Bitcoin Weekly 2016 June 1: China influences rise in market value, BTC ‘not money’ case, Australia auctioning $11.5M …

It looks like the Bitcoin market value got a sudden shot in the arm as Chinese investments have pushed the price up by almost $100 (see below). During a money laundering court case in Florida, an economics professor argued that bitcoins are “not money” by comparing the cryptocurrency to collectible baseball cards and comic books. In what makes the second largest auction of seized bitcoins, Australian officials will be selling off bitcoins as proceeds to a crime in Sydney to the tune of 24,518 on June 20.

Not quite Bitcoin, but the Ethereum blockchain DAO (or Distributed Autonomous Organization or “The DAO”) has finished its crowdfunding round to become the largest crowdfunded project in history exceeding $167 million USD in funds. The DAO is also an experiment in company-as-code as the entire organization runs using smart contracts and computer code in order to codify its own corporate governance. Read below about the rise of this interesting new class of business, the way it works and the current fears critics have about the future of the project.

This past week Bitcoin market prices got interesting: the market value jumped almost $100 over the three-day weekend. BTC market value currently holds an average price of

Read more ... source: TheBitcoinNews

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