Blame it on Mt. Gox | Plan B 13

Blame it on Mt. Gox | Plan B 13

The guys discuss what the heck is going on with the price of Bitcoin, and what you can expect. The cost of running the bitcoin network is coming up against the price of the coin, we’ll discuss how these two elements are coming to a head.

Plus: The big theme from the Bitcoin London conference, the ridiculous anti-Crypto currency rhetoric from the G8 summit, your questions, and more!


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— Discussion —

Written by “John Lyons, chief executive, International Cyber Security Protection Alliance”

As world leaders gather at the G8 summit in Northern Ireland this year, they will be considering and debating some of the most pressing global issues of our time. Those that specialise in the cyberspace arena hope that they will also have time to address the deeply worrying trends that threaten the economic and social benefits that the internet can deliver to humankind.

As highlighted by the latest initiative of the United States to arrest some of the suspects that were involved in Liberty Reserve (a group indicted for money laundering that ran a $6 billion worldwide operation out of Costa Rica), alternative payment mechanisms, such as Bitcoin and a host of others, can enable criminal and terrorist groups to launder money and fund their operations.
Governments around the world could take two measures that would have a significant
and long-lasting effect on the ability of online criminals to secure their ill-gotten gains: 1. Outlaw alternative payment mechanisms for trading currencies online; and 2. Introduce legislation to confiscate the proceeds of online crime.

If treasuries and financial institutions around the world were to block those transactions and permit only legitimate currencies to be used on the internet through regulated payment service providers and cards (such as Visa, MasterCard and American Express), then the flow of many billions of dollars to criminal groups would be stemmed. Furthermore, if those same countries introduced, if necessary, additional legislation to confiscate the proceeds of such online crime, these funds could be either returned to those who had been defrauded or used to fund international projects that could bring about a more safe and secure internet environment for all citizens.

If the leaders of the European Union and United States could be convinced to take a lead on these initiatives, that would be a huge contribution to making the internet a safe place for financial transactions. At the same time, it would also strike a blow against those who would try to destroy the fabric of our the world’s well-being.

It\’s hard to believe, but in less than two weeks, our Kickstarter campaign was funded. We planned this out so we can do a quality documentary, but an increased production budget means a much better film. With our stretch goals, we can span the country and even the globe to talk with the world\’s experts on bitcoin, crypto currency, and currency in general.

Bitcoin London Happening Now:

@vessenes 1200 attendees @ San Jose, 60% members of @BTCFoundation outside US. #metrics for #Bitcoin #btclondon

Europe is better positioned as a better place to create Bitcoin-based startups than the US. That was the message coming out of Bitcoin London today, the first major conference in London to cover startups, investors and business models. Covering the broad sweep of businesses, technologists and institutions involved in the Bitcoin space, the conference heard that the US may have made a fatal strategic mistake in classifying Bitcoin as if it were money so early on in its development.

What has emerged is that Bitcoin is being treated in many different ways: as money, as an asset class, as the first highly secure P2P global information exchange, as a technology platform and even as a if it were a startup entity in its own right

The \”Winklevoss Bitcoin Trust\” aims to give commodity buyers more exposure to Bitcoins. According to Business Insider, the trust will apparently operate like an exchange-traded fund, which is an investment fund that can be traded like a stock.

\”The investment objective of the Trust is for the Shares to reflect the performance of the Blended Bitcoin Price of Bitcoins, less the expenses of the Trust\’s operations,\” the filing reads. \”The Shares are designed for investors seeking a cost-effective and convenient means to gain exposure to Bitcoins with minimal credit risk.\”

The Winklevoss Bitcoin Trust will initially sell $20m (£13m) worth of shares to investors, according to a filing with the US regulators.

Their company, Math-Based Asset Services LLC, filed forms with the U.S. Securities and Exchange Commission yesterday.


Litecoin Update:

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