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This bracelet lets you flick your wrist to pay with Bitcoin
Sometimes, there's such a thing as being too forward-thinking. Take MEVU and its prototype payment bracelet as an example: the wrist-worn Bluetooth wallet lets you pay with Bitcoin using only air gestures. Sounds cool, right? In many ways, it is. As the company shows in its demo video, you can flick your wrist to cover parking or donate to charity without ever reaching for your wallet (or your phone, for that matter).
Mt. Gox faces liquidation as recovery plans scrapped
A Japanese court-appointed administrator is now in control of Mt. Gox following an unsuccessful attempt to save the business. The Bitcoin exchange filed for bankruptcy in February after losing 850,000 Bitcoins, though it later found around a quarter of them. That's still a $340 million loss at current rates, but the company recently went back online and still held out hope for a sale of the business. Now the most likely outcome is liquidation, as the court declared any rehabilitation unrealistic. It added that it would probably now investigate CEO Mark Karpeles too -- who yesterday told a US judge he was unwilling to travel to the states and answer questions. The next step is to appoint a trustee and divvy up whatever's left amongst creditors (and lawyers).
Why Amazon is right to steer clear of Bitcoin
Amazon has quashed the idea that it would be accepting Bitcoin as a method of payment. "We have considered it," said Tom Taylor, Amazon's head of seller services in an interview with Re/code, "but we're not hearing from customers that it's right for them, and don't have any plans within Amazon to engage Bitcoin." That stance might sound strange, given the company's history of staying ahead of its retail rivals, but there are a number of reasons why it makes sense. Not only is Bitcoin a deeply unstable proposition, despite its growing fame, but it's also becoming clear that Amazon already has e-currency and payment-platform ambitions of its own.
Square Market now accepts Bitcoins
Square Market's one of the latest e-retailers to realize that Bitcoins might not be too cryptic to be used as a legit payment option, after all. The e-commerce website now accepts payments made using the cryptocurrency, as Square Market Lead Ajit Varma announced in a blog post where he also explained the technical details behind the process. He said buyers will be given a QR code and the info they need to buy anything from massages to biking gear with their virtual wallets. Square, in partnership with Bitcoin processor Coinbase, will then forward the payment to merchants in US dollars -- minus the website's standard processing fee, that is. A spokesperson told Recode that Square Market will take a 2.75 percent cut from each sale, even though Bitcoin processors typically charge 1 percent per transaction. Still, that's not such a bad deal for sellers who get charged the same percentage for credit card payments anyway. And that's certainly great news for folks with Bitcoins to spare... so long as they're cool with recording every purchase for the ever watchful IRS.
IRS says bitcoins are taxable property, but not currency
People love referring to Bitcoin as a "cryptocurrency," but the Internal Revenue Service looks at it a little differently. According to a new IRS statement, Bitcoin should be considered property, not currency. What does that mean for US Bitcoin aficionados? Quite a bit, actually.
Mt. Gox found 200,000 Bitcoin ($116 million) in an old wallet, should check its pockets
In a bit of news that's familiar to anyone who ever put on an old jacket and found $20 in the pocket, embattled Bitcoin exchange Mt. Gox has made a fortuitous discovery. The company announced (PDF) in Japan that it found 200,000 Bitcoin (worth nearly $116 million at the moment) in a wallet from 2011 that it no longer used. That's less than a quarter of the 850,000 Bitcoins CEO Mark Karpeles reported were missing, but at the moment, at least it's something. According to its statement, the coins were moved to online wallets on the 7th, and then to offline wallets on the 14th and 15th. The mystery of what happened to Mt. Gox's funds is still far from solved, but between this news and reports of updated balances for account holders, it seems possible that there's something to be recovered from the shuttered exchange. Next up, removing all of the cushions from the sofa and pulling it away from the wall.
SEC investigation of Bitcoin-based stock sale could lead to broader regulation
In July of last year gambling site SatoshiDice.com was sold by its creator for 126,315 BTC (Bitcoins) which was roughly $11.5 million at the time. The deal, which was executed on the Romania-based Bitcoin exchange MPEx, has drawn the interest of the Securities and Exchange Commission (SEC). The agency sent MPEx operator Mircea Popescu a letter requesting paperwork related to the SatoshiDice sale, including any contracts signed with Erik Voorhees, the founder of the gambling site. The SEC isn't necessarily saying either MPEx or SatoshiDice broke the law, but it's in the process of deciding whether or not these sorts of stock sales executed as Bitcoin trades are legal in the US. If the federal government finds that American financial law has been violated, it could have serious consequences for the future of the virtual currency.
