The Ethnic Group That Knows the Most About Bitcoin Is Not Who You Think It Is

When you mentally picture the average Bitcoin user, what image pops into your head? A tech nerd in his mid-20s? A wealthy, opportunistic investor in his 30s? (Probably not) an upper-middle-class college girl majoring in English literature?

The average Bitcoin user used to be a non-religious male with libertarian/anarcho-capitalist leanings, 31.2 years of age, with a job and a full-time relationship, according to a self-selecting community survey done last year by tech/economics blog Simulacrum.

But that poll didn’t ask about an important – and surprisingly interesting – factor: ethnicity.

When framed this way, you may imagine whites/Caucasians dominating the market, or perhaps beaten out by Asians.

But you may be wrong. A new poll has found the most likely ethnic group to have heard about Bitcoin is (*drumroll*) Hispanic Americans.

When asked how much they had heard about Bitcoin, just 8 % of self-identifying white respondents to the survey by digital media company Morning Consult answered “a lot.” African-American respondents were similarly unfamiliar, with 7% saying they’d heard a lot about the cryptocurrency.

A staggering 21% of Hispanic-Americans , meanwhile, gave this answer, along with 22% of “other” respondents, many of whom are likely Asian.

Hispanic-Americans were by far the ethnic group most likely to say they would consider using Bitcoin themselves: 23% answered they were “very likely,” compared to 9% from African-Americans and “others” and just 5% from whites.

The differences between ethnic groups evened out about the issue of Bitcoin legality, with between 40 (whites) and 52 (Hispanics) percent of all respondents agreeing that the government should allow people to use Bitcoin.

Though it may be presumptuous to draw definitive conclusions from the survey, a clear inference about the results may be that Hispanic-Americans have begun to pick up on Bitcoin’s exciting implication for the remittance market: a low-cost method for diaspora members to send money back home.

Bitcoin-based remittance companies have been exploding especially in Africa, where it’s been estimated that people are losing US$1.8 billion annually to remittance fees.

In the United States (the country where the survey was performed and the largest sender of remittances in the world), however, the top two remittance recipients are Mexico and China.

Immigrants in the US sent US$22.8 billion back to Mexico and US$13.1 billion back to China in 2012, according to the Pew Research Center. Remittance prices average about 9% of the total value transferred (and over 12% of the total value in sub-Saharan Africa) according to the World Bank, making Bitcoin-based remittance services a godsend for immigrants sending money home to support their families.

What do the results imply for the future of Bitcoin use in the States?

People with incomes under US$20,000 a year and over US$100,000 a year are two to three times as likely to have heard a lot about Bitcoin than those with middling incomes, and those in the former group voted themselves the most likely of all income levels to use Bitcoin themselves.

Though the tech-savvy, middle-class white guys and Asians were the ones to get the Bitcoin ball rolling, the future of cryptocurrency expansion lies with the lower-income demographics all too eager (and rightfully so) to work around the fees, paperwork, and bureaucracy of traditional banking.

Source: The Bitcoin News

DigitalBTC Reports Early Success on Australian Securities Exchange

Australian bitcoin firm DigitalBTC has reported its quarterly earnings, the first since the company went through a reverse takeover and re-listing on the Australian Securities Exchange (ASX).

The company reported positive cash flow from bitcoin mining activities and bitcoin liquidity propositions, adding that it has already managed to recoup investments in its mining operations. In addition to mining, DigitalBTC is trying to enter the consumer space and has made it clear that it plans to use revenue generated by its mining business to fuel further expansion.

As DigitalBTC is the first bitcoin company to be listed on the ASX, it is also the first such company to report its quarterly earnings in a routine filing with the exchange.

Mining success

Currently, bitcoin mining is DigitalBTC’s principal revenue source. The company ordered several tranches of BitFury miners earlier this year, pledging to become one of the biggest mining operations in the world.

In addition to the BitFury arrangement, the firm also entered a strategic partnership with CloudHashing.com.  Under the deal, CloudHashing.com led the deployment of the mining hardware, while DigitalBTC in turn offered trading services to CloudHashing.

“Our purchase of Bitfury Group equipment has proved to be a wise decision, with the company now having achieved complete payback on our original US$4m equipment purchase, including all capital and operating costs incurred to date,” said DigitalBTC Executive Chairman Zhenya Tsvetnenko.

