http://moneyandtech.com/sept-23-news-update/ The Federal Trade Commission has filed suit against Missouri-based mining manufacturer Butterfly Labs, claiming that despite charging anywhere from $149 dollars to $29,899 dollars for their machines and services, most consumers cannot use them to mine bitcoins as they never recieve their machines or services. The FTC further states that, "In numerous other instances, even where Defendants have provided the machines, they have done so after significant delays... or the machines have arrived damaged or defective. As a result, consumers have not been able to use the machines to generate a profit or return on investment. Defendants also frequently have not provided refunds to consumers who have not received the machines or who have received the machines after a substantial delay." This marks the first time the FTC has pursued a case in the bitcoin space. A judge has ordered the shut down of Butterfly Labs operations while they await trial next week to determine the next steps, but the FTC's goal seems to be the returning of funds to everyone who was inconvenienced by the company. Former con artist and current FBI consultant, Frank Abagnale Jr, made famous by the film "Catch Me if You Can," was interviewed in the newest issue of The Atlantic to answer the question "What is the greatest scam of all time?" Abignale's response? Bitcoin, stating "Bitcoin will make you the target of hackers who will steal your money. More expensive than other forms of payment, Bitcoin is a way to rob people of their life savings. Most important, if something goes wrong, the money may never be recovered." PayPal has announced partnerships with three of the largest payment processing companies in the bitcoin arena: BitPay, Coinbase and GoCoin, and the move marks PayPal's first official offering to the bitcoin community. BitPay, Coinbase and GoCoin will pay referral fees to PayPal upon gaining new business, meaning their existing pricing structures will be unaffected by the move. PayPal is currently available in 193 markets and 26 different currencies, and PayPal is looking forward to promoting what it feels to be the largest and most widely accepted digital currency in existence today. Premier exchange Bitcoin Vietnam Co Ltd has added a functional wallet to its platform in an attempt to encourage day-to-day digital currency spending in the country. Users can now send bitcoins to others in quick off-chain transactions using recipients’ bitcoin or email addresses, and they can also sell bitcoins in their wallets directly on the Bitcoin Vietnam exchange. Belgium's Federal Public Service Finance has stated that bitcoin trades are not subject to value-added tax, as bitcoin is not considered a legal form of payment. While an FPS spokesperson hinted that this ruling is subject to change over time, the current stance is that bitcoin is currently exempt from the tax under Article 44 of the country's VAT code, which states that should the determination be reversed, a retroactive tax will not be applied. As a result, Belgium is now on the same plane as the UK, which eliminated its VAT on bitcoin trading back in March. The move also provides leeway for companies such as BelgaCoin, a digital currency exchange, to better compete against other major international exchanges. Customers of the First National Bank in South Africa can use the bank’s smartphone banking application to perform money transfers to citizens of Zimbabwe and Mozambique. Coins in the Kingdom, a bitcoin conference for the whole family, where kids under 12 are free, and fun is mandatory, will be held next month at The Wyndham Lake Buena Vista on The Walt Disney World Resort. The event will feature many speakers and industry professionals, and interestingly enough, the first blockchain wedding. Through one of the governance services offered by Bitnation, David Mondrus, CEO of Redboxjewels.com and an advisor at Bitnation, will be marrying his girlfriend Joyce Bayo. The wedding will take place during the Bitnation panel, and will be entered onto the blockchain through a CoinOutlet ATM kiosk. http://moneyandtech.com/sept-23-news-update/

• published: 24 Sep 2014
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