Skip to main content

The Bitcoin Bugle: Now Good For Satellite Television, $230 Used T-Shirts

  • Author:
  • Updated:

We’re not sure about how Phil Falcone feels about bitcoins. We’re certainly not as sure about his feelings on matters cryptocurrent as we are on his opinions re: the FCC and Charlie Ergen. And we’re not sure that the latter’s embrace of bitcoins will affect Phil’s opinion, but it certainly cannot help.

Dish announced on Thursday that customers would be able to make manual payments in Bitcoin beginning in the third quarter. And while Dish may not be the first company to accept Bitcoin, it claims to be the largest — though the appeal of the payment option is still unclear.

“We don’t know what the demand will be, exactly,” Bernie Han, Dish’s chief operating officer, said in an interview on Thursday. “It might be tiny. It might be bigger than tiny. It’s probably growing.”

China’s feelings about bitcoins are somewhat clearer than Phil’s, although, as always when dealing with the People’s Republic, things are somewhat opaque. And since, to the best of our knowledge, no one has yet taken up residence on death row for playing around with fake currencies, people will continue to explore just how far they can take things.

The founder of 798 Satoshi Square, a bitcoin informational and meetup site in Beijing’s art district, has teamed up with Robocoin to give mainland China its first two-way bitcoin ATM.

Ever since the PBOC blocked banks from servicing digital-currency exchanges last month, regulatory guidelines in China have been vague. As such, Mr. Deng’s service will at this stage likely be restricted to demonstration purposes only, says Robocoin chief executive officer Jordan Kelley.

“They’re really treating this as, ‘let’s go out, let’s introduce this, let’s show how compliant it can be, and we’ll see what happens,’” Mr. Kelley said.

Now, if you should find some bitcoins burning a virtual hole in your instawallet, but are not in the art district of China’s capital, head on down to the Hester Street Fair here in New York City. Starting next month—and for every Sunday thereafter until October—you’ll be able to buy twee novelties and artisanal jerky at the NYC Bitcoin Fair: “30+ vendors accepting bitcoins for artisan goods and food. Take that, Smorgasburg.

Here’s a fun fact: Mt. Gox may be bankrupt, but did you know its parent company is not? And while, incredibly, people continue to bicker over the former in court—it seems that there is more than one potential buyer for a worthless, toxic brand—the latter is looking to make a few bucks by selling what it’s got left. And if you happen to be one of the 127,000 creditors Mt. Gox owes money, don’t even think about asking for it.

The holding company of collapsed virtual currency exchange Mt. Gox is looking to sell the trademarked word bitcoin, a company executive said.

The company hopes to raise at least ¥100 million, or about $1 million, for a package including the bitcoin trademarks in Japan and the European Union as well as the domain name, the executive said….

Tibanne was effectively the operator of the troubled bitcoin exchange since Mt. Gox had no staff. The two companies share the same office address in Tokyo’s Shibuya district. Tibanne’s lawyers could not be reached for comment.

Lawyers familiar with bankruptcy proceedings who are not involved in the exchange’s case said that Tibanne has no legal obligation to repay the 127,000 creditors of the exchange.

All of which has this guy, who for some reason wants to put some of his hard-earned retirement savings into bitcoins (he is obviously not a millennial), thinking. Not very hard about whether it’s a good idea, but thinking, all the same.

I'm in search of a bitcoin investment for my retirement account — but that doesn't mean that I consider bitcoins safe for retirement….

My search to find a bitcoin investment for a retirement account hasn't been easy.

There is no way that I've found to place individual bitcoins into an IRA or any retirement account. Although you can buy and sell bitcoins on exchanges, my research shows that this can't be done in a qualified retirement account. Many of you may say, “that's a good thing,” — and you would probably be right….

So the bottom line at this point is that for the average investor, bitcoins aren't accessible for their retirement account — yet.

Don’t worry, though. It all works out for him in the end, if by end you mean “goal” and not, “this guy’s bitcoins did not disappear/plummet in value/get banned/cease to exist before he needed them to pay the nursing home.”

In the next article, I’ll discuss the process of investing in the Bitcoin Investment Trust and the specifics of this investment. Due to its availability only to accredited investors and because of the sizeable amount of disclosures and paperwork required, it’s clearly not for the average investor. And as my check is in the mail and the paperwork is soon to be processed, I may soon be the only person who has bitcoins in their retirement account (or at least the only person I know).

If there’s anyone else out there who has done this for a retirement account, I’d love to hear from you. I need all the support I can get!

Indeed. Although what one needs and what one deserves are not always in perfect alignment.

Dish Network Says It Will Accept Bitcoin [DealBook]
BitBeat: Bitcoin Continues to Grow – Gingerly – In China [WSJ MoneyBeat blog]
In June You’ll Be Able to Spend Bitcoins at the Hester Street Fair [Bowery Boogie]
Bankruptcy Judge Rejects Complaints Over Potential Mt. Gox Deal [WSJ]
Mt. Gox Operator Looks to Sell Bitcoin Trademarks [WSJ Japan Realtime blog]
My risky retirement bet in bitcoins [MarketWatch]