Tag Archives: Money

EU sees personal savings used to plug long-term financing gap

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“The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.  ‘The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment,’ said the document, seen by Reuters.  The Commission will ask the bloc’s insurance watchdog in the second half of this year for advice on a possible draft law ‘to mobilize more personal pension savings for long-term financing’, the document said.”

http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

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Yes, Bitcoin Enables Drug Dealing, Just as Major Banks Do

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“Charlie Shrem, along with a Florida man named Robert Faiella, was charged with conspiracy to commit money laundering linked to alleged sales of more than $1 million in bitcoin to people who wanted to buy drugs on Silk Road, an online marketplace that accepted only the crypto currency.  The arrests underlined growing concerns among law enforcement that bitcoin, a purely anonymous means of exchange, had become the preferred currency of the criminal underworld, and that payments companies like Shrem’s had become the enablers of drug trafficking and other nefarious enterprises. But you know what else has a history of enabling nefarious criminal enterprises? Banks.”

http://nybw.businessweek.com/articles/2014-02-07/bitcoin-enables-a-fraction-of-the-drug-dealing-banks-facilitated

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Microsoft beats Google by adding Bitcoin currency conversion to Bing

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“Microsoft today added Bitcoin currency conversion to Bing, which supports over 50 currencies in its index. Conversion is as simple as typing in ‘x btc to currency‘ or ‘x currency to btc.’ The data is provided by digital wallet company Coinbase.  Microsoft says the digital currency option is initially available to people in Australia, Canada, India, the UK, and the US, but will be rolling out to additional markets ‘in the coming weeks.’ There’s no word on other popular options like Litecoin and Dogecoin, which leaves an opening for Google to surpass Bing when it gets around to supporting digital currencies.”

http://thenextweb.com/microsoft/2014/02/10/microsoft-beats-google-adding-bitcoin-currency-conversion-bing/

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Overstock to Launch New Rewards Scheme for Bitcoin Buyers

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“Overstock CEO Patrick Byrne said the scheme is expected to debut in approximately four weeks, although he did not commit to a definitive timeline.  The program will not provide an instant discount on orders, but will instead give 1% of the total purchase value back to buyers to be applied to future purchases. Byrne did not provide further details of how the program would work, or whether it will be able to be used in conjunction with other company rewards schemes.  The announcement comes as Overstock nears a total of $1m in sales paid for in bitcoin. Overstock began accepting bitcoin on 9th January – garnering $130,000 in total first-day spending.”

http://www.coindesk.com/overstock-launch-new-rewards-program-bitcoin-buyers/

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Bitcoin Now Accounts for 10% of Sales at Porn.com

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“David Kay, marketing director for Porn.com’s parent company, Sagan Ltd, spoke to CoinDesk about his company’s progress so far, and noted that after one month, bitcoin purchases have “stabilized at 10%” of its sales.  Kay said that having a payment method that appeals to its customer base is key to delivering quality content, and that bitcoin satisfies this need. He explained: ‘I think surfers like the anonymity of purchasing a premium membership with bitcoin. They don’t have to worry about what shows up on their credit card statement.’  The United States has thus far accounted for the most bitcoin payments, with the United Kingdom and Canada rounding out the top three.”

http://www.coindesk.com/bitcoin-10-percent-porn-com-sales/

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Out of the ‘Shadows’: Pot Sellers Can Now Do Business With Banks

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“The Obama administration issued new rules Friday intended to ease the concerns of banks wanting to deal with businesses that legally sell marijuana.  While 20 states and the District of Columbia have passed laws allowing the sale of medical and recreational marijuana, its production, sale, and possession remain illegal under federal law. And because the federal government regulates banking transactions, marijuana dealers have been unable to get banks to do business with them.  As a result, dealers operate strictly with cash, creating a tempting target for thieves. Treasury officials say the revised rules should reduce the dangers associated with conducting an all-cash business.”

http://www.nbcnews.com/news/us-news/out-shadows-pot-sellers-can-now-do-business-banks-n30661

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Gas Station Owner Says IRS Grabbed $70K From His Bank Account

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“He says he’s an innocent man, never charged with any crime, who doesn’t understand why — or how — the IRS could snatch $70,000 from his bank account.  Mark Zaniewski, owner of Metro Marathon in Sterling Heights, said the IRS emptied out his bank account twice over the course of a week this spring.  What’s he charged with? Nothing. What did he do? His attorney says he drew the suspicion of the IRS for repeatedly depositing less than $10,000 cash in his account. At $10,000 banks have to report the deposit to the feds, and under law, the IRS can seize assets under civil forfeiture laws if there’s a suspicion you’re trying to avoid the bank’s reporting mechanism.”

http://detroit.cbslocal.com/2013/11/14/sterling-heights-gas-station-owner-says-irs-grabbed-70k-from-his-bank-account-for-no-reason/

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Cops Ordered to Return $1+ Million Seized From Innocent Woman

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“In 2012, Tara Mishra decided to invest over one million dollars in a nightclub.  Mishra gave the money to her future business partners, a married couple, to transport from California to New Jersey for her.  The Nebraska state trooper who stopped the pair asked to search the vehicle, and the couple consented. Officers discovered Mishra’s cash in multiple plastic bags stuffed with $100 bills in $10,000 stacks.  The officer, suspecting drug involvement, called in drug-sniffing dogs. Trace amounts of illegal drugs were found on the bills. The officers felt this was enough reason to seize Mishra’s money, even though studies show that up to 90% of U.S. paper money contains traces of cocaine.”

http://www.thedailysheeple.com/cops-ordered-to-return-over-1-million-seized-from-innocent-woman-and-fed-gov-ordered-to-pay-nearly-40k-in-legal-fees_022014

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Shunned by banks, legal weed retailers are turning to Bitcoin

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“In the midst of a wave of marijuana legalization across the United States, you can finally use bitcoin to legally buy weed.  Kouchlock Productions, a medical marijuana dispensary in Spokane, Wash., that opened earlier this week, is already selling the drug using bitcoins, reports Coindesk.  Medical marijuana has been legal in Washington since 1998, but buyers have been limited primarily to cash purchases due to credit card companies and banks reluctance to process payments for drugs that are still illegal under federal law. That’s where Bitcoin, which suffers little or no legal oversight, shines.”

http://www.dailydot.com/business/shunned-banks-legal-weed-retailers-bitcoin/

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Bankers balk as Postal Service plans payday loans, digital currency

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“Payday loans, check cashing and digital currency exchanges were among the possibilities outlined in the Jan. 27 report.  The 27-page document also notes that as the country moves toward a cashless economy, the Postal Service could also provide simple ways for underserved consumers to ‘convert their cash to digital currency’ or other electronic payment methods like prepaid cards, mobile payments and wire transfers.  Two days after the paper came out, the IG held an invitation-only seminar in Virginia to discuss virtual currencies such as Bitcoin, as well as the potential benefits and disruptive effects they may have on traditional payment networks.”

http://www.foxnews.com/us/2014/02/06/bankers-balk-as-postal-service-floats-plan-for-payday-loans-digital-currency/

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