Coinbase raises large round, opens US licensed exchange

Making big waves

Investors include the new presence of NYSE, banks, Docomo and former Citigroup CEO

http://recode.net/2015/01/20/bitcoin-firm-coinbase-raises-75-million-from-dfj-the-nyse-and-two-banks/

Coinbase, a software company that allows people to buy bitcoin and enables businesses to accept it as payment, has closed a giant $75 million investment. In real U.S. dollars.

The round is by far the biggest investment in a bitcoin company to date. Beyond its size, the funding is sure to make waves in financial services thanks to the participation of three industry investors: the New York Stock Exchange, USAA Bank, and BBVA, a multinational bank with a large presence in Spain and Mexico. Former Citigroup CEO Vikram Pandit also personally invested in the company.

The investment was led by DFJ, the venture capital firm that Re/code reported in November would likely lead the round at a valuation of $400 million or more. Previous investors Andreessen Horowitz, Union Square Ventures and Ribbit Capital participated, in addition to new investor NTT DoCoMo, a Japanese telecom company.

http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641

The virtual currency bitcoin is getting a very real boost on Monday with the opening of the first licensed U.S. exchange.

Coinbase Inc., a startup backed by $106 million from the New York Stock Exchange, banks and venture-capital firms, said its exchange will offer greater security for individuals and institutions to trade bitcoin and monitor real-time pricing of the cryptocurrency.

The exchange could bring needed legitimacy to the currency, which isn’t backed by a central government and is traded over virtual exchanges, primarily overseas. Coinbase said it has insurance, offering traders some assurance that their money won’t disappear.

Compiled Hearthstone Buffs

On reddit, some are pretty witty

http://www.reddit.com/r/hearthstone/comments/2tacr5/all_hearthstone_buff_names/

Gnomes versus Goblins
Burly Rockjaw Trogg Metabolized Magic
Hobgoblin HERE, TAKE BUFF.
Junkbot Junked Up
Lil’ Exorcist Pure
Micro Machine Pistons
Stonesplinter Trogg Metabolized Magic
Tinkertown Technician Might of Tinkertown
Anodized Robo Cub Attack Mode
Tank Mode
Dark Wispers Dark Wispers
Gahz’rilla Might of Zul’Farrak
Glaivezooka Glaivezooka
King of Beasts The King
Metaltooth Leaper Metal Teeth
Bolvar Fordragon Retribution
Quartermaster Well Equipped
Shrinkmeister Shrink Ray
Upgraded Repair Bot Repairs!
Velen’s Chosen Velen’s Chosen
Vol’jin Shadowed
Goblin Auto-Barber Extra Sharp
Iron Sensei Ironed Out
Tinker’s Sharpsword Oil Tinker’s Sharpsword Oil
Tinker’s Sharpsword Oil
Powermace Powered
Demonheart Demonheart
Floating Watcher Brow Furrow
Mal’Ganis Grasp of Mal’Ganis
Screwjank Clunker Screwy Junk
Siege Engine Armor Plated

Spare Parts
Armor Plating Armor Plating
Finicky Cloakfield Cloaked
Reversing Switch Switched
Rusty Horn Rusty Horn
Whirling Blades Whirling Blades

Naxxramas
Undertaker Darkness Calls
Shade of Naxxramas Consume
Avenge Vengeance
Dark Cultist Power of the Ziggurat

