In a recent blog post the International Monetary Fund presented a key feature of Bitcoin as a "risk" to its agenda, namely the one where Bitcoin allows people to transact without regard for various controls states would like to impose (archived). They further advocated the populist misconception that Bitcoin exists for the poor who have been excluded from existing financial services due to their poverty.
Category Archives: Fiat/BTC interfaces
Bitstamp Bans Russia
Bitstamp declared in an email that they are banning access from all IP addresses originating from the Russian Federation to their website.. The email was posted on Bitcointalk citing a draft proposal, via Coindesk, for Russia to restrict surrogate money. Coindesk claims upon speaking with the deputy minister of finance, Alexey Moiseev, that there are plans to create laws to punish any individual attempting to convert cryptocurrency into Rubles. However, no official law has yet to be implemented banning the use of Bitcoin in Russia, and a draft proposal to amend the use of surrogate money was published on a Russian news outlet which states (translated):
cryptocurrency, production of which is not carried out on the territory of the Russian Federation, will no longer be money substitutes
If ratified the aforementioned amendments would not go into effect until sometime 2017, thus cryptocurrency produced outside of Russian jurisdiction would technically be legal. Bitstamp's preemptive banning of Russian customers, similar to that of Satoshi Dice blacklisting US-based IP addressed, seems completely unwarranted. It has yet to be confirmed whether or not the funds of Russian customers are accessible for withdrawal or have been "frozen" by the exchange.
Lightning Network Code Finally Public
Code for the Lightning network daemon has been made public for the first time on Github (archived). The daemon at present is limited to operation on its own special testnet-L where transaction ids are normalized to prevent malleability. The daemon's README warns against deploying the daemon on the live Bitcoin network or any altcoins in its present state. Blockstream's publication of this code comes as fiat concerns grow more desperate to project their own failings on to Bitcoin through their latest "ClassicCoin" forking effort.
Desperate Ether Huffers Turn To Spam
CoinBase Blames DDoS For Irregular Exchange Behavior
Yesterday morning after a large price decline broomstick fired partially in response to Mike Hearn's temper tantrum, Coinbase's exchange experienced a complete outage. The outage was eventually resolved and trading resumed. Brian Armstrong took to Twitter and blamed the outage on a DDoS. He is claiming the attack consumed 1 TB of bandwidth. Coinbase solicited the services of Cloudflare in late December. This mitigation service served more as a marketing tactic than as a measure to establish actual security – a lesson Coinbase seems to have yet to learn.
Fiat Market Slide, fiat/Bitcoin Interfaces Follow In Friday Trading
Robocoin/Romit Follows Hearn Out
Robocoin, former Bitcoin ATM maker, and their remittance service Romit are planning to cease Bitcoin operations. They are advertising a February 15th service end date in communications with users which suggests anything remaining on deposit with them should be withdrawn as soon as possible.
Coindesk Acquired By Silbert Group
Today Coindesk announced their acquisition by Barry Silbert's Digital Currency Group (archived). Silbert's group was reportedly an early investor in that website. They further announced with the acquisition a May conference in the capital of anti-Bitcoin activity.
Europol Claims DD4BC Action
Europol is claiming one arrest and several other detentions in relation to the long running DD4BC group (archived). DD4BC began their career by utilizing denial of service extortion attacks against various Bitcoin properties before moving on to extort various fiat interests in the last year.