Mt. Gox gets its login page back, but only lets users check their Bitcoin balance
Wondering where your Bitcoins are? Looks like Mt. Gox is giving you an official way to check. The fallen Bitcoin exchange has updated its homepage with a sparse login screen, inviting users to sign in and check their wallet's balance -- with a caveat. "This balance confirmation service is provided on this site only for the convenience of all users," the site warns. "Confirming the balance on this site does not constitute a filing of rehabilitation claims under the civil rehabilitation procedure... ...and should also not be considered an acknowledgement by MtGox Co., Ltd. of the amount of any rehabilitation claims of users." That legalese is referring to Japan's Civil Rehabilitation Law and Mt. Gox's bankruptcy proceedings, which are counting the company's assets to suss out a liquidation value. Mt. Gox users with Bitcoin stuck in limbo may eventually get a percentage of their wallet's worth based on the official totals. It's not a particularly heartening disclaimer, but at least it gives users a way to verify their online wallets without putting their accounts at risk.
Alleged Bitcoin founder hires a lawyer in bid to 'clear his name'
While Newsweek continues to stand by its claim that Dorian Satoshi Nakamoto is the founder of Bitcoin, the man at the center of the allegation has decided to lawyer up. Despite having already denied his involvement, Nakamoto has now shared a personal statement with Reuters to "clear [his] name" and make it clear how much he has suffered from Newsweek's report. Once believed to be in control of a million dollar Bitcoin fortune, the Californian resident detailed his struggle to find work, adding that the article has damaged his prospects of finding a job and caused him and his a family "a great deal of confusion and stress." Apparently, he even cut his internet connection last year, citing financial issues. Nakamoto says it'll be his first and final public word on the matter, but given the fact he's sought legal counsel, the supposed father of Bitcoin may have more to say behind closed doors.
Court freezes Mt. Gox assets in US, lawyers dig into the case of the missing Bitcoins
A US District Court for the Northern District of Illinois has just granted a temporary restraining order to freeze all US assets of Mt. Gox, Tibanne KK and Mt. Gox CEO Mark Karpeles as part of an effort to find out exactly what caused the Japan-based Bitcoin exchange to fall. This follows the news that Mt. Gox filed for bankruptcy protection in both Japan and the US, a month or so after the exchange went dark and claims it lost nearly 850,000 Bitcoins (roughly $541 million) due to "weaknesses in the system." The restraining order was filed by Edelson PC, the firm Gregory Greene hired to press class action charges against Mt. Gox for fraud. As Mt. Gox is based in Japan, it's unclear what assets there are to actually seize in the US, but the restraining order at least lets Greene's lawyers start the formal process of getting documents and information from the Bitcoin exchange. Perhaps we'll then finally uncover the secret behind its downfall; it'll at least be one Bitcoin mystery solved, anyway.
Weekly Roundup: Bitcoin founder unveiled, Apple CarPlay hands-on and more!
You might say the week is never really done in consumer technology news. Your workweek, however, hopefully draws to a close at some point. This is the Weekly Roundup on Engadget, a quick peek back at the top headlines for the past seven days -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Mt. Gox CEO's blog hacked, database leak claims there should be a 951k Bitcoin balance (update)
The latest twist in the fall of Bitcoin exchange Mt. Gox is here, as CEO Mark Karpeles, personal blog, MagicalTux.net (along with his Tumblr and Reddit accounts) has apparently been hacked. Whoever has control now used them to post a "MtGox2014Leak.zip" that claims to show "relevant database dumps, csv exports, specialized tools, and some highlighted summaries compiled from data." We wouldn't recommend downloading the file or running its included executable (pictured above, it claims to be from Mt. Gox parent company Tibanne Ltd.), but some already have. Several posters on Reddit and Twitter report they've verified their personal account balances with the data in it -- also available as an Excel spreadsheet -- tied to the user id included in their first Mt. Gox registration e-mail. Update: No one has commented on the database leak, but Mt. Gox has updated its website tonight with a spam warning (PDF) claiming that phishing emails are being sent to former users. Considering that personal details may be among data loosed from the exchange's servers, if you used the same password on MtGox.com and other sites, we'd recommend changing it right away. [Image credit: Reddit]
Daily Roundup: Bitcoin founder unveiled, Facebook's redesigned feed, and more!
