Monthly Archives: April 2014

Neo & Bee CEO Danny Brewster Faces Fraud Allegations in Cyprus

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“Danny Brewster, CEO of bitcoin services company Neo & Bee, is reportedly facing fraud charges filed by two customers in Cyprus who claim that they have never received any bitcoins from the company.  According to a report in the Cyprus Mail, the customers paid €15,000 and €20,000 respectively, for the bitcoins, which never materialised. Police are investigating, the newspaper says.  Earlier this week Neo & Bee was caught up in a media frenzy, after it emerged that the company may be facing insolvency. Neo & Bee then asked Havelock Investments to suspend trading of LMB Holdings shares. LMB Holdings is the parent company of Neo & Bee.”

http://www.coindesk.com/neo-bee-ceo-danny-brewster-faces-fraud-allegations-cyprus/

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Alleged Silk Road founder: If Bitcoin isn’t money, how did I launder it?

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“Ross Ulbricht, who stands accused of running the Silk Road black market under the name ‘Dread Pirate Roberts,’ says that new federal bitcoin laws make the charges against him invalid. In a filing over the weekend, Ulbricht’s lawyers defended him against charges of hacking, narcotics trafficking, operating a criminal conspiracy, and money laundering. The first three charges, his lawyers argue, are ‘unconstitutionally broad’ and can’t be applied to the normal operation of a website, even one whose business is illegal goods. And the last charge, they say, makes no sense if there isn’t actual money involved — a possibility implied by a recent IRS decision.”

http://www.theverge.com/2014/4/1/5570984/alleged-silk-road-owner-says-he-cant-be-guilty-of-money-laundering

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Bitcoin Prices Whipsawed by Looming China Crackdown

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“While the PBOC doesn’t appear ready to ban Bitcoin outright, they appear determined to drive it out of the Chinese banking system.  The Chinese government apparently was concerned over investor speculation in the digital currency, and in particular in the use of Bitcoin to move money outside the country. Once people started using Bitcoin to bypass China’s strict capital controls, the government almost had no choice but to cut it off from the banking system.  For China’s Bitcoin exchanges, which include BTC China and OKCoin, the news is bad but not necessarily fatal.  But longer term, this is just another pebble in the stream.”

http://moneymorning.com/2014/04/02/bitcoin-prices-whipsawed-looming-china-crackdown-long/

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Colombia Stops Short of Bitcoin Ban, Bars Banks From Industry

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“Despite reports that the SFC could enact harsh restrictions on bitcoin – one report suggested it would go so far as to ban bitcoin transactions altogether, the SFC issued what amounted to a boilerplate warning to consumers, and blocked financial institutions from holding, investing in or brokering bitcoin transactions.  The release indicated that bitcoin fails to meet the definition of a currency according to the criteria set forth by the International Monetary Fund (IMF), as it is not backed by a central bank.  Further, the SFC reiterated that digital currencies can be used for illicit means, including money laundering and terrorist financing.”

http://www.coindesk.com/colombia-stops-short-bitcoin-ban-bars-banks-sector/

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BitPagos is Bringing Bitcoin to the Developing World

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“While Americans, Europeans, Australians, and other members of developed nations are not trying to flee their local currencies to find a safe haven for their savings, there are plenty of people in South America and other parts of the world where the local currency has detrimental effects on the well-being of the individuals in that country. BitPagos’ services can be used in almost any part of the world where bitcoins could be viewed as an alternative to the local fiat currency.  People in places like Venezuela are looking to flee the local currency and get into bitcoins, not the other way around. This is the aspect of Bitcoin adoption in developing nations where BitPagos can help the most.”

http://www.cryptocoinsnews.com/news/bitpagos-bringing-bitcoin-developing-world/2014/04/04

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Argentina inches toward economic crisis, again

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“Inflation is accelerating and projected to hit 40% in 2014, according to Sergio Berensztein, director of Poliarquía Consultores. Unofficial estimates put the inflation rate at above 25% in 2013, much higher than the official government rate of 10.9% — a figure few believe, Berensztein says.  A study from consultancy Estudio Bein estimates inflation has eroded wages nearly 10% over the past four months. The Argentine peso was devalued nearly 20% in January, further diminishing purchasing power and making imported items more expensive.  Moody’s downgraded Argentina’s sovereign rating March 17 to Caa1, seven levels below investment grade status, Bloomberg reported.”

http://www.usatoday.com/story/money/2014/04/01/argentina-economy-inflation/7011063/

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Western banking regulations could be ‘mutually destructive’: IMF

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“Western governments have put in place banking regulations that could be ‘mutually destructive’ and undermine efforts to prevent bust banks from costing taxpayers billions of pounds, according to a report by the International Monetary Fund.  Policymakers representing the world’s biggest financial centres have failed to make the banking sector stand on its own feet by ending implicit subsidies and co-ordinating rescue plans when multinational banks go bust, the Washington-based lender of last resort said.  Subsidies to the banking sector in some countries are as high as they were before the crash, amounting to $590bn (£355bn), with the eurozone the worst affected.”

http://www.theguardian.com/business/2014/mar/31/western-banking-regulations-costly-mutually-destructive-imf-report

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Those Who Know The Least About Bitcoin Want to Ban it the Most

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“Ekins sat down Reason TV to discuss the portion of the results from the April Reason-Rupe poll focused on attitudes towards, and knowledge of, the cryptocurrency bitcoin.  Only 19 percent of respondents had ‘a lot’ or ‘some’ knowledge of bitcoin, but that didn’t stop 47 percent of them from saying they wanted to ban it. However, the more someone claimed to know about bitcoin, the less likely he or she was likely to want to prohibit it, with 71 percent of respondents who claimed to know ‘a lot’ about bitcoin saying it should be allowed and, on the other side of the spectrum, only 27 percent of those who claimed to ‘know nothing’ about it wishing to allow it.”

http://reason.com/reasontv/2014/04/04/those-who-know-the-least-about-bitcoin-w

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TSA Harasses Bitcoiner: Traveler Suspected of Carrying Bitcoin

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“In this video Luke Rudkowski of WeAreChange speaks with BitcoinNotBombs co-founder Davi Barker about his recent experiences while traveling at the hands of the TSA. Barker provides a humorous outlook while reminiscing about his run in with an incompetent TSA agent who suspect that Davi had Bitcoin in his bag.”

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Federal Bank VP: Bitcoin Threat Means Banks Must ‘Adapt or Die’

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“On 31st March, the Federal Reserve Bank of St. Louis – one of the 12 Federal Reserve banks – held a talk on bitcoin from a banking and economic viewpoint.  The session, entitled ‘Bitcoin and Beyond: The Possibilities and the Pitfalls of Virtual Currencies’, was presented by economist David Andolfatto, who is Vice President at the bank and a professor at Simon Fraser University.  Andolfatto is sure that, ultimately, new systems will upend the monetary hierarchy of today – eventually forcing substantial changes within the banking and payments industry.”

http://www.coindesk.com/federal-bank-vp-bitcoin-threat-means-banks-must-adapt-die/

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