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Showing posts with label Crypto news. Show all posts
Showing posts with label Crypto news. Show all posts

TOP BANKING SOFTWARE VENDOR INFOSYS TO MAKE USE OF THE BITCOIN BLOCK CHAIN

Posted by Unknown Tuesday, April 14, 2015 0 comments
Legitimacy does not flow from the barrel of a gun, from the banking industry, nor from governments, or such is the feeling of the average Bitcoiner. However, it’s nice when the technology behind the world’s first cryptocurrency gets some respect in traditional banking sector.
16-finacle

Top Banking Software Vendor Utilizing Block Chain
Today it was announced that one of the top banking software providers, Infosys, is considering the implementation of the block chain into its core product, Finacle. Finacle is the front-end to bank databases used by employees to manage accounts, open accounts, and so forth.
Last year, the company was rated as having the best online banking suite in terms of customer experience. Presumably, the integration of blockchain technology into the back-end will make the company more efficient, producing faster, more accurate results than traditional database technologies have been able to produce.
There have widely been murmurings throughout the financial world, now that it appears Bitcoin is here to stay, that the real value of the technology is the block chain. Many Bitcoiners feel sullen about such sentiments, believing them to be counterintuitive, since the reward in bitcoins is what promotes the securing of the block chain by the miners.

The BitcoinTalk Forum is Currently Down

Posted by Unknown Friday, January 23, 2015 0 comments
bitcointalk-twitter-updates
The BitcoinTalk forum, pretty much the largest crypto currency discussion website, is currently experiencing some downtime. It seems that the problem this time is caused by hardware failure, unlike the last time back in November last year when the forum was apparently DDoS attacked. Checking the official twitter account for updates reveals information that apparently the problem was caused by hard drive failure and there could be some extended downtime before things are back online. Also there is information that some of the posts made in the last few hours before the website went down might be lost. Hopefully things with BitcoinTalk will be back to normal later today and the forum will resume operation again…

FREE PEY 3D-PRINTED BITCOIN PAYMENT TERMINALS ARE SPREADING ACROSS GERMANY

Posted by Unknown Wednesday, January 14, 2015 0 comments

Entrepreneur, Ricardo Ferrer Rivero has developed a working prototype of a 3D-printedBitcoin payment terminal called PEY. The PEY terminal uses iBeacon technology, so that users who have the PEY app installed on their phone, will receive a push notification informing them that a local retailer accepts Bitcoin payments.

Rivero’s inspiration behind creating PEY was to make it even easier for customers to pay with Bitcoin. With a single swipe from their home screen, the PEY app will load and is ready to complete a transaction. The PEY terminal transmits payment information via NFC, or the user can scan a QR code to complete the transaction quickly and easily. Because the PEY app communicates directly with the PEY terminal, users don’t have to search through apps to find theirBitcoin wallet.


Twelve retailers in Hanover, Germany have already started accepting Bitcoin via PEY including a cafe, supermarket, travel agency, bakery, restaurant, hair salon, and a pub. An additional 38 locations have agreed to start accepting Bitcoin and are expected to receive their own PEY terminals soon. Rivero is delighted that so many retailers have signed up so far and wants to grow to 100 merchants. Currently, merchants have good a reason to sign-up because PEY is giving its terminal and its software away for free.

In regards to charging for its system, Rivero said,


We currently charge no fee, basically because we see ourselves as a hardware company. So we’re giving it to people and trying to learn from it.

The prototype version of the PEY terminal uses an Android phone as its processor, but Rivero hopes to be able to replace this with a Raspberry Pi in the next version, in order to make the technology as widely available as possible. The PEY app is now available in the app store, and more information on the project ca be found on their website.

BITPAY CRASHES BITCOIN PRICE? WHY THE PRICE IS FALLING

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2014 will be the year flooded with the tears of speculators. Falling prices this past year have lead to many theories regarding price. One of the most recent is a rehash of the very old – Any service like BitPaycrashes the bitcoin price.

Founded in 2011, BitPay is the leading payment service provider (PSP) specializing in the peer-to-peer virtual currency Bitcoin. Over the past four years, they have provided merchants the means of accepting bitcoins without the risk of price volatility. BitPay interfaces with merchants like a credit card. From the merchant’s perspective, it’s just another form of payment that deposits cash in their accounts. Each day, BitPay processes over $1m in transactions.

