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Industry Response to Bitlicense Guidelines

https://www.coinprices.io/articles/industry-response-to-bitlicense-Guidelines

MATT ODELL  •  LAST UPDATED: OCT 21, 2014

Update (Oct. 21st, 2014)

With the public comment period ending today, here are the next steps the NYDFS plans to take, based on Superintendent Lawsky's comments at the Bitlicense discussion that took place at Cardozo Law School last week:

According to Superintendent Lawsky, the next steps are as follows:

1) NYDFS will read and make public all comments.

2) NYDFS will release redrafted guidelines.

3) NYDFS will open up another public commentary period.

4) NYDFS will release final regulations with 45-60 days for companies to comply

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Square is building a cash register that can accept “any form of payment” including cash, credit, Bitcoin, and Apple Pay

http://mobilesyrup.com/2014/09/27/square-is-building-a-cash-register-that-can-accept-any-form-of-payment-including-cash-credit-bitcoin-and-apple-pay/

 

 

Soon, Square Register could be a physical point-of-sale system, though, one that accepts cash, Bitcoin and everything in between. “We’re building a register so that sellers can accept a credit card, so they can accept cash, so they can accept a cheque, so they can accept Bitcoin and so they can accept any form of payment that comes across the counter including future ones and burgeoning ones like Apple Pay,” Jack Dorsey told the CBC.

 

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Bitcoin Stock Exchange Could Be "More Valuable than Alibaba"

http://www.marketoracle.co.uk/Article47851.html

 

David Zeiler writes: When Overstock.com Inc. (Nasdaq: OSTK) Chief Executive Officer Patrick Byrne launched a wiki page to explore the possibility of a Bitcoin stock exchange, it was hard to imagine the project getting past the idea stage.

But Patrick Byrne is a man on a mission.

Driven by a deep mistrust of Wall Street, Byrne has announced the creation of a division within his company charged with making this dream a reality.

 

 

He's calling it "Medici" after the legendary family of Renaissance-era Italian bankers that pioneered the double-entry system of accounting.

"This could be as big, or bigger, than the Internet," the eccentric chief executive gushed to Wired earlier this month.

The basic idea is to create a stock trading system that uses Bitcoin's public ledger of transactions, the blockchain, to bypass Wall Street's institutions.

The wiki page helped Byrne find 13 groups already working on similar ideas. Byrne and his team quickly determined CounterParty was the best of the lot. So he hired two of the three co-founders.

That pair, along with several others, will become part of a new division within Overstock funded with 5% to 10% of Overstock's cash flow.

"We have, essentially, an open checkbook for them to build the crypto alternative to Wall Street," Byrne said in a speech given at the Inside Bitcoins Conference on October 6.

To navigate the many thorny legal and regulatory issues, Byrne said he has enlisted the services of blue chip legal firm Perkins Coie.

How far he gets is another question, but make no mistake – this man is serious.

"The Most Hated Man on Wall Street"

The roots of Byrne's crusade go back to the 2002 Overstock IPO, when he became aware of some unsettling practices on Wall Street.

By 2005 he became notorious for accusing Wall Street of "naked short selling." In naked short selling, a trader doesn't borrow shares to sell on the market – they simply sell shares they don't have. Those doing it, Byrne said, were manipulating stock prices for their own gain.

Byrne also accused Wall Street of corruption and of having ties to organized crime. His persistent attacks soon made him "the most hated man on Wall Street," a title he still wears with pride.

Byrne has taken it upon himself to purge the bad actors from the system. Or as he puts it, "drag Wall Street behind the barn and kill it with an ax."

While a Bitcoin stock market is a certainly a long shot, investors would reap several benefits if Byrne somehow pulls it off.

Here's what you can expect…

Why We Need the Medici Bitcoin Stock Exchange

To understand what Byrne hopes to achieve with the Medici Bitcoin stock exchange, you need to know something about what he's trying to fix.

In his speech, Byrne gave a little history lesson about how stock ownership is recorded.

In the old days, shares of stock were represented by paper certificates. But by the late 1960s, as volume reached ever-higher levels, the paper system became unwieldy.

