Hong Kong’s initiative, and the small lesson Bitcoiners can take from it – The Bitcoin Outpost Podcast

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EBay Does About-Face in Decision to Spin Off PayPal

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FinCEN Director: We’re Not Out to Villainize Bitcoin

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The Financial Crimes Enforcement Network (FinCEN) has been to date one of the most active – and more controversial – US federal agencies to address the bitcoin ecosystem, doing so through a number of published rulings aiming to provide clarity to the industry.

Founded in 1990, the US agency is responsible for collecting information about financial transactions that may be used to support money laundering, terrorist financing and financial crimes. FinCEN first addressed emerging virtual currencies in 2008 and has been simultaneously praised for engaging with the bitcoin ecosystem, while facing criticism from those who say its efforts have sometimes stifled innovation.

In a new interview with CoinDesk, FinCEN Director Jennifer Shasky Calvery has moved to counter this narrative, reitterating that while her agency’s foremost goal is to protect domestic businesses and citizens, FinCEN remains committed to minimizing the burden of bitcoin and digital currency startups that are making good-faith efforts to comply with regulation.

Continue reading at CoinDesk

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Let's Talk Bitcoin! #149 Price and Popularity

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*Subscribe to the LTBn All Podcasts feedor the Let's Talk Bitcoin! show only feed and never miss an episode again.

On Todays Show

Stephanie, Andreas and Adam have a wide ranging discussion about the price of bitcoin, whether it matters and lessons learned over the last year.

Sponsors for Episode 149

2014 Sponsor - KryptoKit

LTBc Sponsors:FoldingCoin

If you'd like to learn more about Sponsoring an upcoming episode of Let's Talk Bitcoin, click here.

LTB is also brought to you by....

YOU!

Donations for the Let's Talk Bitcoin! show may be sent to

1JDQ5KSqUTBo5M3GUPx8vm9134eJRosLoH

Credits for Episode 149

This episode was edited by Adam Levine

Music for todays show was provided by Jared Rubens and General Fuzz

If you're a developer, you might be interested in our Coins-for-Commits program. As the platform goes open source in the coming weeks we'd like as much help as possible and you'll earn 10,000LTBc per commit that is accepted. You can find the github repository here, and the current to-do workboard here

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Beyond Bitcoin - 16 - The Future Is Not Mad Max

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Today Justus Ranvier returns to discuss Monetas, a start up he is involved with which is building on the Open Transactions protocol. We also dig into cryptoequities, reputation, arbitration and the informal economy as well as the current price fluctuations. As usual, no investment advice.

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The Liberty Beat Partners with Genesis Communications Network

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The Liberty Beat Partners with Genesis Communications Network

FOR IMMEDIATE RELEASE

Contact: John Bush, Owner and Editor in Chief of The Liberty Beat

Phone: 512-773-6102 Email: JohnBush512@gmail.com

San Marcos, TX – The Liberty Beat, your daily source for liberty news and activist updates, is announcing a new partnership with the Genesis Communications Network that will greatly expand the reach of the program. The daily news service will also soon be producing three updated editions a day.

Since January of 2013, The Liberty Beat has provided daily top-of-the-hour news that could be heard on LRN.FM and up to 14 times per day on 90.1 FM in Austin, TX.

Now, you can hear the daily news service on the Genesis Communications Network and many of their AM and FM affiliates. The Liberty Beat will be included at the top of every hour during Free Talk Live, the Katherine Albrecht Show, the NutriMedical Report, and will also be downloadable via the GCN podcast feed.

The program has evolved from a one man hobby operation to a full fledged news service that contracts with writers and producers from their office in downtown San Marcos, Texas.

“We’ve come a long way in the quality and depth of our content,” said John Bush, founder of the Liberty Beat. “I used to exhaust myself running the program solo. Since bringing on Derrick Broze and Catherine Bleish as writers and Brian Hagen as our voice talent, we have been able to take it to the next level. With our new partnership with GCN, the sky is the limit!”

Every day The Liberty Beat announces the price of gold, silver and bitcoin, then provides a unique set of daily news topics including features on foreign policy, the rise of the police state, economics and alternative currencies, sustainable living, activist events and action, and more.

In the coming months, The Liberty Beat will be transitioning from a once a day format to delivering regular updates throughout the day in the form of three daily editions. You can contribute to the growth of the Liberty Beat by contacting John Bush to become a sponsor, or visiting http://ift.tt/1lnuHbe to contribute via PayPal, bitcoin, or other means.

The Liberty Beat Team is planning to celebrate this new partnership with a launch party at Brave New Books in late-October. An announcement will be posted when plans are finalized.

Read the news and join the community: http://ift.tt/Zlt7SS

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###

The post The Liberty Beat Partners with Genesis Communications Network appeared first on Bitcoin Magazine.

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Crypto-Anarchists and Cryptoanarchists

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The word “crypto” is Greek in origin (from kryptós) and means “hidden” or “secret.” Cryptozoology is the study of hidden and rare animals, cryptography is the study of hidden or secret writings, etc. In contemporary times, the use of crypto as a prefix usually designates a secret identification. While few today would declare their allegiance to the ideals of fascism, it is not uncommon to hear people referred to as “crypto-”fascists. The addition of crypto as a prefix in this case indicates a belief that someone is 1) secretly a fascist or 2) they act in ways to surreptitiously bring about fascism.

