Bitcoin drops further as India imposes ban, Japan faces ...

Why XRP (and Crypto) will succeed

A while back, I went to the bank to send a bank wire to fund my crypto account. This was my first time sending a bank wire. I read the instructions on the exchange website, and copied and pasted the instructions on my phone to bring to the bank.
As I was finalizing the transfer, the representative told me that the bank wire will cost $30 and will take 3-5 business days to settle.
This was pretty much a robbery in broad daylight.
I am already charged $10 a month to have my bank account active. My money dwindles due to inflation. You can't participate in society in metropolitan areas without a bank account since most employers don't pay you in cash, so you're forced to use a bank. Is the bank's main interest themselves or for the people?
At the bottom of the instructions was a long string of characters, preluded by the word "SWIFT". I did not know what it meant at that time, but now I do know. For those of you that don't know, it's the current service banks use to send bank wires. Not only did it cost a lot, the amount of time it took was a waste of my precious commodity: time. As Garlinghouse says, it would be faster to get on a plane and delivery the money by foot.
I came across an article yesterday titled: The Average Life Expectancy For A Fiat Currency Is 27 Years ... Every 30 To 40 Years The Reigning Monetary System Fails And Has To Be Retooled.
http://georgewashington2.blogspot.ca/2011/08/average-life-expectancy-for-fiat.html?m=1
I encourage you to read it, but the main point of the article is: * The average lifetime of a fiat currency is 27 years * The average lifetime of a monetary system is 40 years
The article was written on August 2, 2011. A line in the article states "Simply, at this point we can’t know what will replace the current monetary system, or when. All we can know is that the status quo cannot and so will not survive this crisis." I'm sure we all are smirking at this point since we all know what will replace the current monetary system. Prime recent examples of the fiat system failing is Venezuela and Zimbabwe. The former monetary system was backed by gold, unlinked in 1971. Bitcoin was introduced in 2009. According to the article, the new monetary system should be introduced by 2011. I guess we're a little early?
On the note of currencies, can we all stop comparing the market cap of a crypto currency to blue chips like Uber, Amazon etc... Parallels should not be drawn between these, and instead, drawn between total circulating supply of a fiat such as USD, CAD, BP etc.
We are all blessed to be in this emerging market very early, and some of you do not even understand the underlying value of a crypto currency. Personally, what I invest in are assets that can provide what humans value the most. Below is a list in what I believe humans value, and in order of importance : 1. Time 2. Health 3. Pleasure 4. Money
Crypto currencies will save everyone time and money. That is why it has value.
Innovation and technology has allowed almost all industries to flourish. In a capitalistic society, with competition more fierce than ever before, it is those business who do not adapt that gets left behind and goes bankrupt. Banking, one of the oldest sectors, has barely innovated, but 2018 will be the year of fin-tech. MoneyGram partnership is only the beginning. Banking is a highly regulated sector, and it will need a crypto currency that is highly regulated (and not necessarily the most technological advanced crypto) to be adopted and used by banks. Which currency is the most regulated? XRP is, and perhaps XLM, which I am also bullish on. Not bitcoin with lightning, Rai blocks, IOTA, ethereum with raiden. These 4 currencies might be superior to XRP in technology, but not in regulation. Mind you, I am not saying these currencies will disappear, but they will not be adopted by banks. The central banks has already announced they will hold crypto currencies.
https://www.coindesk.com/2018-year-central-banks-begin-buying-cryptocurrency/
Banks are already afraid of crypto currencies and are scrambling to find ways to maintain a competitive edge. In physics, electricity flows in the path of least resistance, so does people, and so will money. If banks do not adapt, a currency such as Ether will eventually dominate. Some people might argue that banks will issue their own digital token and will dominate XRP. But that will not be the case. Do you really think The Bank of China will agree to use USD tokens as their main currency? There needs to be a neutral currency that is under no particular bank that will serve as a middle ground for the whole world. I will tell you right now, that each country will eventually ICO their respective currency to have it on the block chain because people demand transparency and is sick of quantitative easing and inflation. And also the government wants to keep track of you.
Banks will not disappear anytime soon. I am baffled by those who say crypto will remove banks. A key aspect to banks that crypto cannot offer is credit and lending. Who is going to chase you down if you borrowed some Ether and didn't pay it back? Nobody is going to lend you Ether, and authorities won't care if the vigilant ran away with your virtual coins. Since banks will not disappear, their only option is to integrate to stop the threat of being overthrown by decentralized currencies.
Asian people are on average, a smarter race than the rest of the world (this will trigger some people, but please do not start a flame war in the comment section. I am not undermining the rest of the world)
Source: https://iq-research.info/en/page/average-iq-by-country#
Asian countries such as Korea and Japan are typically quicker to adapt to change and embrace new technologies. As we already know, banks in South Korea and Japan are trialling XRP. Whether or not it will pass, we do not know. But we do know that if it does pass, the technology will ripple (see what I did there?) across Asia, and then on to the rest of the world. We already know that China and USA are major trading partners. So once China is on board, it will be very appealing for USA to also hop on board XRP to increase efficiency in commerce.
Looking at the chart below, XRP is approximately tied with ethereum at just over a million transactions per day. As we already know, this isn't a fair comparison because Ethereum is a platform to execute smart contracts and not really a currency. So, XRP is leading in terms of transactions per day used as a currency. According to Moore's law, the value of a network is n2, n being a participant in the network. Need I say more?
https://bitinfocharts.com/comparison/transactions-btc-eth-xrp-bch.html#3m#log
As of now, the most regulated crypto currency is XRP. It will stand up to all the regulations put in place, is adequate in technology enough for people to be satisfied, and will endure all the turmoil spewed on it. Until a new coin emerges that can compete against XRP, it will be adopted by banks and appreciate to a market cap of trillions.
And that is why I am 100% in XRP.
See everyone on the moon.
And stop checking the price every waking moment. Spend your valuable time elsewhere.
submitted by Endogami to Ripple [link] [comments]

Bit-Coin and Murder: Four Recent Cases

Some news that I googled about bit-coin implicated in alleged murder cases:
While charges have been made in those cases, the suspects should be presumed innocent until convicted -- unless it is confirmed that they are butters, of course.
submitted by jstolfi to Buttcoin [link] [comments]

Reuters: Japanese Regulators to Introduce New Rules Regarding Exchanges’ Cold Wallets

Reuters: Japanese Regulators to Introduce New Rules Regarding Exchanges’ Cold Wallets
https://preview.redd.it/aogqt81orys21.png?width=1024&format=png&auto=webp&s=f6789e5de02a32615c8643248b3adc7837ef66e2
Japan's Financial Services Agency (FSA) will apparently present new standards in regards to cold wallets for putting away cryptographic forms of money at crypto trades, Reuters wrote about April 17.

Refering to a source acquainted with the issue, Reuters reports that the nation's monetary controller will purportedly require cryptographic money trades to fortify inner supervision of cold wallets — gadgets for putting away advanced cash which are not associated with the Internet.

By actualizing the new guideline, the FSA purportedly addresses the troubles of guaranteeing the security of advanced monetary forms and different dangers for the nation since it expects to support the fintech business to invigorate financial development.

Albeit cold wallets are not associated with the Internet and, in this way, give better security to computerized resources, the FSA recommends there could be dangers of inside robbery. As indicated by the source, various trades don't have a strategy where the individual in charge of the capacity would be routinely pivoted out.

Not long ago, the FSA heard contentions for never again ordering bitcoin (BTC) as a money. Amid a whole session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of Kyoto University contended that bitcoin had progressed toward becoming something past a methods for executing because of its borderless characteristics, which have driven it to show up all through the world in its ten-year history.

In March, the FSA endorsed the second digital currency trade to start activities under new guidelines. The FSA started issuing licenses to new digital money trades hoping to serve the Japanese market. The authorizing plan, which has a long holding up rundown, was to a limited extent a response to the occasions of the previous two years, remarkably neighborhood trade Coincheck's half-billion-dollar hack in January 2018.
https://omgfin.com/exchange/
submitted by Rajladumor1 to omgfin [link] [comments]

Tether and the Global Markets Challenge

Disclaimer - Read the disclaimer.

The U.S. regulatory agency, SEC, regularly works with foreign countries governments and regulatory agencies when enforcing laws on foreign companies. There is more than ample case law and literature that will verify this. That does not apply to all, or even most U.S. or other countries laws. Most laws do not give jurisdiction to one country over another. We will use the example of the world famous KimDotCom and his website Megaupload.

As a Non U.S. citizen, the U.S.'s Department of Justice does not have the jurisdiction to send their agents to New Zealand to arrest him for violating US copyright. They must legally have New Zealand extradite him. This is obvious, or should be to most people. Which is exactly why he is still in New Zealand and not in the U.S. either in court or jail. He has been able to fight extradition for the last 6 years, and hopefully that's how it stays. However, there are certain things which does fall under the jurisdiction of foreign countries. I'm not even going to try to list them here as that isn't important.

The most important thing however is how the U.S. extends jurisdiction when they should have absolutely no legal grounds. Specifically this falls under the Dodd-Frank Act. "Under the Dodd-Frank Act, U.S. courts have jurisdiction over claims of securities violations brought by the SEC or DOJ that involve: 1) Significant steps in furtherance of a violation that occurred in the United States even if the transaction took place outside the United States; or 2) Conduct outside the United States that has a “foreseeable substantial effect” within the United States.”

The U.S. has on more than one occasion claimed jurisdiction over a foreign cryptocurrency exchange. Once for a lawsuit against Mt. Gox (Japan) from 2014 which is still ongoing in the state of Illinois in federal court. More details can be found here.

Again last year when the SEC and DOJ sought charges against BTC-e, a Russian Exchange, and it's owner Alexander Vinnik. Accordingly BTC-e's assets including domain, etc. was seized by the U.S. and charged with operating an unlicensed money service business, money laundering, and related crimes. Details of this case can be found here.

