Bitcoin News Mash-Up: Silk Road Bitcoin Auction Ends; MasterCard Criticizes Bitcoin; and More

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Bitcoin News Mash-Up: Silk Road Bitcoin Auction Ends; MasterCard Criticizes Bitcoin; and More

Following are the major Bitcoin news of the day

Second Bitcoin Auction Wraps Up
The US Marshals Service (USMS) yesterday received more than two dozen bids for 50,000 Bitcoin seized during the FBI’s raid on Silk Road wallets. Lynzey Donahue, a spokesperson of USMS, revealed that that government received 27 bids from a total of 11 bidders. The winning bids will be announced today. Till date, Feds have seized a total of 173,991 BTC, in which 144,336 units belonged to Ross Ulbricht, the alleged owner of Silk Road.

MasterCard Official Goes Harsh on Bitcoin
The MasterCard President for Southeast Asia Matthew Driver played a dirty corporate trick on Bitcoin, when he appeared in a video with an aim to blast out the cryptocurrency from peoples’ minds. The irresponsible official suggested that cryptocurrencies are too risk to success, whilst also criticized Bitcoin security infrastructure to be severely flawed. He further called Bitcoin’s anonymity “troubling” and said:

“Trust and security, a stable form of value, are incredibly critical if you’re going to be able to gain acceptance for the services you’re looking to provide. The challenge for cryptocurrencies, like bitcoin, is that they’re unstable in terms of their intrinsic value.”

US Congressman Introduces Bill to Protect Cryptocurrencies
Steve Stockman, a Republican Congressman from the State of Texas, recently introduced a pro-cryptocurrency bill, known as Cryptocurrency Protocol Protection and Moratorium Act (or CryptPMA). According to the available reports, this bill not only demands an extension in terms of protection, but also require government to classify cryptocurrency as a normal currency.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

  • Renioctib

    With 5.5 Billion dollars worth of credit card fraud, it’s no wonder that Matthew Driver is getting nervous and making false claims against Bitcoin.

    Bitcoins security infrastructure is a global first. Its blockchain technology, second to none.

    Perhaps Driver could explain the intrinsic value of a credit card? Or the intrinsic value of paper money that has no gold standard attached?

    The lack of trust and security with global finances is why Bitcoin is here in the first place.