So in 1973, the big investment banks of Wall Street got together and created the Depository Trust & Clearing Corp. (DTCC). The DTCC's electronic settlement system solved the problem of rising trading volume.

But it created a system in which the actual ownership of stock became a much fuzzier affair. "You think you own stock, but you don't," Byrne said in an interview on the Let's Talk Bitcoin podcast. "What you own are contractual rights against contractual rights against contractual rights. Someone somewhere down the line has the property rights."

Byrne maintains this system is not trustworthy and is subject to Wall Street manipulation.

"I believe the settlement system has been compromised and some bad people have figured out how to use that," he said. "Regulators don't understand that there's a lot of market-rigging going on. What Bitcoin presents – what the blockchain presents – is a way to have a peer-to-peer, one-to-one settlement system that doesn't run through any centralized institution that the bad folks can hijack."

Byrne has little faith in government regulators to protect investors. "The regulators are shoeshine boys for the people who benefit from the corruption," he said. A Bitcoin stock system, based on mathematics, would be incorruptible.

"That's why the crypto revolution is so necessary," Byrne said.

The First Step Is the Hardest

Byrne does not – at this point, anyway – envision a system that would supplant the New York Stock Exchange and Nasdaq. Instead, he sees Medici as a parallel stock trading system.

In other words, if a company wants to allow trading of its stock on Medici, it will not have to withdraw its listing from the exchange it's on now.

It's hard to say how many stocks already on the major exchanges may opt to list on an upstart exchange like Medici. But Byrne does know who would – startups who want to go public without the hassle and expense of dealing with Wall Street. He intends for Medici to undercut Wall Street's fees for bringing a company public by about 20%.

"Startups get a lot less of the money than they otherwise could because there are so many middle men," Byrne told Wired. "We hope to really increase the efficiency of the market."

As time goes on, the transparency of a Bitcoin stock system – and its immunity to much of Wall Street's monkey business – could also attract companies listed on the major exchanges.

Whether Byrne can get Medici off the ground mostly depends on the skill of his Perkins Coie legal team to resolve the regulatory issues. But a new Bitcoin stock exchange would clearly disrupt the financial status quo.

And for retail investors, there's actually a way to play this. Since Medici is part of Overstock.com, OSTK shares will benefit from the stock system's success. And down the road Byrne said he plans to spin off Medici from Overstock, which would further enrich shareholders.

"Building this – and being the company that owns this – can be more valuable than Overstock," Byrne told Wired. "It can be more valuable than Alibaba."

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some of my posts will get translated in BTC-Echo.

Ich hatte mich mit Markus Preuss in Verbindung gesetzt und er wird einigen Artikel, die ich in englisch poste, übersetzen

 

Hier der erste.

 

Square ermöglicht Bitcoin-, Cash-, Kreditkarten- und Apple Pay Zahlungen

http://www.btc-echo.de/square-ermoeglicht-bitcoin-cash-kreditkarten-und-apple-pay-zahungen_2014102302/

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UK Government to Continue Supporting Bitcoin

https://www.cryptocoinsnews.com/uk-government-continue-supporting-bitcoin/

Following previous “favourable” announcements about the Digital Currency from the Chancellor, the UK’s minister for the digital economy Ed Vaizey demonstrated once again the government ‘s strong ambition for Bitcoin, by asserting that it will continue to support the digital currencies:

We’re doing a major program of work looking at opportunities in digital currencies.We want to make these e-payments faster, quicker, we want to make it as safe as possible. And we want to look at the kind of technologies that the digital currencies use to allow end systems to operate in a de-centralized way, with no intermediaries. We want to look at how the new technologies can benefits consumers and the wider economy. So that’s something the Treasury is very interested in.”

