kong (SAR) One Bode, International Sean Loomer, President 1221 W. Warner Rd., Suite 103 Tempe, AZ 85284 (888) 574-3341 YO! Debit Card Network Sean Loomer, President 1221 W Warner Rd., Suite 103 Tempe, AZ 85284 [email protected] www.yomastercard.com Altitude Organic Corporation Brian J. Cook, Managing Director 1221 W Warner Rd., Suite 103 Tempe, AZ 85284 [email protected] www.altitudeorganix.com ProximaRF Technology Holding Company Victor J. Elias, President 1221 W Warner Rd., Suite 103 Tempe, AZ 85284 888-364-3012 www.proximarf.com SOURCE Tranzbyte Corporation View comments

2013-07-15 12:44:25+00:00

{"Bitcoin": [115, 209, 388, 441, 506, 603, 640, 690, 799, 850, 1090, 1201, 1213, 1377, 1456, 1821, 2761, 2949, 3170, 3191, 3434, 3486]}

{"Bitcoin": [0]}

Bitcoin ETF: Get Ready For Bubble Mania

https://finance.yahoo.com/news/bitcoin-etf-ready-bubble-mania-124425314.html

Seeking Alpha

http://www.seekingalpha.com/

By Dan Pritch : By JT The Winklevoss twins of Facebook (:FB) fame intend to launch a new ETF to track the price of Bitcoins, an online cryptocurrency that enjoyed a meteoric rise during bank crises in Europe. Bitcoin is an anonymous, peer-to-peer currency that is used for everything from purchasing electronics to money laundering and drug purchases. One of the biggest marketplaces for Bitcoin is a site called Silkroad, where users spend Bitcoin on everything from cocaine to ecstasy. Said another way, Bitcoin is a currency that is "backed" by illegal activity – that's what keeps it so popular. Is Bitcoin investable? The main draw to Bitcoin is that it cannot be endlessly inflated – Bitcoins are "created" at a normalized pace until the total market size eventually caps itself at 21 million Bitcoins. That's the draw for most speculators. If Bitcoin were to become a real currency of the future, a limit of 21 million digital coins would make each coin tremendously valuable. But there are questions about its legitimacy and investability. For one, it's an asset that really isn't; Bitcoins are just data on a network. Secondly, there are huge concerns about the potential legal challenges to Bitcoin. If Bitcoin is used to skirt taxes, buy drugs, and launder money, what government would want people to participate in it? Why an ETF is a terrible idea An ETF to track Bitcoin will add liquidity to the market. Currently, only about $10 million of Bitcoin trade hands daily on sites like Mt Gox, an online exchange site to convert dollars into digital coinage. Thus, like junk bonds and other thinly-traded instruments, a liquid ETF will essentially be seen as the market for the underlying because the ETF is more liquid than the underlying. That is to say that the derivative (the ETF) will lead the market for Bitcoin. If this is your first foray into ETFs, you probably haven't seen what ETFs can do to a market. Just a few years ago, new ETFs for palladium and platinum were brought to the market to make commodities as available to retail investors as they are to institutional investors. Story continues These ETFs, which bought the physical metal to hold in their own vaults, quickly drove the market for palladium and platinum. You can see the 2010 spike in platinum and palladium following the launch of these ETFs, ETFS Physical Palladium Shares (:PALL) and ETFS Physical Platinum Shares (:PPLT) . Platinum and palladium are two industrial metals used primarily in the automotive industry. While they certainly aren't a gold or silver, they're heavily traded on commodity exchanges around the world. However, the release of a small, sub-$1 billion ETF was enough to send prices reeling in short order. Now consider what a new ETF would do to Bitcoin, a cryptocurrency with average daily volume hardly worthy of mentioning. Should this ETF launch with even modest fanfare, the underlying will rocket in value. There are 11,383,350 Bitcoin in existence at a price of roughly $70. Thus, the total market cap sits at less than $800 million. So what happens when an ETF of any size…say, $200 million, comes into a market valued at a total of $800 million? Bitcoin is a novelty Bitcoin is a novelty. It's fun, interesting, and complicated enough to be every nerd's fantasy currency, but its real, practical value is muted by the fact that it carries significant political and legal risks. In fact, here are 5 Reasons Why Bitcoins Are a Horrible Investment . I'm hoping the Bitcoin ETF was just another way for the Winklevoss twins to grab another headline. No true investor could ever find a reason to put a digital currency in their portfolio.

2013-07-17 19:42:51+00:00

{"Bitcoin": [2476]}

{}

Byliner’s new iPad app aims to find your next long read

https://finance.yahoo.com/news/byliner-ipad-app-aims-next-194251284.html

Gigaom

http://gigaom.com/

E-singles publisher and long-form journalism site Byliner has launched a new iPad app that aims to match readers with content based on how much time they have to read. While Byliner CEO John Tayman called the app “very much a version one,” he said “the ultimate goal is the same as our company goal, which is to deliver a perfect story to a reader at the right time.” Before releasing the app, Byliner launched an HTML5 version of its site a few months ago in order to monitor users’ reading habits. And while it also began testing its subscription product, Byliner Plus , on the web, Tayman says that the app is “clearly” going to be Byliner’s ideal “subscription delivery mechanism.” On Byliner’s website, people were “finding things to read, then reading in lean-back mode” on tablets later, Tayman said. “It became obvious pretty quickly that things were going to be possible within a native app that weren’t possible on the web side.” Within the app, users can adjust a bar to select how much time you have to read, and the app pulls up articles that can be read in that amount of time: Subscribers to Byliner Plus, which costs $9.99 per month, can also read all of the company’s e-singles through the app. Moving forward, Byliner plans to add more social features to its app. While it’s already showcasing its writers’ recommendations (for example, you can see, in the first image in this post, articles recommended by Byliner author Jon Krakauer), the company wants to place more emphasis on those recommendations and also add recommendations from guest curators. Readers will also have the option to recommend stories to others by delivering them to other users’ “nightstands,” which are essentially read-it-later lists of Byliner content. I asked Tayman whether the company might consider partnering with existing read-it-later services like Pocket. He said the company’s preference is to keep readers within Byliner’s app because writers get paid every time one of their articles is read within the Byliner system. But he said we’re “fans of and friends with” Pocket founder Nate Weiner and that the company will “seek to work with them in ways that are appropriate.” Story continues Byliner, which is based in San Francisco and was founded in 2011, has 18 full-time employees. The company recently hired Deanna Brown , who was CEO of Federated Media, as president and Jeff Gomez , who was formerly at Penguin, as head of writer marketing. More From paidContent.org Bitcoin in New York: 3 takeaways from open air trading

2013-07-22 19:54:00+00:00

{"Bitcoin": [1719]}

{}

3 Simple Ways To Get Around The Porn Ban In The UK

https://finance.yahoo.com/news/3-simple-ways-around-porn-195434028.html

Business Insider

http://www.businessinsider.com/

David Cameron David Cameron U.K. prime minister David Cameron has set out to block access to porn online starting at the end of this year . When the new porn filter goes into effect, U.K. residents will not see relevant results when they search for porn using Google, Bing, or any of the other major Internet browsers. It's not clear how users will be alerted that their internet search has been censored. But there are at least three ways to get past the block. For one, those 18 years of age or older can contact their Internet service provider to opt-out of the ban. Though, "Extreme pornography," such as content that shows simulated rape, will be completely banned. Even though Internet service providers will by default block access to certain sites, it's not quite clear how ISP's will prevent people who use proxy websites, Tor clients, or peer-to-peer networks to anonymously browse the Internet and access blocked content located in the "Deep Web." Proxies Virtual private networks are a type of a proxy server that allows you to work remotely and securely. A proxy server is an application that acts as an intermediary between your computer and a remote location on the Internet. People use VPNs for a variety of reasons, but one relevant reason is the ability to access region-restricted content. So, someone in the U.K. could connect to a U.S.-based proxy in order to bypass the block on porn. Tor Tor is a free piece of software and an open network that allows anonymous browsing by hiding IP addresses. It also enables users to access the "Deep Web," meaning the sites that aren't indexed by search engines. The "Deep Web" includes sites like the Silk Road, an illicit drug marketplace that only accepts Bitcoin. The "Deep Web" is also where the majority of illegal images are shared, according to The Telegraph . Remote/Virtual Desktop Tools like Logmein allow you to access a desktop anywhere in the world. So you could theoretically ask a friend located outside of the U.K. to access their porn-filled computer. Story continues The internet will undoubtedly come up with even more workarounds for U.K. adults who don't want to tell their phone or cable companies that they're watching porn. In the meantime, VPNs and proxy servers look like the biggest, easiest loopholes for Brits. More From Business Insider The UK's Automatic Internet Porn Block Is A Massive Privacy Violation British PM David Cameron Is Cracking Down On Online Pornography UK Announces Radical, Nuclear-Option Plan To Prevent Users From Seeing Online Porn

2013-07-23 20:04:00+00:00

{"Bitcoin": [27, 69, 238, 451, 852, 994, 1108, 1253, 1367, 1488, 1642, 1803, 1847, 1899, 2025, 2627, 2841, 2919, 3257]}

{"Bitcoin": [18, 43]}

More Bad News for Bitcoin: The SEC and the Bitcoin Ponzi Scheme

https://finance.yahoo.com/news/more-bad-news-bitcoin-sec-200400981.html

24/7 Wall St.

http://247wallst.com

There is more bad news for Bitcoin, and it is not just that proposed Bitcoin ETF is not going to ever be allowed off the ground. The Securities & Exchange Commission has charged a man in Texas (and his company) with investment fraud in a Bitcoin Ponzi scheme. The only thing that would sound more odd than this is if it was made up, but it is real. The SEC has charged a man named Trendon T. Shavers, who is also listed as the founder and operator of Bitcoin Savings and Trust. What is so odd is that there are stories about the fraud here going back to last year. It is a puzzle how and why it took so long for the SEC to make formal charges here. They say everything is bigger in Texas, and this seems like a tall-tale that you wonder who would be stupid to fall for it. Nine States with the Most Expensive Gas Shavers has allegedly offered and sold Bitcoin-denominated investments through the Internet using the monikers “Pirate” and “pirateat40” and the SEC said he raised at least 700,000 Bitcoin in BTCST investments. The SEC said that this is over $4.5 million in total, based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold. Cities with the Most Abandoned Homes The SEC said that the value of 700,000 Bitcoin today exceeds $60 million. Shavers allegedly promised investors up to 7% weekly interest based on BTCST’s Bitcoin market arbitrage activity. This activity was said to supposedly include selling to individuals who wished to buy Bitcoin “off the radar” in quick fashion or large quantities. The SEC filing said, "In reality, BTCST was a sham and a Ponzi scheme in which Shavers used Bitcoin from new investors to make purported interest payments and cover investor withdrawals on outstanding BTCST investments. Shavers also diverted investors’ Bitcoin for day trading in his account on a Bitcoin currency exchange, and exchanged investors’ Bitcoin for U.S. dollars to pay his personal expenses... Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws." Story continues America's Worst Companies to Work For Today's SEC investor alert warns investors about the dangers of potential investment scams involving virtual currencies promoted through the Internet. Shavers has allegedly sold BTCST investments over the Internet to investors in Connecticut, Hawaii, Illinois, Louisiana, Massachusetts, North Carolina, and Pennsylvania. Contrary to the representations made to investors, the SEC is alleging that BTCST was not in the business of buying and selling Bitcoin at all. Apparently Shavers had a grand old time out there too with the money. The SEC said, "Shavers suffered a net loss from his day trading, but realized net proceeds of $164,758 from his sales of 86,202 Bitcoin. Shavers transferred $147,102 from his personal account at the online Bitcoin currency exchange to accounts he controlled at an online payment processor as well as his personal checking account. He used this money to pay his rent, utilities, and car-related expenses as well as for food and retail purchases and gambling." American Cities Where Wages Are Plummeting Honestly, what sounds more stupid here: a Bitcoin Ponzi scheme, or giving real money to someone named Trendon Shavers? Some news is just almost too hard to make up. Here is the SEC's formal investor warning on the matter. Related Articles Ten Cities Where the Poor Can't Get Rich The Most Dangerous Cities in America American Cities Where Wages Are Soaring

