Sabbetus writes: Namecheap announced that they are now accepting Bitcoin. Namecheap is the largest domain registrar to accept bitcoins to this date. They have been fighting tirelessly for Internet freedom for years and their support for Bitcoin makes sense in that context. They even went as far as to put Bitcoin as the #1 payment method. Bitcoin is getting a lot of buzz right now, Kim Dotcom said yesterday that he would like to create a Bitcoin credit card called Megacard. Bitcoin market price broke through $40 after these announcements.
Sabbetus writes: Bitcoin tops its previous all-time high of $31.91 and in doing so it proves to be quite a resilient virtual currency. To the supporters of Bitcoin this does not come as a surprise, since we have seen the likes of WordPress, Reddit and Mega embrace it. Recently Namecheap also confirmed that they will start accepting bitcoins. The new record price was reached on the same day that Mt. Gox, the world's largest Bitcoin exchange, reached an agreement with CoinLab to manage the exchange's operations in the U.S. and Canada.
Sabbetus writes: WordPress made a bold announcement saying that they now accept bitcoins as payment for WordPress upgrades. Why are they doing this? Quote from the announcement: 'PayPal alone blocks access from over 60 countries, and many credit card companies have similar restrictions. Some are blocked for political reasons, some because of higher fraud rates, and some for other financial reasons. Whatever the reason, we don’t think an individual blogger from Haiti, Ethiopia, or Kenya should have diminished access to the blogosphere because of payment issues they can’t control. Our goal is to enable people, not block them. Bitcoin is a digital currency that enables instant payments over the internet. Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network. Merchants who accept Bitcoin payments can do business with anyone.'
Sabbetus writes: Seattle based Bitcoin startup CoinLab secured a $500,000 investment from various investors such as Silicon Valley firm Draper Associates and angel investor Geoff Entress. CoinLab is an emerging umbrella group for cultivating and launching innovative bitcoin projects. CEO Vessenes said “if there is a currency that can trade around the world, it’s semi-anonymous, it’s instant, it’s not controlled by government or bank, what’s the total value of that currency? The answer to that is, if it works, it’s gotta be in the billions. It just has to be for all the reasons you might want to send money around the world.” This type of talk is common from Bitcoin enthusiasts but apparently seasoned investors are starting to agree. The Forbes article explains the details of their business plan but in short it has to do with tapping the GPU mining potential of gamers, more specifically gamers of free-to-play games. This would add a new revenue stream for online game companies that are trying to provide free games profitably.
Sabbetus writes: Larry Summers, who has been chief economist of the World Bank and secretary of the U.S. Treasury, calls Bitcoin an innovation in a recent Technology Review interview. The question is "Can money exist without government and monetary policy?" and his answer is "Conceptually, money can exist without a central authority. The United States only got a central bank in 1913, and we were a country with a functioning economy before 1913."... "Bitcoin is one of many innovative technologies that are going to seek to take friction out and provide services to people. You can make a priori arguments about how it will work very well, and you can also raise concerns a priori. And I think if we know anything about new technologies, you just have to wait and see what happens in the marketplace." With recent news of Bitcoin seeking new life in Africa, P2P Foundation paying salaries in bitcoins and a blogger at Forbes writing regularly about Bitcoin, perhaps there is something to it other than just doom & gloom.
Sabbetus writes: Popular web hosting service Linode had a serious exploit earlier today. Apparently the super admin password for their server management panel was leaked and allowed a malicious attacker to target multiple Bitcoin-related servers. The biggest loss happened to a major Bitcoin mining pool that lost over 3000 BTC, which is currently worth almost 15 000 USD. Now the question is, will Linode compensate for lost bitcoins?
Sabbetus writes: On monday CEO of prominent Bitcoin exchange Tradehill announced that they are shutting down. Ars Technica ran a story on this stating that 'After Monday's news, the currency's value fell from $5.50 to $4.40, a decline of 20 percent.' Tradehill is returning all funds and meanwhile their competitors are fighting over who gets Tradehill's customers.