The Financial Stability Oversight Council (FSOC), a group of United States regulators, highlights blockchain technology and bitcoin as threats to financial stability in its annual report published this Tuesday, reports CoinTelegraph. The report lists bitcoin and the blockchain under the section titled “Potential Emerging Threats and Vulnerabilities.”

Specifically, the report discusses bitcoin and blockchain technology under the umbrella of distributed ledger technologies. The report highlights some advantages of distributed ledgers, including the replacement of manual reconciliation and increasing market transparency.

https://coinreport.net/financial-stability-oversight-council-sees-bitcoin-threat-financial-stability/

The Bitcoin Foundation, which was founded in 2012, aims to promote the use of the cryptocurrency _a medium of exchange like normal currencies such as USD but designed for the purpose of exchanging digital information through a process made possible by a cryptography_.

Claasen – who is described as a technology startup “go-to-market strategist” – joins another South African, board member Vinny Lingham, as part of the Bitcoin Foundation.

Both Claasen and Lingham are partners of local investment firm Newtown Partners. But in a press statement, Lingham said he recused himself from the board vote owing to his “long business relationship and friendship with Claasen”.

http://www.thesouthafrican.com/south-african-to-spearhead-global-bitcoin-foundation/

Bitcoin Uncensored Hosts Face Legal Action Over Perianne Boring Interview
Being part of any podcast will always require some preparation, even when it is about a topic one is very comfortable with. The most recent Bitcoin Uncensored podcast was a very entertaining one, albeit Perianne Boring may think otherwise. While there are no real “wrong” opinions on Bitcoin and blockchain, the lines seemed to blur during this particular episode.

It has to be said the setup of this particular episode could be seen as a way to trick Perianne Boring into saying some unusual things. Then again, anyone who is actively lobbying for Bitcoin and blockchain can expect some difficult questions now and then. A lot of Bitcoin community answers were not too happy with the answers Ms. Boring gave during the Bitcoin Uncensored episode.

http://themerkle.com/bitcoin-uncensored-hosts-face-legal-action-over-perianne-boring-interview/

Cryptocurrencies enjoyed a brief moment in the limelight upon their introduction, even as they promised a new universal payment method for online monetary interactions – with leading the way.

Quickly, however, the downside to non-government affiliated currencies became more than apparent. They were unregulated and, therefore, dangerous in more ways than one.

Bitcoin lost their footing at the close of 2013 when its market price hit $1,147 on November 29. Not only were users losing interest, but so were investors. After the fall, prices languished for many months in the $200-$300 range.


http://www.investing.com/analysis/bitcoin-is-hot-again%E2%80%A6-but-for-how-long-200137465

The first that stumbled over this campaign were the security researchers from CYREN, who spotted it in the first week of June.

The crooks behind the phishing campaign were relying on pixel-perfect cloned Web pages for various Bitcoin wallet services, with a special focus on Blockchain.info, one of the most important sites in the Bitcoin ecosystems.

Read more: http://news.softpedia.com/news/complex-bitcoin-phishing-scheme-leads-back-to-rogue-web-hosting-firm-505511.shtml#ixzz4CHSZ1yl6

Bitcoin Empire hits Kickstarter as first cryptocurrency-themed card game

“We all want to share our love of Bitcoin but it can be difficult to get your friends involved,” states the Kickstarter page. “This game introduces people to crypto-currency in a new and enjoyable way.”

The game’s creator, tabletop gamer and bitcoin enthusiast David Thomas, said in a press release sent to CoinReport, “Bitcoin Empire is a synthesis of these two passions.” The Kickstarter campaign has a goal of £5,000 ($7,179 USD).

https://coinreport.net/bitcoin-empire-hits-kickstarter-first-cryptocurrency-themed-card-game/

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A powerful club of US regulators has warned that the growing popularity of bitcoin and other digital currencies is posing potential financial stability risks as it revealed they are being put under closer scrutiny.

A group that includes the Treasury department, the Federal Reserve and the Securities and Exchange Commission used an annual report on the biggest threats to the US financial system to highlight concerns about digital currencies for the first time.


http://www.ft.com/cms/s/0/e0880cf6-3800-11e6-9a05-82a9b15a8ee7.html#axzz4CGpGZAXI

Tapscott on Blockchain: This Is About to Change the World

 There is a revolution coming, and according to Don Tapscott, it's going to dramatically change how the world operates. In his new book 'Blockchain Revolution,' Tapscott says blockchain, the underlying technology of bitcoin, represents the second generation of the internet. In an interview with Bloomberg TV Canada, he tells host Amanda Lang how blockchain enables us to send money directly and safely from me to you, without going through a bank, credit card company or government.

http://www.bloomberg.com/news/videos/2016-06-15/tapscott-on-blockchain-this-will-change-the-world

 There will only ever be 21 million bitcoins, and the rate at which those 21 million bitcoins are generated will decrease periodically by half until all bitcoins are in circulation.  More specifically, a user is rewarded with a given number of bitcoins when it discovers (i.e., “mines”) a new block to add to the block chain ledger of bitcoin transactions.  That reward decreases by half upon a “halving” event.  The next “halving” event – where the number of bitcoins created each time a user mines a new block will decrease from 25 to 12.5 – is expected to occur in July 2016.

