• PayPal
    Cryptocurrencies,  Innovators

    PayPal clamps down on crypto purchases while trying to patent a virtual currency

    The U.S. Patent and Trademark Office published PayPal’s request for a virtual currency patent

    Over the past month payments giant PayPal has been playing whack-a-mole with many cryptocurrency outlets. First, the Netherlands-based AnyCoinDirect saw its relationship with PayPal severed. Late last month, Coinbase announced it was pulling it support from the PayPal system. Even as far back as 2011, they were freezing nascent exchanges. Now the only exchanges that seem to work with PayPal are complicated, high-fee websites and most only allow you to buy and sell directly for fiat (in other words, they have no wallet function). And yet earlier this month, the U.S. Patent and Trademark Office published PayPal’s request for a virtual currency patent. Many users are unaware that PayPal previously…

  • Plattsburgh, N.Y.
    Bitcoin,  Cryptocurrencies,  Innovators,  United States

    City becomes first in U.S. to ban new crypto mining

    But local miners aren’t packing up just yet

    As state regulators grapple with crypto mining’s energy drain, one upstate New York city is taking matters into its own hands by making it illegal for new miners to come to town.   Plattsburgh’s city council unanimously voted late Thursday night for an 18-month moratorium on new cryptocurrency mining operations in the city. This makes them the first city in the U.S. to pass such an ordinance. Miners were first attracted to the small city near the Canadian border on the western bank of Lake Champlain for its relatively cheap electricity. But locals weren’t happy when their home electric bills shot up this winter. The ban only halts on new…

  • The Wall Street Journal
    Bitcoin,  Media

    Wall Street Journal jumps on the ‘long blockchain, unsure about bitcoin’ bandwagon

    The newspaper’s tech columnist joins the chorus of voices ready to praise blockchain but unwilling to commit to bitcoin.

    With bitcoin prices bouncing around from day to day and even minute to minute, it’s incredibly difficult to tie down finance professionals to a concrete prediction on where the cryptocurrency is heading. Nobody wants to be wrong, after all, and with cryptocurrencies’ extreme volatility, it’s highly likely that their predictions could be very wrong. So how do finance gurus handle the topic of bitcoin’s future without painting themselves into a corner? Increasingly, they avoid the question and talk about blockchain instead. Recently, it’s practically the default response of people in the industry to start singing the praises of blockchain when anyone asks them about bitcoin. Wall Street Journal tech columnist…

  • John Oliver
    Bitcoin,  Media

    Opinion | What John Oliver left out about cryptocurrencies

    The HBO comedian explained cryptocurrencies like bitcoin to the general public but missed the importance of blockchain technology

    If it’s true that trends haven’t made it into the big leagues until John Oliver makes fun of them, then bitcoin is officially in the big leagues. On Sunday night, the Last Week Tonight comedian spent a full 25 minutes essentially knocking the popular cryptocurrency as nothing more than a huge gamble. Highlighting Bitcoin as well as a dozen other different cryptocurrencies—TitCoin, JesusCoin, and a few other choice offerings—Oliver implied that all coins are created equal, and he doesn’t seem to think particularly highly of any of them. He even made a comparison that strikes fear in the hearts of millennials everywhere: that bitcoin is as much of a speculative…

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