Understanding Bitcoin’s Cryptology – Adam Back

The Adam Back Interview Adam Back is a British Cryptographer and crypto-hacker. He’s the inventor of Hashcash, the proof of work system used by Bitcoin and after we were initially introduced by a mutual acquaintance Charles Hoskinson, I met him at the vegas conference surrounded by a large huddle of conference attendees listening to him speak in the hall.

eBay Takes Its First Steps Toward [Digital] Currency

ebayEbay tries to categorize digital currencies as “Virtual” in their new “Virtual Currency” category in the classifieds section. This is another main stream slight against the currency Bitcoin, as it is in no way “Virtual”.

Ebay will soon realize bitcoins full potential and adopt it as a payment method. If they don’t, they will inevitably be squashed by competition.

“To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay is currently updating its Currency Policy,” an eBay spokesperson told Mashable in an email. “The updated policy will clarify that listings for Bitcoin and other similar virtual [digital] currencies must be listed in the Virtual [Digital] Currency Category in the Classified Ad format.”

Full article here.

Feds are trying to slow market growth

1 - ZItI0MOAfter the big news of both Overstock and the NBA team, Sacramento Kings, adopting bitcoins, the Fed may be trying to curtail the recent growth in the market. The mere threat of dropping $25mil worth of bitcoin on the exchanges could push the market to new lows, let alone if they actually do…

Forbes just reported that the FBI is no longer interested in holding the 29,655 bitcoins.

 It’s likely that the U.S. Marshals will instead auction off the Bitcoins as if they were Bernie Madoff’s penthouse or a drug dealer’s cars. When the FBI first seized the coins in October, they were worth about $6 million; they’re now worth four times that. This is a bust that keeps on paying off. The proceeds will go to the U.S. Treasury.

Either way, It won’t even be blimp on the record when we look back in a year or two. These coins will probably be purchased up by huge investors at bargain prices. Other reports say they will be  split up and sold off auction style, not directly to any exchange.

Full article here.

Bitcoin accepted by NBA Team

Exciting announcement today: Beginning March 1st, the NBA team Sacramento Kings aims to stay on the cutting edge by accepting Bitcoin.kings-accept-bitcoin-nba

“When I sold the NBA on keeping the team in Sacramento, my pitch included using the sports franchise as a social network to push the technology envelope,” Kings majority owner Vivek Ranadive told ESPN.com. “This is an example of that.”

Sacramento Kings majority owner Vivek Ranadive hopes accepting Bitcoin virtual [digital] currency is the next step in allowing fans to keep their wallets at home.
Ranadive said that the acceptance of Bitcoin is one step closer to allowing fans to keep their wallets at home, thanks to what will eventually be a ticketless and cashless environment at the arena.  Continue reading

Finally, a 3D printing company takes bitcoin



3D printer maker Formlabs will begin accepting the digital currency Bitcoin on its online store, the company announced at the CES 2014 on Tuesday.

“This is as much from the requests of our customers, who are a digitally-savvy crew, as it is from our own interest in all-things awesome.” says Formlabs. The company hopes to reach a wider audience of 3D printing enthusiasts by accepting Bitcoin.

Check out the full article here.

Will you accept Bitcoin soon? #mentionbitcoin


This is a question I started asking companies about a year ago, in early 2013.

Back then, I knew there was little chance people would even take a little time to learn about bitcoin, let alone implement it in their store. Some business owners were even outright hostile of the idea.

Now with Overstock’s recent adoption of bitcoin, it’s a whole different story.  Continue reading

Will Overstock force IRS to make up mind on Bitcoin?

Plenty of government regulating bodies are sitting on the sideline when it comes to clarification on the digital currency bitcoin.  Now that Overstock is accepting bitcoin is it begs the question of how long it will last before tax implications are clearly expressed and enforced.

The IRS does need to tread lightly, to0 tight regulations or large tax burdens could drive bitcoin underground where they would have no recourse. This would also hinder bitcoin businesses from launching in the USA and moving to more bitcoin free countries like Germany, Singapore and others.

Either way, the pressure is on:


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Bitcoin’s Tipping Point Could Come Soon


An article over on Bitcoin Magazine has come out comparing Overstock’s recent adoption with what it would be like if Walmart started accepting and paying its employees and suppliers in bitcoin.

According to the Census Bureau, there are slightly more than 27,000,000 firms active in the United States, the vast majority of which are the sort of small, independent shops that might be inclined to become early adopters of Bitcoin. However, Walmart alone accounts for more than 2% of annual GDP in the United States.  Continue reading

Bitcoin is live at Overstock.com! (updated)

overstock-bitcoinConfirmed by Overstock.com’s tweet, they now accept the digital currency – Bitcoin!

Founded in 1997, Overstock.com has grown tremendously over the years by selling of a verety of store’s over stocked items online. They boast revenues of over a billion dollars annually.

This is a huge shift in support for the Bitcoin protocol and with this type of news it only means good things for the value of bitcoin in the long run. With its frictionless transfer and inability to counterfeit, many other retailers have got their eye on bitcoin as well. Continue reading

IRS: Tax Implications for Bitcoin Investors

bitcoin hand bitcoinne.wsBy now most everyone has heard of Bitcoin. But exactly what is it? And how should it be taxed?

Bitcoin is usually described as virtual currency. That’s useful shorthand, but is it really money? And should it be taxed as if it is? Or is it a capital asset? How about a commodity? And then there is the matter of using this quasi-cash to avoid taxes and regulation altogether.

The IRS says it is studying the matter but has yet to issue any guidance. Until it does, it is anyone’s guess how Bitcoin should be taxed. Most users/investors will simply pick what is most beneficial to them when they file their 2013 returns.

See the full article here.

Bitcoin Will Be Worthless – WSJ Investing Lessons From 2013

wsj-bitcoinToday, a Wall Street Journal investing lesson chat session was prompted by BitcoinNe.ws to comment about bitcoin as a 2013 investment in its closing remarks. After first deleting the question from the que and not responding, we asked a few more times about bitcoin in the chat room full of crickets.

Charles Rotblut started off saying bitcoin will be “worthless” eventually and continued to spout off false associations with the gold rush, adoption rates and decentralization. He finished up with, “Bitcoin is interesting, but extremely speculative.”

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