Monthly Archives: October 2013

RIAA: Bitcoin Makes it Hard to Track or Seize Pirate Bay Donations

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“The RIAA alerted the U.S. Government to several notorious pirate websites this week, including The Pirate Bay. While the inclusion of the infamous torrent site doesn’t come as a surprise, the RIAA did raise a novel issue. The music labels point out that The Pirate Bay has embraced the cryptocurrency Bitcoin, which they believe makes it harder to seize and trace the site’s funds. While the former is certainly true, a quick look at TPB’s Bitcoin wallet easily reveals where the donation money is being spent.”

http://torrentfreak.com/riaa-bitcoin-makes-it-hard-to-track-or-seize-pirate-bay-donations-131030/

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FBI proves seizing bitcoins isn’t the same as owning them

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“While the FBI may have its hands on the founder of Silk Road’s bitcoin wallet, that doesn’t mean it has access to what’s inside. Ross Ulbricht, despite his own self-incriminations as the mastermind behind the online black marketplace, was able to do one thing right: secure his bitcoins.  ‘Without the private key, it would be impossible for the government to access the bitcoins,’ says Ankur Nandwani, who runs bitcoin micropayments service BitMonet.  Conceivably, the government could make some sort of deal with Ulbricht to provide the key to the bitcoin wallet holding the approximate 489,000 bitcoins it cannot currently access.”

http://www.coindesk.com/fbi-proves-seizing-bitcoins-isnt-owning/

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Western Union Tanks on Poor Guidance as Bitcoin Gains Prominence

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“Western Union raised compliance-related cost guidance from 3.5 percent to 4.5 percent in 2013, up from 2.5 percent last year. Contrasted with bitcoin exchanges like Mt. Gox, Bitstamp, and Coinbase, who currently pay zero, Western Union is finding it harder and harder to compete.  The bitcoin exchange’s status as a tax-free, regulatory-exempt money transfer apparatus might not last long in the States – that is, if regulators have their way. On Oct. 1 the New York Department of Financial Services subpoenaed several bitcoin startups, stating that ‘regulations need to be in place,’ and if regulation killed bitcoin’s viability as a liquid value transfer vehicle, ‘so be it.'”

http://www.equities.com/editors-desk/stocks/financials/western-union-tanks-on-poor-guidance-as-bitcoin-gains-prominence

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Jeffrey Albert Tucker exclusive RT TV interview

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“Jeffrey Albert Tucker is the executive editor of Laissez Faire Books. Tucker is also a Distinguished Fellow of the Foundation for Economic Education, an adjunct scholar with the Mackinac Center for Public Policy and an Acton University faculty member.”

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Satoshi’s Genius: How Bitcoin Dodged Some Cryptographic Bullets

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“As far as open-source protocols go, one area in which Bitcoin is unique is the sheer difficulty of making any changes to the protocol. Unlike most other protocols, where features can be added, modified or deprecated at a moment’s notice, in Bitcoin alone, absolute consensus is required. As a result, most of the decisions that Satoshi Nakamoto made in 2008 we are essentially stuck with. Although Satoshi’s choices were by no means perfect, fortunately it appears that he has been right more often than not; in fact, there are several instances in which we are all better off for the choices Satoshi made for reasons that even he did not imagine.”

http://bitcoinmagazine.com/7781/satoshis-genius-unexpected-ways-in-which-bitcoin-dodged-some-cryptographic-bullet/

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Cleaners discover gold worth £1.17million inside plane’s toilet

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“Cleaners have discovered 280 gold bars worth £1.17million inside a plane’s toilet at an airport in Bangladesh.  Armed police were called on board the plane which had flown from Dubai to Hazrat Shahjalal International Airport in Dhaka where they recovered the gold weighing about 32kg.  Cleaners stumbled across the bullion when they were cleaning the plane’s bathroom.  In the last eight months, more than 100 hauls of gold weighing around 300kg and other precious items have been seized at the airport.”

http://www.dailymail.co.uk/news/article-2471825/Gold-planes-toilet-worth-1-17m.html

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Man throws away $500K in gold to spite ex-wife

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“His revenge was worth its weight in gold.  In June, Earl Ray Jones, 52, of Divide, Colorado, was ordered by a judge to pay $3,000 a month to the woman he’d been married to for 25 years, so he pillaged the couple’s retirement account and had it converted into 22 pounds worth of gold and silver bars,  the paper reports.  Jones claims he then tossed the modern-day treasure into a dumpster behind a motel, where he had been living temporarily, later telling the judge he had no money to give his ex-wife, according to the paper.  Jones  said he first tried to withdraw the money from his bank in cash, but the request was denied.”

http://nypost.com/2013/10/29/man-throws-gold-in-dumpster-so-his-ex-wife-couldnt-have-it/

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Bill Bonner: Apocalypse Later!

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“Corporations can’t continue to borrow so much money at such low rates. But everyone is perfectly happy to postpone that apocalypse too.  Stock market investors are no dopes either. They know this Fed-driven bull market must come to an end sometime. By many different measures – P/Es… swollen margin accounts… enterprise-value-to-revenue ratios… investor sentiment – the stock market is already in the danger zone.  What will happen?  Either the Fed will begin to taper – probably causing a crash. Or investors will get tired of investing real money in a phony trend.  Either way, when the apocalypse comes… it will be later.”

http://www.bonnerandpartners.com/apocalypse-later/

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IMF Happy Talk Cannot Obscure Japan’s Reality

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“Printing a lot of money is really helping the Japanese economy, according to the International Monetary Fund. In fact, according to the IMF, there’s plenty of room to do more if need be. This is part of a larger trend we’ve been observing of late. Whether it is Janet Yellen in the US or Mark Carney in England or the ECB or the BOJ itself, aggressive money printing is becoming a signature calling card.  So what is all this money printing accomplishing? Well … from our point of view, it’s nothing more or less than a promotional exercise. It’s clear to us. We couldn’t figure it out at first but now we can. They’re printing because there’s nothing else to do.”

http://www.thedailybell.com/news-analysis/34708/IMF-Happy-Talk-Cannot-Obscure-Japans-Reality/

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Obama admin. knew millions could not keep their health insurance

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“The administration knew that more than 40 to 67 percent of those in the individual market would not be able to keep their plans, even if they liked them.  Yet President Obama, who had promised in 2009, ‘if you like your health plan, you will be able to keep your health plan,’ was still saying in 2012, ‘If [you] already have health insurance, you will keep your health insurance.’  The White House does not dispute that many in the individual market will lose their current coverage, but argues they will be offered better coverage in its place, and that many will get tax subsidies that would offset any increased costs.”

http://investigations.nbcnews.com/_news/2013/10/28/21213547-obama-admin-knew-millions-could-not-keep-their-health-insurance?lite

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