2013-07-29 18:30:00+00:00

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{"Bitcoin": [4]}

How Bitcoin Works

https://finance.yahoo.com/news/bitcoin-works-183000956.html

Investopedia

http://www.investopedia.com/

Bitcoin is a digital currency that exists almost wholly in the virtual realm, unlike physical currencies like dollars and euros. A growing number of proponents support its use as an alternative currency that can pay for goods and services much like conventional currencies. Bitcoin is the first and easily the most popular cryptocurrency, or currency that uses cryptography 1 (see "Definitions and Key Concepts” at end of article) to control its creation, administration and security. Bitcoin was set up in 2009 by a mysterious individual or group with the pseudonym Satoshi Nakamoto, whose true identity is yet to be revealed and who left the project in 2010. It rocketed to prominence in 2013, when the value of a Bitcoin soared more than 10-fold in a two-month period, from $22 in February to a record $266 in April. At its peak, based on more than 10 million bitcoins issued, the cryptocurrency boasted a market value of over $2 billion. Bitcoin Versus Conventional Currencies Bitcoin differs from conventional currencies in some very fundamental ways, as noted below (for the sake of simplicity, we use the U.S. dollar as a proxy for conventional currencies). Bitcoin uses P2P technology without a central authority : Bitcoin is a decentralized currency managed by peer-to-peer technology (P2P 2 ), without a central authority. All functions such as Bitcoin issuance, transaction processing and verification are carried out collectively by the network, without a central supervisor or agency to oversee operations. In contrast, a conventional currency is issued by a central bank as part of its mandate to manage national monetary policy. In the U.S., only the Federal Reserve has the power to issue dollars ; it is also the central authority that conducts monetary policy, supervises banks, maintains financial system stability, and provides financial services to depository institutions. Bitcoin is primarily digital : Although physical Bitcoins are available from companies such as Casascius and BitBills, Bitcoin has been designed primarily to be a digital currency. Physical Bitcoins are somewhat of a novelty, and the very idea of a tangible form defeats the purpose of a digital currency, according to the most ardent supporters of the concept. Conversely, your dollars exist primarily in physical form; the balances that you hold at your bank and online brokerage can be converted into physical dollars within minutes if you so desire. Story continues Bitcoin has a maximum 21 million limit : The total number of Bitcoins that will be issued is capped at 21 million. The Bitcoin “mining” 3 process presently creates 25 Bitcoins every 10 minutes (the number created will be halved every four years), so that limit will not be reached until the year 2140. While Bitcoin critics argue that the maximum limit is not large enough, supporters maintain that since each Bitcoin is divisible to eight decimal places, the number of fractional Bitcoins (called “satoshis”) – at 21 x 10 14 – will be more than enough for all conceivable applications. Conventional currencies, on the other hand, can be issued without limit. Bitcoin is a complex product : The concepts of cryptocurrencies in general are abstruse and abstract, and understanding how and why Bitcoin works requires a fair degree of technological knowledge. Bitcoin has limited acceptance : It has limited acceptance so far and cannot be used at brick-and-mortar storefronts, although that may eventually change if it continues to gain traction. The dollar, on the other hand, has near-universal acceptance as the world’s global reserve currency . Bitcoin transactions have limitations : A Bitcoin transaction can take as long as 10 minutes to confirm. Transactions are also irreversible and can only be refunded by the Bitcoin recipient. These limitations do not exist with conventional currencies, where debit and credit transactions are confirmed within seconds; certain transactions can also be reversed for valid reasons by the originator, without having to rely on the recipient's largesse. Bitcoin balances are not insured : This means that if you lose your Bitcoins for any reason – for example, your hard drive crashes, or a hacker steals the digital wallet in which your Bitcoins are stored, or the Bitcoin exchange where you held a balance went out of business – you have little recourse. Currency balances held at banks, on the other hand, are insured against certain events such as bank failure by agencies like the Federal Deposit Insurance Corporation in the U.S . How Bitcoin Works Let’s say you want to test the Bitcoin waters. The first thing you need to do as a new user is install a digital wallet on your computer or mobile device. This wallet is simply a free, open-source software program that will generate your first and subsequent Bitcoin addresses. There are three types of wallets – a software wallet (installed on your computer), a mobile wallet (which resides on your mobile device) or a Web wallet (located on the website of a service provider that hosts bitcoins). Bitcoin uses public key encryption 4 techniques for security. This means that when a new Bitcoin address is created, a cryptographic key pair consisting of a public key and private key – which are essentially unique, long strings of letters and numbers – is generated. Each address has its own Bitcoins balance, so all you need to do is acquire a number of Bitcoins that will be held at one of the addresses in your wallet. You can acquire Bitcoins through a number of ways – by buying them from a Bitcoin currency exchange such as Mt. Gox or Bitstamp, or through a service like BitInstant that enables fund transfers between Bitcoin exchanges and supports various payment mechanisms. Note that all Bitcoin transactions are stored publicly and permanently on the Bitcoin 440 network, which means that the balance and transactions of any Bitcoin address are visible to anyone. Experts therefore recommend that Bitcoin owners create a new address for each transaction as a means of ensuring privacy and enhancing security. Once you have created a Bitcoin address and have acquired Bitcoins, you can use them for an online transaction with a company that accepts Bitcoins as a payment mode. The company will send you the Bitcoin address to which you can send your Bitcoin payment. You direct the payment to that address; while the transaction takes place within seconds, verification can take 10 minutes or longer. All Bitcoin transactions, without exception, are included in a shared public transaction log known as a “block chain". This is to confirm that the party spending the Bitcoins really owns them, and also to prevent fraud and double-spending. 5 Why does transaction verification or confirmation take so long? Because the complex algorithms involved in Bitcoin mining (see description below) take time to solve, even with immense computing power at one’s disposal. An Example of a Bitcoin Transaction Let’s assume you want to make an online payment to a company – call it BitChamp – using 5 Bitcoins that you have in an address in your digital wallet. Here are the steps in the transaction: BitChamp creates a new Bitcoin address and directs you to send your payment to it. This creates a private key (known only to BitChamp) and a public key (available to you and anyone else). Note that just as a seller does not need to know your physical identity if you pay cash, you do not need to disclose your real identity to BitChamp and can remain anonymous. You instruct your Bitcoin client (the free Bitcoin software you first installed on your computer) to transfer 5 Bitcoins from your wallet to the BitChamp address. This is the transaction message. Your Bitcoin client will electronically “sign” the transaction request with the private key of the address from where you are transferring the Bitcoins. Recall that your public key is available to anyone for signature verification. Your transaction is broadcast to the Bitcoin network and will be verified in a few minutes. The 5 Bitcoins have been successfully transferred from your address to the BitChamp address. Note that only the first two steps involve action by the seller and you respectively. The latter two steps are automatically executed by the Bitcoin client software and Bitcoin network. As well, storing the private key attached to an address safely and securely is of the utmost importance; otherwise, anyone who obtains the private key can control the Bitcoins at that address and use them fraudulently. Bitcoin Pros and Cons Bitcoin has a number of advantages: As the first cryptocurrency to capture the public imagination, Bitcoin has “first mover” advantage and a head start over the competition. Total issuance is limited to 21 million, so it is unlikely to be devalued because of the prospect of a massive influx of new bitcoins. As a decentralized currency, Bitcoin is free from government interference and manipulation. Transaction costs are much lower than with conventional currencies. On the flip side, Bitcoin’s disadvantages include: The price of a Bitcoin has been increasingly volatile, making it difficult to assess its real value and increasing the risk of losses for investors in the cryptocurrency. The relative anonymity of Bitcoin may encourage its use for illegal and illicit activities such as tax evasion, weapons procurement, gambling and circumvention of currency controls. The fact that bitcoins exist primarily in digital form renders them vulnerable to loss. Conclusion Bitcoin has made significant progress in its adoption and usage since it was unveiled in 2009. Its evolution over the next few years will determine whether this leading cryptocurrency will become an integral part of the global financial system, or whether it is destined to remain a niche player. Definitions and Key Concepts 1 Cryptography refers to the practice and technique of using encryption for secure communication and transmission of data and information. 2 In a P2P network , a group of computers is connected to enable the sharing of resources and information by users, and there is no central location for the network. This is diametrically opposed to a typical client-server network, where the central server controls the level of access by users to shared network resources. Popular applications of the P2P concept are Skype and file-sharing services such as BitTorrent. 3 Bitcoin mining refers to the computationally-intensive task of generating Bitcoins. While any computer can be put to the task of Bitcoin mining by using a free mining application, in reality a great deal of computing power is required to solve the extremely complex algorithms involved and to share those solutions with the entire Bitcoin network. The mining process is quite complicated and involves advanced concepts such as cryptographic hashes and nonces. In simple terms, Bitcoin miners use powerful computers to track and compile pending Bitcoin transactions every 10 minutes into a new block. These miners then set to work doing the intensive number-crunching required to verify all the transactions in the block. This is a competitive process, and the first miner to solve the algorithms and verify the transactions transmits the results to the entire Bitcoin network. Upon confirmation by the rest of the network, the block is then added to the block chain. Each block includes a certain number of Bitcoins in a “coinbase” transaction that is paid out to the successful miner. This reward was set at 50 Bitcoins when the system first commenced operations in 2009, but was halved to 25 Bitcoins in November 2012, and will reduce by 50% approximately every four years. 4 Public key encryption combines a public key and a private key. While the public key is available to anyone, the matching private key is stored securely in the digital wallet and is generally password-protected. Each Bitcoin transaction is signed by the private key of the initiating user, providing mathematical proof that it has indeed originated from the owner of the address, and preventing the transaction from being altered once it has been issued. Since the key pair is mathematically related, any data or information encrypted with a private key may only be decrypted or deciphered with the corresponding public key and vice versa. 5 Double-spending means spending the same digital currency twice, something that is impossible with physical currencies.

2013-07-30 10:00:00+00:00

{"Bitcoin": [1863, 1968, 2022, 2557, 3247]}

{}

Emerging Payment Technology Leaders Move to Form Self-Regulatory Organization

https://finance.yahoo.com/news/emerging-payment-technology-leaders-move-100000542.html

Marketwired

http://www.marketwired.com/

SAN FRANCISCO, CA--(Marketwired - Jul 30, 2013) - Leaders of the emerging payments and virtual currency industry today announced the formation of the Committee for the Establishment of the Digital Asset Transfer Authority. The Committee intends its work to promote prudent, responsible development of emerging payment networks, establish common rules to protect customers, work as a liaison among businesses, customers and public officials, and thereby speed the acceptance of new payment technologies. The Committee plans to work toward the establishment of the Digital Asset Transfer Authority ("DATA"), envisioned as the sector's future self-regulatory organization. When established, DATA will provide its members with technical standards and best practices intended to prevent money laundering and ensure compliance with applicable laws. DATA will also develop programs to oversee member compliance with its standards and appropriate accountabilities for non-compliance and provide liaison with regulatory officials with the goal to evolving its standards appropriately in light of changes in the marketplace, technology, and regulatory requirements. DATA members will need to obtain all required license and registrations. Another immediate priority for the Committee will be the development of anti-money laundering compliance standards for emerging payments and virtual currency firms. "The virtual currency community must address a number of important regulatory and public policy challenges before virtual currencies can find broad acceptance," said Adam Shapiro, a director with Promontory Financial Group, LLC. "These companies are taking an important first step toward addressing those challenges in cooperation with regulatory authorities." "Self-regulatory organizations are excellent non-governmental solutions for industry best practices and the Bitcoin Foundation supports inclusive efforts to improve the quality of businesses engaged in exchanging Bitcoin," said Jon Matonis, Executive Director of the Bitcoin Foundation. "At a time when virtual currencies are revolutionizing payments through technological innovations, they also are drawing intense regulatory scrutiny as regulators and lawmakers grapple with these developments," said Dax Hansen, a leading payments attorney who represents cutting-edge startups and established technology companies in these industries. "Industry best practices and standards will contribute to productive dialogues as these innovative payment systems roll out." "For new payment technologies such as Bitcoin, Ripple, Ven and other digital currencies to realize their full potential, making commerce cheaper and easier around the world, customers and merchants will need to have trust in the integrity of the companies in the ecosystem," said Jeremy Liew, Partner, Lightspeed Venture Partners. "This trust comes from association, with trustworthy investors, trustworthy institutions, and confidence that these technologies and the companies that provide them share a commitment to fair, responsible and prudent business practices." Story continues Founding members of the Committee to Establish the Digital Asset Transfer Authority include: Charlie Shrem, CEO, BitInstant and Vice Chairman, Bitcoin Foundation Tony Gallippi, CEO, BitPay Nejc Kodrič, CEO, Bitstamp Jaron Lukasiewicz, CEO, Coinsetter Megan Burton, CEO, CoinX, Inc. Edan Yago, CEO, Epiphyte Yoni Assia, CEO, eToro Stan Stalnaker, CEO, Hub Culture (Ven) Jeremy Liew, Partner, Lightspeed Venture Partners Patrick Murck Chris Larsen, CEO, OpenCoin, Inc. (Ripple) Jesse Powell, CEO, Payward, Inc. (Kraken) Stephen Sunderlin, President, QikCoin, Inc. Denis Kiselev, Founder/CEO, SnapSwap, Inc. Jered Kenna, CEO, Tradehill, Inc. Sean Safahi, CEO, Yoyocard Alan Safahi, CEO, ZipZap, Inc. The Committee welcomes inquiries from other firms sharing its commitment to the responsible evolution of new payment technologies. An Open Statement by the Committee for the Establishment of the Digital Asset Transfer Authority is available at http://www.DATAuthority.org or follow @DATAuthority. View comments

2013-07-30 16:45:00+00:00

{"Bitcoin": [768, 853, 915, 1872, 1937, 2014, 2051]}

{"Bitcoin": [44]}

The Incredible Story Of A Security Blogger, Bitcoin, And 13 Packets Of Heroin Bought On The Secret Internet Black Market

https://finance.yahoo.com/news/incredible-story-security-blogger-bitcoin-164522848.html

Business Insider

http://www.businessinsider.com/

Brian Krebs Brian Krebs/@briankrebs Journalists who write about computer security hackers can become the targets of a lot of bad things. But this story from security blogger Brian Krebs, who writes the "Krebs on Security" blog, is one of the strangest we've ever heard. A group of hackers tried to have him arrested for possession of heroin. Here's what happened: A hacker that runs an exclusive underground cyber crime site, where hackers can talk to each other, hatched a scheme. He planned to buy heroin from Silk Road, the secret underground Internet black market for buying drugs , and have it mailed to Krebs' home. When the package arrived, he would have one of his buddies call the police and get Krebs busted. All purchases made on Silk Road must be done via Bitcoin, the anonymous electronic currency that can't be traced. The hacker set up a Bitcoin account and, with the help of other hackers, raised 2 Bitcoins, worth about $200, and used that to buy the heroin, Krebs reports. But Krebs had access to the forum and saw the scheme as it unfolded. Krebs alerted the local police and the FBI and worked with Sara Meiklejohn, a grad student at the University of California, San Diego. Meiklejohn has been studying the use of bitcoin on the Silk Road. With these resources, he was able to verify when the hackers made their purchase. The drugs arrived in a thin overnight envelope. A bunch of tiny plastic bags, complete with the seller's logo, were taped to the inside cover of a magazine. ( Here's a picture .) The police took the package. From this story, we learned a few amazing details about Silk Road: On Silk Road, buyers give feedback and rate sellers for how trustworthy they are and the quality of their drugs. Deals can be had. The seller had a buy-10-get-2-free-packets of heroin deal going. It's difficult, but not totally impossible, to follow the Bitcoin trail on Silk Road. Experts have identified a handful of Bitcoin accounts that are associated with Silk Road. These accounts, called "Bitcoin wallets" are not on the main Bitcoin network. That means that experts can see when coins go in, but can't see how and when they are spent. Story continues Silk Road isn't easy to find on the Internet. If you type "silkroad.com" into your browser, it will take you to a site that sells human resources software. It can only be found on something called the Tor Network, a group of anonymous websites that can't be seen by Google or conventional Web browsers. You need a special Web browser to go there. But once you learn how to log in , shopping for illegal drugs is just like any other ecommerce site. Here's what it looks like: silk road Screenshot More From Business Insider Hackers Have Already Cracked The UK Porn Filter US Indicts Hackers In Biggest Cyber Fraud Case In History Wild Computer Hack Remotely Controls Cars