We now also have BCC lawsuits happening. Two have already been filed and a U.S. Judge issued an order to freeze their assets, they were provided 10 days to turn them over. If they decide to not do it since they can’t just be forced as the banking system can, they will then face criminal charges; Not just a lawsuit. More information here.

Now you know shit is serious when the U.S. Government acts faster on something than any other time in the last 200 years. Look no further than Tether and Bitfinex. Most exchanges pair the USDT coins and not USD. This is done so foreign exchanges don't have to worry about U.S. banking laws that any company dealing with USD is legally obligated to do but they are still able to pair things against the US dollar which we all see it listed as USDT/BTC. A vast majority of people will never notice nor even give this a second thought. Exchanges do this specifically because using the USD would subject them to U.S. banking laws but since Tether "USDT" is a coin and not money, exchanges don't have to follow U.S. banking laws. This creates an extra layer of protection for exchanges and they are able to operate much easier without accidentally breaking those or other U.S. money-laundering, know your customer, etc. laws; While they are still able to pair coins with USD thanks to the coins being set 1:1 with the U.S. Dollar.

Many in the community remember last year when Bitfinex announced they announced they were stopping all user activity for U.S. citizen accounts. This was done for a very specific reason, and if you research what Bitfinex did after the last hack of $70 million USD, you will understand why. I'm sure a lot of people that weren't around when the hack occurred wouldn't believe what the exchange did to their customers.

Anyway back to subject on hand. Including using the aforementioned way that exchanges protect themselves by pairing with USDT and not USD; Tether further protects itself by separating itself into multiple entities; Tether Limited (“TLTD“) for U.S. citizens, Tether International Limited (“TIL“) for all Non U.S. citizens for the purpose of issuing, use, etc. of the Tether coin. Tether "TIL", Tether "TLTD" and Bitfinex (owned by iFinex Inc.) are incorporated in Hong Kong. Last but not least, and most important. Tether Holdings founded in 2014, and iFinex Inc. are both based in British Virgin Islands. These are the only parts of Tether and Bitfinex that receive real money, actual US dollars, Euro's, Yen, etc.

Any exchange, wallet, etc. that accepts actual money payments dealing with cryptocurrency knows that by accepting real money they must follow AML/CTF laws of whichever jurisdiction that would apply. Hence why most all exchanges pair with USDT and not USD. Furthermore, most people are also aware that the British Virgin Islands, Cayman Islands, etc. are considered tax havens which is where both holding companies are incorporated. There is much more about Tether if anyone wants to look further. Information released in the Paradise Papers links both companies and finally sheds light on the people behind this. It should be easy for anyone following along to see the possible implications. For our purpose, all we need is know how the companies are structured. Which is why the media just reported on January 31st 2018 that the U.S. issued subpoenas to both Bitfinex and Tether.

 

NOTE: NEW INFORMATION FROM TODAY SHOWS SNAPSHOT OVERVIEW

 

If you didn't know what company it was that was structured in this way with multiple sister corps, parent corps, locations, etc. Most people would be baffled as to why any company would go through all that trouble. What practical reason could a cryptocurrency company, in a unregulated world, have to do that in the first place? Fraud is rampant and no one seems to ever go to jail. Even if doing the same thing in any other business would likely result in criminal charges. So why would any company go through all that trouble if they had nothing to worry about. Even if their entire goal is to defraud people such as "B-Connect", why would any foreign company dealing with crypto go through that much trouble in such an unregulated market? Number one that is substantially more expensive financially and also much more work that would have to be done. Not including the additional time and cost to hide that stuff

This is where we need to ask ourselves a question. Putting aside any thought of Tether committing fraud or whatever else is alleged. Let's just look at the basic facts: If foreign exchanges, etc. aren't subject to outside laws because they are located in a different country. Why would any of them use a coin in place of real money for pairings? Wouldn't it be easier no matter what to just pair listing against the dollar. USD/BTC or whatever fiat currency is paired against cryptocurrency. That would just create more accounting and unnecessary additional steps to convert crypto to fiat? No business would adopt a model like that if there was not a fundamental need for the extra work/cost/etc.

We first had to ask that question before we can even ask the next one. So if exchanges are protected from foreign country laws just by using USDT. Why would Tether, Bitfinex, "B-Connect" International for that matter, stop doing business with U.S. citizens if they use USDT and are not based in the U.S.? Why would it matter then if they do business with them? Maybe the reason they ensure that no U.S. citizen can do business with them is because U.S. law does still apply to them if they transact with them. By now everyone knows "B-Connect" was a Ponzi scheme, and if you have paid any attention, the U.S. is going after them tooth and nail. Yes "B-Connect" did have U.S. locations however "B-Connect" International which is the holding company of the new "B-ConnectX" is already up and running and is unable to be shut down since US citizens are not permitted to use that service now.

There is a much more serious risk at hand. A risk that will make the 2014 Mt. Gox crime, which destroyed market cap by over 80% and didn’t recover until 2017, look like a weekend robbery at a convenience store. From 2014 until January 2017 a total of 10 million USDT had been created. No one would even question if they had 10 million USD in a bank account to back each coin up. When Well’s Fargo terminated them as a customer at the end of March, start of April, the total USDT supply increased to 44 million. December 1st when the Paradise papers were released 440 million Tether. Apparently within a week subpoenas were issued, that right there should indicate the severity of the problem.

December 31st 2017 supply was well over 800 million USDT. Fast forward a month and the total is 2.2 billion USDT at the end of January 2018 when the MSM finally picks up on it. NYTimes was the first to have an article of the US mainstream news. To add to the horror show playing out in front of all of us Tether is now issuing a new USDT and EURT on the Ethereum blockchain. The 2.2 billion are on the omni layer protocol which on the Bitcoin blockchain. Note: The new ERC20 USDT and EURT are not intended to replace the USDT that are bitcoin based but rather to compliment.

The implications of this reach much further than the cryptocurrency markets. If you are unaware how Market Capitalization works I will simplify this. If the entire cryptocurrency market capitalization is 500 billion that does not mean that the equivalent amount of money has been put into the system. According to a previous report from JP Morgan since 2009 a total of 6 billion $USD actually entered into the cryptocurrency market and that gave it a 300 billion market capitalization. If you want a more detailed explanation of market capitalization you can look here.

Now what does this all mean? What does this have to do with you or anyone else? You might be saying I don’t have any USDT so why do I even need to care or pay attention. Well simply explained, if $6Bn USD can create a 300 billion market cap. $2Bn USD that technically isn’t there could remove much, much more than $2Bn of hard assets and money from the cryptocurrency market.

 

TL:DR

 

Tether is acting as if they are the U.S. Federal Reserve without having to guarantee the USD like the Federal Reserve and U.S. government. In the last few months leading up to the recent all time high’s (ATH) many stories came out of people taking out second mortgages so they could invest in Bitcoin. Multinational corporations have become involved. Even governments have either knowingly or unknowingly invested into it. One of the key players here was also a key player in the 2008 global financial collapse. Only a couple things can happen:

1. Tether has 20%-100% of the USDT backed up with US dollars. Everything should be okay except cryptocurrency now has a central bank.

2. They don’t have US dollars to back it up. Exchanges lock the doors as everyone creates a run on the bank trying to get out before or during the crash, investors lose everything, all $$$ in the system is extracted out by Tether. That will have a detrimental effect on global markets and could trigger the collapse of the stock market bubble which will also take out the housing bubble.

Conclusion:

No matter what, this is going to be a very painful ride. Even if they do have the money, the US will make sure it doesn’t continue. Chances of them having the $3Bn as one of their insider friends stated are slime to non existent.

On the bright side, we will witness the greatest theft mankind has ever seen.

Disclaimer:
Last updated: February 02, 2018
This is not legal or financial advice and as such Author assumes no liability. Always consult with a licensed attorney or legal representative concerning any laws that may be applicable in your jurisdiction.
Author assumes no responsibility for errors or omissions in the contents on the Service.
In no event shall Author be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. Author reserves the right to make additions, deletions, or modification to the contents at any time without prior notice
© 2018 All Rights Reserved.
submitted by PissedOfMiner to u/PissedOfMiner [link] [comments]

04-26 22:54 - 'I was educated in the U.S. but I never remembered the location of Moscow or St. Petersburg, it felt as if though they were near Japan my whole life until that time I seriously considered visiting that guy and i thought Alaska...' by /u/Uberyes removed from /r/Bitcoin within 99-109min

'''
I was educated in the U.S. but I never remembered the location of Moscow or St. Petersburg, it felt as if though they were near Japan my whole life until that time I seriously considered visiting that guy and i thought Alaska airlines or some other airline can get there faster as I am in the U.S. and usually airlines will fly up towards northwest into Alaska and then get into that part of the world where Australia Russia Japan South Korea etc etc are. Normally when I go to Europe I fly out of the east cost towards Greenland and then into Europe, but I guess I now learned that is fastest route to Moscow and St. Petersburg too. You can say I totally suck in my Geography or Maps world education. Definitely not troll post, I got the proof of his robbery of me in email notifications from his website.
Great thing is that Russians helped defeat Hitler thanks to Siberian cold, that is also one of the things that made me think Moscow was in the far east near Japan, because in history class in High School I remember watching documentary on the defeat of Hitler when the Germans went deep into Russia and had heavy casualties. That kind of made me believe the capital or Moscow was deep deep into Russia and not something that is a Neighbor to Europe and Germany. I came as immigrant into U.S. btw and wasn't actually born here. My home country has the AK as main weapon, and am sure there are plenty of those in St. Petersburg where that guy was since Russians invented it, but I ain't violent or crazy even though I had urge to go through going there and all. People think but will never actually do lol. I'd rather forgive and forget and God gave me XRP Ripples shortly after that guy robbed me, I bought XRP at very very cheap less than a penny, and bought shit tons of those so I came up very very well.
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Uberyes
submitted by removalbot to removalbot [link] [comments]

