Digital Currency Weekly Recap 5-15-2016

digital currency

Digital Currency Weekly Recap 5-15-2016


Manchester Bitcoin Meetup Celebrates 200 Consecutive Meetups

Last Sunday night, an important milestone was reached in Manchester, New Hampshire, as the Manchester Bitcoin Meetup enjoyed its 200th gathering. The event, which began in 2012, has occurred every Sunday without fail. Each week, attendees gather to discuss everything from mining Ethereum to strategies for promoting more widespread adoption of digital currency in the business community. Last Sunday’s meeting at Manchester’s Strange Brew Tavern saw roughly two dozen enthusiasts show up to spend a couple of hours celebrating cryptocurrency and quietly marking the occasion.

As one attending digital currency advocate noted, “Weekly meetups like the one in Manchester give the bitcoin community a pulse. It says to the world, “We’re alive and growing — bitcoin hasn’t gone anywhere.” In fact, the people at this meetup would be just as happy to help a n00b set up their first bitcoin wallet as they would to discuss Ethereum mining or their Dash Masternode.”

New Breach of Swift Security Shows Bank Vulnerability

For all those crypto naysayers who have pointed to a perceived lack of security in the blockchain as a reason to dismiss the technology, the most recent hack of Swift represents the other three fingers on that hand pointing right back at them. Unlike most of the previous security breaches that have made the news, this one involved actual money. Perhaps more importantly, this hack reportedly involved the theft of a bank’s money, rather than the loss of customer funds. Though Swift has been hesitant to provide many details about the identity of the victim, it is reasonable to assume that actual financial losses to any bank might further motivate the world’s banks to hasten the move toward cryptocurrency technology.

CoinFac Introduces New Quantum Mining Tech, Bitcoin Price Surges

The Bitcoin community watched the price of the world’s most well-known digital currency soar more than 3% this week after CoinFac Limited unveiled that it is bringing quantum computing technology to digital currency mining. With that new technology, experts believe that miners should be able to achieve speeds that are 4,000 times those offered by current systems.

Russian Ministries at Odds Over Anti-Cryptocurrency Laws?

Digital currency news out of Russia has been enough to give the average person whiplash over the last several months, as seemingly conflicting reports and proposals from different government ministries have many observers wondering exactly what the country will ultimately decide with respect to how it deals with the issue. In the wake of recent Ministry of Finance proposals for criminalization of cryptocurrency use, this week sees new reports emerging that suggest that officials at the Interior Ministry and Ministry of Justice are quietly opposing Finance’s plans.

Apparently, the Interfax news agency is reporting that those ministries not only question the Ministry of Finance’s basic assertions about cryptocurrency’s danger to the public, but are also in opposition to the proposed plan to ban digital currency. As Moscow’s business daily Vedomosti recently reported,

The Ministry of Justice does not agree with some of the wording of the bill on money substitutes (those considered Bitcoin), reports "Interfax" referring to a source in the financial and economic bloc of the government. The ministry believes that the need to further study the introduction of criminal liability for individuals and administrative - for legal entities for the issuance and sale of money substitutes, since the degree of public danger of the act "is questionable."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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