Bitcoin Weekly Recap 9-16-2016
SEC Delays SolidX Bitcoin ETF
The Securities and Exchange Commission (SEC) recently delayed SolidX Management LLC’s attempt to gain approval for the first Bitcoin exchange-traded fund to be listed on the New York Stock Exchange. While a decision on the SolidX Bitcoin ETF was expected to be delivered today, the delay will put off that decision for at least another 45 days. Already, some observers are blaming SEC processing inefficiencies for the delay, and cautioning that additional delays could be on the horizon. As a result of the delay, the SEC’s new deadline for a decision on the SolidX Bitcoin Trust is October 31, 2016 – though future delays could cause that deadline to be extended even further into the future.
Miami Area Receives New LibertyX Bitcoin Kiosks
Cash-to-Bitcoin network operator LibertyX has recently placed sixteen new Bitcoin kiosks in Miami, Florida and its surrounding suburbs. The new kiosks have been placed at a variety of locations in the area, and offer customers an opportunity to buy Bitcoin at market prices for a 4% transaction fee. To use the new machines, users first have to obtain a LibertyX account, or download the company’s mobile app. That will enable them to generate the necessary code needed to make their purchases.
Russian Regulators Block Access to P2P Exchange
Russia’s telecom regulator recently took action to block all access to LocalBitcoins – a peer-to-peer exchange that has enjoyed a great deal of popularity in the nation’s cryptocurrency community. The move from Russia’s Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor) has basically placed the LocalBitcoins domain off limits to all Russian ISPs.
While this is not the first time that Roskomnadzor has blacklisted Bitcoin sites in Russia and beyond, it is yet another example of how some countries view things like internet freedom. And while it might be worrisome enough were the agency only prone to blocking Russian sites and exchanges, it is worth remembering that it went so far as to block access to a European exchange more than a year ago. This move also comes at a time when the country looked as though it might actually manage to bring some clarity to its official position on cryptocurrency matters.
Glasshunt: Why is This Even a Thing?
If you’re like most cryptocurrency fans, and tired of the negative press that surrounds currencies like Bitcoin, then the Glasshunt business model should give you pause. Most people in the digital currency community are familiar with the concept of double-spending with Bitcoin. It involves the use of an exploit that can allow you to spend the same Bitcoin twice. It’s almost universally regarded as unethical, and is considered a type of fraud that many people equate to writing bad checks. Despite that, there is apparently a company out there that has designed a business model around a system that helps people actually perpetrate a double spend.
Glasshunt is a platform that provides an easy interface for Bitcoin users to engage in double-spending. The system allows those users to send their Bitcoin to a Glasshunt wallet, and then use that wallet to double spend – all without the need to wait for confirmation of the transactions. For its part, Glasshunt charges a ten percent service fee for facilitating the double spend. And again I ask, why is this an actual thing?