The Importance of Identity Management in Blockchain

By Semaj Rakao
Identity Management is a form of IT online security that is the ability of authenticating different individuals or groups (customers, colleagues, any group etc) digitally and controlling whether they have access to particular applications or systems.
The main goal of Identity Management is to ensure only authenticated users are granted access and permissions to the right resources at the right times and for the right reasons. It addresses the need to ensure appropriate access to resources across many digital environments.
As an example of failed Identity Management, hacks of Bitcoin in South Korea (Bithumb and CoinRail) and the hack of Japan’s Coincheck exchange both consisting and resulting in millions of dollars in stolen currency. It is imperative that for any cryptocurrency exchange to be successful, all transactions must be completely secure and authenticated on the blockchain.
There are many different ways to manage identities some better and more secure than others. With the South Korean Bithumb hack of over $31 million, days before the hack security teams were warned that a number of unauthorized access attempts increased. As such, an urgent server checkup was conducted and at the same time Bithumb also started moving users’ assets to a cold wallet to store cryptocurrencies in a more secure offline environment however this was too late…
In the case of South Korea’s Coinrail, Korea Internet & Security Agency, who carried out the investigation with police, said only four of the country’s largest exchanges are subject to the Information Security Management System certification (ISMS) requirement and Coinrail is not one of them. This is an example of where smaller exchanges such as these do not have enough security and the security they do have in place is not compliant with government regulations (amazingly many are not required!)
Japanese cryptocurrency exchange Zaif had been hacked, with losses of Bitcoin and two other digital currencies estimated at about $59.67 million. Also The Japanese cryptocurrency Coincheck was hacked over $530 million dollars! In both exchanges security was unregulated so there are no protocols in place to create an environment in which these exchanges overall security are updated.
While blockchain technology has been long noted for its security, under certain conditions it can be very vulnerable. Sometimes bad execution can be blamed, or unintentional software bugs. Other times it’s more of a gray area, the complicated result of interactions between the code, the economics of the blockchain, and human greed. In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017 and that’s just what has been revealed publicly.
Most of the recent headline-grabbing hacks weren’t attacks on the blockchain themselves, but on exchanges, the websites where people can buy, trade, and hold cryptocurrencies. And many of those robberies could be blamed on poor basic security practices.
In both South Korea and Japan’s crytptocurrency hacks, it was the managing of the security of servers as well as the security of identities on the server of the users that were hacked. These cases show how important security and Identity Management is to any exchange.
While most cryptocurrency exchanges have avoided government regulations and some pride themselves on anonymity there is one company that since it’s beginning has focused entirely on transparency.
Yezcoin is a new startup blockchain and cryptocurrency exchange that’s primary focus is user and transaction transparency.
Many have questioned as to why Yezcoin would want to require transparency in a cryptoexchange? Or more importantly why, for a startup ICO, would Yezcoin want to avoid taking illicit funds like most other cryptoexchanges?
One reason and one reason only says creator of Yezcoin Mongkol Thitithamasak,”Honesty!”.
Yezcoin has had mixed responses and feedback about their approach to transparency within this new industry but Yezcoin is still moving forward toward it’s ethical vision.
It is surprising at the low-level compliance requirements of the leading exchanges such as Binance, Huobi, and OKEx. For example, Binance has only recently requested potential customers provide a copy of their passport during their sign up process following a number of complaints about the exchanges lack of security which had made it a haven for criminals to divide their stolen coins into smaller undetectable portions by using multiple accounts. Huobi has added more stringent certification to its sign-up requirements but does not verify mobile phone details. At least, as opposed to Binance and Huobi, OKex requires a passport and utility bill but still shows a facetious attitude to KYC and are still not as focused on transparency.
Yezcoin is a Blockchain Exchange that focuses on providing solutions to allow Blockchain companies to comply with Know Your Customers (KYC) and Anti Money Laundering (AML) rules. These compliances among many different countries are the most trusted amongst banks and other financial institutions throughout the world.
Another goal of Yezcoin says Mongkol Thitithamasak “We are trying to help to create a positive image of Blockchain technology so that the Blockchain community can gain confidence, trust and support from Government and Venture Capitals to further mature Blockchain technology and its applications.”
The future of cryptoexchanges will require more government understanding and regulations. Identity Management security is the most important thing in any Centralized, Decentralized or Hybrid Exchange. It insures trust amongst individuals and groups to execute transactions.
The future of trust in these exchanges might be just as simple as Yezcoin creator Mongkol Thitithamasak says it is “We want to be a pioneer in KYC and AML compliance as well as complete transparency and honesty”. Unlike other exchanges Yezcoin goes to great lengths to insure identity authenticity and helps Combating Financing Terrorism (CFT) . Yezcoin has several products and services in development which Mongkol says “will help bring businesses and communities together securely. “
Yezcoin currently has an Airdrop program where you can get 250 YEZ for completing the KYC and AML registrations and posting on various social media platforms. For full details READ MORE.
Trust in Identity Management is going to be the emphasis of future cryptoexchanges. How these companies manage the bumpy road of security among its users while providing transparency and compliance as emerging standards of KYC and AML as the technology grows will be what separates the different exchanges and layers of trust in their uses.
submitted by JTGuitar7 to u/JTGuitar7 [link] [comments]

