It was only a matter of time.
In the wake of multiple terror attacks, the European Commission is moving towards creating a mandatory, centralized database of Bitcoin ownership.
Of course, their official reason is that Bitcoin is being used to finance terrorism.
So for everyone’s safety and security they need even more authority to spy on people’s finances. Continue reading »
Bitcoin prices are crashing on extremely heavy volume – down over 30% in the last 2 days – after Hong Kong-bassed Bitcoin exchange Bitfinex halted all trading after it discovered a security breach. As CryptoCoinsNews reports, the theft of 119,756 bitcoins has now been conclusively confirmed which makes it the largest theft in bitcoin’s space since MT Gox.
Representatives from the exchange told CoinDesk engineers were seeking to uncover issues at press time, though the company had confirmed roughly 120,000 BTC (more than $60m) has been stolen via social media.
One month ago, Fred Ehrsam, co-founder of Coinbase in a sweeping, 2,500-word blog post, took aim at what he called a “stagnant” bitcoin community that he characterized as being outperformed by innovators working on the Ethereum network. In the post, Ehrsam sought to position Ethereum as a possible competitor to bitcoin, indicating his belief that the competing protocol could “blow past bitcoin entirely” (perhaps he was merely peeved at the lack of commission fees Coinbase was generating). In his post, Eshram said: “There is nothing that bitcoin can do which Ethereum can’t. While Ethereum is less battle tested, it is moving faster, has better leadership and has more developer mindshare. First mover advantage is challenging to overcome, but at current pace, it’s conceivable.” Continue reading »
I’ve said before that I am not a friend of bitcoin.
I do not recommend bitcoin, because it is a virtual currency and once the system goes down all those bitcoins may just go “puff” and disappear in the ether, unlike physical gold and silver.
I also find it kind of suspicious that Bilderberg members are promoting it and that the alternative media is going so (positively) hysterical about it.
However, I may be proven to be completely wrong.
Paul Vernon, also known as Big Vern, is the founder of Cryptsy—the international cyber currency company (bitcoins). More than a year ago, Cryptsy was hacked by the developer of Lucky7Coin. During this time, the company was recovering it’s respect and reputation i.e. paying back money to user’s wallet.
How did the hacker (developer of Lucky7Coin) manage to access Cryptsy and steal bitcoins? The hacker injected Trojan malware into Cryptsy, which helps hackers gain access to the confidential data, allowing the hacker to grab the cyber currencies i.e. bitcoins. Continue reading »
H/t reader squodgy:
“Bitcoin Terror DISINFORMATION BRAINWASHING”
Wired has allegedly found elusive Bitcoin creator “Satoshi Nakamoto” in Australia…and less than 24 hours later he’s being raided by the Australian Federal Police. Sadly, given the attempts by the MSM and governments around the world to link the P2P economy to terror, mayhem and criminality, this is hardly surprising. Join me in today’s thought for the day as we explore the demonisation of P2P and why the powers that shouldn’t be are afraid of freedom…terrible freedom!
In the past we have explained why when it comes to circumventing capital controls, primarily in the context of China, there are few as simple and as efficient alternatives to Bitcoin – contrary to what Bernanke may think, gold is concentrated money (and in India it now pays interest) but when it comes to transferring it across borders, it tends to be rather problematic. And now Europe appears to have figured this out, and as Reuters reports, European Union countries are preparing to crackdown on virtual currencies such as bitcoin, and anonymous payments made online and via pre-paid cards “in a bid to tackle terrorism financing after the Paris attacks, acording to a draft document.” Continue reading »
Since China devalued the Yuan and surprised the world’s carry traders (and central planners) by stirring up FX volatility, the demand for ‘paper’ gold has begun converging to the demand for physical precious metals. Gold prices are now up over $100 since August 10th, but it is another (easier to ‘transport’) alternative currency that has soared. Bitcoin has spike post-China-devaluation(since dipping on ‘governance’ concerns), accelerating from under $200 to almost $300 today, and up 25% since our September 2 explanation why China’s capital account crackdown is “great news” for bitcoin.
