Posted by: DeepDotWeb
June 7, 2015
Recapping the week’s biggest Bitcoins stories from around the web.
Bitcoin Cloud Services (BCS) is likely involved in a Ponzi scheme. As Kyle Torpey of Bitcoin Magazinewrites, following several cloud mining scams recently exposed, BCS, one of the leading cloud-mining providers, may be involved in a bitcoin scam. One of the two owners, Esteban Amador Soto Martinez, is associated withthe bitcoincloudhashing.com Ponzi scheme, an information that raises a red flag regarding the legitimacy of BCS.
Bitcoin Capital raised nearly $1 million in crowdfunding. As Duncan Riley of Silicon Angle reports, the leading venture capital fund that seeks to invest in high growth bitcoin startups, has launched the BnkToTHeFuture.com website to initiate its crowdfunding campaign. It is estimated that more than 500 investors were involved in the equity crowdfunding of Bitcoin Capital, aiming to gain more information regarding the digital currency and the cryptocurrency technology.
California State regulates the bitcoin. According toYessi Bello Perez of Coin Desk, the bill AB-1326 originally articulated by Assemblyman Matt Dababneh, calls for digital currency companies to implement the same regulation rules with the banks. The bill was approved by the California State Assembly with a 55-22 vote in favor. The next step is, upon approval by the Senate, to be signed into law or be vetoed.
ECUREX, the Zurich-based digital marketplace, becomes the first bitcoin platform to be fully compliant with the Swiss Banking Act. As Elliot Maras of CryptoCoins News reports,following 16 months of thorough examination, ECUREX’s operating model has been acclaimed by the Swiss Financial Market Supervisory Authority (FINMA) as compliant with the Swiss Banking Act. The first release of ECUREX’s trading system is highly anticipated.
Bitcoin aficionados are in favor of the bitcoin regulation in the UK. According to Nuno Menezes of NewsBtc,a digital currency research conducted by Miningpool.co.uk revealed that only 13 percent of people questioned oppose to the UK government’s intention to regulate the digital currency. Additionally, nearly 39 percent, although they are not sure if the regulation will have a positive impact on the UK economy, stated that they will be open to change.
Coinbase suspends operations in the state of Wyoming until further notice. As Maria Santos of 99bitcoins writes, the San Francisco-based bitcoin wallet is not satisfied with the current regulatory policies in the Wyoming Division of Banking as they may “render continued operations impractical.”According to the company’s announcement “Although Coinbase securely maintains 100% of all customer Bitcoin, it is impractical, costly, and inefficient for us to establish a redundant reserve of fiat currency in equivalent value.”
Bitfinex partners with BitGotowards multi-signature protection to bitcoin users. According toKatherine Fletcher of Coin Report, Bitfinex, the global bitcoin exchange, has joined forces with BitGo in order to be able to provide customized multi-signature wallets that will allow customers to source their funds on the blockchain. This development minimizes the event of compromising the security of Bitfinexwallets. Bitfinex Director of Community & Product Development, Zane Tackett, states that “With the help of BitGo’s multi-signature technology, the Bitfinex team is very excited to be the first exchange in the world to automate Bitcoin settlements using ‘On-Blockchain’ customer segregated wallets.”
Apple’s Game of Birds allows bitcoin tipping. As William Suberg of Coin Telegraph writes, the game involves a bitcoin tipping tool that allows players to receive rewards while playing. The tool has been set up as a result of the partnership with Coinbase, but Apple considers to expand its use to any wallet address. Christian Moss, the Game of Birds developer explains that “the game’s wallet balance is supplied by sponsors in exchange for advertising space in the app, more advertising revenue results in more bitcoin that can be sent to the player.”