Monthly Archives: July 2013

Bitcoin legality questioned in Thailand

Today the Thai-based Bitcoin Co. Ltd., an online bitcoin currency exchange, was forced to shutter operations after receiving notice from the Bank of Thailand that Bitcoin might be illegal due to the lack of any laws that explicitly allow it. From their website:

At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:

 

  • Buying Bitcoins
  • Selling Bitcoins
  • Buying any goods or services in exchange for Bitcoins
  • Selling any goods or services for Bitcoins
  • Sending Bitcoins to anyone located outside of Thailand
  • Receiving Bitcoins from anyone located outside of Thailand

Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin.

Unfortunate news for any of you that live in Thailand and were hoping for a convenient Thai-based bitcoin exchange in the near future. There is some discussion on the development over on reddit and the bitcointalk forums.

Marketwatch: Digital currency threatens gold’s value

A Marketwatch commentary posted today claims that the most significant long-term threat to gold’s value as an investment is the rising popularity of digital currency, such as Bitcoin. From the article:

If you just wanted a reliable place to stash your cash, you had two options — deposits in banks in a currency controlled by governments, or else gold. There wasn’t anywhere else to go.

But new digital currencies such as bitcoin are explicitly designed as an alternative to paper money — and indeed largely mimic gold in their limited supply. Of course gold has been a medium of exchange for a few thousand years — and bitcoin for about five minutes. Still, as it and its rivals grow in importance, gold will have a genuine competitor.

WSJ blogger asks: “Are Litecoins the next big thing?”

LitecoinAt least one Wall Street blogger believes that Litecoins are the next big thing.

The author’s post hits on the standard litecoin vs. bitcoin differences, but mostly focuses the success of CipherMine, a Litecoin-mining company that went public a few weeks ago on the LTC Global Exchange. From the post:

Shares in CipherMine, a company that creates virtual currency Litecoin, soared 500% following their initial public offering on June 24 on a virtual stock exchange, LTC Global Exchange. Since launching less than a month ago, the UK-founded CipherMine has achieved a market value of around £500,000 ($744, 500).

Happy 4th!

Happy 4th of July!Happy Independence Day to those of you in the US!

Also, just a reminder that today is the last day to purchase one of my custom mining rigs at $76 off!

Mt. Gox resumes USD withdrawal service

Mt. Gox logoMt. Gox has announced that they’ve resumed processing USD withdrawals, via a new transaction backend. There is apparently a backlog for them to work through, so withdrawal requests might still take some time.