FastCoin Crypto News
In less than a decade businesses will need to accept some form of digital currency as Big Data promotes a shift from cash to code. Just how businesses prepare for that shift will determine who hits the jackpot and who gets left behind.
That’s the message from the former innovation advisor to Hilary Clinton, Alec Ross, who contends that the current exuberance around Bitcoin is akin to the excitement generated by the early search engines.
Ross, a key player behind the campaign that helped carry Barack Obama to the White House in 2009, says that Bitcoin is just the beginning of the digital currency wave, and it probably won’t live to see the day when its kind becomes the norm rather than the exception.
After the feds seized and shuttered Silk Road, an online marketplace for illegal drugs, earlier this month, some technology experts started sounding the death knell for Bitcoin, Silk Road's international currency of choice. Instead, we may soon see Bitcoin's real value.
Invented in 2008, Bitcoin is not the first attempt at an all-digital, cryptographically based currency. Others have existed in one form or another for nearly fifty years, but have either failed to take off or dramatically crashed and burned. Bitcoin is the first cryptocurrency with the deep structure, wide adoption, and trading momentum to achieve escape velocity.
The Biggest Scam In The History Of Mankind
After thousands of years of government monopoly over issuing money, the digital age is bringing new competition to how we save, spend and make payments. Due to concerns about inflation and money printing, the last 20 years has seen an incredible number of new developments in the world of money. Read our infographic to learn how gold got digital, how digital currencies exploded into life and who the key players are in this global story.
In the age of cryptocurrency, the leading player is Bitcoin, a financial transactional tool that’s just beginning to move from the fringe to early adaptors. Think of Bitcoin as an open-source digital currency that’s not backed by any particular entity. Bitcoin may be relatively new but it’s already a $1-billion industry and could soon be another fundraising avenue for campaigns.
Users of Bitcoin benefit from its high level of privacy as transactions aren’t monitored by any government or financial institution and no personal information is exchanged. Also, Bitcoin transactional rates are much lower than major credit cards and making payments can be as easy as sending an email. Because Bitcoin is not based on or in any particular country, international transactions are quick and don’t incur any additional costs.
BitPay, the world's largest payment processor for virtual currencies, announces that it now offers translations into 10 languages plus English for their entire checkout experience.
Merchants servicing international customers can now present bitcoin payment instructions in the buyer's native language, allowing merchants to more easily conduct business in emerging markets.
Recently at the European Bitcoin Conference in Amsterdam, BitPay co-founder and CEO Tony Gallippi announced that the company is actively hiring sales engineers, a director of marketing, and software developers for its new offices in Amsterdam and Montreal.
Online black market Silk Road was shut down by the FBI and the alleged owner Ross William Ulbricht arrested. Along with the shut-down, about 26,000 Bitcoins were seized by the Federal Bureau of Investigation. Those Bitcoins are now at the centre of fierce storm. Even while the FBI decides what it wishes to do with the horde of online currency, supporters of the black-mart are trolling the FBI online.
According to a report by Forbes, the FBI is sitting on a neat little pile of Bitcoins garnered from the raid. According to an FBI Spokesperson, the Bureau seized about 26,000 Bitcoins from Silk Road accounts. Essentially, this is currency that belongs to Silk Road users and is not Ulbricht’s personal money.
Bitcoin Talk, the popular Bitcoin discussion forum, has been hacked and as it stands the site is currently unreachable.
Bitcointalk has been down for nearly 6 hours. The forums have been allegedly hacked and Defaced by “The Hole Seekers” and selling 150,000 emails and hashed passwords stolen from Bitcointalk.org for 25 Bitcoins, where the passwords are hashed with sha256crypt.
As the Fed-induced asset bubbles in stocks, bonds and real estate follow the inevitable Supernova track to implosion, that we've reached Peak Federal Reserve will be obvious--in hindsight.
