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You can buy your next Dell laptop with Bitcoin
If you fancy nabbing new tech by leveraging your Bitcoin wallet, another online retailer has just joined the fray. CEO Michael Dell alerted the masses via Twitter that his company would begin accepting the digital currency, claiming that the outfit is "world's largest ecommerce business" to do so. The device maker is partnering with Coinbase to power its transactions, and those looking to snag a new Alienware rig will earn a discount when forking over Bitcoin for payment. [Photo credit: David Paul Morris/Bloomberg via Getty Images]
Google now tells you how much your Bitcoin is worth
Let's assume that you've just spent more than $200,000 on some of Russ Ulbricht's Bitcoin fortune -- but what do you do with it now? If it were us, we'd sit on our couch, constantly referencing Coindesk to find out how much our stash had gained (or lost) across the day. If, however, you'd prefer to source your information via search engine, then Google's now offering live currency conversions for the cryptocurrency. Like the states and nations that took their time to take a stance on Bitcoin, Google's taken its time to add the feature, which has been available on Bing for the better part of five months. Or, if the idea of sitting at home watching your cash doesn't feel like fun, you could always sponsor an NCAA game.
California makes it legal to pay with Bitcoin and other virtual currencies
If you've previously paid for goods with Bitcoin or other digital currency in California, you're technically a criminal -- the state has long had a law requiring US dollars, even if it hasn't been enforced. As of this weekend, though, you're officially in the clear. Governor Jerry Brown has signed a bill that legitimizes payments with Bitcoin, other forms of virtual money, community currencies and reward systems like coupons and points. As state assembly member Roger Dickinson explained when fighting for the measure, modern commerce has "expanded" beyond cash and credit; to him, it only makes sense that the law keeps up with the times.
Mt. Gox revival threatens customer's remaining Bitcoins, says CEO
First, one of the world's largest Bitcoin exchanges went dark, then it filed for bankruptcy, suffered further hacking attacks and even faced a lawsuit. Now Mark Karpelès, Mt. Gox's CEO, tells the Wall Street Journal that he's liquidating what's left of the company assets to make ends meet. "As the company head, my mission was to protect customers and employees," he said in the interview, his first public appearance since Mt. Gox collapsed. "I'm deeply sorry. I'm frustrated with myself." A court-appointed trustee now holds all of the exchange's remaining funds and assets, and is preparing to auction off domain names owned by the companies to help repay creditors and keep Tibanne -- Karpelès' other business -- alive. This includes selling bitcoins.com and akb.com. Karpelès didn't say if mtgox.com itself would be up for sale, but he is worried about its future.
Tax haven Jersey now wants to become 'Bitcoin Island'
There are advantages to being a tiny, self-governing speck in the English Channel, and the ability to create a "welcoming" financial habitat is certainly one of them. But Jersey has ambitions beyond just being a haven for regular cash. Its Treasury Minister, Senator Philip Ozouf, says he wants the island become a pioneer in the use of crypto-currencies too, and he's backed up by a campaign group that's dedicated to creating the world's first "Bitcoin Isle." The initial goal would be to use Bitcoin as local cash substitute, to pay for things like bus tickets and newspapers. But it's clear that Ozouf has his eyes set on a bigger prize: a Bitcoin banking sector that could make use of Jersey's "infrastructure of world-class financial services" and that would eventually become "central to Jersey's future prosperity." (Read: "STASH YER BITCOINS HERE, LADS!")
US Marshals accidentally leak list of Silk Road Bitcoin bidders
Next week, the US Marshals will auction-off the $18 million or-so worth of Bitcoin that the FBI gained when it seized the online black market Silk Road. It turns out, however, that it's not just the usual coterie of geeks and libertarians who are interested in a piece of Russ Ulbricht's action. A list of "interested parties" was inadvertently leaked by a careless Marshal, revealing that major financial institutions could be battling Bitcoin exchanges like Coinbase and SecondMarket in the fight for a portion of the hoard.
Bitcoin gets its first big sports sponsorship
Bitcoin is about to hit the big leagues in a very literal sense -- it just got its first major sports sponsorship. BitPay has struck a deal with ESPN Events that will rename one post-season NCAA football game as the Bitcoin St. Petersburg Bowl through 2016. When the Bowl next kicks off, on December 26th, you'll see the digital currency's signature "B" plastered all over TV broadcasts, the field and the inevitable glut of merchandise. It's hard to say if the marketing blitz will translate to greater adoption, but it's well-timed. When Dish, Expedia and Overstock.com have all started taking Bitcoin, anyone who's swayed by the promotion will have at least a few places to spend their virtual cash.
