Potential Mt. Gox Buyer: Exchange Has Important Role in Bitcoin's Future
The latest attempt to bring bankrupt Japan-based bitcoin exchange Mt. Gox back to life appears to be a serious one. William Quigley, managing director of Santa Monica-based venture capital firm Clearstone Venture Partners, is part of a group of investors aiming to resuscitate the collapsed exchange. He recently appeared on CNBC to talk about the bid. Quigley's fellow investors include John Betts, a former Morgan Stanley and Goldman Sachs executive, and venture capitalist Brock Pierce. The proposal, which offered to purchase Mt. Gox for just 1 BTC, first surfaced on 10th April. Said....
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In this day and age where online commerce is playing an increasingly important role, one of the key topics of discussion is buyer protection. As consumers are entrusting their information to third parties, who not only have access to their location but also sensitive information such as ID scans and whatnot, which protects the customer if something goes....
A real estate buyer in California profited nearly $1.3 mln after purchasing $4 mln worth of Bitcoin with an intent to purchase a house in California. Earlier this month, BitPay chief commercial officer (CCO) Sonny Singh was approached by a real estate buyer based in California who wished to purchase a $4 mln house solely using Bitcoin. Singh and the BitPay team, which provides a wide range of Bitcoin services assisted the buyer and the real estate developer in coming to terms with the final settlement. At last, a $4 mln price tag was agreed upon to be fully paid in Bitcoin. The buyer went....
The two previous articles (part one and part two) in this series covered the basic mechanics of the blockchain and the largest problem the blockchain currently faces. Now, I will move on to the future of the blockchain. In the last part, I talked about a method of storing and time stamping any document on the blockchain through a fairly simple method. This method allows users to back legal claims using blockchain technology, all for about four cents worth of a transaction fee. While the blockchain can be used to store documents, that is not all that it can do. In this part, I will be....
A court in the Netherlands, has issued a ruling in a civil lawsuit that has potential implications for how bitcoin will be treated under Dutch law. Notably, the court in Overijssel found that bitcoin does not meet the definitions of "common money", "legal tender" or "electronic money", ultimately ruling that bitcoin is a medium of exchange akin to gold. The case could set a precedent in the Netherlands for similar lawsuits, as the ruling answers the question of what damages need to be assessed when an agreement to trade bitcoin is not fulfilled as promised. The court case centered on a....
One of the biggest features of Bitcoin is the lacking of chargebacks, which can be seen as an advantage and a disadvantage. By not having the ability to have chargebacks, sellers usually have the advantage when it comes to consumer protection. But what about the buyer? This is where an escrow service comes in. Escrow services are a third party which both the buyer and seller both agree on to exchange the money and goods. The buyer sends the money to the escrow, while the seller sends the product. Once both is confirmed, they are sent on their way. If one fails to hold their end of the....