Monthly Archives: November 2013

Apple ‘witch hunt’ burns VC-backed Bitcoin wallet at the stake

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“This appears to be the first time Apple pulled the plug on an app with venture capital of this magnitude. Founded in June of 2012, the Y Combinator-backed Coinbase this May raised $6 million from Union Square Ventures, Adam Draper and others.  Then, in August, Coinbase and 21 other companies were subpoenaed in an effort to learn more about the Bitcoin, presumably with the end goal of figuring out how it can be regulated.  The company’s cofounder and CEO, Brian Armstrong, told TechCrunch he wasn’t sure why the app had been removed from the store, but that he’d reached out to Apple to try to figure it out.  In the meantime, the Coinbase remains available on Google Play.”

http://upstart.bizjournals.com/news/technology/2013/11/15/apple-removes-coinbase-from-store.html

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Online Gambling Stocks: Will the US Cash In?

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“It’s not hard to see the potential growth in combining bookies with social networking, as geographically isolated fans will soon be able to bet on their favorite sports against users from across the world.  Online gambling is estimated to raise over $400 million for New Jersey alone in its first year, a cash-cow that other states will find difficult to ignore. New laws are already being introduced in California and Mississippi. The question of whether online gambling will take off is not a matter of ‘if’ but simply ‘when?’ And an even more fascinating question arises – who will get the biggest slice of the pie, the companies with the biggest names, the most social media customers, or the best hardware?”

http://wire.kapitall.com/investment-idea/online-gambling-stocks-will-the-us-cash-in/

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Online Casinos Hobbled as Credit-Card Issuers Reject Bets

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“Just as legal online gambling gets started in the U.S., banks and payment processors are refusing to play.  Credit-card issuers Bank of America Corp., Wells Fargo & Co. and American Express Co., along with EBay Inc.’s PayPal, aren’t allowing the transactions, according to the companies. Delaware and Nevada permit Internet wagering, with New Jersey poised to become the third and biggest state on Nov. 26.  The rejections threaten a nascent business with the potential to reach $7.4 billion in annual revenue in four years, the estimate of researcher H2 Gambling Capital. American Express and PayPal say they don’t process gambling transactions of any kind.”

http://www.bloomberg.com/news/2013-11-15/web-gaming-curbed-as-paypal-bank-of-america-refuse-bets.html

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Online gambling gains momentum in US

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“Internet gambling is on a roll in the US market after years in the shadows.  New Jersey kicks off its online wagering November 26, becoming the most populous state to do so after Nevada and Delaware.  Other states have become active since 2011, when the federal government signaled it would not block most forms of Internet wagering. California, Illinois and Pennsylvania are considering such moves.  Using geolocation technology, the systems require that gamblers be located within the state. Reciprocal agreements could allow gamblers to cross state lines.  Morgan Stanley estimated legal US online gambling revenues would reach $670 million in 2014, increasing to $9.3 billion in 2020.”

http://phys.org/news/2013-11-online-gambling-gains-momentum.html

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North Korea Reportedly Opening To Foreign Investment

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“Cash-starved North Korea is making more noises about attracting foreign investment.  Pyongyang plans to build more special economic zones that will allow foreign currency and different economic rules designed to bring in foreign capital.  A new ‘non-governmental’ organization dedicated to assisting foreign investment held a conference on the zones with experts from countries including the U.S., Canada, India, Hong Kong and Malaysia. Earlier this year North Korea said it wanted ‘foreign trade [to] be made multilateral and diversified and investment be widely introduced.’ North Korea says it has introduced new laws to protect foreign investors.”

http://blogs.wsj.com/korearealtime/2013/10/18/north-korea-pushes-foreign-investment-story/

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Angola approves laws to open stock exchange, debt markets

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“Angola has approved laws to regulate stock and debt markets that it plans to open, the head of the Capital Markets Commission said on Thursday, signalling that the country is moving to finally launch the markets after years of delays.  A Luanda bourse, a potential entry point for foreigners, has been in the pipeline for more than a decade, but delays – most due to a lack of transparency – have frustrated investors looking to tap into one of Africa’s fastest-growing, but most impenetrable economies.  The commission plans to open a secondary debt market next year to help pave the way for a stock market in 2016 for which Angola has already identified several eligible private companies.”

http://www.reuters.com/article/2013/10/17/angola-markets-idUSL6N0I742020131017

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Laos, Cambodia Stock Exchanges Have A Combined 3 Companies Listed

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“If you were given all the money in the world to invest in a stock from the stock exchanges of Laos and Cambodia, which stock would you choose? You might not actually get a lot of choices – both exchanges are stagnant two years after becoming operational, due to domestic companies being unwilling to reveal financial information, unfavorable rules and regulations, and limited understanding by potential investors. The Lao Securities Exchange (LSX) has two companies listed currently, which is double that of the Cambodia Securities Exchange (CSX).  On an average day, the combined trading turnover in these two exchanges might reach a total of 5 million Thai baht ($160,760).”

http://www.ibtimes.com/lao-cambodian-stock-exchanges-stagnant-after-two-years-combined-three-companies-listed-1320809

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Jim Rogers on Price Inflation, Investing in Asia and China’s Boom

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Jim-Rogers1

“As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It’s a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it’s going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years.”

http://www.thedailybell.com/exclusive-interviews/34756/Anthony-Wile-Jim-Rogers-on-Price-Inflation-Investing-in-Asia-and-Why-China-Will-Continue-to-Boom/

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Allentown PA Subway Accepts Digital Currency Bitcoin

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Hong Kong entrepreneurs could win a slice of the bitcoin pie

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“An influential digital currency evangelist says Hong Kong can grab a huge slice of the controversial multibillion-dollar bitcoin industry as US hostility towards virtual money increases.  Roger Ver, 34, a bitcoin millionaire, told the South China Morning Post that efforts to disrupt the digital currency money market would be futile.  ‘It’s not stoppable. They can delay it within their own jurisdictions [states] but that’s going to be incredibly short-sighted and damaging.  ‘If the US government tries to restrict or clamp down, that just means there will be many more bitcoin businesses in Hong Kong and Singapore and all those Americans will miss out on all the opportunities.'”

http://www.scmp.com/business/banking-finance/article/1358150/hong-kong-entrepreneurs-could-win-slice-bitcoin-pie

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