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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

Log Scale Monthly Bitcoin Price Chart Suggests Bear Market Was an Uptrend Pullback - newsBTC

Log Scale Monthly Bitcoin Price Chart Suggests Bear Market Was an Uptrend Pullback  newsBTC

Bitcoin price has recently found the bottom of its bear cycle, and has since shown a strong reversal back into a bull market that has taken many by.

Posted on 23 May 2019 | 1:01 am

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC and LTC ride the bull wave despite correction concerns - AMBCrypto News

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC and LTC ride the bull wave despite correction concerns  AMBCrypto News

After the roller coaster ride of the price last week, Bitcoin[BTC] became the most searched item on Google over the last one week as compare..

Posted on 23 May 2019 | 12:36 am

Bitcoin manipulation madness calls for massive investigation - New York Post

Bitcoin manipulation madness calls for massive investigation  New York Post

The US, the European Union and China need to investigate who is behind the manipulation of bitcoin's price. And since I happen to know Donald Trump and I ...

Posted on 23 May 2019 | 12:07 am

Dorsey’s Square Crypto Seems Less About Crypto and All About Bitcoin - newsBTC

Dorsey’s Square Crypto Seems Less About Crypto and All About Bitcoin  newsBTC

Square Crypto is about to make its first official hire but will it focus on Bitcoin only or the wider digital asset space?

Posted on 22 May 2019 | 11:01 pm

Bitcoin Cash’s [BCH] Roger Ver: Kudos to those who hijacked original BTC and made it expensive, complicated - AMBCrypto News

Bitcoin Cash’s [BCH] Roger Ver: Kudos to those who hijacked original BTC and made it expensive, complicated  AMBCrypto News

Proponents in the cryptocurrency space have made it a point to push for the mainstream adoption of digital assets. One such proponent is Bitcoin.com's Chief ...

Posted on 22 May 2019 | 8:32 pm

NYMEX Trader: Bitcoin Soon to Move Back to $7,000, Markets to Consolidate - Cointelegraph

NYMEX Trader: Bitcoin Soon to Move Back to $7,000, Markets to Consolidate  Cointelegraph

A cryptocurrency trader at the New York Mercantile Exchange (NYMEX) said that bitcoin (BTC) will likely move back to $7,000 and consolidate soon in an ...

Posted on 22 May 2019 | 8:17 pm

Switzerland’s SIX Stock Exchange Is Working on a Swiss Franc Stablecoin

SIX, the Swiss national stock exchange group, is working on creating its own stablecoin pegged to the Swiss franc.

Posted on 22 May 2019 | 8:15 pm

Crypto Industry Celebrates Annual Bitcoin Pizza Day - newsBTC

Crypto Industry Celebrates Annual Bitcoin Pizza Day  newsBTC

Today marks the nine-year anniversary of the first ever reported transaction using Bitcoin to make a purchase. A Florida-based, early crypto supporter.

Posted on 22 May 2019 | 8:10 pm

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 22 - Cointelegraph

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 22  Cointelegraph

Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year's end. The reason for the rise ...

Posted on 22 May 2019 | 7:20 pm

More Than Money: Bitcoin Blockchain As Global Data Verification System - Bitcoinist

More Than Money: Bitcoin Blockchain As Global Data Verification System  Bitcoinist

BitfuryExecutive Vice Chairman, George Kikvadze, explains the use-case for the Bitcoin blockchain as a secure data verification system.

Posted on 22 May 2019 | 7:02 pm

Ripple Moves 100 Million XRP As Bitcoin (BTC) Whales Continue Massive Crypto Migration - The Daily Hodl

Ripple Moves 100 Million XRP As Bitcoin (BTC) Whales Continue Massive Crypto Migration  The Daily Hodl

Crypto whale watchers are monitoring massive movements of XRP and Bitcoin. Ripple just moved 100,000,000 XRP worth $39 million out of its escrow wallet to ...

Posted on 22 May 2019 | 6:48 pm

The Consensus 2019 Videos Are Live

Watch nearly every Consensus 2019 talk on CoinDesk right now.

Posted on 22 May 2019 | 6:45 pm

US Copyright Office Says It Does Not ‘Recognize’ Craig Wright as Satoshi

No, the U.S. government didn't officially recognize Craig Wright as Satoshi.

Posted on 22 May 2019 | 6:30 pm

Dutch Authorities Shut Down Bestmixer

BestMixer

The Dutch Financial Intelligence and Investigation Service (FIOD) has shut down cryptomixing site Bestmixer.io.

According to local media, Dutch authorities moved to shut down the site on May 22, 2019, as part of a joint operation with police agencies from several European nations, including France, Latvia and Luxembourg. Following concerns originally raised by the online security company McAfee in 2018, the FIOD has claimed that the service was used for money laundering.

As Dutch media reported, no arrests have yet been made in the Bestmixer case, as Europol officials attempt to determine the extent to which criminal money laundering was used on the site.

McAfee also released its own report on the FIOD’s action against Bestmixer, describing the site’s possible connections to cybercrime and usage as an easy way to launder money.

The “bitcoin laundering” technique described by McAfee was used to the same effect as the CoinJoin protocol, which allows multiple users to pool transactions into a single group, scrambling funds and obscuring links between sending and receiving addresses. The key difference between the two is that Bestmixer was a centralized, custodial service and explicitly advertised as a way to launder coins for illegal purposes, while CoinJoin's mixing is user-operated and solely presented as a privacy-enhancing mechanism.

CoinJoin has, over the last year, come to occupy a substantial percentage of all crypto transactions in the space. As such, it may be cause for concern that this legal action against Bestmixer could come to affect other, similar crypto services, even if they operate as completely legal entities.

“Today’s Bestmixer seizure shows an increase in law enforcement activities on pure crypto-to-crypto services,” Dave Jevans, CEO of blockchain forensics company CipherTrace, told Bitcoin Magazine. “This is the first public seizure of a bitcoin mixing service and shows that not only are dark marketplaces subject to criminal enforcement, but other services are as well.”

But Bestmixer may have been particularly egregious in leveraging its coin mixing services to help bad actors skirt financial regulations.

“Bestmixer has blatantly advertised money laundering services and falsely claimed to be domiciled in Curacao, where it claimed it was a legal service,” Jevans added. “The reality is that they were operating in Europe and serviced customers from many countries around the world. Bestmixer is also known for its ‘crypto dusting’ activities, where it sends small amounts of bitcoin to tens of thousands of addresses in an attempt to defeat cryptocurrency anti-money laundering tools.”

While it’s still unclear how the FIOD will proceed, authorities have seemingly replaced Bestmixer’s site header with a notice that the domain has been seized.

This article was updated to clarify the differences between Bestmixer and CoinJoin.

This article originally appeared on Bitcoin Magazine.

Posted on 22 May 2019 | 6:13 pm

EU Authorities Shut Down Bitcoin Transaction Mixer - CoinDesk

EU Authorities Shut Down Bitcoin Transaction Mixer  CoinDesk

The Dutch Financial Criminal Investigative *Service* has seized the website of a bitcoin transaction mixer in a crackdown involving Europol and other authorities.

Posted on 22 May 2019 | 6:08 pm

Financial Uneducated: Majority Of Students Prefer One Dollar over One Bitcoin - CryptoPotato

Financial Uneducated: Majority Of Students Prefer One Dollar over One Bitcoin  CryptoPotato

Bitcoin is marking a stellar year in 2019 as its price more than doubled up Since January 1st. In times like this one would think that no one in their.

Posted on 22 May 2019 | 6:02 pm

EU Authorities Shut Down Bitcoin Transaction Mixer

A bitcoin transaction mixer has been seized and shut down by authorities in the European Union.

Posted on 22 May 2019 | 6:00 pm

Tether Limited “Investing” in Bitcoin (BTC) is a Bullish Signal - newsBTC

Tether Limited “Investing” in Bitcoin (BTC) is a Bullish Signal  newsBTC

Tether and iFinex, the parent company, are controversial though they play a crucial role in the ecosystem. Despite their claim that every USDT in circulation is ...

Posted on 22 May 2019 | 5:02 pm

Australian Civil Servant Caught Mining Crypto With Government Hardware

Miners

The Australian Federal Police (AFP) has charged a government employee alleged to have misused government IT infrastructure for personal cryptomining operations, per a press release.

In the release, the AFP states that the unnamed 33-year-old man is an IT contractor with the Australian government, who took advantage of his access to “manipulate programs to use the processing power of the agency’s computer network for cryptocurrency mining.”

For his effort, the report claims he earned AU$9,000 (around $6,200) from the mining operation.

