BaFin’s statement from 2011 provides some guidelines to Bitcoin companies in Europe

If you’re part of a Bitcoin-related company operating in Europe, you might want to take a look at the subtle statement issued by the German Federal Financial Supervisory Authority (BaFin) in December 2011, a document whose existence a lot of people ignore. The document directly concerns only Bitcoin businesses domiciled in Germany, but since BaFin is […]

Kickstarter stops fundraising for the project “Bitcoin: The Movie” without any explanation

Just two weeks ago, Bitcoin Examiner told you about the project “Bitcoin: The Movie”, which was looking to gather funds at Kickstarter. Everything seemed fine, with 154 backers donating almost $16,000 to the movie team, until the project page was unexpectedly pulled by Kickstarter a few days ago. “Bitcoin: The Movie” was going to be a […]

Wired – Bitcoin's Street Sellers

Wired – Bitcoin’s Street Sellers:

Wired writer Robert McMillan (@bobmcmillan) makes some face-to-face, in-person trades and describes the experience.  Excerpts:

“Welcome to the quickest, most private way to buy the internet’s most successful digital currency: in-person and face-to-face.”

“Buttonwood meetups started in New York a few months ago and fanned out to San Francisco and Los Angeles. Buttonwood is an allusion to the May 17, 1792 agreement, struck under a buttonwood tree at 68 Wall Street, that set down the rules for what became the New York Stock Exchange.”

“After some haggling, Light types Copley’s Bitcoin address into his mobile phone and transfers just over half a Bitcoin ($50) to Copley’s digital wallet [for payment of silver bullion]”.

He used to buy and sell on a (temporarily shuttered) marketplace called Bitinstant. But a few months ago, ‘it started to ask for too much of my information,’ the student says. Given the nature of his business, he wants to buy Bitcoins without being tracked.

These are the kinds of deals that have regulators worried.

It’s traditionally been tough to quickly buy Bitcoins with U.S. dollars, and recently it’s become tougher.  […] That [regulation has] led to a pretty healthy off-the-books market for Bitcoin traders. […] Buyers and sellers can also hook up over Internet Relay Chat at #bitcoin-otc”

“Buyer’s Best Friend will give you Bitcoins back for cash, much like you can get cash back from a credit card, but you are supposed to purchase something first.”

“Though trading an obscure crypto currency may sound very modern, the whole transaction has a decidedly old-fashioned and human flavor to it.”

 – http://www.wired.com/wiredenterprise/2013/07/buttonwood
 – http://bitcointalk.org/index.php?topic=261116.0

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Matthew Lynn – Gold Isn't Only Alternative To Paper Money

Matthew Lynn – Gold Isn’t Only Alternative To Paper Money:

In an article on Marketwartch, writer Matthew Lynn (@MattLynnWriter) describes how gold’s role as a store of value alternative to paper money will be seeing competition from digital currencies.  Excerpts:

“As the American [dollar] grows in strength — as seems likely given its relative performance compared with the rest of the world — then gold will be less valuable as an alternative.”

“Gold is nothing if not a long-term investment [however] the most important threat is the rise of alternative digital currencies such as bitcoin.”

“As a rival to paper money, gold has had the market to itself. Now it will have competition, and that always drives down the price of any product.”

“Financial sophisticates might dismiss digital currencies as a craze. But plenty of other industries have been taken apart by the Internet — there is no reason why the money market should be any different.”

“In many ways, digital currencies may be a better alternative to paper money than gold.”

 – http://www.marketwatch.com/story/the-real-threat-to-gold-is-digital-2013-07-17
 – http://bitcointalk.org/index.php?topic=257880.0 (Further discussion of the article)

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Bitcoin companies might announce the creation of a self-regulatory committee very soon

Some cryptocurrency-related companies are teaming up to defend and boost digital currencies like Bitcoin, in order to make them legitimate and more easily accepted by the authorities. The group is expected to announce the creation of a new self-regulatory organization called Committee for the Establishment of the Digital Asset Transfer Authority this Tuesday (30), according to […]