Mt. Gox Bitcoin exchange gets approval for US bankruptcy protection
The Mt. Gox Bitcoin exchange may still be reeling from the botnet discovery that ruined its business, but it just got a big reprieve. A US court has approved Mt. Gox's Chapter 15 bankruptcy protection, preventing creditors who sued the company from seizing any American assets (including servers) or pressing for evidence. The exchange can also chase down any funds it needs to repay its debts and, if necessary, file lawsuits of its own.
US to begin selling off its Silk Road Bitcoin hoard
When the FBI seized Silk Road and the assets of its founder, it inadvertently became the owner of one of the world's largest Bitcoin hoards. Just six months later, the US has decided that it wants to sell the smaller, Silk Road-owned portion of the stash, made up of 30,000 BTC worth around $18 million. The public auction will take place between 6am and 6pm on June 27th, with the funds being broken down into blocks of 3,000 BTC to make it a little more manageable. If, however, you fancied getting in on the action, be advised that you'll have to front a deposit of $200,000 just to be allowed in. Still, if it'll take you a bit longer to scrounge up that level of cash, the US will also look to sell off Ross "Dread Pirate Roberts" Ulbricht's personal Bitcoin fortune -- currently valued at around $87 million -- before his trial begins in November.
The TUAW Daily Update Podcast for June 3, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. The Daily Update has been moved to a new podcast host in the past few days. Current listeners should delete the old podcast subscription and subscribe to the new feed in the iTunes Store here.
US targeting Bitcoin exchanges in hunt for drug money
While Bitcoin tries to go mainstream, many supporters still celebrate its "anarchist spirit" -- but certainly not the FBI. According to the WSJ, they're probing the now-collapsed Mt. Gox exchange and several others in connection to Silk road, the notorious former drug marketplace. Authorities recently arrested its founder, Ross Albrecht, and charged him with money laundering, drug trafficking and other offenses. They've reportedly now issued subpoenas to exchanges including Mt. Gox, looking to see if they gave Silk Road crooks hard currency in exchange for Bitcoins. The investigation has just started, but such businesses now seem to be in the fed's cross-hairs -- despite the underworld's love for cryptocurrency, they still need cold cash.
Such livery, very race: Dogecoin car to join NASCAR '14
In its quest to accurately recreate the thrills of NASCAR, developer Eutechnyx has revealed plans to distribute Josh Wise's car in an upcoming NASCAR '14 DLC release - a car that just so happens to bear the confusingly endearing face of doge. Unfamiliar with doge? We don't how that's even remotely possible at this point, but as a quick primer, the online humor researchers at Know Your Meme describe doge as "a slang term for 'dog' that is primarily associated with pictures of Shiba Inus (nicknamed "Shibe") and internal monologue captions on Tumblr." Over the past year, doge has grown into such a beloved Internet fixture that fans of the Bitcoin cryptocurrency developed Dogecoin, a similar virtual currency that bears the adorable, mischievous smile of doge in place of the Bitcoin logo or the face of a long-dead politician. That brings us to earlier this year, when teenaged NASCAR fan Denis Pavel was watching a race and noticed a black Ford with no sponsorship livery to speak of. Given that most NASCAR entrants are equal parts automobile and rolling billboard, this machine stuck out like a sore thumb, prompting Pavel to rally members of the NASCAR subreddit to raise the $50,000 necessary to cover Josh Wise's car in a full-body Dogecoin ad. The livery proved immediately popular, especially among younger NASCAR fans. Seeing this, NASCAR '14 developer Eutechnyx decided to add the vehicle to its racer in an upcoming DLC pack. "As the company behind the NASCAR video games and mobile games, we love to see more technology-oriented partners getting involved in NASCAR," Ed Martin, executive vice president of Eutechnyx, told CNN. "I think it will bring NASCAR to the attention of a lot of people that haven't been exposed before." So far there's no specific date for the DLC release, but we've attempted to contact publisher Deep Silver for further information and will report back when and if we hear anything. [Image: Eutechnyx]
Bitcoin bank entices mom and pop with insurance, fraud checks and no fees
If Bitcoin is meant to be an anonymous, decentralized currency that is free of intermediaries and national restrictions, then today's launch of a new Bitcoin bank, called Circle, might seem deeply antithetical. Circle's website does its utmost to look like that of an ordinary financial service, using words like "withdrawing," "depositing" and "digital money," instead of the usual terms about buying and selling Bitcoins. It follows US anti-money laundering rules, requiring users to identify themselves, and it expects you to connect your Bitcoin account to your normal credit card or bank accounts. Crypto-currency purists just aren't going to dig it, but then again Circle claims to offer some serious advantages that are missing from other, more direct approaches to Bitcoin banking.
