Tag Archives: Money

Governments Hate Bitcoin and Cash Because They Protect People’s Privacy

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“If they’re going to be so explicit in their hostility to the anonymity and liberty those means of exchange offer people, we should take them at their word. Let’s be clear in response that what they see as problems are the precise features we like about cash and cryptocurrencies. We support our well-worn folding money and bitcoin and its successors to come precisely because they put at least some of our activities beyond the reach of control freaks who want to monitor, tax, and regulate our lives.”

Read more: https://reason.com/archives/2018/02/06/governments-hate-bitcoin-and-cash-for-th

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First ‘Jackpotting’ Attacks Hit U.S. ATMs

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“ATM ‘jackpotting’ — a sophisticated crime in which thieves install malicious software and/or hardware at ATMs that forces the machines to spit out huge volumes of cash on demand — has long been a threat for banks in Europe and Asia, yet these attacks somehow have eluded U.S. ATM operators. But all that changed this week after the U.S. Secret Service quietly began warning financial institutions that jackpotting attacks have now been spotted targeting cash machines here in the United States.”

Read more: https://krebsonsecurity.com/2018/01/first-jackpotting-attacks-hit-u-s-atms/

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Chinese Stocks Tumble As H.K. Officials Monitor Surge In ATM Withdrawals

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“Anxiety is only increased by the latest report from Reuters that cash withdrawals at Hong Kong ATMs have surged, prompting scrutiny from monetary authorities, the banking industry, and police amid media reports that mainland Chinese are withdrawing hundreds of thousands of dollars using up to 50 cards at a time.  China has battled to curb capital outflows for years. A move that took effect on Jan. 1 caps overseas withdrawals using domestic Chinese bank cards.”

Read more: https://www.zerohedge.com/news/2018-02-01/chinese-stocks-tumble-hong-kong-officials-monitor-surge-atm-withdrawals

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As Chinese Stocks Sink, Bankers Begging Friends For Deposits On WeChat

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“The annual deposit war is particularly fierce this year. The last day of January in the [WeChat] friend groups, bankers ‘beg’ for deposits one after another.  ‘There are more than 20 banks looking, every one is asking for deposits.’ a listed company’s small partner told reporters that he had been too busy to reply, however. The banker’s nickname is ‘Guixie.’ [a combination of beg and thanks]  ‘Perhaps because the New Year approached, company payments are more numerous, bank account capital is less, bank competition for deposits is even more intense.’ A banking source told reporters bluntly, these days are quite difficult.”

Read more: https://www.zerohedge.com/news/2018-02-01/chinese-liquidity-crunch-begins-stocks-sink-bankers-begging-friends-deposits-wechat

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

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“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

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“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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Team Trump Walks Back Weak Dollar Talk – For Second Time This Week

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“President Donald Trump said Thursday he wants a strong U.S. dollar, claiming that Treasury Secretary Steven Mnuchin was misinterpreted when he said earlier this week that the weak U.S. currency is good for trade.”

Read more: http://www.newsweek.com/trump-treasury-secretary-misinterpreted-strong-dollar-791449

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50 Cent forgot he had a stash of Bitcoin now worth $8m

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“In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment.  The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity news site TMZ.”

Read more: http://www.bbc.com/news/business-42820246

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Venezuela says ‘petro’ cryptocurrency pre-sale will be in hard currency

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“Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar plunges to all-time lows and the country struggles with hyperinflation.  Critics decry the petro as simply a way for the cash-strapped government to issue debt without being constricted by U.S. sanctions. But the U.S. Treasury last week warned that Americans engaging with the petro could still find themselves in violation of those sanctions.  Many in Venezuela have used cryptocurrencies in recent years to evade strict currency controls.”

Read more: https://www.reuters.com/article/us-venezuela-economy-petro/venezuela-says-petro-cryptocurrency-pre-sale-will-be-in-hard-currency-idUSKBN1FC2RG

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First ever English gold coin worth just a penny will sell for £500,000

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“Some 52,000 of the King Henry III gold pennies were struck nearly 800 years ago before it was realised they were too heavy.  The basic mistake meant the gold it was made from was worth more than the coin itself.  This made the coins financially unviable as the holders could get more money from melting them down for gold rather than using them as currency.  Virtually all of them were smelted and were replaced with correctly weighed pennies in 1257.”

Read more: https://www.mirror.co.uk/news/uk-news/first-ever-english-gold-coin-11753688

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