401(k) millionaires are bragging and posting their balances to social media

“In what many will see as the latest sign of investor euphoria — and of our society’s oversharing epidemic — sharing your 401(k) balance on social media seems to have become a thing. With the Dow Jones Industrial Average and the S&P 500 index hitting record after record since President Trump’s election in November 2016, the question, ‘How’s your 401(k) doing?’ has become a staple in his speeches at campaign-style rallies and fundraisers. And 401(k) balance shoutouts have become a staple among his supporters — and detractors — on Twitter.”

Read more: https://www.marketwatch.com/story/people-are-bragging-about-becoming-401k-millionaires—-and-posting-their-balances-to-social-media-2018-01-29

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Yellen’s Final Act Is To Ban Wells Fargo From Growing

“Until Wells Fargo addresses shortcomings in areas including internal oversight, it can’t take any action that would boost total assets beyond their level at the end of 2017, without the Fed’s permission. The bank said after-tax profit in 2018 would be reduced by $300 million to $400 million and its stock slumped in late trading Friday.”

Read more: https://www.bloomberg.com/news/articles/2018-02-02/wells-fargo-banned-from-growing-in-fed-crackdown-after-scandals

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YouTube Is Serving Covert Cryptocurrency Mining Ads

“It’s like someone figured out how to monetize the awful Flash ads everyone used to hate for eating CPU cycles. A true win-win! And now it’s even hitting YouTube.  TrendMicro has released an updated report, showing a sharp rise in ads served by Google’s DoubleClick service being infested with mining software. Like other attacks, this one uses a Javascript miner to mine Monero via Coinhive.”

Read more: https://www.extremetech.com/internet/262934-youtube-serving-covert-cryptocurrency-mining-ads

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Facebook bans all crypto-currency ads

“Facebook has said it will block any advertising promoting crypto-currency products and services.  Facebook urged users to report any ads the company’s security measures missed.  It admitted it would not always catch every ad for a crypto-currency.  ‘We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,’ wrote Rob Leathern, product management director for Facebook Business.”

Read more: http://www.bbc.com/news/technology-42881892

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Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil

JPMorgan Chase & Co.Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said. Capital One Financial Corp. and Discover Financial Services previously said they aren’t supporting the transactions. Mastercard Inc. said this week that cross-border volumes on its network — a measure of customer spending abroad — have risen 22 percent this year, fueled partly by clients using their cards to buy digital currencies.”

Read more: https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

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India Bans Bitcoin But Embraces Blockchain

“India’s government said it doesn’t consider cryptocurrencies as legal tender and will take all measures to eliminate payments using them.  The South Asian nation’s income tax officials had started investigations into transactions at various illegal bitcoin exchanges in December, soon after the country’s central bank cautioned users about potential risks. The federal government had also set up a panel to decide on India’s stand on virtual currencies, people with knowledge of the matter said on Dec. 12.”

Read more: https://www.bloomberg.com/news/articles/2018-02-01/india-to-curb-cryptocurrency-use-while-embracing-blockchain

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Bored With Banking, This Former Citi Trader Went Full Crypto

“Hayes is just one of many finance pros leaving the world of banking and plunging into a largely lawless industry. They’re putting their expertise into constructing a marketplace for virtual currencies with all the features found in traditional finance, including derivatives, leverage, short-selling, and cryptocurrency price indexes.”

Read more: https://www.bloomberg.com/news/features/2018-02-01/bored-with-banking-this-former-citi-trader-went-full-crypto

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Making a Crypto Utopia in Puerto Rico

“Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars.  They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like. Blockchain, a digital ledger that forms the basis of virtual currencies, has the potential to reinvent society — and the Puertopians want to prove it.”

Read more: https://www.nytimes.com/2018/02/02/technology/cryptocurrency-puerto-rico.html

 

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Team Trump Will Not Sanction Russian Bonds After All

“The Treasury Department warned in its report to Congress that Russia’s sovereign debt market is too important to sanction without risking global financial turmoil, Bloomberg reported on Friday. That note can be seen as a sign of relief for Russian debt.  The State Department did not hint as to whether the classified portion of its sanctions memo to Congress called for fines against those holding or trading in Russian securities.”

Read more: https://webcache.googleusercontent.com/search?q=cache:Uj37ejbVj-IJ:https://www.forbes.com/sites/kenrapoza/2018/02/02/looks-like-team-trump-will-not-sanction-russian-bonds/+&cd=4&hl=en&ct=clnk&gl=us&client=ubuntu

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Russia says U.S. ‘hunting’ for Russians to arrest around the world

“The Foreign Ministry statement warns Russian citizens that when abroad they face a serious threat of arrest by other countries at Washington’s request, after which they could be extradited to the United States.  The statement, published on Thursday, also warns Russian citizens that upon extradition they will face biased treatment at the hands of the U.S. justice system.  The U.S. State Department declined to comment.”

Read more: https://www.reuters.com/article/us-russia-usa-travel-extradition/russia-says-u-s-hunting-for-russians-to-arrest-around-the-world-idUSKBN1FM0J2

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