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JPMorgan Chase Head on Bitcoin Buyers: 'They're Stupid'

Jamie Dimon predicts big losses for the digital currency

(Newser) - Jamie Dimon says he would fire any employee caught trading bitcoin "in a second," the Guardian reports. "It’s against our rules, and they’re stupid. And both are dangerous," the head of JPMorgan Chase said at a conference Tuesday. According to Reuters , bitcoin dropped 10%... More »

Idaho Teen Becomes Millionaire to Win Bet With Parents

Eric Finman won't be going to college

(Newser) - Lesson: Never underestimate the lengths a teenager will go to in order to prove their parents wrong. The Telegraph reports Idaho teen Erik Finman, after dropping out of high school, made a bet with his parents that if he made $1 million by the time he turned 18, he wouldn'... More »

If You Invested $100 in Bitcoin in 2010, You'd Have $75M Now

Price has more than doubled this month

(Newser) - Monday was Bitcoin Pizza Day, the anniversary of the day in 2010 when developer Laszlo Hanyecz paid 10,000 bitcoins for two pizzas in the online currency's first recognized transaction. The same amount of bitcoins would be worth around $22.5 million now. The currency, which sank to $443... More »

Judge Dumps Laundering Charges, Says Bitcoin's Not Real

Virtual currency can't 'be hidden under a mattress like cash and gold bars': Miami judge

(Newser) - Bitcoins may be valuable in tech circles, but to a judge in Miami-Dade County, the virtual money is nothing more than shadow currency. On Monday, Judge Teresa Mary Pooler discarded felony charges against website designer Michell Espinoza, who had been accused of transmitting and laundering $1,500 in bitcoins—an... More »

Bitcoin's Purported Founder Won't Provide Proof After All

'I do not have courage'

(Newser) - When Australian Craig Wright publicly declared himself to be the creator of Bitcoin this week, plenty of skepticism emerged in the tech world. Wright promised to provide indisputable proof to lay those doubts to rest, but his blog post Thursday will only intensify them. "I believed that I could... More »

Bitcoin's Shadowy Creator Reveals Himself—Maybe

Craig Wright comes forward as the real Satoshi Nakamoto

(Newser) - An Australian computer scientist and entrepreneur has come forward to reveal himself as the long-unidentified founder of Bitcoin. For those who follow such things, the name will be familiar: It's Craig Wright, the man Wired magazine identified as the all-but-certain creator of the digital currency last year. Now Wright... More »

Look Out Bitcoin, Here Comes Ethereum

New virtual currency is creating a buzz

(Newser) - Bitcoin hasn't quite soared the way many had hoped it would. Perhaps Ethereum will. The virtual currency has gained interest from IBM, JPMorgan Chase, and Microsoft "as a sort of Bitcoin 2.0," reports the New York Times . Created around 2014 by a 21-year-old college dropout, Russian-Canadian... More »

Is This Guy the Shadowy Founder of Bitcoin?

Craig Wright claims the honor in leaked emails: 'Wired'

(Newser) - Wired says it has uncovered "the strongest evidence yet of Satoshi Nakamoto's true identity." Nakamoto, the alias for the creator of Bitcoin, has never been unmasked publicly, but Wired's Andy Greenberg and Gwern Branwen name Australian Craig Wright, 44, as the most likely candidate. "... More »

Head of Collapsed Mt. Gox Arrested in Tokyo

Mark Karpeles is suspected of inflating his own cash account

(Newser) - The head of the failed Japan-based bitcoin exchange Mt. Gox was arrested in Tokyo today on suspicion of inflating his cash account by $1 million. Mark Karpeles, 30, is suspected of accessing the exchange's computer system in February 2013 and swelling his account, Japanese police said. Mt. Gox went... More »

Former Feds Busted for Boosting Bitcoins

Ex-DEA, Secret Service agents stole digital currency during Silk Road probe: report

(Newser) - What do you do if you're a federal agent who's part of an undercover operation to bust up a booming black-market drug-dealing website? One thing you don't usually do is skim a goodly portion of said site's digital currency into your pockets, but two former federal... More »