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Bitcoin's elusive founder reportedly discovered living in California (update: maybe not)
There have been many theories bandied about as to the true identity of Satoshi Nakamoto, the creator of Bitcoin. Nothing conclusive has married the name to an individual or group, but now Newsweek claims to have found the Nakamoto, a 64-year-old Japanese-American man of the same name residing in California. Allegedly living an understated life, Nakamoto's said to no longer be connected to the digital currency he's implicated in making. We know this all sounds annoyingly cut and dried (a story's often more exciting than the reality, after all), but there's still Nakamoto's name changes and classified government work, among other things, to keep things mysterious. Whether this truly is the father of Bitcoin is still up for discussion, too -- there's still been no clear admission as such -- so we'll just point you to the Newsweek piece and let you make your own mind up. Update: After an eventful day of dodging reporters and engaging in a multi-car chase through Los Angeles, Nakamoto has sat down with the Associated Press to strongly deny he has anything to do with the digital currency. Indeed, he told the AP that he's never even heard of Bitcoin until three weeks ago when his son told him a reporter called to ask questions about it. However, the Newsweek article itself quotes Nakamoto's brother as saying that "he'll never admit to starting Bitcoin" and that "he'll deny everything." All of which is to say the true identity of Bitcoin's founder remains very much unconfirmed. Update 2: Apparently the genuine Satoshi Nakamoto has just posted on to the P2P Foundation (a forum for peer to peer currency) stating that he is not Dorian Satoshi Nakamoto, the person whom Newsweek fingered as Bitcoin's founder.
The Bitcoin drama continues: another exchange shuts down, while Overstock reports over $1 million in Bitcoin sales
It's been one big roller coaster ride for Bitcoin these past few weeks, with the Mt. Gox exchange shutting down and filing for bankruptcy following a large-scale hack, not to mention questions about the legality of the virtual currency. Just a week after Mt. Gox went dark, another exchange called Flexcoin is also shuttering, apparently due to hackers who robbed more than $600,000 in bitcoins. That amount pales in comparison to the $425 million stolen from Gox, but it points to ongoing security issues that fall outside of the Federal Reserve's regulation. In the midst of this bad news, online retailer Overstock announced that it's processed more than $1 million in purchases made with bitcoins. One of the first major companies to embrace the currency, the site has accepted Bitcoin since early January, and it reports that more than 4,000 -- mostly new -- customers have chosen this form of payment. Overstock CEO Patrick Byrne told The Wall Street Journal he expects purchases made with bitcoins to top $10 million this year, but the Mt. Gox (and, now, Flexcoin) hacking will likely have some customers and would-be Bitcoin users second-guessing the currency's safety. Bitcoin is a saga if there ever was one, so expect more news in the coming weeks.
Weekly Roundup: Galaxy S5 hands-on, Engadget's 10th birthday and more!
You might say the week is never really done in consumer technology news. Your workweek, however, hopefully draws to a close at some point. This is the Weekly Roundup on Engadget, a quick peek back at the top headlines for the past seven days -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Daily Roundup: Ashton Kutcher designs smartphones, March Madness on WP8, and more!
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Mt. Gox exchange faces US lawsuit over Bitcoin losses
Remember how the discovery of a botnet took much of the value out of the Mt. Gox Bitcoin exchange, leading it to declare bankruptcy? Yeah, investors aren't happy about that -- and they're now demanding compensation. One of them, Gregory Greene, has filed a lawsuit accusing the exchange of fraud for not doing enough to protect traders from theft. He's pressing for class action status to cover all Bitcoin owners who used Mt. Gox, and he wants the exchange to pay both restitution and damages. It's not yet clear how the company will respond, but it wouldn't be surprising if there are other lawsuits to come. When customers may have lost the equivalent of $480 million in virtual currency, there's a lot more than just hurt feelings at stake.
Popular Bitcoin exchange Mt. Gox files for bankruptcy protection (updated)
When the lights went out on Mt. Gox earlier this week, it wasn't entirely clear what was going on. Was the exchange about to be straightened out by another backer? What would happen to customers' coins? There were some big questions that needed answering. Today, according to the Wall Street Journal, we're at least enlightened to one of them, as it's reporting Mt. Gox is filing for bankruptcy protection. The news came from one of the firm's lawyers, speaking at a news conference in Tokyo. It was also revealed that Mt. Gox has debts currently to the tune of debt of about ¥6.5 billion ($63.6 million). The exchange had been pulled offline earlier this month amidst fears that it was possible to carry out fraudulent transactions. Understandably, this caused a great deal of frustration and anxiety for those with money and currency invested in the system. What this new development means for those customers still remains unclear, but for now at least, it's in the hands of official process. Update: Business Insider found a video posted by Japan's Asahi News Network (found after the break) of Mt. Gox's CEO Mark Karpeles speaking at that very news conference. In that video, he confesses that 850,000 Bitcoins -- which translates to around $480 million -- have disappeared from the exchange due to "weaknesses in the system."
Daily Roundup: Apple explains Touch ID, Google's modular phone and more!
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