Their slogan “Charge $1, get $1″ attracts thousands of merchants. Some, seeking an increase in profit margins, attracted by low processing fees. Others, seeking new revenue streams, just want to accept a new form of payment. Regardless, BitPay has become more than a middleman and the top PSP at market because they offer services businesses find attractive.

Speculators claim services like BitPay crash the bitcoin price because not all merchants using BitPay keep any bitcoins. Instead, merchants accept payments and immediately cash out their coins to fiat currencies, driving down the price of a bitcoin.
BitPay crashes Bitcoin Price chart
Historically, BitPay has used Black Friday as a metric recognizing Bitcoin’s movement towards mainstream adoption. In 2013, BitPay processed over $6m in transactions in a single day of post-Thanksgiving shopping. As those numbers increase, BitPay becomes more cryptic in the information they reveal.
Last December, BitPay made the announcement on their blog. Bitcoin usage is up, way up. BitPay merchants Gyft and Newegg set records for the number of bitcoin sales last Black Friday. The precious metals dealer, Amagi Metals saw the highest volume of orders for one day. Overall, the value of a single purchase grew 143% over the previous Black Friday.

All these things signal growth. So why do speculators whisper about how services BitPay crashes the bitcoin price? In short, they look at the short-term effect of large vendors accepting bitcoins but they fail to look at the bigger picture.

BitPay Crashes Bitcoin Price? Nah, Insufficient Volume

Volume matters because the speculation claims that BitPay services provide an easy means to move the value out of the Bitcoin economy in exchange for fiat. Two years ago, holders could not spend their coins so easily. Now that merchant adoption has hit all-time highs it has never been easier to spend your bitcoins. It’s just simple economics after that. Demand is the same, but the supply has increased – the price crashes.
BitPay claims to process over $1m of bitcoin transactions daily. Data provided by Bitcoinity can help gauge where BitPay lies among exchanges.
BitPay Crashes Bitcoin Price Bitcoinity
To process $1m in transactions BitPay must process 3,334 BTC a day. At a price of $300 a bitcoin, their volume is just above Kraken or ~1%. Furthermore, BitPay announced 4,400 of their 44,000merchants hold bitcoin exclusively. 18,000 more keep a mix of fiat and bitcoin while the remaining 22,000 cash out directly to fiat.
Hypothetically, let’s assume 80% of all bitcoins spent through BitPay get sold immediately. The merchants reinvest the profits back into fiat-based services instead of Bitcoin. The value has fully left the Bitcoin economy. Well, that’s still only 2,600 Bitcoin, or $760,000 fiat, each day.
The price of a bitcoin is falling because more holders are willing to sell bitcoins than buyers are willing to pay. Sorry if that was not the giant surprise, conspiracy, or thriller you expected.
By virtue of mining, Bitcoin is ‘printing’ 3600 new coins each day. Very little evidence exists to support the claim that services like BitPay crash the bitcoin price. The same could be said of miners immediately cashing out new coins to pay the overhead and costs of their equipment.

The price of a bitcoin is falling because more holders are willing to sell bitcoins than buyers are willing to pay. Sorry, if that was not the giant surprise, conspiracy, or thriller you expected. Sometimes it’s just the month after the holiday season and everyone already spent their money on, gasp, the holidays.

BitPay Good, Fiat Evil

BitPay is not the cause of the price crash. Services like BitPay are a contributor to Bitcoin’s price, not a detractor. During early adoption phases, it’s typical for a business to operate at a loss. Venture capital funding keeps the organization running while they build up a base of users. BitPay is no different. They are building a bridge to greater adoption and the future where 22,000 merchants cashing out to fiat will sound absurd.

CEX.IO Temporarily Suspends Cloud Mining Services

Posted by Unknown 0 comments
cex-io-homepage


CEX.IO has just announced that they are temporarily suspending their Bitcoin cloud mining services at the time of the next difficulty increase. We can’t say we are surprised by that news coming from CEX.IO as the company already had quite high maintenance fees, apparently due to the use of older mining hardware that is not so power efficient anymore. We just did not expect to see one of the largest cloud mining service provider to temporary stop their cloud services due to mining not being profitable anymore, so the platform will continue to operate as a crypto currency exchange. Below is a quote of the official information that they have published on their blog:


Taking into consideration our users’ interests, the recent Bitcoin price drop, as well as the upscaling of the mining difficulty, CEX.IO Bitcoin Exchange would like to announce a temporary suspension of cloud mining services provided by the platform at the time of the next difficulty increase.

According to the 11.5. paragraph of CEX.IO Terms of Use:
“Mining with using User’s Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient.”

