Update (2am): Currently Bitcoin on BTC-E is trading at $635, with BTC-China trading closer to $540. Litecoin is down a little more than Bitcoin currently, at $19.37
The reason for the drop is most likely due to the rumour that the Chinese Government has taken a stern stance with payment firms and interaction with Bitcoin and other Crypto Currencies.
The financial newspaper “National Business Daily” (link in Chinese) contacted the PBOC and the leading third-party payment providers in China, Alipay and Tenpay, and they all confirmed the reports.
The PBOC now explicitly requires that banks and payment companies not provide payment and settlement services to Bitcoin, Litecoin and other peer-to-peer currency trading sites. For payment companies that have already done business with Bitcoin Exchanges, should end their business cooperation; withdrawals of balances should be completed before the Chinese Spring Festival (January 2014), and new payment services are not allowed.
We are moving to a world that uses currencies secured by crypto-graphical systems. It’s time our social and political institutions seriously consider what this will mean for them and the people they protect and represent, argues argues Carl Miller, Research Director at the Centre for the Analysis of Social Media at think tank Demos. Follow him on Twitter at @carljackmiller
Read more: http://www.wired.co.uk/news/archive/2013-12/16/bitcoin-demos
Barclays is taking sterling deposits for a new bitcoin exchange, making it the only UK bank to do so currently.
Banks in the UK have avoided working with bitcoin exchanges so far, but customers of new bitcoin exchange Bit121 can deposit their sterling to a Barclays account with a Canary Wharf address.
The article, though more of a PR for Bit121 nontheless discusses the stance (or lack of definitive stance) Barclays has taken.
Read more: http://www.coindesk.com/barclays-bank-uk-bitcoin-exchange-bit121/
EU banking watchdog warns it does not regulate Bitcoin and there is no safety net available to those using the virtual currency
People using bitcoins and other virtual currencies are on their own when it comes to losses, the EU banking watchdog said on Friday in a formal warning to consumers on the risks of using unregulated online currencies.
This article from the Guardian discusses the inherent risk of unregulated currencies.
Read more: http://www.theguardian.com/technology/2013/dec/13/bitcoin-losses-not-protected-says-eu
Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units.
One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisfy these goals. It is unlikely for ASIC mining to be developed for Litecoin until the currency is widely used.
Wallets can be downloaded from the links below:
Mac OSX: https://litecoin.org/downloads/macosx/Litecoin-Qt-0.8.5.1.dmg
Find general information as well as a list of services and exchanges that support Litecoin at http://litecoin.info/
Up-to-date network statistics can be found at http://ltc.block-explorer.com/charts
Bitcoin isn’t the only decentralised currency in town; litecoin is built on similar technology and is considerably cheaper – but is increasing in value just as fast. Alistair Charlton investigates.
The ibTimes discuss Litecoin and how it has grown in the wake of Bitcoins explosive growth over the last year.
Read more: http://www.ibtimes.co.uk/articles/524952/20131125/bitcoin-alternatives-litecoin-affordable-crypto-currency-virtual.htm
European financial watchdogs have sounded the alarm over the risks consumers run by using virtual currencies such as Bitcoin, which has fluctuated between $340 and $1,240 in the past week.
The European Banking Authority will on Friday issue a statement warning of the risk of “violent fluctuations in electronic currencies” value, the danger of “digital wallets” being hacked, and of the lack of legal protections for users.
The Financial Times discuss the statement issued by the European Banking authority.
Read more: http://www.ft.com/cms/s/0/2954725a-6359-11e3-a87d-00144feabdc0.html#axzz2nK4hk1j4
Virtual currency Bitcoin has attracted increasing media attention over the past year. It’s also soaring in value, with a single bitcoin surpassing $1,000 (£613) for the first time in November. So has the media hype driven the price hike?
To the average man in the street, Bitcoin is a complicated concept.
This BBC News article goes on to discuss the hype surrounding Bitcoin and the current financial value of the cryptocurrency.
Read more: http://www.bbc.co.uk/news/magazine-25332746
Plus500 has enjoyed more than a degree of corporate strength recently, with its shares having been valued at the highest ever prices since the company transitioned from private to a publicly-traded firm, following a trading update which the company issued to its investors late last month.
With the company’s performance giving shareholders very little cause for concern, the decision to further embrace cryptocurrency and select LiteCoin as another virtual currency to offer its client base is an interesting one, especially given the gargantuan expectations which surround Bitcoin at the moment, with values having soared recently to over the $1,000 per Bitcoin mark, and the perceived stability of Bitcoin exchanges, such as MtGox, upon which today’s launch of a price feed to integrate Bitcoin into MetaTrader 4 has been based on.
ForexMagnates go on to discuss the news of Plus500 offering LiteCoin on their trading exchanges.
Read more: http://forexmagnates.com/plus-500-bites-the-virtual-currency-bullet-launches-litecoin-trading/
The era of Bitcoin mining on the GPU is dead. A year ago, a single Radeon graphics card could crank out a reasonable fraction of a Bitcoin in a single day.
Today, that same GPU earns a thousandth of a Bitcoin in 24 hours, generating little value while consuming a substantial amount of power. The shift to ASICs for Bitcoin mining mirrors the shift from CPUs to GPUs, but the market isn’t content to just turn those mining rigs off – not when there’s an alternative currency available for which ASIC miners don’t exist. That alternative is Litecoin.
IT Pro Portal discuss the merits of mining Litecoin as opposed to Bitcoin in this article.
Read more: http://www.itproportal.com/2013/12/10/a-closer-look-at-litecoin-mining-is-it-worth-doing/