Billionaires and political lackeys alike have been falling all over themselves in the rush to praise the Federal Reserve's unprecedented monetary intervention since 2008. That billionaires and political hacks, apparatchiks and toadies cannot laud the Fed's Cargo Cult enough is no surprise: the billionaires and the government that feeds them both gained handsomely from the Fed's policies:
It is no surprise that Bitcoin’s price did not stay down on the Silk Road shutdown news. As we have always argued, Bitcoin has about as much to do with the drug trade as briefcases do. The dollar remains the the clear currency of choice for governments and/or criminals alike(pardon the tautology).
We are expecting new highs on the Bitcoin price now that the bogeyman of illicit drugs has been eliminated.
U.S. drug enforcement officials removed a long-standing thorn in their side Wednesday, as the FBI seized the notorious Silk Road trading site and filed charges against Ross William Ulbricht. The government claims Ulbricht has steered the site as the eloquent “Dread Pirate Roberts” since January 2011.
The Silk Road functioned as a sort of Ebay for drugs and other oft-illegal merchandise, serving as an anonymous marketplace connecting buyers with sellers, complete with an escrow system to reduce transactional risk.
Earlier today, one of the most popular websites that use and promote the use of BitCoin, Silk Road, was shut down by the US government. As Reuters reports, U.S. law enforcement authorities raided an Internet site that served as a marketplace for illegal drugs, including heroin and cocaine, and arrested its owner, the Federal Bureau of Investigation said on Wednesday. The FBI arrested Ross William Ulbricht, known as "Dread Pirate Roberts," in San Francisco on Tuesday, according to court filings. Federal prosecutors charged Ulbricht with one count each of narcotics trafficking conspiracy, computer hacking conspiracy and money laundering conspiracy, according to a court filing. Anyone visiting the site would be greeted with the following "game over" screen.
Bitcoin Flash Crash in progress
I'd be curious to see if the hype has any effect. A situation that seems like it might be analogous would be when the Fukushima disaster happened. Supposedly, the cost of these tablets that were supposed to help with radiation poisoning apparently skyrocketed in the US because of all the hype.
I am unable to provide a source as this happened a while ago, and the only reason I know about that at all is because a friend somehow took advantage off of that market and claimed he made money off of it. I have no way of confirming, but it does make sense.
Just when we thought we had seen the last great innovation of our age, something new appears. Like the internet that came before, an obscure open-source computer protocol is poised to create and destroy whole industries and has already become a source of agita for government types the world over.
While much has been said and written about the nascent crypto-currency‘s underlying technology and recent volatility, one nagging question remains: what if Bitcoin emerges as a viable and sound currency, just as the world’s central banks reduce their notes to confetti?
The historic pub The Old Fitzroy, in Sydney (Australia), just hosted the first Beers4Bitcoins this Sunday (29) and the event was a success.
Bitcoin-Central, a Bitcoin currency exchange based out of France and operated by Paymium, has reopened again after six months of suspension.
Bitcoin-Central suspended its operations in late April this year following a security breach in which hackers stole few hundred Bitcoins from its hot wallet. The exchange had noted at the time that it will refund 100 percent of the money which its customers had lost as a result of the hack and that it was temporarily suspending its service up until its security infrastructure is tightened.
Whether we consciously think about it or not, banks are intertwined with our lives. We need them, but more importantly, they need us. It’s something to consider, given that there are times the banking industry can sometimes be frustrating, to say the least. Although startups like Simple are trying to bring a friendlier face to banks, it is the underlying system itself that is resistant to change.
When faced with the emergence of something like bitcoin, it is worthwhile paying attention to how the banking industry behaves. Many who are working towards building a bitcoin economy believe that banks will need to change.
The Royal Canadian Mint is to begin testing its MintChip electronic payment system by the end of the year, according to reports. Software engineers at the Mint will begin piloting the system as a new means of paying for goods and services using smart phones and other devices.
Announced in April 2012, MintChip isn’t a virtual currency. Instead, it is a mechanism for holding Canadian dollars – and potentially other currencies – electronically as digital cash that can be transferred between participants. The concept has languished publicly, with nothing of note happening since a developer challenge designed to encourage third party innovation around MintChip ended 18 months ago.