The demand for alternatives to fiat currencies appears to be soaring:
However, the last week or two suggest, perhaps more importantly, that China easing (and outflows implict from further devaluation) now appears to go straight to Bitcoin.
As Overstock’s Chairman noted previously: gold is great, but tough to transport; thus, forcing Chinese into Bitcoin as we previously explained:
When the system will collapse all those bitcoins will be – in my opinion – worthless.
Only physical gold and silver will protect your financial assets in the future.
Bitcoin has recovered all the losses from the volatility surrounding China’s currency devaluation and Black Monday equity weakness as implicit capital controls drive the Chinese into alternative currencies (as we warned would happen). However, the last few days have seen the cryptocurrency surge to $280 – the highest in 12 weeks – as The EU’s top court ruled bitcoin and other virtual currencies can be exchanged tax-free, putting them on a more equal footing with traditional cash.
– This is Sparta – 1,000 Bitcoin ATMs are Coming to Greece (Liberty Blitzkrieg, Aug 18, 2015):
I simply cannot stress enough how important Greece is to freedom, liberty and civilization across the globe. Greece is not a one-off, or merely a small nation in big trouble that holds little relevance for the rest of us. Greece is everything.
What is happening to Greece follows the exact same game plan of what will eventually happen to every other supposedly sovereign nation. First there is an explosion of debt. Then a crisis. Then a bailout. Then creditor imposed hardship is forced upon the average population, in conjunction with unlimited bailouts for the bankers and other oligarch criminals. Finally, when a public which mistakenly believes it is living in a democracy exercises its right to national sovereignty, the sad truth is exposed. They are not a people living under a free political system. Continue reading »
– Bitcoin Spikes As Greeks Follow Cyprus “Template” (ZeroHedge, June 16, 2015):
In March/April 2013, Bitcoin prices started to soar as Dijsselbloem’s “template” applied to Cyprus prompted many to rethink money entirely. As the reality of a possible Grexit looms and Capital Controls are denied (just as they were in Cyprus), so Bitcoin prices are once again surging (up 10% in the last few days) as non-fiat currency once again becomes bid.
– SkyNet Is Almost Sentient: HFTs To Start Trading Bitcoin (ZeroHedge, April 6, 2015):
As noted earlier, with equities now a barren wasteland of volume (and liquidity), the last remaining HFT master (of whale order frontrunning) has been forced to go to those asset classes where organic flow is still abundant such as FX, courtesy of central banks engaged in global currency wars. However, HFTs realize it is only a matter of time before FX order flow also dries up as central banks take their trade away from public venues (and dark pools) and as such are always looking for new, untapped markets. One place where they are about to land according to the WSJ, with hilarious consequences sure to follow, will be the one place that HFTs should have felt at home from the very beginning: bitcoin.
– Federal Agents Investigating Bitcoin Money Laundering Extorted, Stole Over $1 Million In Bitcoin (ZeroHedge, March 30, 2015):
This is one of those sad times when The Onion realizes it has badly, and permanently, missed its IPO window.
Just released from the Department of Justice
Former Federal Agents Charged With Bitcoin Money Laundering and Wire Fraud Continue reading »
– Bitcoin Scammers Run Off With $12 Million: “Going to The Caribbean… Hope You Guys Understand” (The Daily Sheeple, March 18, 2015):
For the casual observer the underground online marketplace, often referred to as the DarkNet, seems to resemble the lawlessness of the Wild West. Over the last several years millions of dollars worth of digital crypto-currencies have been stolen, oftentimes by the very operators of the web sites tasked with managing the online digital “hot” wallets of its users. (A “cold” wallet is used to store crypto-addresses on your own Flash drive or can be written down on a piece of paper).
The most recent example comes to us from the “Evolution” Darknet, which according to a report from Crytpo Coins News shut down their web server and ran off with $12 million in user bitcoins: Continue reading »
– RED ALERT – IBM Moves to Create a Centralized, Central Bank Controlled Blockchain for Currency Control (Liberty Blitzkrieg, March 13, 2015):
International Business Machines Corp is considering adopting the underlying technology behind bitcoin, known as the “blockchain,” to create a digital cash and payment system for major currencies, according to a person familiar with the matter.Unlike bitcoin, where the network is decentralized and there is no overseer, the proposed digital currency system would be controlled by central banks.