Druid
Mark of The Wild Mark of the Wild
Power of the Wild Leader of the Pack
Mark of Nature Mark of Nature
Savage Roar Savage Roar
Soul of the Forest Soul of the Forest
Ancient of War Rooted
Uprooted
Cenarius Demigod’s Favor
Hunter
Hunter’s Mark Hunter’s Mark
Bestial Wrath Bestial Wrath
Timber Wolf Furious Howl
Scavenging Hyena Well Fed
Eaglehorn Bow Upgraded
Leokk Eye In The Sky
Houndmaster Master’s Presence
Tundra Rhino Charge
Mage
Mana Wyrm Mana Gorged
Ethereal Arcanist Raw Power!
Paladin
Blessing of Might Blessing of Might
Blessing of Wisdom Blessing of Wisdom
Humility Humility
Repentance Repentance
Equality Equality
Sword of Justice Justice Served
Aldor Peacekeeper Stand Down!
Blessing of Kings Blessing of Kings
Blessed Champion Templar’s Verdict
Priest
Inner Fire Inner Fire
Power Word: Shield Power Word: Shield
Divine Spirit Divine Spirit
Shadow Madness Dark Command
Temple Enforcer Infusion
Rogue
Cold Blood Cold Blood
Conceal Concealed
Deadly Poison Deadly Poison
Edwin VanCleef VanCleef’s Vengeance
Shaman
Ancestral Healing Ancestral Infusion
Totemic Might Totemic Might
Rockbiter Weapon Rockbiter Weapon
Ancestral Spirit Ancestral Spirit
Flametongue Totem Flametongue
Unbound Elemental Overloading
Bloodlust Bloodlust
Warlock
Corruption Corruption
Power Overwhelming Power Overwhelming
Blood Imp Blood Pact
Demonfire Demonfire
Void Terror Consume
Warrior
Inner Rage Inner Rage
Upgrade! Upgraded
Commanding Shout Commanding Shout
Rampage Rampage
Cruel Taskmaster Whipped Into Shape
Charge Charge
Frothing Berserker Berserk
Warsong Commander Charge
Gorehowl Needs Sharpening
Neutral
Abusive Sergeant ‘Inspired’
Grimscale Oracle Mlarggragllabl!
Hungry Crab Full Belly
Lightwarden Warded
Murloc Tidecaller Blarghghl
Secretkeeper Keeping Secrets
Young Priestess Elune’s Grace
Bloodsail Raider Treasure Crazed
Crazed Alchemist Experiments!
Dire Wolf Alpha Strength of the Pack
Mana Addict Empowered
Master Swordsmith Equipped
Blood Knight Shadows of M’uru
Coldlight Seer Mrghlglhal
Flesheating Ghoul Cannibalize
Bananas (King Mukla) Bananas
Murloc Warleader Mrgglaargl!
Questing Adventurer Level Up!
Raid Leader Enhanced
Shattered Sun Cleric Cleric’s Blessing
Southsea Captain Yarrr!
Ancient Mage Teachings of the Kirin Tor
Dark Iron Dwarf Tempered
Defender of Argus Hand of Argus
Twilight Drake Hour of Twilight
Captain Greenskin Greenskin’s Command
Frostwolf Warlord Frostwolf Banner
Gurubashi Berserker Berseking
Emboldener 3000 (Geblin) Emboldened!
Stormwind Champion Might of Stormwind
Gruul Growth
Nightmare (Ysera) Nightmare

WSJ: Bitcoin one of the most powerful innovations in finance in 500 years.

2 writers at Wall Street Journal have written a book about bitcoin

In the video, they talk about how it makes people reassess and rethink what money is.

http://www.wsj.com/articles/the-revolutionary-power-of-digital-currency-1422035061

Bitcoin’s unidentified creator—a person or persons operating under the pseudonym of Satoshi Nakamoto —has provided a novel solution to a problem that has dogged societies for centuries: the distrust among strangers in commercial transactions with one another. In any exchange, how could someone feel secure unless there is a face-to-face handover of physical currency or some other valuable good?

When banks were invented in Florence in the late 1400s, a centralized solution emerged: People didn’t have to worry about trusting strangers anymore; they could just trust their banks to absorb the credit risk. Using internal ledgers to keep track of everyone’s balances, banks became the middlemen through which exchanges could now occur.

Banking unleashed the Renaissance, the Industrial Revolution and the modern age. But a new problem arose: As the world’s monetary intermediaries, banks became powerful—perhaps overly powerful—repositories of information and influence. The financial system was and remains vulnerable to bank failures, as we were painfully reminded during the financial crisis of September 2008.

One month after that meltdown, Satoshi Nakamoto released the initial document describing bitcoin. For the first time, people had a decentralized solution to the financial-trust problem. Here was a new form of currency that could be transferred online without involving fee-imposing, third-party institutions.

But many still ask: How can a bitcoin have value if it isn’t “backed” by gold or a government? If you can’t hold a currency in your hands, if it doesn’t bear some central authority’s insignia, how can it be worth anything?

Here we have to remind ourselves of some economic fundamentals: Money’s essence doesn’t reside in tangible currencies, which have no intrinsic value—beyond, say, a dollar bill’s modest usefulness as a bookmark. Much the same can be said of bitcoins, which are made up of bits and bytes.

In the broadest sense, money is, instead, an all-encompassing, society-wide system for keeping up with who owns or owes what. Physical currencies are simply symbols or tokens in that system, representing a shared standard of value for tracking wealth holdings. What Nakamoto’s blockchain invention offers is an online, decentralized and fully public mechanism for recording those shifting balances. It deals directly with the essence of money.

Early Adopter’s Bitcoin story on reddit

Quite the read

Early adopter – my bitcoin story (self.Bitcoin)

submitted by iagoz

I bought my bitcoin in December 2011, paying about 5$ per bitcoin. For the better part of the next year, I was at a loss. At some point the price recovered and I proudly told my friends at work about bitcoin, told the CEO he should take some of the funds the startup raised and buy some btc… everybody made fun of me.

April 2013. Price is 30… people started asking me about it, telling my I should sell. I said I’ll sell for 100. At a 100, I said 500. Within 1 month I suddenly become the richest guy in the office and everybody knew how much btc I had since I told them a year before. Created a lot of tensions with my bosses, they didn’t like the fact I got some of the developers to also invest. We got in a huge fight, so I sold about 100 btc at 240$, just in case I no longer have employment. A day later, price crashed.

