Bitcoin Picks: Ponzi Scheme Gets Punished & Developers Get New Treat

Another action packed week of activity in the Bitcoin sector, a mix of positive and negative stories engulf the developments

BTC/ Source: dcmagnates.comThe world of crypto-currencies continues to face hurdles in its journey of acceptance as a viable instrument. South Asian nation, Bangladesh, has issued a harsh warning against users of Bitcoins with the possibility of prison. On the other hand, currency dealers offering the popular MT4 trading platform are to benefit from a new pricing source as Bitcoin exchange, Ibinex, readies itself to provide liquidity. The weekly wrap is courtesy of specialist industry news source for virtual currencies, DC Magnates.

The Good: App developers Get New Open-Source API

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Technologists looking to savour their coding skills to create applications for the Bitcoin market will benefit from a new open-source framework. Coinbase reported that it has launched a new benchmark development, API, the iteration is developer-friendly, allowing them to build in functionality to query up-to-date blockchain data.

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The Bad: Bitcoin Ponzi Scheme Pays $40 Million

A Texas federal court charged a local resident who was previously found guilty by the US financial watchdog for running a Bitcoin-related Ponzi scheme. The court enforced the guilty party, Bitcoin Savings & Trust’s founder, to pay disgorgement and penalties totaling more than $40 million. Details of the case showed that the scheme had promised significant returns of up to 7% weekly.

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The Ugly: Bangladesh Bans Bitcoins

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The South Asian nation, Bangladesh, has enforced an outright ban on the use of Bitcoins, becoming the fourth country to prohibit residents from using the digital currency. In a statement issued by the central bank its states that the use of the instrument is a punishable offence, with a prison sentence of up to 12 years.

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Bitcoins Love of MT4 Continues with New Liquidity Stream

Ibinex, a dedicated Bitcoin exchange, readies the launch of round-the-clock Bitcoin liquidity on the popular MetaTrader 4 platform. The trading terminal, which holds the largest market share of users in the margin FX world, is expected to be rolled-out in Q1 of 2015. Bitcoins are a viable add-on for currency brokers as they gain traction globally among users.

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Educating the Educated – Digital Currency Council Extends Reach

A new body supporting the development and sophistication of digital currencies established an office in New York’s lower Manhattan. The Digital Currency Council aims to bridge the gap between end-users and intermediaries, such as financial advisors. The body will educate and inform financial advisors on the dynamic nature of digital currencies as it attempts to create awareness among end-users. It will offer courses and seminars for advisors to ensure they fully understand the financial instrument.

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