The company says in a press release that it has mined approximately 8,600 bitcoins so far and that, as of 30th June, it held an estimated 3,600 bitcoins awaiting liquidation or use in liquidity desk operations. However, in its ASX filing the company reported somewhat lower numbers, saying it sold around 4,000 bitcoins, which generated around US$2.1m.

The company explained the difference between the figures as a foible of the accounting rules:

“Due to the nature of accounting standards, bitcoins generated but still held prior to liquidation or use in Liquidity Desk operations will not be reported as cash flows relating to operation activities.”

Trading and product development

DigitalBTC has also rebranded its trading desk, which is now called the Liquidity Desk, which it indicates is continuing to generate “good returns”. The firm has also expanded its list of partners and gained volume in June, it says, while additional investments in bitcoin mining operations are being considered.

Furthermore, while it hints that R&D is continuing on a number of innovative consumer products, no additional details were provided.

“The bitcoin system continues to go from strength to strength, with significant new investments and major merchants coming on board,” said Tsvetnenko. “In the last week, the biggest retailer yet to accept bitcoin, Dell, began accepting payments for purchases via the Dell site.”

Tsvetnenko added that bitcoin is rapidly moving toward mainstream adoption and made it clear DigitalBTC intends to play a role in realising bitcoin’s full potential.

Source: The Bitcoin News

Chamber of Digital Commerce on proposed “Bitlicense”: It can crush Bitcoin industry

Perianne Boring, President of the newly formed Chamber of Digital Commerce, echoed the increasing criticism levelled at the recently unveiled “BitLicense” proposal for New York State.

The proposal was spearheaded by Ben Lawsky, Superintendent for the New York Department of Financial Services (NYDFS). The draft requires any business dealing in virtual currency to be licensed. License holders are required to follow rules ensuring the safety of client funds, the enforcement of anti-money laundering (AML) controls and other miscellaneous items.

While there was initially positive reaction from the industry’s bigger players, the proposal later came under fire from many others arguing that it was far too onerous, especially for smaller businesses. Such a restrictive set of rules, they maintain, would stifle the Bitcoin industry in one of its most valuable markets. The proposal is allowing for feedback for 45 days, a period some have argued is too short.

Boring shared this sentiment while speaking at the Coin Congress in San Francisco: “One egregious aspect is that the NYDFS is only giving 45 days to comment, which is severely inadequate to proposed regulations of this scope. We are requesting that the NYDFS extend the comment period through the end of 2014, to allow the industry adequate time to properly review and respond.”

Boring launched the Chamber to represent the views of the digital currency world, with a focus on advocating digital currency to government and educating them about it.

Source: Digital Currency Magnates

DigitalBTC Reports Early Success on Australian Securities Exchange

Australian bitcoin firm DigitalBTC has reported its quarterly earnings, the first since the company went through a reverse takeover and re-listing on the Australian Securities Exchange (ASX).

The company reported positive cash flow from bitcoin mining activities and bitcoin liquidity propositions, adding that it has already managed to recoup investments in its mining operations. In addition to mining, DigitalBTC is trying to enter the consumer space and has made it clear that it plans to use revenue generated by its mining business to fuel further expansion.

As DigitalBTC is the first bitcoin company to be listed on the ASX, it is also the first such company to report its quarterly earnings in a routine filing with the exchange.

Mining success

Currently, bitcoin mining is DigitalBTC’s principal revenue source. The company ordered several tranches of BitFury miners earlier this year, pledging to become one of the biggest mining operations in the world.

In addition to the BitFury arrangement, the firm also entered a strategic partnership with CloudHashing.com.  Under the deal, CloudHashing.com led the deployment of the mining hardware, while DigitalBTC in turn offered trading services to CloudHashing.

“Our purchase of Bitfury Group equipment has proved to be a wise decision, with the company now having achieved complete payback on our original US$4m equipment purchase, including all capital and operating costs incurred to date,” said DigitalBTC Executive Chairman Zhenya Tsvetnenko.

The company says in a press release that it has mined approximately 8,600 bitcoins so far and that, as of 30th June, it held an estimated 3,600 bitcoins awaiting liquidation or use in liquidity desk operations. However, in its ASX filing the company reported somewhat lower numbers, saying it sold around 4,000 bitcoins, which generated around US$2.1m.

The company explained the difference between the figures as a foible of the accounting rules:

“Due to the nature of accounting standards, bitcoins generated but still held prior to liquidation or use in Liquidity Desk operations will not be reported as cash flows relating to operation activities.”

