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U.S. Financial Regulator Considering Setting Rules for Bitcoin

ROOT

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Regulator mulls setting rules for digital currency Bitcoin

The top U.S. derivatives regulator is considering whether the Bitcoin virtual currency should be subject to its rules, a top official at the agency said.

Bart Chilton, one of five commissioners at the Commodity Futures Trading Commission, said he had asked staff to explore whether consumers needed more protection from any mishaps with Bitcoin, whose value collapsed last month.
"Here's what I know for sure: we could regulate it if we wanted. That is very clear," Chilton told Reuters in an interview on Monday. The Financial Times was first to report on Chilton's plans.
Bitcoin, a digital currency that can be moved via computer or smartphone without a financial intermediary, has gained in prominence as people start to question the safety of holding their cash in the bank. It shot up in value in March, when investors took fright at the next turn of the euro zone debt crisis.
But the price of one "coin" plunged to $130 from a record high of $260 on April 10.


The CFTC's remit has been vastly expanded after the 2007-09 financial crisis when it was tasked with writing rules for the $650 trillion swaps market.
Bitcoin was born as a decentralized and unregulated currency, removed from the government's long arm of regulation. But now that the crypto-currency is going mainstream, governments are starting to react.

In March, the U.S. Treasury Department extended some anti money laundering rules to the digital currency. And now, the American financial regulator for derivative markets is considering whether it should regulate Bitcoin trading.

Bart Chilton, one of five commissioners at the Commodity Futures Trading Commission (CFTC), an agency that regulates future and option markets, told the Financial Times that Bitcoin "is for sure something we need to explore."


"It s not Monopoly money we re talking about here — real people can have real risk in these instruments, and we need to ensure that we protect markets and consumers," Chilton said. "In essence, we re talking about a type of shadow currency, and there is more than a colorable argument to be made that derivative products relating to Bitcoin falls squarely in our jurisdiction."


<small>Since bitcoin prices reached $266 on April 10:</small>

bitcoin.png









Chilton is referring to Bitcoin derivatives markets, where investors can bet on the currency's fall or rise, and speculate on its value. As Bitcoin becomes more popular, these markets are starting to spring up, as reported by Ars Technica in April. And Chilton indicated that they might have to regulate them.

"Here's what I know for sure: we could regulate it if we wanted. That is very clear," Chilton told Reuters. "There is potentially a federal role here, and we have to make sure that we're on guard that whatever is traded is appropriately regulated."


Even though Chilton's words indicate a potential interest in new regulation, his outspoken opinions don't mean any regulation will actually be implemented, as that would need the support of the rest of the CFTC board as well as its lawyers and other experts.
Furthermore, regulating a digital currency that has no central authority overseeing and controlling it might be impossible. "It seems like one of those instruments that almost can't be regulated because there is no central repository, central bank, central anything," Chilton said in an interview with CNBC. But, he added,"if it's traded in U.S. commerce, if it's traded on our computers, we could potentially oversee it."

Meanwhile the BITCOIN 2013: FUTURE OF PAYMENTS CONFERENCE DRAWS 500+ ATTENDEES, SELLS OUT EXHIBITS IN SAN JOSE, MAY 17-19
Conference Explores Technical Implementation, Regulatory Challenges and Business Opportunities

SAN JOSE. – The Bitcoin Foundation will host Bitcoin 2013: The Future of Payments, the first
major US summit entirely focused on Bitcoin and its growing impact on the payments landscape.
More than 500 attendees are expected to convene in San Jose, California, to address key issues
and best practices toward driving widespread user adoption by both businesses and consumers.
The conference will also concurrently host a live hackathon, judged by venture capitalists in the
payments space.
Bitcoin 2013 comes at a crucial time as Bitcoin continues to gain momentum toward establishing
itself as a viable alternative in the payments landscape; it achieved all-time highs in transaction
volume and new entrants in recent weeks.
“We are excited to be hosting industry leading Venture Capitalists, key technologists in and
outside of Bitcoin, and top-tier regulatory thinkers at Bitcoin 2013,” said Peter Vessenes,
Chairman and Executive Director of the Bitcoin Foundation.
“Bitcoin is a fundamental protocol for money over the Internet, and we are only beginning to
glimpse its importance. Bitcoin 2013 brings together a wide assortment of incredible people, and
we re excited to see what they have to say.. A new Bitcoin company will get funded at the
Hackathon, and we will even have a Bitcoin-themed cocktail at our kickoff night.”
- 2 -
Bitcoin 2013 sold out its exhibitor space this month, and has a few sponsorships left, according
to Vessenes. The conference will offer in-depth overview of Bitcoin for novices and experts
alike. Industry leaders from across the payments, technology, and regulatory space will come
together to discuss topics ranging from “Improving Ease of Use” and “Bitcoin Security” to
“Fraud Prevention” and “Issues of Regulatory Compliance.”
Registration for Bitcoin 2013: Future of Payments is open, and the full schedule of panels,
topics, presenters, and speakers can be found by visiting http://www.bitcoin2013.com/.
About Bitcoin
Launched in January 2009, Bitcoin is a decentralized peer-to-peer payment system, entirely
regulated by its users. Whereas legacy payment systems rely on third-party intermediaries for
access, execution, and management, Bitcoin transactions are secured through a distributed
computing network, seamlessly enabling direct monetary transactions. The supply of Bitcoins is
regulated by software and cannot be manipulated by any government, bank, organization or
individual. There have been more than 11 million Bitcoins created to date, with 21 million
maximum possible. Visit bitcoin.org for more information.
About Bitcoin Foundation
The Bitcoin Foundation is a nonprofit organization founded to standardize, protect and promote
Bitcoin cryptographic money for the benefit of users worldwide.
# # #

