Former Us Mint Chief: Bitcoin A Serious Challenge To Government Money

Bitcoin miner startup HashFast could be forced to liquidate | Ars Technica

In light of this news, the 38th Director of the US Mint went so far as to suggest that digital currency could provide the answer to current problems in the financial system, writing: $2.6B fine wont do much damage: Credit Suisse CEO. Its time banks got competition. Time for cryptocurrencies. http://t.co/OT3dBTDlrq Edmund Moy (@EdmundCMoy) May 22, 2014 However, Moy didnt stop there. The former member of the Department of Homeland Security took to his blog on 23rd May to issue an entire post on how bitcoin is leading to a revolution in payment systems. Moy wrote: Bitcoin, and the ideas behind it, will be a disruptor to the traditional notions of currency.
read more http://www.coindesk.com/former-us-mint-chief-bitcoin-government-money/

“It’s really, really expensive to get a money transmitter license in each state,” said Margaux Avedesian, who helped bring the first Bitcoin exchange to the US. “It’s a lot of lawyer bills, a whole process, you have to have a lot of money in the bank. And it’s really hard for cryptocurrency companies to get a bank account to hold fiat currency. Globally it’s a little easier, but in the US it’s very hard to start a Bitcoin company.” Waters, who is part of the original Bitcoin development team and CEO of New York Bitcoin incubator CoinApex, thinks the Bitcoin community is too disparate, in need of more cooperation.
read more http://motherboard.vice.com/read/bitcoin-is-boring

Bitcoin Is Boring, Which Means It Might Finally Be Useful | Motherboard

Absent the immediate appointment of a trustee to realize the value of the [Bitcoin mining] chips, there may be nothing left in the estate to liquidate by the time an order for relief is entered, Liquidbits argues in one of its filings. Liquidbits CEO Gregory Bachrach alleges that HashFast is currently attempting to sell off its remaining inventory of Bitcoin mining chips to a foreign companydespite a binding arbitration order that forbids it from doing so. Neither HashFast nor its attorneys responded to Ars repeated requests for comment. 10 days ago, a different group of five customers filed an involuntary bankruptcy petition against the fledgling San Francisco startup. That was the first step in an attempt to recover more than $330,000 in payments that were apparently never fulfilled. The new filings tack onto that existing involuntary bankruptcy case.
read more http://arstechnica.com/tech-policy/2014/05/bitcoin-miner-startup-hashfast-could-be-forced-to-liquidate-itself/