Trading and product development

DigitalBTC has also rebranded its trading desk, which is now called the Liquidity Desk, which it indicates is continuing to generate “good returns”. The firm has also expanded its list of partners and gained volume in June, it says, while additional investments in bitcoin mining operations are being considered.

Furthermore, while it hints that R&D is continuing on a number of innovative consumer products, no additional details were provided.

“The bitcoin system continues to go from strength to strength, with significant new investments and major merchants coming on board,” said Tsvetnenko. “In the last week, the biggest retailer yet to accept bitcoin, Dell, began accepting payments for purchases via the Dell site.”

Tsvetnenko added that bitcoin is rapidly moving toward mainstream adoption and made it clear DigitalBTC intends to play a role in realising bitcoin’s full potential.

Source : http://www.coindesk.com

Auction of Bitcoins.com Domain Name Halted By US Court

A restraining order issued by the US District Court of Seattle has resulted in the cancellation of the anticipated auction of the Bitcoins.com domain name.

The domain name, currently owned by Mt. Gox CEO Mark Karpeles through his company Tibanne KK was expected to be auctioned by US-based auction house Heritage Auctions on 24th July. However, bitcoin startup CoinLab – which recently agreed to support Mt. Gox’s bankruptcy plan – moved to prevent the sale.

Tibanne KK has been ordered to preserve and account for all held assets, which includes the Bitcoins.com domain name. In a statement, CoinLab lawyer Roger Townsend indicated that the company, while supportive of the bankruptcy proceedings, would not allow the sale of its assets without permission.

Townsend remarked:

“We are pleased that the court entered an order requiring Tibanne to preserve and account for all of its assets, including any ownership it might have in Mt Gox, domain names or payments that it has received since the bankruptcy. This TRO sends a strong message to Tibanne that they cannot dissipate assets without the court’s approval.”

CoinDesk reached out to Heritage Auctions regarding the court order, but has not received an immediate response. The auction appears to be on-schedule for its original launch date according to the Heritage auction page for the Bitcoins.com sale.

CoinLab was originally contracted to provide services to Mt. Gox customers in the US and Canada. However, this relationship ended when CoinLab sued the company for failing to provide it with the resources to carry out its mandate. Mt. Gox later countersued, and neither lawsuit has been formally resolved.

Auction bad for bankruptcy

In court documents, CoinLab argued that the domain name auction would have a significantly negative impact on Mt. Gox’s bankruptcy process – and the ability for creditors to recoup lost funds.

The district court agreed with the company, saying:

“There is good cause to believe that immediate and irreparable damage to the court’s ability to grant effective final relief for plaintiff in the form of damage and monetary restitution will occur from the sale, transfer, assignment or other disposition or concealment by defendant Tibanne KK of their assets or records, unless Tibanne KK is immediately restrained and enjoyed by this order.”

The order went on to state that it is “in the public interest” to prohibit Tibanne KK and any of its employees from taking any action that might affect control or ownership of the company’s assets.

The restraining order will expire in 14 days, after which time an extension will be considered by the court.

 Source : http://www.coindesk.com

Barry Silbert Leads $250,000 Investment in Mexican Bitcoin Exchange Volabit

Mexico-based bitcoin exchange Volabit has received $250,000 in new funding, an amount the company says will be used to further establish itself in the digital currency market.

The capital comes from Bitcoin Opportunity Corp, a investment vehicle headed by SecondMarket and Bitcoin Investment Trust CEO Barry Silbert. Speaking to CoinDesk, Silbert said that he is confident Volabit can gain the users it needs to target the country’s underserved consumer market, and that his firm’s investment is a reflection of this belief.

Silbert told CoinDesk:

“Through the use of bitcoin, Volabit has the potential to radically transform the US-Mexico remittance corridor, one of the largest money transfer corridors in the world.”

Notably, Bitcoin Opportunity Corp invested the same amount in Sweden-based cryptocurrency exchange Safello two weeks ago. At the time, that was the largest investment the firm had made outside the US.

Volabit launched earlier this year under the name Coincove, and was in beta until May. The exchange officially opened at that time with the stated aim of becoming the ‘Coinbase of Mexico‘.

Pivoting from remittance

Volabit was created by former Carnegie Mellon students Hannah Kim and Tomas Melis. As Coincove, it took part in the Boost VC incubator program and developed a focus on remittances services in Latin America.

