Monthly Archives: November 2013

US Regulators: the World’s Bitcoin Police?

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“It’s clear that some of the top cops in the United States aspire to regulate virtual currencies on a global scale.  A series of meetings took place last week in response to the criminal activities lawmakers have witnessed using distributed money such as bitcoin.  What does this mean for those starting bitcoin-based businesses in the US? And what impact will this have on virtual currencies in the global economy?”

http://www.coindesk.com/america-world-bitcoin-police/

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Pope slams capitalism as ‘new tyranny’

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“The global economic crisis, which has gripped much of Europe and America, has the Pope asking how countries can function, or realize their full economic potential, if they are weighed down by the debts of capitalism.  ‘A new tyranny is thus born, invisible and often virtual, which unilaterally and relentlessly imposes its own laws and rules,’ the 84-page document, known as an apostolic exhortation, said.  ‘To all this we can add widespread corruption and self-serving tax evasion, which has taken on worldwide dimensions. The thirst for power and possessions knows no limits’, the pope’s document says.  Pope Francis asks for better politicians to heal the scars capitalism made on society.”

http://rt.com/news/pope-francis-capitalism-tyranny-324/

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Cayman Islands, Costa Rica agree to share bank account details with US

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“The FATCA agreement with the Cayman Islands was initially agreed to in August. The island territory of 53,000 people has no income tax and is frequently labelled as a tax haven by critics. It is one of the world’s most popular destinations for investment funds to organise for tax purposes.  Costa Rica was one of three Central American countries the Organisation for Economic Development and Co-operation (OECD) has tagged as a tax haven. Panama and Belize were the other two. Significantly, the Costa Rica deal is reciprocal, meaning the Costa Rican government can get tax information about its citizens with assets in the United States.”

http://www.theguardian.com/world/2013/nov/29/cayman-costa-rica-us-tax

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“Everyone Is Holding Cash; They Know When It Ends It’s Gonna Get Ugly”

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“‘The Fed is playing a very dangerous game,’ Starwood Capital’s Barry Sternlicht warns,’and they need to stop.’ Sternlicht has quadrupled his firm’s net worth in this time and, to the incredulity of the CNBC anchors, warns, ‘this is bad, this is a heroine addiction.. and now they are printing more money than the deficit.’ The outspoken CEO of the $29 billion fund, noted ‘all my friends who are money managers.. are much closer to the sell button than they ever were before,’ adding that ‘everyone’s holding cash,’ since if they start to get nervous ‘volatility will come back instantly.’ Simply put, he concludes, ‘you know when this ends, it’s gonna get ugly.'”

http://www.zerohedge.com/news/2013-11-05/barry-sternlicht-warns-everyone-holding-cash-because-they-know-when-it-ends-its-gonn?page=2

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‘Suspiciously simple strategy’ of “best performing hedge fund in history”

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“What was the strategy that the fund used to turn a hypothetical €10,000 investment into €494,700 in less than 11 months? Bitcoin—and only bitcoin. What Exante calls a ‘hedge fund’ is really more like an exchange-traded fund (ETF) that isn’t publicly traded (but still regulated). Exante’s Bitcoin Fund doesn’t have a unique investment approach—it buys bitcoins with money invested into the fund and sells bitcoins when money is withdrawn. A fund unit equals the price of one bitcoin, always. The fund charges a 1.75% per year management fee and 0.5% transaction fee. It’s not open to all investors; only those with a certain level of experience or wealth can apply.”

http://qz.com/151823/the-suspiciously-simple-strategy-behind-the-best-performing-hedge-fund-in-history/

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Ron Paul: Fed’s Yellen Dangerous For The Economy

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“What does former U.S. congressman Dr. Ron Paul think about Janet Yellen as the Fed Chair? Kitco News caught up with Paul at the Metals & Minerals Conference in San Francisco, where he is a keynote speaker, to discuss monetary policy, gold and the US dollar. ‘It’s easy to be a critic if you don’t believe they should exist,’ Paul says in response to his criticisms of the Fed. Having Yellen as the next chair, Paul says not much will change. ‘If anything, it’ll be slightly worse because she is a very aggressive inflator…I think she’ll be dangerous to the dollar and she will not revive the economy.'”

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London Gold Fix Calls Draw Scrutiny Amid Heavy Trading

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“Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious metal. The U.K. Financial Conduct Authority is scrutinizing how prices are set in the $20 trillion gold market, according to a person with knowledge of the review who asked not to be identified because the matter isn’t public.  The process, during which gold is bought and sold, can take from a few minutes to more than an hour. The participants also can trade the metal and its derivatives on the spot market and exchanges during the calls.”

http://www.bloomberg.com/news/2013-11-26/gold-fix-drawing-scrutiny-amid-knowledge-tied-to-eruption.html

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Jaron Lukasiewicz Talks About Coinsetter

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“As Bitcoin gains popularity among mainstream investors institutions and family offices are also exploring the possibility of allocating parts of their portfolios in crypto-currencies. The problem is that the exchange services in the space were crafted to serve small traders and speculators so more sophisticated players don’t have adecuate tools to enter the market.  Coinsetter is working to solve this situation with Bitcoin derivative trading, more market depth, and a professional user interface that satisfies the needs of this segment of the market.  In this interview Jaron Lukasiewicz, co-founder and CEO of Coinsetter, talks about his company’s platform.”

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Volatile and surging: Bitcoin popularity on the rise

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“Joerg Platzer’s Bar ‘Room 77’ is dark and filled with smoke. It conveys the edgy ambiance and quiet cool found all over Berlin’s Kreutzberg neighbourhood.  Bar 77 is now also a pilgrimage spot for Europeans looking to buy things without using cash or credit cards. Instead, they use a new kind of currency called Bitcoin, which only exists on the Internet.  Bitcoin is not tied to any government or central bank and its backers say it has the potential to revolutionize the world. Platzer, whose bar was the first to accept Bitcoin, likes the anti-establishment ethos of this currency.  ‘No president, no king in this world can stop a Bitcoin transaction,’ Platzer explains.”

http://globalnews.ca/news/991633/volatile-and-surging-bitcoin-popularity-on-the-rise/

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Bitcoin Documentary: Bankers’ Worst Fear

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