He was subsequently charged for the unauthorized modification of restricted data and the unauthorized modification of data to cause impairment. The charges mentioned carry a maximum sentence of 2 years and 10 years, respectively.

Speaking on the matter, Acting Commander Chris Goldsmid, manager of cybercrime operations, said the civil servant in question will be prosecuted for his actions.

“Australian taxpayers put their trust in public officials to perform vital roles for our community with the utmost integrity,” Goldsmid said, per the release. “Any alleged criminal conduct which betrays this trust for personal gain will be investigated and prosecuted.”

Earlier this year, Matthew McDermott, an IT manager for the Florida Department of Citrus (FDoC), was arrested for using the department’s computers to mine cryptocurrencies. According to the report, McDermott used his employer’s computers to mine various digital assets, particularly bitcoin and litecoin. His actions were said to have cost the State Department about $825 in additional utility bills from October 2017 to January 2018.

This article originally appeared on Bitcoin Magazine.

Posted on 22 May 2019 | 3:47 pm

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Bulgaria Betting on Bitcoin, Holds Over 200,000 BTC in Reserve - BeInCrypto

Bulgaria Betting on Bitcoin, Holds Over 200,000 BTC in Reserve  BeInCrypto

Bulgaria has been patiently stockpiling large amounts of Bitcoin. The country allegedly has over 200000 BTC seized from dark web operators.

Posted on 22 May 2019 | 3:35 pm

Coinbase Now Lets Merchants Accept Payments in USDC Stablecoin

Coinbase Commerce, the crypto exchange's merchants payments offering, has added support for dollar-pegged stablecoin USD Coin.

Posted on 22 May 2019 | 3:01 pm

Baltimore: government computers crippled by attack as hackers demand bitcoin - The Guardian

Baltimore: government computers crippled by attack as hackers demand bitcoin  The Guardian

Attack on city computers prevents employees from sending email and knocked out bill pay websites, as hackers demand $76000.

Posted on 22 May 2019 | 2:53 pm

Report: Bitcoin (BTC) Futures Trading Approaching All-Time High in May - Ethereum World News

Report: Bitcoin (BTC) Futures Trading Approaching All-Time High in May  Ethereum World News

According to a new report published by The Block, the month of May is on pace to set a new all-time high in Bitcoin futures trading for the CME Group. In a note ...

Posted on 22 May 2019 | 2:45 pm

This Painfully Boring CNBC Crypto Debate Is Bullish as Hell for Bitcoin - CCN

This Painfully Boring CNBC Crypto Debate Is Bullish as Hell for Bitcoin  CCN

If you're looking for reasons behind bitcoin's recent price surge, watch this crypto debate unfold on CNBC.

Posted on 22 May 2019 | 2:14 pm

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Bitcoin Price Analysis: $8K Falls as Bulls Pin Hopes on Ascending Triangle - Bitcoinist

Bitcoin Price Analysis: $8K Falls as Bulls Pin Hopes on Ascending Triangle  Bitcoinist

Bitcoin price analysis shows BTC returning above $8000 was short lived. But is the dream of $9000 now dead for the bulls in the near term?

Posted on 22 May 2019 | 2:04 pm

Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains - Cointelegraph

Israeli Court Rules Bitcoin Is Not a Currency in Court Case Over Taxes on BTC Gains  Cointelegraph

An Israeli judge has ruled that bitcoin (BTC) is an asset and not a currency, local news site Globes reported on May 21. The judgment is significant because it ...

Posted on 22 May 2019 | 1:54 pm

Pay me in Bitcoin (BTC), the Wave is Unstoppable - Ethereum World News

Pay me in Bitcoin (BTC), the Wave is Unstoppable  Ethereum World News

Why pay us in fiat which only has no chance of appreciation? We want to be paid in Bitcoin. Even if it has chances of decreasing in value, it also has the ...

Posted on 22 May 2019 | 1:53 pm

Collapsed Cryptopia Founder Wants You to Put Funds on His New Exchange

Adam Clark, creator of the now-defunct Cryptopia, is trying again with a new exchange. Details are slim.

Posted on 22 May 2019 | 1:52 pm

Bitcoin Remains On the Defensive With Price Below $8K

Bitcoin is teasing a downside break of its recent trading range, having again faced rejection above $8,000 today.

Posted on 22 May 2019 | 1:15 pm

Bitcoin Remains On the Defensive With Price Below $8K - CoinDesk

Bitcoin Remains On the Defensive With Price Below $8K  CoinDesk

BTC has traded in a narrowing price range over the last 48 hours, aborting the immediate bullish view put forward by Sunday's double-digit gains. A range ...

Posted on 22 May 2019 | 1:15 pm

Celebrating Bitcoin Pizza Day in Iran - Aljazeera.com

Celebrating Bitcoin Pizza Day in Iran  Aljazeera.com

Iranian crypto enthusiasts celebrate Bitcoin Pizza Day. But pending regulations could bring their party to an end.

Posted on 22 May 2019 | 12:30 pm

Turkey’s Collapsing Currency Will Drive Investors to Bitcoin, Says Max Keiser - CCN

Turkey’s Collapsing Currency Will Drive Investors to Bitcoin, Says Max Keiser  CCN

By CCN: Bitcoin bull Max Keiser has hinted that as Turkey's economy worsens, Turks could turn to Bitcoin as a hedge. In a tweet, Keiser said that Bitcoin 'will ...

Posted on 22 May 2019 | 12:22 pm

Israeli Court Rules Bitcoin Is an Asset in Feud Over Tax Payment

An Israeli court has ruled against an investor in declaring bitcoin is an asset and not a currency, and thus subject to capital gains tax.

Posted on 22 May 2019 | 12:15 pm

Until Bitcoin Moves Above $20,000, BTC At $1,000 Is Still Possible - newsBTC

Until Bitcoin Moves Above $20,000, BTC At $1,000 Is Still Possible  newsBTC

At long last, Bitcoin (BTC), in the eyes of many investors and analysts, is finally in a "bull market". As Fundstrat's Tom Lee noted in a recent tweet,

Posted on 22 May 2019 | 11:42 am

Dutch Crypto Conman Scams Dozens in $2.2 Million Bitcoin Mining Fraud - CCN

Dutch Crypto Conman Scams Dozens in $2.2 Million Bitcoin Mining Fraud  CCN

By CCN: Authorities in the Netherlands have arrested a suspect who allegedly operated a bitcoin mining investment scam, according to Dutch daily De ...

Posted on 22 May 2019 | 11:13 am

Russia’s Central Depository to Launch Security Token Blockchain Next Month

Russia’s National Settlement Depository will launch its long-awaited digital asset ledger next month – 5,000 kilometers away from its Moscow HQ.

Posted on 22 May 2019 | 11:10 am

Crypto Lending Startup BlockFi Slashing Interest Rates on Ether Deposits

BlockFi is almost halving the interest rate it offers on ether deposits from June 1, while the rate on larger bitcoin deposits will go up slightly.

Posted on 22 May 2019 | 10:00 am

Ripple (XRP) Price Primed For Fresh Increase Versus Bitcoin (BTC) - Ethereum World News

Ripple (XRP) Price Primed For Fresh Increase Versus Bitcoin (BTC)  Ethereum World News

Ripple price surged higher towards the 0.0000580 level before correcting lower against bitcoin. XRP tested the 0.0000400 support area vs BTC and it could ...

Posted on 22 May 2019 | 8:37 am

Bitcoin? Bitcoin Cash? Bitcoin Satoshi’s Vision? Will the real Bitcoin please stand up? - AMBCrypto News

Bitcoin? Bitcoin Cash? Bitcoin Satoshi’s Vision? Will the real Bitcoin please stand up?  AMBCrypto News

From Cash to Satoshi's Vision, to Private, to Gold, to Atom and to Adult, the prefix Bitcoin has been used to depict and more commercially, sell and market a host ...

Posted on 22 May 2019 | 6:38 am

Bitcoin Consolidates – Can BTC Push Above $9k Before a 30% Pullback? - Bitcoinist

Bitcoin Consolidates – Can BTC Push Above $9k Before a 30% Pullback?  Bitcoinist

Since Bitcoin price broke through the $8k barrier earlier this month it has started to consolidate forming a range bound channel.

Posted on 22 May 2019 | 6:37 am

Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase - newsBTC

Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase  newsBTC

Bitcoin price is struggling to climb further higher within range against the US Dollar. BTC might decline in the short term before a *fresh* rise above the $8200 ...