2013-08-01 04:45:00+00:00

{"Bitcoin": [50, 177, 238, 451, 863, 1214, 1270, 1357, 1515, 1934, 2084, 2146, 2281, 2309, 2772, 2955, 3099, 3223, 3388, 4180, 4308]}

{"Bitcoin": [31]}

Investors See Opportunities in Bitcoin's High-Risk Market

https://finance.yahoo.com/news/investors-see-opportunities-bitcoins-high-044500863.html

Entrepreneur

http://www.entrepreneur.com/

During a panel discussion at Mediabistro's Inside Bitcoins conference in New York City on Tuesday, one of the panelists, serial entrepreneur Brock Pierce, posed a question: "Is Bitcoin Friendster, MySpace or Facebook?" In other words, is Bitcoin here to stay, or will it soon decline or disappear altogether, taking investor dollars with it? That's the question on the minds of entrepreneurs, venture capitalists and laypeople alike. In simple terms, Bitcoin is both a decentralized, open-source digital currency and a peer-to-peer payment system. Users are able to send bitcoins to each other over the Internet, and to convert them into fiat currency, such as U.S. dollars and euros, and back again using online exchange platforms. Cryptographic procedures enforce scarcity and ensure the security of transactions. Once the preserve of hackers and crypto-geeks, Bitcoin is increasingly being seen as a legitimate platform on which to build businesses. The Winklevoss twins, known for their tussle with Mark Zuckerberg over the ownership rights to Facebook, led a $1.5 million investment in payment processing platform BitInstant earlier this year. But while some high-profile investors are taking a chance on it, Bitcoin remains a volatile market. When you invest in a Bitcoin company, you're taking a risk not only on that startup but also on the overall Bitcoin space, said Pamir Gelenbe, partner at Hummingbird Ventures, a European early-stage venture fund, during Tuesday's panel. Gelenbe compared the current Bitcoin landscape to that of Internet companies in 1994, in the sense that outsiders view the space with skepticism. He and other investors on the panel said they look for entrepreneurs with a solid track record. "I'm excited about the leap that's occurring from semi-professionalism to companies that will be around for a while," said Tuur Demeester, author of investment newsletter MacroTrends. Demeester recommended Bitcoin to his readers as an investment in early 2012, when its exchange rate was only $5. Story continues Related: Winklevoss Twins Move to Launch a Bitcoin Fund Demeester believes an opportunity exists for new Bitcoin exchange markets, although established exchanges such as MtGox and Bitstamp currently handle a combined 70 percent of all U.S. Bitcoin trade, according to Bitcoin Charts. Gelenbe, however, said his firm wants to invest in companies, not in currencies; he would prefer to fund startups that could easily switch over to other digital currencies that may gain primacy and ones which are not likely to face regulatory trouble. The total value of all bitcoins in existence, currently 11.5 million, has increased from about $10,000 three years ago to about $1 billion today. Between July 2012 and April 2013, the price of a Bitcoin rose from about $10 to an all-time high of $266 before plummeting spectacularly below $60. A flurry of media attention covered the rise and fall. On Wednesday, the price of a Bitcoin fluctuated between $103 and $111. Thompson Clark, an editor at financial intelligence company Agora Financial, outlined the reasons why Bitcoin could outlive the media hype. In times of global economic instability, precious metals and cryptocurrencies such as Bitcoin become more attractive as expressions of value that aren't subject to government manipulation. Fiat currency loses value over time due to inflation, whereas Bitcoin so far has been a deflationary currency, meaning that it gains in value over time despite fluctuations in its exchange rate. The limited supply of bitcoins -- there will never be more than 21 million in existence -- means that demand alone will determine its value. And there are social benefits too, according to the panelists. "Fiat currency encourages consumption," and that leads to planned obsolescence of consumer products and waste that harms the environment, said Clark. In a world where money keeps its value for longer periods of time, or actually increases in value over time, people will be more thoughtful about how they spend it, he said. As for that all-important question posed by Pierce? It's too soon to tell, he said. But everyone on the panel said they think that Bitcoin will continue its move into the mainstream. "It's just a better money," Clark said. Related: SEC Cracks Down on Alleged Bitcoin Ponzi Scheme

2013-08-05 21:25:00+00:00

{"Bitcoin": [2356]}

{}

The Feds Have Figured Out How To Hack The Secret Internet For Criminals

https://finance.yahoo.com/news/feds-figured-hack-secret-internet-212505102.html

Business Insider

http://www.businessinsider.com/

computer silhouette darkness screen John E. Robertson / Flickr, CC The preferred tool of pedophiles and many drug users around the world, the Tor network has seen an estimated 50% of its super-secure sites compromised by the federal government. Take your pick of what to call it – Tor, Darknet, the deep web – this is a slice of the Internet that many don't know about and have never visited. It's the secret internet for criminals. Also, those of us concerned with our online privacy for whatever reason see this swath of digital real estate as a dream come true. Tor anonymizes your web browsing habits by routing your traffic through a number of proxies, concealing your location and therefore your identity. Now it seems the federal government wants to throw a monkey wrench into the whole thing. News broke yesterday that a web hosting company called Freedom Hosting fell victim to a malware originating from Reston, Virginia. "It’s pretty clear that it’s FBI or it’s some other law enforcement agency that’s U.S.-based," said reverse-engineer Vlad Tsyrklevich . The founder of Freedom Hosting, Eric Eoin Marques, was even arrested in Ireland for alleged ties to child pornography and will face extradition to the USA. (Pedophiles use the dark web to host their porn collections so ownership cannot be traced.) As if you needed it confirmed, here it is: The government is hacking Tor. (As an interesting aside, Tor was initially built as ... a government project !) By injecting a little bit of malicious Javascript code into Freedom Hosting's servers, someone's aiming to undo Tor's privacy-enabling features. As users visited infected sites (an estimated 50% of all of the deep web), a small piece of Javascript gave your browser a unique "fingerprint." Where you go, Big Brother can now follow. This is supposedly a federal effort to fight the Internet's pedophiles and child porn distributors. But the next item of concern is drugs, and this is leaving the customers of Silk Road (think eBay for drugs) terrified. Story continues To put this in practical terms, if you've visited a site on Freedom Hosting's servers recently you need to change account passwords for every site you've ever used on Tor. Secondly, you'll want to use the "Use a New Identity" feature, which jumbles up your proxies all over again to give you a new "identity." Expect Bitcoin value to drop – it's the anonymous currency used in Silk Road's anonymous marketplace. Make sure you disable JavaScript in Tor's preference pane. And finally, be sure to update your browser to the most current version – the vulnerability has been fixed. This is further evidence that domestic surveillance is only becoming more and more of a hot-button issue. If you don't know where you stand on the topic, you better figure it out soon. For all the drugs and sex, there are still some "good" uses of Tor's powerful anonymity. It serves to let journalists safely research touchy topics, to protect children's' identities online, and to let whistleblowers safely transmit sensitive documents. This is a super-secure backroad of the Internet that even has Edward Snowden's endorsement . More From Business Insider The NSA's Own Leaked Slide Shows How Absurd Its Surveillance Is A 30 Year-Old Hacker Just Cursed At The Most Powerful Man In Global Surveillance Here's The Video Of Hackers Calling 'Bulls---' On The NSA Chief

2013-08-12 13:00:57+00:00

{"Bitcoin": [544, 1350, 1960, 2002, 2576, 2709, 2775, 2802, 3016, 3131, 3262, 3909]}

{"Bitcoin": [14]}

All About The Bitcoin ETF

https://finance.yahoo.com/news/bitcoin-etf-130057835.html

ETF Database

http://etfdb.com/

With over $1.5 trillion in assets and nearly 1,500 products, many thought that the ETF world had run out of original ideas or that it had reached its saturation point. But the beginning of July saw that theory once again shot down, as a filing rolled in for one of the more controversial ETF ideas for quite some time. The Winklevoss twins, famous for their role in creating Facebook (FB), have filed for a bitcoin product and have taken the financial world by storm [for more ETF news and analysis subscribe to our free newsletter ]. What Are Bitcoins? To sum it up, a bitcoin is a peer-to-peer digital currency that can be used for anonymous purchases online from a number of sources. People can mine for the open-source currency using their computers to mine for bitcoins by solving complex mathematical equations. Because anyone can mine for the currency and it is completely anonymous, not only has it been used with reputable dealers, but it has also become a major force in the black market world; users can purchase anything from video games to illicit substances like cocaine. Each bitcoin amount comes anchored with a complex key, or password, that allows only the holder to spend it. Of course, should that key ever be misplaced or stolen, it would be open season on your investment [see also The Ultimate Guide To Currency ETF Trading ]. Bitcoin is advertised it as the future of the currency world, as the money does not need to go through any banks or clearing houses, meaning that fees are lower, the currency can be used in any country around the world and an account cannot be frozen. Already, several currency exchanges have been set up where users can trade bitcoins in for dollars and euros, among other currencies. Finally, the company advertises its digital darling as a major advantage for small businesses as it does not does not come anchored with chargebacks or fees, and it promotes more business throughout the bitcoin world. Coins Bitcoins and ETFs The proposed Winklevoss Bitcoin Trust comes rampant with risks, as it attempts to invest in the surging currency. One of the biggest problems that many have is the ability for a hacker to steal the keys for large amounts of bitcoin. In such a case, the trust would not be responsible for the losses. Sounds far fetched? In early 2011, a user lost 25,000 worth of bitcoin (about $500,000) after a hacker took down a service dubbed InstaWallet. Below are a few of the phrases that investors have found troubling from the July 1 filing : “The loss or destruction of a private key required to access a Bitcoin may be irreversible. The Trust’s loss of access to its private keys or its experience of a data loss relating to the Trust’s Bitcoins could adversely affect an investment in the Share.” “The Bitcoin Exchanges on which Bitcoins trade are relatively new and largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for other products.” “Since there is no limit on the number of Bitcoins that the Trust may acquire, the Trust itself, as it grows, may have an impact on the supply and demand of Bitcoins that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for Bitcoins.” Story continues To be fair, the prospectus for most investment products carries some pretty scary language, but many are especially worried given the nature of the bitcoin. The last phrase highlighted above, especially, has many worried. More or less, the ETF has the possibility to be more liquid than bitcoins themselves, allowing the fund to lead the market as opposed to the underlying leading the market. This in itself is the exact opposite of the intentions of the ETF world, as it is supposed to offer access to an investment space, not drive its prices. But a fund of even a decent size may do just that. “There are 11,383,350 Bitcoin in existence at a price of roughly $70. Thus, the total market cap sits at less than $800 million” writes Dan Pritch . $800 million in the ETF world is not the smallest number, but considering that the largest exchange traded product holds more than $150 billion in assets, a new fund reaching that level is certainly not out of reach. Even if the fund got up to $100 million, it would have a significant impact on the market and cause enormous volatility spikes. Volatility Lovers Rejoice Of course, if you do not mind the risks involved and you are looking for a quick trade, it would be safe to assume that the fund (if it ever launches) would carry a fair amount of liquidity. Anyone looking to profit from strong volatility, as many traders do, may find the bitcoin ETF to be a great option. But be warned, should this fund ever see the light of the trading floor, it will more than likely be among the most volatile currency products on the market. Trade with caution. Follow me on Twitter @JaredCummans . [For more ETF analysis, make sure to sign up for our free ETF newsletter ] Disclosure: No positions at time of writing. Click here to read the original article on ETFdb.com. Related Posts: 7 Articles ETF Investors Must Read: 8/9 Daily ETF Roundup: Stocks Close Mixed, IEO And IGV Rise ETF Plays As The End Of QE Nears Daily ETF Roundup: MOO Tumbles After Russian Potash News, VOX Slumps Daily ETF Roundup: BJK Slumps After Wynn Resorts Earnings, XLE Slips View comments

