In her story, Goodman described a scene outside the home of Dorian S. Nakamoto, the man purported to be the founder of Bitcoin, the crypto-currency. Nakamoto had called the police after Goodman came to his door, and the officers were there when he supposedly uttered this key quote: "I am no … Read more
The popular virtual currency Bitcoin isn't actually a currency, according to the Japanese government.
The country's cabinet approved an official document on Thursday that stated, "Bitcoin isn't a currency" and therefore won't be regulated as such, according to The Wall Street Journal. Additionally, commercial banks are forbidden from providing the digital currency to customers.
The main rub for the Japanese government is that Bitcoin isn't regulated by any official body. And, it's unclear which ministry would provide oversight of the cryptocurrency and how that ministry would go about putting regulations in place.… Read more
The magazine's cover story, written by reporter Leah McGrath Goodman and published on Thursday, begins with a confrontation in front of Nakamoto's house between the journalist and Nakamoto, as two police officers from the Temple City Sheriff's Department stand by. The story claims one of the officers said, "This is the guy who created Bitcoin? It looks like he's living a pretty humble life." … Read more
Dorian Satoshi Nakamoto, the 64-year-old Temple City, Calif., resident Newsweek claimed is the likely creator of Bitcoin in a prominent cover story published Thursday, denied ever having been involved with the cryptocurrency in an interview with the Associated Press later that same day.
In a startling turn to what has already been a remarkably strange series of events, Nakamoto is flatly refuting Newsweek's claims, though admitted that many of the story's revelations about his personal life were indeed true.
More notably, Nakamoto added that he had never heard of Bitcoin until three weeks ago when his son told … Read more
Staples will start closing stores to improve its chances of competing with online retailers.
The company on Thursday announced that it plans to close as many as 225 stores between now and the end of 2015. The closures, which will affect only North American retail locations, are expected to help Staples save $500 million. The move follows the 40 net store closures Staples initiated last year.
Staples has been making a major push for the online space. The company reported that at the end of 2013, it had more than 500,000 products available on Staples.com. At the beginning … Read more
Autumn Radtke, the young CEO of a small Bitcoin exchange, was found dead last week in her home in Singapore. The circumstances or her death are still unknown.
Radtke, 28, joined First Meta as CEO in the beginning of January 2012 to help build a "next generation" exchange for virtual currency. The company posted a statement on its Web site regarding Radtke's death.
"The First Meta team is shocked and saddened by the tragic loss of our friend and CEO Autumn Radtke," the statement reads. "Our deepest condolences go out to her family, friends … Read more
LinkedIn co-founder Reid Hoffman says the battle between eBay and activist investor Carl Icahn exemplifies the fundamental difference between the culture of Wall Street and that of Silicon Valley.
He penned a blog post on Wednesday that balked at Icahn's idea of spinning out PayPal from eBay. He said that it appears Icahn doesn't understand Silicon Valley's culture of focusing on long-term growth and instead is just looking for quick returns on Wall Street.
"While PayPal is no longer a startup, it still has massive growth prospects. But to someone who isn't investing in the … Read more
Getty Images, the premiere collection of professional quality photos on the Internet, has for years charged licensing fees to those who wanted access to its extensive portfolio, but that is changing.
The image provider has launched an Embed tool that allows people to use more than 35 million of the service's portfolio of images for noncommercial purposes. Using the same iFrame code that lets users embed YouTube videos, Flickr photos, and tweets, Getty's tool generates an HTML code that contains appropriate attribution that can be embedded in a blog or social media post.
Acknowledging that its images have … Read more
It's in the best interest for the US to put a ban on dollar bills, US Congressman Jared Polis wrote in a letter to federal regulators on Wednesday. This anonymous currency is unregulated, susceptible to instability, illicit activity, and forgery, he said.
Granted, Polis (D-Colo.) was being tongue-in-cheek, but his letter brought up relevant issues in regards to the backlash against Bitcoin, which has seen a major fall from grace over the past few weeks.
Last month, Sen. Joe Manchin (D-W.Va.) called for an outright ban of Bitcoin in a letter sent to the Treasury Department and other … Read more
Bitcoin is going through a bit of a rough patch. Just over a week after Bitcoin exchange Mt. Gox filed for bankruptcy, Bitcoin bank Flexcoin shut down after hackers stole all of its digital currency.
Hackers stole 896 bitcoins -- worth more than $580,000 based on Bitcoin's current trading value -- in an attack on Sunday, according to a note posted on the Canadian bank's site. Flexcoin decided to close its doors, saying it did not have "the resources, assets, or otherwise to come back from this loss."
Flexcoin offered more details on exactly how … Read more