Tag Archives: Money

CNET Founder Creates New Venture That Addresses Bitcoin Volatility

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“Halsey Minor, founder of CNET, today announced the launch of a new bitcoin venture called Bitreserve, a platform that aims to provide real-time transparency and address bitcoin volatility, transaction traceability, and proof of solvency.  The idea: Allow members of the service to hold bitcoin denominated as real-world currency.  While Minor will serve as Bitreserve’s Executive Chairman, Tim Parsa will serve as the start-up’s chief executive officer. Members of the Bitreserve system are able to hold bitcoin denominated in US dollars, euros, yuan, yen, and pound sterling. According to Bitreserve, these so-called bitcurrencies will be backed by a full reserve of traditional currency.”

http://newsbtc.com/2014/05/15/cnet-founder-creates-new-venture-addresses-bitcoin-volatility/

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The DOJ’s “Operation Choke Point” Has Driven 30 Industries To Bitcoin

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“The DOJ is targeting 30 high-risk industries, as labeled by the Federal Deposit Insurance Corporation (FDIC) in 2011.  BitPay has proven to be an incredible ally to the porn industry and has led Bitcoin’s charge into the high chargeback industry.  Porn.com and now Verotel both accept Bitcoin using bitpay; both are able to charge lower fees without the risk of chargeback.  OKCupid has been using Bitcoin for over a year now… Almost as long as the DOJ has been unintentionally pushing these industries towards Bitcoin.  Every industry in the world can benefit from Bitcoin Blockchain technology; it’s just that these 30 have been given a forceful push by the government.”

http://www.cryptocoinsnews.com/news/dojs-operation-choke-point-driven-30-industries-bitcoin/2014/05/01

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Wendy McElroy: First They Came For The Porn Stars…

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“The Department of Justice (DOJ) program is called Operation Choke Point. The choke point is America’s payment infrastructure through which an estimated $5 trillion in consumer purchases flow each year; more than eight million merchants use it to process credit and debit card payments. The DOJ is targeting banks and payment companies, such as PayPal, with a tsunami of subpoenas and other expensive legal demands. The demands go away if the institutions refuse to do business with people whose activities are deemed ‘objectionable’ although they are legal. The DOJ is imposing its own moral criteria on who can participate in the market place.”

http://www.thedailybell.com/editorials/35306/Wendy-McElroy-First-They-Came-For-The-Porn-Stars/

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Hidden Erosion of Corporate Worth Since U.S. Abandoned Money

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“For 173 years, the United States used money as a medium of exchange. In 1965, it switched to using a floating accounting unit. This change coincided with a dramatic yet hidden reversal in the net trend of worth for U.S. corporations.  The shift to fake money in 1965 just happens to coincide with the year that divides the long term trend of corporate worth in the United States from mostly up to mostly down.  This chart reveals the breathtaking rise in total U.S. corporate worth during the money period and exposes the stunning net destruction of U.S. corporate worth since the start of the non-money period.”

http://www.elliottwave.com/freeupdates/archives/2014/05/07/THE-HIDDEN-EROSION-OF-CORPORATE-WORTH-SINCE-THE-GOVERNMENT-ABANDONED-MONEY.aspx

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Biometric payments system trialled by Swedish university

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“An engineering student at Lund University in Sweden has launched a biometric vein-scanning payment technique for stores and coffee shops in the country. After talking to players involved in vein-scanning terminals, banks and stores, a system that worked was developed. There are now currently 15 stores and restaurants, mainly around the Lund University campus, that use the terminals, with 1,600 active users.  Other countries have also begun using biometrics as a payment method. Banks in Japan use vein technology, which allows customers to take money out from their accounts and helps reduce the risk of fraud.”

http://business-technology.co.uk/2014/05/biometric-payments-system-trialled-by-swedish-university/

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Cyprus lifts almost all domestic capital controls

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“Cyprus has reached another milestone in getting rid of capital controls it put in place after being bailed out last year, saying all domestic controls have been lifted except the opening of new bank accounts.  The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don’t require central bank vetting have now been removed.  However, restrictions on unfettered money transfers abroad remain in place. Authorities said they hope to lift them by year’s end.  Authorities imposed restrictions to prevent a run after international creditors last year forced the seizure of uninsured deposits in its two largest lenders.”

http://bigstory.ap.org/article/cyprus-lifts-almost-all-domestic-capital-controls

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China’s Dollar Trap: Foreign Exchange Reserves Hit $3.8tn

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“Beijing accumulated the biggest foreign exchange reserves in the world over the last couple of decades, by running huge trade surpluses and keeping the yuan’s value low. Beijing’s forex reserves had stood at a mere $100bn in 1996, but the country’s emergence as the world’s biggest exporter helped it overtake Japan as the biggest holder of foreign exchange in ten years.  In 2013, the forex reserves saw a jump of $510bn, compared with $130 billion net increase in the previous year.  Barclays Capital said in a research note the massive rise in China’s foreign reserve came on the back of capital inflows amid large interest rate differentials and a wide trade surplus.”

http://www.ibtimes.co.uk/chinas-dollar-trap-foreign-exchange-reserves-hit-3-8tn-1432428

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The heavy hand of the IRS seizes innocent Americans’ assets

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“Terry Dehko, who came to Michigan from Iraq in 1970, soon did what immigrants often do: He went into business, buying Schott’s Supermarket in Fraser, Mich., where he still works six days a week. The Internal Revenue Service, a tentacle of a government that spent $3.5 trillion in 2013, tried to steal more than $35,000 from Terry and Sandy that year.  Sandy, a mother of four, has a master’s degree in urban planning but has worked in the store off and on since she was 12. She remembers, ‘They just walked into the store’ and announced that they had emptied the store’s bank account.”

http://www.washingtonpost.com/opinions/george-f-will-the-heavy-hand-of-the-irs/2014/04/30/7a56ca9e-cfc5-11e3-a6b1-45c4dffb85a6_story.html

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Hoarding Gold: China’s Plan for Survival

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“No one can know with any degree of accuracy when China will officially announce its gold reserves. I went out on a limb and said China could do that by April 24, 2014, since the country has a fetish for doing things in increments of five, and that date was five years after the previous announcement. But the reality is China could shock the world at any moment with its gold holdings. Focusing on a wrong date, though, is like faulting Shakespeare for misplacing a comma — you’re blind to the far-greater message: that China is cornering the market in gold because of a dramatic revision to the global monetary order that we all know as normal.”

http://thesovereigninvestor.com/2014/04/30/hoarding-gold-chinas-plan-survival/

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Phishers Divert Home Loan Earnest Money By Altering E-mails

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“Real estate and title agencies are being warned about a new fraud scheme in which email bandits target consumers who are in the process of purchasing a home.  An alert sent by First American Title to its agents.  In this scheme, the attackers intercept emails from title agencies providing wire transfer information for borrowers to transmit earnest money for an upcoming transaction. The scammers then substitute the title company’s bank account information with their own, and the unsuspecting would-be homeowner wires their down payment directly to the fraudsters.  This scam was laid out in an alert sent by First American Title to its title agents.”

http://krebsonsecurity.com/2014/04/phishers-divert-home-loan-earnest-money/

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