2013-08-15 15:29:00+00:00

{"Bitcoin": [734]}

{}

Idiotic Teens Are Posting Photos Of Illegal Drugs They Bought Online

https://finance.yahoo.com/news/teens-posting-photos-illegal-drugs-152925364.html

Business Insider

http://www.businessinsider.com/

silk road Screenshot The Silk Road storefront A minority of Silk Road customers are going social media-happy, bragging online about their latest illegal drug acquisitions, reports The Daily Dot . You can read up on The Silk Road here , but to condense it: it's an anonymous marketplace that makes it possible for a buyer and seller, usually of drugs (but a number of other things for sale), to protect their identities and safely arrange an online transaction. It's an Amazon/eBay hybrid that specializes in contraband. You have to be a little tech-savvy, slightly aware of how privacy works, and very discreet in order to successfully complete a Silk Road purchase. Transactions are made using an untraceable digital currency called Bitcoin and users will often communicate with each other using PGP encryption. Furthermore, the entire storefront operates on the Tor network, a layer of the Internet that remains invisible to more popular browsers like Chrome and Firefox. Unfortunately the even-tempered and privacy-obsessed attitude that goes into buying drugs online runs directly counter to social media's siren song of "Share! Share! Share!" But why would you confess to buying drugs online? You'd have to be pretty stupid, right? The Daily Dot points to several examples of teenagers tweeting pictures of their LSD purchases, asking on Tumblr if it's safe to order drugs to a certain city, even posting a picture of your latest DMT score right next to a picture of your face. Some might even be so thoughtful as to include the #silkroad hashtag. This is insane. Many of these people have their real names attached to their posts. Perhaps they tweet about their jobs or something identifying about where they live. If you want to turn your social media accounts into crime scenes, someone will figure out who you are. This is an excellent reminder about the human element of security. You can encrypt communications, you can delete records, you can change passwords. All these things matter and they go a long way towards protecting your identity. B ut you can't really undo a Facebook post that your mom sees. Careless users could be the very undoing of Silk Road. By tweeting first and not even stopping to ask questions later, they give away details about themselves, the illegal substance they possess, and, in some instances, details about the vendors that sell the item. Not a happy situation for either party. It bears repeating that this is an exception to the rule. An overwhelming majority of Silk Road users are discreet and competent. They aren't the type of people who would post pictures of their stash. That's just the Internet's version of a showboating street thug who needs to remind everyone how cool he is. Story continues dmt Daily Dot tumblr_mkv7r9Soyf1rph0q4o1_1280 Daily Dot More From Business Insider Hackers Have Figured Out How To Take Over Your Toilet More Entrepreneurs Should Be Eating Magic Mushrooms, This Startup Founder Says These Are The Most Expensive Things You Can Buy Online View comments

2013-08-15 20:56:20+00:00

{"Bitcoin": [1205, 2597, 3091]}

{"Bitcoin": [75]}

Tax Expert & Attorney Joe B. Garza Issues Advisory Warning for Those Using Bitcoins to Veil Assets From the IRS

https://finance.yahoo.com/news/tax-expert-attorney-joe-b-205620211.html

Marketwired

http://www.marketwired.com/

DALLAS, TX--(Marketwired - Aug 15, 2013) - The once overlooked anonymous online currency, bitcoins, have been targeted by the federal government. Prominent Dallas-based attorney Joe B. Garza emphasizes that using bitcoins to hide assets is against federal law and amounts to tax evasion, adding that there exists plenty of other legal, ulterior methods of protecting one's assets and reducing tax liability. The first landmark instance of scrutiny surfaced from a Texas federal judge's recent ruling. The case, which involved a Ponzi scheme that used bitcoins, has Trendon Shavers facing criminal charges from the SEC. Magistrate Judge Amos Mazzant of the Eastern District of Texas allowed the SEC to press charges, ruling that the online currency is in fact a security -- as they are both investment contracts and notes, and represent real-world money. Shortly thereafter, New York's financial regulator, the New York State Department of Financial Services, subpoenaed 22 of the top names in bitcoin, requesting financials to gain a better understanding of the submarket. Frank Stafford, lead business writer at the online news blog TheCapitalPress.com , offered some insight into the mounting scandal. "Bitcoins have a rather dubious origin," he explained. "They were designed to be an anonymous online currency, and were adopted very early on by online drug trafficking sites." While they can be used by unscrupulous sources, Stafford does admit that bitcoins are an interesting anomaly in the financial market. "They are an interesting study in economics; as they gained value as the currency of choice for people purchasing drugs online, and an entire sub-economy formed around the currency," he said. "If you have enough bitcoins in your wallet right now, you can go online and retain the services of an established attorney, enroll in online tutoring, buy a new car or even a jet." Stafford doesn't exaggerate. There are nearly 1,000 online merchants that currently accept bitcoins. Story continues The success of this newfangled currency hasn't gone unnoticed by real-world entrepreneurs. The infamous Winklevoss brothers, startup golden boys Marc Andreessen and Ben Horowitz, as well as Google's venture fund, all have vested interest in the currency. The Winklevosses scored an understated win earlier this week from the Texas Judge's ruling -- as they are attempting to gain SEC approval for their bitcoin exchange fund, which is being held up by the SEC, while the financial regulation, compliance and enforcement entity decides whether the currency represents any "real-world value." Bitcoins are quickly becoming a tax haven for individuals that retain a high net worth, and who are looking to save as much money as possible on their income taxes. Converting U.S. dollars to bitcoins is much easier than opening a Swiss bank account, thus making them lucrative. Dallas asset protection, tax planning and estate attorney Joe B Garza warns against attempting to hide money from the IRS. "In my decades of experience, moving money into offshore accounts has never been advisable. Bitcoins are just the most modern method for hiding money; the IRS will eventually uncover the hidden assets," he warned. "There are plenty of perfectly legal ways to keep a very large portion of money that would typically go to the government from taxes. It just requires knowledgeable insight into an individual's finances, coupled with qualified legal counsel from a practicing tax professional." ABOUT: Attorney Joe B. Garza has been practicing law in Dallas, Texas for more than 30 years. He is considered to be a leading asset protection, estate planning and complex business tax expert. Garza heads the prominent and nationally recognized law firm, Garza & Harris, LTD .

2013-08-16 12:58:04+00:00

{"Bitcoin": [1595]}

{}

Bad sign for e-readers? E Ink sales plunge

https://finance.yahoo.com/news/bad-sign-e-readers-e-125804366.html

Gigaom

http://gigaom.com/

Here’s a sign that e-readers are struggling in the U.S.: E Ink Holdings, the Taiwan-based company that makes e-reader screens for companies such as Amazon, Barnes & Noble and Sony, just had its worst quarter in four years. The company saw a net loss of NT $1.01 billion (USD $33.7 million) for the second quarter of 2013, and revenues were down 35 percent over the previous year to NT $2.93 billion (USD $98 million). Market research companies have been forecasting the death of e-readers for awhile now as more consumers buy tablets. Nonetheless, E Ink Holdings sees growth ahead as e-readers become more popular outside the United States. “Customers [i.e., e-reader manufacturers] have put off their new product launches to the third quarter from the second quarter,” CFO Eddie Chen said ( via the Taipei Times ). In an investor presentation (PDF), E Ink noted that it sees increasing demand for e-readers in Western Europe and Asia, and pointed to the Kindle’s launches in China and India . Still, the Taipei Times reports that “[to] reduce the impact of tablets, E Ink is seeking new growth areas in developing new e-paper applications such as displays for digital magazines, smart watches, handset covers and luggage tags” — but those are expected to make up less than 5 percent of the company’s revenues by the end of this year, whereas e-reader displays accounted for 70 percent of revenues in the last quarter. And the company said e-reader shipments this year will be between 10 and 15 million — flat compared to last year. via MobileRead More From paidContent.org Feds seized $2.9M in Bitcoin funds from Mt. Gox, court docs show

2013-08-28 00:00:00+00:00

{"Bitcoin": [45]}

{}

Past, Present and Future of Customer Payments (Infographic)

https://finance.yahoo.com/news/past-present-future-customer-payments-000000287.html

Entrepreneur

http://www.entrepreneur.com/

While today there may be a lot of buzz about Bitcoin and most businesses are well versed in accepting electronic and mobile payments, customers over the course of history have used a lot of different methods to pay for goods and services. The infographic below, compiled by Chargeback.com , an anti-credit card fraud company, details the past, present and future of customer payments. Click to Enlarge+

2013-08-28 16:37:00+00:00

{"Bitcoin": [8489]}

{}

How Leverage Is Used In Forex Trading

https://finance.yahoo.com/news/leverage-used-forex-trading-163700104.html

Investopedia

http://www.investopedia.com/

“Leverage” in general terms simply means borrowed funds. Leverage is widely used not just to acquire physical assets like real estate or automobiles, but also to trade financial assets such as equities and foreign exchange (“forex”). Forex trading by retail investors has grown by leaps and bounds in recent years, thanks to the proliferation of online trading platforms and the availability of cheap credit. The use of leverage in trading is often likened to a double-edged sword , since it magnifies gains and losses. This is more so in the case of forex trading, where high degrees of leverage are the norm. The examples in the next section illustrate how leverage magnifies returns for both profitable and unprofitable trades. Examples of Forex Leverage Let’s assume that you are an investor based in the U.S. and have an account with an online forex broker . Your broker provides you the maximum leverage permissible in the U.S. on major currency pairs of 50:1, which means that for every dollar you put up, you can trade $50 of a major currency. You put up $5,000 as margin, which is the collateral or equity in your trading account. This implies that you can put on a maximum of $250,000 ($5,000 x 50) in currency trading positions initially. This amount will obviously fluctuate depending on the profits or losses that you generate from trading. (To keep things simple, we ignore commissions, interest and other charges in these examples.) Example 1 : Long USD / Short Euro . Trade amount = EUR 100,000 Assume you initiated the above trade when the exchange rate was EUR 1 = USD 1.3600 (EUR/USD = 1.36), as you are bearish on the European currency and expect it to decline in the near term. Leverage : Your leverage in this trade is just over 27:1 (USD 136,000 / USD 5,000 = 27.2, to be exact). Pip Value : Since the euro is quoted to four places after the decimal, each “pip” or basis point move in the euro is equal to 1 / 100 th of 1% or 0.01% of the amount traded of the base currency. The value of each pip is expressed in USD, since this is the counter currency or quote currency. In this case, based on the currency amount traded of EUR 100,000, each pip is worth USD 10. (If the amount traded was EUR 1 million versus the USD, each pip would be worth USD 100.) Stop-loss : As you are testing the waters with regard to forex trading, you set a tight stop-loss of 50 pips on your long USD / short EUR position. This means that if the stop-loss is triggered, your maximum loss is USD 500. Profit / Loss : Fortunately, you have beginner’s luck and the euro falls to a level of EUR 1 = USD 1.3400 within a couple of days after you initiated the trade. You close out the position for a profit of 200 pips (1.3600 – 1.3400), which translates to USD 2,000 (200 pips x USD 10 per pip). Forex Math : In conventional terms, you sold short EUR 100,000 and received USD 136,000 in your opening trade. When you closed the trade, you bought back the euros you had shorted at a cheaper rate of 1.3400, paying USD 134,000 for EUR 100,000. The difference of USD 2,000 represents your gross profit. Effect of Leverage : By using leverage, you were able to generate a 40% return on your initial investment of USD 5,000. What if you had only traded the USD 5,000 without using any leverage? In that case, you would only have shorted the euro equivalent of USD 5,000 or EUR 3,676.47 (USD 5,000 / 1.3600). The significantly smaller amount of this transaction means that each pip is only worth USD 0.36764. Closing the short euro position at 1.3400 would have therefore resulted in a gross profit of USD 73.53 (200 pips x USD 0.36764 per pip). Using leverage thus magnified your returns by exactly 27.2 times (USD 2,000 / USD 73.53), or the amount of leverage used in the trade. Example 2 : Short USD / Long Japanese Yen . Trade amount = USD 200,000 The 40% gain on your first leveraged forex trade has made you eager to do some more trading. You turn your attention to the Japanese yen (JPY), which is trading at 85 to the USD (USD/JPY = 85). You expect the yen to strengthen versus the USD , so you initiate a short USD / long yen position in the amount of USD 200,000. The success of your first trade has made you willing to trade a larger amount, since you now have USD 7,000 as margin in your account. While this is substantially larger than your first trade, you take comfort from the fact that you are still well within the maximum amount you could trade (based on 50:1 leverage) of USD 350,000. Leverage : Your leverage ratio for this trade is 28.57 (USD 200,000 / USD 7,000). Pip Value : The yen is quoted to two places after the decimal, so each pip in this trade is worth 1% of the base currency amount expressed in the quote currency, or 2,000 yen. Stop-loss : You set a stop-loss on this trade at a level of JPY 87 to the USD, since the yen is quite volatile and you do not want your position to be stopped out by random noise. Remember, you are long yen and short USD, so you ideally want the yen to appreciate versus the USD, which means that you could close out your short USD position with fewer yen and pocket the difference. But if your stop-loss is triggered, your loss would be substantial: 200 pips x 2,000 yen per pip = JPY 400,000 / 87 = USD 4,597.70. Profit / Loss : Unfortunately, reports of a new stimulus package unveiled by the Japanese government leads to a swift weakening of the yen, and your stop-loss is triggered a day after you put on the long JPY trade. Your loss in this case is USD 4,597.70 as explained earlier. Forex Math : In conventional terms, the math looks like this: Opening position: Short USD 200,000 @ USD 1 = JPY 85, i.e. + JPY 17 million Closing position: Triggering of stop-loss results in USD 200,000 short position covered @ USD 1 = JPY 87, i.e. – JPY 17.4 million The difference of JPY 400,000 is your net loss, which at an exchange rate of 87, works out to USD 4,597.70. Effect of Leverage : In this instance, using leverage magnified your loss, which amounts to about 65.7% of your total margin of USD 7,000. What if you had only shorted USD 7,000 versus the yen (@ USD1 = JPY 85) without using any leverage? The smaller amount of this transaction means that each pip is only worth JPY 70. The stop-loss triggered at 87 would have resulted in a loss of JPY 14,000 (200 pips x JPY 70 per pip). Using leverage thus magnified your loss by exactly 28.57 times (JPY 400,000 / JPY 14,000), or the amount of leverage used in the trade. Tips When Using Leverage While the prospect of generating big profits without putting down too much of your own money may be a tempting one, always keep in mind that an excessively high degree of leverage could result in you losing your shirt and much more. A few safety precautions used by professional traders may help mitigate the inherent risks of leveraged forex trading: Story continues Cap Your Losses : If you hope to take big profits someday, you must first learn how to keep your losses small. Cap your losses to within manageable limits before they get out of hand and drastically erode your equity. Use Strategic Stops : Strategic stops are of utmost importance in the around-the-clock forex market, where you can go to bed and wake up the next day to discover that your position has been adversely affected by a move of a couple hundred pips. Stops can be used not just to ensure that losses are capped, but also to protect profits. Don’t Get In Over Your Head : Do not try to get out from a losing position by doubling down or averaging down on it. The biggest trading losses have occurred because a rogue trader stuck to his guns and kept adding to a losing position until it became so large, it had to be unwound at a catastrophic loss. The trader’s view may eventually have been right, but it was generally too late to redeem the situation. It's far better to cut your losses and keep your account alive to trade another day, than to be left hoping for an unlikely miracle that will reverse a huge loss. Use Leverage Appropriate to Your Comfort Level : Using 50:1 leverage means that a 2% adverse move could wipe out all your equity or margin. If you are a relatively cautious investor or trader, use a lower level of leverage that you are comfortable with, perhaps 5:1 or 10:1. Conclusion While the high degree of leverage inherent in forex trading magnifies returns and risks, using a few safety precautions used by professional traders may help mitigate these risks. More From Investopedia Bitcoin May Be The Currency Of The Future Break Into Forex In 12 Steps 4 Types Of Indicators FX Traders Must Know

2013-09-04 02:36:00+00:00

{"Bitcoin": [1255, 2114, 2367, 3367, 3695, 3838, 4174, 4303]}

{"Bitcoin": [20]}

Multinational Funds Bitcoin Mining ASICs and Global Digital Currency Supercomputer Center

https://finance.yahoo.com/news/multinational-funds-bitcoin-mining-asics-023600032.html

ACCESSWIRE

https://www.accesswire.com/

(Accesswire - September 3rd, 2013) - MarketersMedia - Massive Luck Investments has a history of successfully investing in emerging disruptive technologies. The principals and their families were the first investors in Skype, before the ubiquitous VOIP software became a household name and was subsequently bought by Microsoft Corporation for $8.5 billion. Peter Nolan, head of PR for the Hong Kong based Investment Holding Group, explained how: "We began researching investment opportunities related to digital currencies in early 2012, and by the beginning of 2013 we made a strategic decision to aggressively move into the digital currency "Wild West". Massive Luck Investments has identified digital currencies as a future growth area for the globally regulated traditional banking sector. Digital currencies provide traceable and expedient transfer protocols for consumers, governments, and banks, with the advantage of enabling users to conduct highly secure, low cost, instant transactions. As the world’s economies increasingly turn to e-commerce and non-physical cash transactions, the global marketplace will demand further integration of digital currencies with regulated infrastructure." Seizing the unprecedented emerging opportunities in the Bitcoin space, Massive Luck Investments currently owns a major stake in leading cryptocurrency research and ASIC hardware construction corporation Bitmine AG formerly known as Exion Networks SA and registered in Switzerland. Massive Luck Investments seeks to transfer this Swiss engineered machinery and Intellectual Property to its manufacturing and hosting facilities in Asia. Its major partners in this venture will be world leading microchip design groups Synapse, Innosilicon, and Verisilicon, and the top global microchip manufacturer, Global Foundry. Massive Luck Investments is currently in the final stages of making pre-production arrangements of ASIC chip sets, based on the most advanced existing 28-nanometre technology, with both power consumption and hashing power characteristics significantly outperforming any existing or publicly announced Bitcoin mining ASIC technology. Some of these next generation ASICs may be made available to the public, but the great majority will be utilized in their own datacenters, for industrial scale mining. Beyond its significant investment in next generation Bitcoin mining ASIC technology, Massive Luck Investments is also presently cooperating with the Shanghai Supercomputer Center in China in conducting digital modeling and research to optimize its future digital currency research Supercomputer design. To this end the company employs a highly qualified team of software engineers, mathematicians, network security experts, and gaming industry professionals. The aim is to design and build a world-class Supercomputing digital processing center of the same caliber found in the most advanced projects in Shanghai, Switzerland, and USA. However, this will be the world’s first Supercomputer exclusively applied to the field of cryptocurrency research. The Global Digital Currency Supercomputer Center will serve as a dedicated backbone to cryptocurrency transactions and customer service worldwide. As a side project in its foray into the world of cryptocurrency, Massive Luck Investments has designed and developed BetCoin(TM) Dice a high payout online Bitcoin dice game platform. The first phase was unveiled on August 2nd, 2013 by launching the website BetCoin(TM) Dice which can be found at http://www.betcoindice.tm/ . Based on the same technology behind Satoshi Dice which sold this past June for $11.5 Million USD, BetCoin(TM) Dice is unique in featuring the highest instant Bitcoin payouts in the world. The last few months have seen a number of big players aggressively enter the rapidly evolving and growing global Bitcoin space. Massive Luck Investments’ ambitious development of next generation ASICs, a Global Digital Currency Supercomputer Center, and launching the unrivalled BetCoin(TM) Dice platform is no exception. It could be argued that the scope, scale and vision of Massive Luck Investments has no rival at the present time in the global Bitcoin ecosystem, as the firm moves to take advantage of the unprecedented emerging opportunities the disruptive cryptocurrency Bitcoin has made available to risk takers and visionaries worldwide. Visit http://bitmine.ch/ for more information. Contact Info Name: Peter Nolan Organization: Massive Luck Investment Limited Email: [email protected] Via MarketersMedia.com. Original release: http://marketersmedia.com/multinational-funds-bitcoin-mining-asics-and-global-digital-currency-supercomputer-center/21735

2013-09-05 17:57:23+00:00

{"Bitcoin": [215, 459, 526, 836, 1508, 1675]}

{"Bitcoin": [58]}

HashFast and Uniquify Announce Tape Out of "Golden Nonce" Bitcoin Network Transaction Verification Chip to TSMC's 28HPM Process

https://finance.yahoo.com/news/hashfast-uniquify-announce-tape-golden-175723250.html

Marketwired

http://www.marketwired.com/

SAN JOSE, CA--(Marketwired - Sep 5, 2013) - HashFast Technologies ( www.HashFast.com ) and design and manufacturing operations partner Uniquify ( www.Uniquify.com ) today confirmed that HashFast's Golden Nonce (GN) Bitcoin network transaction verification Application Specific Integrated Circuit (ASIC) has successfully taped out on TSMC's 28HPM process. This high-performance design was developed to provide an increase in the available hashing capacity for Bitcoin network transaction verification operations (also known as Bitcoin "mining"). The design simulation met or exceeded the design targets, performing more than 400 billion double-SHA256 hashing operations per second (GHash/s), while consuming less than 0.6 W/GHash/s at nominal clock rate, setting a new industry benchmark. A Leap Forward in Technological, Performance of Bitcoin Microprocessors The GN chip will be fabricated at TSMC's 28nm GIGAFAB foundry in Taiwan. HashFast has already increased the initial planned production volume of the GN chip to address strong pre-order demand. Key features of the design include a modular architecture, a fault-tolerant physical layout to allow for maximum silicon yield, and an ability to be overclocked for greater performance and underclocked for greater efficiency. Its use of on-die thermal controls allows operation at its maximum performance given the capacity of the cooling system deployed with it. Since announcing Golden Nonce, HashFast has become an industry leader in the production of Bitcoin network verification equipment. The GN chip provides increased hashing performance, while lowering power requirements and addressing thermal issues of earlier Bitcoin mining ASICs. HashFast began taking public orders in August for the Baby Jet mining systems, the first product to house this processor. Once the initial batch of GN chips is produced and tested, Baby Jet will begin shipping in volume. "The rapid development and tape out of the GN chip is another testimony to the power of our Perseus design management system," says Josh Lee, Uniquify's founder and chief executive officer (CEO). "With Perseus, we were able to go from first RTL code to final tape out in under three months, an exceptional performance for any ASIC design program, let alone a sophisticated 28nm design such as Hashfast's GN chip." Story continues Eduardo deCastro, founder and CEO of Hashfast, agrees and notes: "Working with a mature design team has been a key advantage. We've been able to leverage our team's decades of experience to quickly explore and evaluate multiple options, and deliver at record speed. Another critical advantage was the choice of Uniquify and TSMC for design and manufacturing. Both are at the top of their fields, have worked together on multiple projects, and are true innovators." "We are pleased to be working with Uniquify and HashFast to enable this new ASIC design," said Brad Paulsen, TSMC Senior Vice President, North America. "This application is a good fit with TSMC's 28HPM process technology and we wish them much success with the GN product." About HashFast Headquartered in San Jose, Calif., HashFast Technologies is a fabless semiconductor manufacturer specialized in the production of high-performance ASICs at aggressive performance nodes for the network verification of digital currency transactions. Its mission is to push the performance of network transaction verification hardware, and make leading-edge ASICs available to the public. The company was founded in 2013 by Simon Barber and Eduardo deCastro, and is privately held. More information can be found at: www.HashFast.com . About Uniquify Headquartered in San Jose, Calif., Uniquify is a privately held, rapidly growing system-on-chip (SoC) design, integration and manufacturing services supplier, and innovative developer and provider of high-performance semiconductor IP. Its "ideas2silicon" services range from spec development and front-end design through physical design and delivery of packaged, tested chips. Uniquify's headquarters and primary design center is in San Jose with additional design teams in Pune, India, and Seoul, Korea. With more than 100 employees, Uniquify offers 65-, 40- and 28-nanometer SoC design expertise, integration and manufacturing services and high-performance IP to leading semiconductor and system companies worldwide. Additional information can be found at: www.uniquify.com . ideas2silicon is a trademark of Uniquify. Uniquify acknowledges trademarks or registered trademarks of other organizations for their respective products and services.

2013-09-10 09:18:00+00:00

{"Bitcoin": [430, 1020, 1382, 2765, 3719], "BTC": [242, 3210]}

{"Bitcoin": [28]}

The Rare, Interest Bearing, Bitcoin Alternative – Cryptogenic Bullion

https://finance.yahoo.com/news/rare-interest-bearing-bitcoin-alternative-091800738.html

ACCESSWIRE

https://www.accesswire.com/

NEW YORK - (ACCESSWIRE - September 10th, 2013) / MarketersMedia /-- The number of professional online services incorporating Cryptogenic Bullion is growing at a rapid rate and the currency is currently trading for approximately 500 CGB per 1 BTC. A fork of the virtual currency Novacoin, Cryptogenic Bullion is designed to be a rare, interest bearing, peer-to-peer virtual commodity with the same decentralised characteristics of Bitcoin but with some key differences. Cryptogenic Bullion’s innovations include an accelerated decrease of the mining subsidy, almost immediate transaction time and 2% annual interest eligible for Bullion that has been stationary in a user’s wallet for at least 30 days. Cryptogenic Bullion has been well received in the digital currency ecosystem. The official Facebook page has over 4,500 fans , and the official CGB website has been translated into Dutch and Chinese. The team behind Cryptogenic Bullion is comprised of digital currency enthusiasts with many years of experience in the Bitcoin ecosystem and beyond; having spent many years mining, programming and working on Internet technology projects. Unique among alternative cryptocurrency teams, CGB also has many years of experience in business management and marketing, ensuring CGB carves out a significant niche for itself in the digital currency ecosystem. Much like Satoshi Nakamoto of Bitcoin, the lead developer of CGB has remained anonymous – but the anonymous developer tackles problems and maintains the integrity of the CGB protocol. This is extremely important for the longevity of the project. Elambert, the founder of Cryptogenic Bullion, is a married man with an 8-month-old son who both works as a data analyst and is also extensively involved in other online businesses and pursuits. Managing the marketing and project development aspects of CGB is Mercury Stills, an entrepreneur with a passion for emerging technologies who founded his first successful company in the year 2000. Story continues Team CGB is currently pursuing an aggressive marketing campaign via social networking sites like Facebook, GooglePlus, Twitter, LinkedIn, Sina, Baidu, Sohu and more. Moreover, Team CGB will initiate a billboard campaign across Europe, starting in Nicosia, Cyprus later this year. The more people who are aware of Cryptogenic Bullion and the financial and business innovation provided by virtual commodities and virtual currencies, the more people will embrace the unprecedented possibilities inherent to the emerging disruptive technology of global digital currencies. In this way Cryptogenic Bullion’s extensive marketing not only benefits the CGB project but the entire cryptocurrency space itself. The Winklevoss twin’s intention to offer the world’s first Bitcoin exchange-traded fund (ETF) could be the precursor to a diverse range of alternative virtual currency ETFs. As an interest bearing, relatively rare, virtual commodity, Cryptogenic Bullion will be perfectly positioned to attract fund manager’s capital, which will generate massive potential for large long-term increases in value. Team CGB is currently reaching out to investors and business owners who may want to diversify some of their BTC holdings into CGB to potentially remedy price volatility. Any individual who contacts team CGB to incorporate Cryptogenic Bullion into their business processes will be warmly received. With the professionalism and vision of the Cryptogenic Bullion’s core team, this digital commodity is operating in a different paradigm to the majority of alternative cryptocurrencies. The CGB protocol’s primary innovations of a 2% annual interest rate, and its relative rarity and faster transaction time as opposed to Bitcoin also bode well for the digital currency’s future. A diverse ecosysem is a healthy one, and due to its unique properties Cryptogenic Bullion may well become one of the cryptocurrencies of choice in the emerging digital currency investment space . Visit http://cryptogenicbullion.org/ for more information. Contact Info Name: Mercury Stills Email: [email protected] Via MarketersMedia.com Press Release Distribution. Source: http://marketersmedia.com/the-rare-interest-bearing-bitcoin-alternative-cryptogenic-bullion/22012

2013-09-10 16:19:00+00:00

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The Future Of Cryptocurrency

https://finance.yahoo.com/news/future-cryptocurrency-161900720.html

Investopedia

http://www.investopedia.com/

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular. So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The answer lies with Bitcoin. Bitcoin – the Current Standard Bitcoin is a decentralized currency that uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing and verification to be carried out collectively by the network. While this decentralization renders Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin. Bitcoins are created digitally through a “mining” process that requires powerful computers to solve complex algorithms and crunch numbers. They are currently created at the rate of 25 Bitcoins every 10 minutes and will be capped at 21 million, a level that is expected to be reached in 2140. These characteristics make Bitcoin fundamentally different from a fiat currency, which is backed by the full faith and credit of its government. Fiat currency issuance is a highly centralized activity supervised by a nation’s central bank. While the bank regulates the amount of currency issued in accordance with its monetary policy objectives, there is theoretically no upper limit to the amount of such currency issuance. In addition, local currency deposits are generally insured against bank failures by a government body. Bitcoin, on the other hand, has no such support mechanisms. The value of a Bitcoin is wholly dependent on what investors are willing to pay for it at a point in time. As well, if a Bitcoin exchange folds up, clients with Bitcoin balances have no recourse to get them back. Story continues Increasing Scrutiny Bitcoin’s main benefits of decentralization and transaction anonymity have also made it a favored currency for a host of illegal activities including money laundering , drug peddling, smuggling and weapons procurement. This has attracted the attention of powerful regulatory and other government agencies such as the Financial Crimes Enforcement Network (FinCEN), the SEC, and even the FBI and Department of Homeland Security (DHS). In March 2013, FinCEN issued rules that defined virtual currency exchanges and administrators as money service businesses, bringing them within the ambit of government regulation. In May that year, the DHS froze an account of Mt. Gox – the largest Bitcoin exchange – that was held at Wells Fargo, alleging that it broke anti-money laundering laws. And in August, New York’s Department of Financial Services issued subpoenas to 22 emerging payment companies, many of which handled Bitcoin, asking about their measures to prevent money laundering and ensure consumer protection. Alternatives to Bitcoin Despite its recent issues, Bitcoin’s success and growing visibility since its launch has resulted in a number of companies unveiling alternative cryptocurrencies, such as: Litecoin – Litecoin is regarded as Bitcoin's leading rival at present, and it is designed for processing smaller transactions faster. It was founded in October 2011 as "a coin that is silver to Bitcoin’s gold,” according to founder Charles Lee. Unlike the heavy computer horsepower required for Bitcoin mining, Litecoins can be mined by a normal desktop computer. Litecoin’s maximum limit is 84 million – four times Bitcoin’s 21-million limit – and it has a transaction processing time of about 2.5 minutes, about one-fourth that of Bitcoin. Ripple – Ripple was launched by OpenCoin, a company founded by technology entrepreneur Chris Larsen in 2012. Like Bitcoin, Ripple is both a currency and a payment system. The currency component is XRP, which has a mathematical foundation like Bitcoin. The payment mechanism enables the transfer of funds in any currency to another user on the Ripple network within seconds, in contrast to Bitcoin transactions, which can take as long as 10 minutes to confirm. MintChip – Unlike most cryptocurrencies, MintChip is actually the creation of a government institution, specifically the Royal Canadian Mint. MintChip is a smartcard that holds electronic value and can transfer it securely from one chip to another. Like Bitcoin, MintChip does not need personal identification; unlike Bitcoin, it is backed by a physical currency, the Canadian dollar. The Future Some of the limitations that cryptocurrencies presently face – such as the fact that one’s digital fortune can be erased by a computer crash, or that a virtual vault may be ransacked by a hacker – may be overcome in time through technological advances. What will be harder to surmount is the basic paradox that bedevils cryptocurrencies – the more popular they become, the more regulation and government scrutiny they are likely to attract, which erodes the fundamental premise for their existence. While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. For cryptocurrencies to become more widely used, they have to first gain widespread acceptance among consumers. However, their relative complexity compared to conventional currencies will likely deter most people, except for the technologically adept. A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection; and preserve user anonymity without being a conduit for tax evasion , money laundering and other nefarious activities. Since these are formidable criteria to satisfy, is it possible that the most popular cryptocurrency in a few years’ time could have attributes that fall in between heavily-regulated fiat currencies and today’s cryptocurrencies? While that possibility looks remote, there is little doubt that as the leading cryptocurrency at present, Bitcoin’s success (or lack thereof) in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead. Should You Invest in Cryptocurrencies? If you are considering investing in cryptocurrencies, it may be best to treat your “investment” in the same way you would treat any other highly speculative venture. In other words, recognize that you run the risk of losing most of your investment, if not all of it. As stated earlier, a cryptocurrency has no intrinsic value apart from what a buyer is willing to pay for it at a point in time. This makes it very susceptible to huge price swings, which in turn increases the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within a six-hour period on April 11, 2013. If you cannot stomach that kind of volatility , look elsewhere for investments that are better suited to you. While opinion continues to be deeply divided about the merits of Bitcoin as an investment – supporters point to its limited supply and growing usage as value drivers, while detractors see it as just another speculative bubble – this is one debate that a conservative investor would do well to avoid. Conclusion The emergence of Bitcoin has sparked a debate about its future and that of other cryptocurrencies. Despite Bitcoin’s recent issues, its success since its 2009 launch has inspired the creation of alternative cryptocurrencies such as Litecoin, Ripple and MintChip. A cryptocurrency that aspires to become part of the mainstream financial system would have to satisfy very divergent criteria. While that possibility looks remote, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead. More From Investopedia The Effects Of Currency Fluctuations On The Economy

2013-09-11 06:30:00+00:00

{"Bitcoin": [1553, 2519]}

{"Bitcoin": [24]}

NoBs: The World’s First Bitcoin Social Networking Site With Military Grade Encryption

https://finance.yahoo.com/news/nobs-world-first-bitcoin-social-063000717.html

ACCESSWIRE

https://www.accesswire.com/

NEW YORK, - (Accesswire -September 11th, 2013) - / MarketersMedia / - Global Village is in the beta testing phase and the people at http://nobs.is say the site will boast military grade encryption for the security of their users’ data. Anyone worldwide can already log on and create an account in seconds; using the encrypted Global Village to create groups, post status updates and send encrypted messages within the social network . Only Global Village members who have an encryption key will be able to read users’ shared messages and the system will be built without a master key. "Our security specialists are world class encryption experts," says Konen Saarin, the Icelandic company’s point man. "They mix and match encryption formulas, such as AES256, RSA, ECDH521, until we can guarantee that not even the dark lords of cyber spying will be able to see so much as a single picture of your cat." In the future Global Village inhabitants will be able to re-share their encrypted messages to Twitter and Facebook. Saarin adds, "Our digital kevlar covers apps, iOS and Android, as well as our site." NoBs.is takes privacy very seriously. "Privacy first," is the company’s promise. Thus, they not only shield Global Village members, they also host a ‘privacy cookbook’. The site’s inhouse blogger, Tomorrow, reviews security products and gives tips on how to shield themselves from the omnipresent, all-seeing eyes in the skies. The blog has a section called Through the Grapevine, where they will find links to great articles related to security or Bitcoin Global Village will not backup customers’ entries. "If you want to remove something from your account, just hit delete and forget about it, because it’s gone forever," says Saarin. "Your entries are yours, after all." The Icelanders have opened a directory of bitcoin scams, because they are great believers in the cryptocurreny and will do whatever they can to keep scammers out of the community. In addition to all that, they also maintain what they believe to be the largest bitcoin business directory on the Internet. They have partnered with some of the websites listed in the privacy cookbook and the business directory. On some of the listings in the directory readers can find discount codes to receive massive discounts or extensions of services. Story continues The price of Internet privacy is eternal vigilance and Saarin says, "You will see improvements and additions as often as possible and the development will never stop." The world’s first Bitcoin social networking site is now live and anyone worldwide can use the Global Village right now to create groups, post status updates and send encrypted messages within the social network . Visit http://nobs.is for more information. Contact Info Name: Konen Saarin Email: [email protected] Via MarketersMedia Newswire: http://marketersmedia.com/nobs-the-worlds-first-bitcoin-social-networking-site-with-military-grade-encryption/22125

2013-09-12 08:15:00+00:00

{"Bitcoin": [234]}

{"Bitcoin": [0]}

Bitcoin Transforming Casino Roulette – BetCoin™ Circle a New Craze

https://finance.yahoo.com/news/bitcoin-transforming-casino-roulette-betcoin-081500152.html

ACCESSWIRE

https://www.accesswire.com/

(Accesswire - September 12th, 2013) /MarketersMedia / -- Instead of the house edge and win odds being a well-guarded secret as with traditional fiat currency in both online casinos and brick-and-mortar casino establishments, BetCoin™ Bitcoin Entertainment Network offers complete transparency with win odds and house advantage for various casino games clearly stated, to make sure that players are not misled. There are no empty promises of sign-up "bonuses" that everyone can’t really cash out and there’s no need for any cheap marketing tricks – fully transparent provably fair casino games with a low house edge is the way to go. BetCoin™ Circle’s RTP is 98.35%: 4% higher than traditional casino roulette, and the game has also just seen major upgrades . BetCoin(TM) Circle is a highly user-interactive casino game. With a great-looking wheel and super slick game animations, players are on the edge of their seat waiting for it to stop on the winning multiplier to win huge amounts of bitcoins. Players choose from an assortment of different game levels, ranging from 2x to 25x and personalize their online game experience to match even the most luxurious, high-roller Las Vegas casino. The CTO responded to the wave of new players with a massive upgrade to the internal system of the game. The wheel spins more smoothly, the graphics are more crisp, and there have been radical additions to improve overall user experience. The first and most important of these is the newly designed, patented security system. "Well, in terms of security, you can’t go wrong with adding an extra layer or two just to make sure users feel safe and that the system is better protected from malicious players. Online casinos, especially ones that use bitcoin, should already be extremely secure, but our system makes it even more so," says BetCoin’s(TM) CTO. Apart from tripled-down security, unified league play for all games and reward points have also been added. "Competitive gaming in online casinos is something I’m extremely happy to give to our players. I don’t want our games to be stagnant like others offered; my mission is to constantly engage our users and show them BetCoin(TM) Entertainment Network’s drive to bring them the best online bitcoin casino experience available. Gaming is our passion, and we aim to give users the chance to experience how much we love creating games while they play them," adds the CTO. With a live feed of all bets, it is also possible to match wagers with other players, spurring them on to see who wins bitcoin prizes first. And the more a player bets, the higher their league rank will become. With six leagues (brass through diamond), users have the ultimate control over their bitcoin gaming experience. Story continues Gamers around the world have rocketed BetCoin(TM) games to the top of Topbitcoinsites.com’s list of online bitcoin casinos. The BetCoin(TM) Entertainment Network’s amazing drive to deliver exciting new ways to play continues to attract new users to the world of online bitcoin casinos. BetCoin™ has promised to give their users the prime bitcoin gaming and education portal available. With these new upgrades and the launch of BetCoin™ Wiki , which adds a whole new meaning and a resource-rich educational dimension to the bitcoin online entertainment sector, they are doing just that. Visit https://betcoincircle.tm for more information. Contact Info Name: James Mason Email: [email protected] Press release submission by: http://marketersmedia.com/bitcoin-transforming-casino-roulette-betcoin-circle-a-new-craze/22152 View comments

2013-09-12 15:49:00+00:00

{"Bitcoin": [89, 320, 426, 579, 631, 674]}

{"Bitcoin": [43]}

Two Guys Just Started A Site That's Like A Bitcoin-Only Amazon

https://finance.yahoo.com/news/two-guys-just-started-thats-154938265.html

Business Insider

http://www.businessinsider.com/

Screen Shot 2013 09 12 at 11.31.40 AM Screenshot One of the most common complaints about Bitcoin, the encrypted, digital currency that isn't controlled by any bank or country, is that you can't use it to buy anything practical. Alpaca wool socks ? Come on, now. Entrepreneurs Michal Handerhan and Tim Sidie have started BitcoinShop.us in order to solve this problem. Their site is probably best described as "Amazon, but with Bitcoin." There's 55,000 items for sale across all categories – books, electronics, sporting goods, even toys. It's all available here for purchase, via Bitcoin. Click here if you want to go shopping with Bitcoin. No idea why you should care about Bitcoin? Click here to read our primer . More From Business Insider This Lego Robot Can Outwit Amazon's Kindle And Make Copies Of Your E-Books Upgrading Your iPhone? Amazon Has Some Good Deals On Trade-Ins This Plan To End Smartphone Obsolescence With Lego-Like Block Components Is Mindboggling

2013-09-12 22:24:55+00:00

{"Bitcoin": [1842]}

{}

Britain May Drop Paper Bills for Plastic Currency

https://finance.yahoo.com/news/britain-may-drop-paper-bills-222455132.html

Money Talks News

http://www.moneytalksnews.com

Paper or plastic? Britons may not have a choice much longer. The Bank of England is considering a switch to polymer currency and will make a final decision in December, CNNMoney says. The new bills would gradually be phased in, starting with smaller denominations in 2016. Paper currency has been used there for more than three centuries, CNNMoney says. Countries such as Canada, Australia, Mexico, Singapore and New Zealand all use polymer. Us? Our money has more in common with a T-shirt. “The ordinary paper that consumers use throughout their everyday life such as newspapers, books, cereal boxes, etc., is primarily made of wood pulp; however, United States currency paper is composed of 75 percent cotton and 25 percent linen,” the Bureau of Engraving and Printing says. “This is what gives United States currency its distinct look and feel.” The advantages to polymer over paper include better security and durability, CNNMoney says. A £5 note lasts about two years, while a polymer version would last five. Polymer could come here, although there aren’t any current plans to use it. “As polymer becomes more common and more accepted within the industry, you can expect all central banks to at least consider it,” Tim Cobbold, chief executive of banknote printer De La Rue, told CNNMoney. From experience, I can say that polymer feels a little slicker, but it’s not sticky like plastic wrap or stiff like a credit card. You might not even notice the difference. Would you want to see the U.S. make the switch to polymer currency, or do you like the look, feel and durability of what we have? Let us know your thoughts on our Facebook page . This article was originally published on MoneyTalksNews.com as 'Britain May Drop Paper Bills for Plastic Currency' . More from Money Talks News Here's What the New $100 Bill Looks Like What Are Bitcoins, And Why Are They Suddenly Losing Value? How to Avoid Credit Card Foreign Transaction Fees

2013-09-16 13:04:52+00:00

{"Bitcoin": [56, 368, 553, 706, 989, 1188, 1542, 1722, 1733, 2135, 2180, 2336]}

{"Bitcoin": [21]}

More merchants using Bitcoin: Payment processor Bitpay says it now has 10,000 clients

https://finance.yahoo.com/news/more-merchants-using-bitcoin-payment-130452710.html

Gigaom

http://gigaom.com/

A payment service provider that helps businesses accept Bitcoin in online shopping carts and retail stores announced on Monday that its client-base of merchants has increased ten-fold in the last year. According to Atlanta-based Bitpay , more than 10,000 merchants around the world are now using its processing services to accept payment in the virtual currency, with Bitcoin proving especially popular with companies that sell consumer electronics, IT services and precious metals. Bitpay, which is backed by venture capitalists tied to PayPal , touts Bitcoin as a way for merchants to accept online payment at lower cost and risk than credit cards. The company, which has so far processed $34 million in Bitcoin payments in 2013, charges the merchants a 1 percent service fee to handle the transactions. The rapid growth — from 1,000 to 10,000 clients in a year — appears to be a promising sign for both Bitpay and virtual currencies in general. But, like so many things associated with Bitcoin, it’s too soon to say if the growth is real or illusory. To get a better idea, I spoke to Bitpay CEO Tony Gallippi last week, and asked him how many of his merchants were actually collecting Bitcoin on a regular basis. Gallippi estimated that one-third to half of the merchants using Bitpay had a transaction in the last month, and that “a couple hundred” are doing more than five transactions a day. He says frequent users include publishing platform WordPress and Gyft, a site that lets users swap online gift cards. These details reflect how Bitcoin is still far from becoming a mainstream currency. But, as Gallippi notes: “We’re still early in the adopter cycle.. only three to four million people around the world have Bitcoins.” Bitcoin’s future growth may depend on intermediaries like Bitpay. While one of the virtual currency’s prime benefits is that it peer-to-peer, and doesn’t require middle-men, it is still too esoteric for average consumers and merchants to grasp; that’s why companies like Bitpay and Coinbase , which offers a newbie-friendly wallet and exchange service, have been able to carve out a place in the noisy Bitcoin eco-system. Story continues In other Bitcoin news, Armory Technologies on Monday announced that it has raised $600,000 to build a more secure wallet for the currency. More From paidContent.org Bitcoin exchange Mt. Gox counter-sues over failed North American expansion

2013-09-17 20:00:33+00:00

{"Bitcoin": [0, 518, 757, 808, 1264, 1543, 1773, 2978, 3146, 3223, 3634]}

{"Bitcoin": [0]}

Bitcoin ETF Backers Winklevoss Twins Make Case for Digital Currency

https://finance.yahoo.com/news/bitcoin-etf-backers-winklevoss-twins-200033934.html

ETF Trends

http://www.etftrends.com/

Bitcoins, the digital currency, are the best performing asset of 2013, even after a quick boom-and-bust cycle earlier this year. Exchange traded fund investors may soon be able to gain exposure to the strengthening currency as the Winklevoss twins push for wider awareness. “An ETF can potentially make it successful for mainstream investors,” said Cameron Winklevoss, reports Brendan Conway for Barron’s . Tyler and Cameron Winklevoss at the Value Investing Congress in New York explained that investors who purchase Bitcoins directly will have to deal with “pain points and friction.” The brothers have filed to launch an exchange traded product backed by bitcoins. It’s not clear whether the SEC will give the bitcoin ETF clearance to list. [ Winklevoss Bitcoin ETF: Crazy, or Crazy Like a Fox? ] “Buying Bitcoin today, it’s sort of a scary proposition. You store it on a USB stick, [you have to be somewhat] technically savvy … [If you're transacting in] large amounts of money, there’s no real insurance aspect,” Cameron Winklevoss said. On the other hand, the ETF investment vehicle helps mitigate the risks and hassle of buying the coins directly. “An ETF can help solve the purchasing friction in terms of security. It can offload that to the ETF… Storing Bitcoin takes expertise [and] accessibility. …. It’s similar to how [people] can’t buy gold bars so they instead buy an ETF,” he added, comparing the structure to something similar to physically backed precious metal ETFs, according to the Barron’s report. What do we know about Bitcoins? Satoshi Nakamoto is a pseudonym for a person or persons unknown who wrote the technical specifications that serve as the system’s base code, Nicholas Colas, Chief Market Strategist at ConvergEx, said in a research note. Bitcoin records, or the “block chain,” resides on thousands of servers around the world. Every ten minutes, the whole system updates records of recent transactions. “No one government, or even 100 governments, can ‘shut down’ bitcoin or establish uniform regulations for the currency,” Colas added. Creating, or “mining,” bitcoins requires time and money. Cryptographic puzzles need to be solved during a 10 minute window and the answer has to be delivered to everyone else int eh system. If the task is done, you receive 25 new bitcoins. “The bitcoin ecosystem is dominated by very proficient computer programmers and hardware designers, but even as they improve the speed and efficiency of their servers the universe of available bitcoins still only grows by 25 units every 10 minutes,” Colas said. Many view bitcoins as a disruptive currency since a user can transfer the money anywhere without paying wire or banking fees. “The bitcoin ecosystem is more efficient than the currency global banking system for money transfers since the process of managing the block chain incentivizes bitcoin miners to keep the system operating, rather than the banking system’s user fees,” Colas said. Story continues Bitcoins started the year at $13.55 and traded at $141 at last check Tuesday, a 940% increase year-to-date. The currency experienced a boom-and-bust in April where the Bitcoin surged to $266 and plunged to as low as $70.80 in a few days. [ Is a Bitcoin ETF Next? ] Basic demand and supply fundamentals favor the asset. “Volume trends were fairly consistent through the year, so the increase in price came from steady demand and little incremental supply from sellers,” Colas said. The future of a viable ETF option will depend on the bitcoin itself. If more accept the asset as real currency alternative, the more likely an ETF will be able to come out. [ Bitcoin ETF Faces Doubts Within Industry: Report ] For more information on the ETF industry, visit our current affairs category . Max Chen contributed to this article . The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

2013-09-19 22:33:49+00:00

{"Bitcoin": [359]}

{}

Hackers offered cash, booze to crack iPhone fingerprint security

https://finance.yahoo.com/news/hackers-eager-crack-fingerprint-scanner-193649870.html

Reuters

https://www.reuters.com/

By Jim Finkle BOSTON (Reuters) - Hackers are gearing up for Friday's iPhone 5S release with a contest to crack the device's first-ever fingerprint scanner, a high-tech feature that Apple Inc says makes users' data more secure. A micro venture capital firm joined a group of security researchers to offer more than $13,000 in cash along with bottles of booze, Bitcoin currency, books and other goodies to the first hacker who breaks the device in a contest promoted on the website http://istouchidhackedyet.com/. Arturas Rosenbacher, founding partner of Chicago's IO Capital, which donated $10,000 to the hacking competition, said that the effort will bring together some of the hacking community's smartest minds to help Apple identify bugs that it may have missed. "This is to fix a problem before it becomes a problem," he said. "This will make things safer." Meanwhile, Forbes.com reported that a 36-year-old soldier living in Spain's Canary Islands, Jose Rodriguez, has already uncovered a security vulnerability affecting iOS 7, which Apple began distributing to existing iPhone and iPad customers on Wednesday. The publication said that it is possible to bypass the lock screen of those devices in seconds to access photos, email, Twitter and other applications. It included a video demonstration on its website and advice on how users could thwart the bypass technique: http://onforb.es/16IU6Y3 Apple spokeswoman Trudy Muller told Reuters that the company was preparing a fix that it would deliver as an update to iOS 7 when it was ready. "Apple takes user security very seriously," she said. Among those getting ready for the hacking contest is David Kennedy, a former U.S. Marine Corps cyber-intelligence analyst who did two tours in Iraq and now runs his own consulting firm, TrustedSec LLC. "I am just waiting to get my hands on it to figure out how to get around it first," the founder of the DerbyCon hacking conference told the Thomson Reuters Global Markets Forum this week. "I'll be up all night trying." Story continues WHY WORRY? Security experts worry about the implications of using the module to grant access to sensitive data on the phone and potentially enabling mobile purchases. The fingerprint scanner on the top-of-the-line iPhone lets users unlock their devices or make purchases on iTunes by simply pressing their finger on the home button. It has been hailed as a major step in popularizing the use of biometrics in personal electronics. Security engineer Charlie Miller, known in hacking circles for uncovering major bugs in the iPhone as well as circumventing security in Apple's App Store, said it could take fewer than two weeks for Kennedy or some other smart hacker to get around the new lock. Once they're in, they could gain access to the cornucopia of data typically stored on a user's iPhone and might potentially be able to buy goods from iTunes and Apple's App store. Miller declined to comment on the hacking contest or potential security vulnerabilities in the fingerprint reader. To be sure, experts say they know of nothing intrinsically wrong with Apple's fingerprint reader, based on what the company has so far disclosed. Reviewers this week gushed over its ease of use and reliability. The reader's sapphire crystal sensor is embedded in the phone's home button and reviews the fingerprint as a user touches it to verify his or her identity. Data used for verification is encrypted and stored in a secure enclave of the phone's A7 processor chip. No information is sent to any remote servers, including Apple's iCloud system. HD Moore, a hacking expert and chief researcher with the security software maker Rapid7, said such protections mean "the bar is a little bit higher," but that certainly won't discourage hackers from trying to break the new technology. "This is definitely something to target and something people will want to go after," he said. NOTHING PERSONAL Apple shouldn't take hackers' enthusiasm personally. All major electronics products are subjected to similar scrutiny as new features are rolled out, including devices from Google Inc, Microsoft Corp and Samsung Electronics Co. For example, in 2012, Charlie Miller led a team that demonstrated techniques for taking over smartphones running Google's Android software through their use of near-field communications, or NFC, a wireless technology used for sharing data or making purchases at point-of-sales terminals. Bugs are often disclosed by "white hats," hackers who unearth flaws and report them so manufacturers can repair them, preventing criminal exploitation. The hope is the good guys find them before "black hats" uncover them. White hats have found multiple security issues with iPhones, iPads and in the App store since Apple launched its first smartphone in 2007. They say that scrutiny has helped make it one of the most secure devices on the market today. Apple executives said at last week's iPhone launch that the new fingerprint reader, dubbed Touch ID, will help make phones far more secure by dint of its ease of use. About half of all smartphone users don't bother to use current screen-locking technology because of the inconvenience of keying in multiple-digit passwords. Apple is betting users may be far more willing to avail themselves of a solution that requires a single finger-swipe. "The technology within Touch ID is some of the most advanced hardware and software we put in any device," Dan Riccio, senior vice president of hardware engineering, said at the event. Kennedy said he needs to examine the new iPhone to figure out how to best attempt an attack. He said his choices include hacking the software that analyzes the fingerprint data, or physically opening up the phone and connecting it to a custom-built device that would impersonate Apple's fingerprint reader. He added that it might be possible to lift a user's fingerprint from elsewhere on the device and somehow make a clone of it. Rich Mogul, an analyst with the security research firm Securosis, said he planned to use it and expects it to be widely adopted despite the fact that hackers are circling. "Nobody has gotten their hands on it to see what the weaknesses are and how easy it is to crack," Mogul said. "We'll have to wait to see." (Editing by Edwin Chan, Andrew Hay, Cynthia Osterman and Kenneth Barry)

2013-09-19 22:33:49+00:00

{"Bitcoin": [359]}

{}

Hackers offered cash, booze to crack iPhone fingerprint security

https://finance.yahoo.com/news/hackers-eager-crack-fingerprint-scanner-193649600.html

Reuters

http://www.reuters.com/

By Jim Finkle BOSTON (Reuters) - Hackers are gearing up for Friday's iPhone 5S release with a contest to crack the device's first-ever fingerprint scanner, a high-tech feature that Apple Inc says makes users' data more secure. A micro venture capital firm joined a group of security researchers to offer more than $13,000 in cash along with bottles of booze, Bitcoin currency, books and other goodies to the first hacker who breaks the device in a contest promoted on the website http://istouchidhackedyet.com/. Arturas Rosenbacher, founding partner of Chicago's IO Capital, which donated $10,000 to the hacking competition, said that the effort will bring together some of the hacking community's smartest minds to help Apple identify bugs that it may have missed. "This is to fix a problem before it becomes a problem," he said. "This will make things safer." Meanwhile, Forbes.com reported that a 36-year-old soldier living in Spain's Canary Islands, Jose Rodriguez, has already uncovered a security vulnerability affecting iOS 7, which Apple began distributing to existing iPhone and iPad customers on Wednesday. The publication said that it is possible to bypass the lock screen of those devices in seconds to access photos, email, Twitter and other applications. It included a video demonstration on its website and advice on how users could thwart the bypass technique: http://onforb.es/16IU6Y3 Apple spokeswoman Trudy Muller told Reuters that the company was preparing a fix that it would deliver as an update to iOS 7 when it was ready. "Apple takes user security very seriously," she said. Among those getting ready for the hacking contest is David Kennedy, a former U.S. Marine Corps cyber-intelligence analyst who did two tours in Iraq and now runs his own consulting firm, TrustedSec LLC. "I am just waiting to get my hands on it to figure out how to get around it first," the founder of the DerbyCon hacking conference told the Thomson Reuters Global Markets Forum this week. "I'll be up all night trying." Story continues WHY WORRY? Security experts worry about the implications of using the module to grant access to sensitive data on the phone and potentially enabling mobile purchases. The fingerprint scanner on the top-of-the-line iPhone lets users unlock their devices or make purchases on iTunes by simply pressing their finger on the home button. It has been hailed as a major step in popularizing the use of biometrics in personal electronics. Security engineer Charlie Miller, known in hacking circles for uncovering major bugs in the iPhone as well as circumventing security in Apple's App Store, said it could take fewer than two weeks for Kennedy or some other smart hacker to get around the new lock. Once they're in, they could gain access to the cornucopia of data typically stored on a user's iPhone and might potentially be able to buy goods from iTunes and Apple's App store. Miller declined to comment on the hacking contest or potential security vulnerabilities in the fingerprint reader. To be sure, experts say they know of nothing intrinsically wrong with Apple's fingerprint reader, based on what the company has so far disclosed. Reviewers this week gushed over its ease of use and reliability. The reader's sapphire crystal sensor is embedded in the phone's home button and reviews the fingerprint as a user touches it to verify his or her identity. Data used for verification is encrypted and stored in a secure enclave of the phone's A7 processor chip. No information is sent to any remote servers, including Apple's iCloud system. HD Moore, a hacking expert and chief researcher with the security software maker Rapid7, said such protections mean "the bar is a little bit higher," but that certainly won't discourage hackers from trying to break the new technology. "This is definitely something to target and something people will want to go after," he said. NOTHING PERSONAL Apple shouldn't take hackers' enthusiasm personally. All major electronics products are subjected to similar scrutiny as new features are rolled out, including devices from Google Inc, Microsoft Corp and Samsung Electronics Co. For example, in 2012, Charlie Miller led a team that demonstrated techniques for taking over smartphones running Google's Android software through their use of near-field communications, or NFC, a wireless technology used for sharing data or making purchases at point-of-sales terminals. Bugs are often disclosed by "white hats," hackers who unearth flaws and report them so manufacturers can repair them, preventing criminal exploitation. The hope is the good guys find them before "black hats" uncover them. White hats have found multiple security issues with iPhones, iPads and in the App store since Apple launched its first smartphone in 2007. They say that scrutiny has helped make it one of the most secure devices on the market today. Apple executives said at last week's iPhone launch that the new fingerprint reader, dubbed Touch ID, will help make phones far more secure by dint of its ease of use. About half of all smartphone users don't bother to use current screen-locking technology because of the inconvenience of keying in multiple-digit passwords. Apple is betting users may be far more willing to avail themselves of a solution that requires a single finger-swipe. "The technology within Touch ID is some of the most advanced hardware and software we put in any device," Dan Riccio, senior vice president of hardware engineering, said at the event. Kennedy said he needs to examine the new iPhone to figure out how to best attempt an attack. He said his choices include hacking the software that analyzes the fingerprint data, or physically opening up the phone and connecting it to a custom-built device that would impersonate Apple's fingerprint reader. He added that it might be possible to lift a user's fingerprint from elsewhere on the device and somehow make a clone of it. Rich Mogul, an analyst with the security research firm Securosis, said he planned to use it and expects it to be widely adopted despite the fact that hackers are circling. "Nobody has gotten their hands on it to see what the weaknesses are and how easy it is to crack," Mogul said. "We'll have to wait to see." (Editing by Edwin Chan, Andrew Hay, Cynthia Osterman and Kenneth Barry)

2013-09-19 22:57:06+00:00

{"Bitcoin": [370]}

{}

Hackers offered cash, booze to crack iPhone fingerprint security

https://finance.yahoo.com/news/hackers-eager-crack-fingerprint-scanner-202715697.html

Reuters

https://www.reuters.com/

By Jim Finkle BOSTON (Reuters) - Hackers are gearing up for Friday's iPhone 5S release with a contest to crack the device's first-ever fingerprint scanner, a high-tech feature that Apple Inc (NSQ:AAPL) says makes users' data more secure. A micro venture capital firm joined a group of security researchers to offer more than $13,000 in cash along with bottles of booze, Bitcoin currency, books and other goodies to the first hacker who breaks the device in a contest promoted on the website http://istouchidhackedyet.com/. Arturas Rosenbacher, founding partner of Chicago's IO Capital, which donated $10,000 to the hacking competition, said that the effort will bring together some of the hacking community's smartest minds to help Apple identify bugs that it may have missed. "This is to fix a problem before it becomes a problem," he said. "This will make things safer." Meanwhile, Forbes.com reported that a 36-year-old soldier living in Spain's Canary Islands, Jose Rodriguez, has already uncovered a security vulnerability affecting iOS 7, which Apple began distributing to existing iPhone and iPad customers on Wednesday. The publication said that it is possible to bypass the lock screen of those devices in seconds to access photos, email, Twitter and other applications. It included a video demonstration on its website and advice on how users could thwart the bypass technique: http://onforb.es/16IU6Y3 Apple spokeswoman Trudy Muller told Reuters that the company was preparing a fix that it would deliver as an update to iOS 7 when it was ready. "Apple takes user security very seriously," she said. Among those getting ready for the hacking contest is David Kennedy, a former U.S. Marine Corps cyber-intelligence analyst who did two tours in Iraq and now runs his own consulting firm, TrustedSec LLC. "I am just waiting to get my hands on it to figure out how to get around it first," the founder of the DerbyCon hacking conference told the Thomson Reuters Global Markets Forum this week. "I'll be up all night trying." Story continues WHY WORRY? Security experts worry about the implications of using the module to grant access to sensitive data on the phone and potentially enabling mobile purchases. The fingerprint scanner on the top-of-the-line iPhone lets users unlock their devices or make purchases on iTunes by simply pressing their finger on the home button. It has been hailed as a major step in popularizing the use of biometrics in personal electronics. Security engineer Charlie Miller, known in hacking circles for uncovering major bugs in the iPhone as well as circumventing security in Apple's App Store, said it could take fewer than two weeks for Kennedy or some other smart hacker to get around the new lock. Once they're in, they could gain access to the cornucopia of data typically stored on a user's iPhone and might potentially be able to buy goods from iTunes and Apple's App store. Miller declined to comment on the hacking contest or potential security vulnerabilities in the fingerprint reader. To be sure, experts say they know of nothing intrinsically wrong with Apple's fingerprint reader, based on what the company has so far disclosed. Reviewers this week gushed over its ease of use and reliability. The reader's sapphire crystal sensor is embedded in the phone's home button and reviews the fingerprint as a user touches it to verify his or her identity. Data used for verification is encrypted and stored in a secure enclave of the phone's A7 processor chip. No information is sent to any remote servers, including Apple's iCloud system. HD Moore, a hacking expert and chief researcher with the security software maker Rapid7, said such protections mean "the bar is a little bit higher," but that certainly won't discourage hackers from trying to break the new technology. "This is definitely something to target and something people will want to go after," he said. NOTHING PERSONAL Apple shouldn't take hackers' enthusiasm personally. All major electronics products are subjected to similar scrutiny as new features are rolled out, including devices from Google Inc (NSQ:GOOG), Microsoft Corp (NSQ:MSFT) and Samsung Electronics Co . For example, in 2012, Charlie Miller led a team that demonstrated techniques for taking over smartphones running Google's Android software through their use of near-field communications, or NFC, a wireless technology used for sharing data or making purchases at point-of-sales terminals. Bugs are often disclosed by "white hats," hackers who unearth flaws and report them so manufacturers can repair them, preventing criminal exploitation. The hope is the good guys find them before "black hats" uncover them. White hats have found multiple security issues with iPhones, iPads and in the App store since Apple launched its first smartphone in 2007. They say that scrutiny has helped make it one of the most secure devices on the market today. Apple executives said at last week's iPhone launch that the new fingerprint reader, dubbed Touch ID, will help make phones far more secure by dint of its ease of use. About half of all smartphone users don't bother to use current screen-locking technology because of the inconvenience of keying in multiple-digit passwords. Apple is betting users may be far more willing to avail themselves of a solution that requires a single finger-swipe. "The technology within Touch ID is some of the most advanced hardware and software we put in any device," Dan Riccio, senior vice president of hardware engineering, said at the event. Kennedy said he needs to examine the new iPhone to figure out how to best attempt an attack. He said his choices include hacking the software that analyzes the fingerprint data, or physically opening up the phone and connecting it to a custom-built device that would impersonate Apple's fingerprint reader. He added that it might be possible to lift a user's fingerprint from elsewhere on the device and somehow make a clone of it. Rich Mogul, an analyst with the security research firm Securosis, said he planned to use it and expects it to be widely adopted despite the fact that hackers are circling. "Nobody has gotten their hands on it to see what the weaknesses are and how easy it is to crack," Mogul said. "We'll have to wait to see." (Editing by Edwin Chan, Andrew Hay, Cynthia Osterman and Kenneth Barry)

2013-09-20 03:40:02+00:00

{"Bitcoin": [359]}

{}

Hackers offered cash, booze to crack iPhone fingerprint security

https://finance.yahoo.com/news/hackers-offered-cash-booze-crack-034002810.html

Reuters

https://www.reuters.com/

By Jim Finkle BOSTON (Reuters) - Hackers are gearing up for Friday's iPhone 5S release with a contest to crack the device's first-ever fingerprint scanner, a high-tech feature that Apple Inc says makes users' data more secure. A micro venture capital firm joined a group of security researchers to offer more than $13,000 in cash along with bottles of booze, Bitcoin currency, books and other goodies to the first hacker who breaks the device in a contest promoted on the website http://istouchidhackedyet.com/. Arturas Rosenbacher, founding partner of Chicago's IO Capital, which donated $10,000 to the hacking competition, said that the effort will bring together some of the hacking community's smartest minds to help Apple identify bugs that it may have missed. "This is to fix a problem before it becomes a problem," he said. "This will make things safer." Meanwhile, Forbes.com reported that a 36-year-old soldier living in Spain's Canary Islands, Jose Rodriguez, has already uncovered a security vulnerability affecting iOS 7, which Apple began distributing to existing iPhone and iPad customers on Wednesday. The publication said that it is possible to bypass the lock screen of those devices in seconds to access photos, email, Twitter and other applications. It included a video demonstration on its website and advice on how users could thwart the bypass technique: http://onforb.es/16IU6Y3 Apple spokeswoman Trudy Muller told Reuters that the company was preparing a fix that it would deliver as an update to iOS 7 when it was ready. "Apple takes user security very seriously," she said. Among those getting ready for the hacking contest is David Kennedy, a former U.S. Marine Corps cyber-intelligence analyst who did two tours in Iraq and now runs his own consulting firm, TrustedSec LLC. "I am just waiting to get my hands on it to figure out how to get around it first," the founder of the DerbyCon hacking conference told the Thomson Reuters Global Markets Forum this week. "I'll be up all night trying." Story continues WHY WORRY? Security experts worry about the implications of using the module to grant access to sensitive data on the phone and potentially enabling mobile purchases. The fingerprint scanner on the top-of-the-line iPhone lets users unlock their devices or make purchases on iTunes by simply pressing their finger on the home button. It has been hailed as a major step in popularizing the use of biometrics in personal electronics. Security engineer Charlie Miller, known in hacking circles for uncovering major bugs in the iPhone as well as circumventing security in Apple's App Store, said it could take fewer than two weeks for Kennedy or some other smart hacker to get around the new lock. Once they're in, they could gain access to the cornucopia of data typically stored on a user's iPhone and might potentially be able to buy goods from iTunes and Apple's App store. Miller declined to comment on the hacking contest or potential security vulnerabilities in the fingerprint reader. To be sure, experts say they know of nothing intrinsically wrong with Apple's fingerprint reader, based on what the company has so far disclosed. Reviewers this week gushed over its ease of use and reliability. The reader's sapphire crystal sensor is embedded in the phone's home button and reviews the fingerprint as a user touches it to verify his or her identity. Data used for verification is encrypted and stored in a secure enclave of the phone's A7 processor chip. No information is sent to any remote servers, including Apple's iCloud system. HD Moore, a hacking expert and chief researcher with the security software maker Rapid7, said such protections mean "the bar is a little bit higher," but that certainly won't discourage hackers from trying to break the new technology. "This is definitely something to target and something people will want to go after," he said. NOTHING PERSONAL Apple shouldn't take hackers' enthusiasm personally. All major electronics products are subjected to similar scrutiny as new features are rolled out, including devices from Google Inc, Microsoft Corp and Samsung Electronics Co. For example, in 2012, Charlie Miller led a team that demonstrated techniques for taking over smartphones running Google's Android software through their use of near-field communications, or NFC, a wireless technology used for sharing data or making purchases at point-of-sales terminals. Bugs are often disclosed by "white hats," hackers who unearth flaws and report them so manufacturers can repair them, preventing criminal exploitation. The hope is the good guys find them before "black hats" uncover them. White hats have found multiple security issues with iPhones, iPads and in the App store since Apple launched its first smartphone in 2007. They say that scrutiny has helped make it one of the most secure devices on the market today. Apple executives said at last week's iPhone launch that the new fingerprint reader, dubbed Touch ID, will help make phones far more secure by dint of its ease of use. About half of all smartphone users don't bother to use current screen-locking technology because of the inconvenience of keying in multiple-digit passwords. Apple is betting users may be far more willing to avail themselves of a solution that requires a single finger-swipe. "The technology within Touch ID is some of the most advanced hardware and software we put in any device," Dan Riccio, senior vice president of hardware engineering, said at the event. Kennedy said he needs to examine the new iPhone to figure out how to best attempt an attack. He said his choices include hacking the software that analyzes the fingerprint data, or physically opening up the phone and connecting it to a custom-built device that would impersonate Apple's fingerprint reader. He added that it might be possible to lift a user's fingerprint from elsewhere on the device and somehow make a clone of it. Rich Mogul, an analyst with the security research firm Securosis, said he planned to use it and expects it to be widely adopted despite the fact that hackers are circling. "Nobody has gotten their hands on it to see what the weaknesses are and how easy it is to crack," Mogul said. "We'll have to wait to see." (Editing by Edwin Chan, Andrew Hay, Cynthia Osterman and Kenneth Barry)