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The Empire Strikes Back – At Bitcoin

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Posted by John Rubino - DollarCollapse.com

on Wednesday, 06 September 2017 06:03

One of the uncertainties with cryptocurrencies has always been how governments would react once bitcoin and its kin got big enough to actually threaten the monopolies of national fiat currencies. 

That day seemed to be approaching as cryptocurrencies’ aggregate market cap blew through $100 billion and the pipeline of new bitcoin wannabes (initial coin offerings, or ICOs) swelled into the hundreds. Even – in a classic sign of a bubble top — Paris Hilton got involved: 

Hotel Heiress Paris Hilton Is the Latest Celebrity to Promote an ICO

(Coin Desk) – Celebrity heiress and reality TV star Paris Hilton has taken to Twitter to announce her participation in a token sale, or ICO.

Called Lydian, the venture claims the project is developing “blockchain driven technologies to reduce ad fraud and to maximize the effectiveness of ad marketing expenditures.” The idea has been floated by a number of projects of late, including efforts backed by advertising industry participants.

In the tweet, Hilton wrote:
Looking forward to participating in the new @LydianCoinLtd Token! #ThisIsNotAnAd #CryptoCurrency #BitCoin #ETH #BlockChain pic.twitter.com/a8kT9eHEko
— Paris Hilton (@ParisHilton) September 3, 2017

And lately governments have indeed begun to defend their turf. The US Internal Revenue Service decided that since cryptocurrencies were clearly not money (only the dollar is money!) they must be commodities, which means every transaction creates a taxable gain or loss. In August the IRS drove the point home by unveiling software that can track supposedly anonymous crypto transactions:

The IRS Has Special Software to Find Bitcoin Tax Cheats

(Fortune) – One benefit of using bitcoin is the digital currency can be anonymous—its owners can move money around the world without revealing who they are. Well, in theory at least. In reality, bitcoin is less secret than people think.

The latest reminder of this comes via a report that the Internal Revenue Service is using software to unmask bitcoin users who have failed to report profits. According to a contract unearthed by the Daily Beast, the IRS is paying a company called Chainalysis to help identify the owners of digital “wallets” that users employ to store their bitcoins.

In a letter to the IRS, the co-founder of Chainalysis says the company has information on 25 percent of all bitcoin addresses and that it deploys millions of tags to help track and identify transactions. 

The decision by the IRS to license the software of Chainalysis, which is based in Switzerland with an office in New York, appears to be part of the agency’s larger campaign to target digital currency users who have failed to pay tax.

As Fortune reported earlier this year, the IRS claims only 802 people declared a capital gain or loss related to bitcoin in 2015. This is significant since the price of bitcoin soared from around $13 to over $1100 between 2013 and 2015, and hundreds of thousands (like millions) of Americans bought and sold digital currency during this time—in other words, there are many people who face bitcoin-related tax trouble, and the IRS is tracking some of them down. 

Then China decided it had had enough of the dot-com-like tsunami of new digital currencies pouring into its economy, and banned future releases, crashing the price of most extant cryptocurrencies. 

China Halts Initial Coin Offerings

(Bloomberg) – Bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.

The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed. The regulator said that those who have already raised money must provide refunds, though it didn’t specify how the money would be paid back to investors.

It also said digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies. Digital tokens can’t be used as currency on the market and banks are forbidden from offering services to initial coin offerings.

“This is somewhat in step with, maybe not to the same extent, what we’re starting to see in other jurisdictions — the short story is we all know regulations are coming,” said Jehan Chu, managing partner at Kenetic Capital Ltd. in Hong Kong, which invests in and advises on token sales. “China, due to its size and as one of the most speculative IPO markets, needed to take a firmer action.”

Bitcoin tumbled as much as 11.4 percent, the most since July, to $4,326.75. The ethereum cryptocurrency was down more than 16 percent Monday, according to data from Coindesk.

IPOs-Sept-17

And apparently there’s more coming:

ICO crackdown may just be the start: China is reportedly planning tighter cryptocurrency rules



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Currency

Death of the US Dollar Reserve Currency… Picking Up Speed

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Posted by Steve St. Angelo - SRSrocco Report

on Wednesday, 30 August 2017 06:35

The Death of the U.S. Dollar as the world’s reserve currency will have a profoundly negative impact on the lives of most Americans.  Unfortunately, 99% of the population has no clue.  The only reason 1% of U.S. citizens understand what is going on, is because the Mainstream media and financial networks have distorted the truth and the reality of our present situation.

