Bitcoin News

Steve Wozniak

Steve Wozniak Falls Victim to Cryptocurrency Fraud

It isn’t just technological neophytes who can fall victim to cryptocurrency fraudsters. Apple co-founder Steve Wozniak found himself the victim of fraud too, losing seven bitcoins to a scammer. Wozniak’s case highlights the importance of taking the right steps to protect yourself from dishonest actors. Wozniak fell victim to a scheme known as chargeback fraud. Someone orders something using a credit card purchases an item, then reverses the charges once they’ve received the item. The merchant then is on the [...]

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president venezuela

Venezuela’s Petro Oro: A Sign of Things to Come?

Fresh on the heels of the introduction of the oil-backed petro cryptocurrency, the Venezuelan regime has indicated that it intends to launch yet another cryptocurrency, the petro oro, this time backed by gold. Could this indicate that asset-backed cryptocurrencies may become the wave of the future? Venezuelan President Maduro’s announcement of the petro oro came at a curious time, as the petro hasn’t even yet gotten off the ground, it has only been subject to a pre-sale. It’s almost certain [...]

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irs cryptocurrency

The IRS Is Coming for Cryptocurrency Traders

If you’re a heavy Bitcoin trader on Coinbase, you’d better hope that you’ve paid your taxes. In a victory for the Internal Revenue Service (IRS) and a partial victory for Coinbase, the cryptocurrency exchange will be turning over to the IRS information on 13,000 of its most active traders. The information handover resolves a long-running dispute between IRS and Coinbase. IRS had initially requested that Coinbase hand over details about every single Coinbase user. Coinbase balked at this request, and [...]

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turkish president

Flurry of Interest in Cryptocurrency From Governments

With Venezuela’s announcement of the pre-sale of its petro cryptocurrency, this week has seen other governments around the world expressing interest in issuing their own national cryptocurrencies. Turkey’s former Industry Minister announced a plan to draft a proposal for a Turkish national cryptocurrency known as Turkcoin. That follows comments from Turkey’s Deputy Prime Minister that Turkey would seek to issue its own national cryptocurrency. Like most proposals that we hear about, details were largely non-existent, aside from a plan to [...]

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cryptocurrency regulation

Cryptocurrency Regulation Continues to Take Shape

With regulators around the globe continuing to look into cryptocurrencies, the regulatory regime affecting cryptocurrencies is beginning to take shape, although it’s still far from uniform. US States Move Forward on Cryptocurrency Regulation The Wyoming House of Representatives recently passed a bill that would exempt some ICO tokens from securities regulation. It’s unclear, however, whether the bill would have any effect in the event that the SEC decides to enact ICO regulations at the federal level. Arizona’s House of Representatives recently passed [...]

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Venezuela Launches “Petro”; Claims $735 Million in Sales

Venezuela’s long-awaited oil-backed cryptocurrency, the petro, has finally launched this week with its first pre-sale. According to President Nicolas Maduro, the first pre-sale netted $735 million in sales. What was interesting about Maduro’s claim is that he announced that the sale amounted to 4.777 billion yuan, or $735 million. No information about who purchased the petros was made public, but the fact that he announced sales figures in yuan would lead us to believe that a significant number of the [...]

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south korea

South Korean Government to Support Cryptocurrency; Bitcoin Price Rises

The South Korean government announced that it will support “normal transactions” in cryptocurrencies. Financial authorities will also encourage banks to work together with cryptocurrency exchanges. The announcement was seen as a positive sign that the South Korean government has decided to embrace Bitcoin and cryptocurrencies, and that a crackdown in South Korea is not in the cards. The push for cooperation among banks and cryptocurrency exchanges is a promising sign for cryptocurrency investors in South Korea because it should ease [...]

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bitcoin regulatory

Bitcoin Regulatory News Update

With US federal regulators taking an increasingly close look at Bitcoin and other cryptocurrencies, here’s a short roundup of some recent Bitcoin-related news from the regulatory arena. CFTC May Form Virtual Currency Subcommittee The Technical Advisory Committee of the Commodity Futures Trading Commission (CFTC) held a meeting last week to discuss issues related to blockchain and cryptocurrencies. The committee saw testimony from a number of interested parties with respect to cryptocurrencies and their regulatory treatment. At the conclusion of the meeting, the [...]

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coinbase complaints

Coinbase Customer Complaints on the Rise

Bitcoin exchange Coinbase has been the recent target of the ire of many of its customers. The meteoric rise in Bitcoin’s price, the huge increase in Coinbase’s user base, and the lack of support staff to handle that influx have all led to a series of snafus that have many Coinbase users furious. First and foremost among those problems is that of Coinbase customers being charged multiple times for transactions that have already occurred. In some cases that resulted in [...]

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bitcoin ira

Congress and Regulators Continue to Take On Cryptocurrencies

This week saw Congress and regulators taking another look at cryptocurrencies, both a sign of the increasing importance of cryptocurrencies and a worrying sign that Congress is setting its sights on cryptocurrency markets. No Congressional committee wants to be left out of the cryptocurrency action, so this week saw two new committees tackling the issues facing Bitcoin and cryptocurrencies. Wednesday saw the House Committee on Science, Space and Technology hold a joint subcommittee hearing looking into the prospective future uses [...]

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