DAO Tokens Raise over $2 Million within Hours

Ethereum never ceases to surprise the cryptocurrency community. The digital currency platform has yesterday announced the launch of DAO. Now, what is DAO? DAO stands for Decentralized Autonomous Organization, which offers most of the benefits of a company without the centralization part. In this context, the DAO in the discussion is created by the Ethereum foundation for the governance of the Ethereum Protocol.

Unlike companies, DAO involves community participation. It is not just the directors who are calling shots here, but the whole community, owning DAO tokens can introduce proposals, call for a vote, or vote on a proposal created by a fellow DAO member and more. This ensures complete community involvement in all the decisions taken by the DAO, with everyone voting for any new changes. The concept of DAO is not new, and the Ethereum website offers step by step instruction to create a DAO from scratch over its protocol.

The launch of Ethereum DAO is marked by the availability of DAO tokens, which can be bought by the community from DAOhub. By selling DAO tokens, the autonomous organization will generate crypto-revenues in the form of ether, in exchange for DAO tokens. The funds raised will be used in accordance with the DAO manifesto created during the creation of the decentralized autonomous organization.

The Ethereum raised as part of the token sale will be used to support projects taken up by the organization. These DAO tokens are similar to shares in a conventional company, where the money spent by the shareholder to purchase a company’s shares will be utilized by the company for its operations etc. and the value of share increases or decreases depending upon the performance of the company. The shareholder will be entitled to receive a certain portion of the profits made by the company as dividends. Similarly, the DAO token holders will be able to gain returns on their investment and other benefits based on the performance of DAO and the Ethereum network itself.

Those interested in procuring the DAO tokens to be part of the organization can do so at the moment. The DAO tokens are available at the DAOhub which can be bought at a rate of 100 DAO tokens per Ether. The sale will go on until 28th May 2016 and in the next 13 days, the price for 100 tokens will increase to 1.5 Ethereum. Over 64.28 million tokens were created, worth over 642K ether and equivalent to over $5.7 million. The value of Ethereum has gone up since the DAO token sale went live. According to ShapeShift, the crypto-crypto exchange integrated with DAOhub, over $2 million worth of tokens were sold within few hours of the launch of the sale,

The DAO model has already been put to use by different platforms, Recently, DigixDAO, the Ethereum smart contract based gold backed digital tokens platform had announced the implementation of DAO and the use of DigixDAO tokens to facilitate the transaction of gold backed tokens on the platform. We can soon expect more DAO based entities to be formed in the coming says, replacing the existing company structures.

Ref: Reddit | IBT | DAOhub Image Courtesy of NewsBTC All Rights Reserved

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BitHappy, a new bitcoin browser brings both digital currency and ecommerce together on the same page. The platform calls itself the first bitcoin browser in the world which enables people and businesses to sell things online for bitcoin. Unlike other ecommerce platforms, BitHappy allows anyone to list the things that they want to sell online and accept money in the form of bitcoin from their customers.

The simple, easy to use BitHappy allows individuals and retailers to sell their goods and services online to anyone across anywhere in the world. Selling on BitHappy is no rocket science. Sellers on the platform can easily list their products by adding a picture, few lines of description, any social links, website url related to the product and its price in local currency. BitHappy automatically converts the price in fiat currency to its equivalent in bitcoin.

Apart from being an open ecommerce platform, BitHappy also doubles as a point of sale application that can be used for scanning barcodes on the products and accepting payments for the same in a brick and mortar setting. When it comes to buying products on BitHappy, it is as simple as listing products for sale. One can search for sellers/businesses in their neighborhood by using BitHappy application. They can choose what they want to buy and add it to the cart. In the end they can proceed to check out and pay for all the items with bitcoin. The application generates a unique ID and corresponding QR code to scan and pay the bill with bitcoin. BitHappy comes integrated with Mycelium bitcoin wallet and it can be readily used to store bitcoin and pay using them.

BitHappy goes beyond ecommerce. It can be readily used to collect microdonations and raise funds for charitable and social causes. It is also ideal for individual craftsmen, artisans and entrepreneurs who are interested in selling their products without having to go through the hassles of setting up a shop, creating a bank account and more. According to the website, BitHappy does not charge any transaction fee for purchases made over the platform, making it even more attractive to sellers.

