No, a Cryptocurrency Can't Fix a Broken Economy

Auroracoin, the digital currency given as a free hand-out to every resident of Iceland, was supposed to be a a salvo for a country rankled by a broken financial system. It was heralded as the beginning of hyper-localized cryptocurrencies; it became the second-largest cryptocurrency before it even launched, valued at » 2/27/15 3:30pm 2/27/15 3:30pm

You Can Bid on Silk Road Boss Ross Ulbricht's $11 Million Bitcoin Stash

If you've always wanted to dabble in cryptocurrency speculation but you were just waiting until you could acquire some Bitcoin that you knew was FOR SURE used in digital drug deals, I have some good-ass news for you: the United States Marshals Service is auctioning off 50,000 Bitcoins seized from Ross Ulbricht's… » 2/18/15 3:35pm 2/18/15 3:35pm

New York City Parking Tickets Are a Great Way to Unload Your Bitcoin

It doesn't matter if the payments are in crumpled, wet $1 bills or casual swipes of a black Amex: New York City makes a shitload of money from fees and fines, and it's looking for new ways to get people to pay up. And that includes cryptocurrency. NYC councilman Mark Levine has proposed a bill allowing Bitcoin as a… » 2/13/15 10:55am 2/13/15 10:55am

Bill Gates: Digital Currency Can Help the Poor, But Not Bitcoin

Bill Gates has high hopes for digital currency as an important banking tool for the poor. But Bitcoin isn't one of those currencies, he said in a Reddit AMA today. At least not in its current form. » 1/28/15 3:40pm 1/28/15 3:40pm

More than Half of Americans Have No Idea What a Bitcoin Is

Most Americans have no idea what Bitcoin is. A survey from Bitcoin organization Coin Center using Google Consumer Surveys showed 65% of respondents call themselves "not familiar at all" with Bitcoin. » 1/27/15 5:45pm 1/27/15 5:45pm

The First Licensed U.S. Bitcoin Exchange Will Open Today

The bitcoin service provider Coinbase is set to make history later today: it's going to launch the first licensed U.S. exchange for the currency, approved in 24 jurisdictions around the country. » 1/26/15 4:00am 1/26/15 4:00am

Silk Road Reloaded Ditches Tor for a More Anonymous Network

Trying to shut down Silk Road, and any of its many-headed hydra reiterations, seems to be the ultimate lesson in futility. According to Motherboard, a new version of the online black market, called Silk Road Reloaded, launched today on the I2p anonymous network, dealing with several altcoin currencies. » 1/11/15 3:20pm 1/11/15 3:20pm

One of the Biggest Bitcoin Exchanges Just Went Dark After Getting Hacked

Just a few days after reports emerged that the infamous Mt. Gox meltdown was an inside job, one of the biggest, oldest, and most trusted bitcoin exchanges—Bitstamp—just went offline after a security breach. Bitcoin exchanges come and go all the time, but this is different. Bitstamp is supposed to be the reliable one. » 1/05/15 10:31am 1/05/15 10:31am

Silk Road Bitcoin Auctioned Off to Guy Who Wants to Split Up California

When the FBI shut down illegal online marketplace the Silk Road, it seized a stash of 30,000 Bitcoin from the underground website and announced plans to auction the supply off. This week, venture capitalist and would-be California-splitter-upper Tim Draper won all of it, gaining an estimated $17.7 million in illicit… » 7/02/14 12:20pm 7/02/14 12:20pm

Every MIT Undergrad Will Get $100 In Free Bitcoin Next Fall

In the time-honored tradition of giving people things they otherwise do not want for free, the MIT Bitcoin Project will be handing every undergrad $100 in Bitcoin next semester. The campus, the project's creators hope, will become a giant social and economic experiment for Bitcoin. » 4/30/14 2:20pm 4/30/14 2:20pm

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 (Surprise!)(Updated)

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

More Bad News From Mt.Gox: All Your Bitcoin Money Is Gone

The Mt.Gox saga just gets sadder and sadder. Not only did the company file for bankruptcy, but Mt.Gox CEO Mike Karpele went on Japanese TV a few minutes ago and admitted that everybody's money is gone. Gone, gone, gone. » 2/28/14 11:50am 2/28/14 11:50am

The 6 Biggest Bitcoin Heists in History

Ever since a single Bitcoin became worth a small fortune, there have been people trying to steal them. Sure, there have some small-time thieves who've stolen a few hundred dollars worth of Bitcoin here and there. But there have also been heists. Massive, highly orchestrated attacks that lead to millions of dollars… » 2/27/14 1:00pm 2/27/14 1:00pm

Somebody Hacked Into Silk Road 2 and Stole All the Bitcoins

Bad news, you lovers of liberty and cryptocurrency. Somebody just hacked into the resurrected version of the Silk Road (a.k.a. Silk Road 2) and stole everybody's money. And since that money was all in the form of Bitcoin, there's no way to get it back. » 2/13/14 5:42pm 2/13/14 5:42pm

A Guide to Bitcoin's Legality In Different Countries Around the World

Americans are spoiled—at least where Bitcoin's concerned, we are. While people are free to mine, spend, and speculate on Bitcoin freely here in the States, citizens of other countries aren't so lucky. » 1/31/14 6:40pm 1/31/14 6:40pm

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