Bitcoin Goes Hollywood

Top 5 Celebrities Investing in, Using and Talking about Bitcoin!

1. Ashton Kutcher

Actor Ashton Kutcher is the co-founder of venture fund A-Grade Investments, who have invested in BitPay, the payment processor that allows merchants to accept bitcoin payments. Speaking at the TechCrunch Disrupt NY conference last year, he said: "The bigger thing with bitcoin is: what can that decentralised technology really do? Imagine if we can decentralise that issue, and if we can decentralized security.

Kutcher has been successful as a venture capitalist on the tech space following an offer by Anderseen, with whom she has since become close, in 2099 to invest in Skype. He has also invested Spotify, Airnumb, Foursquare.

2. Snoop Dogg

In a tweet last December, rapper and singer-songwriter Snoop Dogg teased that his next album would be "available in bitcoin" and "delivered in a drone". Although the tweet was facetious, he responded more seriously to BitPay and Coinbase when they reached out to him offering their services.

Snoop Dogg's representatives later said in an interview that he was not serious about accepting bitcoin, but the news brought waves of attention to the digital currency  by the general public.

3. Akon

Bitcoin "is going to change the world from a money transactional standpoint not just for Africa, but for everywhere", said recording artist and producer Akon at the Milken Global Conference this Wednesday (30th April).

His declaration is the latest of celebrity endorsements helping the technology and digital currency gain trust among the general public.

4. Nas

Rapper and songwriter Nas, along with his manager Aymen Anthony Saleh, are investors in more that 40 startup companies including digital wallet company coinbase and 500 startups, the Silicon Valley incubator accelerating bitcoin companies. And they're just getting started.

Last year, Coinbase raised $25 million in Series B funding led by Andreessen Horowitz thanks to whom Nas and Saleh learned how to approach and assess their potential investment opportunities. The firm's partner Ben Horowitz is close with them, according to Saleh.

5. Mel B

Last Christmas former Spice Girl and X Factor judge Mel B partnered with London-based CloudHashing to become the first musical artist to accept bitcoin to purchase her music.

"I love how new technology makes our lives easier, and to me, that's exciting," she said. "Bitcoin unites my fans around the world using one currency. They can just pay using bitcoins." CouldHashing offers bitcoin-mining-as-a-service.

The company had a booth at the Austin music and technology conference SXSW this year to showcase their service to industry icons and enthusiasts still new to bitcoin.

Source: coindesk.com

Bitcoin Regulation Roundup

Legislation, Liquidation and Rumor Mill

Regulatory attitudes towards cryptocurrencies around the world are shifting. Hardly a day goes by without a central bank issuing a warning on the digital currency. However, it’s not all bad news – as some authorities are taking a much more positive approach. 

In CoinDesk’s regulation roundup, Certified Public Accountant and ACFE Certified Fraud Examiner Jason Tyra examines the most significant digital currency news from the world’s regulators and law courts over the past two weeks.

Chinese banks stop handling bitcoin related business

The rumors are true: bitcoin related businesses with Chinese deposit accounts reported receiving verbal notices from their banks last week that transfers to exchanges would no longer be honored, causing bitcoin prices on exchanges worldwide to plunge to their lowest levels in more than six months.  Though the move was obviously centrally directed, the People’s Bank of China has yet to make an official announcement, over a week later.

Curiously, the People’s Bank of China announced on 11th April that it would not seek a ban on bitcoin.

China’s government and central bank have been ambivalent about bitcoin from the beginning, resulting in periodic rumors of an impending ban.  The spread of crypto-currency among Chinese users has often been cited as the driving force behind bitcoin’s dramatic rise during the latter half of 2013.  The Chinese government, on the other hand, is believed to see bitcoin as a threat to capital controls, while claiming that restrictions are necessary to protect Chinese banks from the risk posed by bitcoin.

Bitcoin’s price rebounded above $500 in the week following announcement of the Chinese restrictions.  Nevertheless, at least two Chinese exchanges suggested that they might consider moving to other countries if regulatory action made their businesses unsustainable.

Source: coindesk.com

Bitcoin is Technology and not a Money

Bitcoin is not a money, the deputy director of the Dutch Payments Association has declared.

"Bitcoin is not a claim and therefore not a money. If you and I agree to pay each other in tulip bulbs then we have established a private currency and the same applies to bitcoin."

Comparing the digital currency to tulip bulbs, which famously rocketed in price during the 'Tulip Mania' bubble of the early 1600s. Gijs Boudewijn dismissed suggestions that bitcoin could be currency!

Bitcoin has two almost distinct personalities. The first is the political revolutionary, destined to disempower government. The second is more prosaic; bitcoin is simply a better way of transferring money, a technology easily co-opted by a banking system seen by some bitcoiners as the enemy.

Bitcoin is really convenient. The comments come weeks after the Dutch Minister for Justice and Security said bitcoin would not be banned, and echo a recent UBS report that suggests that banks can adopt "a bitcoin-like technology" to create a new foundation for payment services that would prop up, instead of pull down, the existing banking system.

Someone doubts that bitcoin can become a widely-used currency, and argued that the need for government to provide confidence in a currency means bitcoin would be a limited prospect.

Source: coindesk.com

The Cryptocurrencies War!

In other words the war of cryptocurrency is as simple as what is the difference between an HD DVD and a Blu-ray Disc? In a nutshell, one is a lose and the other is a winner. In the late 2000s, the two battled it out on store shelves in what is known as a format war. Which won? Here's a hint: you won't be watching Gravity on HD DVD anytime soon!

The argument in favor of war is like this! If you were to view the cryptocurrenncy format from this perspective, bitcoin would be the clear front-runner. A few other coins- dogecoin, peercoin, and litecoin - would be trailing close behind. There might be other legitimate contenders in the near future.

The wide variety of coins may actually be hindering cryptocurrency rather than helping its cause. When HD DVD and Blu-ray were duking it out to be the industry standard, sales of both were ultimately hurt. Consumers were afraid to buy a player or discs of either one, wary they would commit to the format that eventually lost the fight.

The market for cryptocurrency involves everyone that uses money: it's everyone.

If this thinking holds true for cryptocurrencies, then the availability of so many coins may deter people (especially non-techies) from buying into any single coin. As a result, many will simply adopt a wait-and-see approach, especially as one cryptocurrency is bound to emerge on top.

Source: coindesk.com