Summer of Bitcoin | Plan B 16

Summer of Bitcoin | Plan B 16

A series of events kick off this week that lay the foundation for a very productive Bitcoin summer, plus a popular Bitcoin gambling site sells for a record breaking amount, a Bitcoin Ponzi scheme is busted, your emails of the week, and a few surprises!

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— Discussion —


Stossel discusses the gold standard and bitcoin

Economist Ben Powell and Laissez Faire Books executive editor Jeff Tucker on investing in gold and the bitcoin


SatoshiDice sells for 126,315 BTC

Blockchain-based betting game SatoshiDice has been sold for 126,315 BTC, which at the time of writing was worth around $11.47 million.


SEC Charges Texas Man in Bitcoin Ponzi Scheme

The SEC charged Shavers with violating the Securities Act of 1933 for unlawfully selling unregistered securities, as well as intentionally misleading and defrauding investors. Their alert provides an overview of Ponzi schemes — a fund that pays earlier investors with new investors’ money, often promising returns far exceeding alternative opportunities. The SEC document also explains that virtual currencies may be seen as especially attractive to those looking to conduct fraud as a result of the perceived ability to remain anonymous. Importantly, the filing also notes, ”Any investment in securities in the United states remains subject to the jurisdiction of the seC regardless of whether the investment is made in U.S. dollars or a virtual currency.”

The Securities and Exchange Commission today charged a Texas man and his company with defrauding investors in a Ponzi scheme involving Bitcoin, a virtual currency traded on online exchanges for conventional currencies like the U.S. dollar or used to purchase goods or services online.

The SEC alleges that Shavers promised investors up to 7 percent weekly interest based on BTCST’s Bitcoin market arbitrage activity, which supposedly included selling to individuals who wished to buy Bitcoin “off the radar” in quick fashion or large quantities. In reality, BTCST was a sham and a Ponzi scheme in which Shavers used Bitcoin from new investors to make purported interest payments and cover investor withdrawals on outstanding BTCST investments.

Shavers also diverted investors’ Bitcoin for day trading in his account on a Bitcoin currency exchange, and exchanged investors’ Bitcoin for U.S. dollars to pay his personal expenses.

The SEC issued an investor alert today warning investors about the dangers of potential investment scams involving virtual currencies promoted through the Internet.

“Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.

The Movie by Project Bitcoin

A documentary about the socioeconomic impact that Bitcoin is making around the world. Comprised of interviews from global Bitcoin users

Bitcoin Pick

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