Mt. Gox under pressure, needs competitors

Repeatedly hit by DDoS attacks while experiencing a surge in new accounts has made for a rough few weeks for the Bitcoin exchange.  Mt. Gox is by far the largest Bitcoin/USD online exchange handling over 80% of trades. This heavy reliance on one entity does not make for a healthy Bitcoin economy and contributes to Bitcoin’s volatility.

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Predictions on gold, bonds, “cut-off of supply chains” and the bypassing of the US Dollar from Jim Willie

In a recent interview with the always exuberant Jim Willie gives some very interesting predictions.

Jim sees the BRIIICS (that includes Iran and Indonesia) moving away from the US Dollar, the Yen and the Euro and adopting a USD alternative for trade. He believes the East will sell off its US bonds, continue to purchase gold (driving it up to $7,500) and perhaps adopt “gold trade notes”. As he sees it the consequences of this will not be inflation, but a “large widespread cut-off of supply chains” in the states as foreigners will not be willing to accept US Dollars.

The 28min interview is full of colorful commentary and interesting thoughts including the possibility of “bail-in’s” in the states.

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Freeman's Perspective: Bitcoin Should Get Ready For an Attack

By Paul Rosenberg,

Bitcoin – poorly understood and frequently talked about ignorantly – is a wonderful new financial tool… and a very timely one. But because of its virtues, it is about to be attacked.

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Bitcoin on a Roll

  • As Bitcoin’s USD value shoots above $100, Bitcoin ATM is getting quite a lot of attention. CEO Jeff Berwick has made numerous appearances on financial news shows.

On Tuesday Jeff appeared on CNBS’s “Squawk on the Street” to discuss Bitcoin with Rick Santelli.

In an interview with Business Insider Jeff announced that Bitcoin ATM now has “orders for 300+ machines in 30+ countries and are moving quickly to handle the demand.”

  • The BitcoinStore, a new Bitcoin electronics seller and self-proclaimed competitor to Amazon, has sold $500,000 worth of products and renewed its contract with its wholesaler. The contract with Ingram allows the online store to offer product at lower prices than retailers such Amazon and NewEgg.
  • Western Union considers using Bitcoin.


Ukash introduces Cash Withdrawals service in the UK

Later this month Ukash customers in the UK will be able to easily convert their Ukash vouchers back into cash, no credit card needed.  To provide this service Ukash has partnered with PayPoint who has more than 24,000 locations in the UK.

Ukash CEO, David Hunter, says the partnership will provide consumers with greater flexibility and will encourage more e-commerce retailers to add Ukash as a payment option.

More details here.