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Bitcoin news update December 5th

Greenspan Slams Bitcoin, Calls it a Bubble

Bitcoin has attracted a lot of supporters in recent months, however, not everyone is jumping on the bandwagon. Former chairman of the Fed Alan Greenspan argues that prices have surged to unsustainable highs after experiencing an 89 fold increase throughout the year. Bitcoin prices have surged to $1123.14, with Bitcoins now costing nearly as much as a troy ounce of gold. Greenspan said that any investment must have intrinsic value, something that he believes Bitcoin lacks. As such, the digital currency is forming a bubble destined to pop.


“Inside Bitcoin” Conference Coming to Las Vegas

Looking to learn more about Bitcoin? Want to enjoy some fun days out on the town in Sin City? You can do both at the upcoming Inside Bitcoin conference being held at the MGM Grand which will feature a wide array of speakers. The keynote speaker will be Jared Kenna, former CEO of Tradehill, once the second largest exchange before shutting down in 2012. Entrepreneurs, financial experts, software developers, and other professionals interested in Bitcoin are encouraged to attend. It will be held on the 10th and 11th of December.


Five Held in China and Germany Over Bitcoin Scams

German authorities have arrested two individuals over a malware program which infected computers with a  program that then hijacked the computer to mine Bitcoins. With each equation solved resulting in a reward of 25 Bitcoins, which is currently equal to more that $25,000 dollars, the incentive for creating such bots is high. In an unrelated case, three individuals were arrested in China after they shut down their trading platform without warning and tried to abscond with customers Bitcoins. Chinese authorities moved quickly to arrest the individuals, suggesting that Chinese authorities are serious about supporting the currency.


96,000 Bitcoin Stolen from Sheep Market Place as Community Fights Back

In one of the largest heists in history, over a hundred million dollars worth of Bitcoins have been stolen from Sheep Market. Unlike other heists where the thief simply ran off with the money, however, the Bitcoin community has banded together to attempt to stop transfers of Bitcoins. Sheep Market Place was a site for illegal drug dealers, so it is unlikely that those robbed will be turning to authorities any time soon.


Auburn Student Racks Up $24,000 in Bitcoin Donations Because of Sign

This past Saturday, the University of Auburn football team shocked the country’s top ranked college team, Alabama, in a stunning showdown. Needless to say, Auburn fans were ecstatic. One fan, however, is now probably more excited than any other. A student with a sign reading “Hi Mom, Send”, followed by a QTR code and the infamous Bitcoin symbol has racked up thousands of dollars in donations.


The Amount of Computer Power Dedicated to Bitcoin is Skyrocketing

Only a few years ago a home PC user could use his or her computer to mine Bitcoins with relative ease. Over time, however, the difficulty matrix controlling the creation of Bitcoin has increased and now super computers are needed to mine Bitcoins with any serious speed. As the value of Bitcoin has exploded, the amount of computer power dedicated to mining Bitcoins has skyrocketed. Now, following the recent spike in Bitcoin prices, CPU power is also spiking as people try to cash in.


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