Here is a log with relevant legal, regulatory, law enforcement and business risk milestones in the crypto-currency race to maturity with links to trusted sources.
The Key November 2013 Crypto-Events were:
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Last Friday’s news that the Internet Archive Federal Credit Union (IAFCU) had shut down Tradehill’s account must have sent chills down the spine of every virtual currency entrepreneur. If it didn’t, it should. The IAFCU was supposed to be one of the few, if not the only, Bitcoin-friendly financial institution in the U.S. rescuing virtual currency exchangers from ‘banking oblivion’. At this point, we can only speculate about the true causes of this unfortunate situation, and we certainly hope it gets resolved favorably, promptly and permanently.
Let’s hope it’s another case of entrepreneurial immaturity, as that would be the lesser evil compared to other potentially more devastating ones. However, with all due respect to the parties involved in this particular case, there is, in general, a fine line between immaturity and stupidity; one that cannot be ignored in a nascent industry that is riddled with risks, and in which a few bad apples could set the entire industry basket back by years. My point is: Are convertible virtual currency exchangers doing their homework?
News flash #1 to virtual currency exchangers: you are financial institutions!
Being a financial institution requires a heightened degree of governance –organization, discipline and Continue reading
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Interview with Megan Burton, founder and CEO of CoinX
Early last month, at a Bitcoin pitch contest organized by Ultra Light Startups, the winner, Atlanta-based CoinX, beat the competition by a landslide. To be precise, the show-stealer was actually Megan Burton, its founder and CEO. John Frankel, partner of venture-capital firm ff Venture Capital, one of the three expert judges in the panel, said to me: “It was a strong presentation. She came across as someone who has done her homework and her strategy seems sound.”
Megan, whom I was delighted to meet in person last week at the Inside Bitcoins conference in New York City, has graciously agreed to an interview. Enjoy!
Juan: Please tell us about your background and how you got involved with Bitcoin.
Megan: My background is in internet and payments security. I first came across Bitcoin in the spring of 2012, when reading an article on the BBC website about a foreign currency exchange that had been shut down as a result of a security breach. Nothing out of the ordinary, except that this breach had been due to an encryption Continue reading