Bitcoin is now approved for political donations
If your local politician starts soliciting donations in Bitcoins, don't be surprised: the US Federal Election Commission just approved the cryptocurrency for political contributions. Now, politicians and political action committees (PACs) can accept Bitcoin, so long as donors list their names, addresses, occupations and confirm that they own the coins they're sending over. Recipients can't spend those contributions as Bitcoin, though: they first have to convert the money into US dollars and then deposit everything with the rest of their campaign funds. If the cryptocurrency donations aren't instantly converted through a payment service, the recipients will have to declare their value based on the day's exchange rates... and we all know how quickly those rates can fluctuate.
Some companies are already paying employees in Bitcoin, but it's complicated
Direct deposit, stock options and the traditional paycheck are all outmoded: the future of employee wages, apparently, is Bitcoin. At least that's how Bitwage, a virtual currency payroll firm, feels about it. Bitwage reached out to 150 Bitcoin-friendly companies to see how they felt about implementing a Bitcoin-based payroll; of the 38 that responded, nearly half have considered it and about ten percent (read: four companies, after the math) have already done it. It's a novel idea, but the payroll company's own survey highlights some of the problems: the virtual currency isn't recognized as legal tender in most countries, which makes it incompatible with several European wage regulations. Companies would have to deal with the cryptocoin's curious tax status, too -- though Bitwage helpfully points out that there are firms (wink wink, nudge nudge) that can help with that sort of thing.
Hackers set to release Bitcoin-laundering app 'Dark Wallet'
Ever since sites like Silk Road showed the dark side of anonymous Bitcoin transactions, governments have been trying to regulate the crypto-currency. But a group of coders -- headed by 3D-printed gun creator Cody Wilson and Amir Taaki (above) -- want to keep that genie out of the bottle with a new app called Dark Wallet. It was first launched on Indiegogo, where it met its $50,000 funding goal, thanks in part to Bitcoin donations. The software could make it nearly impossible to trace the currency's flow, thanks to a one-two punch of encryption and "CoinJoin" technology. In brief, the latter code registers multiple transactions as a single movement of funds, masking transfers.
MIT students raise cash to give $100 in Bitcoins to every undergrad
Starting this fall, every MIT undergrad will have at least $100 worth of Bitcoins to their name, thanks to a couple of students who've raised half a million to do so. But, they're not just doing it so their schoolmates can eat something other than ramen -- this is actually an official project by the school's Bitcoin Club, so professors and researchers from the institute can study how students spend their virtual money. This initiative, started by computer science sophomore Jeremy Rubin and MIT Bitcoin Club president Dan Elitzer, was funded by MIT alumni and people with vested interest in the currency. The two masterminds believe this move is necessary for MIT to continue being at the "forefront of emerging technologies." Rubin even said: Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the internet era. [Image credit: George Frey/Getty Images]
Mt. Gox settles class-action lawsuit by turning customer creditors into owners
More good news for those who entrusted Bitcoin exchange Mt. Gox with their cryptocurrency. After filing for bankruptcy earlier this year, Mt. Gox found some 200,000 Bitcoins last month, and today it has tentatively settled its class-action lawsuit in the US. In exchange for dropping the case, customers will become part owners in the new Mt. Gox -- a group of investors is set to purchase and revive the failed exchange -- to the tune of 16.5 percent. Additionally, class members get to split up those rediscovered Bitcoins and another $20 million currently being held by Mt. Gox's bankruptcy administrator. The settlement, naturally, is contingent upon both the US court agreeing to the terms and a Japanese bankruptcy court approving the deal for Mt. Gox's sale. And, bear in mind that US beneficiaries of the settlement don't get priority over anyone else, nor do they get the full ownership stake in the new Mt. Gox. The settlement terms would apply to creditors throughout the world, and the benefits of the deal will be shared equally amongst them. Mt. Gox is dead. Long live Mt. Gox. [Image Credit: AP Photo/Shizuo Kambayashi]
Yelp now shows the local businesses that let you pay with Bitcoin
Some online retailers are quick to say whether or not they'll accept Bitcoins, but local shops aren't always so forthcoming -- and community mapping efforts like CoinMap only reveal so much. It might not be hard to find a cryptocurrency-friendly store in the near future, though. Yelp has added a flag that lets business owners identify themselves as Bitcoin-friendly, making it easier to spot places that take virtual cash.
Having trouble spending your digital currency? Get a Bitcoin debit card
For all its advantages, Bitcoin has one major drawback: it's rather hard to spend. While the digital currency has legs in online marketplaces like Overstock and Square Market, few brick and mortar stores are equipped to trade in Bitcoin. Special ATMs help a little, but there has to be a better way. Xapo, a crypto coin storage vault, thinks it's found one: the Bitcoin debit card. Xapo's card promises to work exactly like your bank's plastic -- authorizing transactions by checking the requested charge against your account balance in real time. If the sale is approved, Xapo automatically sells a comparable amount of Bitcoin from the user's wallet to cover the purchase. Xapo says the card should be an improvement on the Bitcoin pre-paid cards that already exist, which require the user to manually refill their plastic before hitting the town.