The Regulatory/Legal Environment

Hello! My name is Daria Volkova and I am the Head of Platinum Legal Department. Our team believes that these are exciting times for the crypto market. We supported more than 100 clients, created and promoted their STO and ICO campaigns, got from an idea to funding in a matter of 2.5 months! See the full list of our services: Platinum.fund We are more than proud to present our education project. The UBAI can help you to learn specifics about cryptocurrencies and blockchain technologies. Learn all about ICO avenues and opportunities, plug into the world of trading cryptocurrency markets, become an expert in scam projects, promoting ICOs and STOs, launching your own campaigns and many more! What are the different cryptocurrency regulations in major countries? Find the answer after reading this article.
Cryptocurrency Regulations across Major Countries
Cryptocurrency and the blockchain industry may seem sufficiently exciting and attractive to you now. After all, you are taking the time and effort to study this course. You may be planning to work in cryptocurrency and the blockchain industry. Of course, we want to encourage you and help you proceed toward your goal. But it is also important you understand the regulations guiding the blockchain industry to help keep yourself out of trouble.
This year, in particular, seems to be the year in which a lot of countries are looking to finally coalesce the regulations relating to the blockchain industry into a workable legal framework. Some countries are more accommodating to cryptocurrency and blockchain technological innovations while others are still more cautious. We will examine how each major country is forming their own regulatory framework for the blockchain industry.
Canada
Cryptocurrencies are not considered legal tender in Canada. This was clearly expressed by the country’s Financial Consumer Agency (FCA). Canada, like the US, has yet to clearly define or legislate a framework surrounding cryptocurrencies. But Canada still appears to be among the most transparent of countries for the nation’s interpretation and enforcement of the law surrounding cryptocurrencies (aside from Switzerland). For the time being, Canada has clearly stated its reluctance to adopt cryptocurrency as a legal tender, due to its high volatility. “ “The United States of America (USA)
There are certain laws regarding transactions in virtual currency in the US today but there is still no comprehensive legal framework. The Commodity Futures Trading Commission currently regulates virtual currencies as commodities. The CFTC is the first US regulator to allow for public cryptocurrency trading. The Securities and Exchange Commission requires registration of any virtual currency traded in the US if it is classified as a security (e.g. by the Howey test).
The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. Typical of most legislators and regulatory agencies in the US, the Securities and Exchange Commission (SEC) has intensified its focus on the pressing need for comprehensive regulation. And it seems everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and also allow for blockchain and cryptocurrency innovation as well.
If cryptocurrency becomes a form of legal tender in the US, there will likely be stringent laws on its use. However, if cryptocurrency is treated like a security, cryptocurrencies would be regulated under securities law as interpreted by the SEC. Present securities laws place a large number of limitations on who is able to buy securities, how they are traded, and how to ensure transparency in the flow of information relevant to investors. Also note that non-US investors may experience their own difficulties getting a license to trade cryptocurrencies in the country. “ “Japan
Japan has always been one of the most positive and forward-thinking nations regarding cryptocurrencies and the blockchain. Of course, they were cautious at first, and they knew no more than anyone else in government, which means they literally knew nothing. But they took time to research, learn, and develop an approach to regulate the industry without killing it. The official policy is clear: Protect the public interest, but also encourage the growth of the industry with a legal framework that allows for innovation in blockchain and cryptocurrencies.
China
The situation in China is a sad one. The country has been taking increasingly strict actions to discourage and outlaw any activity related to the blockchain industry. China has banned ICOs, frozen all accounts associated with cryptocurrency, stopped bitcoin miners and even ordered a nationwide ban on all forms of cryptocurrency trading.
China has the strictest laws against cryptocurrency. Yet, despite that fact, as of 2017, 50% of the world’s mining population was from China! If you are involved with the cryptocurrency industry it is strongly advised to stay away from China, and avoid transactions with Chinese business because of the unpredictable and negative legal framework.
“ “The United Kingdom & European Union
Brexit is scheduled to take place in March 2019, yet the UK and the EU still remain united in their regulatory attitude toward cryptocurrencies. There are also reports that the UK and EU are planning to end anonymity for cryptocurrency traders.
The UK and EU are both trying to control all the scams and frauds. They are working with cryptocurrency platforms to stop or at least report all suspicious transactions. This adds a degree of regulatory burden on the exchanges as well as increasing the associated compliance costs. Cryptocurrencies are extremely volatile. They are a high-risk investment. Governments across Europe are greatly concerned about the possibility of both retail and sophisticated investors losing a lot of money.
This has led to a situation similar to that in the US. The regulatory authorities have not yet formulated or offered a coherent framework for regulations regarding cryptocurrencies. There is an intense focus on the pressing need for comprehensive regulation. And everyone is waiting for the right catalyst to coalesce into a usable set of legal guidelines that can protect the investing public and allow for blockchain and cryptocurrency innovation as well. We certainly hope for intelligent and effective legislation from all the major countries. “ “Accommodating & Unaccommodating Countries
Below is a list of countries we have not specifically covered, but they have each taken an active position on a regulatory framework for cryptocurrencies. The following countries are either supportive or at least neutral toward cryptocurrencies:
-Switzerland. -Australia. -Nigeria. -Ghana. -South Africa. -Singapore.
Countries with the most stringent and negative cryptocurrency regulation:
-Venezuela. -South Korea. -India. -Russia.
Did you know?
It is not uncommon to see Bitcoin and other cryptocurrency ATMs throughout Japan.
Exchange robberies and hacks like MtGox, and the recent loss of $530 million NEM coins have led to serious debate in the Japanese government. The industry needs to provide a secure and manageable solution to these problems. Voluntary self-regulation and close cooperation with regulatory authorities is the most favored solution. It seems the regulators are working hard behind the scenes right now leading the industry in the desired direction in typical Japanese fashion. “ “Blockchain Industry Regulations in the USA
Based on the information received from the Columbia Science and Technology Law Review, there was a variety of responses from different government bodies about blockchain regulations. The regulators responses ranged from indifference to suspicion, and to positive expectation and excitement.
The US government has tremendous constitutional power to regulate business and industry, including of course the blockchain industry if it so desires. But basically, the federal government has been relatively indifferent and has even refused to speak on blockchain regulations despite the interest of various federal agencies. As of 2017, eight states in the US were working on bills promoting the use of cryptocurrency and blockchain technologies. It is even reported that a few states have actually begun the final steps before voting and passing legislation into law.
On April 3, 2018 Arizona introduced a law allowing corporations to hold and share data on the blockchain. The governor, Doug Ducey, put forward the legislation after the state began accepting signatures and smart contracts recorded on the blockchain as legally valid documentation. In 2017, Delaware was the first state to pass legislation allowing for shares of stocks to be legally traded on the blockchain.
Other notable developments have occurred in the US at the state or local level. Vermont makes use of blockchain as evidence in trials. Chicago uses blockchain to maintain real estate records. New York is currently evaluating four bills for the application of data storage on the blockchain. “ ” Blockchain Regulations in Europe
The entire European Union has approached blockchain with a positive and welcoming attitude. The EU has taken the position that they want to actively encourage innovation. This philosophy could support the development of cryptocurrencies in two ways:
-Encouraging the exploration of uses testing the impact and effect of the laws in a way that allows for a more finely-tuned and sophisticated understanding for all parties involved.
-Giving entrepreneurs the confidence that their target markets will be more trusting of their solution since they are operating with the explicit legal support of the state.
This approach, along with the EU’s scope as the regulator of 28 different countries, will encourage growth across the entire crypto ecosystem, and may end up transforming Europe into one of the most desirable destinations for blockchain development. Entrepreneurs are likely to move to the EU bloc to access the rich vein of available talent, as well as the positive and supportive laws.
The EU has actually disclosed through its executive arm that it is working on the use of blockchain for distributed ledger based projects. EU officials have constantly stated they are looking for ways to support more innovation with distributed ledger technology. The European Commission said it was “”actively monitoring Blockchain and DLT developments”” and has work in progress to explore “”DLT benefits and challenges as well as fields for application in financial services””.
The official press release stated that the commission clearly wants to “”pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society””. “ “Blockchain Regulations in Europe §2
Switzerland has gradually become the favored hub for cryptocurrency and blockchain development in Europe. This position has been enhanced through a Swiss non-profit blockchain and cryptographic technology ecosystem known as the Crypto Valley Association.
The Crypto Valley Association has begun working on the development of an ICO Code of Conduct to take advantage of the ban imposed by China on token crowd sales. They are hoping to capture the Chinese and Asian entrepreneurs searching for a new home.
Other countries are not as accepting of this new DLT technology and have even gone as far as classifying it as illegal and immoral behavior. There have been hyperbolic concerns most notably from China that cryptocurrencies will destabilize world financial markets.
There are various pilot projects and efforts to prove the benefits of cryptocurrencies and the blockchain industry currently being tested all across Europe. Yet even now they are barely scratching the surface of the full potential of the blockchain.
Country-by-Country Cryptocurrency Adoption
Citizens of countries all over the world have varying attitudes about cryptocurrency. These attitudes and sentiments can be very significant to the future adoption of cryptocurrencies because politicians and regulators tend to act in consideration of the collective opinion of the public. Some countries were more accommodating at first but then became stricter, despite positive public interest, basically saying they are still not sure about the possible consequences and benefits of the technology. “ “Country-by-Country Cryptocurrency Adoption
Estonia
Surprisingly enough this small Baltic nation has gained a reputation for being quick to accept technological innovation. Estonia has a tech-friendly government eager to accommodate the innovative use of cryptocurrency in fields ranging from blockchain technology for healthcare and banking services; and even granting citizens the right to become what is known as “e-Residents”.
As e-Residents, Estonian citizens and businesses are provided with digital business authentication. It is also one of the first countries to employ the use of a blockchain-based e-voting service that enabled people to become shareholders of NASDAQ’s Tallinn Stock Exchange.
This fascinating and highly innovative country is now host to a number of Bitcoin ATMs and startups, like Paxful. They are cryptocurrency friendly, and cryptocurrency user friendly as well. Estonia also has highest internet penetration rates in the world.
Estonia may be a fine place to consider basing your ICO due to the friendly legal and regulatory environment.
This and a lot more you can learn on our website: www.ubai.co! “ “Country-by-Country Cryptocurrency Adoption
The United States of America
The USA is the world’s dominant superpower, and it should come as no surprise that it has the highest number of cryptocurrency users in the world. It also has the highest bitcoin trading volume and the highest number of bitcoin ATMs.
Powered by Silicon Valley, which is home to a lot of cryptocurrency and blockchain startups, the US stands at the forefront of all things relating to cryptocurrency worldwide. Many other nations are planning to follow the US lead concerning cryptocurrency regulations. This means the USA will serve as the testing ground for cryptocurrency and crypto-regulation in the years to come. This is likely where the future regulatory framework will take shape.
Bitcoin in particular has shown massive growth in the US. This can only be interpreted as a strong tailwind for a positive regulatory environment because the population at large supports blockchain technology.
For the moment, due to regulatory paralysis and the resultant legal vacuum, ICOs are strongly advised against raising funds or basing operations in the US. The SEC has been particularly strict in its enforcement of securities and investment law which require an ICO to do an oppressive amount of compliance work. “ “Country-by-Country Cryptocurrency Adoption
Denmark
When it comes to technological advancements and the standard of living of its citizens, Denmark is among the world leaders. It is considered one of the most developed countries in the world. It is also at the forefront of countries looking to reduce the use of cash money and advance to the use of 100% digital currency. As such, sentiment among the general public and political sphere actively supports the adoption of cryptocurrencies as a means of payment. The only question left is which particular cryptocurrency system to adopt. It is still unclear whether bitcoin is the one, or BTC will mainly just be accepted as a means of exchange. There are also discussions in Denmark about when to redesign its national financial system; this would be a “world first”, and a radical leap forward for cryptocurrencies.
Another fascinating thing is that the Danish Central Bank has declared BTC as a non-currency; meaning its use is not subject to the country’s currency regulations. Some of the top bitcoin startups and exchanges such as CCDEK have their foundations in Denmark.