Ebay Flirts With The Enemy – Could Ebay Become a Major Bitcoin Exchange?
After café houses and bars, now it is the turn for charity organizations. From finance sites to hosting companies to antiquity sellers, now Bitcoin is getting acceptance from a range of services providers.
Bitcoin is a revolutionary idea and according to the release from leading charity organizations, they became interested in Bitcoins a while ago and felt there were probably a lot of people out there who had Bitcoins and no way to really enjoy spending them. Showing its interest in Bitcoin the escort agency decided to accept Bitcoins.
Clients who already hold Bitcoins can use them immediately; however, as the agency realizes that not many of its customer may be aware of the crypto-currency, it will help them guide through it and help them know the process to buy Bitcoin and pay the same for the services.
When has a regulatory agency ever declined the opportunity to put the screws to a new business venture? It’s been a long time since anything like that slipped by in the United States. The country in question here is Canada, which, despite its many socialist structures, increasingly might be dubbed the “land of the freer.”
I have claimed for years that there is no unregulated product or service in the U.S. economy, and I have yet to be proven wrong- and regulators are always looking for more chances to muck things up, particularly in new and innovative industries such as crypto-finance.
Don’t be fooled by the US $100-plus exchange rate. Bitcoin is an experiment—a work in progress. Even the core developers of Bitcoin admit that it is still in beta. After all, the concept of a peer-to-peer digital currency was introduced only a little more than four years ago, and we still have much to learn about how it works, what its vulnerabilities are, and what its true potential is.
First Nations to Depart the Dollar Will be the Survivors of the Coming Collapse!
MEXICO CITY, Sep 9 2013 (IPS) - The Bitcoin, a virtual currency that circulates outside regular financial systems, is catching on in Latin America.
Mexican systems engineer Moisés Briseño is a user and student of this completely digital cash system that is independent of any central issuing authority.
“I buy and sell Bitcoins. I check the exchange rate quotations and trends. They are still not much used in the region. One of my aims is to encourage existing businesses to accept them and to show their advantages for users and businesses,” said Briseño.
The Bitcoin was invented in 2008 by Satoshi Nakamoto – thought to be the pseudonym of a Japanese programmer or group of people. The software to issue and exchange it among a network of users was published in January 2009.
Bitcoin, the digital currency that’s a favorite among crypto-libertarians, gutsy venture capitalists, and criminals, is still waiting for that one big endorsement—a major corporate power that says, “yes, we’ll take your bitcoins” and pushes the currency from the fringes to the mainstream.
Could eBay be the company Bitcoin is looking for? If a recent blog post is any indication, the biggest auction site in North America is definitely flirting with the cryptocurrency. It’s just not quite ready for you to know about the relationship yet.
ST. PETERSBURG, Russia (Reuters) - U.S. President Barack Obama resisted pressure on Friday to abandon plans for air strikes against Syria and enlisted the support of 10 fellow leaders for a "strong" response to a chemical weapons attack.
Obama refused to blink after Russian President Vladimir Putin led a campaign to talk him out of military intervention at a two-day summit of the Group of Twenty developed and developing economies in St. Petersburg.
He persuaded nine other G20 nations plus Spain to join the United States in signing a statement calling for a strong international response, although it fell short of supporting military strikes, underscoring the deep disagreements that dominated the summit.
I think the most pertinent thing I've learned from my Bitcoin experiences is that nobody really understands money
This is what I learned when I first got into precious metals investing during the financial crisis. Then after learning all about Austrian economics I thought I knew most of what you could know about money... then bitcoin. Seriously, there has been no completely new form of money in over a thousand years. Most ways to exchange value have been tried over and over with endless cycles of failure. Precious metals stood out because they just have what needs to be designed into a currency to make it work and all those attempts to design in the right monetary policy have ended in them being designed right out because there is no consensus or way to enforce it when its the ones doing the enforcing that need to have self discipline. Triple entry book keeping changes everything about currency. Its like going from hunter gatherer society to an agricultural one, one where you use what you can take from nature to one where you make your own rules about the supply. I'm not even doing the new paradigm thing an investor of bitcoin might fool themselves with because the currency that gets the largest market share might not be bitcoin but sooner or later I do believe the system with the lowest transaction costs, the most stable supply and security will be the one most people rely on.
