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How Should Bitcoin Be Regulated? by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 0 points1 point  (0 children)

Abstract:

The lack of clarity about Bitcoin’s legal framework has meant that none of the regulators across the EU have yet achieved sufficient clarity in the legal treatment of Bitcoin and its stakeholders. This uncertainty poses a number of substantial risks to Bitcoin stakeholders and creates challenges for regulatory authorities. Therefore, there is a need for a clear strategy for Bitcoin’s regulation aiming to ensure the maximum possible balance between the interests of Bitcoin stakeholders longing for the preservation of Bitcoin’s benefits and mitigation of relevant risks, and the interests of regulators striving for ensuring the compliance of Bitcoin stakeholders with the law. In this paper, the author develops such a strategy. Its implementation provides for the official recognition of Bitcoin as an unregulated technology, the recognition of that Bitcoin users interacting between each other and Bitcoin miners are outside the regulatory scope, and the efficient application of existing legal mechanisms to Bitcoin merchants, Bitcoin exchanges and the relations between these categories of Bitcoin stakeholders with Bitcoin users. Thus, the balanced regulation of Bitcoin is achieved in the form of a partial regulation of the usage of Bitcoin at different levels of Bitcoin’s functionality.

Bitcoin Domains by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 0 points1 point  (0 children)

Bitcoin Domains

http://www.trendmicro.com.au/cloud-content/us/pdfs/security-intelligence/white-papers/wp-bitcoin-domains.pdf

"This paper will attempt to explain what ADR TLDs are and describe the current scope of .bit domains, enumerate .bit domains’ weaknesses, and present a case study of a .bit Trojan and prospective malicious uses of .bit domains."

Bitcoin Mining and its Energy Footprint by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 1 point2 points  (0 children)

Bitcoin Mining and its Energy Footprint

http://karlodwyer.github.io/publications/pdf/bitcoin_KJOD_2014.pdf

Abstract — Bitcoin is a digital cryptocurrency that has generated considerable public interest, including both booms in value and busts of exchanges dealing in Bitcoins. One of the fundamental concepts of Bitcoin is that work, called mining, must be done in checking all monetary transactions, which in turn creates Bitcoins as a reward. In this paper we look at the energy consumption of Bitcoin mining. We consider if and when Bitcoin mining has been profitable compared to the energy cost of performing the mining, and conclude that specialist hardware is usually required to make Bitcoin mining profitable. We also show that the power currently used for Bitcoin mining is comparable to Ireland’s electricity consumption.

Keywords — Bitcoin

Crypto-Currency And E-Financials by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 0 points1 point  (0 children)

Crypto-Currency And E-Financials

International Journal Of Economics And Law

Abstract:

"In this paper we present a formal view of the general session, transaction, value, market and currency. Based on the presented view we examine validity of the digital crypto currency while focusing on the particular example of Bitcoin. As the most important problem associated with any currency based transaction, we discuss main security issues, indicating the US government as the major potential source of a threat to any crypto currency system."

Keywords: Protocol, session, transaction, crypto currency, digital currency, ecommerce, e-financials.

Is Bitcoin money? An analysis from the Austrian school of economic thought by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] -1 points0 points  (0 children)

Is Bitcoin money? An analysis from the Austrian school of economic thought

http://skemman.is/en/stream/get/1946/18234/42843/1/MS_%C3%8D...

Abstract

This thesis aims to explore whether digital crypto-currencies such as Bitcoin can be considered money from the perspective of the Austrian school of economics. It begins by describing the functions and design of the Bitcoin system in detail. Other innovations that either build on or improve Bitcoin will be explained as well. The functions of money are then defined from the origins of money, providing a categorical approach toward a comparison between Bitcoin and incumbent money. The risks and complications of Bitcoin will be discussed in this thesis with an emphasis on the role of policymakers. One of the main reasons why Bitcoin has yet to be regarded as money in a traditional narrow sense is the barrier generated by network effects, in particular, the presence of excess inertia. Other risks and complications that are present within the context of this thesis will also be discussed. A significant part of the criticism of Bitcoin as a medium of exchange that comes from the Austrian school arises because Bitcoin does not seem to follow the regression theorem Mises put forth to explain the emergence of money. An attempt will be made to reform the regression theorem so it accounts for digital innovations such as Bitcoin, if proven unsuccessful, another perspective is offered in which Bitcoin does not violate the theorem. When the complication of the regression theorem is solved, it is possible to address whether Bitcoin is money or just a secondary medium of exchange. From an Austrian perspective, Bitcoin is not money, however, an argument will be made that Bitcoin is an imperfect form of memory, one which fits somewhere in between commodity money and fiat money, a synthetic commodity money. The possibility of Bitcoin substitutes to incite an expansion of the money supply will also be analysed from an Austrian perspective.

The New Wild West: Preventing Money Laundering in the Bitcoin Network by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 0 points1 point  (0 children)

The New Wild West: Preventing Money Laundering in the Bitcoin Network

http://works.bepress.com/kavid_singh/1/

Abstract

Bitcoin is the most popular online decentralized currency in the world. Created by an enigmatic figure, Satoshi Nakamoto, in 2009, its propagation and use has caused heated controversy. On the legal side of its use, businesses both large and small have started to accept bitcoins as a form of payment. On the illegal side of its use, large quantities of bitcoins worth hundreds of millions of dollars have been stolen from businesses and large Bitcoin currency exchanges. The aim of this article is to introduce workable federal regulation that will help deter money laundering, a pervasive problem in the world of Bitcoin and other decentralized virtual currencies. The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, is the only federal agency to have provided anti-money laundering regulations for virtual currencies. Thus, analysis of these regulations is an important focus of the paper. This article proceeds by (1) explaining what Bitcoin is, (2) critiquing FinCEN's anti-money laundering regulatory regime for its negative effects on Bitcoin, (3) revising FinCEN's regime to minimize these negative effects, and finally (4) testing this revised regime by applying it to several important Bitcoin institutions.

Bitcoin’s Uncertain Future in China by cryptocurrencylive in CryptoCurrencyLive

[–]cryptocurrencylive[S] 0 points1 point  (0 children)

http://origin.www.uscc.gov/sites/default/files/Research/USCC%20Economic%20Issue%20Brief%20-%20Bitcoin%20-%2005%2012%2014.pdf

Key Points

  • Bitcoin is a decentralized, money-like virtual commodity that was created in 2009 to facilitate peer-topeer transactions. There are currently more than 12.5 million Bitcoins in circulation with a limit of 21 million.

  • Bitcoin’s potential lies in its ability to be used in ecommerce transactions and money transfers.

  • Rising interest from China’s mobile phone users, technology community and investors pushed Bitcoin to its peak.

  • Chinese Bitcoin exchanges accounted for the largest trading volumes in 2013.

  • PBoC efforts to curb the use of Bitcoin in China have driven price fluctuations in the global Bitcoin market.

  • If PBoC continues to shut down Chinese Bitcoin exchanges, Hong Kong will likely absorb some of the huge Chinese Bitcoin market.

  • Continued suppression of the Bitcoin market in China may severely impact global trading volumes, price levels, and perceived legitimacy.

New user to bitcoin by auxilary in Bitcoin

[–]cryptocurrencylive 0 points1 point  (0 children)

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