Posted on 22 May 2019 | 6:06 am

$71 Million: Galaxy Digital Sells Stake in EOS Blockchain Maker Block.One

Galaxy Digital, the crypto bank founded by Michael Novogratz, has sold its position in Block.one, the maker of the EOS blockchain, for $71 million.

Posted on 22 May 2019 | 3:26 am

The Man Behind Bitcoin Pizza Day Is More Than a Meme: He’s a Mining Pioneer

The Man Behind Bitcoin Pizza Day Is More Than A Meme: He’s a Mining Pioneer

Bitcoin was barely a year old and trading for less than a penny. Excitement for the world’s first cryptocurrency was still largely bottled up in the infant hobbyist forum Bitcointalk, itself barely half a year old. Here, OGs effervescent with enthusiasm compared notes on economic philosophy, technical knowledge and the new cryptographic beast that Satoshi Nakamoto created. Satoshi himself was still active on the forum, too, as the earliest adopters shared their visions for the future of money.

Though, if that future was going to be realized, something was still missing: No one had ever spent bitcoin on anything. Darknet markets wouldn’t exist for a few years and the only transactions users facilitated (besides peer-to-peer ones on the network) were done in cash.

Perhaps this is why Laszlo Hanyecz decided it was time to make history. On May 18, 2010, the Bitcoin Core contributor asked fellow enthusiasts on Bitcointalk if someone would “make [two large] pizzas yourself and bring it to my house or order it for me from a delivery place.” He offered 10,000 BTC for the service and, though it took four days, he got his wish.

One prescient user cautioned that 10,000 bitcoin was “quite a bit” — around $41 at the time. And, of course, “quite a bit” sounds like an absurd understatement today; seven years later, at bitcoin’s all-time high, that sum would be worth $200,000,000.

To Hanyecz, who told Bitcoin Magazine that he spent something near 100,000 BTC on pizza that year, the purchase was just another drop in the bucket.

“We would just give people bitcoin on the forum,” he said — sometimes 100, sometimes 1,000 BTC at a time.

“I wanted to do the pizza thing because to me it was free pizza,” Hanyecz explained. “I mean, I coded this thing and mined bitcoin and I felt like I was winning the internet that day. I got pizza for contributing to an open-source project. Usually hobbies are a time sink and money sink, and in this case, my hobby bought me dinner.”

Not Just “That Pizza Guy”

The May 22, 2010, transaction would be etched in stone, as much for the symbolic significance of the purchase as the gaffe in Hanyecz spending the future-equivalent of Kanye West’s net worth on two large Papa John’s pizzas.

But there’s more to Hanyecz’s story than this transaction, even though the legendary pizza purchase has overshadowed his other achievements in the Bitcoin space. The developer is doing just fine despite the purchase, actually, mainly because of his other (and vastly more important) contribution to Bitcoin’s development: GPU mining.

Before revolutionizing mining, the software engineer, who was introduced to Bitcoin in late 2009, was a member of its first class of contributors. As he humbly put it, Hanyecz “had been working on [bitcoin], fixing bugs and things like that.” His “minor” contributions include building and deploying the first macOS Bitcoin Core release.

They also include revamping the landscape of mining. Hanyecz first introduced the community to GPU mining in May 2010, which he saw as simply contributing to something that was very much still an experiment and not yet a movement.

“On [Bitcointalk] at the time, there weren’t really any users,” he recalled. “There were 50 people, maybe 100. It was a lot different then. It was like, ‘Hey, do you want to contribute to an open source project?’ It wasn’t ‘Hey, do you want money to change the world?’”

At that time, the only bitcoin mining was done on the backs of CPUs — the processors that make personal computers tick. No one had contrived of a more efficient way to produce hashes. As he set out to improve this efficiency, Hanyecz admitted that he didn’t fully comprehend “how fast the [mining] difficulty adjusted” (because no one had created a miner powerful enough to truly test this mechanism). Still, he stewed over a way to produce more hashes more quickly in the hope of extracting more value from the network.

This is what led him to devise a mining code using GPUs. Graphics cards, as they are commonly called, animate our computer screens with color and, well, graphics. Hanyecz deduced that these pieces of hardware could do more computation at once than a CPU and so “fit well with trying to brute force hashes” to mine blocks.

“GPUs, what they’re good at, is they can do a lot of things in parallel, but they have to be very simple things and it has to be the same thing,” he explained. “So, you can add 10 to a thousand different numbers at the same time. Whereas a general, regular CPU is much more flexible. It can do a lot of things, but it has to do these one at a time. The mining problem lent itself perfectly to GPUs.”

His discovery was lucrative. It gave him a tenfold increase in hashpower — and this using a 2010 Macbook!

But his discovery didn’t go over so well with crypto’s progenitor. Satoshi was always a bit “at arm’s length” in those days, Hanyecz said, but after he shared the GPU mining code with the creator, Satoshi made his opinion known that he thought it was too advanced for Bitcoin’s development.

“A big attraction to new users is that anyone with a computer can generate some free coins,” Satoshi wrote in an email to Hanyecz. “GPUs would prematurely limit the incentive to only those with high-end GPU hardware. It's inevitable that GPU compute clusters will eventually hog all the generated coins, but I don't want to hasten that day.”

“That’s when I was like, ‘Man, I feel like I crapped up your project. Sorry, dude,’” Hanyecz told Bitcoin Magazine with a laugh. “He was concerned that come people might be discouraged because they can’t mine a block with a CPU. So, I stopped advertising it after that.”

Even though he tried to pull the plug, Hanyecz’s invention began to propagate, opening up a Pandora’s box of hashrate on the network. Soon after he debuted the code on Bitcointalk, other users repurposed it to create standalone versions for Windows, Mac and Linux. Hanyecz released the seminal code as a patch into Bitcoin Core’s source code “because that was the easiest way to hack it in,” he said. These new versions, though, were separated from Bitcoin Core entirely and existed as their own clients.

The cat was out of the bag, and Hanyecz no longer had the competitive edge he was looking for when he coded the new mining method.

“I thought that having more processing power would secure the network. But I didn’t understand that I should have kept it to myself. It would have made more sense to be greedy,” he joked.

Life After Pizza

Despite misconceptions that Hanyecz eschewed Bitcoin following the pizza transaction, he’s still around. He just isn’t active in Bitcoin’s development anymore.

“I’m just another bitcoiner,” says the man who changed the mining landscape indelibly.

Bewilderingly, nearly 10 years later, that same man is hardly recognized for this contribution. Instead, most people know Laszlo Hanyecz for the historic pizza transaction, an industry meme that dwarfs the more groundbreaking work he delivered in Bitcoin’s stumbling infancy. This might be a consequence of his invention coming at a time when Bitcoin’s following was no more than a few hundred enthusiasts. Or perhaps it’s that the shock value of his purchase, in the age of clickbait, outweighs the technical achievements on his cypherpunk résumé.

Hanyecz, when asked if he ever tires of people asking him about the purchase, says that he sees it differently.

“I think it’s funny when people look at it that way,” he explained. “I think it’s one of those things where it’s a good catchy thing to get people’s attention. But I think anyone who gets genuinely interested [in Bitcoin] understands. It’s the same thing as, oh, let me go back in the past and buy Apple stock.

“At the time it was Monopoly money. Nobody cared — people would just give you some, so I didn’t figure I needed to be greedy with it.”

The father of GPU mining seems to approach the infamous pizza purchase, and questions surrounding it, the same way he approaches Bitcoin: with good-humored aplomb, rather than bitter regret. In fact, he doesn’t see it as a loss at all; he sees it as a win.

“A trade happens because both parties think they’re getting a good deal,” he said. “I felt like I was beating the internet, getting free food. I was like, ‘Man, I got these GPUs linked together, now I’m going to mine twice as fast. I’m just going to be eating free food; I’ll never have to buy food again.’”

Hanyecz has maintained this upbeat outlook even as bitcoin has catapulted past all-time high after all-time high throughout the years. This is probably because his treatment of Bitcoin hasn’t changed since he first joined the open-source community in 2010. To him, it’s still a hobby, not a career.

“Honestly, I just kinda stay out of it because there’s so much buzz,” he said. “I don’t want that kind of attention, and I certainly don’t want people thinking I’m Satoshi … I just figure it’s better to keep it as a hobby. I have a regular job. I don’t do Bitcoin full time. I don’t want it to be a professional thing that I’m on the hook for. I’m glad that I was involved to the extent that I was.”

We’re glad he was, as well. After all, he gave us Bitcoin Core for MacOS and GPU mining — oh, and all the pizza memes, too. They may not be as significant or impressive as Hanyecz’s other contributions, but they do make every May 22 for this community memorable (and delicious).