TORONTO -- The first time Ryan Johnson bought Bitcoins -- an emerging digital currency that isn't controlled by any authority such as a central bank -- was with a pocket full of cash from a stranger he had met online.
"It was almost like a sketchy drug deal," recalls the 31-year-old Vancouver resident.
Since that first transaction in January, Johnson has been exchanging his Canadian cash for digital currency at Bitcoiniacs, a physical store in Vancouver that acts like a Bitcoin broker.
July and August were marked by quiet summer trade, rising yields and speculation about the next chairman of the Federal Reserve. And in those two months, bitcoin prices nearly doubled on the trading exchange Mt. Gox.
The price of a bitcoin on Mt. Gox, the largest bitcoin exchange by volume, was recently $128.50. That’s almost double the value of a bitcoin on July 5, according to the pricing website gold.net, which tracks Mt. Gox data. The size of the bitcoin market is more than $1 billion.
Bitcoin’s momentum continues to grow as governments agencies have started to recognize that virtual currencies can co-exist alongside flat currencies. As well, Bitcoin thought leaders have continued to negotiate with law makers to overcome the present problems. Many Bitcoin traders have been wondering how governments and other major organizations will react to virtual currency. So far, most governments including US have remained largely silent. The German government was first to labeled Bitcoin as a currency unit and private money. Recognition from one of the EU leading powerhouse marks next major step forward for the currency.
The Decline And Fall Of The Dollar & The USA
Once a consuming hobby for a coterie of anarcho-libertarians and and others predicting an econo-apocalypse, Bitcoin started crossing over into the mainstream in a big way this year, attracting the interest and dollars of Silicon Valley VC firms.
While the math-based currency is trading at about half its peak U.S. dollar value this year, there are startups betting that this was just a temporary spike and then correction. They’re predicting that Bitcoin is still on a long path toward changing the way transactions and micro-payments are handled online. The currency allows for irreversible and anonymous transactions without the need for a third-party facilitator like a bank.
On a clear Saturday afternoon in Berlin, I checked out the third Bitcoin Exchange Berlin (BXB), which is the first face-to-face marketplace of its kind in Germany—and likely in Europe.
The monthly exchange shook down at the Platoon Kunsthalle, an art space made from stacked shipping containers. Aaron Koenig, the founder and organizer of BXB, rushed around the venue, as vendors had small blackboards scrawled with their prices. Everyone wore matching black hats emblazoned with the BXB logo and vendor name stickers.
Bitcoin has been very interesting to follow recently. Just last month a Bitcoin was worth a mere $69 USD, and today, the value is pressing against the $150 USD mark. That’s more than double value in a really short period of time. This, in the middle of strong goverment and regulations pressure. This should be a reminder that no publicity is bad publicity. With every article being released, Bitcoin garners more attention from the public and a flurry of people who have never heard of Bitcoin are getting in on the game. Bitcoin enthusiasts are rejoicing everywhere!
It hasn't gotten that much attention, as the world's Bitcoin fascination has faded since this spring.
BUT: Worth pointing out that the actual price of Bitcoins has been on a major tear again lately, as it presses up near $150.
This is despite increasing oversight and subpoenas from regulators, and all kinds of pronouncements about Bitcoin's death.
Ankur Nandwani is a news junkie who keeps hitting paywalls. He would pay for content, but not for a subscription. But he found a virtual solition.
