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All Posts Tagged Tag: ‘bitcoins’

China Bitcoin Crackdown Leads To Exchange Shutdown

BTC38, one of China’s biggest bitcoin exchanges, informed its users that 3rd party payment processors would be suspended. The news came following a major crackdown by the People’s Bank of China. China’s major financial institution has previously come out strongly against the bitcoin. As the digital currency gains momentum despite recent controversy, the PBOC has moved more aggressively to weaken …

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IRS: Bitcoins Are Property And Absolutely Taxable

Good news and bad news has just come down the pipe courtesy of the IRS. The good news? Bitcoins have received a huge boost in terms of U.S. government recognition. The bad news? If you were hoping to invest in Bitcoins for the purpose of evading taxation…it’s a no-go. The IRS announced on Tuesday that they will treat the virtual …

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IRS: Bitcoin is Property, Not Legal Tender

Despite the wild swings in the virtual currency markets and the recent scandal involving the Mt. Gox exchange’s loss of $400M, Bitcoin continues to hold some value online. As the most popular virtual currency, Bitcoin is becoming increasingly popular with investors looking for risky, (though potentially lucrative) investments and tech aficionados who want to be in on the ground floor …

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Bitcoin Creator Possibly Found. Anyone Care?

If anyone was anticipating a major furor over the creator of Bitcoins being discovered, they’re no doubt disappointed. As of now a Japanese American known by the alias Satoshi Nakamoto is thought to be the creator of the digital currency. He was reportedly found in Southern California where he presently resides. The man denied any and all involvement with the …

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Bitcoin Exchange Mt. Gox At Heart Of Criminal Probe

Mt. Gox, the Bitcoin exchange that went dark following a major theft, is now at the heart of a criminal probe. Both Manhattan U.S. Attorney Preet Bharara and the Federal Bureau of Investigation are gathering information to determine what led to the disappearance of 750,000 Bitcoins, valued at as much as $400,000,000. They are also working to determine whether or …

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Bitcoin Heists Test Currency’s Legitimacy

In startling news Tuesday morning, one of the world’s largest bitcoin exchanges, Mt. Gox, ceased existing, leaving millions of dollars worth of bitcoins unaccounted for. The Tokyo-based exchange company has stated that a security leak that has been present since September has violated the integrity of some 700,000 accounts, totaling approximately $350 million in stolen currency. Due to this huge …

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Bitcoin Exchange Giant Vanishes; Is the End Near?

Bitcoin trader Kolin Burgress is not happy with Mt. Gox. The London-native hopped a plane and headed all the way to Tokyo, Japan to let the Bitcoin exchange giant know how he felt about losing $320,000 worth of the currency. “I may have lost all of my money,” said Burgess. He had been picketing the building since February 14th, demanding …

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Bitcoin Crash: Beginning Of The End?

Even when the value of the bitcoin was going up, soaring to ridiculous heights, there were whispers of doubt. “It’s the 90’s ‘dot.com’ bubble all over again”. Despite the skepticism, speculators looking to get rich quick ignored the warnings, vying to get a hold of as much of the cryptocurrency as possible. One man even took advantage of their real …

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Bitcoin Value Continues to Puzzle Economists

2013 will be a year remembered for many important reasons, with perhaps the most interesting being the rise of the digital currency, the bitcoin. Bitcoins have been in existence for 4 years now, and over those four years the value of a bitcoin has fluctuated drastically. These intense changes in value make many people wonder what gives a bitcoin value …

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China Bans Banks From Accepting Bitcoins

For some time now, the digital currency known as “bitcoins” has been ballooning in value thanks to a lot of speculation and the promise that the money will be finite. Currency 101 dictates that the more of something there is, the less value it has, a process known as inflation. This is why it would make sense to barter with …

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This Anarchist Wants To Use Bitcoin to Crowdfund Assassins

Forbes author Andy Greenberg wrote today about an encrypted email he received from a person who called themselves Kuwabatake Sanjuro. Sanjuro claimed to have designed a Deepweb site called the Assassination Market, which apparently has the capability to “crowdfund” political assassinations in a similar manner as Kickstarter. For the technically unfamiliar, “the Deepweb” or “DarkNet” (depending on who you’re talking …

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“Silk Road” Underground Site Shut Down by FBI

The FBI has officially shut down the underground site “Silk Road.” Operating since January 2011, the site gave drug dealers a platform to sell heroin, cocaine, LSD, methamphetamine, among other drugs and illicit goods. The site allowed people to anonymously buy illegal drugs. Silk Road gets its name from the lucrative Chinese silk trade, because its extensive network of routes. …

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