The Bitcoin Foundation has a new Executive Director

Jon Matonis has been appointed as the new director and will start immediately.

Via the Bitcoin Foundation blog

As of today, Jon Matonis has accepted my offer to join us as Executive Director of the Bitcoin Foundation. He starts immediately, although he’ll take a few months to ramp up to full time.

Continue reading “The Bitcoin Foundation has a new Executive Director”

A Bitcoin ETF?

On Monday the Winklevoss twins, Cameron and Tyler, filed paper work with the SEC for a Bitcoin ETF. The “The Winklevoss Bitcoin Trust” has filed  for an initial public offering of 1 million shares at $20 each.

“The Winklevoss Bitcoin Trust (Trust) will issue Winklevoss Bitcoin Shares (Shares) which represent units of fractional undivided beneficial interest in and ownership of the Trust. Math-Based Asset Services LLC is the sponsor of the Trust (Sponsor) and [TRUSTEE] is the trustee and custodian of the Trust (Trustee) using proprietary and patent-pending technology to administer the Trust. The Trust intends to issue additional Shares on a continuous basis.”

While this is certainly a sign of Bitcoin continuing its move towards the mainstream, the filing has also drawn a lot of criticism. Critics include those who think Bitcoin is a silly idea in general, to those who are all too happy to list all the ways in which it could go wrong.

The EFT is still a long ways off of actually happening, and it will certainly be interesting to see how the SEC will handle the filling.

HuffingtonPost: The Crime of Alleviating Poverty – A Local Community Currency Battles the Central Bank of Kenya

Via the HuffingtonPost:

Complementary currencies can help eradicate poverty.

Proving that may be difficult in complex economies, due to the high number of factors influencing outcomes. But in an African slum with little of the national currency available, supplying residents with an alternative currency has a positive effect that is obvious, immediate and incontrovertible.

Continue reading “HuffingtonPost: The Crime of Alleviating Poverty – A Local Community Currency Battles the Central Bank of Kenya”

True peer-to-peer currency exchange?

One of the biggest problems currently facing the Bitcoin economy is the exchange market. The market suffers from continued concentration and price volatility. In order to maintain their links to the traditional banking world, these businesses have the unenviable task of attempting to shove Bitcoin into the world of bank accounts and anti-money laundering policies. New exchanges are joining the Bitcoin economy but regulatory compliance is no small barrier to entry. The few existing online exchange services continue to be significant points of failure for the Bitcoin economy.

MetaLairA network of small, peer-to-peer transactions would likely bypass many of these issues and would be a fitting solution for the brilliantly decentralized Bitcoin network. But is such a thing possible? The guys behind MetaLair, a UK based start-up, think so and are working hard to develop the software and find the investors to make it a reality.

Continue reading “True peer-to-peer currency exchange?”

Mt. Gox registers with FinCEN

mtgoxLate last week the Japan based exchange received an MSB license from US financial regulator FinCEN, license #31000029348132.

The exchange market leader had a run-in with US regulators earlier in the year when their US subsidiary, Mutum Sigillum LLC, had its bank account and Dwolla account shut down due to a lack of licensing. Soon afterwards the site changed their policies requiring all customers wishing to perform any USD withdraws/deposits to first verify their identity. As the majority of Mt. Gox’s businesses is in USD/BTC trades, their decision to appease US regulators is unsurprising.

Continue reading “Mt. Gox registers with FinCEN”