This focus has shifted to a certain extent, as certain markets like Argentina and the US proved problematic. These regulatory challenges forced Coincove to rethink its approach and put remittances on the backburner.

Volabit co-founder Hannah Kim explained:

“While testing the first version of our service, we came to the realization that the cash collection infrastructure essential to a bitcoin-based remittance system was out of reach for bitcoin companies. This is in part due to the unclear regulatory environment, especially at a state-by-state level where money licensing laws apply.”

The company is now keen to enter another niche in Mexico by providing affordable financial services to consumers that lack access to banking, though Kim says, here too, its target markets will require a unique approach:

“In-person, cash transactions for bitcoin may sound counterintuitive, but given that most of the target population do not have bank accounts and are risk-averse when it comes to sending money, it makes sense that they would not interact with bitcoins in the way that’s familiar to the bitcoin-savvy crowd.”

She added: “The confluence of all these factors makes it very difficult, at this time, for anyone to develop a service that the target market would use.”

Finding opportunities

Despite these challenges, Kim notes that Volabit is optimistic that advances on the US regulatory front will eventually allow the company to achieve its original goal of providing low-cost remittances.

In the meantime, Kim told CoinDesk that there are numerous opportunities beyond remittances for Volabit to seek, especially in Latin America:

“In Mexico, for instance, loans and credit are very expensive, credit card adoption is very low. [The lack of] access to competitive financial services inhibits the people living in countries with such conditions – the underbanked population in particular. Bitcoin, however, has the potential to transform this situation by increasing the choices available to those living in countries whose financial systems are very localized by connecting them to the global economy.”

Volabit says the new investment will fuel product development efforts on these fronts. The company is currently developing a partnership with a peer-to-peer lending company to bring low-rate loans to Mexico.

Source : http://www.coindesk.com 

World’s First Airline to Accept Bitcoin Misses a Big Opportunity

Neil Murray is an entrepreneur and writer involved in the Nordic and European startup scene. He runs The Nordic Web, a content and data provider, alongside VIP VoIP, an event series which connects local startup ecosystems with global tech players. Here, he discusses the perks of bitcoin as both a marketing tool and a cheaper transaction method.

 

This week, Latvia’s national airline, airBaltic, confirmed that it is now accepting bitcoin, and that in doing so, it became the first airline that accepts bitcoin directly, rather than through a third party.

This is a positive move for those that want bitcoin to evolve into a mainstream currency that can be used for the purchase of everyday goods and utilities, and it could lead competitors to also offer a bitcoin payment option. The immediate knock-on effect could be that Expedia will start accepting bitcoin for flight bookings, in addition to hotel bookings that you can already make with the cryptocurrency.

By becoming the first airline to accept bitcoin, airBaltic has surely stolen a march on everybody else. However, the firm has missed a trick. The dreaded transaction fee.

Yes, even when booking a flight with bitcoin, the transaction fee is €5.99.

AirBaltic explained:

“The transaction fee is to cover the costs associated with processing and handling the booking rather than the bitcoin itself.”

Yet, a processing and handling fee typically is meant to cover costs from processing the payment. So, where in this case there is practically none, it is not clear why this expense still applies. Surely, the handling of the booking itself would already be accounted for in its salaries and expenses, as this is the main purpose and reason for the business’s existence, so it would seem pretty odd not to have this factored into its costs already.

There is no transaction fee when using an airBaltic card, for example, which demonstrates that the main purpose of these fees are deterrents, aimed to encourage customers to avoid other payment methods and to take advantage of the benefits of being an airBaltic cardholder.

Having broken ground in becoming the first airline to accept bitcoin, it makes no sense to essentially deter people from using it. Otherwise it is no more than a publicity stunt, which to be fair to them has done the airline pretty well so far already, with the bitcoin community buzzing about this news.

AirBaltic was quick to spot a big opportunity with bitcoin, I just hope they don’t let an even bigger one pass them by.

 Source : http://www.coindesk.com 

Mt. Gox creditors demand payment – In bitcoins

Ben McLannahan writing in today’s Financial Times, is reporting that Mt Gox creditors in Tokyo have demanded payments to them  be paid in the form of bitcoins rather than cash. Mt Gox was once the largest online exchange but went offline in February of this year and revealed, or more accurately claimed that it had ‘lost’ 750,000 of its clients bitcoins as well as 100,000 of its own. Gox later claimed to have ‘discovered’ 200,000 lying around in an old digital file. In March of this year I wrote that $113 Million of bitcoins may be moving through the blockchain, and many of Mt Gox’s creditors appear to be somewhat doubtful that their bitcoins were, in fact, ever lost.