Some are concerned that the halving event will disincentivize miners from continuing their operations, or make mining so unprofitable that miners will go out of business.  The concern is that with the mining reward dropping by half, miners will see a drastic decrease in their revenues unless the price of bitcoins immediately doubles.  In short, the mining industry is a volatile one.  Indeed, within the past month, for Swedish mining firm KnCMiner declared bankruptcy, and Isreali mining equipment developer Spondoolies-Tech announced that it was shutting down its operations.

http://www.jdsupra.com/legalnews/large-acquisition-price-tag-might-quell-63764/

 In order to accept bitcoin and guarantee the highest industry standards, WB21 is using BitPay, the industry's first and most experienced bitcoin payment processor.

“WB21 is paving the way for some exciting changes in online banking, and their decision to accept bitcoin is a great example of how innovation is changing the finance sector," said BitPay's Chief Commercial Officer Sonny Singh. "Consumers with bitcoin don't have to be limited by the country by country limitations of legacy payments – and now WB21 will allow them greater flexibility for making payments in up to 18 different currencies."
source
is this new era of bitcoin ? any chance Biggest banks like Industrial and Commercial Bank of China (ICBC), China Construction Bank Corporation (CCB), and Agricultural Bank of China (ABC ) will be accept bitcoin too ?

what do you think about this ?

 Michael Gastauer, founder and CEO of WB21, said that while a bank accepting bitcoin is “quite unusual”, the move will provide huge benefits to its clients.

“By accepting bitcoin, our customers can instantly transfer funds to their WB21 account from any country in the world. As soon as they send bitcoin to our address, we credit the value in the currency the customer has selected to their checking account. The funds are instantly available on the account and can be sent out by wire transfers or spent with a WB21 Debit Card. The process to convert bitcoin into cash on a bank account is the fastest I am aware of. For us the acceptance of Bitcoin is a great way to support our global roll-out and improve customers fund depositing experience”, Gastauer added.

http://www.econotimes.com/Digital-bank-WB21-allows-bitcoin-deposits-via-BitPay-221883#

In short: no speculative positions.

Bitcoin is on the move up. New “reasons” are being dug up for the appreciation. In a Bloomberg article, we read:

Bitcoin surged to a two-year high amid expectations supply of the digital currency will shrink next month.

The cryptocurrency rallied to $696.5 on Monday in Hong Kong, the highest since February 2014, according to data compiled by Bloomberg. It was trading at $689.23 as of 3:50 p.m. in Hong Kong, up 19 percent from Friday.

Profits from mining bitcoins will be reduced in July, a process that’s written into the code to limit supply, according to Chinese exchanges OKCoin and Huobi. Increased attention from venture capitalists and banks on blockchain, the technology of digital ledgers, has boosted bitcoin’s legitimacy, Jack C. Liu, chief strategy officer at OKCoin, said in Hong Kong.

We have read stories on how China was behind the move. Now, China is only part of the story with the mining mechanics featured more prominently. Actually, the “mining reward” story might not be as credible as would be suggested in recent commentaries. As the rewards for Bitcoin miners will be halved, it might actually make more sense for miners to intensify their processes now rather than later. This would mean more supply now rather than later and possibly downward pressure on prices now rather than later. This is now what we’ve seen recently. This might mean that any downward pressure has been drowned out by the demand for coins.

http://www.marketoracle.co.uk/Article55540.html

Bank of Tokyo-Mitsubishi UFJ confirmed on Tuesday it is conducting experiments on a digital currency utilizing the technology behind the virtual currency bitcoin.

The statement came following a report from the Asahi Shimbun newspaper last week that the bank will soon issue a virtual currency that will be available next year.

"Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided," the bank's spokesman said in an emailed statement to Reuters.


http://www.cnbc.com/2016/06/14/bitcoin-news-bank-of-tokyo-mitsubishi-says-testing-its-own-digital-currency-based-on-blockchain-technology.html

Cold storage is a must have for those looking to safely secure bitcoin. Originally, this involved less convenient processes such as storing private keys on a permanently offline computer, or more risky options such as storing keys on paper. Over the past few years, there’s been a gradual trickle of secure hardware wallets hitting the market, simplifying and making the way we store cryptocurrencies more secure.

One of the latest additions to the hardware wallet market is Keepkey, a sleek black box which prides itself on its simplicity and supports a variety of altcoins, unlike some competitors. Last week the company announced their first M&A deal, acquiring popular software wallet, Multibit in a deal paid for entirely Bitcoin. We caught up with CEO Darin Stanchfield to discuss the deal and how important security is for adoption.

http://coinjournal.net/keepkey-hardware-wallet-multibit-ethereum/

Security Pioneer John McAfee Adds Blockchain Experts to Advisory Board

Security pioneer John McAffee has added two bitcoin pioneers to his new company's advisory board as part of a broader effort to make digital currency businesses more secure.