This article originally appeared on Bitcoin Magazine.

Posted on 22 May 2019 | 2:44 am

Winklevoss: Sitting on the Sidelines is Crazier Than Investing in Bitcoin - Bitcoinist

Winklevoss: Sitting on the Sidelines is Crazier Than Investing in Bitcoin  Bitcoinist

Prominent Bitcoin investor and Gemini Exchange co-founder Cameron Winklevoss says that the future of money is currently being built with Bitcoin and crypto ...

Posted on 22 May 2019 | 12:01 am

Study: Bitcoin Derivatives Exchanges Register Record Trading Volumes - Cointelegraph

Study: Bitcoin Derivatives Exchanges Register Record Trading Volumes  Cointelegraph

According to Diar's recent report, institutional traders have registered record high volumes on bitcoin derivatives exchanges.

Posted on 21 May 2019 | 10:20 pm

Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds - newsBTC

Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds  newsBTC

The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set *fresh* year-to-date highs in the mid-$8,000 ...

Posted on 21 May 2019 | 10:01 pm

New York Post Blasts Bitcoin Based on, Well, Nothing at All - newsBTC

New York Post Blasts Bitcoin Based on, Well, Nothing at All  newsBTC

In a wonderfully verbose display of journalistic prowess, the New York Post has once again attacked Bitcoin. In its latest piece on the crypto asset,

Posted on 21 May 2019 | 9:00 pm

$19 Million: Ethereum Foundation to Fund Work on 2.0 Upgrade, Plasma and More

The Ethereum Foundation issued a blog post today outlining how an estimated $30 million would be spent to further develop the ethereum ecosystem.

Posted on 21 May 2019 | 8:07 pm

Crypto Startup Circle Cuts Staff, Cites Bitcoin Market Conditions - newsBTC

Crypto Startup Circle Cuts Staff, Cites Bitcoin Market Conditions  newsBTC

According to a recent tweet from Jeremy Allaire, the co-founder of crypto startup Circle, he has just made the decision to eliminate (fire) a number of.

Posted on 21 May 2019 | 8:06 pm

Tether Partly Backed by Bitcoin, Court Transcription Reveals

Tether And Bitcoin

Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin.

As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.

This revelation is the latest in legal proceedings between the New York Attorney General (NYAG) and Bitfinex, a leading cryptocurrency exchange which shares management with Tether. Bitfinex and the NYAG have gone back and forth in a battle of legal letters after the NYAG petitioned the New York Supreme Court to stop the exchange from drawing on a $900 million line of credit it established with Tether to cover $850 million in losses it incurred when its fiduciary relationship with payment processor Crypto Capital went south.

The war of words has offered a rare glimpse into Tether/Bitfinex’s shared business practices, including the revelation that Tether’s reserves are only 74 percent backed following the $850 million loss. Additionally, Bitfinex used Crypto Capital to commingle business and customer funds. Now, Bitfinex’s legal counsel is saying that some of these funds were used to buy bitcoin.

“Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin,” David Miller, Bitfinex’s attorney, testified, adding that it is a “small amount.”

Presiding Judge Joel M. Cohen responded by saying that, while it “may be a little beyond the issue,” that “Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate,” then that supports the NYAG’s argument.

The rest of the document outlines an argument for why the NYAG’s injunction has grounds under the Martin Act, an anti-fraud law that gives the NYAG legal leeway to bring action against allegedly fraudulent securities issuers. The NYAG argues that, under the Martin Act, it has jurisdiction to pursue Bitfinex/Tether because neither offered sufficient disclosure to stakeholders (namely, Bitfinex users and tether holders).

But the judge opened up his remarks questioning this legal basis, stating that “it [isn’t] 100 percent clear what the violation [is].”

“The petitioner [NYAG] ... very clearly and correctly said that the Attorney General’s Office is not a regulator, so there is no general mandate in the Martin Act to maintain the financial stability of any given company unless there is a statutory violation to pursue,” Judge Cohen said. “So the petitioner ... has to show why in this particular case instability or failure to have enough coverage in terms of dollars constituted by itself a violation.”

Miller criticized the NYAG as having a “lack of jurisdiction” in the matter, arguing that the attorney general is only going after Bitfinex/Tether because it dislikes bitcoin as an asset. He also argues that Tether made proper disclosures regarding its fractional reserves in a February website update.

The May 16 hearing followed a temporary injunction granted by judge Cohen that would freeze Bitfinex’s line of credit for 90 days, a timeframe Bitfinex/Tether sought to reduce to 45 days.

In the background of the courtroom battle, Bitfinex launched a token sale to the tune of $1 billion to aid fund recovery efforts. The token, LEO, sold out and is currently trading; the $1 billion raised will go to cover some of the $850 million lost to Crypto Capital, with Bitfinex planning to buy back and burn outstanding supply until all tokens are out of circulation.

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 8:02 pm

Bitfinex Argues Why Judge Should Dismiss NYAG Case in Latest Court Filings

Bitfinex and Tether asked a judge to dismiss the New York Attorney General's case against the firms, claiming they have no customers in the state.

Posted on 21 May 2019 | 7:49 pm

At Blockchain Week, Maturity Is the Motto as Ethereum Organizations Push Toward 2.0 Upgrade

Improved relations between the Ethereum Foundation and ConsenSys point to a governance shift that could have major implications for the network's goals.

Posted on 21 May 2019 | 7:24 pm

Op Ed: Lightning Network Consensus Is a Marketplace and That’s Okay!

Lightning

To Bitcoin or Not to Bitcoin

During the “scaling debate” before the SegWit2X user-activated soft fork (UASF), Bitcoin businesses were getting their first bitter taste of Bitcoin’s censorship resistance. They wanted change to be easier. They wanted their influence to be effective. They wanted to take shortcuts. Unfortunately for them, Bitcoin was created to resist control. Entities that seek to position themselves against Bitcoin are choosing a path of perpetual hypocrisy and frustration.

Those who follow me in interviews might be tired of hearing this, but each Bitcoin business has the choice of making Bitcoin its best friend or its worst enemy. The signers of the New York Agreement chose to make Bitcoin their biggest problem and, to this day, most of them have only gotten worse in this regard.

How can you tell the difference between a genuine Bitcoin business and an enemy? It’s simple! Sincere Bitcoin businesses focus on providing utility to Bitcoin and Bitcoiners, whereas antagonistic businesses maximize their ability to exploit their customers by securing as much of their value into their own custody as possible. That is the battle line. They are actors that want to compete with the old system, but there are true Bitcoin entities that work to delete the old system instead.

Back then, the big blockers claimed they merely wanted lower fees to make room for the billions of people clamoring at the imaginary gates of Bitcoin. But most of these businesses waited forever to activate SegWit, and some major ones still don’t even batch properly. They pollute our blockchain, withholding these efficiencies from their customers. Instead, they barrage new entrants with traps upon arrival, literally bribing them to learn about useless shitcoins and tokens.

Custody-preferring KYC businesses are wolves in sheep’s clothing seeking to liberate you from your BTC, but they should be seeking to liberate you from custodial banking.

Bitcoin is here to delete custodial trust and provide a new circular economy.

We’re Gonna Eat Their Lunch

Exchanges and other custodians basically acted as Bitcoin’s primitive second layer. They added central efficiencies, but the risks were exchange hacks, exit scams, closed accounts, censorship and surprise-KYC requirements.

Fast forward to the present and we have a new paradigm that has grown on top of Bitcoin. The Lightning Network anchors onto Bitcoin, providing a new way to transact. It is faster, less expensive, and capable of handling higher capacity. This is the first time we can truly use Bitcoin in a peer-to-peer fashion, instantly, within a much, much different protocol environment, an environment where you simply do not need to give trusted custody to receive centralized services.

But the former NYA SegWit2X players are mostly ignoring Lightning, with the most notable exception being Bitfury and their Peach project. More than 50 businesses supposedly wanted better Bitcoin scaling and supported forking Bitcoin. Now the great majority of those businesses aren’t helping with development, funding, products or services for the Lightning Network.

I’m not convinced fiat businesses like Coinbase can convert from being enemies into allies of Bitcoin. They are deeply invested into the State and traditional finance, employing strategies that leverage their relationships with them. They don’t understand how to design a new type of business that can actually profit from providing utility to Bitcoin. Thankfully, some of us do get it, and we’re gonna eat their lunch.

I’m so excited about all the ways we can build on Lightning. The fact that most Silicon Valley, VC-backed businesses aren’t interested in Lightning is embarrassing. We have a huge head start, but we need to start behaving more intentionally and strategically to capture it.