Daniel Kelman, a US Layer, resident in Taiwan, today informed the notified trustee to the Mt Gox bankruptcy, Nobuaki Kobayashi, of his intention to form a ‘rebel group’ of creditors seeking to receive their payments in the form of bitcoins.

At the first gathering of creditors at a Tokyo District Court on Wednesday, Daniel Kelman, a New York-qualified lawyer now resident in Taiwan, notified trustee Nobuaki Kobayashi of his plans to form a rebel group. McLannahan explains that under Japanese law, a committee representing more than half of creditors has the power to “participate” in proceedings, so long as it satisfies certain conditions and is recognized by the court as representing the interests of creditors as a whole. Kelman explained that it was their view that any large scale sale of bitcoins for cash could lead to a depressed market for Bitcoin, and that is not in the interest of the creditors.

“As pretty much every creditor was an early adopter, we’d all like to see Bitcoin distributed as Bitcoin. As a form of payment it is overwhelmingly superior to cash.”

In Japan, all settlements in bankruptcy proceedings have always been in cash and any settlement approved for payment in a cryptocurrency would be a first, a landmark. The added complexity facing the court is that almost all of the Mt Gox 127,000 creditors are non-Japanese. Sunlot Holdings, a US-based group, has placed before the court a counter-proposal, that they should revive the online exchange. John Betts, the Sunlot CEO, stated that Sunlot has: “stayed the course as the longest standing serious offer,”

According to Mr Kelman, Mr Kobayashi stated on Wednesday, that he would “consider” paying claims in Bitcoin and this drew a spontaneous round of applause from dozens of creditors in the meeting, a meeting incidentally that was closed to the press. Mr Kelman said he aimed to assemble his committee by the next creditors’ meeting in November, adding that he was “very close” to the magic 50 per cent representation.

It should be pointed out however that Kelman also has another interest in arranging payments in bitcoins. He has declared his intention to launch a new Tokyo based exchange in partnership with Chinese ATM producer BitOcean and Atlas ATS, an exchange technology provider. Under the proposal he submitted to the court, his proposed new venture – BitOcean Japan – would distribute the 200,000 ‘Found’ Mt Gox coins, on a pro-rata basis to creditors, while giving them a 49 per cent equity stake in his new Tokyo exchange.

Source: The Bitcoin News

ZipZap Expands Bitcoin Buying Service to 34 European Countries

Transaction network ZipZap has announced that consumers across 34 European countries will soon have access to its cash-to-bitcoin services.

The company says consumers will be able to use its platform to purchase digital currency, pay bills for their relatives in other countries, alongside a host of other services. ZipZap offers free sign up, free wallet and free deposit services.

The expansion comes just months after the company announced plans to enter the Latin American market.

CEO Alan Safahi spoke to CoinDesk back in April to explain his vision for the future of innovative payment services in emerging markets and developed economies.

Simplifying payments worldwide

ZipZap says it has already developed strategic partnerships across Europe in order to facilitate the expansion. It now accepts cash and bank transfers from networks including: GiroPay, SEPA, SOFORT, iDeal and MisterCash.

The company has experienced issues with its payment processors in the past. Earlier this year it was forced to suspend services in the UK after its payment processor PayPoint said it needed more clarification on the regulations surrounding bitcoin.

However, it did not take long for the company to secure a new partner, PayZone, and resume operations in the country.

“ZipZap has a commitment to simplify and democratise payments worldwide,” said Simon Nahnybida, senior vice president of business development for ZipZap.

“We are now enabling more consumers with the power to easily, safely and securely buy digital currencies at affordable prices using multiple payment options.”

Over the counter

ZipZap is not the first platform to target over-the-counter transactions. London’s first bitcoin voucher shop, Azteco, opened earlier this year on the edge of the city’s financial district. Customers hand the shop’s attendant cash to receive a voucher code that can be redeemed at the Azteco website – minus a 3% commission.

Further afield, bitcoin users in Ukraine can now utilise a network of more than 4,900 payment terminals to convert their cash into digital currency all over the country. The machines, known as BNK-24 terminals, also allow customers to pay utility bills and purchase mobile phone credit. 

