Log inRegister

Coin News

Andorra
A new cryptocurrency conference is set to take place this autumn in the Principality of Andorra, a ‘microstate’ that lies in the eastern Pyrenees mountains between France and Spain. Although the population of Andorra is under 90,000, organiser Alex Puig says the location is suited to a high-level summit as “banking and financials are at the heart of [this] small but rich country”. Titled the Digital Currency Summit, the event is aimed to be a coming together of the world’s “financial elite” – investors, lawyers, politicians and bankers – to discuss the ground-breaking technology behind digital currencies. Notably, the event’s organisers says it will be one of the first crypto conferences to focus on regulation, finance and investment. Headline speakers at the summit include Jan Kees de Jager, former Dutch Finance Minister, and David Andolfatto of the United States Federal Reserve Bank. The pair will give talks on the ‘Global Impact of Cryptocurrencies’ and ‘Digital Currrencies : Threat or Opportunity?’, respectively. Knowledge and networking According to the organisers, one of the main reasons for scheduling another digital currency event, in what is becoming an increasingly packed industry calendar, was to “answer all the questions that have arisen from the increase of cryptocurrency exchanges”. The summit will try to demystify digital currencies with talks, workshops and debates on bitcoin, as well as other cryptocurrencies like litecoin and ripple. Furthermore, the DCS will also give attendees a chance to network with others with an interest in digital currencies. “We will teach everything you need to know about cryptocurrencies from scratch,” said Puig, adding that the event will target big companies who can benefit most from digital currency technology. The lectures will focus on four main areas: introduction, investment opportunities, regulation and finance, alongside keynotes and panel discussions lead by international specialists in the fields of finance, law and investment. Andorra’s Digital Currency Summit will take place from the 17th-19th September at the Palace of Congresses in Andorra la Vella. Early bird tickets are now sold out, but regular tickets are available via the summit’s website. Agenda Wednesday, 17th September, 2014 8:00
Registration and Coffee 9:00
Opening Speech
Speaker: Luis Iván Cuende 9:15
Global Impact of Cryptocurrencies
Speaker: Jan Kees de Jager 10:30
Coffee Break 11:00
State of Digital Currencies 2014
Speaker: Garrick Hileman 11:45
Panel: The Future of Digital Currencies
Panelists: Garrick Hileman, Luis Iván Cuende, TBA.
Moderator: Alex Puig 13:00
Lunch 14:45
Trading With Digital Currencies
Speaker: Ludvig Öberg 15:30
Investment Opportunities in the Bitcoin Space
Speaker: Michael Terpin 16:15
TBA 17:00
Panel: Investment and Startups
Panellists: Ludvig Öberg, Michael Terpin, Flavio Pripas
Moderator: TBA 19:00
Cocktail Party and Networking Thursday, 18th September, 2014 08:00
Coffee 09:00
Legislative and Legal Framework of Digital Currencies
Speaker: Marco Santori 09:45
Tax and Regulatory Outlook
Speaker: Constance Choi 10:30
Coffee Break 11:00
Potential for Derivatives Exchanges Expressed and Denominated in Bitcoin
Speaker: Jon Matonis 11:45
Panel: Digital Currency Perspective in Different Countries
Panellists: Jon Matonis, Constance Choi, Marco Santoni.
Moderator: TBA 13:00
Lunch 14:45
How are Banks Adapting to Bitcoin
Speaker: Edan Yago 15:30
Transactions, ATMs, Micropayments, AML, Credit Cards
Speaker: Flavio Pripas 16:15
Digital Currencies: Threat or Opportunity?
Speaker: David Andolfatto 17:00
Panel: The Future of Banking
Panellists: Frederic Thenault, Flavio Pripas, David Andolfatto.