– From the Reuters article: IBM Looking at Adopting Bitcoin Technology for Major Currencies
Many activists and thinkers in the anti-status quo world were understandably very suspicious of Bitcoin when it first entered mainstream consciousness during its run-up from $10 to $260 in spring 2013. I myself had heard of Bitcoin years before I publicly expressed my interest and support of the technology. With no tech background, I was immediately overwhelmed with the concept, and so I initially dismissed it and forgot about it. It was only in 2012, that I started asking questions of tech experts who I had become friends with it about it in order to calm my concerns. Considering these people have similar political leanings and are even more paranoid than I am about the corporate-gulag state, I felt somewhat reassured. Then, when I recognized the powerful political implications of the technology, I wrote my first public thoughts on it. The post was titled, Bitcoin: A Way to Fight Back Against the Financial Terrorists?
Here’s a key excerpt from the post, and what really got me interested in Bitcoin: Continue reading »
– $386M allegedly missing, as investors fear bitcoin Ponzi (CNBC, Feb 9, 2015):
Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process.
The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors.
The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play.
– World’s Second-Biggest Internet Payment Network – PayPal – Will Accept Bitcoin (Washington’s Blog, Sep 9, 2014):
Bitcoin Is Going Mainstream
But a huge shift just occurred, which virtually guarantees that Bitcoin will become a normal payment method. Specifically, PayPal has just announced that it will accept Bitcoin.
– Blythe Masters’ Ex-Husband Launches Bitcoin Hedge Fund from the Island of Jersey (Liberty Blitzkrieg, July 11, 2014):
Blythe Masters is perhaps the most maligned human being on earth by silver investors due to suspicions of JP Morgan’s manipulation in the silver market. Well she’s back in the news, but it has nothing to do with silver. Rather, the news relates to the fact that her ex-husband and commodities traders, Daniel Masters, has just launched a Bitcoin hedge fund from the island of Jersey, a British Crown dependency.
– Russia may legalize bitcoin – Bank of Russia deputy chairman (RT, July 3, 2014):
The Bank of Russia has signaled it is ready to legalize the world’s first mainstream cryptocurrency, despite the big risks and setbacks the digital money has experienced. The Bank’s recognition means it can better regulate it, and even collect tax.
“We advocate a careful approach to bitcoin and are monitoring the situation along with the Bank for International Settlements,” Gazeta.ru quotes Georgy Luntovsky, the Bank of Russia’s Deputy Chairman speaking on Wednesday at the annual International Banking Congress in St. Petersburg. Continue reading »
– California governor signs bill legalizing bitcoin (RT,June 29, 2014):
California Governor Jerry Brown signed into law a bill making alternative currencies, including bitcoin, lawful in the state.
The bill repeals the provision of the old legislation, which banned the use of “anything but the lawful money of the United States.”
Authors of the amendment labeled the old regulatory regime as “stagnant” and lagging behind Californian “growing and innovative payments market.”
“This bill makes clarifying changes to current law to ensure that various forms of alternative currency, such as digital currency, points, coupons, or other objects of monetary value do not violate the law when those methods are used for the purchase of goods and services or the transmission of payments,” the comments to the bill read. Continue reading »
– Hacker Invoices Justice Department for Time in Prison, Refuses to Accept U.S. Dollars (Liberty Blitzkrieg, May 20, 2014):
Thus I was taken from Arkansas, the nicest place I ever lived, and brought to Newark, New Jersey, a place worse than any of the many third world countries I have visited. I was held under bail conditions where the government refused to allow me to work in my industry, told me where I could live (I was not allowed to return to my birthplace of Arkansas where I lived at no expense, and instead forced to pay rent in New Jersey), and was subject to the indignity and expense of regular mandatory travel to the Newark courthouse to urinate in front of a federal employee. I was told where I could travel, and where and how I could sleep. My time and life was completely monopolized by the federal government during this period, again based off false statements from a lying piece of shit in the federal government…
My current market-determined hourly rate is 1 Bitcoin an hour. I was taken from my childhood home at gunpoint on January 18th, 2011, and I was not allowed to freely exercise my liberties as a citizen until April 11th, 2014. That’s 1179 days that you used my time that I am now billing you for (I gave you a discount by not including the last day). I am owed 28,296 Bitcoins. I do not accept United States dollars, as it is the preferred currency of criminal organizations such as the FBI, DOJ, ATF, and Federal Reserve and I do not assist criminal racketeering enterprises.
