Is a Bitcoin Bank on it’s Way ? Mt.Gox Founder Loses $50K and More…

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Bitcoin Banking Coming Soon?

We’ve got Bitcoin ATM’s, Bitcoin printing presses, mining companies, even credit cards. The one thing Bitcoin doesn’t have, however, is it its own bank. Bitcoin ATM company Robocoin now plans to launch an online bank and will use its ATM machines to act as “branches” across the world. This development could bring even more services to the global Bitcoin community and if any company appears to be in the position to pull it off, it’s Robocoin. The company has 13 Bitcoin ATMs in operation across Europe, North America, and Asia.


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MIT Giving Students Bitcoins

That’s right, if you’re an MIT student, a university club will be putting an extra $100 bucks in your pocket. When next the semester begins next fall, every MIT student will be getting $100 dollars worth of Bitcoins. The project is being sponsored by the MIT Bitcoin Club, an on-campus group, that has raised funds privately and will now use some of that funding on this campaign. The logic actually seems pretty straightforward. MIT is the world’s leading tech university, so engaging the entire MIT community could build a lot of support for Bitcoin.

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Mt. Gox Founder: I Lost 50K in Collapse

Did you know that Mark Karpeles didn’t in-fact start Mt. Gox, the now-collapsed Bitcoin exchange? Nope, it was actually started by Jed McCaleb who sold the company to Mr. Karpeles back in 2011. Jed still owns 12 percent of the company and actually lost 50 grand worth of Bitcoins when the exchange crashed. Either way, it looks like Jed was smart to cash out when he did, given Mt. Gox’s stunning collapse. 50 Grand is only a tiny, tiny slice of the hundreds of millions of dollars that were lost when the exchange collapsed.

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Larry Summers: Ignore Bitcoin At Your Own Risk

Okay, it’s not much in the way of an endorsement, but it’s something right? Financial guru Larry Summers has finally weighed in on the Bitcoin debate and he’s got some good things to say. According to Mr. Summers, the global financial system is fraught with inefficiency. Further, something like Bitcoin could go a long way in stripping away these inefficiencies. Mr. Summers also reminded people that a lot of so-called experts ignored the internet when it first appeared and anyone looking past Bitcoin could be making the same mistake.

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MasterCard Lobbyist Adding Bitcoin To “To-Do” List

Bitcoin now has its very own paid lobbyists! It appears that MasterCard has added Bitcoin to the topic list for its lobbyists. It’s hard to know the company’s attention, but so far MasterCard has supported a company-backed Bitcoin debit card. MasterCard only spent 70 grand on Bitcoin lobbying services, a tiny fraction of the overall $4.1 million dollars the company spent on lobbying services all together. Still, it’s a good sign that the company is spending funds at all.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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