Moderator: Edan Yago Panel 18:15
Closing Remarks 21:00
Official Dinner 00:00
After Party Friday, 19th September, 2014 08:00
Coffee 09:00
Workshop : The Rules of the Global Game: A Comparative Study of US, European and International Bitcoin Regulation
Speaker: Marco Santori 09:00
Startup Pitches for Fintech & Blockchain Startup Day For more details on workshops, see the DCS website. Andorra image via Iakov Filimonov / Shutterstock.com AndorraDigital Currency Summit
Original author: Dan Palmer

vogogo Calgary-based online payment services provider Vogogo, a platform that automates payment processing, regulatory compliance and risk management for businesses, including clients in the bitcoin and digital currency sector, has raised $8.5m in new funding. The round was led by Beacon Securities, Canaccord Genuity Corp, Clarus Securities and Salmon Partners, with the capital aimed at helping the company expand its service beyond Canada to the US and Europe. Speaking to CoinDesk, Vogogo CSO Rodney Thompson said that his firm has become more actively involved in the digital currency space, owing to the need of the industry’s businesses for a partner that can handle fiat compliance and the associated fraud mitigation responsibilities that coincide with these offerings. Thompson told CoinDesk that most of his firm’s partners are digital currency exchanges that have turned to Vogogo to handle their risk management, know your customer (KYC), anti-money laundering (AML), fraud mitigation and dispute resolution needs, explaining: “Our banking partners are willing to work with us so we can put our payment processing behind that. It’s been proven that [the digital currency industry] is trying to put its best foot forward, but people are having a difficult time with managing the platform side of it.” Thompson indicates that Vogogo has become a valuable third-party partner that allows digital currency businesses to mitigate fraud in real time, without having to build in-house systems that meet this need. Now, Thompson indicated, his firm is looking to build on this success to perform similar services to digital currency companies operating outside of Canada, adding: “For us, it’s just about growth, taking what we’ve been doing in Canada and expanding out globally. From our side, we’re specializing this piece of what we do for the crypto industry, for crypto businesses.” Early market entrance Thompson indicated that though Vogogo and its employees have had an internal interest in bitcoin for some time, as the company’s CTO was an early and active bitcoin miner. Despite the familiarity, it wasn’t until the June 2013 closure of LibertyBit, then the second-largest exchange in Canada, that the company became convinced it could serve a real business need in the budding industry. Thompson recalls: “LibertyBit really stands out to me, because they were ran into a problem where they were doing online bank maintenance and they thought they were indemnified, and of course there really is no such thing as an indemnified payment, and they went down. So, it was then that you were just starting to see the issues around it.” This development, as well as similar shutdowns from other major exchanges, pushed Vogogo to look more closely at the opportunity. After about three months of development, Vogogo tailored its offering to the digital currency space and began serving the market. How Vogogo works Thompson revealed Vogogo is currently working on a new product release that will allow it to handle KYC, AML and compliance requirements for digital currency exchanges. “We [will] do the ongoing fraud mitigation. So, we will set the customer with their payment and all the ongoing fraud mitigation around it,” Thompson said. “What that means is we’ll manage all your bad debt, any fraud scenarios that happen, we manage all that.” vogogo Vogogo doesn’t actually handle bitcoins or altcoins for its clients. Instead, Vogogo ensures that fiat payments are managed correctly, limiting its clients’ risk for chargebacks and the other previously mentioned issues that come with the responsibility for customer funds. Thompson added: “When an end user gets to that exchange to deal in bitcoin or altcoin, that’s on the exchange. When they want to take whatever they’ve sold and move the fiat back into the currency of their choice, that’s also on [the exchange." No pivot needed Thompson said that while Vogogo is happy to serve clients in the digital currency space, extending its services to this community doesn't necessitate a fundamental change in its business. Vogogo had historically served e-commerce platforms, and continues to do so. Rather, Thompson indicated that all Vogogo needed to do was gear its existing offerings to the needs of the space while capitalizing on existing expertise. He continued: "We've always dealt in secondary payment options, and that being payments that aren't credit card related, and because of that, we've always had a risk engine in front of those payments." When asked about potential upcoming digital currency regulation in Canada, the CSO said that this, too, won't require Vogogo to shift or change its product offering. "For us, we have a really strong