Alt Currencies Taking Over as Big Banking Fails

[JasonA]

How's everything doing in Andyland? :lol:

So to recap this 6 month drama.. looks like during this time, your buddy at MtGOX got nabbed (woops! looks like BitCoin CAN BE HACKED and stolen!! :? )

and the prices to compare....

Yes... BtCoin is still floundering.. and nowhere...

and my Tesla stock... (as of last April) is still doing nicely...

Go Andyland!

P.S. Famous Andyland quote "nooo, Bitcoin can't be lost, stolen or hacked" :lol:

http://www.theguardian.com/technolo...oin-exchange-arrested-in-japan-over-lost-480m

http://www.bbc.com/news/world-asia-33745611

http://www.cnn.com/2015/08/01/asia/bitcoin-mt-gox-karpeles-arrested/

 

[WetEV]

Yes... BtCoin is still floundering.. and nowhere...

Not quite true. Bitcoin is still growing in the key market, illegal drugs, and new drugs that will soon be illegal.

With so many new drugs hitting European shores every day, authorities are having trouble keeping up. As soon as one drug is banned, a few more pop up in its place. The fact that users or dealers buy the drugs using cryptocurrency like bitcoin makes them all the more difficult to track and regulate.

The new drugs have unknown risks, and are often far more harmful than the illegal and harmful drugs they are designed to replace.

http://www.ozy.com/acumen/europes-scary-legal-drug-boom/61194?ref=otherstories

The old Cyberpunk dream from the 1990's of "digital gold" making it easier to break the law and not get caught...

 

[AndyH]

Wet and Jason - you're off topic here.


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[youtube]http://www.youtube.com/watch?v=Zi2d2G59a1U[/youtube]

http://www.amazon.com/When-Money-Destroys-Nations-Hyperinflation/dp/0620590033

Since the global financial crisis of 2008, the major governments of the world have resorted to printing vast sums of money to pay national debts and bail out banks. The warning signs are clear, and the collapse of the Zimbabwean dollar in 2009 after years of rampant money printing is a frightening example of what lies in store for the world's economies if painful, but necessary, reform is not enacted soon. When Money Destroys Nations tells the gripping story of the disintegration of the once-thriving Zimbabwean economy and how ordinary people survived in turbulent circumstances. Analysing this case within a global context, Philip Haslam and Russell Lamberti investigate the causes of hyperinflation and draw ominous parallels between Zimbabwe and the world's developed economies. The looming currency crises and possible hyperinflation in these major economies, particularly the United States, have the potential to turn the current world order upside down. Zimbabwe's lessons must not be ignored. This is the story of When Money Destroys Nations.

 

[AndyH]

https://www.cryptocoinsnews.com/dojs-operation-choke-point-driven-30-industries-bitcoin/

You may have heard of Operation Choke Point over the last year in reference to payday lending, and more recently in reference to firearm sales and porn star personal accounts. The gist of it is this: The Department of Justice (DOJ) is strongly encouraging banks and third party payment processors to close the accounts of individuals and businesses associated with certain high-risk merchant categories such as payday/online lending, firearms/ammunition sales, and pornography, and even dating services. Essentially, the DOJ has tasked banks and third party payment processors, such as PayPal, with “choking” out specific industries by slowly but continually constricting their access to financial services.

http://thehill.com/blogs/floor-action/house/268262-house-passes-bill-to-halt-operation-choke-point

The House passed legislation on Thursday to limit regulators’ ability to request shutting off bank accounts associated with businesses suspected of fraud...

“The federal government should not be able to intimidate financial institutions into dropping entire sectors of the economy as customers based not on wrongdoing, but purely on personal and political motivations and without due process,” said Rep. Blaine Luetkemeyer (R-Mo.), the bill’s author.

https://oversight.house.gov/release...ration-choke-point-target-legal-businesses-2/

Issa stated in today’s letter: “The Committee has obtained substantial evidence suggesting that as a result of coordinated actions by the FDIC and the Department of Justice, banks are terminating relationships with entirely legitimate and licensed businesses…. Documents produced to the Committee by the Department of Justice call into question the sincerity and truthfulness of Mr. Osterman’s testimony. In fact, the FDIC has been intimately involved in Operation Choke Point since its inception. “...

A previous report by the Oversight Committee found that the ostensible goal of DOJ’s Operation Choke Point is to combat mass-market consumer fraud by foreclosing fraudsters’ access to payment systems. However, today’s report finds the true goal of Operation Choke Point is to target industries deemed objectionable by the Administration.

HR-766 passed the House in early 2016. President Obama stated he would veto the bill should it get through the Senate and land on his desk.