Why the Future of Bitcoin Depends on the Silk Road Trial

Over the weekend, Ross Ulbricht's lawyer, Joshua Dratel, filed a motion asking the court to dismiss all charges against the Silk Road kingpin. It's largely what you'd expect from a bullish defense attorney. But here's the twist: Dratel throws bitcoin under the bus. » 4/01/14 6:14pm 4/01/14 6:14pm

IRS Declares Bitcoin Is Property and Must Be Taxed As Such

With April 15 looming, plenty of bitcoin barons have been wondering how to treat their newfound crypto-fortunes. Does it count as capital gains? Is it taxed like a currency? Is it taxed at all? Well, on Tuesday, the Internal Revenue Service announced definitively that Bitcoin is property, and will be taxed as such. » 3/25/14 2:24pm 3/25/14 2:24pm

The Guy Who Invented Bitcoin Is a Reclusive Oddball…

Bitcoin, like all great fantasies, has a compelling creation myth: one Satoshi Nakamoto existed on the internet just long enough to give birth to everyone's favorite cryptocurrency before disappearing for six years. Theories abounded as to the man's true identity. No one could track him down. That is, until Newsweek… » 3/06/14 8:49am 3/06/14 8:49am

Bitcoin Bank Flexcoin Shuts Down After $620,000 Heist

Flexcoin, famous for making bitcoin banking as easy as regular banking, is no more. The company shut its doors on Tuesday morning after hackers stole 896 bitcoins (nearly $620,000) from its vault on Sunday. And the most unsettling thing? That wasn't even the only bitcoin heist last weekend. » 3/04/14 9:38am 3/04/14 9:38am

Bitcoin Fragmentation Is Getting Out of Hand

You probably won't be surprised one bit to learn there's a new Bitcoin competitor out there. A group of cryptographers just announced the creation of Zerocoin, an ultra-anonymous cryptocurrency that's otherwise a lot like the dozens of other newly launched cryptocurrencies. » 1/13/14 3:40pm 1/13/14 3:40pm

$1 Million Heist Reminds Us That Bitcoin Is Neither Safe nor Secure

Let's play a little game called Good Idea/Bad Idea. Round One: Saving money. That's a good idea! Round two: Saving thousands of dollars in a Bitcoin wallet that's highly susceptible to hackers and heists. As the customers of Bitcoin payment processor BIPS will tell you, that's a bad idea. » 11/25/13 1:40pm 11/25/13 1:40pm

The FBI Just Scooped up $28.5 Million in Bitcoin from Silk Road

As of Friday afternoon, the FBI had managed to seize 144,000 bitcoins from Silk Road's founder. Worth some $28.5 million in current exchange rates, that's the largest ever seizure of the cryptocurrency. But based on the Bitcoin trail uncovered in recent weeks, over $50 million could still be missing. » 10/25/13 4:03pm 10/25/13 4:03pm