Monthly Archives: November 2014

ISIS May Have Looted $430 Million From Mosul’s Central Bank

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“The Islamic State of Iraq and al-Shams (Isis) has become the richest terror group ever after looting 500 billion Iraqi dinars – the equivalent of $429M (£256m) — from Mosul’s central bank, according to the regional governor.  Nineveh governor Atheel al-Nujaifi confirmed Kurdish televison reports that Isis militants had stolen millions from numerous banks across Mosul.  A large quantity of gold bullion is also believed to have been stolen.  Following the siege of the country’s second city, the bounty collected by the group has left it richer than al-Qaeda itself and as wealthy as small nations such as Tonga, Kiribati, the Marshall Islands and the Falkland Islands.”

http://www.businessinsider.com/430m-looted-from-mosuls-central-bank-2014-6

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An enormous bitcoin mine went up in flames in Thailand

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“A large bitcoin mining facility in Thailand went up in flames this week, destroying the five-megawatt operation and disrupting the crypto-currency’s entire network.  Bitcoin is a digital currency that has no central bank or government backing it. Without any authority to print money, bitcoins are created through a process called ‘mining,’ which rewards networks of computers for solving complex puzzles that keep the network running. The more computing power, the more bitcoins that can be won, which is what this low-key farm in Thailand was designed to do.  Local media reported that the fire at the facility in Thailand, run by a group called Cowboyminers, raged for more than half an hour.”

http://qz.com/293418/an-enormous-bitcoin-mine-went-up-in-flames-affecting-the-entire-network/

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Online Drug Dealers Are Now Accepting Darkcoin

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“Over the last month, two of the dark web markets selling an anonymous, mail-order catalog of narcotics and other contraband have begun supporting darkcoin transactions. On a site called Nucleus, visitors can now use darkcoin to buy LSD, MDMA, and marijuana. On the competing market Diabolus, dealers accept it for cocaine, synthetic stimulants like ethylone and alpha-PVP, and even counterfeit Euros. Those two markets still represent only a tiny fraction of the growing dark web drug economy—most of which uses bitcoin exclusively. But darkcoin’s entrance could signal a new means of transaction in that underground industry, and one that’s far harder for law enforcement to trace.”

http://www.wired.com/2014/11/darkcoin-and-online-drug-dealers/

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Bitcoin Boulevard: Dutch neighborhood now accepting cryptocurrency

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“Ever more people are using digital currencies to pay for things – though it’s still relatively hard to find places that will accept them. But not so in one Dutch neighborhood, where the Bitcoin has become part of everyday life – as Irina Galushko found out.”

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Euro Pacific Precious Metals Now Accepts Bitcoin

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“BitPay, world leader in business solutions for Bitcoin digital currency, announces a partnership with SchiffGold (formerly Euro Pacific Precious Metals). Based in New York City, SchiffGold is a major international gold and silver dealer – and the world’s largest by volume to accept bitcoin to date.  SchiffGold is led by famed investor Peter Schiff and specializes in making high-quality bullion coins and bars part of its customers’ financial portfolio. The company has built a reputation for calling out unsavory practices in the gold dealer industry, and for its honest and competitive pricing across all product categories.”

http://schiffgold.com/key-gold-news/euro-pacific-precious-metals-now-accepts-bitcoin/

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Former SWIFT Insider on Financial Warfare, the Dollar, and Bitcoin

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“Since 1977, the mission of SWIFT was to connect the entire world. Not to disconnect anybody. And today there are around 215 countries in the world.  Before Iran, SWIFT had never ever disconnected a country because it does not have the mandate to do that. The organization itself is not allowed to do that. Its purpose is to connect everybody in a neutral fashion. SWIFT’s infrastructure does not know physical geographical borders. Technically there are no ‘countries’ per se in the SWIFT system; there are just SWIFT codes, a collection of which forms a country. [..] it’s a challenge to remain neutral because you are being pushed one way or the other by powerful forces.”

http://www.internationalman.com/articles/a-former-swift-insider-on-financial-warfare-the-fate-of-the-dollar-and-bitc

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UPS and FedEx Just Got a Major Boost in the Chinese Market

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“The Chinese government’s cabinet has pledged to move toward internationalizing the country’s package delivery industry, signaling new profit potential for United Parcel Service and FedEx as China’s retail sector shifts to online shopping.  The parcel delivery business will be ‘fully opened up’ to ‘create a fair and competitive business environment in which domestic and foreign-financed enterprises receive equal treatment,’ according to a summary of the State Council decision posted late Wednesday on a government Web site. The government is promoting online shopping as a key way to expand the economy’s consumer sector and cut China’s dependency on exports.”

http://www.thestreet.com/story/12891350/1/ups-and-fedex-just-got-a-major-boost-in-the-chinese-market.html

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Visa, Mastercard welcome Beijing’s plans to free bank cards market

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“Visa Inc and Mastercard Inc welcome China’s plans to open up its market for clearing domestic bank card transactions, as they stand to gain access to a growing market worth more than $1 trillion a year.  While China lags behind countries such as the United States in spending on credit, habits are changing fast and the Chinese are increasingly swiping plastic to satisfy their growing appetite for consumer goods.  The State Council, China’s cabinet, said on Wednesday after a weekly meeting that foreign firms that meet its criteria could set up their own clearing companies. It did not provide details. Household debt in China amounted to just 37% of GDP at the end of July, compared with 81% in the U.S.”

http://www.reuters.com/article/2014/10/30/china-banks-clearing-idUSL4N0SO8PM20141030

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Russia, China’s move to abandon dollar receives blowback from SWIFT

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“Although SWIFT is considered to be a European based conduit for global financial transactions between currencies, nearly everyone in the industry knows that it is a U.S. dominated system tied to America’s control over the reserve currency. And as the U.S. continues to attack Russia and her allies with financial war, including sanctions restricting their access to the SWIFT system, on Oct. 6 SWIFT responded to these attacks by publicly announcing they are not in favor of being used to accommodate disruptions to the free flow of currencies between any nation, and that they are not to blame for America’s use of SWIFT to wage economic warfare against another country.”

http://www.examiner.com/article/russia-and-china-s-move-to-abandon-dollar-receives-blowback-from-swift

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Swiss sanctions dilemma over Russia

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“Moscow’s response to EU sanctions – a ban on fresh food imports from the EU – does not apply to Switzerland.  For Swiss cheese maker Anthony Margot, that has led to ‘dozens’ of calls a day from Russian cheese distributors, hoping to fill the huge gap which will be left by French camembert, Dutch edam or Italian mozzarella.  ‘Some of them are calling in tears,’ he says. ‘The situation is terrible for them, they fear they will lose their jobs, everyone wants to buy Swiss cheese now.’  Unfortunately for the Russians, Swiss cheese makers are unlikely to be able to meet the demand as most of them are small, village-based businesses.”

http://www.bbc.com/news/business-28833360

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