Dude, Where’s My Revolution?

Big blockers like to taunt Lightning supporters by pointing out how Lightning Network completion seems to perpetually be 18 months away. It’s an unfair perspective considering how far we have come. It’s probably silly to think programmable money will ever be “done” at all.

However, we have to be careful not to prove them right. In my opinion, Bitcoin and Lightning are at a turning point, and it is finally time to begin the Bitcoin Revolution. We have to ride the line between endlessly making tech and endlessly making toys. It’s time to start solving problems for people with actual products and stop making features for the sake of demonstrating tech. It’s time to start helping people break the rules with Bitcoin and to make Lightning irresistible to businesses and consumers.

The war to delete custodial Bitcoin as a concept has begun. The foundation for a circular Bitcoin economy is being laid out as I type. Pick up a hammer and get in here!

We keep saying that blockchain-not-Bitcoin is stupid. We keep mocking ICOs. But these projects keep getting all the investment dollars! That is about to change.

The Agile Bitcoin Business

In this new economy, a new type of Bitcoin business is emerging that will address following product cycle: Trust > Hybrid Trust > Trustless.

Until now, many businesses focused on providing trusted services that require or encourage the customer to relinquish custody of their coins. Lightning expands business opportunities to enable hybrid, or momentary, trust, as well as trustless services.

I believe this will result in an environment where smart entrepreneurs can identify products that people need in the interim between now and when all commerce can be trustless, advancing their products to require less and less trust over time with new technologies.

The Center for Decentralization

Lightning removes the trust aspect of centralization and creates new dynamics to leverage trust, reducing risks to mere inconveniences. This is a design tool for us to utilize. This is what Bitcoin commerce has been waiting for.

Familiarize yourself with the concept of hybrid trust: the temporary trust a business earns via reputation and their incentive to maintain it. This might sound like babble upon first reading it, but you can look at Bitrefill’s Thor Turbo channels for a great example.

People need to trust that Bitrefill will actually deliver the turbo channel when they purchase it, that Bitrefill will deliver the correct amount of Bitcoin in their channel, and that Bitrefill will relay any attempts to use the channel. But all of that happens in a moment. Then, Bitrefill delivers the channel instantly, and lets you spend your coin instantly. If you get skittish or Bitrefill doesn’t relay your spends, you can close the channel. You are free to opt out or in at any time, and Bitrefill only has custody of your BTC for the brief moment when you are purchasing the channel.

Thor Turbo channels can also follow the product path I mentioned earlier by going from a service purchased within the Bitrefill.com platform, to a Bitrefill white label API service, to a native protocol service in every node that could also be mapped when routing to instantly open new paths. Still with me?

Bitcoin was always a push payment system, but Lightning allows businesses to get creative with it because we don’t have to break the protocol to change rules for new products and services.

Consensus Is Not Required in the Lightning Network

The landscape on the Lightning Network is such that it allows for subnetworks and external networks to be interoperable. While there is a BOLT specification process, it is only necessary if you want to get a feature into the consensus of cooperating developers, not the consensus of users.

The nature of the Lightning Network being truly peer-to-peer allows for you to have special rules with any peer or set of peers. This is a feature Bitcoin’s base layer isn’t very good at. Use it.

The Lightning Network Protocol Is Market Driven

Here is an example of a recurring question I overheard at the New York Blockchain Week conferences last week:

“When do you think they will raise the Lightning channel size limit?”
“When Lightning Labs is ready, I guess.”

I have tons of respect for Lightning Labs and everyone on that team. I met many of them for the first time last week, and it was truly a delight to talk shop with them. I have so much to thank them for, but I cannot allow this misconception to grow.

There is no such thing as consensus on the Lightning Network; instead, we have compatibility. That means you can literally break the rules of the majority, as long as there are other people that have an incentive to break the rules with you.

If you want bigger channels, make them bigger. You do not need permission, you need cooperation. You do not need consensus, you need incentive.

Let me let you in on a little secret. Objectively speaking, Bitrefill is running the most economically relevant nodes on the Lightning Network and demonstrating the concept of a Lightning Service Provider (LSP) in its early stages by creatively leveraging hybrid trust to provide utility to real consumers.

Lightning payments are currently at 5 percent of unique payments received by Bitrefill, growing at a rate of ~35 percent monthly.

People are asking a lot from us and putting some pretty big expectations on our shoulders. A little bit of that is our fault for being Lightning cheerleaders in the media, but most of it is just pure natural market-demand behavior. Users are using our platform to secure real utility.

I am surrounded by all of this every day, and now all kinds of cool observations are becoming apparent to me. We don’t have to perform acrobatics to route transactions because everyone already likes being connected to us. We don’t have to question whether to do more with Lightning because the market is quite literally demanding it.

We don’t have to wait for permission to make new Lightning products.

It sounds scary, doesn’t it? Bitcoin has a playground now, and it’s kind of a big deal.

While decentralization is very necessary to make Bitcoin work, it is not necessary to advance Lightning’s usefulness.

Competition, Cooperation and Consolidation

I see a LOT of Lightning projects, wallets, games, labs and businesses popping up, but I’d like to see some consolidation and cooperation, both for efficiency and for the users’ sake. I do not want to use a different app for everything, nor do I want any of my favorite apps to be abandoned.

If Lightning is a marketplace of implementations and services, that means there will be winners and losers. Entities are competing for funding, users and overall uptake within the network.

These dynamics are evident at Bitrefill already. Some of our nodes use the Eclair implementation because the other implementations don’t support the tech necessary to provide Thor Turbo channels. Turbo channel buyers have to use Bitcoin Lightning Wallet on Android for the same reason. Should Bitrefill lobby all wallets and implementations to add support? Should we submit a BOLT when we already know some developers don’t appreciate this feature? Should we wait for Bitcoiners to complain to their favorite wallet providers to implement support? Should we make our own wallet and skip these concerns?

I’m not sure if cooperation will merely result in consolidation or if it can transcend competition in this environment, but I’m sure everyone will try all angles to stay agile.

Now that Bitcoin and Lightning can actually advance in a path that the market demands, we should be more strategic about the projects we choose to invest our time and money on. Start thinking like a product manager, UX designer and business development person all at once. Zoom out, plan and be intentional.

I hope no one sees this post as hostile to Bitcoin or anyone involved in Lightning Network development. I’m trying to share my observations in hopes they will accelerate Bitcoin’s inevitability.

If I have time, I will do a follow up post going deeper into the interesting kinds of products you can create if you leverage a little centralization and some of Lightning’s unique qualities.

… Or, I will keep the ideas to myself and get back to work!

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 6:10 pm

Strong Barriers at $8,500, But Bitcoin (BTC) Bulls Are Steadfast - newsBTC

Strong Barriers at $8,500, But Bitcoin (BTC) Bulls Are Steadfast  newsBTC

Bitcoin (BTC) stable and ranging The US SEC delays VanEck Bitcoin ETF decision date by another three months Bulls are resilience, and after shaking off.

Posted on 21 May 2019 | 6:01 pm

IRS Commissioner Makes Crypto Tax Clarity a Priority

IRS

The U.S. Internal Revenue Service (IRS) is planning to overhaul its methods for determining the federal taxes due on cryptocurrency payments to improve clarity for taxpayers.

The decision stems from the recent attempt by Minnesota Representative Tom Emmer to pass legislation reforming the way that hard forks and the resultant “forkcoins” are viewed by tax agencies. Joined by members of his “Blockchain Caucus,” Emmer’s initial attempt to pass the bill failed in September 2018 and he has promised to reintroduce a similar bill in May 2019.

On April 11, 2019, Emmer and the Blockchain Caucus sent an open letter to IRS Commissioner Charles Rettig drawing attention to their concerns about forkcoins under the U.S. tax code and raising more general questions about crypto tax reform.

On May 16, 2019, Rettig responded with an open letter to Congressman Emmer, thanking him for his request for more clarity around cryptocurrency taxes.

“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote. “Specifically, your letter mentions (1) acceptable methods for calculating cost basis; (2) acceptable methods of cost basis assignment; and (3) tax treatment of forks. We have been considering these issues and intend to publish guidance addressing these and other issues soon.”

As a show of good faith, Rettig also invited Emmer and the members of the Blockchain Caucus to contact him and his office with any questions they may have about the IRS’ future efforts.

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 5:54 pm

Dutch Man Arrested Over $2.2 Million Bitcoin Mining Fraud

A man has been arrested in the Netherlands for allegedly scamming investors out of over $2.2 million in a fake bitcoin mining scheme.