A part of the strategy for MGT Capital Investments, McAffee yesterday launched the Cryptosecurity Advisory Board, naming bitcoin angel investor Roger Ver as board chairman. Today, MGT added serial industry entrepreneur Erik Voorhees as an inaugural member of the board.

While banks and other financial institutions have been adopting blockchain technology because of its increased transparency and efficiency, McAfee said the board, and an entirely new soon-to-be launched division at the company, are aimed at making the technology more secure.

http://www.coindesk.com/mcafee-security-blockchain-advisory-board/

A recent study by Technavio shows that cryptocurrency, such as Bitcoin, will continue to grow over the next four years.

Cryptocurrency, which grew by 622.7% in 2014, makes payments using an encrypted code that can be transferred digitally. Early adopters praise the ease and security of these transactions, as they do not require repetitive authentication like cash and traditional card payments. Also, payments are instant and do not incur service charges.

The leading cryptocurrencies are Bitcoin, Litecoin, Ripple, Peercoin, Namecoin, and Novocain. Bitcoin is considered the top digital currency.

“Investors believe that Bitcoin is a safe option to invest in as it has gained a large market share with a higher acceptance rate than any other cryptocurrency. The market for Bitcoin is expected to witness significant growth over the next four years as a huge trust factor is associated with these coins,” says Ujjwal Doshi, a lead analyst at Technavio.
http://www.lowcards.com/cryptocurrency-on-the-rise-42702

Maker of First Bitcoin Mining ASIC Acquired in What Could Be Industry's Largest Sale
The China-based company behind the first bitcoin mining ASIC has been acquired, though the exact details of the sale vary.

Canaan Creative, the company that produces the Avalon chip series, confirmed its acquisition by Shandong Luyitong Intelligent Electric PLC today in an email to CoinDesk. Shandong Luyitong is an electronics firm founded in 2003, and that is publicly listed on the Shenzhen Stock Exchange.

As for the exact amount paid in the acquisition, initial statements from parties involved or close to the deal indicate it could be the largest-ever exit for bitcoin startup.

According to news source Ifeng.com, Shandong Luyitong paid ¥3.06bn (roughly $466m) in stock purchases and cash to acquire 100% ownership of the firm. Further, it said Shandong Luyitong is planning a private share offering in conjunction with the sale, looking to sell as many as 6.79 billion shares at a price of ¥24.57 per share.

http://www.coindesk.com/bitcoin-mining-asic-acquired-avalon/

Despite that forecast, Turkish Economy Minister Nihat Zeybekci is confident the country is on the right track to achieve its growth. Moreover, there is a plan on the table to reach a year-end inflation rate of 7.5%. A lot of that success will hinge on exporting goods from Turkey to other countries, though.

Declines in export have already caused a correction for the 2016 projections. It was initially assumed Turkey would see US$155.5bn in export in 2016, but that target has been cut back to US$150 billion. The first half of 2016 was not on par with expectations, although the numbers were not terrible either.

http://bitcoinist.net/further-economic-woes-turkey-bitcoin/

Let’s call it a deja-vu. Bitcoin price passed the $500 threshold in late May, something which hasn’t happened in almost two years. Despite reports that it will drop once again, the price is still going strong —at press time, the price continued to increase and almost broke the $600 threshold. The most beloved scenario is that fears in China that the yuan could weaken may have something to do with the sudden growth. China’s decision to restrict the flow of cash out of the country has indubitably prompted concerned citizens to seek ways around capital restrictions and Bitcoin proved to be a sort of safe haven.

https://jaxenter.com/i-see-bitcoin-like-the-internet-was-in-the-90s-126755.html

Bitcoin Compact Block Relay is an Upgrade to Reduce Block’s Propagation Times
The upgrade also has a new feature called high bandwidth mode, in which nodes can request the same block to multiple peers in the network to decrease latency, at the expense of a slightly higher bandwidth usage.

Benchmarks of this new method exhibited that a typical 1MB full block containing 2,500 transactions can be relayed with only 15KB of data, and 86% of those blocks will propagate immediately without needing a second request for any other missing transactions.

Bitcoin Core team said that this new Bitcoin Improvement Proposal will benefit the network as a whole:

    Decreasing block propagation times on the p2p network creates a healthier network with a better baseline relay security margin.

BIP152 has already a working implementation, and its currently being tested by the developer community. Future plans to improve BIP152 may include the replacement of TCP protocol with UDP transmission, and using an error correction mechanism to handle dropped packets. All in all, these improvements are always welcomed, as they will help Bitcoin to be more robust.

http://www.newsbtc.com/2016/06/07/compact-block-relay-technique-improve-propagation-times-bitcoin-network/