Bitcoin ATMs: they’ve become so very popular. A point proven today by Project Skyhook, who announced via their blog that they have shipped their 150th unit.

Demand for the Skyhook units have been quite high primarily given their low-cost pricing. Compared to competitors’ pricing, the Skyhook only runs at $999, and Project Skyhook says that demand “is very strong, and growing every day.”

In the past month, the team says they’ve sold 70 ATMs, and they’re apparently projecting even greater demand in the next month.

“Our goal this year is to sell 1,000 units, and thanks to our great customers (seriously, we love you, thank you), we’re strongly on track to meet that goal,” they write.

[ot-video type=”youtube” url=”http://www.youtube.com/watch?v=FPh3iAPK0V0″]

The team also notes that customer issues with the machines have been minimal, adding they’ve “gotten a lot of great testimonials and very creative use stories.”

They write:

Our goal with Skyhook has been to make it possible for everyone to become a Bitcoin exchange, so that the buying of Bitcoin is easy, accessible, and not restricted to a single central source. We’re happy that people are using Skyhook ATMs to make it easy for everyone to buy Bitcoins, and we’re proud of our role in improving the Bitcoin ecosystem by reducing our dependence on centralized exchanges.

Skyhook ATMs are designed to be easy to manufacture, and even feature a pre-installed tablet to act as the touch screen interface.

Most recently, Canadian start-up Quadriga CX announced plans to install 30 of the devices throughout Vancouver.

Booze Dom Perignon

The State of Ohio may have a beef with allowing the purchase of alcoholic beverages with bitcoin, but Texas on the other hand is just the opposite.

In an inquiry submitted to the Texas Alcoholic Beverage Commission (TABC), CoinVault ATM CEO Sheldon Weisfeld (who also happens to be a founding member of the Texas Coinitiative) sought to find the legal status of alcohol sales paid for in digital currency in the State of Texas.

Said Carolyn Beck of the TABC in response:

Unlike Ohio state law, the Texas Alcoholic Beverage Code does not require the customer to pay in money when purchasing an alcoholic beverage from a TABC-licensed establishment. Specifically, I am talking about a retailer, winery, brewery or distillery selling to the ultimate consumer. The acceptance of digital currency such as Bitcoin from a consumer in this situation is the establishment’s choice.

The TABC is responsible for overseeing the sale of alcohol in all respects in Texas, and would have final say in green-lighting such a decision. The news will allow alcohol sellers to have a clear understanding of the regulatory landscape and not have to take unnecessary risks.

Texas joins California in states that have made it clear that it is permitted for an individual to use digital currency to purchase alcohol (of course, provided they are aged 21 or higher).

The Federal Alcohol and Tobacco Trade Bureau has also given bitcoin-for-booze sales a green light.

We are in an interesting time with respect to the development of digital currencies. While the technology has proved it can work, the world is seemingly becoming acclimated to the presence of bitcoin (and others), and setting rules outlining what’s okay and what’s not.

The Texas Coinitiative is a non-profit that aims to promote the use of bitcoin through education. The organization is planning a Bitcoin Embassy in Houston, Texas in the near future.

[textmarker color=”C24000″]Source[/textmarker] Texas Coinitiative

Agora Commodities

Agora Commodities, a company specializing in selling investment-grade precious metals, announced today that they’ve sold $10 million worth of gold and silver paid for in bitcoin.

The impressive figure comes nearly one year after the company announced it would be accepting the digital currency — some time before the secondary “rush” of interest that took place in late 2013 (following the price spike in November).

Agora dubs itself as “one of the earlier innovators in the Bitcoin market” and has become the world’s largest bitcoin-to-bullion dealer in the world. Aside from gold and silver, the company offer palladium and rhodium products as well.

These stories of success in accepting digital currency are seemingly becoming commonplace. Most recently, major retail outlet Overstock.com announced they had surpassed the $1 million mark. Electronics retailer TigerDirect also reported they had surpassed the $1 million mark recently.

But Agora has these two companies beat by $9 million (roughly). Of course, they’ve been accepting bitcoin a lot longer, but still, it’s pretty impressive.

TigerDirect Logo

In late January, electronics retailer TigerDirect began accepting bitcoin payments, becoming the second large-scale retailer to do so following Overstock.com.

A day later, we learned that the store had reeled in a whopping $250,000 worth of sales paid for in the digital currency, breaking that which Overstock brought in.