Thereby, all GHS formerly purchased by CEX.IO users remain their absolute property, with appropriate figures reflected in users’ profile balance. Additionally users will be able to manually enable mining with Gigahashes by their own choice.

“Suspension of CEX.IO cloud mining service is only a forced temporary measure, the result of cloud mining costs exceeding mining profit,” Jeffrey Smith, Chief Information Officer of CEX.IO. “Currently all cloud mining/maintenance costs are directed to the Hardware provider, hence, we are open for negotiations with additional mining hardware providers, who can offer favourable terms. And, as soon as we get an opportunity to upgrade mining hardware, or come to more efficient terms with energy suppliers, cloud mining process will be automatically resumed.”

Meanwhile, CEX.IO will continue operating as full service exchange platform for trading cryptocurrencies and fiat money.

Bitcoin Going Up or Down, Nobody Knows for Sure

Posted by Unknown 0 comments
bitcoin-going-up-or-down
Today the Bitcoin exchange rate briefly dropped down to about $150 USD on Bitstamp, though shortly after that it rose back to over $200 USD. This was enough to scare some people to panic sell as usual and has sprouted new theories about the cryto currency failing or dropping down to sub $100 USD and so on. The fact is that lately the Bitcoin exchange rate was actively swinging with big jumps up or down and nobody knows for sure what is going to happen. This could be a result of the recently hacked Bitstamp

CAMBODIAN FREE SCHOOL RAISES DOGECOINS

Posted by Unknown Sunday, January 11, 2015 0 comments
Dogeraiser
Back in June, the Cambodian English School of Higher Education raised funds in an effort to provide uniforms for its students.

Charity in the Face of Such Theft

“This week I have been fundraising online, but I wasn’t asking for dollars, euros or pounds; I was asking for dogecoin, an online crypto currency that is often referred to as ‘the money of the internet,’” software developer and school volunteer Daniel Dawson, a native of Queensland, Australia, wrote ina blog post at the time. The fundraiser was successful in spite of the controversy going on around the Moolah exchange. “Well after the Moolah incident, /r/dogecoin participation has been greatly reduced,” said Dawson in an IRC interview with CCN.” He says he had previously raised $500 in Doge for a toilet block and that that fundraiser was monumentally, quickly successful in comparison.

The Mechanics of Fundraising with Cryptocoins

Funds were raised in three ways: Dogeraiser.com, Reddit tips, and through the legendary tipping frenzy that is the official Dogecoin IRC channel. At the time, Dogecoin was trading at roughly the same price it is now, around 60 Satoshi each, or about 1000 Doge for about 20 cents. The goal for the t-shirts was thus 12 million Dogecoins. As you can see from the below photo, the t-shirts were recently purchased.
Dawson says that most of the kids that attend the free school live on about $40 per month. The school has about 12 laptops which they use to teach the kids valuable skills like word processing and the basics of using a computer – skills which, he says, they would not be able to acquire otherwise. This offers these children a way out of their circumstances because they will have skills that many others in the marketplace simply will not. The advantages of learning English from a native speaker and knowing how to run a computer add up to making them more desirable employees.

What’s in Store

As to future fundraising plans for the school, it’s a matter of priorities. Uniforms are nice and more computer equipment wouldn’t be a bad thing, but without better buildings in which to secure that equipment it would be a waste, and without the security of owning the land the school sits on, all efforts could be in vain. At any time, says Dawson, the owner of the land could severely worsen the school’s prospects in favor of a higher paying tenant or sale of the land.
In answer to your question about the most important thing – I think the first thing would be to buy the land rather than lease it. We have had headache and worry about losing the school as the lease goes to someone else . Basically we are renting the land, and the leasor could turn around and either up the price or lease to someone else.