payments team, we have a really strong risk management team, legal team, so we're constantly adapting what we do on the shifts, regulatory or other. If there is a change on the regulatory side that we need to address, it's pretty easy for us to make those changes and to make our platforms compliant." Expanding to new markets As for the funding, Thompson indicated that it will be necessary given the company's desire to enter new markets in Europe and North America, especially owing to the expense of expanding a risk platform globally. This expansion, Thompson said, will require Vogogo's payment solutions to be customized and integrated with domestic banks. Thompson concluded: "We take working with our banking partners and any regulatory requirements very seriously, we don't cut any corners. [If] we’re set up to be somewhere, it’s all set up properly.” For more information on Vogogo and its payment solutions, visit the company’s website. Images via Vogogo AMLfraudKYCVogogo
Original author: Pete Rizzo

avalancha Argentina-based e-commerce company Avalancha has announced it will now accept bitcoin through a new strategic partnership with bitcoin merchant processor BitPagos and Latin America-focused bitcoin exchange Bitex.la. Launching this May, Avalancha aims to provide Argentinian consumers with a convenient buying option for electronics and home appliances, and it sees bitcoin as a key investment that will help it better serve its growing customer base. Miguel Klurfan, CEO of Avalancha, told CoinDesk that his company is focused on giving online shoppers a greater degree of convenience, and that Argentina’s credit card processors simply add too much friction to the buying process. He explained: “Paying with bitcoin is seamless, while [...] payment processing companies in Argentina are not so well prepared for online business. That’s why we are very interested in developing bitcoin as soon as possible.” Klurfan went on to express his hope that Avalancha’s decision will be as beneficial to bitcoin, which has grown increasingly popular in the region amid concerns about the country’s financial status. “For Argentinians that may be hesitant about bitcoin, hearing the news that you can buy a refrigerator with bitcoin will encourage them to increase the adoption of the currency,” Klurfan noted. Avalancha has earned $10m pesos in revenue since its launch, with the goal of earning $25m pesos by the year’s end. Inside the partnership As part of the deal, Avalancha will use BitPagos as its payment processor, providing bitcoin users in South America with the ability to purchase a wide range of goods with bitcoin from major brands that include Nintendo, Samsung, Whirlpool and more. Bitex.la’s role will be to help sell some of the bitcoins Avalancha receives for US dollars at the company’s request. Members of Bitex.la and BitPagos say that Avalancha sees bitcoin as a payment tool that will help encourage consumer spending, and one that positions the company for long-term growth. Klurfan was also optimistic about his selection of partners and their enthusiasm for the project, saying: “We see ourself as a technology company and everyone on our team is young and an early-adopter. We made a really good match with the guys from Bitex.la and BitPagos.” BitPagos raised $600,000 earlier this year from investors including bitcoin hedge fund Pantera Capital, Bitcoin Investment Trust CEO Barry Silbert and Silk Road auction winner Tim Draper. Likewise, Bitex.la launched in May with a $2m investment to provide bitcoin exchanges services to Latin American markets. Competitive advantage Christian Nubis, chief product officer at Bitex.la, explained that the move benefits Avalancha by providing the company with a compelling way to attract new consumers, explaining: “The entire consumer electronics and appliance space is very competitive and they always want to be ahead of the curve. A lot of these retail chain stores have been looking into bitcoin in order to have a competitive advantage over the competition.” Fran Buero, the company’s chief operating officer, elaborated further, suggesting that the partnership will allow Avalancha to receive money faster than if it waited for credit card payment, while protecting the company from inflation. Nubis added: “If Avalancha sells a washing machine and the consumer pays with credit card, inflation is so high they might end up losing money, because with the money they get 20 days from now, the washing machine might be more expensive, at least with the current situation in Argentina.” Argentinian consumers have been said to be turning to bitcoin as a solution to inflation in recent years, although figures for adoption in the country aren’t widely known. Still, while consumer adoption has been allegedly strong, merchant adoption has lagged behind owing to uncertainty around potential bitcoin regulation and worries that Argentina could crack down on bitcoin in moves that echo recent decisions in Bolivia and Ecuador. Ready to spend However, given that many Argentina-based bitcoin consumers are using bitcoin as a way to guard against inflation, it remains to be seen whether they would be comfortable spending it given the