Cocaine Dealers Suffering as Bitcoin Price Falls

(Business Insider) — “Fantastic!” That’s the sarcastic reaction of one deep web dealer after losing $1,000 in a single night due to this week’s catastrophic Bitcoin price crash. The virtual currency has been declining in value for all of 2014, but it began 2015 particularly badly — losing 30% of its value in a matter

It’s Time to Quit Focusing on Bitcoin’s Price

(WIRED) — The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the

Bitstamp Resumes Business: Responds to Jimmy Fallon

(USA Today) — After being made fun of by comedian Jimmy Fallon, bitcoin operator BitStamp may have gotten the last laugh. BitStamp, the world’s third-largest bitcoin exchange, saved its reputation on Friday by reopening for business within a week of losing upward of $5 million worth of bitcoin to a security breach. A letter from

Major Bitcoin Exchange Loses $5 Million in Bitcoins to Hacker

(WSJ) — One of the largest online bitcoin exchanges has temporarily suspended services after losing some 19,000 bitcoins ($5.1 million) in what the company said was a breach of its systems, reviving concerns about the security of the digital currency. Slovenia-based Bitstamp, in a message on its site Tuesday, said some of its “operational wallets”

Bitreserve Facing Potential Court Battle Over Alleged Trademark Theft

(Charleston, SC) — Bitreserve, a company that describes itself as a revolutionary “new financial system”, has brought upon itself a world of potential legal exposure with its decision to take the trademarked name “Bitgold” from Nike Szabo, the suspected inventor of Bitcoin. Mike Lorrey claims to have collaborated with Nick Szabo around 2005 on a

New York Considers Accepting Bitcoin for Parking Fines

(MarketWatch) — The city of New York issues eight to ten million parking tickets annually. But great news: Drivers will soon be able to use their smartphones to pay their fines instantly with mobile apps or cryptocurrencies. The city’s finance department is looking into alternative payment methods like Apple Pay, PayPal and Bitcoin for the

The MtGox Scandal Continues: Hackers Only Stole 1%

The MTGox scandal was one which impacted the whole world of Bitcoin. The exchange lost an estimated $370 million, which was 650,000 bitcoins at the time. Now, according to a report in Japan’s Yomiuri Shimbun newspaper, only 1% of the bitcoin was actually taken by hackers. The bitcoin lost, which today is estimated at $208

Hal Finney Spent Final Months Being Harassed by Bitcoin Extortionist

(Wired) – The call came while Hal Finney was in the final stages of his five-year battle with Lou Gehrig’s disease. When the phone rang, his wife Fran was giving him a shower, with help from his nurse. Fran took the call, which came from a 911 emergency dispatch operator. “Are you OK?” the voice

Russian Ministry Demands Less Restrictive Bitcoin Regulation

(RT) – Russia’s Ministry of Economic Development has reacted negatively to the bill to ban cash equivalents, including electronic money, such as bitcoins. It said the proposed ban could hit major telecom operators, retailers and banks hard. The Ministry of Finance has developed a draft law on the introduction of responsibility for handling cash equivalents

Defense Attorneys Compare Bitcoin Felon to Greek God

(Business Insider) – Lawyers acting on behalf of Charlie Shrem, the bitcoin entrepreneur caught up in the downfall of deep web drug marketplace Silk Road, have written a surreal sentencing memo that describes the 25-year-old as a “sacred guardian.” Betabeat has obtained the full sentencing memo written by Shrem’s lawyers. The entrepreneur was sentenced to