Dream Goal: Ð195 Million

The land could be purchased for about 195 million Dogecoins or 112 BTC or $40,000 USD, which is one of the two primary currencies used in the region. In fact, as depicted below, the shirts were purchased for $300 US Dollars, which Dawson says he converted in the usual way and withdrew through an ATM like he would a normal transaction. The prospect of getting Cryptocurrencies accepted at local businesses in the region is ways off, but not inconceivable, he feels.
The Riel and the US Dollar are the two primary currencies used in the region of Camboida where the school is located.
The Riel and the US Dollar are the two primary currencies used in the region of Camboida where the school is located.
This is a very small amount for land to those of us in the Western world and at first glance might seem unbelievable. But given that most people in the area earn less than $50 per month, this price is a fortune, and local efforts might never prevail. Interested people can contribute in a small way on the organizations website by purchasing 1 square meter of the land for $20. The site recently started accepting Cryptocurrency donations through CoinPayments.net, a processor that accepts a multitude of coins including Megacoin, HTML5,Feathercoin, and Reddcoin.
The effort has instilled an interest in digital money in the kids at the school, says Dawson. When asked if he believed it empowered them with the idea that their money would be equally as valuable as someone else’s money somewhere far away, he said yes and added,
Most of them earn about $40 a month, so $2 for about an hour’s work isn’t bad.
Do you think Cryptocurrencies can be used as a force for good in the world? Comment below!

THE FIRST BITCOIN-ONLY PORN WEBSITE

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SexySaffronBacchus Entertainment, produced by Saffron and Dennis Bacchus, who love to make high-quality niche fetish porn, is according to its creators the world’s first Bitcoin-only porn membership site.

“We started our porn making adventure on January 1st 2014, and have been living the dream ever since! We want to bring our unique perspectives to porn. To us, good porn is sensual, creative, classy, entertaining and high quality, so that’s what we try to offer with our work! We love exploring new fetishes and experimenting with new ways to capture them for the enjoyment of our audience. We also love film making and photography and use a Canon Vixia HF G30 Hd Camcorder and a Canon Rebel T3i; we strive to make the highest quality porn possible!”
Membership, which costs $10 a month with discounts for 6-months and 1-year advance payments, permits accessing the large and growing collection of porn material available for streaming and download. Bacchus Entertainment also offers custom videos and sex-shop items.
Membership can be purchased only with Bitcoin, which is also accepted for custom videos and other products and services. Saffron and Dennis give three very sensible reasons for that:
  • Bitcoin allows us to keep the membership price low as there are no merchant fees!
  • Bitcoin allows us to stop censoring our videos to please credit card companies’ moral policies.
  • Bitcoin is fast and secure – and it won’t show up on your credit card bill!
The third reason makes special sense to users afraid that their partner may discover their hobby. Today, a large and growing part of porn videos are bought with Bitcoin. The porn industry has been an early adopter of new communication technologies such as online video and virtual reality, and now it’s an early adopter of blockchain fintech.
Saffron announced the new website on Reddit a few hours ago and replied to questions and comments.
“I really hope that the industry starts to catch on to the freedom that is bitcoin, it could be huge! We’ve had so many issues with banks and payment processors just because what we do is a little too taboo for some people, so bitcoin really changed everything for us! The problem is that the credit card companies don’t allow for a lot of the types of videos I like to make, like intoxication, taboo, bondage, etc. When I first signed up with my credit card processor they went through my whole catalog and flagged half my clips for being inappropriate according to their imaginary guidelines, so I just had to take my store down. Now, I can post up anything I want, anything my fans want, and no one can say anything or stop a payment from going through!”

MANHATTAN COMMUNITY BOARD BLOCKS BITCOIN BLOCK PARTY

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hiphopshowThe Manhattan Community Board No. 2 (which covers the Greenwich Village, SoHo, NoHo, Chinatown and Little Italy area) unanimously refused permits for the Bitcoin Block Party, otherwise known as the “Decentralized Hip Hop Skateboard Block Party.”
The block party, being planned for this Spring, is a coming together of the GMT Tavern, a bar and restaurant in the Village, and Cut Rush Creative Labs, a production company based in Brooklyn that supports the development of cryptocurrencies.  It will be free and open to the public with many vendors, merchants and cryptocurrency developers to walk about.A

Why Refuse Permits to this Block Party?