With its open market and encouraging regulatory framework, Denmark might very well rival Switzerland in Western Europe for the position of the continent’s preeminent ICO and blockchain industry hub. “ “Country-by-Country Cryptocurrency Adoption
Sweden
Sweden is quite similar to Denmark, for its social and demographic climate, and also for the government’s desire to eliminate cash. The Swedish Riksbank recently introduced negative interest rates. This can cause a spike in the demand for coins in the near future as citizens look for the best way to preserve their wealth. Negative interest rates like we have seen in Europe and Japan also, actively corrode savers’ wealth because people are actually paying a percentage of their savings to the central bank to hold their cash, in addition to losing out to inflation at the same time.
Sweden has taken the boldest step yet in all of continental Europe to legalize cryptocurrency. The country legalized the use of BTC and other cryptocurrencies as a means of payment by official public declaration. It is however expected that exchanges should file for a license in accordance with AML/CTF and KYC regulations.
Sweden is also home to a number of cryptocurrency startups such as the Safello Bitcoin exchange, and Stockholm-based KnCMiner. The gradually increasing trading volume of cryptocurrency has been a good indicator of the country’s appreciating demand for cryptocurrencies. “ “Country-by-Country Cryptocurrency Adoption
The Netherlands
The Netherlands is quite fascinating in its own right. How can a country not be referred to as Bitcoin-friendly when it can boast about having its own “Bitcoin City”? There are over 100 merchants that sell goods that can be purchased with cryptocurrency in Bitcoin City.
There are no regulations restricting the use of BTC in the Netherlands under the Act on Financial Supervision of the Netherlands. This explains why a lot of startups, BTC ATMs, and even a Bitcoin Embassy can be found in the heart of Amsterdam (the capital of Netherlands).
The friendly climate for cryptocurrency has led to a lot of very active bitcoin communities across the nation hosting regular meetups and other events. The country’s banking sector has been looking to incorporate BTC and blockchain to reduce costs and improve banking technology. The Netherlands is also a popular location for many important bitcoin conferences and bitcoin companies such as BitPay.
The Netherlands is increasingly becoming a prominent place for ICOs and blockchain related businesses to base their operations. “ “Country-by-Country Cryptocurrency Adoption
Finland
Well-known as the home of Nokia, Finland has constantly been at the forefront of technological innovation, just like its other Scandinavian neighbors. The Finnish Central Board of Taxes (CBT) has even gone as far as classifying bitcoin as a financial service, exempting it and cryptocurrency purchases from the VAT. What more could be better for Bitcoin?
Finland also boasts a significant number of BTC ATMs despite its small population. The capital of Helsinki alone is reported to have 10 ATMs for BTC. The country is also home to top exchanges such as FinCCX and Bittiraha.fi. As of January 2016, the most expensive bitcoin sale took place in Finland. It involved the sale of a Tesla Model S worth over €140,000 at Auto-Outlet Helsinki Oy.
Canada
Canada is home to a variety of bitcoin startups and ATMs. It is considered to be more favorable toward cryptocurrencies than the USA. The country has two cities on its eastern and western coasts, Toronto and Vancouver, that are recognized as “Bitcoin hubs”.
Canada has a vibrant cryptocurrency community and is home to startups such as Decentral, the Vanbex Group and a large number of merchants who accept cryptocurrencies as payment. Vancouver is known to have over 20 ATMs while Toronto is well-known for holding large cryptocurrency conferences.
There has been constant growth in cryptocurrency trading volume in the country. Canada might be the best location in North America to base an ICO or operate a blockchain business due to its supportive regulatory environment and a rich ecosystem for cryptocurrency, with human talent, ATMs and other tools, etc. “ “Country-by-Country Cryptocurrency Adoption
United Kingdom
The UK is one of the absolute top financial hubs in the world. It is also a center of innovation. There are a large number of bitcoin and blockchain related startups, BTMs and active communities. All of the previously listed crypto-friendly features make the UK a very desirable environment for bitcoin. The UK has identified the inevitable need for a new payment solution and is gradually bracing itself for a widespread adoption of cryptocurrency in the future. There are even a few local pubs that accept BTC as a means of payment.
It is also interesting to note that the Bank of England has been closely monitoring bitcoin technology and has requested ideas from citizens on the improvement of its monetary system. Bitcoin is presently seen as “private money” where VAT is imposed from suppliers of goods and services that accept cryptocurrency as payment. Profits and losses incurred from cryptocurrency trading are also subject to capital gains tax, just as in the US.
In the UK, it has become increasingly clear that BTC can be part of a bigger story, and the trading volume indicates steady growth. There are not clear laws against cryptocurrencies at the present time. But the lack of regulatory momentum suggests we may see more positive developments soon. One thing to keep in mind, while the Brexit is still in progress, the British government may be more likely to legislate on non-core issues. “ “Country-by-Country Cryptocurrency Adoption
Australia
The major banks in Australia have been quite hostile toward bitcoin, but at least the country has removed the burden of “double taxation” on cryptocurrency. This was good news to the local business community because blockchain startups had begun to leave the country as a direct result of unfavorable taxation and closure of bank accounts.
The use of BTC still remains unregulated, there is no law or regulation restricting the use of cryptocurrencies by Australian citizens. Cryptocurrencies are regarded as a form of property in Australia, and purchases with BTC, for example, are referred to as “barter”.
The Australian Securities Exchange (ASX), you will remember, is transitioning its CHESS verification system to a blockchain solution that should go live at the beginning of 2019. Cryptocurrencies in Australia are seen a lot like they are in the US. Topics like the imposition of capital gains tax, concern about securities law, the legal debate about using cryptocurrency as payment for goods and services, etc., are all problematic for regulators. While the general population is quite comfortable and supportive of cryptocurrencies and blockchain solutions, at the present it is not a high priority for the government to legislate or regulate. “ “Taxation and Cryptocurrency
Tax is of course one of the most important factors in financial matters on both a personal and corporate level. Taxes greatly influence investment decisions and returns, regardless of industry or size. It is one of the first things every individual or group considers before investing. Notably, in Australia and the USA, cryptocurrency gains are treated as capital gains and taxed at up to 50% of the return.
Some countries have low cryptocurrency taxes specifically to encourage the blockchain industry. By offering a more competitive tax rate, countries are implicitly supporting cryptocurrency and actively trying to offer a better return profile than other countries. We will discuss the different taxation regimes in a wide range of countries so you can ascertain the financial advantages and disadvantages of a variety of locations.
Belarus
Belarus charges 0% in taxation until 2023. That exemption is specifically for cryptocurrency exchanges and transactions. This has been done to help Belarus build a special economic zone, referred to as ‘HTP Belarus’. Their goal is to have an economic zone strong enough to compete with the likes of Silicon Valley.
The government of Belarus has also declared smart contracts as legal documents. Anyone looking to set up a blockchain company or a cryptocurrency startup should seriously consider Belarus. It has a supportive regulatory and legal environment which actively encourages the blockchain industry and does not impose punitive taxes upon those inside the industry.
“ “Taxation and Cryptocurrency
Portugal
Any and all personal income received from cryptocurrency transactions is tax-free in Portugal at the present moment. Income from cryptocurrency trading is categorized as something legally different from traditional income or capital gains.
The Portuguese government stated clearly that any kind of sale of cryptocurrency does not fall under capital income or capital gain. If an individual is however found to be carrying out professional activity, or any business activity related to cryptocurrencies, that is a different matter and such income will be subject to taxation.
From a personal perspective, Portugal is one of the leading countries where an individual can carry out their cryptocurrency transactions and enjoy a decent standard of living in the same country too. However, for ICO and Blockchain businesses it is not recommended to base your operations in Portugal.
China
China is famous the world over for being home to some of the largest cryptocurrency mines and many active cryptocurrency investors; yet at the same time China makes it illegal to conduct any cryptocurrency related business or investment.
But China still has an especially attractive environment for investors. Hong Kong runs on a policy of zero VAT or capital gains tax so it is easy to recommend you base your business there. Hong Kong also stands out as a major financial hub in the heart of Asia. “ “Taxation and Cryptocurrency
Netherlands
Actually, Netherlands was the first country to make use of a non-zero tax rate policy for cryptocurrencies. So, it may seem reasonable to expect a discouraging tax situation. But the fact is, Netherland’s tax policy is rather advantageous for cryptocurrency. They have a very simple, low-tax regime.
Cryptocurrency assets need to be declared with the total assets owned by an individual at the beginning of the year to assess their value. Cryptocurrency gains will be taxed at the highest tax bracket for capital income of just around 5%. The Netherlands is strongly recommended as a good country to work and live in, from both a personal and corporate perspective.
Germany
Germany is the economic center of the EU. This makes it a great place to start a cryptocurrency or blockchain company. Financial technology has been thriving there for more than ten years, and Germany has favorable cryptocurrency laws too.
Bitcoin and cryptocurrency assets have a 0% tax when used in making payments due to no VAT levied for making payments with BTC, because there is no “value added” through cryptocurrency as a fiscal product.
Germany offers a moderately compelling case for both blockchain business and individuals. While the tax rate on income at the company level is not competitive, the ability to pay for services in crypto as well as hold cryptocurrency assets and sell them at zero percent taxation rate is compelling. “ “Where to Base Your ICO
Let’s talk about the countries that are most accommodating with regard ICOs. Start-up ICO companies, like any company, essentially require three key principles for operation. The first is a sound legal and regulatory framework wherein the rule of law is preserved and business encouraged. The second is the ability to hire or acquire talented individuals to work at the firm. The third and final is the tax system and access to associated financial systems in order to allow the enterprise to succeed.
Estonia
This country is, perhaps surprisingly, widely referred to as the most digital society in the world. Estonians are known to be pathfinders deeply involved in setting up an efficient, secure, and transparent internet ecosystem.
The country ranks first when it comes to the number of ICOs per inhabitant. It has an incredibly supportive tax regime, actually among the most competitive in the world, as well as a deep pool of talent across all areas of the digital spectrum. Estonia offers possibly the most supportive and friendly regulatory and legal framework in the world for an ICO. This, in combination with a zero percent tax rate at both a personal and corporate level, combine to make Estonia one of the single most appealing locations from which you can launch and operate your ICO. “ “Where to Base Your ICO
Singapore
Singapore is another important regional hub in Asia for its strong rule of law as well as low taxation. The country offers one of the highest standards of living in the world. It is centrally located in the heart of Asia, so it easy to travel and recruit talent from surrounding countries. At the present there are not any specific regulations targeting the blockchain industry, but it is one of the world’s largest countries by funds raised for ICOs. It has a competitive tax regime in combination with strict AML and KYC. All of these factors make Singapore Asia’s leading location to launch and base an ICO.
The regulatory situation around the world may seem rather complicated. That is because it is. Laws and regulations are changing rapidly all over the world. And the regulatory framework is the most significant point of concern for a startup ICO. You should carefully study not only the current regulations surrounding your particular venture and how its tokenomics affects its classification, but you also need a reasonable sense of where the country is likely to be six months or a year later. Ideally you would base your ICO in a country that is supportive now, and all timeframes into the future with a competitive and legally sound tax system.
Where to Base Your ICO
Slovenia
Slovenia has recently transformed itself into the leading destination for blockchain technology in Europe. The government of Slovenia has placed a strong emphasis on the study of blockchain technology in public administration, and there has been an amazing success rate for ICOs in Slovenia. While the Slovenian government is a leader in terms of adopting cryptocurrencies, its rate of taxation is still considered quite high at 19%, even though that is still lower than other European countries. ICOs are considered to be normal business activities where you are taxed based on the funds received from an ICO less the expenses of doing business.
Switzerland
Switzerland is trying to remain relevant for the blockchain industry and for ICOs. The Swiss finance ministry is actively trying to attract investors to the country. Switzerland is considered a very important crypto location due to fact it was home to four of the largest ICOs in the world. The country is also very attractive to investors because of its friendly regulations and digital expertise. The taxation and regulatory environment is extremely secure and positive towards the cryptocurrency and blockchain industry in general.
Are there successful ICOs that have originated from the specific countries considered? Read the full article to get the answer! UBAI.co
Learn more about our STO and ICO marketing services right now! Contact me via LinkedIn: LinkedIn
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The Price of Bitcoin Will ‘Surpass’ All-Time Price Highs by EOY of 2019,

