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NEWS
November 30, 2013
If I have a 20-dollar bill in my pocket, I can buy drugs or donate it to charity. How is Bitcoin any different? ( "Bitcoin and international crime," Nov. 26.) Oh, wait. I know. The people who daily debase your currency (the Federal Reserve) send out this propaganda. If you move to Bitcoin with its fixed supply, their $85 billion monthly printing fiat currency collapses. Tom McCoy, Georgetown, Del. - To respond to this letter, send an email to talkback@baltimoresun.com . Please include your name and contact information.
ARTICLES BY DATE
BUSINESS
By Scott Dance, The Baltimore Sun | July 5, 2014
First came the switch off of the gold standard. Then checkbooks and credit cards started the shift away from cash - but to bitcoin advocates, not far enough. As the anonymous digital currency gains favor with retailers such as Overstock.com and is welcomed by California and other states, some in Baltimore are trying to boost adoption locally. They argue that bitcoin is the next logical step beyond credit cards, offering greater security without transaction costs. But they also acknowledge a sort of chicken-and-egg problem when it comes to getting consumers to adopt bitcoin and retailers to accept it. In Baltimore, some tech advocates, a few business owners and the entrepreneurs behind the local startup Bitsie aim to encourage acceptance among local shops and to promote broader education about how bitcoin works, and why more people should use it. That means overcoming challenges, including volatile exchange rates and a lack of any central regulation of bitcoin, factors that make some question whether the currency will ever gain mainstream traction.
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NEWS
By E.J. Fagan | November 25, 2013
U.S. law enforcement officials have been shutting down giant illegal marketplaces that do business in "bitcoin" and are beginning to lay out plans to regulate such digital currencies - like we do any other kind of money - by requiring that money laundering controls be applied to the transactions. The virtual bitcoin currency is not backed by any central bank or government and can be transferred "peer to peer" between any two people anywhere. It is created through a complex computer mining process that allows people to earn new bitcoins by solving certain mathematical problems.
BUSINESS
Lorraine Mirabella | April 29, 2014
State officials are warning consumers to pay attention to their e-wallets. Virtual currency such as Bitcoin is becoming more popular but is largely unregulated, and it comes without federally backed insurance. The warning from Maryland's attorney general and financial regulation commissioner reminded consumers and investors to be cautious when dealing with digital and crypto-currency. "It pays to know what's in your e-Wallet and the many ways your money can disappear if you're not careful," Attorney General Douglas F. Gansler said in today's announcement with Mark Kaufman, commissioner of financial regulation at the state Department of Labor, Licensing and Regulation.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 12, 2013
A Columbia mobile web software firm said Thursday that it will accept payments in Bitcoin - the digital currency that shot up in value this year - and will give a 5 percent discount to customers who use it. Bitcoin is highly volatile, but most of the movement has been up. It was trading at a value of nearly $900 U.S. dollars apiece late Thursday. Fiddlefly CEO James Ramsey said in a statement that Bitcoin is a way around the "hassle" of paying online in foreign currencies or dealing with credit cards.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 25, 2014
State financial regulators and the attorney general issued a warning Friday about bitcoin and other virtual currencies, saying buyers - and sellers - should be careful. "For now, there is little to no regulation and no safety net for consumers or investors who lose their money dabbling in virtual currency such as Bitcoin," Attorney General Douglas F. Gansler said in a statement. Mark Kaufman, Maryland's commissioner of financial regulation, said in that statement that the state doesn't regulate virtual currencies but is examining issues related to them.
BUSINESS
By Scott Dance, The Baltimore Sun | July 5, 2014
First came the switch off of the gold standard. Then checkbooks and credit cards started the shift away from cash - but to bitcoin advocates, not far enough. As the anonymous digital currency gains favor with retailers such as Overstock.com and is welcomed by California and other states, some in Baltimore are trying to boost adoption locally. They argue that bitcoin is the next logical step beyond credit cards, offering greater security without transaction costs. But they also acknowledge a sort of chicken-and-egg problem when it comes to getting consumers to adopt bitcoin and retailers to accept it. In Baltimore, some tech advocates, a few business owners and the entrepreneurs behind the local startup Bitsie aim to encourage acceptance among local shops and to promote broader education about how bitcoin works, and why more people should use it. That means overcoming challenges, including volatile exchange rates and a lack of any central regulation of bitcoin, factors that make some question whether the currency will ever gain mainstream traction.
NEWS
By Ian Duncan and Justin Fenton, The Baltimore Sun | October 6, 2013
The end came quickly for Silk Road, when federal agents crept in to nab the alleged kingpin of the secret $1.2 billion online drug marketplace as he sat at his laptop in the sci-fi section of a San Francisco public library. Within hours, though, many vendors and customers who said they used the "Deep Web" bazaar were back in action - moving to similar websites like Sheep Marketplace, which advertises marijuana, LSD and a multitude of prescription pills for sale in largely untraceable transactions.
BUSINESS
By Tim Swift, The Baltimore Sun   | October 3, 2013
The Silk Road case shined a light on the deep underbelly of the web -- exposing many casual Internet users to unfamiliar terms like Deep Web, Tor and Bitcoin. So we asked Johns Hopkins cryptography professor Matthew Green -- who recently was in the news himself for his writings on the NSA -- to help break down this shadowy virtual world for our readers. Q: What exactly is Deep Web? The Deep Web means two things. In some cases it's used to refer to the part of the web that isn't reached by search engines.
