Attempt to Tie Bitcoin to ISIS is Proof the Establishment is Scared to Death

Screen Shot 2014-07-07 at 1.35.11 PMI first threw my public support behind Bitcoin in August 2012 after finding out that it had been used to donate funds to whistleblower group Wikileaks in the wake of a payment blockade by large financial institutions. I explained my rationale in the post: Bitcoin: A Way to Fight Back Against the Financial Terrorists?

It was this event that really sparked my interest in Bitcoin and resulted in me spending much of my time in the subsequent months learning as much as possible about the revolutionary payment system. The more I learned, the more excited I became. In fact, learning about Bitcoin and its freedom unleashing potential is what made me more encouraged about the future of humanity than anything else over the past couple of years. It became evident to me early on that the large financial institutions and the statists they are in bed with would ultimately panic if Bitcoin ever took off. In early 2013 I wrote the following in the post, Bitcoin Goes Parabolic: My Updated Thoughts

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

This is Huge – Bitcoin Apps May Finally be Coming to Apple

Screen Shot 2013-11-25 at 5.56.51 PMApple’s brand suffered earlier this year when the company decided to ban the  Blockchain Bitcoin app. In fact, it unleashed such a firestorm that diehard technologists and Bitcoin fans took to YouTube to post videos of themselves destroying their iPhones in a number of creative ways, including with a sniper rifle and a machete. In the event you haven’t seen these before, you can watch some of them here.

Moving along to the topic at hand, many people are closely scrutinizing Apple’s policies today due to the kickoff of the company’s annual Worldwide Developer Conference. For folks within the Bitcoin community, focus has been on a small recent entry within the section on “Purchasing and Currencies” within the document: App Store Review Guidelines. See below:

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

U.S. Senator Wants to Ban Bitcoin – To be Followed by Book Burnings and Witch Hunts

Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans. – Senator Joe Manchin, in his letter calling for a ban on Bitcoin Whenever you hear a politician say he or she wants to do … Read more

America’s First Bitcoin ATM Debuts in Albuquerque, New Mexico

Thanks to regulations, the USSA has been behind the global curve with regard to the installation of Bitcoin ATMs. After all, Canada’s first machine was installed back in November, and it recorded $100,000 worth of transactions within the first week. Hopefully that trend is about to change, as Lamassu’s BTC machine is now operating in a cigar bar called Imbibe in Albuquerque, New Mexico. In addition, two Bitcoin ATMs from Robocoin are also set to be installed in Seattle, Washington and Austin, Texas shortly (from what I know, I prefer Lamassu’s machines since they do not employ biometrics).

From Coindesk:

After months of rumors and speculation, the first bitcoin ATM in the United States is now in operation.

The machine, manufactured by Lammasu, is located in a cigar bar called Imbibe in Albuquerque, New Mexico, and is being operated by Enchanted Bitcoin, run by Eric Stromberg.

New Mexico happens to be one of only two US states that do not require a money transmitter business (MSB) license to operate. The other is South Carolina.

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

Video of the Day – Man Flies from London to Tokyo to Confront Mt. Gox CEO

Readers of this website know that I am no fan of Mt. Gox, something I outlined last weekend in my post: My Thoughts on Mt. Gox. Reports of freaked out customers flying long distances to Japan to complain about the exchange are nothing new. In fact, an Australian man’s journey was the first to go … Read more

Feeling a Little Insecure? JP Morgan Issues a Report Critical of Bitcoin

Now this is special. John Normand, JP Morgan’s head of global FX strategy has just issued a report on Bitcoin to educate his “sophisticated” clientele on why they must avoid the revolutionary payment protocol and currency Bitcoin. Coindesk has done some excellent reporting on the matter. They write:

Released on 11th February, a new report by US-based multinational financial services company JPMorgan issued a sharp critique of bitcoin and other digital currencies.

The eight-page report, authored by the company’s head of global FX strategy, John Normand, aimed to present the “risks and opportunities” posed by bitcoin.

Normand writes:

“As a medium of exchange, unit of account and store of value, it is vastly inferior to fiat currencies.

Since governments are quite unlikely to accord it the status of legal tender, bitcoin or other virtual currencies would not reach the scale and scope to render them worthwhile for widespread commerce, payments or investment.”

Normand explains:

“Recall that currencies don’t become widely used spontaneously or through a grassroots campaign. They become widely used nationally because a government declares them legal tender, and they become widely used internationally because they are legal tender in a significant economic area with large, unrestricted capital markets.”

Yes slaves, don’t try anything new. Sure, Bitcoin has gone from nothing to a $8 billion valuation in five years, nothing to see here. Obey. Your government loves you. Only politicians and Central Banksters are sophisticated enough to create money and handle it. Don’t get any big ideas. Think small, that’s where we want you serfs.

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

You Can Now Buy Bud for Bitcoin in Washington State

Bitcoin and bud are a match made in liberty heaven. They are perfect examples of things people want, but that the state thinks is their job to “protect” you from. Two inevitable forces, two civil rights issues. Bitcoin can help the nascent legal marijuana business, and the marijuana business can help Bitcoin. I wrote a piece all about this last month, which I suggest reading titled: How Bitcoin Could Serve the Marijuana Industry as Banks Remain Too Scared to Enter.