opportunity. Klurfan, however, is optimistic about the new initiative, dismissing suggestions that Argentina’s consumers might be seeking to simply preserve value in bitcoin, saying: “I know that there are not so many Argentinians holding bitcoin right now, but I believe those who do would be really really excited about it.” Nubis suggested that this concern may be unwarranted. Bitcoin, he asserts, will actually provide a powerful incentive for spending by making it easier for consumers to tap wealth that may be stored outside of Argentina: “It will be very compelling for people to spend bitcoin for a number of reasons. [...] If you have to bring money into the country, it’s very expensive if you want to bring small amounts, whereas buying bitcoin overseas is quite cheap and using that directly for payment is also very convenient.” He added: “We think a lot of people are going to find bitcoin a more convenient way of buying electronics and home appliances.” Image via Avalancha ArgentinaAvalanchaBitex.laBitPagos
Original author: Pete Rizzo

hustler club Founded in 1974, Hustler is perhaps best known as the publisher of its sometimes controversial pornographic magazine. However, over the years, it’s become a powerful brand, grossing roughly $300m annually as of 2009 through initiatives that include a California casino, a chain of bars and clubs, and branded retail stores. Of course, the company is inseparable from founder Larry Flynt, the larger-than-life personality that was notably brought to the big screen in the 1996 drama The People vs. Larry Flynt, a film that grossed $20m and was nominated for two Academy Awards. Cinema aside, Flynt continues to remain active despite longstanding health problems, and maintains a role in his business. For example, on 9th July, Flynt gave the green-light for Hustler to embrace yet another sometimes controversial idea – digital currency – when it partnered with digital payments processor GoCoin to accept bitcoin, litecoin and dogecoin for its lifetime memberships. This was a move that Derek Meklir, vice president of the Larry Flynt Publications Internet Group, suggested was in line with the founder’s classic decision making, telling CoinDesk: “Larry likes to be on the cutting edge of technology, that’s what he’s always done, and that’s how he’s done well over the years.” However, despite his brand’s affiliation with risqué and fringe tastes, Meklir said Hustler decided to take digital currency in part due to how widely it has now been adopted in the mainstream. “The adult industry has led the way in a lot of technologies and, in this case, actually a lot of mainstream companies have been doing it as well,” he said. “There have been cable providers that are accepting bitcoin, and we’re going to be one of the first ones, but it already seems like a lot of people are seeing the value of bitcoin.” The former Playboy Enterprises VP said his company is happy with the returns bitcoin sales have generated so far. While Meklir doesn’t see bitcoin becoming Hustler’s largest source of income, he believes it will become one of the company’s most frequently used payment methods. Altcoin successes Perhaps most surprising to Meklir has been the popularity of Hustler.com’s litecoin and dogecoin payment options. He indicated that, although these currencies initially seemed just a nice addition to the overall package, they have proven the enthusiasm and purchasing power of their respective audiences. Meklir said: “I wasn’t expecting more than bitcoin, I thought the others were nice to have, but it turns out we’re seeing transactions across all currency types.” While he declined to offer specific sales figures, Meklir did say that he expects the volume of transactions on all three digital currencies to increase over time. In particular, he noted that Hustler is seeking to expand the offer to overseas markets, although he declined to provide a specific timeframe for the service, stating: “We’re still implementing how it’s going to [work] for foreign transactions.” Niche market Even though mainstream consumers are increasingly adopting digital currency, Meklir suggested he still sees the technology’s enthusiasts as a bit of a niche audience. When asked if he believed porn could provide a compelling use case for first-time bitcoin buyers, Meklir suggested he feels this transition is still one that will take time and won’t be helped by any single use case. “What I think is going on, is there’s a consumer base that is already part of the digital currency market, and they have options of what they can do with their bitcoins and other digital currencies – whether it’s holding on to them or spending them,” Meklir said. Still, he did acknowledge the appeal of bitcoin’s relative anonymity for his brand and his industry, adding: “If you’re going to spend, it might make sense to do it on things you want more anonymity with.” Meklir went on to say that it is likely to be the porn industry’s established embracing of new technologies, rather than user demand, that encourages wider digital currency adoption among Hustler’s competitors. Removing limitations Above all, Meklir stressed that his brand’s embrace of digital currency payments was simply a logical way for Hustler to expand its audience. For example, he noted the potential downsides of refusing to offer a digital currency payment option, stating: “We want to be able to open up our site to [...] as large of an audience as possible. If we were only accepting US dollars, it would limit us.” As for Flynt’s involvement in the project, Meklir said he keeps the founder updated on the bitcoin payments program, and that Flynt is eager to see the results. He concluded: “I keep him up-to-date on how things are going. We may be looking to expand on it.” Image via HotNVegas.com Hustlerporn
