Monthly Archives: December 2013

China puts out yet another credit market fire with more liquidity

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“The People’s Bank of China announced that it had injected cash into the short-term credit markets. While the PBOC does that regularly—twice a week via its regular, publicly announced open market operations—the cash injection that it announced today was a different kind of mechanism known as a short-term liquidity operation or SLO. It directs the central bank’s money to 12 large Chinese banks seen as crucial to the stability of the system.  That the central bank has been so quick to try to ease stress in short-term markets indicates that policy makers are leery of repeating last-summer’s severe credit crunch.”

http://qz.com/160091/china-puts-out-yet-another-credit-market-fire-with-more-liquidity/

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China credit crisis fears as central bank injects funds

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“China’s central bank has rushed to pump money into the stalling banking system but markets across Asia still fell sharply amid fears that the world’s second-largest economy faces a credit crisis.  State media in China had reported that the PBOC has unexpectedly pumped $33bn (£20bn) into the domestic money market through what it refers to as ‘short-term liquidity operation’.  Fears over a looming Chinese debt crisis spurred by a poorly regulated and opaque financial system stoked fears over the summer that the Asian powerhouse could finally be on the brink of a sharp slowdown in growth.”

http://www.telegraph.co.uk/finance/china-business/10530153/China-credit-crisis-fears-as-central-bank-injects-funds.html

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Former U.S. Mint Director: Bitcoin ‘Likely Here To Stay’

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“The next five to 10 years will be critical.  But like how the mobile devices, Internet, cable, television, movies, musicals, operas and symphonies all have found their niches, the same will be with currency. Precious metals like silver and gold will co-exist with coins and bills (necessary if the lights go out or cyber attack), checks and money orders, credit and debit cards, online payments and digital currency.  This technology has the ability to disrupt the status quo and springboard the global economy into the future. It gets sovereign nations out of the currency manipulation business. It may or may not be Bitcoin or its imitators, but chances are likely that digital currency is here to stay.”

http://www.moneynews.com/Ed-Moy/Bitcoin-digital-currency-sovereign/2013/12/20/id/542981

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Who Owns the World’s Biggest Bitcoin Wallet? The FBI

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“In September, the FBI shut down the Silk Road online drug marketplace, and it started seizing bitcoins belonging to the Dread Pirate Roberts — the operator of the illicit online marketplace, who they say is an American man named Ross Ulbricht.  The seizure sparked an ongoing public discussion about the future of Bitcoin, the world’s most popular digital currency, but it had an unforeseen side-effect: It made the FBI the holder of the world’s biggest Bitcoin wallet.  The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday’s exchange rates.”

http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/

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How to steal Bitcoin in three easy steps

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“Bitcoin heists are actually not uncommon. In June of 2011, a user named Allinvain was the victim of what is arguably the first recorded major Bitcoin theft.  There have been dozens of Bitcoin thefts since then. The supposedly high-return investment fund Bitcoin Savings & Trust turned out to be a pyramid scheme, its owner charged with ripping off investors for $4.5 million in bitcoins. MyBitcoin, a ‘wallet’ service that stored bitcoins like a bank account, disappeared with about $1 million worth of users’ bitcoins. Several of the most trusted and well-known Bitcoin companies, including the Mt. Gox and the now-defunct Bitcoinica exchanges, have also suffered high-profile thefts.”

http://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps

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Bloomberg Host Gifted Bitcoin On TV And It Immediately Got Stolen

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“Bloomberg TV’s Matt Miller is currently experiencing the ’12 Days Of Bitcoin,’ a series for the business news television station.  On Friday, Miller learned an important lesson. It was an experience that everyone should remember before they start moving their money into the digital currency.  While on air, Miller surprised Bloomberg anchors Adam Johnson and Trish Regan each with $20 worth of Bitcoin.  But as Johnson received the paper gift, he briefly exposed the QR code (see above). This act was effectively like sharing a bank account and PIN number.  Immediately, someone lifted the QR code and stole the $20.”

http://www.businessinsider.com/bloomberg-matt-miller-bitcoin-gift-stolen-2013-12

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Dogecoins and Its IBM Developer Ride Meme to $130M+ Fortune

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“Dogecoin was first conceived by a Sydney, Australia-based graphic designer/marketer named Jackson Palmer.  Mr. Palmer is relatively known for his day job in which he works at Adobe Systems Inc. (ADBE) marketing the company’s ‘Business Catalyst’ (BC) product.  Entertained by the public fascination with bitcoins, he decided to spoof them with one of his favorite memes (‘doge’).   The DOGE does raise some interesting points.  Its humor-driven theme certain alludes to deeper questions about cryptocurrencies in general.”

http://www.dailytech.com/Dogecoins+and+Its+IBM+Developer+Ride+Meme+to+130M+Fortune/article33960.htm

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Native American Activist Wants To Swap The Dollar For Bitcoin

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“He wants to start up a cryptocurrency mining operation in Pine Ridge, providing he can raise enough coins to buy a dedicated machine from KnCMiner. He then wants to found digital currency exchanges and encourage local businesses to start carrying out transactions in Bitcoin.  Key to his pitch is the fact Washington regards the native reserves as ‘domestic dependent nations’, reflecting the fact they have a limited sovereignty. He wants to use this independence to sidestep the restrictions on the exchange and transfer of Bitcoin which are currently clogging up the US crypto-economy.”

http://www.forbes.com/sites/jasperhamill/2013/12/19/native-american-activist-wants-to-swap-the-dollar-for-bitcoin/

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How Will the IRS Tax Bitcoin?

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“Among the pressing issues: When should bitcoin be considered a commodity, a currency or a capital asset for tax purposes? Are bitcoin transactions similar to barter? Is bitcoin subject to the same stringent tax rules as secret offshore accounts? And how will U.S. officials keep bitcoin, which is even more anonymous than cash, from being used to promote tax evasion or money laundering?  So far, the Internal Revenue Service hasn’t ruled on or addressed such issues directly. An agency spokesman released the following statement: ‘The IRS continues to study virtual currencies and intends to provide some guidance on the tax consequences’ of transactions involving them.”

http://online.wsj.com/news/articles/SB10001424052702304773104579268322915488180

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Polish Finance Official: Bitcoin is Not Illegal

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“With the legal status of bitcoin still under debate in Poland, a recent announcement by an official from the country’s Ministry of Finance sheds more light on the complex issue.  On 18th December, a seminar on the legality of bitcoin was held at the Warsaw School of Economics. Based in the Polish capital Warsaw, SGH is one of the country’s leading business universities.  Speaking at the seminar, Szymon Woźniak, an official from the Polish Ministry of Finance, said that the ministry does not consider bitcoin to be illegal, although it does not consider it to be a legal currency either.  The ministry is carefully observing the development of bitcoin, according to the ministry official.”

http://www.coindesk.com/polish-official-bitcoin-not-illegal/

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