 

 

Determined to put words into action, Vaizey has detailed during a meeting with our colleagues from TechCrunch how he will proceed to make London – and more generally the United Kingdom – a place of first choice for the financial technology industry:

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Lessons to Learn from Moolah and Bitcoin Trader collapse

http://bitcoinist.net/lessons-to-learn-from-moolah-and-bitcoin-trader-collapse/

 

 

 

Another Scamcoin detected. How to identify signs of fraud

http://bitcoinist.net/another-scamcoin-detected-how-to-identify-signs-of-fraud/

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Hurdles to Crytocurrency Adoption

http://bitcoinwarrior.net/2014/10/hurdles-crytocurrency-adoption/

 

As the awareness and popularity of digital currency advances there are a number of barriers emerging, which in the short term may limit how and where Bitcoin may be used. While the understanding of digital currency is increasing, many of these hurdles relate to public acceptance, perceived security and legal remedies for Bitcoin transactions.
 

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Payza Allows You To Instantly Sell Bitcoin and Enables Free Remittances For 21 Currencies

http://bravenewcoin.com/news/payza-allows-you-to-instantly-sell-bitcoin-and-enables-free-remittances-for-21-currencies/

 

This is huge news for remittance. People were able to buy Bitcoin and send it their family in Romanian or Malaysia, but the person receiving that money could not exchange that Bitcoin into their local currency quick enough to avoid volatility. Due to the lack of Bitcoin adoption by brick and mortar merchants in the world, this often leaves the receivers unable to be spend and often, more or less, useless to that person. They now will be able to receive Bitcoin and turn it into their local fiat through, Payza’s new Bitcoin deposit feature. Users are usually charged a 2% fee to withdraw funds from their Payza account but the company made it free for Bitcoin. Sending money within the Payza platform is free making a very interesting remittance solution. A UK Payza user could send Bitcoin from his account, to his friend working in Malaysia, and his friend would quickly be able to turn that Bitcoin into Malaysian Ringgit - costing nothing.

 

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Bitcoin market starts to mature

http://www.euromoney.com/article/3393649/bitcoin-market-starts-to-mature.html

 

London is fast becoming the hotbed of activity for fintech development. The combination of design and development talent, coupled with the government’s supportive stance on developing the digital economy, is enabling companies to thrive, and even pulling in a number originally founded overseas to enjoy the supportive market conditions.

 

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JWT Acknowledges Bitcoin as Future Payment System

http://www.forexminute.com/bitcoin/jwt-acknowledges-bitcoin-future-payment-scheme-47906

 

Hier das Original mit sehr interessanter slide-show

 

JWT’s ‘The Future of Payments & Currency’ Trend report explores new ways to pay and rise of alternative currencies -

http://www.jwt.com/blog/consumer_insights/jwts-the-future-of-payments-currency-trend-report-explores-new-ways-to-pay-and-rise-of-alternative-currencies/

 

hier der Text der slide-Show

http://de.slideshare.net/jwtintelligence/jwt-the-future-of-payments-currency

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Sehr interessanter Artikel (@segeln: Danke!) über eine JWT-Präsentation zum bevorstehenden Umbruch der Zahlungssysteme. Bitcoin steht zwar nicht im Mittelpunkt der Präsentation, wird aber als ein ernstzunehmender Faktor der kommenden Entwicklungen dargestellt.

 

Zitat aus dem begleitenden Artikel (Übersetzung von mir):

„Zum ersten Mal äußert sich mit JWT eine weltweit anerkannte Marketing-Agentur offen über das Potenzial von Kryptowährungen im Markt der Zukunft. Die 150 Jahre alte New Yorker Firma betreut das Marketing vieler angesehener Marken wie Nike, Nestlé oder Canon.

Ihre Marktanalysen gelten als unübertrefflich, was im Falle von Bitcoin ebenfalls zutreffen dürfte.“

 

Wikipedia sagt zu JWT:

"JWT (bis Februar 2005 J. Walter Thompson) ist eine internationale Werbeagentur mit Hauptsitz in New York. Die Agentur ... ist nach eigenen Angaben die älteste Werbeagentur der Welt. ...

Das Unternehmen betreibt ein weltweites Agentur-Netz mit 10.000 Mitarbeitern in mehr als 200 Büros in über 90 Ländern."

 

Wenn jemand mit diesem Gewicht und einem erprobten Gespür für künftige Trends Bitcoin so offensichtlich ernst nimmt, ist das ein sehr gutes Zeichen.

