Bitcoin News in Review: Bitcoin Price, Sean’s Outpost, Operation Choke Point, and More

Journalist:
Neil Sardesai @@neilsardesai
May 4, 2014

Welcome to another Bitcoin News in Review, where we feature our top Bitcoin and cryptocurrency stories of the week. This week, we analyzed the Bitcoin price, saw troubles at Sean’s Outpost, saw the results of the DOJ’s “Operation Choke Point”, and more. Calvin Tran‘s back with another excellent video, which you can watch below. After that, keep scrolling to see our biggest stories this week on CryptoCoins News.

Bitcoin Price Stability?

Is bitcoin price no longer a roller coaster?

Bitcoin is considered by many to be one of the most volatile investments possible. However, for the past few weeks, the price seems to have been dancing around $450 on most exchanges. Despite this short-term stability, CCN’s Venzen Khaosan predicts another price drop before BTC starts taking off again. Bitcoin price is difficult to analyse and predict since the currency is so new. There are several external factors that can have huge impacts on the price, although the external factor effect seems to be declining recently. What do you think? Will bitcoin make it to the moon? Or will we see more price drops?

Sean’s Outpost Faces Adversity

The Outpost Thrift has been doubling as a shelter while Pensacola recovers from flash floods.

Sean’s Outpost is well-known amongst the bitcoin community for helping out the homeless. The Pensacola-based homeless outreach has used over $100,000 in BTC to provide the homeless with food and shelter. However, Sean’s Outpost has seen quite a bit of trouble recently. In February, Pensacola made it illegal to sleep in public with any type of covering in the hopes of forcing the homeless to relocate. This ordinance was fortunately abolished after the city received pressure from citizens affiliated with Sean’s Outpost. Soon afterwards, the city tried to prevent Sean’s Outpost from allowing homeless people to camp in Satoshi Forrest, a campground established by the Outpost. But as if the organisation weren’t facing enough adversity already, Pensacola was hit by a massive storm this week with two feet of rain and massive flash-floods. However, the team isn’t giving up.

“At some charities, people are making a hundred thousand dollars salary, and I can tell you we’re not making anywhere near that (I wouldn’t want that), but we are successful by our definition. As long as we are able to help someone, that’s success.”

If you’d like to help Sean’s Outpost help the homeless community, please visit their donation page. They accept bitcoin, Litecoin, Dogecoin, and other cryptocurrencies.

Operation Choke Point

Operation Choke Point has forced many industries to turn to bitcoin.

You can always count on the U.S. Department of Justice to come up with sinister names like this. “Operation Choke Point” is the DOJ’s effort to “choke” out specific industries by restricting their access to financial services. The DOJ encourages banks and third party payment processors to close the accounts of individuals and businesses associated with firearms, pornography, online lending, and other high-risk merchant categories. Interestingly (if not unsurprisingly), this has driven many of the affected industries towards bitcoin. However, even bitcoin payment processors are feeling pressure from Operation Choke Point. Coinbase and BitPay have both refused to work with legal marijuana distributors. However, industries affected by Operation Choke Point can still easily accept bitcoin without third party payment processors. With bitcoin, you really do get to “be your own bank”.

More Scrypt ASICs

Meet the Innosilicon A2 Terminator.

There’s no stopping scrypt ASICs. This week, Innosilicon announced new 28nm chips for their miners. Their prices are relatively high, but Innosilicon will be delivering 28nm sooner than all of its competitors. The company’s chips hash at around 1.7 MH/s while consuming 13 Watts of power. Meanwhile, Fibonacci, Mining ASICs Technologies, and KnCMiner are getting ready to deliver their miners and have promised to fulfill preorders before the end of 2014.

That’s it for this Bitcoin News in Review. See you next Sunday on CryptoCoinsNews.

Last modified (UTC): May 4, 2014 20:32

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.