{"id":29718,"date":"2015-02-08T11:48:58","date_gmt":"2015-02-08T16:48:58","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=29718"},"modified":"2024-06-06T18:13:27","modified_gmt":"2024-06-06T18:13:27","slug":"the-most-important-bitcoin-developments-this-week-february-8-2015","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/the-most-important-bitcoin-developments-this-week-february-8-2015","title":{"rendered":"The Most Important Bitcoin Developments This Week: February 8, 2015"},"content":{"rendered":"

NEW YORK (InsideBitcoins) — Despite swings of 12% during the week, the price of bitcoin ended off just 2% for the week<\/strong> ending February 6 — closing Friday at $223.53, according to the Windex<\/a> composite. That’s pretty much were the cryptocurrency has remained throughout the weekend, hovering in the $220s as of late Sunday morning in New York, according to the Inside Bitcoins Price Tracker<\/em><\/a>.<\/em><\/p>\n

\"Chart02082015\"<\/a>
bitcoincharts.com<\/figcaption><\/figure>\n

The bitcoin price has lost about -30% for the year-to-date<\/strong>, according to the averageBTC<\/a> index produced by bigterminal.com.<\/p>\n

Other important developments for the week included:<\/em><\/p>\n

\"Silk<\/a>In deliberation that only took 3 \u00bd hours, the jury convicted 30-year-old Ross Ulbricht of running Silk Road<\/strong> as Dread Pirate Roberts. The jury found Ulbricht\u00a0guilty on all seven felony charges: drug trafficking, computer hacking, running a criminal enterprise, money laundering, and fraud with identification documents. These seven felonies could carry a sentence of a minimum of 20 years and up to life in prison.<\/p>\n

\"BitLicense<\/a>The New York State Department of Financial Services<\/a> (NYDFS) finally released a revision to the original BitLicense<\/strong> proposed cryptocurrency regulations. As expected, the new document includes the changes Superintendent Ben Lawsky previewed in a speech in mid-December, including reduced record-keeping requirements, a two-year waiver from full compliance for startups, the allowance of virtual currencies to be held\u00a0toward capital requirements and the elimination of the requirement for licensees to obtain address and transaction\u00a0data for all parties involved in a transaction.<\/p>\n

A group of nine participants<\/a> did their best to explain bitcoin to the New Jersey Legislature\u2019s Financial Institutions and Insurance Committee<\/strong> on Thursday, informing the lawmakers about how they should view digital currency as a whole.<\/p>\n

A private gathering of bitcoin movers and shakers<\/strong> called the Satoshi Roundtable<\/a> occurred this weekend on a remote tropical island. \u201cIt\u2019s like a private dinner but we will make every effort to make it as transparent as possible,” said organizer Bruce Fenton.<\/p>\n

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The historic Satoshi Roundtable is on. #Bitcoin<\/a> #cryptocurrency<\/a> @brucefenton<\/a> pic.twitter.com\/tSCyxTxQHV<\/a><\/p>\n

— Juan Llanos (@JuanLlanos) February 7, 2015<\/a><\/p><\/blockquote>\n