You Might Want to Change Your Gmail Password

5M are posted on Russian forum

(Newser) - Today's adventure in online security comes via the Daily Dot , which reports that 5 million Gmail user names and passwords were posted on a Russian Bitcoin forum called BTCsec. Forum administrators removed the post, but it was up long enough for screen shots. The person who posted it claims... More »

Politicians Now Accepting Bitcoins

FEC approves their use for first time

(Newser) - Bitcoins just got into politics: The FEC said yesterday that people can use them to make political contributions. As far as the fine print goes, any PAC that accepts them must convert them into dollars before using the money, the Washington Post reports. Also, no anonymous donations will be allowed,... More »

Every MIT Undergrad Getting $100 in Bitcoin

Students want to see what happens when cryptocurrency is widely used

(Newser) - When MIT's 4,500 undergraduates return to campus this fall, each of them will receive $100 worth of bitcoin. Why? Undergraduate student Jeremy Rubin, 19, and MBA student Daniel Elitzer want to create a bitcoin ecosystem at the school, in an effort to make the currency more commonplace, the... More »

Mt. Gox Is Gone for Good

Company files for liquidation

(Newser) - Mt. Gox has given up its bid to rebuild itself, and appears headed for liquidation after a Tokyo court rejected its rebuilding plan. The court appointed provisional administrator Nobuaki Kobayashi to take control of the company's assets from CEO Mark Karpeles, Reuters reports. Karpeles is likely to be investigated... More »

IRS Won't Treat Bitcoin Like Currency

It will be taxed like property instead

(Newser) - Virtual currencies like bitcoin will be taxed like property—not currency, the Internal Revenue Service said today. The IRS says bitcoin is not legal tender, meaning you can't use it to pay your taxes. However, if you receive wages in bitcoin, you have to pay taxes on it just... More »

Mt. Gox: We Found 200K Bitcoins in Our Other Wallet

Now it's only missing 650K coins

(Newser) - Don't you hate when you leave something in your other pants? Like, say, $116 million? That's the approximate value of the 199,999.99 bitcoins that Mt. Gox found lying around in an old bitcoin wallet, according to the BBC . "Mt. Gox had certain old-format wallets which... More »

Nakamoto Lawyers Up: I'm Not the 'Father of Bitcoin'

His statement will be the last he says on the matter

(Newser) - Dorian Satoshi Nakamoto is serious about making sure no one thinks he's the " father of bitcoin ": The California 64-year-old has now hired a law firm to "clear my name," he says in a statement released last night. "I did not create, invent, or otherwise... More »

Hackers Claim Mt. Gox Sat on 'Stolen' Bitcoin

Stolen file reportedly reveals 951K-bitcoin balance

(Newser) - Hackers say the now-bankrupt Bitcoin exchange Mt. Gox has been less than honest about money lost in a major security lapse . Yesterday, they hacked into CEO Mark Karpeles' blog and Reddit account, announcing that the company had kept currency it claimed was stolen, Forbes reports. They said they'd hacked... More »

Bitcoin 'Founder': I've Never Heard of Bitcoin

Satoshi Nakamoto says he's never had anything to do with currency

(Newser) - The man "unmasked" as the founder of bitcoin by Newsweek says he'd never even heard of the virtual currency until reporters tracked his son down a couple of weeks ago. In an exclusive interview with the AP , Dorian Nakamoto—also known as Satoshi Nakamoto—says many of the... More »

Reporter Unmasks the 'Father of Bitcoin'

Leah McGrath Goodman: Satoshi Nakamoto is ... 64-year-old Satoshi Nakamoto

(Newser) - Satoshi Nakamoto: It's the name of the "father of Bitcoin," and it's been rumored to be everything from a pseudonym to a cipher. According to investigative journalist Leah McGrath Goodman, Satoshi Nakamoto is ... Satoshi Nakamoto, a 64-year-old Japanese-American man with an estimated $400 million Bitcoin fortune... More »

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