Ankur Nandwani Nandwani, 27, merged his interest in news with Bitcoin, a virtual currency that many people think will change the future of payments. With co-founders Bo Li and Valerie Chao, he developed Bitmonet, an open-source tool that lets publishers accept micropayments in Bitcoin for news stories.
Bitmonet is just a side project for Nandwani, who has a day job as a senior software engineer in San Francisco. He started analyzing Bitcoin about six months ago and wanted to grow interest in the virtual currency.
"It's all about encouraging bitcoin adoption," Nandwani said. "I think in the early stages of the bitcoin ecosystem.....it's better to increase bitcoin adoption. We can think of making money later."
Altcoins are always going to pop up while Bitcoin’s fame keeps going, so it’s only natural that we should start dabbling on the matter a bit more, specially with Litecoin gaining ground and stabilizing itself.
http://coinmarketcap.com/ Check this site out if you’d like to take a look at the comprehensive list of Alt-coins and how they stand against Bitcoin.
http://www.reddit.com/r/Bitcoin/comments/1jvxfy/bitcoin_vs_litecoin_difference/cbitjgd Here’s the link to the Reddit Comment I referenced today! The thread is worth a look and it might help give you a better idea of things. I’d also advise taking a look around the different websites for Litecoin if you feel like dabbling in the matter.
The Libertarian Party of Canada issued a press release wherein it asked for donations in Bitcoin; this was a tacit support for the revolutionary currency making great waves around the world. The political party declared that accepting donations in Bitcoin (BTC) is a right move to support the cause of minimum government.
The release cited that the most significant advantages of Bitcoin are that the amount of Bitcoin is finite, and the software is open source i.e. anyone can read and understand exactly how the software works.
The Libertarian Party of Canada that stands for reduced responsibilities and expense of government advocates for Bitcoin as the organization considers that it cannot be expanded like all current day government currencies.
According to the Canadian political party, “Expanding currency, also called ‘quantitative easing’ or ‘inflation’ is the worst way that government makes money – the other two are through taxes and borrowing.” However, as Bitcoin is limited in circulation, there is no such likelihood. Also, there is no governmental interference in Bitcoin production or circulation.
Toronto, Canada - Compared to Bitcoin's 10 minute block times the FastCoin network has just a 12 second target block time with transactions fully confirming in 48 seconds. Based on the same fundamentals as the Bitcoin protocol FastCoin is a blockchain based, decentralized, peer 2 peer worldwide digital currency with no central issuing authority. FastCoin has seen a rapid rate of adoption, with the coin's market cap briefly reaching $250 000 USD in early August, and the official website, http://fastcoin.ca, seeing constantly increasing traffic and serving thousands of unique hits every month. The coin is backed by a team of developers and FastCoin enthusiasts from all over the world; including the USA, Europe, Australia, UK, Russia, China, Brazil, Argentina, South Africa, India and more.
Is Bitcoin The World's Most Exclusive Club?
Let’s begin with a short thought experiment. Put yourself into a world in which banks charge $20 to $50 to manage an international wire transfer, but hardly make a profit on it. Conceptualize a world in which banks delay domestic ACH transfers up to three days, in a large part to reduce fraud risk. Imagine a world in which taking on just one new customer necessitates the hiring of another employee. If you’re a commercial bank, these problems are likely all too real and familiar to you. Your costs are continuously rising, but your clearing and compliance infrastructure hasn’t changed. Well I have some good news for you: Bitcoin is going to lower your network and compliance costs by 90%, and I guarantee you will be using it within ten years or less.
You’re probably wondering how this could be possible when Bitcoin is a non-dollar currency with a payment flow that you can’t trace. This widely publicized description doesn’t understand Bitcoin’s underlying potential, and the controversial headlines surrounding our industry don’t give light to the services that will make Bitcoin usable by institutions. Most talking heads focus on Bitcoin as an anonymous currency, when it is more accurately a robust, traceable payment network. The infrastructure around it is still in its early days, but an army of companies is working to make Bitcoin the most suitable payment network in the world. To boot, the leading companies in the space are placing huge importance on establishing credible AML programs that are in line with those of other financial services companies you currently bank.