The chairman of a notable Japanese fintech-firm and crypto trade administrator Quoine has said he trusts Bitcoin (BTC) will "outperform" its record-breaking value highs before the finish of 2019, amid a meeting with Bloomberg Markets: Asia Dec. 4.

Talking amid the outcome of an all inclusive value droop, Mike Kayamori said he expects new crypto advertise opinion and force to set in after the new year, taking note of that "there's just the same old thing new, no impetus" in the quick future to drive costs back up.

The CEO expressed that though many had called $4,000 as the "specialized base" for Bitcoin this winter, the best coin had neglected to hold the check amid the ongoing auction. "That said," he included, "when you take a gander at chronicled [patterns] and where things are going, I think the base is close."

He certified his examination by taking note of the weight on bitcoin price excavators, a significant number of whom are covering activities as the benefit's value tumble presses benefits. Kayamori noted:

"On the off chance that there's sufficient excavators leaving business, that [means] harmony is close. When you see how showcases overshoot, both here and there, you can likely say it's near the base."

Kayamori guaranteed that Japanese controllers are currently beginning to open up again to affirm new crypto trades and token postings following the robbery of $534 million worth of crypto in January from Japanese trade Coincheck.

Besides, the greater part of household trades are verging on satisfying the terms of the business enhancement arranges that were issued by Japan's Financial Services Agency (FSA) to tidy up the business in the result of the Coincheck hack.

With better practices set up crosswise over administration, consistence, resource isolation, secure cool wallet stockpiling — and in addition expanded interest from monetary industry veterans — Japan's crypto scene is in a time of "union," he said.

Noticing that Japan was the "principal worldwide monetary powerhouse" to direct crypto, Kayamori indicated the nation's spearheading regard for the business' most recent gathering pledges display, the successor to Initial Coin Offerings (ICO): Security Token Offerings, or STOs.

Moreover, the FSA is allegedly dealing with ICO directions to shield speculators from extortion. What's more, as detailed today, Japan's legislature is additionally purportedly right now looking for approaches to keep tax avoidance on benefits from crypto exchanges.

You can learn more by following our work on bitcoin price targets on our website.
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The Golden Renaissance: A Rational Response To An Irrational Social System

Authored by Keith Weiner via Acting-Man.com,

Battles for Civilization

A major theme of my work — and _raison d’etre_ of Monetary Metals — is fighting to prevent collapse. Civilization is under assault on all fronts.

Battling the barbarians at the gate… [PT]There is the freedom of speech battle, with the forces of darkness advancing all over. For example, in Pakistan, there are killings of journalists. Saudi Arabia apparently had journalist Khashoggi killed. New Zealand now can force travelers to provide the password to their phones so the government can go through all your data, presumably including your gmail, Onedrive, Evernote, and WhatsApp.
China is now developing a “social credit” system, to centrally plan the economy and control citizen behavior. Canada has made it a crime to call someone by the wrong gender pronoun. Even in the US, whose First Amendment has (mostly) stood as a bulwark against censorship now has a president who threatens antitrust action against Amazon, because its CEO Jeff Bezos owns the Washington Post, which prints things he does not like.
On college campuses, professors are harassed if they say one thing that the professional sensitives are sensitive to. If a controversial speaker is invited, he risks an angry mob coming to disrupt his talk (or worse).

Sacrifices on the road to Utopia. [PT]Then, there is the nearly-over war against patients’ rights to purchase health care services from the provider of their own choosing, and health care professionals’ right to sell services to patients at a price they prefer. In the US, insurance companies are still forced (as under Obamacare) to provide insurance to anyone who applies, even those who have pre-existing conditions. This would be like forcing home insurance companies to issue policies to people whose houses are currently on fire. It is not insurance, but an unfunded welfare program.
The use of practical energy sources is in the battle for its life. Germany and Japan are de-nuclearizing. Other countries flirt with taxes designed, not to raise revenue, but to reduce the use of fossil fuels. While many may go along with this, thinking it is OK to pay another 50 cents a gallon for gasoline, this will not be nearly enough to force large numbers of people to do without. Gasoline for driving to work and oil for heating homes has a highly inelastic demand.
The price would have to rise enough to force people to change their lifestyles, abandoning their spacious houses in the suburbs to crowd into tiny urban apartments. In Europe this month, I saw petrol around $8 a gallon. And they use so much fossil fuels that more taxes are demanded to reduce carbon dioxide much further.

Saying hello to European gas prices… [PT]### Few Want a Free Market in Money
And don’t even get us started on money. Even otherwise-free-market economists, and even wealthy entrepreneurs and business leaders, are for a properly managed irredeemable currency. One prominent person who is all of the above recently declared that if the Fed adopted GDP targeting (it currently does its central planning based on inflation and unemployment) it would end the business cycle!
He did not want to hear anything about GDP being an invalid measure, about eating the seed corn, declining marginal productivity of debt, etc. If you break a window, it does add to GDP. This is not a recommendation to break windows. It is a damning indictment of GDP as a measure.
Where tyranny, socialism, and central planning (we repeat ourselves) are on the rise, not only liberty and human happiness wither, but so does the ability of people to coordinate their productive activities. A major theme of my dissertation is that government intervention promises improved outcomes, but always reduces coordination.
Others, especially Ayn Rand, have noted that socialism sets man against man. They can no longer cooperate to enrich each other. So they are forced to squabble to loot each other through the apparatus of the state.
This is a formula for misery even in a primitive agricultural economy. Wherever it has been adopted, it has been lethal not just to those who think independently, but even to millions of loyal supporters of the regime. The death toll of the socialist regimes of the 20th century — both international and national, i.e. communist and fascist — was in the hundreds of millions.

Central planning endpoint… [PT]### Trust is Delicate
It is also a formula to destroy trust between people. Trust is a necessary element for people to coordinate their activities, especially over time. There could be no mass produced food, much less computer chips, without both banking and equities markets.
In a world where no one trusts anyone else, everyone hoards their favorite commodity at home. They fear to give it to a fraudulent bank who will steal it. So, instead of financing business, production, inventory, trade and entrepreneurialism, they simply accumulate salt or silver or gold.
This is a picture of a miserably poor society, composed of small farm villages where life is barely above subsistence. And businesses are nothing more than a one- or two-man workshop. Think of Medieval Europe prior to the Italian Renaissance.
What is now called the _developing world_ is significantly better off than this. That’s because developed markets have produced goods that are so cheap that even laborers in India, even farmers squatting in a rice paddy can afford mobile phones (though not plumbing or toilets). Life all over the world will degrade back to the level of poverty that long prevailed — if the lights go out in the West.
Many in the gold community wish for everyone to dump their savings and investments, buy gold and silver metal, and take the metal home to put it under the mattress. It is true that, if even a small percentage of people did this, the prices of gold and silver would skyrocket.
These gold owners focus on this, but not on what we describe above. We have said before that they should be careful what they wish for, so we will not dwell on that point further here. We have a different point to make today.
For the reasons of creeping central planning, socialism, government intervention in all markets, and artificial conflicts of interest between groups, there is a worldwide mega-trend of declining trust. I describe a collapse in trust as one of the eight indicators of financial implosion in my dissertation: “_(8) the willingness of people to trust one another falls to zero._”
This trend necessarily occurs so long as government interferes with production, and renders people less and less able to coordinate. Much has been written about how the banks privatize gains and socialize losses. Deposit insurance, not to mention central bank lenders-of-last-resort, provide a moral hazard to ignore risk and bet big with Other People’s Money.
More recently, they are starting to enact policies that provide for bail-ins. This is when depositors lose their deposits and instead get (possibly worthless) shares in the bank.

Modern-day bank robbery… [PT]### Rational Response to an Irrational Social System
Something makes our mission, to reverse the trend and save civilization, damnably frustrating. That is, it is an entirely rational response of the individual to withdraw his trust when others demonstrate they are untrustworthy. It is entirely rational to withdraw his capital when counterparties demonstrate they are putting it at undue risk, or paying insufficient or negative real returns.
As an aside, by real return, we do not mean measuring the consumer price index and subtracting from the interest rate. Prices are measured in money. Money cannot be measured in prices. If you empty a bag of gummy bears, and line them up, you can measure the line with a steel meter stick, e.g. 500mm. You cannot invert this and say the meter stick is two bags-of-gummy-bears long.
We measure real returns in money terms — i.e., gold. If you have $1,200 and earn 3% interest on them, then at the end of a year you have $1,236. However, if the gold price goes to $2,472 (we do not predict this, but for sake of easy math), then you have gone from 1oz of gold capital to 0.5oz. You have lost 50%. You would have been (far) better off, to have a gold Krugerrand under the mattress. We won’t even talk about having gold vs. being an involuntary volunteer for a bail-in.
So how do you fix a problem caused by people rationally responding to the perverse incentives imposed by an irrational system? You must offer them different incentives. You must appeal to their rationality, to their self-interest to trust, to invest.

What is the Gold Standard, Really?

The gold standard is more than just sound money. If it is to serve the needs of people and support modern civilization, it must be based on honest credit. It is about honesty and moral rectitude.
We realize this is not sexy material. A headline screaming “gold to go to $5,000” with a subhead about people buying _phyzz_ will grab everyone’s attention. A sermon containing the words “moral rectitude,” not so much.
But, in a way, this summarizes the two alternatives facing us. One is get-rich-quick speculation on Fed-induced asset price volatility, seeking to convert someone’s wealth to another’s income, and destruction of the capital that supports our way of life.
The other is the boring old-school values of honesty, fair dealing, sound credit, and continuing the growth that began in Florence in the 14th century. It may not be sexy, and it is a long and arduous road. Nevertheless, we hope you will join us in working to administer the gold cure to the dollar cancer.