The double entrendre of “crypto as a prefix” can help us understand the role of crypto in the broader paradigm of achieving a liberal society. Crypto-Anarchists, I argue, are ideologically committed anarchists who recognize the superior efficacy of utilizing cryptographic means to achieve freedom. The population belonging to this group is, shall we say, narrow. These anarchists are “crypto” in the first sense of the word: they are anarchists who deliberately and intentionally want to recreate society on the basis of decentralized consensus, trustless networks, and strong encryption.

Cryptoanarchists, on the other hand, encompass the whole body of people who are using cryptographic tools without the understanding that they lead to anarchy. They embody the second sense of the word “crypto” – that is, that by using cryptographic tools as a function of their own self-interest, they are ignorantly and absentmindedly promoting an anarchist world. They are popularizing and normalizing tools of trade – such as Bitcoin or OpenBazaar – without any reference to society, politics, or economics. They are, usually, blissfully unaware of the goings-on at the Federal Reserve or the latest attempt by the Dept of Justice to regulate “intellectual property.” They care not for discussions of Internet freedom, and aside from the mass revolt against CISPA/SOPA, they generally do not foray into topics pertaining to digital property, privacy, political freedom and independence, and so on. They are mostly Muggles who, through natural processes of diffusion, have learned from others to use Bitcoin, TOR, TextSecure, GNU/Linux, or other various tools in the Crypto-Anarchist toolbox.

Both of these groups are absolutely vital to the success of crypto-anarchy as a movement. The field of intelligent specialists in cryptography, systems security, digital cash, and peer-to-peer networking is small. Though this group is few in numbers, they provide the much needed ideological zeal to inspire people to devote their time to create these products, often voluntarily. Computer scientists, IT specialists, and software geeks of all types are, like everyone, influenced by incentives. The work they perform is work like any other, and is usually purchased by various companies. Intelligent programmers are normally scooped up by large, centralized companies to tackle specific problems relating to server maintenance, communications, or other projects. Software giants today have little incentive – or perhaps disincentive – to spur their hired coders to create innovative, decentralized networks. Decentralized networks are anathema to the Microsofts and Apples of the world today. Hence, the majority of “software proficient” people find themselves working on puzzles for corporations – they are not geniuses who strike out and break the paradigm.

The ideologically committed Crypto-Anarchists are the ones putting fire in our hearts; they are the ones inspiring and encouraging others to pick up an encrypted weapon and join the fight. They spread anarchy through their natural means: coding. Crypto-Anarchists, like Cypherpunks before them, write code. While writing code, they also write prose that speaks to the souls of fellow programmers and software developers spending 40 hours a week to tweak Skype’s “calling” interface. When approached with dreams of independence and integrity, many devote their volunteer time to building anarchist tools. For all its ideology, Bitcoin is COOL. It is NEAT. It is innovative in ways that surpass economics, computer science, and law. It ushers in a new paradigm of communication and contracts. Bitcoin will do to money what BitTorrent did to information: release it. Money and contracts will no longer be the domain of bankers and lawyers. They are unnecessary, antiquated solutions to collective action problems that existed before decentralized consensus mechanisms were available. In the Bitcoin age, they are dinosaurs, unfit for the new future world. Describing and elaborating on this new world brings excitement. Anything is possible! Programmers now have a small side-interest in working on Bitcoin or Bitcoin-related projects. They saw the computer science implications long before economists saw the economic implications (lawyers have yet to be brought up to speed on the legal implications). The Crypto-Anarchist zealotry is hugely important; it shunts men and women out of their regular daily lives toiling away for centralized institutions and it creates a desire to free the world from software giants and telecom companies.

While they are the firebrand minority, most of the work to be done relies on the cryptoanarchists: the mass crowd of consumers who desire cool stuff. Once Bitcoin crosses the innovation chasm, and regular people realize they can use it in place of stuffy government money, they will become adherents and will support it simply for the amazing things it does: own and control money without tying it to a legal identity, send it to next door or across the world for five cents, and have perpetual access to your account. Of course, if they realize that it destabilizes fiat currencies and central banks, all the better. But that is the domain of Crypto-Anarchists, not cryptoanarchists. So long as they are using Bitcoin or TOR (to evade internet espionage) or Linux (to evade malware), they are promoting anarchy. The critical tie-in, for Crypto-Anarchists, is to create anarchist tools hidden within amazing consumer goods: Smartphones that are completely open-source, communication tools that are end-to-end encrypted, operating systems that leak no information! This is the key! Package the tools to anarchism nonchalantly in new technologies and watch the world transform.

Once consumers start chatting over lines that are end-to-end encrypted by default, dragnet surveillance is over. Once consumers start browsing the Internet through I2P or TOR, Internet espionage is over. Once consumers start using Bitcoin in their purchases, debt payment, remittances, savings, and investment assets, the monetary circus of inflating fiat currencies is over. Without control of money and information, the State itself withers. It cannot tax what it cannot surveil. By popularizing these crypto tools within “normal” consumer electronics, we make anarchy in everyone’s self-interest. No longer need they report their earnings to the IRS because their employer automatically sends a W-2 or a 1099; all earnings and expenditures are on cryptocurrency ledgers.

The Blockchain and other innovations will eradicate any ability for the State to prey on its people. Most advocates for liberty have taken the attitude that mass awareness is required, that without educating and informing people that they are slaves under a worldwide criminal apparatus, there will never be freedom – but this is not so! Simply give people the tools to protect themselves, wrap them in shiny user interfaces, and say nothing more. Let the intelligent users discover the lineage of cryptography and digital cash, and let the typical users enjoy their privacy. Nothing more is needed to undermine the State than mass disobedience through cryptography.

