BANKING BILLIONAIRE FEARS FUTURE OF BITCOIN VS. BANKS

admin Banking, Bitcoin, Bitcoin Lending / Loans, Bitcoin News, Bitcoin Politics, Featured, Opinion, P2P Lending, Technology, The History Of Money 0 Comments

Imagine life as a the patriarchal head of a fiat currency banking empire. Life is good, with the ability to create fiat currency out of thin air, thanks to fractional reserve banking practices which effectively legalizes counterfeiting money. You compare notes with other billionaires. Your donations and campaign influence have politicians wrapped around your finger when it is time regulate new competitors or new technologies. With effective control of politicians, regulators, and consumers sending you multiple streams of income, life couldn’t be better. With one exception. What if there was something, like Bitcoin, which the establishment’s bankers couldn’t wish into the corn fields? Controlling politicians, regulators, the general public, and national economies is pretty sweet, but can all that power protect you from new technologies? What if people had an option where they didn’t have to cut the banks in on every loan, transaction, or new economic measure passed through government? What if people start to figure out you don’t need a bank to live a prosperous life? What if a new technology removed the banks from the equation, leaving people to manage their own money, without a corporate middleman with their hand in your pocket? If you were a …

How Bitcoin Empowers Global Peer-to-Peer Lender BTCJam

admin Banking, Bit Resources, Bitcoin 2.0, Bitcoin Crowdfunding, Bitcoin Entrepreneur, Bitcoin Lending / Loans, Bitcoin News, Bitcoin Startups, Loans & Lending, P2P Lending, Peer-to-Peer 0 Comments

San Francisco-based startup BTCJam is taking peer-to-peer lending to a global audience, and is using bitcoin to achieve its vision. Bypassing the restrictions of fiat currencies, the company says, allows any individual in the world to receive a loan via its platform. While traditional wire transfers are costly and not always easy to set up, bitcoin allows approved BTCJam borrowers to receive funds almost instantly, wherever they may live and whether or not they have a bank account. Celso Pitta, the company’s CEO, told CoinDesk: “We are a global lending platform. We use bitcoin as a payment method to enable international, cross-border lending.” BTCJam CEO Celso Pitta talking about his startup at CoinSummit. Source: CoinSummit From banker to bitcoin entrepreneur Pitta, who hails from Brazil, had prior experience in the finance industry before starting BTCJam: “I worked for Citibank. Knowing banking from the inside, I knew that I could do better: a peer-to-peer lending website.” However, Pitta reached his first stumbling block when he discovered the penalty for starting an unlicensed money-lending service in Brazil. “I noticed that if you do [lending] in Brazil, you will go to jail for 10 years,” he said. As absurd as that might sound to some, this potential roadblock is …

Think Tank Reignites Debate Over Bitcoin Mining’s Environmental Effects

admin Bitcoin, Bitcoin News, Mining, Opinion 0 Comments

Debate about the environmental effects of bitcoin mining has resurfaced following claims by an Australia-based sustainability think tank that bitcoin could eventually consume 60% of annual global electricity production. According to the Long Future Foundation’s website, its calculations are based on the assumption that 1 BTC is valued at £1m, the cost of mining this resource is $500,000 and 3,600 bitcoins are produced every day. “Bitcoin miners can get power cheaply for $0.05 per kilowatt hour (kWh) which means that they get 20 kWh per dollar spent,” notes the website. By multiplying these numbers (500,000 x 20 x 3,600 x 365) on its Bitcurrent calculator – an interactive spreadsheet – the foundation arrives at the conclusion that bitcoin mines would consume 13,140,000,000,000 kWh – or 13,140 terawatt hours (TWh) – per annum, or the amount of energy required to power 1.5bn homes. Guy Lane, an environmental scientist and spokesperson for the foundation, said: “While bitcoin is a virtual currency, it has very real economic, social and environmental effects […] Bitcoin has the potential to have an enormous impact on our global resources and energy use if not managed properly.” Lane explained that the foundation’s bitcoin energy model assumes that miners will spend half the value …

Roger Ver and OKCoin at War Over Bitcoin.com Domain Name

admin Bitcoin, Bitcoin 2.0, Bitcoin News, Bitcoin Politics, Opinion 0 Comments

One of the most recognizable bitcoin-related domain names is at the heart of a dispute between Chinese bitcoin exchange OKCoin and bitcoin entrepreneur Roger Ver. The issue stems from the management of theBitcoin.com domain, after the two sides struck a five-year deal last December to control the property. Under the agreement, OKCoin was set to redesign the site and pay Ver a percentage of the revenue generated each month, with a minimum of $10,000 per month. The latest developments, which have seen Ver accuse OKCoin of fabricating legal documents and the exchange in turn alleging that Ver is intentionally seeking to smear its name, come after months of increasingly antagonistic back-and-forth over the direction of the site and the advertising plans that were supposed to drive the effort. OKCoin has released an official statement on the dispute, stating it would no longer manage the domain name. The company cited a recent action taken by the US Financial Crimes Enforcement Network (FinCEN) against Ripple Labs, which referenced Ver in its agreement with Ripple earlier this month, as its chief justification for stopping payments related to Bitcoin.com. OKCoin also characterized the agreement regarding the domain as invalid because the entity named in the …

$80,000 in Bitcoin Seized in International Dark Web Crackdown

admin Bitcoin, Bitcoin 2.0, Bitcoin News, Silk Road, The Deep Web & Dark Net 0 Comments

Law enforcement agencies have seized $80,000 worth of bitcoin as part of an international undercover investigation that tracked the illegal selling of firearms on a dark website, according to a statement by the Australian Federal Police (AFP). Four people across Australia have been charged with attempting to buy illegal firearms, while a further 17 arrests have been made across Europe and North America, the statement reveals. The joint investigation between the United States Homeland Security Investigations (HSI), AFP and Australian Customs and Border Protection Service (ACBPS) focused on the international trade of illegal firearms by a US-based seller, who was later identified as a 33-year-old man living in Montana. The operation first started when ACBPS shared information with HSI, enabling agents to begin a covert operation using the seller’s account, which led to the identification of Australian-based customers attempting to buy illegal firearms. The controlled delivery of six parcels to addresses in Queensland, New South Wales, Victoria and the Australian Capital Territory also resulted in the seizure of a wide range of illegal goods, including firearms, ammunition, two clandestine laboratories, drugs, computer equipment and mobile phones. HSI acting special agent Kevin Kelly said the joint operation should serve as a warning to those using the dark web for …

OUTSOURCE WITH BITCOIN USING BITLANCERR

admin Bitcoin Entrepreneur, Bitcoin News, Bitcoin Services, Bitcoin Startups, Peer-to-Peer 0 Comments

The Internet has, since its inception, been a boon for firms which offer digital services like web and graphic design, but often in the midst of a larger goal, producers only need some small part of a project completed by those with expert hands. Hiring out such work to large firms can be costly, and once you’ve committed that part of your budget, you can’t try again with someone else without going over budget. In 2010, Fiverr launched with a simple strategy: pay only $5 for what people would be willing to do for $5. It turned out that college students, people with other streams of income, and those in less expensive economies would be willing to do a lot for $5. Personally, I was able to start a transcription business with clients I garnered through Fiverr, long before their system perfected the art of disallowing outside contact. Between the end of 2010 and the end of 2011, I made a fair amount of money, largely with referrals from the original clients I sneaked away from Fiverr. Why did I want to sneak them away from Fiverr? Well, the 20% Fiverr tax, of course! In more recent times, I’ve been …