– Andrew “Weev” Auernheimer in his “Open letter to members of the New Jersey District Court, FBI, and DOJ consisting of an invoice for services rendered.”
I first brought the controversial hacker and troll “Weev” to your attention in my post: Hacker “Weev” is Released from Prison, Starts Hedge Fund Called TRO LLC, Appears on CNBC. I strongly suggest checking that post out before reading on.
Ever since being released from prison, Weev has seemingly and wisely turned his trolling skills on those aspects of U.S. society that are the most corrupt and cancerous. Namely Wall Street and the Federal Government. His latest action consists of a scathing letter to members of the “justice system” that imprisoned him, and some excerpts from the letter represent moments of sheer trolling genius.
Not only does he invoice the government for $13.2 million, but he refuses to accept U.S. dollars (more accurately Federal Reserve Notes, but whatever), and instead asks for payment in 28,296 Bitcoins. Simply epic. The full letter can be read below:
Open letter to federal scum Continue reading »
– Exodus from Bitcoin Foundation following Disney star’s appointment as director (RT, May 16, 2014):
Nearly a dozen members of the Bitcoin Foundation, the most influential bitcoin lobby group, have resigned over the election of former Disney child star Brock Pierce as the organization’s new director.
Before becoming a bitcoin entrepreneur and financier, Brock starred in several high-profile children’s movies, including Disney’s ‘The Mighty Ducks’ and ‘D:2 The Mighty Ducks,’ as well as ‘First Kid.’ He then moved away from the Hollywood world and eventually started his own web video business known as Digital Entertainment Network, where employees accused him of pressuring them for sex and providing drugs to minors. Continue reading »
– China’s Bitcoin crackdown intensifies as two more platforms closed (RT, May 9, 2014):
China has stepped its war on Bitcoin up a notch, shutting down two trading platforms. Fear of the crypto-currency in the country has been intensifying, with concerns that it is being used for money laundering and evading currency controls.
China Guangfa Bank and Shanghai Pudong Development Bank Co Ltd stated on Thursday that they had banned customers from using accounts to trade Bitcoins.
According to a Wednesday Wall Street Journal report, China’s central bank summoned executives to encourage them to put a stop to all Bitcoin-related business and tighten monitors on its trade.
Continue reading »
– As Wall Street Looks to Copy Bitcoin, The Department of Defense Studies it as a “Terrorist Threat” (Liberty Blitzkrieg, May 7, 2014):
Two very interesting Bitcoin related articles have emerged over the past week and demonstrate the total irrationality that surrounds the status quo’s understanding of this revolutionary and liberating technology. Let’s start with the Department of Defense story, the headlines of which most of you have probably seen by now.