Original author: Pete Rizzo

RushWallet_send The team behind the popular Kryptokit wallet and encrypted messaging extension for Chrome browsers now has a new offering called RushWallet, allowing near-instant bitcoin wallet creation from any device or platform. The philosophy behind RushWallet is “ease of use and removing friction”; effectively, bitcoin should be as quick and accessible as reaching into your pocket for some cash. There shouldn’t be any need to remember login and password credentials every time you need to spend some money, and you should keep full control over your private keys. RushWallet is the latest product of the Kryptokit company based at the Decentral cryptocurrency co-working space in Toronto, which includes co-founders Anthony Di Iorio (team leader) and Steve Dakh (lead developer), among others. A better successor to Instawallet Di Iorio told CoinDesk that RushWallet is designed to be a more reliable implementation of the now-defunct Instawallet, which served a similar purpose: “Since then it’s been our goal to come up with a new instant wallet service, and that’s actually where Kryptokit came from. The key is to have an instant wallet that’s very easy to set up without any login credentials.” Created in 2011, Instawallet had over a million accounts was once lauded by bitcoin developers for its ability to quickly create and use bitcoin addresses, but a 2013 hack saw it fraudulently relieved of all user funds. Hackers were able to gain access to users’ secret URLs, which were stored online. Instawallet later replaced most users’ balances after a 90-day claims process. RushWallet is open-source and does not store any user information, bitcoins, ‘brain wallets‘ or passwords on its servers, instead storing everything locally on users’ machines. If the service were to disappear, users could simply import their brain wallet elsewhere without any loss. Di Iorio explained: “We never want to hold on to people’s coins. And should anything ever happen to us, you have the full ability to import your wallet somewhere else.” How to create and use a RushWallet To create a new RushWallet, simply go to the company’s website and move your mouse (or finger on a touchscreen) around the box to generate added randomness, or entropy. There is the option to password-protect the wallet, though this is not compulsory. RushWallet_generate RushWallet then generates a brand new wallet with a public key. Look in the URL/address bar and you will see a random-looking string starting with ‘#’ or hash – the code after the hash is your brain wallet seed, and is a ‘secret link’ not visible anywhere other than on your local browser. Either copy the full URL somewhere safe or bookmark it for future access. RushWallet_URLeverything after ‘#’ is not visible to the internetIf you want, you can import this brain wallet seed into the Kryptokit extension, a Blockchain wallet, or anywhere else that supports importing this format. Users may create an unlimited number of RushWallet addresses, and re-use them at any time providing they can remember the secret URLs. The service also integrates with the OneName system, which allows sending/receiving bitcoins using simple user names instead of the standard, difficult-to-remember bitcoin addresses. Users also have the option to create their own custom brain wallet seeds by typing https://rushwallet.com/# followed by a self-created string. Not the wallet for life savings, or total anonymity One word of caution: even though the ‘secret URL’ is never stored on the Internet itself, most modern browsers will save every URL they see, meaning your new brain wallet may get saved too. That’s handy if you’re the only person using your machine, but more dangerous if you’re using a shared or public computer. For this reason, the RushWallet team recommends setting a password, or using RushWallet only for quick transactions after which the new wallet is emptied and disposed of. Even if a hacker were to somehow gain access to a user’s secret URL, a password would prevent them accessing your funds. Otherwise, be sure to clean out the browser’s history as you would to get rid of any other embarrassing or unwanted URL record. While using multiple, easily created bitcoin addresses is a step toward anonymity and makes payments more difficult to tie to an individual, Di Iorio said this is not one of RushWallet’s primary functions. Despite early impressions last year, neither RushWallet nor the Kryptokit extension is designed as a competitor the upcoming Dark Wallet, or the various other coin-mixing services