Supply and Demand – Something Is Different

The price of gold moved up two bucks, and the price of silver fell 14 cents. But the precious metals is not where the action occurred, this week. The S&P 500 was down 113 points, or -4.1%. Crude oil was down over five bucks, or -9.1%. Bitcoin was down from around $5,500 to around $4,200 or -24%.
Welcome to deflation—a forcible contraction of credit. The cause may lie elsewhere in the unsustainable debts of the many borrowers who now face rising interest expense when they already were marginal at the recent lower rates. However, remember the word contagion from the last bust/crisis of 2008? Credit stress propagates, because debtors are forced to liquidate and creditors want to contract their balance sheets.
And, interesting (no pun intended) that the price of gold is not much affected too.
We called all of this. We were way early (and this may not be it yet in any case). But we have said many times credit is in danger of deflating. And it will impact stocks severely.
And bitcoin is unsound and has no firm bid. And the prices of the metals may not be so much affected this time as surely no one owns gold or silver with much leverage after all these years of bear markets. And those who love leverage in their portfolios have long ago discarded gold, out of favor.
And now, maybe, here it is. Certainly _something_ has happened. The S&P is just about testing its crash low from the start of the year. Oil hasn’t looked like this since second half of 2014. And — no doubt bitcoin proponents could quibble — bitcoin has never looked like this.
The euro fell a penny (remember this is the second biggest currency in the world). The pound was unchanged, as was the Chinese yuan. The Swiss franc was up slightly. Speaking of the franc, we want to briefly address one argument against collapse.
_“The franc will not collapse, because the SNB and the Swiss banks have liabilities in francs and assets in euros. So the more the franc were to drop, the more the liability is falling / asset is rising. Therefore, any decline will be self-correcting, because it adds capital to the Swiss banking system balance sheet.”_We find this argument interesting. Much more interesting than the plain old “_everyone loves the franc, worldwide, so that keeps its value up_” argument. Clearly, people can stop loving something abruptly. But this argument is our kind of argument: not an appeal to speculators’ apparently permanent preference, but to the balance sheet.
And it’s true. A drop in the franc against other currencies (especially the euro) will add capital. As an aside, we just need to pause here to say two words. How perverse.
In an honest gold standard, there is no way a bank can profit from the decline in its liabilities. If its bond — or worse yet its note! — is being discounted by the market then it is in deep trouble. It cannot get out of trouble by a drop in its liabilities. By that point, it has already lost its equity capital.
And if its notes are impaired, it’s also lost its bondholders’ capital. By contrast, in irredeemable currencies, commercial and central banks have a perverse reason to want their currency to drop a little (sorry, that was more than two words).
Anyways, with that off our chest, we agree it does work. However, if the collapse is self-limiting due to capital gains when the currency falls, this mechanism also has a built-in limit. It only staves off banking system insolvency when the currency goes down.
That is, if SNB assets
There is a more inexorable force that opposes collapse. The negative interest rate, about which we have written so much, is reducing the banking system’s liabilities. While the yield of their asset, euro denominated bonds, is not as negative as the corresponding bond in Switzerland. And the yield of their dollar assets is positive. We plan to revisit the topic in the near future.
Ultimately, all irredeemable currencies fail. They rack up debt at an exponentially accelerating rate. And eventually they reach the point when it all must be defaulted. To hold the currency is to be a creditor, and it’s bad to be a creditor when there is a cascading systemic default of all debtors.
There is no mechanism that can prevent this, though the mechanisms described above provide some color to Adam Smith’s “There is a great deal of ruin in a nation.”
submitted by rotoreuters to zerohedge [link] [comments]

This Week in Bitcoin: Taxes, Forks, Pranks and Porn

Bitcoin in Brief is your roundup of everything that matters from all over the vast cryptosphere that you might have missed. This week’s daily editions included stories about taxes, forks, pranks, porn and so much more. This weekly edition will bring you up to speed with everything covered; just make sure you keep up. A Panther’s Moonshot Bet
On Monday we reported why Pantera Capital bets on a moonshot bitcoin price point, how the world’s most popular decentralized digital asset has been forked more than 70 times, and a growing list of countries likely to let you keep your crypto profits. Additionally covered were Yahoo! Japan which confirmed that it is entering the crypto space by acquiring a stake in an exchange, and a good-hearted wager between bitcoin core and bitcoin cash supporters that exemplifies how ecosystem actors should treat one another. The Tax Man Effect
The world’s biggest economy faced the tax man on Tuesday, as the United States and its crypto traders had to pay for last year’s gains. Economists and market bulls were insisting that this fact caused dramatic sell offs, leading to haircuts across the board. We also covered I Pay You, the supposed hack of Ian Balina, and the release of a bitcoin themed clothing line for babies. Pornhub? We’ve Never Heard of Pornhub
On Wednesday it was revealed that Pornhub, a website we’re sure you never heard of before because nobody watches porn on the internet, has joined the crypto revolution. We also reported about how South Korea’s loss of ICOs is Switzerland’s gain; how bitcoin is blamed for every crime under the sun; why Ethereum’s Vitalik Buterin is accused of favoritism; and why bitcoin cash (BCH) is getting a ton of love from CNBC’s Brian Kelly. ICO Scares Investors With Ghost Prank
On Thursday we indulged ourselves with a bunch of crypto crime news stories, including an international bitcoin heist escape, the fury of a scorned woman, a bear spray robbery, and some whole food violence.
The biggest issue of the day was a German online news source claiming that Savedroid has apparently taken the money and run. The company website was replaced with a meme picture, “Aannnd it’s gone.” Founder and CEO Yassin Hankir tweeted a picture of himself on a beach, long gone. All this after having raised $50 million in an ICO. Investors were not pleased. Truths, T-Shirts, Things That Matter
The most talked about issue on Friday was the stance that Kraken’s chief executive took against the latest actions by authorities in New York. Jesse Powell has refused to complete a questionnaire, and instead respond with strong-worded language. “When I saw this 34-point demand, I immediately thought ‘The audacity of these guys – the entitlement, the disrespect for our business, our time!…I realized that we made the right decision to get the hell out of New York,’” he said.
We also reported about a deal between privacy web browser Brave Software and Dow Jones Media Group to test blockchain technology in digital publishing; and another crypto clothing line – this time for hip adults – by The Hundreds a streetwear brand from Los Angeles. Coinsecure Working With Authorities
This Week in Bitcoin: Taxes, Forks, Pranks and PornCoinsecure, the hacked Indian bitcoin exchange, has updated clients on Saturday about its repayment plan. The team said they have been flooded with calls and emails over the last few days regarding the disbursement of funds. And they claim to have been working with the authorities tirelessly since the incident and that there have been a lot of back and forth with several data requests. They add that they have been working on providing the data requested and that has consumed the majority of their time.
They wrote that: “We’d like to inform you, that we have started work on the claims process. Our legal team is currently reviewing contracts and our teams are working on putting together the claims form for your perusal. We are hoping that by the following weekend, we should get started and you should be able to submit your claims withdrawal requests. Please understand, that with authorities being involved and investigations underway, things do slow down a bit and we have to follow processes outlined by the authorities.”
submitted by goodwinnat to u/goodwinnat [link] [comments]

Attack vectors on BTC exchanges not addressed: Armed Robbery

Anybody else think it's only a matter of time until professional thieves discover where the offices of Mtgox, Coinlab, Bitcoin24, Bitstamp and all the other exchanges then storm them with guns while presenting an address to transfer the cold wallet to?
Hell, if they're willing to risk years in jail shooting at bank security guards, armored cars and heisting aircraft shipments of gold what's to stop them from doing this? From what I've read there is zero physical security at any of these exchanges and no word if they have insurance against theft, or if bitcoin is even possible to be insured.
The yakuza in Japan will rob rival micro brothels just to get a few hundred dollars. What's to stop them walking into Gox office, sticking a handgun in Mark's face and demanding all the BTC. If they get caught, they don't lose the money because it has been transferred to their own secret cold wallet address handled by other gang members, or simply backed up to an encrypted wallet kept somewhere hidden, or a paper wallet, or a brain wallet. They could tattoo the private keys on their arms in code and sit out their 5yrs in prison emerging as multi millionaires.
Does anybody know if the BTC exchanges take this threat seriously? Bankers can get away with not having 24/7 armed security because their money is easy to trace and insured. Bitcoin is lost forever.
Bitcoin rising value adds a whole new dimension to criminal organized robbery and kidnapping for BTC ransom payments. From what I've read about exchange operators being interviewed by the press, and photos of their office, the only thing protecting them from an armed gang bursting in and waving guns is: nothing.
submitted by Derpcoin to Bitcoin [link] [comments]

The Mt. Gox BitCoin Mystery: 'An Inside Job Of Multimillion Dollar Theft' by Theodore White