On page 20 of the October 4, 2014 meeting’s minutes, released earlier this week, the board details what they consider reasons why they should refuse the block party.
a. this event is proposed by a loose group of individuals who are supporters of decentralized currencies like Bitcoin to promote its use, and who are not a formal organization registered as a non-profit with either the State of New York or the IRS, and who primarily live in Brooklyn and have no “indigenous relationship” with this area[…]
This first reason is interesting because it brings up some kind of standard for ‘indigenous relationship with the area;” however, earlier that Autumn, they had sponsored a Bleecker St. event with ‘Teen Vogue,’ with many fashion retailers who may have offices in New York City, but not in the area under CB No. 2’s jurisdiction.
b. the involvement of GMT, a bar/restaurant at 142 Bleecker St is nothing more than a matter of convenience, and neither it nor any other business or resident in the area has an active role in planning or managing this event […]
Again, in consideration for past events, merchants and retailers have not necessarily had to have a direct hand in the event, be they food stands or street vendors.
c. the committee can see no way in which this event is meaningfully tied to this community and is adamantly opposed to its occurrence in CB2, which is already chock-a-block with street closings throughout the year, and is particularly opposed to any further events closing Bleecker St. given its role as a primary east/west route through the West and Central Village,
THEREFORE BE IT RESOLVED that CB#2, Man. STRONGLY recommends DENIAL of this event on Bleecker St bet. Thompson St. & LaGuardia Pl.
Vote: Unanimous, with 37 Board members in favor
It is obvious that these decisions seem to be very hypocritical. Especially considering that final point, we will have to see if Community Board No. 2 will maintain their own informal policy on opposing “any further events closing Bleecker St.”

Looking Forward

Events like this Bitcoin block party are going to be crucial in growing the consumer and large-scale basis of the crypto-community. And yet, this is another example of how the crypto-community has not yet reached a very high level of legitimacy in the eyes of the public nor the discretion of the government.
With the State of New York’s Department of Financial Services still mulling over their approach to the BitLicense (even as Superintendent Benjamin Lawsky considers stepping down) and public policy on the matter being debated on the state and national level in the US and around the world, 2015 will a year for huge growth both in development and public opinion.

MEGA PORN SITE XHAMSTER AND MANY OTHER TOP 100 WEBSITES ACCEPT BITCOIN

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xHamsterMega porn site xHamster has not only accepted Bitcoin as a prime way to receive online payments, but is very happy with the results and is looking to expand services with the leading digital currency. Over the last six months, xHamster and many others have joined Bitcoin as a new way to pay online going forward.
It is now time to look at how Bitcoin has influenced the top 100 websites worldwide, who uses them and how.

Top 100 Websites Using Bitcoin

Many sites that use Bitcoin are in the world’s Top 100 Alexa list (according to Alexa ranking at the time of writing):
1. Google, which actively tracks Bitcoin USD price at the top of the page when you search Bitcoin.
4. Yahoo, which tracks Bitcoin USD price in their Yahoo Finance section.
7. Wikipedia, which has accepted Bitcoin donations last summer.
19. eBay, which is using PayPal to test Bitcoin applications before they join in the future
32. Reddit is not only a merchant that accepts Bitcoin but has one of the most active Bitcoin forums online.
34. WordPress, which has been one of the longest merchant partners of Bitcoin since November of 2012. Plus, now they have many plug-ins to help member WordPress sites accept Bitcoin as well.
39. PayPal has recently accepted Bitcoin as we covered last fall.
48. Microsoft, the largest company ever to accept Bitcoin, was brought into the fold last month to close 2014. This makes seven of the top 50 websites worldwide as Bitcoin acceptors or partners in principle. (eBay is not counted among them.)
64. xHamster is the second largest porn website after XVideos based on online traffic volume, and has accepted Bitcoin since last summer.
76. ESPN integrates Bitcoin not through payments, but as a major sponsor with a three-year college football bowl endorsement deal. “Bitcoin Bowl” winning teams can accept their winning prize share in Bitcoins.
99. Wikia.com, which is a derivative of Wikipedia-Wikimedia, making the running total ten out of the Top 100 worldwide websites.
This does not include the fifteen Google non-English derivatives that also populate the Top 100 websites worldwide, which would make twenty-five active Bitcoin participants in the Top 100. In the United Sates alone, Bitcoin has working partnerships with five of the Top 20 websites (Google, Wikipedia, Reddit, ESPN, PayPal).
As we’ve all seen in practice, with greater adoption and use, Bitcoin’s USD price has been driven down consistently over the past year. Merchants accept Bitcoin, convert Bitcoin into dollars, many times at the end of the day’s business, and this brings the overall Bitcoin USD price down. As I’ve gone over previously, Bitcoin’s USD price is of little importance at this time. Adoption and social integration are what matters most, and Bitcoin has done a fine job of becoming more integrated into mainstream online use. And Bitcoin transaction volume is increasing consistently, year after year, another sign of its growing strength worldwide, and underscoring the insignificance the US Dollar price has in Bitcoin’s overall value.
Bitcoin payments and online business go perfectly together, especially if payment privacy is of higher importance to users (xHamster) or tight profit margins require a more efficient payment model (Overstock.com or TigerDirect).
Images from xHamster and Shutterstock

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