http://asia.nikkei.com/Politics-Economy/Economy/Japan-reckons-with-bitcoin TOKYO -- Bitcoin, a leading example of financial technology, or fintech, is posing a challenge to Japan's existing financial system. The Japanese government recently adopted a draft law to treat the virtual currency, currently considered a commodity, as having the same functions as legal tender. Some financial institutions are already starting to adopt cryptocurrency technologies. In late February, DMM.com, an online streaming service with 19 million users, began accepting online payments in bitcoin. This one move raises the prospect of wider bitcoin acceptance. DMM.com also sells comic books, games and online English lessons. "In Japan, bitcoin is starting to be used to settle small transactions," said Yusuke Otsuka, chief operating officer of ResuPress, which runs the bitcoin exchange coincheck. DMM.com uses coincheck's settlement service. The number of shops in Japan that accept bitcoin payments was around 1,000 at the end of last year. How do consumers use the cryptocurrency? Well, in December, a 30-something investor in Hong Kong bought a condominium in the coastal city of Atami, south of Tokyo, for some 500,000 yen ($4,351). She paid in bitcoin and saved about 5,000 yen in processing fees that a bank would have charged. In addition, the cross-border payment was settled in an instant, bringing convenience to the process, she said. There are an estimated 12 million bitcoin users around the world; 50,000 of them are thought to be in Japan. For a time, the cryptocurrency was used for speculative purposes. But, thanks to its ease of use and lower fees, it is increasingly being used by overseas students and immigrant workers transferring money across borders. The trend has prompted the Financial Services Agency to see bitcoin in a new light. "The proposed regulations are designed to promote healthy businesses," one official said. The proposal would not only give bitcoin currencylike status, it would also try to protect consumers. Yet it is hard to predict to what extent the virtual currency will actually be used, and creating a legal framework is not an easy task. The bitcoin issue dominated a Financial System Council meeting in November. "Do we have measures against money laundering [involving bitcoin]?" one member asked. There is global concern on this issue as well as on keeping cryptocurrencies from becoming a tool helping terrorists operate in the shadows. Bitcoin issues will likely be on the agenda at the Group of Seven summit meeting, to be held in Japan in May. In Japan, bitcoin scams are already rampant, with the elderly being the primary target of unlicensed brokers. The number of such cases rose about fivefold in 2015 from a year before to over 200. With the collapse in 2014 of Mt. Gox, the world's largest bitcoin exchange at the time, and the subsequent arrest of its top executive, any similar incident that harms the bitcoin community could jeopardize the virtual currency's future. This is financial regulators' conundrum -- to allow the cryptocurrency to prosper while safeguarding users and society.
Mt. Gox, one of the oldest and largest crypto-currency exchanges is now refusing to release millions of dollars in funds and thousands of Bitcoins that were deposited by investors. These guys flew across the world to Japan to demand answers. Let's make sure their trip wasn't in vain Reddit.
Mt. Gox, one of the oldest and largest crypto-currency exchanges is now refusing to release millions of dollars in funds and thousands of Bitcoins that were deposited by investors. These guys flew across the world to Japan to demand answers.