available. The Kryptokit extension The RushWallet team’s previous offering, the KryptoKit wallet extension for Google’s Chrome browsers, has proved a solid and easily-accessible bitcoin wallet. It also supports encrypted instant messaging, auto-detection of bitcoin addresses on a page, and a directory of bitcoin-accepting merchants. Kryptokit has proved reliable so far. Its only hiccup was in May, when it was erroneously marked as malware and auto-removed from browsers by Google. It was restored promptly without any users losing funds. The service counts Erik Voorhees, Roger Ver and Vitalik Buterin as team advisors. Hardware wallet coming soon Toronto’s Decentral, on the city’s Spadina Ave, is also the birthplace of the Ethereum project and the Bitcoin Alliance of Canada. Once RushWallet is launched and running smoothly, the development team will turn to its next project: a hardware wallet. Led by hardware specialist Deepayan Acharjya, it has already produced a prototype device. The plan for now is to ultimately produce two devices: one version designed to be either portable or even wearable for use “like a checking account”, and a second for ‘pure’ cold storage in a safe place, eliminating the need to keep a spare computer for the purpose. The team is currently working with a design firm to produce a more stylish version of the prototype. Disclaimer: This article should not be viewed as an endorsement of any of the companies mentioned. Please do your own extensive research before considering investing any funds in these products. Images courtesy RushWallet bitcoin walletkryptokitRushWallet
Original author: Jon Southurst

donation
The Wikimedia Foundation, the non-profit that owns and curates noted online encyclopedia Wikipedia, has received more than $140,000 in bitcoin donations since it began accepting contributions in the digital currency last week. The news follows the announcement of the organization’s partnership with California-based payments processor Coinbase to accept bitcoin on 30th July, a development that was widely seen as a validation of bitcoin’s potential to impact non-profit fundraising. Coinbase revealed the fundraising milestone in a new blog post, saying that the $140,000 – an amount worth approximately 237 BTC – is a sign that bitcoin and the open-source site will continue to prove to be a powerful combination. The company added: “We were particularly excited to enable the Wikimedia Foundation to accept bitcoin donations because we feel that the decentralized, inclusive nature of Wikipedia is well aligned with bitcoin and we wanted to help the bitcoin community contribute to the democratization of information.” The Wikimedia Foundation had been internally discussing the addition of a bitcoin donation option for months as grassroots support within its community grew. Notably, Coinbase announced on 1st August that it had dropped all processing fees for the non-profits it serves, including the Wikimedia Foundation. The bitcoin acceptance – and the ability to raise a significant amount – suggests the staying power of digital currency donations, owing to the combination of tax benefits and transaction cost savings. In the past, the Wikimedia Foundation has said that the decision was made only after strong internal debate about the legal and financial implications of doing so. The company previously said: “Using Coinbase, a bitcoin exchange, we’re able to immediately convert bitcoin to US dollars, requiring minimal technical implementation on our end. Since we now also have guidance on how to account for bitcoin, there is a clear understanding of how to legally manage it.” The Wikimedia Foundation was unavailable for comment at press time. Donation visualization via Shutterstock charityCoinbaseWikipedia
Original author: Stan Higgins

Social media icons
A new study carried out by ETH Zurich, Switzerland’s leading technology university, has found that the public perception of bitcoin is changing. Rather than being a mysterious cryptocurrency for geeks or criminals, bitcoin has transformed into a much bigger phenomenon. David Garcia, a postdoctoral fellow at the ETH Zurich Department of Systems Design, said the image of bitcoin has changed fundamentally: “Previously bitcoins were something for hackers and computer nerds. Today hipsters pay for their drinks with it.” The  research paper, which is entitled ‘The Digital Traces of Bubbles: Feedback Cycles Between Socio-Economic Signals in the Bitcoin Economy’, looks at how the social dimensions of the users of bitcoin and their interactions with social media affect its price. The authors say: “Amidst the hype surrounding the cryptocurrency, it is difficult to recognize which factors participate in its growth and influence its value. Bitcoin’s decentralised structure, based on the contribution of its users rather than a central authority, implies that the dynamics of its economy may be strongly driven by social factors, which are composed of interactions between the actors of the market.” Spikes in the data Garcia and his colleagues examined the spikes in Google searches for bitcoin, and postulated that the increase in value was accelerated by online activity, especially