It's All About the Bitcoins
BitInstant, the New York-based Bitcoin startup that promises to make it easier and faster to transfer Bitcoin funds, has been hit with a class action suit, according to Coinbase.
In the suit, three BitInstant customers allege that the startup makes false claims about its services, including advertisements that say customers can obtain coins “within an hour or two,” and that they will be refunded if their transfers experience “undue delays.” The customers call these representations “disingenuous,” and are suing the company for relief for the company’s false representations of the speed of its service.
At his recently opened gastro lounge in Midtown Manhattan, 23-year-old Charlie Shrem stood beside the lower-level bar as dazzling TV camera lights illuminated his slight frame. Dressed in the professional uniform of tech startups everywhere (jeans, a T-shirt and a blazer), he appeared to be soaking up his moment in the spotlight, which is due almost entirely to the media’s sudden interest in bitcoin, a new digital currency.
Short in stature, Mr. Shrem calmly squared his piercing green eyes to the camera lens and began explaining the complex nature of bitcoin to the video crew from the blog The Street. They were there to film a segment on Mr. Shrem’s new venue, EVR (pronounced “ever”), in which he purchased a stake thanks in large part to his investments in bitcoin, and which, in early April, became the first bar in New York to accept bitcoin as a form of payment.