it's all about the bitcoin baby

Bitcoin Whiz Charlie Shrem Says ‘There Are Holes’ in His Money-Laundering Case

charlie shrem bitinstant bitcoin silk road

“This is kind of a premiere for Charlie,” New York Times reporter Nathaniel Popper joked last night. “This is the first time I’ve seen you out of the house.”

Mr. Popper and former BitInstant CEO Charlie Shrem were sitting on the stage at the School of Visual Arts theatre. Mr. Shrem was arrested in January on charges of money laundering associated with his bitcoin exchange company, BitInstant. He’s currently under house arrest, but was allowed to attend last night’s panel on the documentary The Rise and Rise of Bitcoin, in which he’s a prominent character.

Filmmakers Nicholas Mross and Daniel Mross joined Mr. Shrem and Mr. Popper onstage, following a screening the documentary.

The documentary follows bitcoin magnates like Mr. Shrem, Jered Kenna of Tradehill, Gonzague Gay-Bouchery of Mt. Gox and Mike Caldwell of Casascius Coins. Read More

Bitcoin Saga

UPDATED: BitInstant CEO Charlie Shrem Arrested at JFK, Charged In Silk Road Bitcoin Scheme

charlie shrem bitinstant bitcoin silk road

In a scene out of a Scorsese film yet to come, self-described “Bitcoin evangelist” Charlie Shrem was arrested at John F. Kennedy International Airport on charges that he schemed to sell more than $1 million in Bitcoins to users of the Silk Road yesterday.

Put this arrest right above Dogecoin and Coinye West on the list of reasons why Bitcoin is the Jonah Hill in The Wolf of Wall Street of currency: no matter how much they strive to be taken seriously, the Bitcoin community remains a punch line. Read More

It's All About the Bitcoins

Class Action Suit Filed Against BitInstant for Allegedly Misrepresenting the Speed of Its Services

Mr. Shrem

BitInstant, the New York-based Bitcoin startup that promises to make it easier and faster to transfer Bitcoin funds, has been hit with a class action suit, according to CoinDesk.

In the suit, three BitInstant customers allege that the startup makes false claims about its services, including advertisements that say customers can obtain coins “within an hour or two,” and that they will be refunded if their transfers experience “undue delays.” The customers call these representations “disingenuous,” and are suing the company for relief for the company’s false representations of the speed of its service. Read More

Bitcoin Drama

BitInstant CEO Calls Bitcoin a ‘Really Risky Investment’

Money of the future. (Photo: Flickr/Zach Copley)

As evidenced in the past week, dealing with Bitcoins can be a traumatic experience. With so many record highs followed by equally steep drops that seemingly happen several times an hour, we wouldn’t be surprised if traders have broken out the Xanax by now.

Now, some fans of the hacker-created, crypto-currency are complaining that their problems are only being compounded by BitInstant, an online exchange service that transfers cash into Bitcoins. Read More

8-Bit Traders

Bored With Bitcoin? BitInstant Is About to Goose the Market By Making Trading Faster

Wake me up when the markets move.

The Bitcoin markets have been sleepy over the past week or two, and Bitcoin traders are starting to whine. What happened to the drama of hacks, the excitement of skyrocketing prices? The biggest news out of the weekend’s Bitcoin World Conference and Expo was that the organizers teased future conferences in Thailand and Amsterdam. “As fun as it was, seems there were no great world-shattering announcements that would affect the world of bitcoin in the near future,” one Bitcoiner who was present told Betabeat. “Other than more conventions as announced by Bruce.” On the Bitcoin Forum at bitcointalk.org, user tacotime wrote: “Well, someone buy or sell a bajillion BTC and do something, it’s boring as hell right now out there.”

But the Bitcoin markets may soon pick up again as a Bitcoin start-up launching later today, in partnership with one of the better-known exchanges, is likely to encourage a new crop of casual traders and the Bitcoin-curious.  Read More