Daily Archives: May 8, 2014

FREE Bitcoin Generator Adder v2.1.14 MAY 2014 [Hack Tool] Proof No pass No Survey
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FREE Bitcoin Generator Adder v2.1.14 MAY 2014 [Hack Tool] Proof No pass No Survey - Video

Security Panel - Bitcoin 2013 Confernece
This session sees panelists discuss the regulatory and legal challenges surrounding Bitcoin and digital currencies. Panelists include Patrick Murck, General . Bitcoin London 2013: Panel session...

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Security Panel - Bitcoin 2013 Confernece - Video

Exploring Bitcoin with Amir Taaki - Let #39;s Talk Bitcoin Episode 106
http://letstalkbitcoin.com/ltb106-exploring-bitcoin-with-amir-taaki.

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Exploring Bitcoin with Amir Taaki - Let's Talk Bitcoin Episode 106 - Video

The U.S. Securities and Exchange Commission is leery of bitcoin.

The agency issued a lengthy warning to investors on Wednesday about risks it sees in bitcoin and virtual currencies, much of which has been already iterated by bitcoin advocates or other regulators.

But the SEC, which is the top regulator for U.S. securities markets, also took a dig at bitcoins short existence as another negative.

As a recent invention, Bitcoin does not have an established track record of credibility and trust, the agency wrote in its advisory.

The statement perhaps conflates the pure technology of the bitcoin protocol that transfers the virtual currency, which has been vetted by cryptography experts as solid, with the nearly innumerable thefts, scams and failures of bitcoin-related businesses.

Bitcoin, which launched in 2009, has seen a fair share of challenges, including vacillating exchange rates and regulatory restrictions in countries such as China.

To back up its claim of bitcoins track record, the SEC cited the February collapse of Mt. Gox, the Japan-based exchange that said it lost some 650,000 bitcoins and US$28 million in cash, confirming suspicions the exchange that once dominated bitcoin trading was in trouble.

Law enforcement and the SEC may also have trouble investigating bitcoin-related cases, the warning said, since banks are not involved with bitcoin transactions and there is no central authority to obtain information on users.

The SEC must rely on other sources for information in such cases, such as bitcoin exchanges or users. Seizing and freezing proceeds that are in bitcoin can also be difficult, the SEC said.

Of course, many of those supposed weaknesses are also what makes bitcoin attractive to certain kinds of users.

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Bitcoin lacks 'credibility and trust,' U.S. says SEC

Bitcoin

The US Securities and Exchange Commission issued an advisory Wednesday that warned investors to be wary of Bitcoin or other virtual-currency related investments.

While not advising investors to avoid Bitcoin altogether, the financial regulator did caution investors by saying the cryptocurrency is uninsured, unregulated, and volatile. But the SEC's chief concern was the risk of fraud.

"A new product, technology, or innovation -- such as Bitcoin -- has the potential to give rise to both frauds and high-risk investment opportunities," the agency's notice says. "Potential investors can be easily enticed with the promise of high returns in a new investment space and also may be less skeptical when assessing something novel, new and cutting-edge."

The government agency also pointed to another investor alert (PDF) it issued, which outlines the risks of Bitcoin in the context of Ponzi schemes. The SEC said that Ponzi scheme organizers often use the newest tech innovations for their scams.

"Innovations and new technologies are often used by fraudsters to perpetrate fraudulent investment schemes," the agency said.

Additionally, the SEC said that investors who were able to cash in when the Bitcoin market was soaring are now more susceptible to being taking advantage of because of their unexpected increase in wealth. They are "attractive targets for fraudsters" and "promoters of high-risk investment opportunities," the SEC said.

It's been a wild ride for Bitcoin over the past couple of years. The virtual currency has become more accepted and grown exponentially -- it went from $2 per coin in 2011 to roughly $1,000 per coin last fall. What's more, cryptocurrency ATMs have begun to pop up, some casinos have said they'd accept digital currency payments, Yelp started listing businesses that accept Bitcoin, and even eBay has begun allowing for limited sales of bitcoins on its US and UK sites.

Yet, the virtual currency has hit some rough patches. Besides coming up against hurdles from US, Japanese, and other regulators, the prominent Tokyo-based Bitcoin exchange Mt. Gox filed for bankruptcy earlier this year. The demise of the exchange came because hackers stole nearly $500 million in bitcoins through a weakness in the company's system. Bitcoin bank Flexcoin also had to shut down after being hacked.

Despite the SEC's concerns, the digital currency still has backing from several US government officials. US Rep. Jared Polis (D-Colo.) has publicly said that dollar bills are as equally vulnerable to instability, illicit activity, and forgery as Bitcoin. The congressman has also noted that dollars have been used extensively in drug trafficking and money laundering, not to mention tax fraud.

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Bitcoin is ripe for fraud and Ponzi schemes, warns SEC