Bitcoin Roundup March 10, 2016

The bitcoin magic is losing its Midas touch –

Bitcoin, the decentralised, mainly digital currency that is neither issued nor guaranteed by central banks, has always seemed like a magic trick. Rather than spinning straw into gold it transforms wasted computing power into money that people will actually accept as payment.

Radical libertarians have desperately wanted to believe in it because they hope it can resolve the following dilemma. They prefer markets to politics and they violently distrust states. But modern states in effect have a monopoly over the currencies that markets need in order to work. 

Hard Fork is Not the Way to Scale Bitcoin, says Stephen Pair – NEWSBTC

Since the conclusion of Satoshi Roundtable conference, three big names in the crypto industry have written about the meeting in their respective blogs. Their opinions range from the tough stance taken by the Bitcoin Core developers group and Bitcoin companies to the confusion among the miners regarding both the stances. Bitcoin companies are concerned about the growth of Bitcoin network in terms of a number of users and transactions, as that is the true measure of value in their business model. Miners would want to mine as many blocks as possible in less time, as that’s where their profits lie. Bitcoin Core developers are interested in building more robust, foolproof platforms that can be scaled to do bigger things than it was ever imagined by Satoshi Nakamoto – the creator of Bitcoin. 

Australian Bitcoin ‘Miner’ Withdraws IPO – WSJ

Cryptocurrency “miner” Bitcoin Group Ltd. has pulled plans to float on the Australian securities exchange, blaming a call by the exchange to prove it will have enough capital to run its operations.

The company said Wednesday it had elected to withdraw from an initial public offering and would return money collected to investors. It planned to consider a fresh offer after a so-called block halving later. 

What everyone should know about Bitcoin –

There has been a lot of talk about Bitcoin in recent years, both positive and negative. Bitcoin serves as an alternative currency that can be traded electronically across the Internet, free of most regulatory and business sanctions that sovereign currencies have. Bitcoin, as a protocol, was introduced in 2008 by an anonymous individual (or organisation) and gained mainstream attention in late 2013 when its exchange rate against the US dollar reached astronomical highs.

Before this dramatic spike, individuals holding units of Bitcoin were highly technical niche players, many of whom say they became involved in it purely for fun. Within a few short months though, the value ofBitcoin rose over 10,500% and many cashed out by trading their Bitcoins for USD. It certainly made some people wealthy and created a big problem for Governmental tax agencies looking to formalise tax rules for Bitcoin arbitrage. 

Gavin Andersen: Bitcoin Network is Increasingly Unreliable – CCN: Financial Bitcoin & Cryptocurrency News

As is to be expected, Andresen mainly focused on the main subject of the weekend, which was the very hot topic of increasing the Bitcoin block size to 2MB. The issue has been contentious in both public and private forums for many months and leading up to recent issues with Bitcoin transaction delays and some very bad press about Bitcoin as a whole. Many hoped that what would result from the roundtable is the leaders being a step closer to a consensus on a good short and long term strategy is from best and brightest minds within the Bitcoin community. 

With New Releases, Competing Bitcoin Softwares Forge Long-Term Plans – CoinDesk

Divisions in the ongoing block size debate grew more pronounced this week following a private conference and a spike in network activity that saw users waiting longer and paying more to have transactions confirmed.

The ongoing debate over how the bitcoin blockchain should be scaled to accommodate new users was reportedly a point of focus as the recent Satoshi Roundtable, an invite-only retreat that united developers and business leaders. However, signs suggest that attendees emerged from the event with a more negative view of the state of discourse.

But even as tensions linger, development on both two competing versions of the bitcoin software – Bitcoin Classic and Bitcoin Core – is continuing as the groups lobby for support from the network’s wider user base. 

ASX nixes Bitcoin Group’s sharemarket float over capital concerns

Bitcoin Group has pulled its float after the Australian Securities Exchange said the Bitcoin miner would have to make a fresh offer to investors because it is not convinced the company has enough cash to get through its first year on the market.

But the Bitcoin miner said it will consider a fresh IPO after the so called “Bitcoin halving” due in the middle of this year, which is expected to have a dramatic effect on the Bitcoin price.

The company said on Wednesday it is withdrawing its IPO and will return the $5.9 million it raised to investors, blaming the corporate regulator for not allowing forecasts on the highly volatile Bitcoin price to be used in an assessment of Bitcoin Group’s working capital. 

mBit – An Online Casino Designed for Bitcoin Users – NEWSBTC

mBit Casino is one of the leading online casino specifically dedicated to bitcoin players.  The site offers the best prizes in the gambling industry and has a cool and nice design that enables an easy to use interface. mBit aims to be the preferred bitcoin online casino for players whose countries have raised  restrictions on the traditional online casino and gambling industry.

mBit features more than 200 different casino games and slots with an excellent realistic gaming experience. The site uses live dealer software enabling the full pleasure of a real Casino experience for games like blackjack, roulette, lottery, and baccarat. Bitcoin players will have a real person dealing their cards, which can make the game even more interesting and fair. But even more appealing is that the games are hosted by pretty female dealers which make the live experience even more enjoyable. 

Is Bitcoin Trading Anticipating ClassicCoin? – CCN: Financial Bitcoin & Cryptocurrency News

Bitcoin trading has been holding price between technical constraints just above $400. The option of moving out of this range has been tried to the upside and down, recently, without igniting a meaningful trend. Classic(TM) dithering and consensus breach may be unnecessary, after all. 

BitAccess launches bitcoin purchases at 6,000 Canadian retail locations » Brave New Coin

Bitcoin ATM manufacturer, BitAccess, announced today that their customers can buy bitcoins at 6,000 stores across Canada, using Flexepin paper vouchers.

The private and convenient vouchers come in denominations of $10, $30, $50, $100 or $250 Canadian dollars, and can be purchased with cash or a debit card.

Flexepin vouchers are printed at the time of purchase in the form of a receipt, much like a gift card. The bitcoins are made available within 60 seconds of purchase.

The purchase can be made anonymously, but users have to have a BitAccess web account to redeem their coins, and there is a purchase limit of $250 worth of the cryptocurrency each day. To redeem a voucher, all one has to do is log into the BitAccess website and type in the code printed on the voucher. 


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