The post Crypto-Anarchists and Cryptoanarchists appeared first on Bitcoin Magazine.

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Bitcoins and Gravy Episode #35 SolarCoin and South Korea

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On today's show I interview Nick Gogerty, co-developer and author of the SolarCoin white paper. Nick talks to us about everything under the Sun including Black Swans, Normal Accidents, Warren Buffet's Billion dollar Solar and Wind investments, and Nick's own book, The Nature of Value. Nick also tells us how SolarCoin works to incentivize Solar Energy use and production and how SolarCoin is one of the few altcoins in existence that has genuine Economic Utility.

I also interview Paul Bugge, an American teaching English in Seoul, Korea. Paul gives us a look at how the Bitcoin movement is beginning to take off in South Korea and how its definitely worth a visit - especially for the great food!

RSS Feed = http://ift.tt/1pRWzX4

CREDITS:

Nick Gogerty

SolarCoin.org

TheNatureOfValue.com

The Nature of Value by Nick Gogerty

"In the great tradition of Charlie Munger's 'worldly wisdom', Nick Gogerty delivers a multidisciplinary approach to finding investment value. Through brilliant graphics and a unique lens, he educates the reader on how to discern investment opportunities that go well beyond currently reported financial results to gain insights into how value shifts over time. Any investor who feels the 'value investing' paradigm is lacking in its ability to navigate our increasingly complex world will benefit from the tools Gogerty offers."

• Paul Johnson, Columbia Business School
  
  Normal Accidents by Charles Perrow

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Bitcoins Blues

Lyrics and Music by John Barrett

2014, RJM Publishing [BMI]

Wasted all my time back in '09, I should have been mining blocksNow all I've gotz a Dogecoin rig and holes in my Alpaca socks

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BTC convention came to my hometown at last

I had to sell my only bitcoin just to buy a 2 day pass

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Took a trip to China . . . town for Beef chow mein to go

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Went up town to see my CPA for some advice

He told me death and taxes son and then just roll Satoshi Dice.

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Low down Bitcoin Blues.

Bitcoin Blues was Recorded live at the Laarzen Huis, Amsterdam, Kingdom of the Netherlands January 11, 2014. Many thanks to Jan and Marielle for the excellent voedsel!

; )

Special thanks to Alex Munoz Guijarro for his excellent pedal steel playing on many Episodes.

Interviews for this episode were edited and produced by John Barrett at The Tree House Studio - East Nashville, Tennessee.

Theme song "Gravy" by the band, Eleanor Roosevelt with Elijah "Lij" Shaw on fiddle.

And a big thank you to my sponsor The Tennessee Bitcoin Alliance:TennesseeBitcoin.org

Questions or Comments?

Bitcoins and Gravy Hotline: (615) 208-5198

Hey y'all! Leave me your questions, comments or suggestions about the show and please speak slowly and clearly. I would love to use your voice on the show and your feedback really is important to me!

(NOTE: If you would rather I did not use your voice, please say so on the message and I can simply reply to your question without using your voice).

Email me to say Howdy! howdy@bitcoinsandgravy.com

Visit the Website: BitcoinsAndGravy.com

Bitcoins and Gravy Tipping Addresses:

Bitcoin: 1ByqQXLTm9JZGSwnfqCCakaifBt3grQkXS

Litecoin: LgqYgxLTBPgr8C1JGLLJVLK4ZN1fveprAp

And if you don't feel like contacting me, just kick back, relax and enjoy the show. I hope you enjoy listening to my guests as much as I enjoy talking with them!

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A new project that transmits bitcoin payments over the radio is up and running in Finland – and it’s also transmitting a national Finnish cryptocurrency at the same time.

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P2P Connects Us - Episode 2

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On today’s episode, we’re going to be talking about Uber’s new political strategy, California Public Utilities Commission’s ire with Transportation Network Companies, BitTorrent opens Bleep Alpha to the public, the Ripple vs Stellar debate, and last but certainly not least, sharepreneur Chelsea Rustrum joins the show to tell us about life in the sharing economy.



P.S. The magic word is tricky in this one, you'll have to read between the lines to find it!

Dark Wallet + Open Bazaar integration Github repo

Behavior Driven Development doc and meetup notes

Coins In The Kingdom

P2P Connects Us sponsor token auction

Uber hires David Plouff

Uber sponsors police militarization convention

Uber teams up with Hiring Our Heroes

Lyft, Sidecar, and Uber receive nastygrams from the CPUC

BitTorrent Bleep Alpha goes public

Stellar network experiences 10+ hour outage

Ripple Labs comes to an agreement with Jed McCaleb

Chris Larsen pledges 7 billion XRP to charity

“It’s a Shareable Life” book

The magic word is "shareable"

“One Couch at a Time” documentary

Living the New Economy Convergence

Content for today’s episode was provided by John Light and Chelsea Rustrum

Music for today’s episode was “Curbside Killers” by Pskov

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LTB E148 - Bitnation Apprehension and the Money We Use

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*Subscribe to the LTBn All Podcasts feedor the Let's Talk Bitcoin! show only feed and never miss an episode again.

On Todays Show

Stephanie and Adam discuss speculative concerns about the thinking underpinning the upcoming Bitnation project. They talk about a recent scottish debate emphasizing the importance of the money used by a nation, and especially the ability to create more of it to meet your debts.

Sponsors for Episode 148

2014 Sponsor - KryptoKit

LTBc Sponsors:Inside Bitcoins Las Vegas - Save 10% when you register for your Gold or Silver pass using discount code LETSTALKBITCOIN

If you'd like to learn more about Sponsoring an upcoming episode of Let's Talk Bitcoin, click here.

