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This is the fifth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 , on Day 2 , on Day 3 , onDay 4 and on Day 5.
On day six I woke with a renewed sense of energy. My last two days in San Francisco were booked up with plenty to do, and yesterday’s purchase had reinvigorated the experiment’s sense of purpose.
A U.S. Federal Court recently indicted Gelfman Blueprint Inc. (GBI) and its CEO Nicholas Gelfman to the tune of $ 2.5 million for running a Bitcoin Ponzi scheme. The matter is the first ever anti-fraud proceedings concerning Bitcoin taken up by the Commodity Futures Trading Commission (CFTC).
According to a CFTC press release published on Thursday (October 18, 2018), the defendants – GBI and Gelfman, will pay about $ 2.5 million in restitution and civil monetary penalties to the affected victims. Out of that sum, $ 554,734.48 and $ 492,064.53 is for restitution, while $ 1,854,000 and $ 177,501 is for civil monetary penalties.
French street artist, Pascal Boyart is taking bitcoin to the art world. The mural painter known by the moniker ‘PBOY’ is incorporating bitcoin QR codes in his artworks. This allows him to receive donations from the public in crypto.
The term “struggling artist” is an age-long trope. Not every artist is fortunate enough to have a wealthy patron financing their talents. Even with crowdfunded platforms like Ulule and Patreon, it is still difficult for many artists to eke out a living. For Boyart, the solution to the problem has been Bitcoin, the world’s most famous cryptocurrency.
People often get quite creative when it comes to cryptocurrency. An artist who goes by the name Andy Bauch has hidden the private keys to cryptocurrency wallets containing $ 10,000 worth of coins in artwork built with Lego bricks. It’s a remarkable showcase of artistic skill and cryptocurrency enthusiasm, to say the least.
It is safe to say few people would ever look for a cryptocurrency wallet’s private key in artwork made with Lego bricks. Whether or not that is the main reason why Andy Bauch took this approach remains unknown. We do know his creation has sparked a lot of interest, although it is evident this approach was quite unusual. Combining the concept of cryptocurrency with art in a meaningful way is not something we see every day, unfortunately.
A Bitcoin scam artist in the United Arab Emirates who fleeced a victim of $ 545,000 was arrested, and the stolen money was actually recovered.
It seems that some new Bitcoin scam comes along every week. One recent example is of a person claiming to be a crypto celebrity who will send you double the cryptocurrency you’ll send to their wallet. Another is a straight theft of fiat that’s to be used to purchase cryptocurrency. It’s this latter case that we saw happen once again, this time in the United Arab Emirates as a man stole $ 545,000 meant to be used to buy bitcoins.