Posted on 21 May 2019 | 5:30 pm

Dutch Man Arrested for $111 Million Fake Mining Scheme

News Bit: Netherlands

On March 21, 2019, Dutch news outlet NL Times reported that “Berry van M.,” a 33-year-old Dutch businessman and the operator of now-defunct trading platform Koinz Trading, has been arrested on charges of deceiving investors with a bogus bitcoin mining scheme.

The report claims that van M. was the director of companies that sold “computers for mining Bitcoin” since 2017 and that he “managed the computers in a so-called ‘mining farm.’” He convinced investors that they would receive returns of 0.3 BTC per month. But when the investors did not receive these funds and found that they could not get their hands on the hardware they had invested in, they contacted the police.

In total, the report claims that van M. raised investments totaling about €100 million (approximately $111 million). But instead of using the investments to purchase mining rigs, he used them to bankroll a lavish lifestyle.

“The man spent the money received from investors on all kinds of luxury items like cars, motorbikes, traveling and gambling,” per the report.

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 4:56 pm

Bernie Fan Sniffs Out Bitcoin Cash Stash, Hilariously Exposes Wallet Key - CCN

Bernie Fan Sniffs Out Bitcoin Cash Stash, Hilariously Exposes Wallet Key  CCN

When a Bernie Sanders supporter stumbled across some hidden Bitcoin Cash (BCH), it almost got redistributed immediately when they selfied the QR code.

Posted on 21 May 2019 | 4:51 pm

Bitcoin OTM in Beijing Lasted Less Than a Week Under Regulatory Pressure

China

This article was originally published by 8btc and written by Lylian Teng.

Bitcoin ATM services in China have once again proved to be hopeless, after the first Bitcoin OTM (OTC Teller Machine) in Beijing was removed shortly after its installation.

As Bitcoin ATMs are gaining traction throughout the world, the first Bitcoin OTM appearing in Beijing seemed like a giant leap forward for the country, who often holds a hostile approach toward bitcoin. However, the machine, which stood in a Beijing courtyard, was taken down within a week.

What Is a Bitcoin OTM?

Different from a Bitcoin ATM, which allows users to buy bitcoin by using cash or debit cards, a BTC OTM acts as a go-between for bitcoin OTC (over-the-counter) transactions. Money paid by the buyer of bitcoin goes directly to the seller’s Alipay or WeChat accounts.

If a trader wants to get some bitcoins via the machine, they need to choose the amount they wish to buy and the machine will provide three offers from different sellers. The trader chooses one and pays via Alipay or WeChat. After that, a card will come out from the machine and the trader needs to scan a QR code on the card and input a password via a BitPay wallet to transfer the bitcoin in.

“Transactions via the machine are free of charge,” said Liu Heming, the founder of the Bitcoin OTM startup. “Our profits come from machine sales.”

Why the Hasty Removal?

The machine, installed in Beijing on May 14, 2019, has already been removed. It seemed that the firm behind the machine has chosen to retreat from mainland China in order to avoid potential policy risks, though it is not illegal to trade and hold bitcoin within the territory.

“For policy reasons, we’ll not install any machines in mainland China,” Liu explained on May 20.

According to Liu, the firm was invited to test the machine there and it was removed after the test run completed that day. Days ago, when the machine was unveiled in Beijing, he stated that “the machine just helps people to buy bitcoin, which is defined as a commodity in the country, and it is not illegal to trade and hold bitcoin.”

This marked a new attempt from crypto firms to facilitate bitcoin transactions in the country, though it turned out to be another failure.

In April 2014, the country’s first Bitcoin ATM was installed in Shanghai at a time when the Chinese yuan dominated global bitcoin trades. The machine has been out of operation following an ICO ban in China.

According to CoinATMRadar, there are currently 4,823 bitcoin ATMs in 77 countries. The U.S. has the highest number of crypto ATMs, with 3,030, or 62.8 percent of the world’s total, followed by Canada (696) and Austria (270).

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 4:11 pm

Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659 - newsBTC

Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659  newsBTC

The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its.

Posted on 21 May 2019 | 4:10 pm

Bitcoin Businesses Push Back Against Proposed Canadian Crypto Regulatory Framework

Canada Coins

On May 16, 2019, San Francisco-based crypto exchange Kraken posted on Twitter a summary of its response to the Canadian Securities Administrators (CSA) “Proposed Framework for Crypto-Asset Trading Platforms”:

“Kraken strongly recommends against Canada imposing a security law framework on cryptocurrency exchanges in public response to the Proposed Framework for Crypto-Asset Trading Platforms published by the CSA,” Kraken wrote.

Jonathan Hamel, a Bitcoin technology consultant at Académie Bitcoin and associate researcher at the Montreal Economic Institute told Bitcoin Magazine that, in his view, the proposed security framework is a clear attempt to regulate Bitcoin and bring it under the purview of the CSA.

“Canadian Regulators are wandering outside their jurisdiction when it comes to Bitcoin,” Hamel said. “There are already sufficient safeguards such as KYC/AML imposed on money services businesses by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).”

And, beyond any attempt to regulate Bitcoin, Hamel believes that the proposed framework overreaches for other cryptocurrencies as well.

“Let's be clear, this is an obvious regulatory capture attempt in which some crypto businesses are participating to gain market advantages,” he said. “Regarding other tokens (ICOs), they should be treated under the existing securities regulation framework. There is no need for additional regulation.”

Bitcoin Is Not a Security

At the heart of many comments on the proposed framework, like the following tweet from Bitcoin entrepreneur Francis Pouliot, is the assertion that bitcoin is not a security and thus has no place under security regulators.

Most (likely all) cryptocurrencies other than Bitcoin are already securities in Canada as per existing laws and regulatory guidance.

Bitcoin-only exchanges not affected. Shitcoin exchanges should delist shitcoins if they don't want to comply.

No new law needed indeed. https://t.co/pwK7xMiY0k

— Francis Pouliot 🐂 (@francispouliot_) May 17, 2019

In her submission to the CSA, financial services consultant and Octonomics founder Elisabeth Préfontaine, elaborated on the security status of bitcoin and the definition of a security, including an explanatory list pointing out that bitcoin has never been a security because no monetary capital was raised to develop it, there was no investment of capital from a founder and it has been functional since its inception, among other reasons.

“Bitcoin is not a security, therefore not a securities regulators matter,” Préfontaine told Bitcoin Magazine. “[The CSA] fail to recognize that there are bitcoin-only businesses and their lack of clarity is quite problematic for the bitcoin industry in Canada.”

A Case of Language Mushiness

Both Hamel and Préfontaine told us that there is a problem with the vague language in the proposal.

As the crypto space evolves, language is also evolving and not always with clear meaning and not always in agreed upon ways. For example, do “blockchain” businesses include bitcoin exchanges?

“The orientation of the consultation paper is problematic because it packages everything (including Bitcoin) under the vague notion of ‘crypto-asset’,” said Hamel.

Préfontaine raised the same issue.

“Canadian Securities Regulators are attempting to regulate something before they have properly defined it,” she said. “They are trying to include bitcoin in the securities framework by using vague language and by bundling it with the rest of crypto assets (as one big category).”

Canadian Chamber of Digital Commerce

The new Canadian Chamber of Digital Commerce (CCDC), an affiliate of the U.S. CDC, made a submission to the CSA that took a more middle-of-the-road approach.

The CCDC sees difficulties in regulating crypto enterprises that are not based in Canada, like Kraken, but have a significant number of Canadian users.

The CCDC submission says there should be a balanced regulatory approach so as not to threaten innovation in the space.

“The risk related to an error in regulatory judgement is also high — overregulation will stifle or displace digital asset innovators and investors in Canada, and ineffective regulation and regulation with unintended harmful consequences for industry innovators and investors will also do the same,” per the submission.

Andrei Poliakov, CEO and co-founder of Coinberry Exchange, worked with the CCDC on this feedback.

“My most important concern is making sure that whatever regulations are passed do not stifle the nascent cryptocurrency industry in Canada,” Poliakov told Bitcoin Magazine. “The cryptocurrency industry is a global one that truly knows no borders. Odious legislation and over-regulation will simply put Canadian business at a disadvantage.”

Outlier Canada CEO Amber D. Scott, a crypto compliance consultant, told us that there are currently laws in place that protect users, but they need to be enforced.

“While effective regulation is important, we also need to consider the laws that are already in place, and how they are enforced (or not enforced),” she said. “For example, fraud is already illegal in Canada, but we have little enforcement — few investigations and even fewer convictions.”