Others have reservations about using this currency

<iframe src="http://www.youtube.com/embed/DoK8HXMSsNg" allowfullscreen="" frameborder="0" height="480" width="853"></iframe>
See article: The theory of money in the tradition of Carl Menger http://www.vforvoluntary.com/articles...

Learn about the full weight of legal tender laws and its effects (historically and today):

<iframe src="http://www.youtube.com/embed/z-xR-xB84XQ" allowfullscreen="" frameborder="0" height="480" width="853"></iframe>

The Economics of Legal Tender Laws (by Jorg Guido Hulsmann, 2005): http://mises.org/media/1521

---

Bitcoin:
http://en.wikipedia.org/wiki/Bitcoin
 

ROOT

Administrator
Staff member
bid: 646.74 ask: 647.10

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bitstamp0.92<abbr class="timeago">a few seconds ago</abbr>645.95
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bitstamp21.34<abbr class="timeago">a few seconds ago</abbr>646.03
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bitstamp0.98<abbr class="timeago">a minute ago</abbr>647.10
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bitstamp0.02<abbr class="timeago">a minute ago</abbr>646.74
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bitstamp 9.88 <abbr class="timeago">2 minutes ago</abbr> 647.00
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bitstamp 8.72 <abbr class="timeago">2 minutes ago</abbr> 647.10
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bitstamp 12.95 <abbr class="timeago">2 minutes ago</abbr> 648.21
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bitstamp 95.05 <abbr class="timeago">2 minutes ago</abbr> 648.21
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bitstamp 1.52 <abbr class="timeago">2 minutes ago</abbr> 648.00
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bitstamp 1.28 <abbr class="timeago">3 minutes ago</abbr> 647.10
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bitstamp 0.68 <abbr class="timeago">3 minutes ago</abbr> 648.00
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bitstamp 13.58 <abbr class="timeago">3 minutes ago</abbr> 647.00
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bitstamp 0.10 <abbr class="timeago">3 minutes ago</abbr> 647.70
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bitstamp 0.01 <abbr class="timeago">3 minutes ago</abbr> 647.98
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bitstamp 0.20 <abbr class="timeago">3 minutes ago</abbr> 648.00
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bitstamp 2.32 <abbr class="timeago">4 minutes ago</abbr> 648.21
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bitstamp 0.01 <abbr class="timeago">4 minutes ago</abbr> 652.60
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bitstamp 0.66 <abbr class="timeago">4 minutes ago</abbr> 648.21
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bitstamp 1.00 <abbr class="timeago">4 minutes ago</abbr> 652.60
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bitstamp 0.50 <abbr class="timeago">4 minutes ago</abbr> 648.21
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ROOT

Administrator
Staff member
It's really too late to produce bitcoins unless you have an incredibly fast computer.
 

TailTeaser

Chum Churner
[h=1]Executive arrested over disappearance of $390 million in Bitcoins[/h]
Japanese police on Saturday arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390 (£250 million) worth of the virtual currency, local media said.


France-born Karpeles, 30, is suspected of having accessed the exchange's computer system and falsifying data on its outstanding balance, Kyodo News and public broadcaster NHK said.

The global virtual currency community was shaken by the shuttering of MtGox, which froze withdrawals in February 2014 because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them.

Police did not immediately confirm Karpeles' arrest but local television footage showed authorities taking him into custody.

The exchange - which once boasted of handling around 80 percent of global Bitcoin transactions - filed for bankruptcy protection soon after the cyber-money went missing, admitting it had lost 850,000 coins worth 48 billion yen ($387 million at today's exchange rate).

http://www.telegraph.co.uk/finance/...disappearance-of-390-million-in-Bitcoins.html
 

ROOT

Administrator
Staff member
LMAO I was just looking for my wallet from this time period when i mined some and found it not viable, I don't recall exactly but i think i had .25 to .75 from mining

thankful i never throw out files
unfortunately that mean many gigabits of searches on old hard drives.
 
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