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Michael Caughey, "Bitcoin Step by Step" : the book
What is a Bitcoin, how do they maintain their value, how can you obtain them and where can you use them? The answers to these questions and many more can be found in this book. The author takes the user step by step through how to:
• Set up an online wallet and secure it
• How to get mobile wallets
• Set up a personal wallet on your own computer and secure it
• How to exchange government back currency like the US Dollar to and from Bitcoins
• How to perform Over The Counter trades
• How to safely trade with Bitcoins
• How to research the market
• How to send and receive Bitcoins
• How you can earn Bitcoins
• Where you can spend Bitcoins
The reader will also learn:
• What a Bitcoin really is
• Basic understanding of how the Bitcoins are processed
• How are Bitcoins stored
• How you prove ownership of Bitcoins
• The underbelly that exists in Bitcoin trading
There is an abundance of information about Bitcoins out there for the reader that wants to sift through it. The author takes the reader through a guided tour teaching them what they need to know in order to use the Bitcoin infrastructure and points out where the reader can find more information when they want it. The step by step nature of the book shows the user screen by screen how to do most actions in the book. After completing this book, the reader will know how to use the Bitcoin market in a safe and secure manner.Marc Rush, "The Bitcoin Skeptic" : the book
Don’t buy this book if you want to become involved with bitcoin and you simply want to know how to do it. This is not a book about the abcs of bitcoin.
This book is a warning for those who are contemplating becoming involved in bitcoin. It is a presentation of the risks inherent in this currency, investment, fiat money device or whatever name you choose.
The risks are many including theft, major price fluctuations, cost of mining/acquiring bitcoins, lack of regulation among others.
After reading this book, you will have some idea of the pitfalls of bitcoin.
James Cox, "Bitcoin and Digital Currencies: The New World of Money and Freedom" : the book
Judge orders Mt Gox CEO to U.S. for questions on failed bitcoin exchange
The chief executive of Japan's Mt. Gox, once the world's leading bitcoin exchange, was ordered to the United States to answer questions related to its U.S. bankruptcy case, filed after the company lost $400 million of customers' digital currency.
U.S. Bankruptcy Judge Stacey Jernigan on Tuesday ordered Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox.
Mt. Gox customers want its chief executive and majority owner, Mark Karpeles, to explain why the exchange shut down in February and what happened to their 750,000 bitcoins, which the company said were stolen in a computer hacking attack.
Customers have alleged that insiders including Karpeles may have stolen the money, and employees told Reuters they were worried as early as 2012 that customers' money was being diverted for operating expenses.
Mt. Gox filed bankruptcy in February in Tokyo. Last month, Karpeles asked a Dallas court to grant Mt. Gox Chapter 15 bankruptcy protection, in part to put a stop to a class action that had been filed by U.S. customers in Chicago federal court.
Under Chapter 15, protection from creditors is not automatic. Mt. Gox must prove at a May 20 hearing that it should be granted such protection.
"If he avails himself of this court, my God, he is going to get himself over here," Jernigan said at the Bankruptcy Court hearing in Dallas at which she ordered Karpeles to appear.
John Mitchell, a Baker & McKenzie attorney, said the company may replace Karpeles as the "foreign representative" of Mt. Gox in the U.S. bankruptcy court, a suggestion that did not sit well with the judge.
"He filed this case," she responded curtly.
Karpeles' testimony could help solve the mystery of what happened to money and bitcoins that were entrusted to Mt. Gox by its clients, most of them from the United States.
Karpeles controlled the company's financial records and may be the only person who knows where the company's assets and money might be, Steven Woodrow, an attorney for U.S. customers, told the Dallas hearing.
Jernigan limited the deposition questioning of Karpeles to issues pertaining to whether the court should grant permanent bankruptcy protection to Mt. Gox.
source
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 the ability to exchange it for Chinese yuan.
There’s a reason why the Chinese government may feel very uncomfortable with the nature of the bitcoin and its booming popularity within the country.
Chinese consumers who exchange their yuan for bitcoins can then use the digital currency in a largely untraceable manner. This helps Chinese bitcoin owners avoid capital controls and navigate heavily regulated markets under the radar.
The ability to avoid government regulation was initially one of the strongest selling points of the bitcoin, especially for those seeking to avoid taxation.
The IRS has already addressed the matter of bitcoins. Instead of viewing them as currency, the government agency has declared them a taxable form of property.
Despite the concerns this raised among bitcoin owners and miners (persons who discover new algorithms, which generate new bitcoins) it was an act that seemed to be offering the bitcoin some much needed legitimacy.
China does not seem to be interested.
Despite the hard-line stance of the country’s head banking institution, the digital currency is said to be otherwise thriving in China. It’s reported that the rate of bitcoin purchases in China stands at 10,000 bitcoins per hour. This rate far exceeds that of any other country.