So, what happens now? The CSA can hold roundtables and the initial draft regulations could be released six months after that. It may be that the CSA will proceed to draft regulations without roundtables, which would then have to be resubmitted for comment.

Each province has to approve these new regulations, so it isn’t likely that anything will be published into law in the near future.

NOTE: The security regulations consultation process was undertaken jointly by the Canadian Securities Administrators and the Investment Industry Regulatory Organization of Canada (IIROC).

This article originally appeared on Bitcoin Magazine.

Posted on 21 May 2019 | 4:05 pm

Craig Wright Is Playing Three-Dimensional Checkers

Craig Wrights efforts to copyright the Bitcoin archives are genius in a very special way.

Posted on 21 May 2019 | 4:00 pm

Of Course, The IRS is Updating Its Bitcoin Tax Guidelines as Price is Rising - Bitcoinist

Of Course, The IRS is Updating Its Bitcoin Tax Guidelines as Price is Rising  Bitcoinist

With Bitcoin spiking more than 120 percent since the start of 2019, the U.S. Internal Revenue *Service* (IRS) says it is readying an updated set of guidelines to ...

Posted on 21 May 2019 | 3:06 pm

This Bitcoin Rival Just Doubled In Value--Here's Why - Forbes

This Bitcoin Rival Just Doubled In Value--Here's Why  Forbes

Bitcoin rival bitcoin SV, which split from another bitcoin offshoot in a bitter civil war late last year, has suddenly leaped in value—jumping a little over 120% ...

Posted on 21 May 2019 | 2:46 pm

Bitcoin Approaches $8,000 as Bitcoin SV Doubles in Value - Cointelegraph

Bitcoin Approaches $8,000 as Bitcoin SV Doubles in Value  Cointelegraph

Tuesday, May 21 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as bitcoin (BTC) approaches the $8,000 mark ...

Posted on 21 May 2019 | 1:53 pm

Why JPMorgan Chase Suddenly Found “Intrinsic Value” in Bitcoin - newsBTC

Why JPMorgan Chase Suddenly Found “Intrinsic Value” in Bitcoin  newsBTC

Banking giant JPMorgan Chase & Co. is not much of a bitcoin fan. The $2.63-trillion behemoth found itself on the opposite side of cryptocurrencies.

Posted on 21 May 2019 | 1:13 pm

Craig Wright Attempts to Copyright the Satoshi White Paper and Bitcoin Code - CoinDesk

Craig Wright Attempts to Copyright the Satoshi White Paper and Bitcoin Code  CoinDesk

Craig Wright, the self-proclaimed creator of bitcoin, has filed registrations with the U.S. Copyright Office supporting his claims of authorship over the original ...

Posted on 21 May 2019 | 12:47 pm

Bitcoin price explained: How a single trade crashed the cryptocurrency market - The Independent

Bitcoin price explained: How a single trade crashed the cryptocurrency market  The Independent

Even for something as notoriously volatile as bitcoin, the cryptocurrency's recent price fluctuations have been extraordinary. Its value surged from $4000 at the ...

Posted on 21 May 2019 | 12:34 pm

Bitcoin's Repeated Failures to Pass $8.3K Raise Risk of Price Pullback - CoinDesk

Bitcoin's Repeated Failures to Pass $8.3K Raise Risk of Price Pullback  CoinDesk

Bitcoin risks a price pullback in the short-term, given the signs of bullish exhaustion around $8,300. A UTC close below $7,581 would validate a bearish ...

Posted on 21 May 2019 | 11:15 am

Bitcoin Rebounds To $7,900, Why Analysts Expect Bullish Continuation - newsBTC

Bitcoin Rebounds To $7,900, Why Analysts Expect Bullish Continuation  newsBTC

The Bitcoin (BTC) bulls have done it. They have entirely shaken off last week's flash crash, which saw BTC plummet to $6100 on Bitstamp and $6500 on.

Posted on 21 May 2019 | 11:02 am

NYSE Arca Files Proposed Rule Change with SEC for Bitcoin-, T-Bills-Backed Investment Trust - Cointelegraph

NYSE Arca Files Proposed Rule Change with SEC for Bitcoin-, T-Bills-Backed Investment Trust  Cointelegraph

NYSE Arca has filed a proposed rule change with the United States Securities and Exchange Commission (SEC) for an application to list shares in a bitcoin ...

Posted on 21 May 2019 | 9:33 am

Ron Paul Says Bitcoin Ban Won't Stop Dollar From Self-Destructing - Bitcoinist

Ron Paul Says Bitcoin Ban Won't Stop Dollar From Self-Destructing  Bitcoinist

Former Presidential candidate, Ron Paul, says that a Bitcoin ban is highly unlikely and that the dollar's demise is inevitable.

Posted on 21 May 2019 | 7:03 am

Mainstream Business Journalist Foolishly Warns Bitcoin Is Going to Zero - CCN

Mainstream Business Journalist Foolishly Warns Bitcoin Is Going to Zero  CCN

By CCN: Didn't the “60 Minutes” segment on bitcoin teach the mainstream media anything? New York Post columnist John Crudele is railing against ...

Posted on 21 May 2019 | 4:13 am

Bitcoin Price Chart: Technical Indicator Gives 5th Ever Parabolic Signal - newsBTC

Bitcoin Price Chart: Technical Indicator Gives 5th Ever Parabolic Signal  newsBTC

While Bitcoin price is struggling with overhead resistance at the moment and taking a much needed breather from its bullish rally that began in early.

Posted on 21 May 2019 | 12:02 am

Argentina: Bitcoin Bought at $20K Retained More Value Than the Peso - Bitcoinist

Argentina: Bitcoin Bought at $20K Retained More Value Than the Peso  Bitcoinist

Bitcoin has proven to be a store-of-value in Argentina where you would have been better off buying BTC at its peak rather than hold the peso.

Posted on 21 May 2019 | 12:02 am

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NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills - CoinDesk

NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills  CoinDesk

NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it to list shares in a proposed bitcoin ...

Posted on 20 May 2019 | 9:57 pm

This is what's causing the latest bitcoin price surge - Yahoo Finance

This is what's causing the latest bitcoin price surge  Yahoo Finance

The price of bitcoin is up 48% in the past 30 days. Wondering what to make of the recent upswing? The ongoing U.S.-China trade war and a forthcoming cyclical ...

Posted on 20 May 2019 | 9:14 pm

Indian Bitcoin Trader Commits Suicide Over Losses Trading Crypto for Local Officials - newsBTC

Indian Bitcoin Trader Commits Suicide Over Losses Trading Crypto for Local Officials  newsBTC

A Bitcoin trader from India has taken his own life after being threatened by senior police in relation to losses he incurred whilst trading crypto assets on their ...

Posted on 20 May 2019 | 9:06 pm

South Korean Bitcoin Exchanges Post Highest Fiat Influx - newsBTC

South Korean Bitcoin Exchanges Post Highest Fiat Influx  newsBTC

An average bitcoin investor in South Korea has dumped more fiat money than the one in other countries, reveals CryptoCompare. The London-based data.

Posted on 20 May 2019 | 3:07 pm

Crypto Market Wrap: Bitcoin Steady Before ETF Ruling, What’s Expected? - newsBTC

Crypto Market Wrap: Bitcoin Steady Before ETF Ruling, What’s Expected?  newsBTC

Crypto markets holding onto gains; Bitcoin back at $8000 prior to anticipated bitcoin ETF ruling, BCH and XRP gaining slowly, Dash pumping. Market Wrap ...

Posted on 20 May 2019 | 7:05 am

Bitcoin (BTC) Price Targets Additional Gains: Dips Remain Supported - newsBTC

Bitcoin (BTC) Price Targets Additional Gains: Dips Remain Supported  newsBTC

Bitcoin price started a *fresh* increase after forming a support base above $6,900 against the US Dollar. The price gained bullish momentum above $7,400 and ...

Posted on 20 May 2019 | 6:05 am

Winklevoss Twins Double Down On “Bitcoin Is Gold 2.0” Narrative - newsBTC

Winklevoss Twins Double Down On “Bitcoin Is Gold 2.0” Narrative  newsBTC

Although the crypto industry has changed dramatically in its decade-long lifespan, the narrative surrounding Bitcoin (BTC), along with its cardinal value.

Posted on 20 May 2019 | 12:00 am

Bitcoin's wild ride - 60 Minutes - CBS News

Bitcoin's wild ride - 60 Minutes  CBS News

Anderson Cooper reports on how bitcoin was started, where it may go and some of the people who have ridden the cryptocurrency roller coaster over the last 10 ...