LTB is also brought to you by....

YOU!

Donations for the Let's Talk Bitcoin! show may be sent to

1JDQ5KSqUTBo5M3GUPx8vm9134eJRosLoH

Credits for Episode 148

This episode was edited by Adam Levine

Music for todays show was provided by Jared Rubens and General Fuzz

If you're a developer, you might be interested in our upcoming Coins-for-Commits program. As the platform goes open source in the coming weeks we'd like as much help as possible and you'll earn 10,000LTBc per commit that is accepted. You can find the github repository here, and the current to-do workboard here

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P2P Connects Us - Episode 1

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On today’s episode, we’re going to be talking about Uber’s explosive growth, Coinbase’s expansion into Europe and exciting partner announcement, the Bank of England embraces cryptocurrency, and last but certainly not least, David Schwartz of Ripple Labs joins the show to tell us about consensus and the Ripple Protocol.

Show notes:

Uber’s explosive growth

Uber opens API

“Uber must be stopped”

Coinbase expands brokerage service to Europe

PayPal’s Braintree subsidiary partners with Coinbase

Bank of England digital currency research

Ripple Labs

Ripple

Consensus whitepaper

Identity on Ripple

Content for today’s episode was provided by John Light and David Schwartz

Music for today’s episode was “Curbside Killers” by Pskov

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All Things Alt: XC Inc, Next-Gen PoS and More Waiting for MintPal

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Given the relatively quiet altcoin market, it’s easy to miss the new technologies and interesting applications that are gaining ground.

Yet, as September rolls to a close and October lies just around the corner, it might be premature to assume that the altcoin world is running out of steam as some have suggested. Today’s roundup includes a chat with the developer of XCurrency, a look at I/O’s new proof-of-stake concept and an altcoin that is out of this world.

I/O preps next-gen proof-of-stake framework

Continue reading at CoinDesk

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LTB Community Roundup #8

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Let's take a look at what happened on the Let's Talk Bitcoin! network over the past week.

Are you in speculating mood at the moment? This thread from @nmswawan asks for your speculation regarding bitcoin prices at the end of 2014.

Doge prices are on the rise once again and that makes this thread relevant once again and likely to see some action. What are your thoughts regarding the rise of Doge? Is this something that is going to resume, or will Doge begin slipping? I am curious to see your thoughts regarding this alt currency that is nearly a year in and seems to be still here.

If you could buy a guitar or guitar pedal with BTC, would you? @Xaulted is speaking with a company about allowing customers to pay with bitcoin and is looking for some feedback. Is this something you would be interested in?

Here is an older thread that might warrant some fresh discussion. This thread regarding Overstock.com on Counterparty is especially relevant as it now appears that Overstock is up to something secret at the moment. The company has reportedly begun hiring more cryptocurrency developers and the CEO is promising some major announcements in the near future.

Where do you think Bitcoin will be in five years? Come join this discussion regarding the future of Bitcoin and let us know your thoughts. Will we have achieved mainstream adoption? Perhaps we will find new technical challenges? What do you think is going to happen?

What are your thoughts on the intersection of blockchains and games or other technologies? We saw a lot of action this week across various stories, and even a few different threads.

@ademczuk asks for some help from the community regarding why merchants might want to accept bitcoin directly. Be sure to speed over to the thread and leave your thoughts.

Sometimes it is personally hard for me to remember that a world outside of cryptocurrency exists. So, I want to take a moment to point out this thread that asks what your favorite song is. No, it is not Bitcoin related, but it is real-world related and sometimes we all need a break. ;)

I also want to take a moment and point out the post from @adam this week regarding sponsorships on the Let's Talk Bitcoin! network. Be sure to read the post and this thread regarding the auction vending machine system.

Both of those links will give you information on a small portion of the cool stuff that is happening that makes this community different, and in my opinion just a bit special.

If you have not taken the plunge yet and joined The Let's Talk Bitcoin! community, now would be the right time. Do not hesitate. Join now. I will see you in the forums!

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Gems: Taking Back Social Networks

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Last week I discovered a peer-to-peer messaging system that could hold real promise for the future of social networking -- Gems. According to the white paper information being released during the project's beta phase, Gems is a gateway to cryptocurrency, via the protocol of Bitcoin, and the Counterparty asset system, providing what could be a seamless slide into the world of shared success.

Taking Back Social Networks. "No blockchain knowledge is required," says Daniel Peled, who leads the Gems development team. The Gems success structure opens the door to a model that upsets previous conceptions of business. "It is our belief that users bring value to a social network and they should be rewarded accordingly. We specifically designed Gems to give users full control over their data and the opportunity to profit from being a part of the network success." Imagine a WhatsApp-style mobile experience with fully encrypted, private messaging, and a built in wallet, packaged in an app that simply looks like . . . a messaging app.

The Promotional Video. The overview comes complete with flashy graphics and bouncy music.

Gems - Messaging that pays - Coming soon ! on Vimeo.

Sharing the Success. Gems helps introduce cryptocurrency to the masses in a profitable, fun, and easy way to understand. To get started, the user does not need to know anything about Bitcoin, Counterparty, cryptography, or encryption. Registration takes less than ten seconds, and can be done through a mobile device. After that, the user simply sends a message and then is rewarded with gem tokens. The value of the network is tied directly to the value of the tokens. Users are awarded gems in the application's built-in wallet. By introducing others to the network, a user will earn more gems. Simple.

