Despite Xoom's vague assertion that "it doesn't think that customer data or customer money was involved in the Dec. 30 theft," the heist –consisting of an amount of dollars most holders of the currency can only dream of ever obtaining, as the vast majority of dollars are held by 1% of users, marks another foreboding blow to the future of USD. The value proposition for the average person just isn't there, and for the users attempting to send their hard-earned cash to families in need back home, dollars are looking downright evil. In fact, the only real use for dollars would be doing something illegal. "It's a mirage, basically. Stay away from it," say Bitcoin's major investors. Some are even speculating that dollars could be used to fund terrorism and pose threats to national security. What nation's security? The. Clearly, dollars will never work as a currency.
Category Archives: North America
Remittance Company Xoom Loses Corporate Cash To Fraud
Xoom's Chief Financial has resigned amid news that $30.8 million in corporate money had been transfered overseas. Xoom's primary business is allowing individuals in the United States to send money to people outside of the country.
This case continues to highlight the extreme vulnerability too fraud faced by companies handling United States Dollars. This company whose entire business was foreign money transmission lost when facing the inherent structural deficiencies of the fiat banking and money transfer system. It seems unlikely that the fiat monetary system can survive its backbone of insecurity.
ESPN Sold Their Bitcoins
The New York Post reports that ESPN Events, the operator of the Bitcoin Bowl, sold their $500,000 rights payment delivered in Bitcoin by BitPay immediately upon receipt. Further the two competing schools accepted their appearance fee in dollars. BitPay is still under contract to sponsor this bowl game for two more years giving ESPN two more chances and various schools four more chances to hold the Bitcoin BitPay offers. Continue reading
Bloomberg: FBI Investigating Companies For Retaliatory Cyber Attacks
According to Bloomberg the FBI is investigating companies for violations of the 1986 Computer Fraud and Abuse Act amid rumors that companies are taking offensive action in retaliation against "attacks" on their information technology infrastructure.
Collected Points From the NSA's Recent Document Dump
Numerous media outlets are going deep into the NSA's recent Christmas Eve document dump while Der Spiegel is supposing itself to cover new Snowden documents.In addition to the unsurprising post-Snowden revelation that NSA analysts routinely acted outside of their legal ability to monitor, a number of technical revelations came out about the NSA's surveillance abilities as they care to disclose them two years ago. As this document dump was an official agency disclosure take it with a grain of salt or several trucks full of salt as you feel necessary. Continue reading
Bitcoin Alliance of Canada Founder Steps Down
A circulating press release which made its way to Digital Journal reports that Anthony Di Iorio, founder of the Bitcoin Alliance of Canada is stepping down as Executive Directory. The release cites a desire to focus on his businesses and his family. Among his his replacement's businesses are CaVirtex which is a Canadian Bitcoin exchange, and a venture that refers to itself as the Bitcoin Strategy Group.
Extortionist Tormented Finney's Last Months
Today Wired published a piece about the struggles of Hal Finney's family at the hands of an extortionist during the last months of his life. Reportedly Hal's wife Fran had not come forward publicly before out of fear that doing so could endanger the investigation, she is speaking publicly now with the blessing of the investigating agent. Among harassing phone calls was an instance of Swatting that forced the Finneys into the yard last winter. The extortionist was seeking 1000 BTC from Hal Finney.
Bitcoin Bowl Recap: NC State Wins (34-27)
Despite putting up the first points and attempting a late comeback, the UCF Knights couldn't overcome the NC State Wolfpack. In the first twenty one minutes of the game the lead had changed hands 4 times with a UCF field goal establishing a score (0-3) followed by an NC State touchdown (7-3), UCF touchdown (7-10), and another NC State touchdown (14-10). After that UCF was never able to retake control of the lead. Continue reading
Reminder: Bitcoin Bowl Today
For anyone interested in catching an American Football game the Bitcoin Bowl is set to begin in roughly twelve hours on ESPN. For people not strictly interested in the American Football being played the game still presents the opportunity to watch for amusing absurdities. Earlier this season a coach had his nose broken by one of his own falling players and Mormon flagship university Brigham Young's football team was involved in a post game brawl after losing to Memphis in double overtime. Continue reading
Butterfly Labs Motion To Dismiss Denied, FTC Suit Survives
The Kansas City Business Journal reports that the Federal Judge overseeing the case, Brian Wimes, has refused Butterfly Labs motion to dismiss the ongoing suit by the Federal Trade Commission. Earlier this month the Judge had allowed Butterfly Labs to fully reopen under court supervision, and in November the court ordered the company to transfer its Bitcoin to a court appointed receiver. after earlier being allowed a limited reopening under receivership. The current Federal Trade Commission lawsuit against Butterfly Labs has been ongoing since September 2014. John Humphrey, the Attorney for Butterfly Labs originally filed the motion to dismiss on their behalf back in October.