social media. To test their hypothesis the researchers analysed four different socioeconomic parameters: the development of the user base, price fluctuations, search trends and interactions on social media platforms like Twitter. swiss-ethzurich-survey-2014 The researchers found strong correlations between price development, the number of new bitcoin users, Internet searches and tweets related to bitcoin. They also identified two positive feedback loops. In the first, the increased popularity led to growing demand, which in turn stimulated activity on social media. The second loop relates to the user base: the more users join the network, the higher the price. However, there is also negative feedback: before a significant drop in prices, the level of activity on the Internet skyrockets. The researchers concluded that big changes in online and social media activities lead to major price fluctuations. The power of the network Garcia’s colleague and co-author Nicolas Perony sees great potential in the quantitative analysis of social phenomena. “With digital currencies we can examine certain aspects of the economy which cannot be observed with cash,” said Perony. “That way we can better understand how the market really works.” Perony argues that the same methodology can be applied to other areas of society, thanks to block-chain technology. He points out that the bitcoin network is 300 times more powerful than the 500 most powerful supercomputers combined. “The big question is how one could use such a powerful system for collaborative activities that go beyond the production of money,” said Perony. Perony believes it would be possible to use the system to manage ownership of certain goods or to help collaborative research efforts, as the network could be used to conduct research on various collaborative concepts. Social media image via Twin Design / Shutterstock.com ETH Zurich
Original author: Nermin Hajdarbegovic

nasdaq, david lavalle In a new interview, Nasdaq Vice President of Transaction Services and Head of ETF business David LaValle has called the Winklevoss Bitcoin Trust a “significant” development for the exchange-traded fund (ETF) industry. The ETF, first proposed by noted bitcoin investors Cameron and Tyler Winklevoss in July 2013, has been in a state of regulatory flux as the potential offering moves through the approval process. According to recent filings with the Securities and Exchange Commission (SEC), the ETF would trade under the name ‘COIN’. During his conversation with ETF.com, LaValle discussed the ramifications of the bitcoin ETF on the broader marketplace. Overall, he sees the Winklevoss effort as a positive one, saying: “I think it’s significant that we’re on the precipice of a new investable asset that’s coming to market or becoming available to investors first in the form of an ETF. In some ways, it gives the ETF credibility, and it accentuates many of the benefits of the ETF as an investment wrapper. To that extent, it’s important for the ETF industry.” During the interview, LaValle touched on the nature of ETF investment and how bitcoin may fit within the bitcoin industry. Notably, the Winklevoss twins also recently launched a bitcoin price index, Winklevoss Index, known commonly as the WinkDex, that will provide market information to the ETF should it be listed. Boosting bitcoin availability For LaValle, the advantage of having a bitcoin ETF lies in the fact that, from an investor standpoint, it’s simply an easier way to gain market access than buying bitcoin directly. This, he explained, makes the digital currency more attractive – and trustworthy – for investors. He told ETF.com: “There’s availability for accessing the investment in different ways, and each investor is able to pursue that investment thesis through whichever wrapper they’re comfortable with. But, I think bringing it in an ETF wrapper gives bitcoins more credibility.” Beyond that, however, LaValle sees bitcoin as being “quite dynamic” and, as a result, a draw to investors with the right risk appetite. He added that the ETF might be serve as both a trading and investing tool for those who get involved, but that it’s tough to say until the ETF – if at all – receives regulatory approval. New type of investment When asked if the bitcoin ETF represents an innovation in the market, LaValle was cautiously optimistic. The Nasdaq executive said that the ETF, if listed, will present investors with a potentially game-changing option. He added that, from the product generation standpoint, the bitcoin ETF is certainly a step in an interesting direction and that bitcoin represents a new avenue for investors. However, he stopped short of endorsing the Winklevoss Bitcoin Trust, concluding: “Time will tell how big of an innovation this is.” Hat Tip to ETF.com Images via Nasdaq and Shutterstock nasdaqWinklevoss ETF
Original author: Stan Higgins
  1. Yelp Director Donates $10,000 in Bitcoin to Alma Mater
  2. Bitcoin Foundation Seeks to Extend Comment Period for New York’s BitLicense
  3. New Deal Could See Global Payments Refer 1 Million Merchants to BitPay
  4. New Conference to Highlight Isle of Man’s Growing Bitcoin Economy

Page 1536 of 1655