Monthly Archives: May 2014

Bitcoin made simple (video animation)
Baffled by Bitcoin? Confused by the concept of crypto-currencies? Well, fear no more. In 190 seconds the Guardian explains what Bitcoin actually is; where the idea came from; and the impact...

By: Mr Bitcoin

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Bitcoin made simple (video animation) - Video

James Altucher Discusses the Future of Twitter and the Bitcoin
April 30 (Bloomberg) -- Dick Costolo, CEO at Twitter, talks with Emily Chang about Twitter #39;s role in users #39; everyday life on Bloomberg Television #39;s Market Ma...

By: PressDisplay

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James Altucher Discusses the Future of Twitter and the Bitcoin - Video

What is Bitcoin?
A motion graphic explaining what Bitcoin is and how Bitcoin works.

By: USA TODAY

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What is Bitcoin? - Video

Better than Bitcoin! Creating Multiple Sources of Income, Growing Tomatoes
Seeds are pretty astounding, as an investment I was in investments for 25 years and I saw a lot of high returns on investments, but nothing compares with see. Lessons in growing money from...

By: Tufan Cokun

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Better than Bitcoin! Creating Multiple Sources of Income, Growing Tomatoes - Video

A group of coders has launched a Bitcoin wallet that will make it more difficult to trace transactions using the digital currency.

Dark Wallet is a browser app for bitcoin payments that uses both encryption and CoinJoin technology.

CoinJoin essentially mixes multiple bitcoin transactions, selected at random, as one transfer of funds and conceals the original payers.

A similar technology called Shared Coin was implemented last November in the Bitcoin wallet on Blockchain.info. The site says the feature allows users to route transactions through a shared wallet breaking the chain of transactions.

However, Dark Wallet offers anonymous transactions by default.

Dark Wallet. (Click to enlarge.)

The political orientation of Dark Wallets backers unSystem attracted attention to the app when it was launched on the Indiegogo crowdfunding website, where it raised more than $52,000 last December.

Bitcoin is the next battle ground in the fight against supranational political domination, wrote the backers, including Cody Wilson, known for creating the worlds first 3D-printed gun.

On Twitter, Wilson retweeted a link to a Wired article in which he is quoted as saying about Dark Wallet: Its just money laundering software.

Wilson was not immediately available for comment.

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'Dark Wallet' wants to make Bitcoin even harder to trace

A day late, but not a bitcoin short, the Bitcoin community is seeing some recognition this week in the financial sector with Bloomberg adding a Bitcoin market index to their professional services. Two MIT students will be giving $100 worth of bitcoins to pupils on campus to start a small bitcoin economy and study spending trends. Mexico just got its first Bitcoin exchange, and a lot of reasons to make use of the virtual currency to provide easier money transfer services.

Read on to see this weeks Dr. Bitcoin and more.

Bloomberg to list Bitcoin market prices

Bloomberg has started providing market prices for Bitcoin to over 32,000+ subscribers to the Bloomberg Professional service.

In a post on Bloombergs official blog the service will pull its market information about Bitcoin from the Coinbase and Kraken exchanges. This is part of a push to start tracking information on virtual currencies, writes Bloomberg, which will be included alongside Bitcoin values. As live Twitter feeds have been integrated into Bloombergs professional trading platform, users will also be able to watch data coming in about other currencies.

To access this information, users need only type the code VCCY on the Bloomberg Professional service.

The fact that Bloomberg only pulls an index from two exchanges when the Bitcoin marketplace contains a multitude of exchanges has brought a sense of wariness to some coverage. For example, The Wall Street Journals coverage carefully mentions that it only cites two exchanges. According to the BitcoinAverage bitcoin price index the three biggest exchanges by volume are Bitstamp, BTC-e, and Bitfinex making up 94.5% of the known market. Kraken represents only 0.04% of the total volume and Coinbase does not publish its volume for buying/selling BTC.

Still, there are many reasons to see Bloomberg listing Bitcoin prices as a source of legitimacy for the currency. Bloomberg itself is in competition with other financial services when it comes to trade and investment and being first-to-market when it comes to indexing pricing may lead others to do the same.

Two MIT students plan a half-million dollar Bitcoin economy

MIT, the birthplace of brilliant minds and innovative technologies, will become the first campus with its own working Bitcoin economy. Two students have raised half a million dollars to distribute $100 worth of bitcoins (about 0.22 BTC) to every MIT student.

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Bitcoin Weekly 2014 April 30: Bloomberg adds Bitcoin to their market index, MIT to produce campus-wide bitcoin ...

Every incoming MIT undergrad will get a little bit of bitcoin to play around with upon entering the university this fall. The idea is to create a community of virtual currency users who can experiment with the nuances of this new type of economy on a small scale. The project's goal is to spur both academic and entrepreneurial activity in a tech-savvy group of individuals.

The Massachusetts Institute of Technology's Bitcoin Club plans to distribute US$100 worth of bitcoin to each of its 4,528 incoming undergraduates this fall, in an attempt to create an ecosystem for digital currencies at the institution.

Club founder and president Dan Elitzer and sophomore Jeremy Rubin have raised more than $500,000 for the MIT Bitcoin Project from MIT alumni, as well as the Bitcoin community.

Neither Rubin nor Elitzer has any connection to Bitcoin in any way. "Our investment is simply in our time, and belief in the benefits cryptocurrencies could bring to society," Rubin told the E-Commerce Times.

They will work with professors and researchers across MIT to study how students will use the bitcoins they receive. The project will seek to spur academic and entrepreneurial activity within MIT in the field of virtual currency.

"We think Bitcoin and [other] cryptocurrencies have a place on the global stage, and MIT is the institute to show the world what can be done," Rubin said.

"The MIT project will raise the profile of Bitcoin in an already digitally informed MIT student class," Jeffrey Garzik, Bitcoin core developer and open source evangelist at BitPay. "Bitcoin is a natural fit for teenagers who have for years been connecting with their peers via smartphone and tablet."

Although several other cryptocurrencies are available, Bitcoin was selected because "we ... think that the network effects of Bitcoin are critical," Rubin said.

Further, research currently is being conducted on how to augment the features of other current cryptocurrencies into Bitcoin directly, "as they are mostly modifications into the core Bitcoin code, with a few notable exceptions," he pointed out.

Alternate cryptocurrencies "are interesting," BitPay's Garzik remarked. "The barrier to entry is low ... . Many alt-coin creators do not fully understand the technology they are using, and do not treat their software as mission-critical financial software securing millions of dollars."

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MIT Goes Bitcoin-Wild