BUSINESS
Lorraine Mirabella | April 29, 2014
State officials are warning consumers to pay attention to their e-wallets. Virtual currency such as Bitcoin is becoming more popular but is largely unregulated, and it comes without federally backed insurance. The warning from Maryland's attorney general and financial regulation commissioner reminded consumers and investors to be cautious when dealing with digital and crypto-currency. "It pays to know what's in your e-Wallet and the many ways your money can disappear if you're not careful," Attorney General Douglas F. Gansler said in today's announcement with Mark Kaufman, commissioner of financial regulation at the state Department of Labor, Licensing and Regulation.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | April 25, 2014
State financial regulators and the attorney general issued a warning Friday about bitcoin and other virtual currencies, saying buyers - and sellers - should be careful. "For now, there is little to no regulation and no safety net for consumers or investors who lose their money dabbling in virtual currency such as Bitcoin," Attorney General Douglas F. Gansler said in a statement. Mark Kaufman, Maryland's commissioner of financial regulation, said in that statement that the state doesn't regulate virtual currencies but is examining issues related to them.
NEWS
March 6, 2014
Publishing a commentary about Bitcoin by an institutional economics professor is as responsible as letting a village witch doctor give lectures on the merits of proton radiation therapy to treat cancer ( "The Bitcoin myth," March 3). Peter Morici is not qualified to explain Bitcoin because he cannot understand it technically nor can he accept it ideologically. Crypto-currencies like Bitcoin fly in direct opposition to his indoctrination. His commentary is not mere schadenfreude - his ego needs to be right about Bitcoin or else he has dedicated his life to perpetuating a lie. Mr. Morici writes, "The virtual currency was supposed to provide a safer, more private and less costly alternative to money issued by governments.
NEWS
By Peter Morici | March 3, 2014
Bitcoin believers were shaken to their digital souls when Mt. Gox, the world's largest exchange, defaulted on $470 million worth of deposits and closed. The virtual currency was supposed to provide a safer, more private and less costly alternative to money issued by governments. But lacking the imprimatur of a sovereign, it is failing. Fundamentally, money provides a secure place to keep your wealth — you can store your savings for later use at a government guaranteed bank.
NEWS
By Michael Justin Lee | February 25, 2014
The World Economic Forum in Davos, Switzerland gave us an excellent window into the concerns that world leaders have about the global economy - particularly China's shadow banking system. But while the concerns may be legitimate, the expressed fear - that China will implode from the weight of the system's problems - appears overblown. Although ominous sounding, shadow banking exists in every country. In fact, the more thriving and capitalist a country's economy, the more thriving its shadow banking system typically is. What exactly is it?
NEWS
By Carrie Wells, The Baltimore Sun | February 1, 2014
Inside a drab computer lab at the Johns Hopkins University, a team of researchers is trying to build something that has never existed before: a digital currency that changes hands completely in secret. Its name is Zerocoin. The untraceable currency is designed to compete with other virtual moneys such as Bitcoin, which are drawing attention as alternatives for businesses and individuals — and drawing criticism from some who believe they enable money laundering and other criminal activity.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 12, 2013
A Columbia mobile web software firm said Thursday that it will accept payments in Bitcoin - the digital currency that shot up in value this year - and will give a 5 percent discount to customers who use it. Bitcoin is highly volatile, but most of the movement has been up. It was trading at a value of nearly $900 U.S. dollars apiece late Thursday. Fiddlefly CEO James Ramsey said in a statement that Bitcoin is a way around the "hassle" of paying online in foreign currencies or dealing with credit cards.
NEWS
By Michael Justin Lee | February 25, 2014
The World Economic Forum in Davos, Switzerland gave us an excellent window into the concerns that world leaders have about the global economy - particularly China's shadow banking system. But while the concerns may be legitimate, the expressed fear - that China will implode from the weight of the system's problems - appears overblown. Although ominous sounding, shadow banking exists in every country. In fact, the more thriving and capitalist a country's economy, the more thriving its shadow banking system typically is. What exactly is it?
NEWS
December 2, 2013
In his commentary "Bitcoin and international crime" (Nov. 25) E.J. Fagan vilifies cryptocurrency for aiding criminals and enabling their crimes. He vilifies Johns Hopkins professor Matthew Green and fellow researchers for their work on the ZeroCoin currency. By extension, he scolds Johns Hopkins University for supporting this research. I do share Mr. Fagan's concerns about the outcomes of these systems. But Mr. Fagan fails to acknowledge that the widespread adoption of anonymous cryptocurrencies is inevitable.
NEWS
December 2, 2013
In his commentary "Bitcoin and international crime" (Nov. 25) E.J. Fagan vilifies cryptocurrency for aiding criminals and enabling their crimes. He vilifies Johns Hopkins professor Matthew Green and fellow researchers for their work on the ZeroCoin currency. By extension, he scolds Johns Hopkins University for supporting this research. I do share Mr. Fagan's concerns about the outcomes of these systems. But Mr. Fagan fails to acknowledge that the widespread adoption of anonymous cryptocurrencies is inevitable.
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