While users have been readily storing the bitcoin, recent changes in the US and abroad have made some nervous about spending them. Bitcoin owners may want to get over their nervousness sooner rather than later.
read more
Are they ever going to stop with bitcoin?
Video - Who Is Regulating Bitcoin? - WSJ.com
Nobody is regulating (or controling) bitcoin (not from the consumers side). And about the secrecy : would you give your money to a bank that will tell you that they don't know where is your money?
Regulators line up to crack down on bitcoin
It’s not so much a question of whether bitcoin and other virtual currencies should be regulated.
Rather, it’s more a question of which government agency or agencies should regulate bitcoins and when it will happen. These are just some of the questions that must be answered if virtual currencies have any hope of becoming a mainstream and trustworthy way of paying for goods and services, according to experts who participated recently in a MarketWatch panel discussion about bitcoin in New York.
“There has to be regulation,” said Mark T. Williams, a Boston University professor and critic of bitcoin who was joined by Todd Harrison, the present and founder of Minyanville, and Barry Silbert, the creator of the Bitcoin Investment Trust and the founder and president of SecondMarket, on the panel. “We have to have more regulation. We have to have, in particular, focus on consumer protection.”
Regulated already?
Silbert took issue with the notion that bitcoin is not regulated. For instance, Silbert said, the Financial Crimes Enforcement Network (FinCEN) had released guidance, which, in essence, says: “if you are operating basically as a money-changing business, an exchange, you have to register as a money services business (MSB).” And there are rules for MSBs, Silbert said.
According to that guidance, a user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting and record-keeping regulations. However, an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person. Read Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies.
Williams, however, disagreed with Silbert’s point of view that bitcoin is regulated. “I will tell you bitcoin is unregulated,” Williams said. “And that is the problem.”
Part of the problem, according to the panelists, is that few know which agency or agencies should regulate bitcoin. And many federal government agencies have taken a pass on proposing regulations, for one reason or another.
According to Silbert, the Federal Reserve, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) are unlikely to regulate bitcoin. The CFTC might propose regulations if derivatives of bitcoin are created, said Silbert.
Consider:
In late February, Federal Reserve Chairwoman Janet Yellen said the central bank doesn’t have authority to regulate bitcoin. Read Yellen on Bitcoin: Fed Doesn’t Have Authority to Regulate It in Any Way.
And then there’s this conundrum The SEC, the nation’s top stock cop, says bitcoin is not a security and issued an alert to investors about the dangers of investing in bitcoin. Read Ponzi schemes Using virtual Currencies. The Financial Industry Regulatory Authority (Finra), which regulates broker/dealers for the benefit of investors, issued a similar release: Bitcoin: More than a Bit Risky.
read more
Bitcoin in China A dream dispelled
Still, one venture capitalist keen on crypto-currencies predicts “some workaround is likely”. If banks are forbidden to hold corporate accounts for exchanges, one insider whispers that personal bank accounts of senior executives could be used instead. OKCoin, another Chinese exchange, insists it has an emergency plan involving an “overseas version”.
It is too early to declare Bitcoin dead in China. On March 21st the central bank clarified that it was not banning trading in crypto-currencies. Still, its crackdown has dispelled the dream that was helping to drive up Bitcoin’s value in the first place. As Mr Lee points out wistfully, “A billion Chinese won’t all be buying Bitcoin anytime soon.”
In early December China’s central bank declared that Bitcoin was not a currency. This slowed its rise, but enthusiasts remained unbowed as the declaration fell far short of the outright ban some had feared. Then regulators forbade the firms that act as middlemen between businesses and credit-card networks from working with the exchanges. That was a more serious blow, but exchange operators found ways round the ban (for example, by using related companies to deal with the payment processors).
Rumours now suggest that the central bank has instructed commercial banks to halt all dealings with cyber-exchanges by April 15th. Such a move would be even more harmful to Bitcoin, says Zennon Kapron of Kapronasia, a local expert on the topic. As in most places, Bitcoin has not taken off as a means of payment in China; instead, it is mainly a speculative investment. But the steady drip of new rules makes it ever harder for ordinary Chinese to invest.
Still, one venture capitalist keen on crypto-currencies predicts “some workaround is likely”. If banks are forbidden to hold corporate accounts for exchanges, one insider whispers that personal bank accounts of senior executives could be used instead. OKCoin, another Chinese exchange, insists it has an emergency plan involving an “overseas version”.
It is too early to declare Bitcoin dead in China. On March 21st the central bank clarified that it was not banning trading in crypto-currencies. Still, its crackdown has dispelled the dream that was helping to drive up Bitcoin’s value in the first place. As Mr Lee points out wistfully, “A billion Chinese won’t all be buying Bitcoin anytime soon.”
source