Google adds Bitcoin currency convertor and what happened to ButtCoin??

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“Buttcoin.org” Bought And Shut Down To Delete Negative Reviews?

Buttcoin.org has emerged as one of the Internet’s leading critics of Bitcoin. Obviously, the name Buttcoin itself is a play on Bitcoin. Recently, the website was purchased and undoubtedly many Bitcoin enthusiasts have been hoping that the site would be pulled from the web. So far, however, the site has not been taken down, but interestingly articles talking critical of Butterfly Labs have been modified to be more positive. This has led many to believe that someone associated with Butterfly Labs bought the site and is hoping to clean up the company’s reputation.

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World Bank Calls Bitcoin A Ponzi Scheme

The World Bank probably won’t be joining the Bitcoin community any time soon, at least not if we judge by the contents of a recent report. The World Bank released a report calling Bitcoin a naturally occurring Ponzi scheme. To be clear, the author did not claim that Bitcoin is an intentionally designed scam, but instead that bubbles caused by speculation will create turbulence, and that when these bubbles pop, people will lose money. Outside of this report and a few other statements, the World Bank has remained virtually silent on digital currencies.

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Google Adds Bitcoin Currency Converter To Search

Next time you need to know the price of Bitcoin, you can just hop onto Google Search and use their currency converter tool. Boom, just like that you’ll be able to see the value of Bitcoin in any currency. According to Google’s currency converter one Bitcoin is currently worth $615.50 dollars, or if you’re more of a Japanese Yen person, you’ll need to fork over 63301.69 Yen. How about Nigerian Naira? That’ll cost you 99,984.00 Naira. While this might seem like a small step, it is recognition from one of the world’s largest and most important firms.

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New York Becomes First State to Propose Bitcoin Regulations

New York’s Superintendent for financial services, Benjamin M. Lawsky, has proposed regulations to oversee Bitcoin and other virtual currencies. The so-called “BitLicense” plan would include a sweeping set of regulations for consumer protection,  money laundering prevention, and other measures to increase cybersecurity. Given concerns over Bitcoin’s use in illicit activities, such as drug dealing, and the many Bitcoin scams and viruses floating around, it may only be a matter of time before the currency is regulated.

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Will New York’s Bitcoin Regulations Kill Startups?

Related to the news above, New York’s potential Bitcoin regulations could kill off its startups, or at least force them to relocate to a different state. The proposed reporting requirements are arguably onerous with frequent and highly detailed reporting requirements. Among other things, the new requirements will require startups to keep track of their customer’s physical addresses, and also the addresses of people who send them money. Given that Bitcoin was designed to be a more anonymous way to send money, this could turn many community users off.

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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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