A division of the U.S. military known as the Combating Terrorism Technical Support Office (CTTSO), which studies threats to national security (i.e., the status quo’s grip on power) has listed Bitcoin amongst a number of potential terrorist threats. Of course, as I and many others have noted repeatedly, anything which threatens the prevailing criminal status quo will be merely labeled a “terrorist threat” in order to neutralize it. Just in case you aren’t yet convinced of how insane the folks at CTTSO are, “also on the CTTSO’s list of terrorism research topics were Android, Motorola, social media and virtual reality.” What has happened to this country…
From International Business Times: Continue reading »
– Bitcoin Tumbles After BTC China Halts Funding Amid Concerns PBOC About To Get Serious (ZeroHedge, April 27, 2014):
Bitcoin prices tumbled almost 15% as Chinese bitcoin exchange BTC China announced it has stopped accepting RMB deposits to user accounts from a major bank. As Coindesk reports, Management decided to proactively halt deposits from one of the country’s largest banks, China Merchants Bank, after the bank posted on its public website that it would no longer allow its customers to engage in bitcoin-related transactions, and said essentially it would require all such businesses to close their accounts. Withdrawals, of course, are allowed, but as Coindesk goes on to note, that while the PBOC’s ‘official’ policy on Bitcoin has not changed since December, this ‘pre-emptive’ move may suggest he PBOC would soon set stricter rules about how its earlier edicts should be followed.
I do not believe in Bitcoin, or better: I do not believe something good will come out of Bitcoin.
Maybe Bitcoin will be used by the elitists to create their cashless society … after the global financial/economic collapse … as planned.
I do believe that gold and silver will be the best protection for your financial assets (like food & water supplies will ‘protect’ your physical body) in the future.
Bitcoin is called ‘virtual gold’.
Only PHYSICAL gold and silver are real, everything else will turn out to be a (‘virtual’) illusion.
Watching this bitcoin ‘sales pitch’ video was quite ‘painful’ and several different ‘manipulation alarms’ went off simultaneously in my brain.
Editor’s Note:After initially airing this interview exclusively for their readers, Money Morning has released it to the public, so that people across America can understand exactly what’s happened and what’s coming. Click here to watch it.
– 36 U.S. Cities in 20 States “Abandon” the Dollar (Money Morning, April 7, 2014):
Recently, famed billionaire Warren Buffett warned we should “fear paper money.”
And with the U.S. dollar losing 38.5% of its value since 2002, Buffett’s concerns are unfortunately justified.
However, he probably couldn’t have imagined a secret currency crisis that’s developing very quickly across America now.
36 cities in 20 states have taken aggressive measures to abandon the U.S. dollar.
And more are planning to do so in the near future.
– Isn’t It Ironic: Mt.Gox Hacker Demands Ransom From Exchange Users To Not Reveal Their Personal Data (ZeroHedge, March 11, 2014)
The bankruptcy of the once largest Bitcoin exchange may be history, but now the real drama begins.
First, over the weekend, allegations surfaced that not the whole truth may have been revealed during the heartfelt announcement by Mt. Gox CEO, Mark Karpeles, who claimed that $400 million in Bitcoin were stolen by hackers. As Forbes reported, hackers took over the Reddit account and personal blog of Mark Karpeles, to reveal that the exchange he ran had actually kept at least some of the bitcoins that the company had said were stolen from users.
Japanese reports blame collapse of the company on hackers overloading the website
– Bitcoin exchange MtGox ‘faced 150,000 hack attacks every second’ (Telegraph, March 9, 2014):
Troubled Bitcoin exchange MtGox was reportedly attacked 150,000 times per second by hackers in the days leading up to its collapse last month.
The Tokyo-based exchange, which filed for bankruptcy protection in February, was hit with crippling distributed denial-of-service (DDoS) attacks, according to the Yomiuri Shimbun newspaper.
During DDoS attacks, hackers take control of multiple computers to send a flood of data to the target, causing servers to crash and making websites unavailable.
Lawyers for MtGox said that during the attacks, which lasted for several days, 750,000 Bitcoins belonging to customers were stolen, worth an estimated $575m (£344m).
– Rest in peace, Autumn Radtke, we’ll miss you (Tech in Asia, Feb 27, 2014):
Update (Feb 27, 3pm): Article edited to emphasize that investigations are ongoing. While suicide has been suggested, it is not a certainty.
The startup community has lost one of its own. Autumn Radtke, CEO of First Meta, a Singapore-based virtual currency trading platform that also deals in bitcoin, has died last night, Tech in Asia has learned. She was 28 years old.
The circumstances surrounding the death is unclear. Sources have suggested that she committed suicide, although police investigations are still ongoing.