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Opinion: It’s Important to Know the Difference Between Bitcoin Banks and Wallets

http://insidebitcoins.com/news/opinion-its-important-to-know-the-difference-between-bitcoin-banks-and-wallets/25709

 

NEW YORK (InsideBitcoins) — Coinbase and Circle have become two of the most well-known and beloved bitcoin companies in the community, but there’s an important clarification that needs to be made when it comes to using these services for day-to-day transactions. Due to the fact that these companies control the private keys associated with their users’ bitcoins, it would be more correct to call these institutions banks rather than bitcoin wallets.

 

 

Private keys determine ownership

In summary, anyone who wants to use bitcoin for its originally-intended purposes, which are privacy and censorship-resistance, may want to search for options outside of the services offered by bitcoin banks.

For those who are less concerned about privacy and are strictly searching for faster, cheaper payments with less friction should still consider the fact that the one who owns the private keys is the one who owns the bitcoins.

 

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UBS CIO: Blockchain Technology Can Massively Simplify Banking

http://blogs.wsj.com/digits/2014/10/27/ubs-cio-blockchain-technology-can-massively-simplify-banking/

 

Oliver Bussmann, CIO UBS:

“I believe – and this is my personal view – that blockchain technology will not only change the way we do payments but it will change the whole trading and settlement topic.”

He believes that blockchain technology has potential to trigger “massive” simplification of banking processes and cost structure.

He said: “When somebody with a strong brand and security level establishes it as a reliable service, then the whole industry will follow. That is my personal prediction.”

UBS is the world’s leading wealth manager, with $1.96 trillion of assets under management, according to research from London-based consultancy Scorpio Partnership.

 

Übersetzung:
Oliver Bussmann, IT-Chef von UBS:

"Ich glaube - und dies ist meine persönliche Ansicht - dass die Blockchain-Technologie nicht nur unsere Zahlungsgewohnheiten ändern wird sondern auch das ganze Handels- und Abrechnungsthema."

Bussmann glaubt, dass  die Blockchain-Technologie das Potenzial hat, "massive" Vereinfachungen der Bankenprozesse und Reduktion der entsprechenden Kostenstrukturen auszulösen.

Bussmann: "Wenn jemand mit einer starken Marke und hohen Sicherheitsstandards auf dieser Basis einen verlässlichen Service aufbaut, wird die ganze Finanzindustrie folgen. Dies ist meine persönliche Vorhersage."

UBS ist der weltweit führende Vermögensverwalter mit 1,96 Billionen US$, laut Angaben der in London ansässigen Beratungsfirma Scorpio Partnership.

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Alphabet Agencies Send Threatening Discovery Letters to Bitcoin Businesses

http://bitcoinwarrior.net/2014/10/alphabet-agencies-send-threatening-discovery-letters-bitcoin-businesses/

 

Bitcoin can expect another shock to the system as a variety of US regulatory agencies appear to be gearing up for a big action against Bitcoin related companies.

 

It is our position that sensible regulation of the intersection between fiat and cryptocurrency is both inevitable and necessary. People, by nature, work in their own best interests and do not always play fair. It is the government’s job to help craft the rules we all play by and then enforce those rules impartially. Unfortunately, the same entities now seemingly gearing up to assault Bitcoin businesses have not had the same zeal in going after the rampant and obvious crimes being committed on Wall Street or in Washington. If they did, then there wouldn’t be a need for a disruptive currency like Bitcoin as people would be confident in the current system.

If this is in fact the first step to a general regulatory assault on Bitcoin, we have no doubt the it will dampen the prospects of US bitcoiners. We also have no doubt that the system is resilient and will continue to grow internationally. Further, as the US continues to lose international clout, its hardline stance toward the currency may further serve to isolate it internationally.

 

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Australian Authorities About to Sell at Auction 24,500 BTC Confiscated From Silk Road Drug Dealer

http://cointelegraph.com/news/112833/australian-authorities-about-to-sell-at-auction-24500-btc-confiscated-from-silk-road-drug-dealer

 

The confiscated property would go to the Asset Confiscation Operations office in the Victoria Department of Justice. A spokesman said seized property was sold at public auction and proceeds directed to the state's consolidated fund.

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