Jamey Warren owns a terrific headphone Web site, HeadRoom, and it's been a valuable resource for headphone buyers for 20 years. Since he already stocks a large inventory of headphones opening a physical store seemed like the next logical step. Great idea, but Warren's company is based in Bozeman, MT, a small town of less than 40,000 people. The store required additional staff and Warren had to rent a space downtown, but he was eager to take the chance. He sees the store as a work in progress, and if all goes according to plan Warren will … Read more
The popular virtual currency Bitcoin isn't actually a currency, according to the Japanese government.
The country's cabinet approved an official document on Thursday that stated, "Bitcoin isn't a currency" and therefore won't be regulated as such, according to The Wall Street Journal. Additionally, commercial banks are forbidden from providing the digital currency to customers.
The main rub for the Japanese government is that Bitcoin isn't regulated by any official body. And, it's unclear which ministry would provide oversight of the cryptocurrency and how that ministry would go about putting regulations in place.… Read more
It's in the best interest for the US to put a ban on dollar bills, US Congressman Jared Polis wrote in a letter to federal regulators on Wednesday. This anonymous currency is unregulated, susceptible to instability, illicit activity, and forgery, he said.
Granted, Polis (D-Colo.) was being tongue-in-cheek, but his letter brought up relevant issues in regards to the backlash against Bitcoin, which has seen a major fall from grace over the past few weeks.
Last month, Sen. Joe Manchin (D-W.Va.) called for an outright ban of Bitcoin in a letter sent to the Treasury Department and other … Read more
Japan has plans to step in now that the Mt. Gox mess has affected Bitcoin owners all over the world, a new report claims.
The Japanese government by the end of this week will outline policies on regulating Bitcoin, Reuters reported, citing people who claim to have knowledge of its plans. A key component in that strategy could be to tax Bitcoin transactions, though it's unclear how the anonymous currency will be so easily taxed. In addition, Japan will limit banks and securities firms in their handling of Bitcoin by ensuring they don't take on the currency as … Read more
Fresh off its filing for bankruptcy protection, Bitcoin exchange Mt. Gox is taking the first steps to set its ship aright.
The Japan-based Mt. Gox said in a March 2 notice posted on its Web site that it has set up a call center to "respond to all inquiries." The brief posting, in both Japanese and English, provides a phone number and gives the hours of operation as 10 a.m. to 5 p.m. Japan time, Monday through Friday. (That works out to 5 p.m. to midnight PT, Sunday through Thursday.)
The call center is set … Read more
Mt. Gox, the embattled Bitcoin exchange, has filed for bankruptcy protection after falling into a state of disarray earlier this month in the wake of a security lapse that led to fraudulent withdrawals.
The exchange's CEO, Mark Karpeles, announced the news in Tokyo on Friday, saying that Mt. Gox lost nearly 750,000 customer bitcoins, as well as 100,000 of the exchange's own bitcoins. The total number of lost bitcoins translates to nearly $500 million at the current exchange rate, the Wall Street Journal reported Friday.
At the Tokyo press conference, Karpeles expressed contrition about Mt. Gox'… Read more
Mt. Gox and other Bitcoin exchanges have reportedly received subpoenas from a US Attorney investigating their handling of the recent cyberattacks launched against them.
Citing "a source familiar with the probe," Reuters said on Thursday that the subpoenas from Manhattan U.S. Attorney Preet Bharara were sent to Mt. Gox, other Bitcoin exchanges, and businesses that deal in the virtual currency. The investigation is focused on the recent distributed denial of service attacks that forced Mt. Gox and other exchanges to suspend withdrawals.
A spokesman for Bharara declined to comment to Reuters. A spokeswoman for the attorney's … Read more
Mt. Gox has been through a rough month. But its CEO is trying to keep hopes alive through a new message directed at the exchange's customers.
On Monday, the exchange's Web site went offline amid reports that Mt. Gox was insolvent after losing hundreds of millions of dollars. On Tuesday, the site resurfaced with the message that the exchange was halting all transactions for the time being following the news reports and their "potential repercussions."
On Wednesday, the site was updated with the following statement from CEO Mark Karpeles:
February 26th 2014
Dear MtGox Customers,
As … Read more
Once-dominant Bitcoin exchange Mt. Gox has fallen, and in the process I lost the last .02 bitcoins I had to my name. By the time Mt. Gox disappeared from the Internet and from Twitter late Monday, bitcoin were trading for about $100 apiece, more than 75 percent lower than the price of the cryptocurrency on more stable exchanges worldwide. Since I didn't back up or keep records of my fractional amount of bitcoin anywhere else, that's roughly $2 in digital currency that's likely just vanished forever.
I shouldn't really complain. I got in on the bitcoin game relatively early and had a good run. Last summer, a while before bitcoin value hit its insane peak of more than $1,000, I bought a few hundred bucks' worth of the currency via Mt. Gox and Coinbase. I preferred the ease of trading on Gox and moved all my bitcoin over to the Japan-based exchange, which was by far the largest of the exchanges at the time.… Read more
Beleagured Bitcoin exchange Mt. Gox has finally resurfaced with a message aimed at its users.
Mt. Gox's Web site vanished Monday night amid reports that the exchange was insolvent after losing hundreds of millions of dollars. A look at the HTML code behind Mt. Gox's blank site on Monday revealed the following text: "put announce for mtgox acq here," a sign that Mt. Gox could be an acquisition candidate. Now that formerly blank Web site displays the following message:Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's … Read more