Jan 12

See my commentary down below.


Bitcoin Collapses, Chinese Latecomers Get Fleeced:

“Capital flight” takes on a bitterly ironic meaning.

The People’s Bank of China announced on Wednesday that it is probing the major bitcoin exchanges in Beijing and Shanghai – BTCC, Huobi, and OKCoin – for a list of violations, including market manipulation, money laundering, and unauthorized financing.

This is part of the PBOC’s efforts to crack down on capital flight, a major escalation from last week, when Chinese officials warned investors – if you can call them “investors” – to be careful with bitcoin. That warning came at the peak of the spike and tipped the whole thing over. Continue reading »

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Jan 07

China Launches Bitcoin Crackdown: PBOC Will Probe Abnormal Investor Behavior “And Rectify Misbheavior”:

On Friday China fully cracked down on Bitcoin, with the PBOC issuing a statement calling the changes in the virtual currency “abnormal”, and urged local Bitcoin exchanges to the platform to “probe investors’ behavior and to rectify misbehavior.

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Jan 06

Bitcoin Tumbles After China Urges Investors To Be “Rational”:

After warning about cracking down on ‘virtual’ capital outflows earlier in the week, Chinese officials have come out more directly against Bitcoin this morning with the country’s central bank urging China’s institutional and individual investors should take a rational approach to investing in virtual currencies. Bitcoin in China has legged lower on the news.

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Jan 04

Bitcoin Nears Parity With Gold

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Jan 01

Bitcoin Soars Above $1000 In China:

2017 is off to a good start if you are holding Bitcoin as volumes continue to surge through Chinese Bitcoin exchanges amid fears of increased crackdowns on foreign exchange transfers in the new year. In the last 24 hours, BTC China has seen prices spike above 7,100 yuan (well over $1000 at the onshore rate exchange).

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Dec 27

Bitcoin Surges 20% In A Week As Chinese Volumes Hit Record High:

The last 5 days have seen Bitcoin prices (in dollars) soar over 18% and over 20% in Yuan as volumes on Chinese exchanges continues to build, seemingly anticipating notable Yuan devaluation (confirmed by various derivative bets being placed on the Chinese currency) and/or further capital controls looming as yet another hot money Chinese bubble explodes in commodity-land.

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Dec 21

FYI.


Bitcoin Soars To 3 Year Highs As China Turmoils:

With Chinese liquidity markets turmoiling, bonds crashing, and gold premiums soaring, it appears growing concerns over capital controls tightening has sent Chinese fleeing into Bitcoin as a way to escape the mainland restrictions. Bitcoin is up over $30 today to its hghest since Dec 2013

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Oct 29

H/t reader kevin a:

https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd

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I am aware that bitcoin has been starting to rise again during the last several months.

The Chinese needed to find ways to get their “righteously” earned money out of the country.

However, I still would not want to be invested into a virtual currency when the system is collapsing.

I also do not want to hold stocks and certainly not bonds.

Additionally, I believe that only physical gold and silver are real and everything else will turn out to be an illusion.

And no, I would not want to store gold in Singapore, Switzerland, etc.

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Oct 19

ECB Wants To Curb Bitcoin Use Over Fears It May “Lose Control Over Money Supply”:

The first time the ECB officially warned about the dangers of virtual currencies in general, and in particular, bitcoin – what was then a mostly unknown currency trading in the single digits (in USD terms) – was in November 2012 when in a report called “Virtual Currency Schemes” it warned that “in an extreme case, virtual currencies could have a substitution effect on central bank money if they become widely accepted. The increase in the use of virtual money might lead to a decrease in the use of “real” money, thereby also reducing the cash needed to conduct the transactions generated by nominal income. In this regard, a widespread substitution of central bank money by privately issued virtual currency could significantly reduce the size of central banks’ balance sheets, and thus also their ability to influence the short-term interest rates. Central banks would need to look at their existing tools to deal with this risk (for instance, trying to impose minimum reserve requirements on virtual currency schemes).”

Ironically, since then the ECB has moved significantly down the narrative of currency substitution, and in fact, following a recent push to eliminate paper currency (now that the €500 bill is no longer produced) the central bank has been urging for a shift away from real, paper money and into electronic variants.

However, overnight in a surprising reminder how the European central bank feels about bitcoin and other virtual money, the ECB urged EU lawmakers to tighten proposed new rules on digital currencies such as bitcoin, fearing they might one day weaken its own control over money supply in the euro zone. Continue reading »

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Aug 03

bitcoin-database

Here Comes The Mandatory Bitcoin Database:

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 »

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Aug 02

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Bitcoin Price Crashes After Exchange Admits Security Breach, Over $60 Million Stolen:

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.

Bitfinex statement: Continue reading »

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Jun 17

Bitcoin’s Largest Competitor Hacked: Over $59 Million “Ethers” Stolen In Ongoing Attack:

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 »

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Jan 26

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.


 

bitcoin-stolen

6 Million Bitcoins Hacked:

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 »

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Dec 09

Australian Police Storm Home Of Outed Bitcoin “Founder”

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Dec 09

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!

SHOW NOTES:
Bitcoin’s Creator Satoshi Nakamoto Is Probably This Unknown Australian Genius

Bitcoin creator identified by Wired has Australian home raided

Group claims Bitcoin may have been used to fund Paris terrorist attacks

European Commission to Assess Bitcoin’s Role in Terrorist Financing

Bitcoin, Paris and Terrorism: What the Media Got Wrong

Bitcoin Report: ISIS Utilizing Digital Currency to Fund Terror Operations, Conceal Cash

California shooters borrowed $28,000 before attack: source

Meet The Peer 2 Peer Lending Website That Funded The San Bernardino Shooters

Solutions: The Peer-to-Peer Economy (Transcript)

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Nov 20

Europe Cracks Down On Bitcoin, Virtual Currencies To “Curb Terrorism Funding”:

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 »

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Nov 03

The Reason For Bitcoin’s Recent Surge Revealed:

“Some Chinese traders are expressing a view on the CNY exchange rate after the last devaluation and you have interest by mainland speculators to move to other assets after the stock market fallout.”

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Oct 25

Bitcoin Soars As China’s Creeping Capital Controls Loom:

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:

Continue reading »

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Oct 22

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 Surges To 3-Month Highs After EU Tax Ruling:

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.

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Aug 18

This Is Sparta

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 »

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Jun 16

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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.

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Apr 06

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.

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Mar 30

facepalm-1

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 »

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Mar 20

evolution-bitcoin-theft

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 »

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Mar 13

RED ALERT – IBM Moves to Create a Centralized, Central Bank Controlled Blockchain for Currency Control

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 »

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Feb 11

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$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.

Continue reading »

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Sep 10

bitcoins

World’s Second-Biggest Internet Payment Network – PayPal – Will Accept Bitcoin (Washington’s Blog, Sep 9, 2014):

Bitcoin Is Going Mainstream

We’ve previously noted that Reddit, Virgin Galactic, Overstock.com, two big Las Vegas hotels, a Congressman, and many businesses now accept Bitcoin. So does Dish Networks.

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.

Bloomberg reports: Continue reading »

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Jul 13

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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.

We learn from Newsweek that: Continue reading »

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Jul 03

bitcoin1234

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 »

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Jun 29

california-bitcoin-bill-signed

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 »

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