** "Does your company have a global expansion plan or will you stay a China-only business?** Huobi definitely has a global expansion plan and USD exchange will be the most critical part of it. But before we go global, we need to first strengthen our stand in China and maintain our leading advantage as well as building up our competitive edge. Huobi’s trading volumes have surpassed all other exchanges and it is now the biggest exchange in the whole world. How many users trade on an average day to generate such high volumes and how do you explain the unusually high numbers? Having large volumes is related to our no-exchange fee strategy. Besides, China is a huge Bitcoin mining country and also a country of more hot money. These are all our advantages. As to the question “How many users trade on an average day?” It involves our website operating data and I cannot give the exact number to you. It is over ten thousand. And this number, compared to the vast population of China, is still very small. Therefore there should be more space to grow. Are any of your clients actually using Bitcoin for shopping or is it all speculators at this time in your view? Currently in China, Bitcoin is not allowed to enter the circulation and used as currency. Therefore most of Bitcoin traders in China are investors. A lot of people outside of China fail to understand the current legal situation regarding Bitcoin in your country, please explain how you see it. The Chinese government policy of Bitcoin is clear: they do not accept Bitcoin as currency and do not allow Bitcoin to enter the market circulation as value marker or payment method. However, the government allows Chinese citizens to consider Bitcoin as investment to be invested and traded freely. At the same time, the Payment and Settlement Department of the People’s Bank of China (Editor’s note: the Chinese Central Bank) specifies that third-party payment companies in China cannot provide Bitcoin payment and settlement service in RMB. This is the well announced policy in China. As to how the Bitcoin policy will be in the future, it is highly unpredictable. When do you plan to offer other popular currencies such as Litecoin, Dogecoin or any others? We’ll evaluate the virtual currencies’ general market value and its circulation to decide whether to include them. Litecoin is in our plan. We need more observation of the situation of Dogecoin. ** Have you ever encountered something like the bug MT.GOX claims and what do you think about the situation?** Wallets sometimes experience small technical problems, but all of them can be fixed and thus won’t cause large-scale withdrawal problem. We are aware of the technical problem that Mt. GOX raised and our Technical Department is working on the details."
Mt. Gox the worlds oldest (but not largest ) bitcoin exchange faces problems with their custom wallet software interfacing with the bitcoin network
I see a lot of headlines in the media that don't really portray the situation well. What do you think of this title? Write one even better but keep it short! edit - part 2- Traders on the mt gox exchange realize that while some bitcoins may have been taken from the exchange all the cash is still there so they have started selling their bitcoins in hopes that they have a better chance of withdrawing fiat from the exchange rather than bitcoins. This sell off has panicked the entire market to a degree but not as much as on the distressed exchange itself.
In its prime, Mt. Gox was considered the world’s largest bitcoin exchange. It handled 70% to 80% of trading volume. Handling so many transactions gave Mt. Gox a pivital role in determining the fate of bitcoin. In 2013, for example, it suspended trading for several days to cool down the market. Under the surface, Mt. Gox was a disaster in waiting. Today, the largest Bitcoin exchange, MtGox, with daily volume peaks of 1M+ USD, was victim of an attack that crashed the market down to 0.01 USD/BTC for a brief period of time; and the list of MtGox account password hashes was leaked. Bitcoin (BTC) is the first digital currency designed to be fully decentralized, meaning there is no trusted third-party, no company, no central bank authorizing ... From a distance, the world's largest bitcoin exchange looked like a towering example of renegade entrepreneurism. But on the inside, according to some who were there, Mt. Gox was a messy ... If you think that keeping the world's most popular Bitcoin exchange up and running is easy, think again. Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents ... He led the world's largest Bitcoin exchange before a mysterious heist made it go bust. As clues emerge and Bitcoin's price surges, Mark Karpelès is on the hunt for answers.
Mt. Gox Bitcoin exchange goes offline after $350 million hack
Mt. Gox, once the world's largest Bitcoin exchange, shut down following a reported theft of over 700,000 bitcoin. Affected users are despondent, and some analysts are wondering if this is the end ... Mt. Gox is a story for the ages. Beginning in obscurity, rising to prominence, and falling down in epic fashion, there are few stories that can equal that of... 🔴 Bill Gates Live Microsoft, Bitcoin Crash, Anti-Bearish Coalition, Investments Microsoft US 5,108 watching Live now Inside a Secret Chinese Bitcoin Mine - Duration: 9:17. Mt. Gox, once the world's largest bitcoin exchange, is now offline after losing about $350 million to a two year-long hack that went undetected by the company. Mt. Gox said that it was ... Mt. Gox, once the world's largest bitcoin exchange, is now offline after losing about $350 million to a two year-long hack that went undetected by the compan...