The Mt. Gox BitCoin Mystery: 'An Inside Job Of Multimillion Dollar Theft'
Mt. Gox's CEO Mark Karpelès is a serious trouble and he knows it, but right now, he actually thinks that he is going to get away with it.
Nearly everyone who lost their money in Mt. Gox's BitCoin Exchange wants an explanation from him, but wait until they discover the truth:
That it was Karpelès who has been slyly stealing plenty of other people's money from the Mt. Gox exchange - and for years.
Right now Karpelès is in Japan, where the government seems to be 'protecting' him, but the look in this man's eye means that he knows that there is much more to the story of how and why the virtual currency exchange went belly-up and bankrupt.
Though some may believe the Mt. Gox is located near a mountain called Gox, the truth is that Gox is short for 'Magic: The Gathering Online Exchange,' it was a trading company of cards, until it switched to virtual online currency in 2010.
On Friday, just as Mercury stationed direct, the Mt. Gox Bitcoin exchange filed for bankruptcy protection in Japan as its chief executive, Karpele, said that he had lost nearly half a billion dollars worth of the digital currency in a possible theft.
Japan's government began probing Mt. Gox after the reported "huge theft."
The company's lawyer said that 750,000 Bitcoins belonging to customers had disappeared, along with Mt. Gox's own store of the currency, which she said was around 100,000 units.
That number of Bitcoins would be worth around $477 million dollars, as calculated against the price on the CoinDesk exchange.
Karpeles said Mt. Gox had liabilities of 6.5 billion yen (that's $64 million) and that around one million users had been affected when "hackers broke into the exchange" in early February.
The "hackers" had not been identified, however, transits show that one of the primary 'hackers' who will be found out will be Karpelès himself.
The French-born Karpelès , the Mt. Gox CEO, who had not been seen in public for several days, suddenly re-emerged to tell a Japanese press conference (see below) that Mt. Gox's digital vaults had been almost completely emptied.
"We have lost Bitcoins due to weaknesses in the system," Karpeles said in Japanese.
"We are really sorry for causing trouble to all the people concerned," he said, before bowing deeply.
Earlier this week, Karpeles resigned from his seat on the board of the Bitcoin Foundation. He has not responded to requests for further comment.
Now, understand this:
Mark Robert Karpelès, or Karpeles was born on June 1, 1985 in Chenôve, France.
Between 1995 and 2000 he was educated at Collège Prieuré de Binson in Châtillon-sur-Marne and Prieuré De Binson in Dormans.
He then spent one year at Lycée Claude Bernard in Paris, before completing his education in 2003 at Lycée Louis Armand in Paris. He then moved to Japan in 2009.
At the current age of 28, soon to be 29 in June 2014, Karpelès has a Sun in Gemini and a Moon in Scorpio and with the South Lunar Node in Scorpio and Saturn, peregrine in Scorpio.
Karpelès may have a Sun in Gemini, but this man is more like a Scorpio.
I would say, after reading his nativity and secondary progressions, that we are looking at the one of the thieves - the prime thief in fact.
He should not be allowed to escape Japan.
For instance, Karpelès progressed Vertex is in Scorpio and recently just passed over this natal Saturn in Scorpio (a thief.)
Karpelès has five positions in Scorpio:
Natal Moon. South Lunar Node in Scorpio Natal Saturn, Rx in Scorpio, and peregrine Pluto in Scorpio Vertex in Scorpio
A Gemini? Now, in reality he is a Scorpio and a Scorpio snake at that.
Karpelès, at 28 is just now having his Saturn Return.
Saturn will also station retrograde on Sunday, March 2nd.
Moreover, his Progressed Moon was transiting through Scorpio (it is now in early Sagittarius) for the last 2.5 years.
So this guy has been draining Mt. Gox for a while now, at least two years, slowly, but steadily.
This man - Karpelès - in my view, is the PRIME culprit and has been stealing from the Mt. Gox BitCoin Exchange for years, and by nefarious means (a backdoor code put into Mt. Gox's lines of code allowing for multiple releases in BitCoins as payment.)
For instance, according to Karpelès' own LinkedIn page, he wrote that he worked from 2003 to 2005 at Linux Cyberjoueurs as a software developer and network administrator.
Karpeles’ was known as the 'Wizard of Oz' status within Mt. Gox for his computer technical prowess.
He's a geek and knows how to write code and how to hack and that's exactly what he did to Mt. Gox's exchange.
That means that Karpelès has had the knowledge and skill to do just that - and he did it too.
Also consider this fact:
Mt. Gox has allegedly never conducted a single audit of its customer deposits.
Now, it is believed that Karpelès may have been the only one within the Mt. Gox Exchange to have knowledge of how to actually tap the exchange’s cold storage.
For many, it remains unclear how this type of storage leak could have happened over a several years (looks to me he started tapping into the money in October 2011) without any knowledge on the part of the executives at Mt. Gox.
Karpelès knew about the pervasive damage of Mt. Gox's transaction malleability attacks for several weeks. It was said that the was working on an arbitrage scheme that leveraged the depressed Mt. Gox price to reap gains on other exchanges.
This was happening well before Mt. Gox's breaking point this past weekend.
Remember, at this point 744,408 BTC are missing due to what is called a malleability-related theft' which went "unnoticed for several years."
The cold storage was wiped out due to a leak in the hot wallet.
That can only be one person who did that - Karpelès.
Check out this document from a reliable source called:
'Crisis Strategy Draft.'
The draft seems to be a map of sorts that depicts how Mt. Gox could theoretically 'recover' from insolvency - despite the mind-blowing loss of nearly 750,000 customer Bitcoins ->>
See ->> http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft
Now, Karpelès admitted that the leaked document was “more or less authentic” during an interview with Fox Business.
The document was written by Mt. Gox representatives, but it seems that the The presentation of the document was created by a junior employee at the global consulting firm Mandalah.
And, the real author of Mt. Gox’s 27 page business plan (another leaked Mt. Gox document) is aid to be ambiguous, but the publisher of the file was one of Mandalah’s junior employees in Tokyo.
See ->> http://www.scribd.com/doc/209535200/Business-Plan-MtGox-2014-2017
Anyhow, reps from Mandalah did not want to elaborate on any specifics on its relationship with Mt. Gox (they citied confidentiality agreements) but they DID say that they have never been contracted by Mt. Gox to do any kind of 'strategic planning.'
They also added that they lacked any access to sensitive financial information and/or customer data.
That source says that the same junior staffer who published the Mt. Gox business plan was also at an alleged emergency investor meeting just a day after the “Crisis Strategy Draft” was created.
According to the source, it was at THIS meeting where Karpelès and his colleague Gonzague Gay-Bouchery, first told everyone at the meeting the stunning extent of Mt. Gox’s incredible losses.
That meeting began a series of domino effects: where investors rebuffed Karpeles, and demanded from him that they tell the truth to Bitcoin customers and investors immediately.
Those investors then called other executives, including many at the Bitcoin Foundation, telling them of the fantastic losses at Mt. Gox.
It was THAT group of executives who then called regulatory authorities who then began writing a joint public statement that condemned Mt. Gox.
Sources also say that many investors who were approached gad then stopped their own employees from buying or selling Bitcoins as soon as word got out about all the shit going down at Mt. Gox.
Mercury's retrograde in February has now resumed direct motion and will go over the same degrees it passed in January and February in March, and then into the Grand Cardinal Cross.
Saturn, still peregrine this year, and retrograde from early March through to July 20, 2014 means that Karpelès is not as 'smart' as he thinks he is.
Cast a sunrise natal chart for Karpelès birthday and see for yourself. Check out his secondary progressions too.
Believe it when I say that Karpelès is a pathological liar and a thief.
He's guilty as hell and he knows it.
Karpelès got greedy - very, very greedy - and his Saturn return means that he is in big trouble.
With that Progressed Moon in Sagittarius, Karpelès is going to want to split Japan and go for his stolen BitCoins, which he stashed in several banks (looks like Europe to me, it's Switzerland (French side of Switzerland, closer to Geneva where they speak Swiss-French.)
Now, at this juncture, Mt. Gox has negative equity (that's where liabilities exceed assets) of around $100m-$500 million, which depends on what value you assign to the missing Bitcoins. So, Mt. Gox is insolvent of course.
Plenty of people are in big trouble, but Mark Karpelès is chief among them. He's first one in line.
Karpelès IS the chief thief of BitCoins - the raider of Mt. Gox.
Talk about a 'virtual' bank robbery, Scorpio-style!
submitted by astroboy3333 to astrology [link] [comments]

BITCOIN ROBBERY l King Bach and Melvin Gregg - YouTube Bitcoin And Other Money Bitcoin robbery in Phuket? Rogue cops in drug network? Phuket blaze!  January 18 ATM robbery ring: 27 people arrested North Korea Is Suspected in Bitcoin Robbery - YouTube

After $500 million Japan cryptocurrency theft, here's how to keep yours secure. Published Mon, Jan 29 2018 9:28 AM EST Updated Thu, Feb 1 2018 9:10 AM EST. Annie Nova @AnnieReporter. Key Points ... A Bitcoin user, reported to be just over 18 years old, lost over $1 million in two separate thefts. Bitcoin, which soared to nearly $20,000 a unit in December, having rocketed 25-fold last year, before being hit by concerns about a bubble and worries about crackdowns on trading it, was down at $8,800 on Friday Coincheck says it lost about 523 million of the cryptocurrency exchange's NEM coins, according to a Google translation of a Japanese transcript from Logmi. In April of 2017, Japan officially recognized bitcoin as legal tender. In September last year, the Financial Services Agency (FSA) recognized 11 cryptocurrency trading exchanges, giving them semi ...

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BITCOIN ROBBERY l King Bach and Melvin Gregg - YouTube

Do you recognize these robbery suspects? They sprayed the clerk with bear spray and broke into a Bitcoin machine. Contact (972) 273-1010 or [email protected] with tips and reference ... + Writing For & Other Adult Learners Of English. Write Right! : https://bit.ly/2GWD2b5 + Stop Fat Storage https://bit.ly/2W9vful + Fat Burning Fingerprint- H... This video is unavailable. Watch Queue Queue. Watch Queue Queue PHUKET XTRA - January 18 Bitcoins stolen from Nai Harn couple! Phuket blaze destroys building! Khao San film shut down for....? Rogue cop(s) part of drug net... Onecoin promised the world, but only proved to be a trail of destruction. --- About ColdFusion --- ColdFusion is an Australian based online media company ind...

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