Weekend Roundup: Grooveshark Accepts Bitcoin, Mintpal Hacked, and New York Rolls Out Plans for BitLicenses
Weekly roundup by Cointelegraph
News broke out Thursday that Finance Department Superintendent Benjamin Lawsky released a 40-page draft outlining the regulatory framework for Bitcoin-related businesses operating in New York State. “We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” Lawsky said in the official press release.
The last few months have seen several large companies begin accepting Bitcoin as payment. But the recent announcement by Dell computers, one of the largest tech companies in the world, that it would begin accepting Bitcoin blew the door off of the hinges.
“It is always our goal to respond quickly to our customers and ensure their needs are met. Partnering with Coinbase to implement this solution in 14 days is a prime example of the new, more agile Dell,” said Dell CEO Paul Walsh about the partnership with payment processor Coinbase.
Carlo Caraluzzo reported Sunday that a Bitcoin political party has formed in Sweden.
“The party’s platform seems to be more about changing the economic paradigm that it does specifically about Bitcoin or even virtual currencies. Organizers say that centralized control of money is the cause of most of the economic problems that the world has and that virtual currencies like Bitcoin are one sure way of correcting the imbalances that always develop in a centralized marketplace.”
Carlo Caraluzzo reported Thursday that Coinkite’s new Bitcoin API service could be a “game-changer.”
“Transferring funds, searching by transaction number, linking back to achieved vouchers, all have been simplified. There is also a feature that might raise some eyebrows, however. You are able to remotely control your Coinkite terminals, even printing receipts remotely, formatted to your specifications.”
Nina Lyon reported Monday that online streaming service Grooveshark announced it would process payments in Bitcoin. “Grooveshark announced it is accepting Bitcoin payments and using Stripe to process payments in digital currency. Users have the option to pay US$5 per month for the service or US$50 annually.”
Ian DeMartino reported Sunday that hackers made out with a “considerable amount” of VeriCoin in an attack on Mintpal.
“Mintpal stresses that VeriCoin's network itself is secure and wasn't the cause of the attack. Instead, Mintpal admits that it was its own security that was compromised and seems to imply, but not specifically state, that other coins were unaffected.”
- Rent a flat above a shop / Cut your hair and get a job: Bloomberg Businessweek thinks New York’s BitLicenses are a sign that Bitcoin is growing up.
- Bloomberg: The Bitcoin bubble narrative persists.
- Johann Gevers spoke at TEDxZug earlier this month and discussed the four pillars of a decentralized society.
Bitcoin’s exchange value is still holding pretty steady for the month of July. The beginning of the week saw a high price of $632, but the price dip in the middle of the week only went down as far as $619.
Meanwhile, the number of transactions per day has followed the same cycle of weekly spikes and dips. The high number of transactions for the week was Wednesday, when almost 70,000 transactions were made.
Trading volume saw a small trough develop during the week, with daily trading volume failing to break the US$3 million threshold until Thursday, when it broke through the US$4 million mark.