Gems is Anonymous. Due to recent incidents where private information was leaked, technology users have become more concerned about the security of their data. Social networking apps such as WhatsApp do not encrypt users' communications, messages, pictures, or videos. In comparison, Gems stores no user data, and has no way to access your private messages. Your identity is protected because you decide the level of personal information you want to reveal to other Gems users. You can register with only a username, which is not connected to your real name, unless you choose. You are in control. On other social networks, users must identify themselves with an email address, phone number, or other personal information. While you have the option to attach your phone number and your name to your Gems account, allowing other Gems users to find you more easily, you never need to reveal this information.

"Be Early and Be Active!" This may sound like a motto for a health club, but with Gems it could indeed be a real wealth-creation promise. Early adopters who use the system regularly will receive portions of scheduled proof-of-participation distributions of gems. The builders of this new community are expected to share in the rewards, which in turn depend on the future success of Gems. The GEM asset created on the Counterparty platform can easily be traded for bitcoins.

The ICO. The term ICO has been coined (pun intended) to stand for "initial coin offering," "initial crypto offering," or "initial crowdfunding offering" -- the latter being the most common use of the term. However, all three apply to what Gems has in store for the near future. Sources indicate that initial amounts of gems may be purchased with bitcoins; however, keeping up with the project requires following Gems on Twitter, or subscribing to the newsletter on the Gems website for the critical initial asset launch announcement. While still in beta, Gems is close to completing a public release. Gems offers a real promise of changing how we interact with each other. And even if it does not become our default social network overnight, at the very least, Gems is a clever rebuild of existing messaging apps.

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How Louis C.K. Could Make Millions More by Selling His Specials Via Bitcoin

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When it comes to monetizing online videos, Louis C.K. is an innovator. In 2011, he decided to distribute his new standup special on his website, downloadable for $5. Instead of making an exclusive deal with Netflix, HBO, or Comedy Central, Louis opted for the open garden of the Internet. One of the main reasons that people pirate content in the first place is that the material is often inaccessible online, even when they are willing to pay. Louis C.K. was able to bring in more than $1 million in sales in less than two weeks during his experiment. While most people would consider this unique scheme a success, the reality is that it could have turned out even better with the help of Bitcoin.

Did Louie C.K.'s Nice Gesture Prevent Piracy?

It is difficult to get raw data on the number of people who torrented or streamed Louis C.K.'s standup special as opposed to purchasing it from his website. What we do know is that torrenting of movies, TV shows, music, and other forms of content has been on the rise in recent years, and the number of people who torrented the Game of Thrones season finale in 2013 was actually higher than the number of people who watched it on HBO. This is a rather staggering statistic considering the fact that the number of "illegal" viewers does not include streaming websites that allow users to watch episodes or movies directly from their browsers. Although certain shows, such as Games of Thrones and Homeland, tend to have a larger number of torrent downloads due to the exclusive nature of their programming availability, the point here is that millions of people are ready to download popular content whenever it is available for free. While Louis C.K.'s plan to make his special easier to download legally was a nice gesture, the reality is that there were still probably plenty of people torrenting the video. Some evidence has shown that Louis's scheme may have led to more purchases and more torrents of his work simply due to the increased publicity around the release of Live at the Beacon Theater.

PayPal Fees

So how could Bitcoin improve this movement of releasing standup comedy specials on the Internet with no middleman? Before we get into anything else, we should start with PayPal fees. Due to the high volume of transactions, Louis C.K. was likely able to get a rate of around 2% per transaction. On top of that, there is the flat $0.30 fee for each sale. In this scenario, $1 million in sales during the first twelve days of its release would mean PayPal earned roughly $80,000 in processing fees. Their real cut of the action was likely much higher than this due to the fact that sales from outside the United States incur increased costs. For the sake of argument, we will just stick with the $80,000 figure. If these purchases were made with Bitcoin, the total costs would have been $10,000. This assumes none of the sales were made off-blockchain through a company like Coinbase. Also, the Bitcoin transaction fees would have been paid by the customers.

How Else Could Bitcoin Help?

In addition to helping cut down on transaction costs, Bitcoin could also help Louis C.K. create a completely different crowdfunding model. Instead of hoping his fans follow the honor system, Louis could simply record the special and then tell his fans that he will release it after it has been funded by 1 million of his fans. This number is not pulled out of nowhere. Louis C.K. currently has 3.78 million followers on Twitter, which is a drop in the bucket compared to his total number of fans around the world. Expecting 1 million people to pay for his standup special is not an outlandish figure. Louis C.K. could even just ask for $3 from each of the million fans instead of $5 and still come away with millions more than he received for his first trial run in December 2011.

Why is Bitcoin Necessary for This to Work?

Now some will say that Bitcoin is not essential to this crowdfunding model. While Bitcoin certainly is not required, it does make the most sense. Here are the key reasons Bitcoin is the best option:

• No chargebacks - Bitcoin would prevent a large number of people from sending money to Louis C.K. and then pulling off a chargeback once the video file was released for everyone's enjoyment.


• Global availability - While PayPal is available in most developed countries around the world, there are plenty of people who were unable to purchase Louis C.K.'s special due to the fact that they had no means of payment. Bitcoin does not discriminate and is available to everyone in the world, which leads to more money in Louis C.K.'s pocket. Remember, people turn to torrents most often when the content is not available in their country. Louis even discussed this on the Opie and Anthony radio show not long ago.