What happened in the markets today was a perfect example.  Zerohedge published an article today titled,  ‘Traders’ Panic-Buy Stocks, Shrug Off Nuclear Armaggedon, Debt Ceiling, & Biblical Flood Fears, and stating the following:

Crazy-Markets-768x353

For a few brief hours overnight – until the bell rang at 0930ET on the NYSE – investors were anxious about North Korea’s most provocative yet missile launch, the terrible flooding disaster in Texas, and lest we forget, the looming debt ceiling debacle. But all of that was instantly forgotten as the machines took control and lifted stocks higher practically all day on a sea of USDJPY-ignited momentum.

Looking at the chart above, we can see that when fear came into the markets during the North Korea missile incident and then the opening of the European markets (shown in the two red boxes), the Dow Jones Index fell as well as the USDJPY, while gold and the U.S. Treasurys increased.



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Currency

Dollar Update as Loss of Reserve Currency Status Looms

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Posted by Clive Maund

on Monday, 28 August 2017 07:11

The dollar is on course to lose its reserve currency status. This is not something that will happen overnight, it will be a process, but at some point there is likely to be a “sea change” in perception, as the world grasps that this is what is happening, which will trigger a cascade of selling leading to its collapse, whereupon gold and silver will rocket higher. 

A big reason for the dollar finding support in recent years and doing relatively well versus its peers has been the perception that the US is the last and best “safehaven” in a world beset with instability and terrorism etc , but that perception is changing as US society starts to polarize in a dangerous manner. In addition, the continued provocations and threats by the US towards China and Russia has driven them into making preparations to ditch using the dollar, and these preparations are well advanced, and have included buying huge quantities of gold. Thus the dollar is looking increasingly vulnerable. On the long-term 20-year chart for the dollar index we can see that it is still at a fairly high level after its gains during 2014 and 2015, but appears to be marking out a “Broadening Top” pattern. On this chart we can also see that if it proceeds to fall hard soon, it won’t be the 1st time – it suffered a brutal decline between the start of 2002 and early 2008 – and that was before it was threatened with the loss of its reserve currency status, so the looming bearmarket could clearly be much, much worse.

usd20year270817

On the 4-year chart we can examine the Broadening Top in much more detail. The rally to a peak at the end of last year was due to euphoria over Trump’s election, but it since dropped right back across the pattern as reality has reasserted itself, and of course Trump himself has now been totally emasculated by the Deep State, evidenced by a string of U turns on his campaign promises, the latest being on Afghanistan last week. He is now nothing more than a figurehead, a Deep State puppet, and it will be rather pitiful to watch his diehard supporters clinging on to the belief that he will actually make any difference. 



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Currency

Europe’s Refugee Crisis Continues to Deepen

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Posted by David Dutkewych - Edelson Institute

on Friday, 25 August 2017 09:15

The war cycles continue to ramp-up across the globe. And this latest wave of geopolitical unrest continues to rise at an unsettling pace. Just like my mentor and friend, Larry Edelson, predicted.

Long before Larry passed away early this year, he wrote about these cycles. How they are accelerating and coming together in a way not seen since the late 1800s. And how they are likely to increase in intensity each and every year all the way into late 2020.

Europe almost perfectly embodies everything Larry predicted. It certainly has not escaped the geopolitical problems engulfing the world. Lately, it seems like it’s enduring more than its fair share.

The main reason — the European Union’s loose policies toward legal immigration. And a new influx of economic and war refugees is being associated with a rising number of deadly terrorist attacks.

Now, I’m not saying that all migrants or refugees are terrorists or that they even have the potential to become one. My point is simply that the EU’s immigration policies make it easier for a potential terrorist to cross EU borders by posing as a migrant.

Just last week, Barcelona, Spain, was one of the latest cities to experience a terrorist attack. A van in La Rambla Square mowed down pedestrians, leaving 13 dead and more than 100 injured.

Then in Turku, