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Bitcoin Was Created By DARPA

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Alternate Currencies
 
Source: http://www.theguardian.com/technology/2013/nov/28/bitcoin-alternatives-future-currency-investments
 
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Bitcoin’s recent meteoric rise in value to over $1,000 has shone the spotlight on alternative currencies, but bitcoin is not the only new digital currency vying for relevancy in 2013.

Like bitcoins most of these currencies are mined by computers solving hard mathematical problems. The "coins" do not exist physically, of course, as the currencies are virtual existing only as computer files.

As they are based on peer-to-peer protocols, no one computer controls the currencies, but networks keep track of all transactions made using these digital currencies, but they do not know what the coins were actually used for – just the ID of the computer "wallet" they move from and to.

Here are nine alternatives to think about before putting your time, effort and money into bitcoin.
-sniip-

 

 

Emerging Currency

FT reports:
http://www.ft.com/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#ixzz2mA2rRxYo
 
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The founder of one of the earliest virtual currencies has re-emerged with a rival to Bitcoin, more than five years after his first venture, e-gold, was shut down by the US Department of Justice. Douglas Jackson is consulting for a membership organisation called Coeptis that hopes to launch a new version of his gold-backed currency. The aim is to lure many of the people who have been attracted to Bitcoin and other virtual currencies this year. Coeptis’s “global standard currency” would be fully backed by reserves of gold, held in a trust, in effect turning the precious metal into a medium of exchange.
 
We believe we will have better anti-money laundering procedures than any other virtual currency business and that we will compare well with the banking industry,” Mr Cunningham said.
 
The membership organisation’s name comes from the phrase annuit coeptis, meaning “he has favoured our undertakings”, which appears on US banknotes.
-ssnip-
 

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So, lots of other ways to see your monies evaporate than through bursting the BitCoin bubble. :rolleyes:
 

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Alderney looks to cash in on virtual Bitcoins with Royal Mint reality

The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency.

The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents seen by the Financial Times.

It wants to launch itself as the first international centre for Bitcoin transactions by setting up a cluster of services that are compliant with anti-money laundering rules, including exchanges, payment services and a Bitcoin storage vault.

The special Bitcoin would be part of the Royal Mint’s commemorative collection, which includes limited edition coins and stamps that are normally bought by collectors. It would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse.

http://www.ft.com/cms/s/0/4903fc9a-591f-11e3-a7cb-00144feabdc0.html#axzz2m92X6V48

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As Bitcoin surges, Canadian banks make converting to cash difficult



Most of Canada’s so-called ‘Big 6′ banks – made up of RBC, TD, BMO, CIBC, Scotiabank and National Bank – have frozen or shut down accounts owned by the handful of Canadian companies who trade the digital currency and convert it to cash for customers.

Since late spring when the currency first spiked to $230, “anything that interfaces with the bank has been having problems,” a source at one Canadian Bitcoin brokerage said Thursday.

Accounts owned by the brokerage have been frozen and shut down, and it’s not alone. Reports indicate that RBC and TD have closed accounts owned by more than one domestic Bitcoin business.



http://globalnews.ca/news/996853/as-bitcoin-surges-canadian-banks-make-converting-to-cash-difficult/

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How to Create Your Own Currency

 

Source: http://www.forbes.com/sites/reuvencohen/2013/11/29/bitcoin-mania-how-to-create-your-very-own-crypto-currency-for-free/

 

Provided as a free software library, the Open-Transactions platform is a collection of financial cryptography components used for implementing cryptographically secure financial transactions. Link to open transactions.

 

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BitCoin is most definitely a boiling bubble. I wonder who's driving the hype, or writing the code.

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You may have just given a toolbar permission to mine Bitcoins from your computer

You know those third-party toolbars and proxies you download? They may be silently using you to mine Bitcoins, and you may have actually agreed to it.

These add-ons and browser plug-ins are sometimes called PUPS, or potentially unwanted programs. They can serve a purpose, such as a browser toolbar that might help you search for or save content, but these often come with extra unwanted tools that take up space, watch your Internet activities, and try to send you advertising.

Malwarebytes discovered one of these add-ons was actually installing a Bitcoin miner in the background that reinstalled itself when deleted. The weirdest part is that it tried to be above-board with it all, putting a clause in its end-user license agreement (EULA) about the miner.

http://venturebeat.com/2013/12/02/pup-bitcoin-miner/

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Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency.

“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”

http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html

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Fed Chairman Ben S. Bernanke told the Senate committee the U.S. central bank has no plans to regulate the currency.

“Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote to lawmakers.

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UPDATE 2-China bars banks from bitcoin transactions

Dec 5 (Reuters) - China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months.

A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. It did not, however, curtail the use of bitcoin by individuals.

"I think it's measured and it's positive," said Zennon Kapron, of the financial consultancy Kapronasia. "It does add legitimacy to the idea that it could be a nationwide accepted currency."

http://www.reuters.com/article/2013/12/05/china-bitcoin-idUSL4N0JK1KZ20131205

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Someone Bought A Tesla Using Bitcoin

Electronic currency has been used to buy an electric car.

A buyer paid for a Tesla Model S using bitcoins, according to the company blog of Newport Lamborghini in Costa Mesa, CA. We first saw the news on Electrek.

"Lamborghini Newport Beach is proud to announce that we are fully capable of accepting Bitcoin as legal tender for vehicles," the dealership writes. "We are excited to be opening the door to this new currency."

Recently, more companies have started proudly accepting bitcoins, including Richard Branson's Virgin Galactic

http://www.businessinsider.com/tesla-purchased-with-bitcoin-2013-12

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Bitcoin reshaping future of money


Love it or hate it, Bitcoin is here to stay.

Tech gurus, executives and investors lined up at the 'Le Web' conference in Paris Tuesday to predict a bright future for Bitcoin, challenging critics who have emphasized the risks associated with the digital currency.


"I think there is a lot more that is going to happen in the world of money very quickly, and that's because of Bitcoin," said Fred Wilson, a tech investor known for his early bets on Twitter


http://money.cnn.com/2013/12/10/technology/bitcoin-currency-fred-wilson/index.html?sr=fb121113bitcoin11p

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Bitcoin plummets as China's largest exchange blocks new deposits


Digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency


http://www.theguardian.com/technology/2013/dec/18/bitcoin-plummets-china-payment-processors-digital-cryptocurrency

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Who Owns the World’s Biggest Bitcoin Wallet? The FBI


Who owns the single largest Bitcoin wallet on the internet? The U.S. government.

In September, the FBI shut down the Silk Road online drug marketplace, and it started seizing bitcoins belonging to the Dread Pirate Roberts — the operator of the illicit online marketplace, who they say is an American man named Ross Ulbricht.

The seizure sparked an ongoing public discussion about the future of Bitcoin, the world’s most popular digital currency, but it had an unforeseen side-effect: It made the FBI the holder of the world’s biggest Bitcoin wallet.

The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday’s exchange rates. Another address, containing Silk Road funds seized earlier by the FBI, contains nearly 30,000 bitcoins ($20 million).

That doesn’t make the FBI the world’s largest bitcoin holder. This honor is thought to belong to bitcoin’s shadowy inventor Satoshi Nakamoto, who is estimated to have mined 1 million bitcoins in the currency’s early days. His stash is spread across many wallets. But it does put the federal agency ahead of the Cameron and Tyler Winklevoss, who in July said that they’d cornered about 1 percent of all bitcoins (there are 12 million bitcoins in circulation).


http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/?cid=15955134

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Bitcoin recovers after slumping on China bank measures

On Thursday afternoon, Bitcoins were trading at 2,900 yuan ($478) each on China's biggest trading platform BTC China, up more than 40 percent from an intra-day low of 2,011 yuan on Wednesday.

But despite the recovery the Bitcoin price in China lagged well behind those on major global exchanges. Price differences between them are usually small.

Bitcoins were trading at $586 each on Japan's Mt. Gox and being quoted at $549 on UK-based BitStamp, data from their respective websites showed.


http://finance.yahoo.com/news/bitcoin-recovers-slumping-china-bank-measures-075259308.html

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Clif High seems to think that it'll fluctuate from 500-700 and then head up again. Also something about China adopting it as the "People's Global Currency" after their banks go wobbly in early Jan.

 

From what I saw, it retraced almost a perfect fibonacci 62%, in what looks like a textbook Elliott Wave a-b-c corrrection. Hard to tell whether a correction is over though until it is indeed, over though.

 

I bought back when it was $5, so these prices are dreamlike for me. I remember when $100 bought you 18 BTC, and now it won't even buy you 1.

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So, FC, how would you cash out if you wanted to?  Can you?  Just curious..

 

Personally I think Clif High is full of himself and his datamining sca- mmm.. err, 'project.' Have heard enough of his blather on and off for what, 7 years now?  Can't stand his 'show.' He is about as accurate as any channel from that magazine or even the National Weather Service. :P

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When I see something more attractive to trade for them, Jessica. What would I trade them for? Dollars? Dollars are rotting, they've been good at keeping the odor down, but the dollar is in trouble. To trade something that's outside the system for something that's inside the system, sounds a little nutty to me. Perhaps for some more gold or silver. Perhaps I'll buy myself a 2nd passport.

 

Whatever else you can say about bitcoin, it's outside their system and to a large extent - outside their control. No naked shorting for sure. They'll never get that that's why bitcoin has gone from $10 to wherever it is right now. When they screwed depositors in Cyprus, that's when bitcoin took off and never looked back. When they shut down the gubmint in Murica, that was the 2nd stage. And the crises are only going to increase in frequency and get worse from here.

 

Clif High is often wrong, the reason I bought was that I thought it was in a bull market. Still think it is. I like Clif High if for no other reason that he pisses off the assholes who really run things. I figure anything that pisses/scares them off has to be on to something.

 

I suspect one day it'll get into a mania Jessica. I had a front seat during the .com bubble - I got to watch the silliness and the aftermath up close and personal. We're not in a bubble with bitcoin yet. For one thing, a bubble needs people buying on credit, leverage is key. And mood and attitude is also important as well. I don't see the love for bitcoin by the general public yet. Bull markets die with fireworks going off overhead, planes flying in formation, and the band playing something happy.

 

I remember people buying stocks with those credit card checks. Nobody's doing that with bitcoin.

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Agreed, people are not buying BC on credit - but that's because they don't know how to with ease yet. Also the mood and attitude is nowhere near a bullish demeanor, and BC-lovers are still a shunned minority in need of a BC Pride 

 

 

On the death of bull markets I don't think burning skyscrapers count as fireworks, and the flight paths of UA175 and UA93 can hardly be described as anywhere near a formation. On the band playing something happy I dunno.

 

What I do think I know is the inherent falability of ideas on encountering the real, like the concept of money in the first place.

 

BC is an investment and as such without a fixed return, if any. It's neither good nor bad. It's like paying Charon to cross the river Styx.

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