• Microtransactions - Although Louis would be asking for $3--5 from each of his fans, there would be plenty of people who would be willing to pay much more or much less. Someone may decide that the will throw $1 into the crowdfunding campaign, while others will throw in $20 if they are a huge fan and they want the video released as soon as possible. Traditional payment methods simply do not make sense for small donations. Even at $3, more than 10% of the donation would be going to a payment processor.


• Bitcoin voting - Bitcoin voting is an added incentive that could cause more people to donate. With this model, donors would be able to send their bitcoins to a specific Bitcoin addresses. The final value of an address signifies the amount of votes in favor of a corresponding outcome, such as the content of the standup special. For example, donors could use their bitcoins to vote on where the special will be filmed, who would open for Louis C.K., or even which sections Louis should cut out of the special.

What About Lost Customers Due to Not Accepting Credit Cards or PayPal?

The major downside to accepting only Bitcoin as a payment option for his specials is that barely anyone uses Bitcoin right now. The decentralized payment system is basically in the same situation that PayPal was when they first launched. Having said that, there are plenty of companies working on bringing more users to Bitcoin. The perfect partner for an online sale like this would be Circle. Buyers in the United States, and soon other countries, would be able to purchase bitcoins instantly with their debit cards after signing up for Circle. Better yet, Circle is already giving out $10 worth of bitcoin to all of their new customers. People who were not already Circle members would be able to use half of the $10 given to them by the online Bitcoin wallet provider to pay for the Louis C.K. standup special. Many users may just give Louis the whole $10.

Would Louis C.K. Accept Bitcoin?

Louis C.K. may not be someone who is going to dismiss Bitcoin right away. A Redditor sent his website an email about the subject before the release of his last special, and someone who manages his website said they were "considering crypto currencies." In my view, crowdfunding campaigns powered by unique monetization models made possible through Bitcoin are the future of how artists can get paid for their content. Louis CK has already gone after Ticketmaster and centralized media outlets in the past, so perhaps cutting out the payment processors could be his next move.

And finally, for laughs, Louis C.K.'s explanation of the banking system.

You can follow @kyletorpey on Twitter.

Featured image via David Shankbone.

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MIT Students Challenge New Jersey State in TidBit Legal Case

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In March, CoinDesk reported on a legal spat between a team of MIT students led by Jeremy Rubin, and the State of New Jersey.

Rubin’s team had developed a software system called Tidbit that could allow websites to use visitors’ computers to mine bitcoin. In return, the visitors would not see advertising.

However, last December, the State of New Jersey issued a subpoena asking the team for details of its project, including the source code, addresses of bitcoin wallets associated with it, installation logs, and others.

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US Commodities Regulator to Hold Public Bitcoin Hearing

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The US Commodity Futures Trading Commission (CFTC) has announced that it will hold a public meeting to discuss digital currencies on 9th October in Washington, DC.

Created in 1975, the US CFTC is an independent federal agency that regulates the country’s futures and options markets. The meeting will be presided by the CFTC’s Global Market Advisory Committee, a group that advises the organisation on issues related to market integrity and competitiveness.

The CFTC indicated that the meeting will consist of two panels, one of which will focus on examining bitcoin and questions surrounding the CFTC’s involvement in the creation of a derivatives market for bitcoin, while the other will center on Non-Deliverable Forwards (NDFs), a form of cash-settled short-term forward contract.

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US Banks: Why We Embraced Ripple

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The path for any bank to approach new technology isn’t a simple one. From first learning about a technology to discussing it with regulators and stakeholders, to finally integrating it with existing infrastructure, the timeline often constitutes a lengthy testing and review process.

Yet despite these hurdles and the broader banking industry’s apprehension, CBW Bank and Cross River Bank have become the first US institutions of their kind to adopt Ripple’s distributed open-source payment protocol.

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Bitcoin and Cryptocurrencies Front and Center at SIBOS

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Sponsor, Advertise, Contest!

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The Let's Talk Bitcoin! show is now accepting sponsors and front page advertisers. Here's how it works.

SPONSOR

Each sponsor is granted up to a minute of airtime during the sponsor break portion of the show they sponsor. That time may be used either with LTBn approved, pre-recorded audio or by an impromptu 30-60s exploration of your product or project by LTB's Adam B. Levine.

Space is limited and advanced booking is encouraged. To see current availability please visit our Sponsorship Calendar

Comment on the desired reservation card and link to the proposed sponsor project, or upload the proposed recorded audio to save your place. Once your project is approved, you will be asked to send 1 SPONSOR to a specific address.

Each episode of LTB may have up to two Sponsors. Any available slot may be reserved for 1 SPONSOR token. Both slots may be reserved by the same sponsor for 2 tokens.

LTBDISPLAY

In the last sixty days we've had more than a million pageviews and 270,000 visits. We offer 10 no-rotation 155x155 side-banner slots on our front page, arranged vertically with the top slot designated 1

Space is limited and must be reserved in advance.

Visit our Ad Slot Calendar to see current availability.

Comment on the desired reservation card and upload your ad art in jpg or gif to save your place. Once your project is approved, you will be asked to send 1 LTBDISPLAY to a specific address. Each LTBDISPLAY may be redeemed for a full week of the specified slot.

How do I get a SPONSOR or LTBDISPLAY token?

The best (and only for now) way to acquire a SPONSOR token is to use some of the LTBcoin you earned as part of our community, or bought from the local market to win our LTBcoin auctions of SPONSOR, LTBDISPLAY and other tokens.

This is our prototype wholesale distribution system, it'll always be cheapest to buy SPONSORs and LTBDISPLAY for LTBc. If you have LTBc, but no projects, you can sell them for BTC to those with projects, but no LTBc.