Posted on 19 May 2019 | 11:05 pm

Just 732,000 Bitcoin Addresses Own At Least 1 BTC - Bitcoinist

Just 732,000 Bitcoin Addresses Own At Least 1 BTC  Bitcoinist

Bitcoin is piling in more than 732,000 addresses owning at least 1 BTC. Meanwhile, the top-100 BTC addresses are seeing more inflows that outflows of BTC.

Posted on 19 May 2019 | 7:12 pm

Bitcoin Approaches $8,000 Again as Top Cryptos See Strong Gains - Cointelegraph

Bitcoin Approaches $8,000 Again as Top Cryptos See Strong Gains  Cointelegraph

Most of the top 20 cryptocurrencies are reporting moderate to notable gains on the day as bitcoin approaches $8000 again.

Posted on 19 May 2019 | 3:24 pm

Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next? - newsBTC

Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?  newsBTC

Bitcoin has made a come back following three days of depressive price movements that led to a 21.37 percent drop. The world's leading cryptocurrency.

Posted on 19 May 2019 | 11:05 am

Bitcoin and Blockchain: The Tangled History of Two Tech Buzzwords - CoinDesk

Bitcoin and Blockchain: The Tangled History of Two Tech Buzzwords  CoinDesk

“I'm interested in blockchain, not bitcoin.” Admit it, you've heard this hundreds, if not thousands, of times. (You might have even said it yourself.) And sure, people ...

Posted on 19 May 2019 | 9:15 am

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Bitcoin Suddenly Roars Back - Forbes

Bitcoin Suddenly Roars Back  Forbes

Bitcoin, which has been swinging wildly throughout this week, has rallied back to over $8000 per bitcoin, somewhat putting to rest investor and traders fears the ...

Posted on 19 May 2019 | 8:32 am

Bitcoin Payments Are Being Bulldozed for Political Reasons - Bitcoin News

Bitcoin Payments Are Being Bulldozed for Political Reasons  Bitcoin News

Bitcoin Core wants to distance itself politically from the former project leader Gavin Andresen, the payment protocol BIP070 he was involved with, and Bitcoin ...

Posted on 18 May 2019 | 11:09 pm

About That Orange B... The History of Bitcoin's Logos - CoinDesk

About That Orange B... The History of Bitcoin's Logos  CoinDesk

Can a logo symbolize the ethos of a project? An industry? An entire movement? This is perhaps too much meaning to attribute to any one design, but if any logo ...

Posted on 18 May 2019 | 10:20 am

Where in the world is Bitcoin's mysterious creator, Satoshi Nakamoto? - 60 Minutes - CBS News

Where in the world is Bitcoin's mysterious creator, Satoshi Nakamoto? - 60 Minutes  CBS News

"60 Minutes" producer Andy Court talks about the mystery of bitcoin's inventor, Satoshi Nakamoto, and the challenges of reporting on cryptocurrency.

Posted on 18 May 2019 | 12:21 am

Bitcoin Suffers Biggest Intraday Price Drop for Over a Year - CoinDesk

Bitcoin Suffers Biggest Intraday Price Drop for Over a Year  CoinDesk

Bitcoin tanked by $1,702 early on Friday, the biggest intraday drop since January 2018. On the way back up, the hourly chart shows scope for re-test of former ...

Posted on 17 May 2019 | 11:00 am

Bitcoin Is Swinging Wildly--Here's Why - Forbes

Bitcoin Is Swinging Wildly--Here's Why  Forbes

Bitcoin, which has exploded back into the media limelight and public consciousness over the last few weeks, has taken a turn for the worse, plunging by over ...

Posted on 17 May 2019 | 9:53 am

Bitcoin price tanks less than a day after trading above $8,000 level - CNBC

Bitcoin price tanks less than a day after trading above $8,000 level  CNBC

Bitcoin prices plummeted just hours after the world's largest cryptocurrency traded at levels above $8000.

Posted on 17 May 2019 | 5:22 am

Bitcoin Sees Discrete Losses as Most Top Cryptos See Gains - Cointelegraph

Bitcoin Sees Discrete Losses as Most Top Cryptos See Gains  Cointelegraph

Most of the top 20 cryptocurrencies are reporting moderate gains on the day, as bitcoin has fallen below the $7900 mark again.

Posted on 16 May 2019 | 11:45 am

Bitcoin Faces Price Correction Toward $7.6K, Technical Charts Suggest - CoinDesk

Bitcoin Faces Price Correction Toward $7.6K, Technical Charts Suggest  CoinDesk

Bitcoin printed a 10-month high of $8,390 earlier today only to fall back quickly below $8,000, strengthening the bearish divergence of the 4-hour chart relative ...

Posted on 16 May 2019 | 10:45 am

Bitcoin Cash Upgrade and 30K Stores Accepting BCH in the Weekly Update From Bitcoin.com - Bitcoin News

Bitcoin Cash Upgrade and 30K Stores Accepting BCH in the Weekly Update From Bitcoin.com  Bitcoin News

Bitcoin Cash network successfully undergoes an upgrade and more than 30000 new stores now accept BCH payments. Watch these and other developments.

Posted on 16 May 2019 | 9:30 am

Currency Fears Drive Chinese Into Bitcoin - Forbes

Currency Fears Drive Chinese Into Bitcoin  Forbes

As Trump and Xi play a dangerous game of chicken, bitcoin surges.

Posted on 15 May 2019 | 9:51 pm

Bitcoin Threatens To 'Take Power' From The U.S. Federal Reserve - Forbes

Bitcoin Threatens To 'Take Power' From The U.S. Federal Reserve  Forbes

Bitcoin, which has roared back over the last few weeks after what many feared was a terminal decline since its peak in late 2017, has long been called a threat to ...

Posted on 15 May 2019 | 8:36 am

Microsoft Wants to Protect Your Identity With Bitcoin - WIRED

Microsoft Wants to Protect Your Identity With Bitcoin  WIRED

Microsoft announced plans to use the bitcoin blockchain to create a "digital identity" that could be used to access sites and apps across the internet.

Posted on 14 May 2019 | 11:00 am

Bitcoin passes $8,000 as value more than doubles in 2019 - CNBC

Bitcoin passes $8,000 as value more than doubles in 2019  CNBC

After crashing in value a *fresh* wave of buying appears to be hitting the market.

Posted on 14 May 2019 | 7:00 am

Customers Can Spend Bitcoin At Starbucks, Nordstrom And Whole Foods, Whether They Like It Or Not - Forbes

Customers Can Spend Bitcoin At Starbucks, Nordstrom And Whole Foods, Whether They Like It Or Not  Forbes

It is a freakishly hot May afternoon when Cameron Winklevoss decides to quench his thirst with a tall cold-brewed coffee from Starbucks, and “just a little bit of ...

Posted on 13 May 2019 | 7:00 am

[UPDATE] Bitcoin Surges To Over $7,000--Here's Why - Forbes

[UPDATE] Bitcoin Surges To Over $7,000--Here's Why  Forbes

Bitcoin, which has been defying gravity this week following a serious security breach and theft at the world's biggest cryptocurrency exchange, Binance, has just ...

Posted on 11 May 2019 | 7:00 am

Binance hack: If bitcoin is so safe, why is it a target for thieves? - Vox.com

Binance hack: If bitcoin is so safe, why is it a target for thieves?  Vox.com

Hackers have stolen millions of dollars in bitcoin from exchanges. Here's why it keeps happening.

Posted on 9 May 2019 | 7:00 am

Bitcoin has soared 60% this year. Meet the new buy-and-hold investment - CNN

Bitcoin has soared 60% this year. Meet the new buy-and-hold investment  CNN

Bitcoin prices have surged nearly 60% to about $6000 after plunging almost 75% in 2018.

Posted on 8 May 2019 | 7:00 am

Bitcoin price climbs over $4,000

Posted on 14 August 2017 | 7:16 am

Bitcoin reaches new all-time high: $3,000

Posted on 12 June 2017 | 7:06 am

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 7:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 7:47 am

Bitcoin Trading Bots

There have been a wide variety of situations in which algorithmic trading programs have proven to be beneficial for investors. However, investors who only trade a cryptocurrency can also take advantage of bitcoin trading bots. Through bitcoin bot trading, traders can become more flexible and prompt, minimize errors and process information more rapidly. At this… Read More »

Posted on 9 November 2016 | 1:20 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 7:09 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 8:55 pm

PayPal and Virtual Currency

Posted on 24 September 2014 | 3:52 am

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 9:14 pm

German Newspaper "taz" accepts Bitcoin

Posted on 22 July 2014 | 7:32 pm

May 23, 2019 -
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