Bitcoin News

Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of October, 2012. Excerpts:

“The closing price of $11.20 USD was down more than a dollar from the previous month’s close resulting in a nearly 10% drop for the month. For 2012, where the price opened at a $4.72 level, the price rise from January 1st is now at the level of 137%.”
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“What might be surprising is that the month ended down just 10% after the disaster that October 2012 essentially was for the Bitcoin ecosystem as a whole.”
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“A promise of relief arrived with the announcement of Bitcoin-Central’s BTC/GBP market. Further relief arrived with Blockchain.info/wallet’s Instant Online Bank Transfer which is now available in the UK and elsewhere in the EU.”
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“Emerging during the darkest part of the shutdown storm was Coinbase’s launch of its BTC/USD exchange. This allows a Coinbase user to make bitcoin purchases paid for with funds drawn from the user’s bank account.”
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“Banking issues were just one challenge for the exchanges as heavy distributed denial-of-service (DDoS) attacks took many exchanges down at one point or another during the month.”
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“The current development focus is on resolving the immediate scalability issues that exist when running a full Bitcoin.org client node. Significant progress with this occurred in October when the ultraprune capability was merged into mainline — a prerequisite to it being included in a future release.”
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“The 230,400 bitcoins issued which Bitcoin miners took in during the month is valued at $2.70 million using the average daily valuation for the month of $11.72. Miners fared less well in October as the result of a rising difficulty — 15% higher at the end of the month versus the level at the beginning as well as the decline in the exchange rate.”
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“Later this month, at block 210,000, the block reward mining subsidy drops by half. This halving of the amount of currency issued means miner’s revenues will drop in half as well.”
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“The herd-like mentality of speculators means that demand can disappear in an instant and a deep selloff can result. Twice during October were cliff dives of 15% or more.”
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“A significant indicator that Bitcoin has the potential to become much more widely used surfaced with the ECB’s policy brief on Virtual Currency Schemes. The 55-page brief describes Bitcoin as having the potential to have a negative impact on central banks.”

- http://www.bitcoinmoney.com/post/34853623626

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