BTCU, the company behind the service, charges 3.5% commission on each transaction – citing pent-up demand for a cheaper, more convenient payment system to settle overseas e-commerce transactions.

 Source : http://www.coindesk.com 

Last chance to buy bitcoin under $500

Why is the price going up now?  Official committees  are looking more closely, there has been a crackdown on some illegal activities, theft remains a problem…  Is it time to buy bitcoin?

Yet the price keeps rocketing upward.  What gives?  Every day there is a news story comparing bitcoin to tulip mania, or saying that this haven for thieves and anarchists will be regulated out of existence.  Another tack taken by detractors is that bitcoin is fundamentally broken, like the recent article from Cornell.

Not to say that there is nothing to criticize here, but the obvious lack of understanding in most articles that detract from bitcoin makes me think that the articles were written for attention, more than to try to educate their audience.  For instance saying “from Cornell” gives the idea that a highly respected ivy league college is on the bandwagon against bitcoin.  That it was from one professor, and the paper was not peer reviewed is never mentioned.

Does the media care that few people make use of bitcoin for illegal purposes?  Not if it makes the headline look good.  Look at the comment section in any of these articles and you’ll find many well thought out rebuttals that go unanswered.

I believe that bitcoin is most likely to keep rising for several different reasons.

Remittances: Most of the people that really need bitcoin don’t know about it yet.

Not fiat based:  Let math control the currency.

Low cost infrastructure:  The amount of money saved by using the blockchain is vast.

 

Let me further explain these one at a time.
Remittance. This is when money is sent from one place to another.  This can occur as a transaction, gift, and often as a way for families to send money to each other.  This is quite common in countries where it is difficult to make a living.  Often a person will move to another economy where there is a greater chance for them to be able to help support their relatives.

A person sending money home will have to pay a portion to the company that is managing the transaction.  In some cases, up to half of their money will be taken in this way.  The poorer the country, the higher the fee.  Bitcoin has no such bias.

Even for a rich nation, the benefit is obvious.  Quick transactions that go directly from peer to peer helps to expedite purchases, and allows people the comfort of knowing that no third party hands were laid on their money.

Not fiat based.  Inflation has been a problem since the first notes appeared.  Bitcoin fixes this by limiting the total amount that will ever be minted.  If adding zero’s to the front of transactions ever gets too tedious, it would be easy to move the decimal back as far as needed.

The US economy inflates from 2-3% per year.  Many don’t see this as a problem, but long term savings take a huge hit.  At 2% this means that it takes about 26 years to halve the actual value of your nest egg.  There are many countries we can point to that have higher than 10%, and a couple that are over 50%.  It is extremely difficult for people in this position to save any money.  Sometimes even if they do manage to save, they will be punished by having the top notes taken out of circulation.

You may be quite comfortable with your government having control over your financial future, but there is a large portion of the world that does not.

Low cost infrastructure.  A couple months ago a lot of noise was made over the cost of creating a bitcoin.  Compare this to the costs that are currently paid in the financial structure, and this looks quite minimal.  The way bitcoin is set up, many of these problems just go away.  For instance banks and credit card companies.

Not that everyone will want to use their computer as a bank.  This is maybe one of the best real criticisms of bitcoin.  Many potential users don’t know enough about computer safety to be able to take this responsibility.  Even those who know don’t always take the precautions that they should.
A couple other reasons are:

World reserve currency.  This seems to be a natural place for a decentralized currency.  At even 1% a single bitcoin would have to be worth over 100k to meet the demand.

 Anonymity.  There are a lot of people in stifling situations where their life or liberty is in danger for doing things that many people take for granted.
Emergent tech.  It’s interesting, and profitable, to be involved in the newest thing that is sweeping the world.
To end this list of possible future reasons that bitcoin might take off, let’s take a quick look at one of the largest reasons that is actually pushing bitcoin prices through the roof today.
China.  For a long time the greatest push came from US and European enthusiasts.  Lately the largest volume of any exchange has been on BTCChina.  Taking the last thirty days of volume, this graphic from bitcoinity.org shows the top five exchanges:

Chine buys bitcoin

From top to bottom, MTGox, BTCe, BTCChina, Bitstamp, and Bitfinex.  Up to about 40% of the total market’s volume, it’s no wonder the price is going up so drastically.

Oh, and about the tulip mania..  The only thing that bitcoins and tulips have in common that I mention in this article is that they are not fiat based. 

 Source: Decentralized Hashing