Not everybody wants to bother with LTBc, so in the future anyone will be able to sell their SPONSOR directly to a "vending machine" for LTBc or Bitcoin, and someone else will be able to buy it at a higher retail price with no currency fuss or auction uncertainty. SPONSOR, LTBDISPLAY, HOURCONSULT and other tokens are of course tradable and once in your possession, are your property. And this is just the beginning.

LTBn Logo Contest Final Submission Deadline

Shortly before the launch of LTBc, we started the hunt for a LTB network logo with a 100,000LTBc prize to the winning designer. The final date for submissions is October 1st, 2014 at 7am Pacific time. All submissions need to be linked in the contest thread, winners will be announced on October 3rd. In addition to the main 100,000LTBc, there will be several runners-up awards.

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Bitcoin at Risk: Major Vulnerability Discovered in GNU Bash

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Free Bitcoins | How to Earn Bitcons 2014

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Bitcoin Faucet - FREE Bitcoins - High Pay out!

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Atlas ATS Introduces 60-Second Price Protection for Bitcoin Traders

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Atlas ATS has introduced a new feature that allows exchange users to lock in quoted bitcoin prices for up to 60 seconds before executing a trade.

Called its “Price Lock Guarantee”, the latest feature from Atlas ATS is aimed at enticing payment processors, ATM operators and merchants who accept bitcoin to use the platform as a way to hedge against short-term volatility in the market.

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Overstock CEO Patrick Byrne to Keynote Inside Bitcoins Las Vegas – Get 10% OFF

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Inside Bitcoins Conference and Expo will be returning to Las Vegas on October 5-7! The event will feature 35 informational sessions, over 70 speakers, 4 keynotes, and a half day of workshops!

Taking place at the Flamingo Hotel and Casino, the conference will cover a wide range of topics including mainstream adoption, compliance, bitcoin startups, investing, mining, altcoins, equipment, and more. An impressive lineup of bitcoin experts and thought leaders will share their insights and knowledge on the implications of bitcoin, along with predictions on what lies ahead.

The first 300 paid attendees will receive US$50 in bitcoin.

New to Inside Bitcoins Las Vegas will be a half day of small classroom-style workshops taught by cryptocurrency leaders, which will provide attendees with an interactive, informative setting to learn about various facets of the bitcoin ecosystem.

Recently announced is a keynote by Patrick Byrne, CEO of Overstock.com, who will be leading a session titled, “Cryptosecurities: the Next Decentralized Frontier” on October 6 at 3:30pm. Byrne will also be making an exciting announcement at the event regarding Overstock’s latest development on the Bitcoin front.

Featured speakers include:

• Patrick Byrne, CEO, Overstock.com


• Bobby Lee, CEO, BTC China & Board Member, Bitcoin Foundation


• Daniel Larimer, Founder, Bitshares.org


• Perianne Boring, Founder & President, Chamber of Digital Commerce

And many more! See the full roster of speakers here.

Interested in attending? Enter code BMAG14 for 10% OFF Gold and Silver Passports. Register now!

The post Overstock CEO Patrick Byrne to Keynote Inside Bitcoins Las Vegas – Get 10% OFF appeared first on Bitcoin Magazine.

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Today in Small Business: A Positive Review on Yelp Goes Viral

By GENE MARKS via NYT Business Day http://ift.tt/1r9Ikln

Liberty Reserve IT Manager Pleads Guilty to Money Laundering Charges

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A Costa Rican man who served as the former IT manager for now-defunct early digital currency company Liberty Reserve has pleaded guilty to operating an illegal and unlicensed money transmitting business.

On Tuesday, 28-year-old Maxim Chukharev appeared before US District Judge Denise Cote to enter the latest plea in the case. Six of his co-workers have been charged with crimes related to the operations of Liberty Reserve, and three have pleaded guilty to date.

Prosecutors said Chukharev played a crucial role in maintaining the company’s technological infrastructure, which authorities estimate was used to process $6bn in transactions.

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Federal Government Sues Kansas Bitcoin Business

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Butterfly Labs And Their Latest Debacle – The Bitcoin Outpost Podcast

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How Louis C.K. Would Make Millions More by Selling His Specials Via Bitcoin

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When it comes to monetizing online videos, Louis C.K. is an innovator. In 2011, he decided to distribute his new standup special on his website, downloadable for $5. Instead of making an exclusive deal with Netflix, HBO, or Comedy Central, Louis opted for the open garden of the Internet. One of the main reasons that people pirate content in the first place is that the material is often inaccessible online, even when they are willing to pay. Louis C.K. was able to bring in more than $1 million in sales in less than two weeks during his experiment. While most people would consider this unique scheme a success, the reality is that it could have turned out even better with the help of Bitcoin.

Did Louie C.K.'s Nice Gesture Prevent Piracy?

It is difficult to get raw data on the number of people who torrented or streamed Louis C.K.'s standup special as opposed to purchasing it from his website. What we do know is that torrenting of movies, TV shows, music, and other forms of content has been on the rise in recent years, and the number of people who torrented the Game of Thrones season finale in 2013 was actually higher than the number of people who watched it on HBO. This is a rather staggering statistic considering the fact that the number of "illegal" viewers does not include streaming websites that allow users to watch episodes or movies directly from their browsers. Although certain shows, such as Games of Thrones and Homeland, tend to have a larger number of torrent downloads due to the exclusive nature of their programming availability, the point here is that millions of people are ready to download popular content whenever it is available for free. While Louis C.K.'s plan to make his special easier to download legally was a nice gesture, the reality is that there were still probably plenty of people torrenting the video. Some evidence has shown that Louis's scheme may have led to more purchases and more torrents of his work simply due to the increased publicity around the release of Live at the Beacon Theater.