Ended up keeping my job and went on vacation in July. Out of a hostel in Cancun I rebought my sold btc for 66$ back… ended up being the lowest price ever got before the moon. Also bought about 5000 litecoins.

Came back from my vacation, stayed another month and decided it was time to go traveling. I had some money, was in my mid 20’s, so why not. Traveled since mid September and planned to come back and get another job in December.

December 2013. I’m suddenly worth about half a million dollars. LTC skyrockets and I have more btc than I ever had. LTC crashes, sold almost at the bottom but still made about 50 btc from this trade, but I started to get anxious and my hair started to fall. I thought the price would go up, but for my peace of mind sold 180 bitcoin at 1150 at mtgox. Had 200k there, which I planned to withdraw. 3 days later, china bans bitcoin.

My account was unverified which I used as a security feature, started verifying it. January 17th I get an email from them there is something wrong about the details I sent. The same details were verified at bitstamp without any problems. There was enough suspicion about them, and I discovered that since my account was old I could withdraw 100 btc daily. Even though the price was 15% higher at gox, and greedy me didn’t want to lose 15%. Price was around 800-900 at the time. So I bought 90 something btc and withdraw. Next day bought another 90 something btc and withdraw. My final withdrawal of 30 something btc didn’t go through… I’m probably one of the last people to get my coins out of there. If only the rejected my verification a week later!!!

I sold the coins at bitstamp for a loss but still had a huge sum of money I couldn’t imagine I’d have at this point in my life. For close to a year I traveled, went to fancy hotels, bottle service in clubs, did a lot of cocaine and MDMA, lived in NYC, thinking at some point soon another bubble will come and I will be a millionaire.

June 2014. Everyone expecting the wall street bubble. I bought btc with all the cash I had left by this point, probably averaging around 500.

Started doing a startup and have been living off my btc since. Has been getting expensive. Lost about 50 btc margin trading over the past 2 months, always going long.

Now my net worth is at best 10% what it was a year ago. I’m still up big time, especially considering the 100k I spent.

But boy do I feel like an idiot now. I was so fucking lucky for the whole year, got so arrogant and lost my life changing money.

Still all in in BTC. Not selling, besides to cover my living expenses. This is not the first time I see this panic in the market, but this is the first time I’m scared. Don’t know if it’s because I have everything to lose, or because it’s different this time around. We’ll know better in a month.

Magicamy AMA on Reddit

hi I am T/S magicamy, you can ask me stuff I guess (: (self.hearthstone)

submitted by magicamy

I will do my best to answer to everyone~

edit~ proof (i forgot i was on the internet for a moment) https://twitter.com/magicamyHS

edit 2~ I try to answer to everyone before going to sleep but taking a quick break to watch the AGDQ now! Back in about 30 minutes!

edit 3~ hi i’m back

[–]magicamy[S] 41 points

The very very old Miracle with pagle when no one used to know (but Kolento) how good miracle really was. Those were the days (:

[–]magicamy[S] 28 points

rest in peace lovely fisherman

WSJ on Boost VC

Boost has since gone full bitcoin
(Singapore too has a representative in Boost in the form of Coinhako, which has since gone on to secure personal investment from Tim Draper)

 

http://www.wsj.com/articles/program-offers-bitcoin-entrepreneurs-camplike-atmosphere-1417398720

But this bitcoin boot camp was hardly a shoestring effort: Mr. Gamido and the other fledgling entrepreneurs were bankrolled in part by one of Silicon Valley’s most storied families, which has emerged as among the alternative currency’s biggest supporters.

The program, called Boost, was founded by 28-year-old Adam Draper. His father, Tim Draper, is founding partner in Draper Fisher Jurvetson, the venture-capital firm that helped back Skype and Tesla, among others.

Tim Draper, 56 years old, is also one of the world’s largest bitcoin holders after winning a government auction of nearly 30,000 bitcoin this summer.

Tim Draper is a big bitcoin holder. ENLARGE
Tim Draper is a big bitcoin holder. Ramin Talaie for The Wall Street Journal

Behind them sat Yusho Liu, who moved to California from Singapore to join the program, where he was developing a trading exchange for his country.

Like other investors, Mr. Liu lost some bitcoin when a Japan exchange known as Mt. Gox collapsed earlier year. He now hopes to improve on Mt. Gox, which he said was difficult to use in addition to losing money.

 

Peter Bodine, a managing director at Allegis Capital, was intrigued by the lineup even though he said investing in these types of companies is like “owning a high-priced stock that is all over the place.” He is hesitant to invest in bitcoin but wants to keep track of fledgling firms. “Would I put my retirement money into it? Not a chance.”

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