Today, bitcoin news website CoinDesk is reporting that the online retailer has broke the $1 million mark as of the 13th of March — nearly 50 days after first beginning to accept it.

On the 4th of March, Overstock.com announced they passed the $1 million marker, and continues to bring in $20,000-$30,000 worth of bitcoin payments per day.

TigerDirect is reportedly content with the decision to accept bitcoin, with the director of marketing Steven Leeds noting that “The overwhelming response from our customers validates our decision.”

TigerDirect Logo

Yesterday’s news that online electronics retailer TigerDirect would be accepting bitcoin payments came as a surprise to the community, but first-sale days figures might come as a greater surprise.

Reports circulating indicate the company has managed to bring in a whopping $250,000 worth of bitcoin payments in the matter of 17 hours. Over 1,000 orders made up the sum, which is quite a bit more than that brought in by Overstock.com in the same time period — about $130,000-worth.

The company — which brings in $2 billion + annually — has opened up the door to a whole new revenue source by accepting the digital currency.

Moving forward, it will be interesting to see how these sales figures transform. Will they keep up or wane over time? Time will tell. (via BitcoinBillboard) (published from 35,000 feet).

Overstock Picture Bitcoin

Rob Wile over at Business Insider published a great post on Monday evening with some data that’s come from Overstock.com from purchases last Thursday. That was, of course, the day in which the online retailer began accepting bitcoin payments — six months ahead of the originally-projected timeframe.

The company managed to sell $130,000 worth of items for the digital currency that day, and Wile reports that sheets, cell phone cases, USB memory sticks, and bath towels were the most popular items amongst shoppers looking to spend their bitcoin.

The states with the most bitcoin buys on Overstock per capita were: New Hampshire, Utah, Oregon, Vermont, and Washington. By the numbers, the states with the highest amount of orders were: California, Texas, and Florida, with 228, 105, and 87 orders, respectively.

You can see this visualized on a map on Business Insider. We just thought it was an interesting share.

Overstock.com Logo

Yesterday, Overstock.com took us all by surprise by accepting bitcoin about six months before they were originally expected to (Overstock CEO Patrick Byrne told me in an interview last year the integration was to happen in the second half of 2014). It wasn’t long after that we followed up with a report indicating a whopping $10,000 in merchandise had been sold in bitcoin in the matter of about two hours.

Overstock Picture Bitcoin

It has since been nearly 24 hours. So where are we now in terms of sales? An Overstock.com spokesperson told newsBTC this morning the company has raked in a massive $124,000 USD worth of items in bitcoin payments as of 11AM Eastern US time. Patrick Byrne has also confirmed this information in a tweet.

That amounts to roughly 780 orders, according to Overstock (one person even spent $2,700 on a patio set) — and the numbers continue to grow. A scan of the bitcoin page on Reddit.com shows a number of users who have purchased from the company in support of bitcoin.

Moving forward, it’s certainly going to be interesting to see how the sales figures continue. Is it the excitement factor or have bitcoiners finally found their one-stop shop?


KnCMiner Logo Small

Just recently, Sweden-based KnCMiner put up their brank-spanking-new miner — dubbed ‘Neptune’ — up for pre-order (with eventual release slated for early 2014). Today, the sales figures are out, and they’re absolutely mind-blowing.

Company spokesman Alex Lawn says KnC managed to sell $8 million worth of Neptune bitcoin miners in 24 hours alone. At a cost of about $10,000 per unit, Lawn says the company was doing $1 million in sales per hour for the first five hours.

The Neptune miner is capable of mining up to 2.1 Bitcoins daily under “ideal” circumstances, but it’s certainly not easy to come by financially. What’s more, as more Bitcoins are mined, the harder it becomes to mine. Which means in the matter of months, the Neptune miner will essentially be useless (but hopefully not before it’s able to produce more Bitcoins than it was bought for).

Side note: Lawn also says 70% of Bitcoins mined daily are done on KnC hardware. newsBTC can not verify and confirm this claim.

KnCMiner isn’t a stranger to impressive revenue numbers. Just earlier this month we reports on news that KnC had raked in $3 million in sales of mining hardware in four days.

Continue reading KnCMiner Sells $8 Million Worth of Neptune Bitcoin Miners in One Day