Repost: Khan Academy – 7 Part Series on Bitcoin
Here is a link to the playlist for your edification or to share with the bitcurious.
Originally posted here: http://www.reddit.com/r/Bitcoin/comments/1s6ohz/repost_khan_academy_7_part_series_on_bitcoin/
Bitcoin surpasses Western Union in Market Capitalization
| submitted by defconoi
link 4 comments
Originally posted here:
A master mask maker I met last night using BTC to bypass Western Union & send money to his family of 35 in the Philippines.
I live just up the street from the Waves coffee in Vancouver, yes, the one with the first Robocoin in the world (allegedly).
I am around town quite a bit, so I stop in irregularly to see who is there. One thing I love about Bitcoin and especially having a physical location for it – is the people I meet that have been brought together by it. There is many unique, colourful individuals I otherwise likely would not have met.
Anyways, I am there last night and there is this dude, this guy.. this older dude guy in a big trench coat. He came in to use the ATM, and I am there talking with two young Bit-thusiasts. He overhears me talking and begins talking to us..
This dude guy, is a master mask creator. Telling me he has sold some of his masks for $10,000 – and now plans to accept Bitcoin for his masks and actually KEEP IT IN BITCOIN.
He goes on to tell me that he has FOURTEEN KIDS. They are all overseas, most of them in a big ass house he sends them Bitcoin to pay the rent for in the Phillipines. He says from his 14 kids, many of them have kids/families of their own, so his actual family size is 35.
He goes on to show me pictures, one of the bathroom with two big cups literally overflowing with toothbrushes. The next part of his story, warms my heart -
He goes on to tell me, that over the years he has sent some $1.5 MILLION to his family through Western union. The fees, the wait times, the hardship.. but he had no other choice. Western Union has a near monopoly on this kind of stuff – and they know it – and charge accordingly.
He says now thanks to Bitcoin, he is able to do it directly and bypass them. Now the NEXT PART OF THE STORY – really warms my grassfed heart – big time!
He goes on to tell me, that he is going to open a wallet for each of his kids and grandkids, all of them. He is going to put 2-3 BTC in EACH WALLET, and then just tuck them away… for “20 years from now” he says.
Man, I lost it! One of the BEST Bitcoin stories I've ever heard. I said $%#* stocks & bonds and go on to tell him how my grandmother, bless her non-grassfed heart, left me and my brother $2000 bonds before she left this world.. and on those bonds they would give back a staggering 1% a year, maturing in 20 years time with incremental .25% interest increases each year. $20 a year… $25 the second year.. etc…
In 20 years, I'd have enough for a sandwich cart. Not my idea of a light at the end of the tunnel now is it.
Now this dude guy, his kids, 2-3 BTC each, a couple thousand now, might potentially be millions for them later in life.
Held in their own hands, for their own futures.
Friggin' amazing. I love Bitcoin.
View original post here: http://www.reddit.com/r/Bitcoin/comments/1s6dym/a_master_mask_maker_i_met_last_night_using_btc_to/
Tesla Purchased With Bitcoin
| submitted by Rowdycc
link 18 comments
See the original article here: http://www.reddit.com/r/Bitcoin/comments/1s6bk5/tesla_purchased_with_bitcoin/
Bank of America says Bitcoin could become a ‘major means of payment’
| submitted by suburbPatterns
link 9 comments
There are 38,399 addresses with a balance of exactly 50 BTCs. Most are dormant since 2009. I estimate 30-40% of all coins are gone.
I think the number of lost or forgotten coins is much higher than current estimates.
As of yesterday when I ran the block parser there were 38,399 addresses with a balance of 50 BTCs. Almost all of these coins were minted in 2009 and 2010 and have never been touched since then. That's almost 2 million coins sitting just there.
Add to that many others in addresses with much larger balances with inactivity since 2009-2010 and I estimate that somewhere between 30-40% of all BTCs are out of circulation and will never be accessed again.
See the original post:
What the ACTUAL CHINESE NOTICE (not summary) says: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don’t claim it is official Chinese currency. THAT IS WHAT IT SAYS.
People keep analysing the press release summary not the notice and the press release summary is inaccurate.
What the actual Chinese notice (not press release summary written by someone else) says in an ACCURATE SUMMARY IS:
This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.
This is the actual translated Chinese notice.
” People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission
Notice on preventing Bitcoin risk
Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made:
1 Correct knowledge of Bitcoin
Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market.
(OP reviews: so 1. It doesnt have LEGAL status as an official currency issued by the state becuase it is not and so it shouldn't be CALLED a currency. you can however trade and exchange things for it without restirction as long as you aren't laundering money. That's like saying you can't call a Bitcoin a USD dollar because it isn't. THe government doesn't back it. None the less it is compleletely legal to buy sell or hold or exchang ethings for it. You can exchange stuff for it. it is legal to do that and buy and sell it and hold it. just like you can trade a can of beans for an ounce of gold. you just CAN'T SAY ITS OFFICIAL CHINESE CURRENCY BECAUSE IT ISNT. THAT 'S ALL)
2 Financial institutions and payment institutions must not start Bitcoin related business
At this stage, all financial institutions and payment institutions(only emphasis added – othe rbusinesses can do as they like) must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds.
(OP reviews: so in other words banks stay out of bitcoin and don't manipulate it and play any of your corner the market games with it or charge customers fees for it.)
3 Strengthening regulation of Bitcoin websites
According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities.
The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law.
(OP reviews: register your websites – about as minimal a requirement as they could have given)
4 Prevent possible Bitcoin money laundering risk
Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring.
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police.
(OP reviews: don't launder money with Bitcoin. track people and report those who look suspiciously like they ARE laundering money with btcoin. everyone else – you are ok to do as you like with Bitcoin- its official- bitcoin is fully legal.)
5 Strengthening public education on money knowledge and investment risk
Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing.
(OP reviews: educate people so they aren't deceived. duh)
Financial monitoring authorities can set implementation details according to this notice
Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank.” ” END QUOTE
This comes from the link below and is ONLY THE BOTTOM PART. NOT THE TOP PART WHICH IS SOMEONE ELSES PRES RELEASE SUMMARY AND WRONG.
See the original article here: http://www.reddit.com/r/Bitcoin/comments/1s61x1/what_the_actual_chinese_notice_not_summary_says/
Bitcoin Can Be The New Western Union – Business Insider
In discussing its value as a means for wiring money, David Woo goes big.
View the original here:
This Is, Quite Simply, The Biggest Endorsement That Bitcoin Has Ever Received
| submitted by casetap
link 8 comments
Bitcoin Mining Arms Race Boosting Interest in Liquid Cooling | Data …
There's a computing arms race going on in the world of bitcoins. Interest in the digital crypto-currency is driving the development of specialized hardware using FPGAs and ASIC chips, which are selling out almost as fast as …
Tesla Purchased With Bitcoin – Business Insider
“Lamborghini Newport Beach is proud to announce that we are fully capable of accepting Bitcoin as legal tender for vehicles,” the dealership writes. “We are excited to be opening the door to this new currency.” Recently, more …
China warns banks against using Bitcoin – Engadget
We're pretty sure no Government is entirely thrilled at the idea of Bitcoin, but China's now made its feelings very explicit. The nation's various.