Bitcoin vs The Banks | Plan B 12

Bitcoin vs The Banks | Plan B 12

Getting money into Bitcoin has come under attack this week, we’ll run down the stories that paint a troubling picture for Bitcoin, but as of yet seem to have left the decentralized currency unscathed.

Plus we’ll chat with Donncha O’Cearbhaill, who worked with Coinbase on disclosing multiple vulnerabilities, and ask what his experience was working with their bug bounty program.

And your emails, the good news for Litecoin, and more!

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— Discussion —

Last week, the Bitcoin network suffered from a denial-of-service attack that forced the core development team to patch the core reference design.

They laundered $680 Billion of Cartel Money.

”Between 2006 and 2009, according to DOJ, HSBC failed to monitor $670 billion in wire transfers and $9.4 billion in cash transactions from its Mexico bank operations.”

Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts.

Exchanges Worth Checking Out:

Watching the Price on the Go:

Directly following last month’s Bitcoin 2013 conference event in San Jose, CA that brought decent revenue into the state, California’s Department of Financial Institutions decided to issue a cease and desist warning to conference organizer Bitcoin Foundation for allegedly engaging in the business of money transmission without a license or proper authorization.

Recently, the State of Illinois also issued a cease and desist letter to mobile payments processor Square for failing to have the proper licensing in accordance with the state’s Transmitters of Money Act. Prepaid card provider NetSpend and six other payments companies also received Illinois cease and desist orders. If this practice grows among states, it could have a potentially significant “chilling effect” on financial services innovation, especially upon lawful businesses that are designing infrastructure to support and grow the Bitcoin technology.


Litecoin Update:

In the update, Mt. Gox mentioned that the exchange’s new trading engine is ”finished, smokin’ fast, and is currently undergoing bench tests.” As part of the engine’s upgrade, Mt. Gox announced that it will be supporting Litecoin (LTC) in July:

As risky as it is to invoke the name of Litecoin (LTC???), we must apologize for not keeping everyone up to date. The fact is that the current situation means a continued delay, but for good reasons. We’re looking at July right now, though that depends on a few things. Mainly, we want to do things correctly from the beginning.

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