Now from Coindesk:

Medical marijuana dispensary Kouchlock Productions, which opened on Monday February 3, began accepting bitcoin for its wares this week. The dispensary, based in Spokane, is said to already have sold the drug in several bitcoin transactions.

While medical mariijuana dispensaries are legal in the state, they are still federally illegal, which makes it difficult for them to process credit cards. This makes bitcoin a useful alternative for them.

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

How Bitcoin Could Serve the Marijuana Industry as Banks Remain Too Scared to Enter

The reason venture capitalists have become so intrigued with Bitcoin over the past year or so is because it is what the industry refers to as a “disruptive technology.” Some of the key tenets of a disruptive technology are that it allows people and businesses within a certain industry (or industries) to do things cheaper, faster, and better than before by a significant, if not revolutionary margin. Bitcoin easily checks all these boxes. Even more than that, it also frees humanity from the vengeful whims, or simply the bureaucratic inefficiencies, of the state apparatus. Case in point, when Wikileaks was unable to access the traditional banking system due to a state sponsored blockade, they were still able to obtain funds through Bitcoin. In fact, that specific example, is the primary reason that I officially got behind Bitcoin in late summer 2012. I made this point clear in my debut article on the topic titled: Bitcoin: A Way to Fight Back Against the Financial Terrorists?

Which brings me to the topic of today’s post. Medical marijuana is already legal in 20 states plus the District of Columbia. It is also completely legal for recreational use in two states; Colorado where I reside, as well as Washington State. Nevertheless, big daddy government still thinks it knows best and continues to classify the relatively benign substance as a schedule one drug under federal law. As such, the banking system, (including state banks) is simply to afraid to get involved. Enter Bitcoin.

Well at least that is what I suspect will happen. As of now, it has been anecdotally reported that one dispensary has made Bitcoin payments an option, but I haven’t seen any clarification as to which one. I see this as a fantastic opportunity for both the Bitcoin community as well as the marijuana industry to come together to solve a major problem. It could be a huge win-win for both. The main question on my mind at this point is whether or not the main Bitcoin payment processing companies Coinbase and BitPay will agree to play along…

*Note: Since the publication of this post a reader pointed out that since the Bitcoin payment processors do utilize the banking system, it doesn’t exactly solve the problem. This is a fair point, but leads me along another thought process. It may indeed end up being a blessing in disguise as it sets up the marijuana industry as the perfect testing ground for use of BTC as an actual currency. Ie, potentially paying suppliers and employees in Bitcoin, perhaps only partially at first. This is going to be fascinating to watch.

First let’s examine the problem. A recent article from the New York Times highlighted it. Here are some key excerpts.

The New York Times writes:

Legal marijuana merchants like Mr. Kunkel — mainly medical marijuana outlets but also, starting this year, shops that sell recreational marijuana in Colorado and Washington — are grappling with a pressing predicament: Their businesses are conducted almost entirely in cash because it is exceedingly difficult for them to open and maintain bank accounts, and thus accept credit cards.

As a result, banks, including state-chartered ones, are reluctant to provide traditional services to marijuana businesses. They fear that federal regulators and law enforcement authorities might punish them, with measures like large fines, for violating prohibitions on money-laundering, among other federal laws and regulations.

“Banking is the most urgent issue facing the legal cannabis industry today,” said Aaron Smith, executive director of the National Cannabis Industry Association in Washington, D.C. Saying legal marijuana sales in the United States could reach $3 billion this year, Mr. Smith added: “So much money floating around outside the banking system is not safe, and it is not in anyone’s interest. Federal law needs to be harmonized with state laws.”

The limitations have created unique burdens for legal marijuana business owners. They pay employees with envelopes of cash. They haul Chipotle and Nordstrom bags containing thousands of dollars in $10 and $20 bills to supermarkets to buy money orders. When they are able to open bank accounts — often under false pretenses — many have taken to storing money in Tupperware containers filled with air fresheners to mask the smell of marijuana.

Read more

Like this post?
Donate bitcoins: 35DBUbbAQHTqbDaAc5mAaN6BqwA2AxuE7G


Follow me on Twitter.

BitPay is Now Adding 1,000 New Merchants Per Week

Earlier today, the Bitcoin news website Coindesk reported that BitPay is adding 1,000 new merchants per week, within an article highlighting the fact that private jet company PrivateFly had just teamed up with the payment processor to accept BTC for its charter flights. Just to put this into perspective and understand just how staggering this … Read more

“A Shit Load of Money” – $147 Million Moves in One Bitcoin Transaction

Early last night, a massive Bitcoin transaction went down. A transaction worth an incredible $147 million with several sending addresses involved. As I have mentioned in a previous article, you can attach messages to Bitcoin transactions and tagged to this one was simply: “Shitload of Money!” The world of Bitcoin is abuzz with speculation as … Read more