Judge Rules in Peer-to-Peer Bitcoin Lending Lawsuit

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A US judge has ruled that a Kentucky man must repay a loan he originally solicited in bitcoin. Judge Frank Fletcher of the Breathitt County District Court, in an order signed 5th June, stated that Dennis Kerley must repay $67,591 on a loan he had received in bitcoin via the peer-to-peer (P2P) lending platform BTCJam. The loan, dating back to December 2013, fell into default within a few months of receipt. The plaintiff in the case, Daniel Kaminski de Souza, loaned Kerley 11.95 BTC, worth just over $10,000 at the time it was solicited. The case is perhaps suggestive of how US judges who lack a general understanding of bitcoin consider cases, even providing a degree of precedent for future cases involving P2P loans denominated in bitcoin, according to lawyer Kevin Palley, who represented de Souza in the case. Palley told CoinDesk: “The judge did not understand what bitcoin was, and this is a small county in rural Kentucky. So he asked anybody in the courtroom if they knew about it and one or two people raised their hands.” Palley said that he went on to treat bitcoin as a kind of highly speculative foreign currency, a explanation that was ultimately accepted by the court. Kerley, according to Palley, did not …

How Bitcoin Will Revolutionise Gambling [Infographic]

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Bitcoin is going to change the world of online gambling, and it’s already on its way. The forecasts claim Bitcoin will change online gambling forever! If you want the inside track on just how the world’s most popular virtual currency is going to affect the way you bet, then this infographic – created by our friends at BitcoinSportsBooks and NeoMam Studios – will give you the lowdown. “It’s time for gamblers to cash in their chips and start mining their Bitcoins because cryptocurrency is about to make conventional money a spent force in gambling,” says the blog post at BitcoinSportsBooks. The infographic (click to enlarge) focuses on the main advantages of Bitcoin (low transaction costs, transparency, Instant Payouts ) for gambling from the perspective of online casinos, affiliates, and gamers. Check it below to learn more and tell us your thoughts in the comments below.

The Past and Future of Bitcoin [Infographic]

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CoinMe, a Seattle-based bitcoin startup, has created this infographic, explaining the past and future of Bitcoin, and also the use of the city’s first-ever Bitcoin ATM – CoinMe’s Kiosk. The Coinme Kiosk is the new solution for Seattle-area residents to buy and sell bitcoins. As the first Bitcoin Kiosk in the Northwest, and the first licensed kiosk in the U.S., Coinme is eager to introduce Bitcoin to the community through regular Meetups and free onsite consultations. The ATM is operated by Coinme but manufactured by Las Vegas-based Robocoin, which also built the world’s first Bitcoin ATM that was installed in Vancouver, Canada last October. The Kiosk is open seven days a week from 11 a.m. to 10 p.m., and it scans your palm and allows you to exchange cash for Bitcoin, or do the reverse. Customers can make up to $3,000 worth of Bitcoin exchanges per day. Check the infographic below and tell us in the comments below what do you think about the new CoinMe’s Kiosk.  

Illicit Middle Earth Marketplace Possibly Exploited, IP Discovered

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For any unknown terms or phrases, please look at our “dark net market” terminology guide. Reddit user “haxforcrack” posted today on “/r/DarkNetMarkets,” to inform the community of exploits for black Tor market “Middle Earth.” The user’s discoveries include the server’s IP address and “stack,” or configuration. The user claims to have reached out to site administrators, deciding to go public when no response was received. For a hidden black market, having a server expose it’s IP address is one of the greatest fears an operator may face. A Tor hidden service hides IP addresses, and it is up the service’s operator to secure the service properly to hide the IP address from potential exploits. The address may allow law enforcement to discover the server’s location, and even copy all data from the server during it’s operation. According to “haxforcrack,” the server is an Ubuntu Linux system running Nginx, MySQL, and Django. A “cross-site request forgery” error page printed an insecure Django version, which was then exploited using a well known and currently fixed exploit to print the IP address. When “haxforcrack” defended the exploit’s release, he said, “…trust me if I found it as quickly as I did LE already knows about it.” …

“Popcorn Time has exploded over the last year as a free and likely illegal alternative to Netflix, with no monthly fees, more content, and in some cases better quality video.”

Why Bitcoin’s Killer App Is Going to Look Like Popcorn Time

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A recent WIRED article entitled “Popcorn Time’s Piracy App Is Sneaking onto iPhones” reads: “Popcorn Time has exploded over the last year as a free and likely illegal alternative to Netflix, with no monthly fees, more content, and in some cases better quality video.” In case you don’t know, Popcorn Time is built on the Bittorrent protocol. And many – if not most – Popcorn Time users have never heard of Bittorrent. Sound like a predecessor for Bitcoin’s killer app? Swap out a few words and see: “Fill-in-the-blank-Bitcoin-app has exploded over the last year as a free and likely illegal alternative to state-sanctioned banking, with no fees, more payment options, and in some cases built-in merchant discounts.” Peer-to-Peer Brings the Fear The evolutions of Bittorrent and Bitcoin closely mirror one another. Bittorrent was launched in 2001. Over the years, it’s weathered tiresome attacks by Hollywood’s political wing, the MPAA – attacks that were pushed all the way to the ISP level. Internet service providers began attempting to throttle torrent traffic, largely in response to legal threats from the MPAA. End users were even “fined.” The company that maintains the Bittorrent protocol, Bittorrent, Inc., went so far as signing a legal …

BitQuick Bids to Capture US Cash-to-Bitcoin Market

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For all the ecosystem’s advancements, buying bitcoin with cash is still a slow process, one some argue has been traditionally underserved by industry startups. BitQuick, a peer-to-peer cash-for-bitcoin startup, however, is looking to reinvigorate this dormant sector. By offering some basic bitcoin protections, BitQuick aims to serve the underbanked market while positioning itself as more secure and convenient than competitors. The idea is to eschew the hassles of in-person cash-for-bitcoin transactions, which on other services could entail the inherent risk of meeting an unknown person for monetary exchange. BitQuick CEO Jad Mubaslat believes BitQuick can position itself to capture a segment of the market that is largely ignored by industry heavyweights, telling CoinDesk: “For the buyer, you don’t have to be banked. If you don’t have a bank account, you can’t do the things Circle and Coinbase require.” How it works Using BitQuick is relatively simple: sellers list their prices on the marketplace, where the company says bitcoin sales go for a 5% premium, and wait for a matching buyer. Once a match is made, the seller places the buyer’s bitcoin into a multi-signature escrow wallet. The buyer then must go deposit cash using a provided account number into a local bank location such as a Bank …