Daily Archives: December 18, 2014

Antminer S4 Bitcoin Miner Setup and Important Tips!
Thanks for watching, This video is to help outline some of the important setup needed to ensure that you get 2TH out of your S4. Sorry about the fan noise, so much quieter in person.

By: Cryptopick Canada

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Antminer S4 Bitcoin Miner Setup and Important Tips! - Video

Bitcoin, the online cryptocurrency recently hailed as the most successful of its kind, has been valued as potentially the worst investment in 2014 by business site Quartz.

Bitcoins value has plummeted massively in the last 12 months, currently showing a bigger drop than the Greek stock exchange or the Argentine peso. According to the Guardian, one bitcoin is now worth less than half of what it was this time last year, having devalued by 52% since the start of 2014.

Even the Russian ruble which was declared the worst performing currency of 2014 and which has registered single day falls worse than those seen in Russias 1998 economic crisis, had outperformed Bitcoin as of Wednesday morning GMT.

Jim Urquhart/REUTERS Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in this photo illustration in Sandy, Utah, January 31, 2014.

Currently the rubles rate of devaluation in 2014 is 51%.

According to Andrew Davies, a Newsweek business writer, it isnt highly surprising the cryptocurrency has hit a rough patch as the novelty of bitcoin makes it highly sensitive to changes in the trading climate.

Right now people are feeling very worried and so are dumping holdings that they fear might fall sharply in value, Davies says.

Bitcoin is a prime candidate for this treatment because its value depends always on what I call the greater fool - i.e. someone who is willing to pay even more for it than you did in order to take it off your hands and give you a profit. Davies adds.

A surge in popularity of bitcoin trading over the first half of 2014 caused the value of the currency to skyrocket, hitting the highest ever rate of $900 per single coin and prompting the number of merchants trading in the currency who have made a billion dollars in revenue to increase from zero to 10 by the end of the year.

In the second half of 2014 however, the excitement surrounding bitcoin decreased and volatility in oil, equities, bonds, currencies and commodities has scared traders away from experimental currency such as bitcoin causing the value to drop to $334 per coin on Wednesday.

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Bitcoin worse investment than the ruble in 2014

One of New York's top financial regulators is laying out a new policy on Bitcoin and other virtual currenciesafter a flood of public feedback encouraged the agency to scale back its proposed rules.

New revisions to the proposal would trim some requirements on Bitcoin-related businesses, and clarify others. Among the key changes? Companies covered by the regulationswill no longer be required to store the addresses of every person involved in a Bitcoin transaction an idea privacy hawks have said would deter people from adopting virtual currencies.Now, companies regulated by New York's so-called BitLicense will only be required to gather transaction information from their own customers, said Ben Lawsky, New York's superintendent of financial services, at a Washington conference Thursday.

In addition, covered companies will only have to store that information for seven years, down from the 10 years Lawsky's agency, the department of financial services,was previously considering.

"Virtual currencies really sit at that crossroads of the much more lightly regulated tech sector and themore heavily regulated financial sector," said Lawsky, who added that allfinancial companiesought to be supervised to"ensure thatconsumers' money doesn't just disappearinto a black hole."

That said, the new rules will be clarified to cover only those companies that actually engage in sending money from one place to another, said Lawsky. They won't apply tosoftware companies thatoffer consumers Bitcoin "wallets" where they can store their digitalcash.Nor will the rules apply to retailers that simply take bitcoins as payment for goods and services. Private individuals who "mine"or invest inbitcoins won't be required to apply for a license from the state government, either.

All this is great news for Bitcoin proponents, many of whom feared that too many rules on virtual currencies would strangle an innovative new payment method in the crib. Some advocates would probably prefer to see even weaker regulations. But many in the industry acknowledge that some rules are necessary to enhance Bitcoin's legitimacy, to prevent fraud and to ward off catastrophic implosions similar to the one that befell the popular bitcoin exchange Mt. Gox earlier this spring.

Oncethey'reofficially published, the new proposed rules willbe subject to a new 30-day comment period where members of the public can weigh in on the idea. Lawsky said the last round of feedback drew more than 3,700 comments.

"I'm sure that the new draft is better than the old draft," said Jim Harper, a senior fellow at the Cato Institute who's studied virtual currency issues. "The remainingquestion is going to be whether it's good or not. The thing to look at is, 'Will it create consumer confidence more than it undercuts innovation?'"

Brian Fung covers technology for The Washington Post, focusing on telecom, broadband and digital politics. Before joining the Post, he was the technology correspondent for National Journal and an associate editor at the Atlantic.

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Why Bitcoin advocates might like New Yorks new proposed rules for virtual currency