Although it has been overshadowed in recent months by mostly regulatory news, the issue of deflation and bitcoins is still a topic worthy of debate. It was one of the biggest criticisms that faced bitcoin earlier this year as the price rose to an all-time high. Most of the bearish views on bitcoin deflation came from economists, who may or may not have understood the true nature of bitcoin.
What is deflation? The general idea is that deflation is a decrease in the price of goods and services. In this case, we are specifically talking about bitcoins. As bitcoin’s value goes up, the cost of paying for things in BTC goes down as a result of an item’s fiat monetary value staying the same. This might trigger deflation, and some economists believe that once it starts happening, deflation will spiral out of control.
Charles Lee was a software engineer at Google, spending his days hacking networking code for the search giant’s new-age operating system, ChromeOS. But in his spare time, he rewrote Bitcoin, the world’s most popular digital currency.
Early one October morning two years ago, Lee unleashed his project, Litecoin, onto an online universe that was still coming to terms with its more famous progenitor, and though Litecoin is still firmly rooted in the Bitcoin code base, it has found a place in the world, showing just how strong the appetite is for a new breed money.
Bitcoin has had an extraordinary run this year, but if you’d sunk your money into Litecoin instead of Bitcoin on January 1, it would have done better. Since then, Bitcoin jumped from just over $13 to its current value of more than $115. Back in January, Litecoin was trading in the $0.07 range. Today, it’s worth close to $2.40. In other words, while it took 200 Litecoins to buy a Bitcoin in January, today it takes only 50.
Probably you worked the wrong numbers and didn't realize that mtgox counts a lot of trades double because they have a multi currency trading engine. That means, the currencies on mtgox have one shared order book and some EUR orders are automatically matched to USD orders. Therefore in the statistics a lot of trade volume is counted twice if the trade was across two different currencies.
Dear FastCoin community,
Please NOTE: This post was a continuation from the Bitcointalk.org forum response. Please click on this or the title line to read the original post.
Please continue to keep us posted of any other strange behavior that you may notice on any other mining pools. We would like to be able to create a list and qualify some of FastCoin pools out there, and perhaps provide recommendations to the community. To date we have not had a lot of time since the release of FastCoin to verify the integrity of some of these mining pool operations. Please understand that it is very difficult for us to monitor and police the mining pools as they do offer voluntarily service and we do understand that they need to cover some of there operational costs.
Having said that, it is understood that pool operators have the option to exercise basic fees or request donations from its members through a variety of methods. Typically a 1 - 3% Fee is not outrageous and would seem reasonable. But yes if you feel a considerable amount may be siphoning off then that is not an ideal site, and again in fairness to the pool operator it may be that there site is or was "Broken" or not operating properly at the time of your mining experience.
Currently the best thing we can offer you is to check the posted FastCoin mining pool list from here...
From our experience we have found the following three FastCoin Pool sites to be the best in terms of up time and consistency of payouts...
If you are a FastCoin Pool owner/operator and would like us to include you in one of our recommended FastCoin pools list, please send an email to firstname.lastname@example.org and we will do our best to assist you.
Again you need to check and verify which site works best for you, internet proximity may play a role in choosing the best pool as well. IE if you are in Asia perhaps a pool in that geographical location may suite your purposes better then one found in North America. Again this is not 100% as some sites in Asia have preformed well during North America site outages and vis-versa, you will just have to check and perhaps move from site to site till you find one that works best for you.
We will do our best to continue to check and modify this list should new information becomes available.
McAfee also says the growth of electronic currencies like Bitcoin is unstoppable, despite efforts by governments to curb their use.
"Things like Bitcoin are completely outside the control and the knowledge of anyone."
To his mind, anyone who does not seriously consider electronic currency as a mode of currency exchange is "doing themselves a misservice," given its encrypted and algorithmic protection from thievery.
"It will be everywhere and the world will have to readjust. World governments will have to readjust."