PayPal Fees

So how could Bitcoin improve this movement of releasing standup comedy specials on the Internet with no middleman? Before we get into anything else, we should start with PayPal fees. Due to the high volume of transactions, Louis C.K. was likely able to get a rate of around 2% per transaction. On top of that, there is the flat $0.30 fee for each sale. In this scenario, $1 million in sales during the first twelve days of its release would mean PayPal earned roughly $80,000 in processing fees. Their real cut of the action was likely much higher than this due to the fact that sales from outside the United States incur increased costs. For the sake of argument, we will just stick with the $80,000 figure. If these purchases were made with Bitcoin, the total costs would have been $10,000. This assumes none of the sales were made off-blockchain through a company like Coinbase. Also, the Bitcoin transaction fees would have been paid by the customers.

How Else Could Bitcoin Help?

In addition to helping cut down on transaction costs, Bitcoin could also help Louis C.K. create a completely different crowdfunding model. Instead of hoping his fans follow the honor system, Louis could simply record the special and then tell his fans that he will release it after it has been funded by 1 million of his fans. This number is not pulled out of nowhere. Louis C.K. currently has 3.78 million followers on Twitter, which is a drop in the bucket compared to his total number of fans around the world. Expecting 1 million people to pay for his standup special is not an outlandish figure. Louis C.K. could even just ask for $3 from each of the million fans instead of $5 and still come away with millions more than he received for his first trial run in December 2011.

Why is Bitcoin Necessary for This to Work?

Now some will say that Bitcoin is not essential to this crowdfunding model. While Bitcoin certainly is not required, it does make the most sense. Here are the key reasons Bitcoin is the best option:

• No chargebacks - Bitcoin would prevent a large number of people from sending money to Louis C.K. and then pulling off a chargeback once the video file was released for everyone's enjoyment.


• Global availability - While PayPal is available in most developed countries around the world, there are plenty of people who were unable to purchase Louis C.K.'s special due to the fact that they had no means of payment. Bitcoin does not discriminate and is available to everyone in the world, which leads to more money in Louis C.K.'s pocket. Remember, people turn to torrents most often when the content is not available in their country. Louis even discussed this on the Opie and Anthony radio show not long ago.


• Microtransactions - Although Louis would be asking for $3--5 from each of his fans, there would be plenty of people who would be willing to pay much more or much less. Someone may decide that the will throw $1 into the crowdfunding campaign, while others will throw in $20 if they are a huge fan and they want the video released as soon as possible. Traditional payment methods simply do not make sense for small donations. Even at $3, more than 10% of the donation would be going to a payment processor.


• Bitcoin voting - Bitcoin voting is an added incentive that could cause more people to donate. With this model, donors would be able to send their bitcoins to a specific Bitcoin addresses. The final value of an address signifies the amount of votes in favor of a corresponding outcome, such as the content of the standup special. For example, donors could use their bitcoins to vote on where the special will be filmed, who would open for Louis C.K., or even which sections Louis should cut out of the special.

What About Lost Customers Due to Not Accepting Credit Cards or PayPal?

The major downside to accepting only Bitcoin as a payment option for his specials is that barely anyone uses Bitcoin right now. The decentralized payment system is basically in the same situation that PayPal was when they first launched. Having said that, there are plenty of companies working on bringing more users to Bitcoin. The perfect partner for an online sale like this would be Circle. Buyers in the United States, and soon other countries, would be able to purchase bitcoins instantly with their debit cards after signing up for Circle. Better yet, Circle is already giving out $10 worth of bitcoin to all of their new customers. People who were not already Circle members would be able to use half of the $10 given to them by the online Bitcoin wallet provider to pay for the Louis C.K. standup special. Many users may just give Louis the whole $10.

Would Louis C.K. Accept Bitcoin?

Louis C.K. may not be someone who is going to dismiss Bitcoin right away. A Redditor sent his website an email about the subject before the release of his last special, and someone who manages his website said they were "considering crypto currencies." In my view, crowdfunding campaigns powered by unique monetization models made possible through Bitcoin are the future of how artists can get paid for their content. Louis CK has already gone after Ticketmaster and centralized media outlets in the past, so perhaps cutting out the payment processors could be his next move.

And finally, for laughs, Louis C.K.'s explanation of the banking system.

You can follow @kyletorpey on Twitter.

Featured image via David Shankbone.

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Bitcoin Price Surges Amid Positive PayPal News

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The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) rose more than 10% today to reach a press-time high of $443.69, its highest total since 18th September.

Prices on the USD BPI were up 11.12% at the time of publication, rising from an open of $398.89 and a low of $391.46 observed at roughly 10:10 BST.

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BREAKING: PayPal Partners with BitPay, Coinbase, and GoCoin

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Paypal Accepts Bitcoin! 10% INSTANT Price Rise Today

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LHV Bank Talks Coinbase Partnership, Bitcoin’s Potential in Europe

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New details have emerged about the underlying deal that helped bring Coinbase’s bitcoin buying and selling services to 13 European countries.

Representatives from Estonia’s LHV Bank confirmed that it is serving as Coinbase’s banking provider in the region as it seeks to further its own interests in the digital currency space. Notably, LHV Bank had previously announced a project aimed at exploring the potential of block chain technology to its banking services.

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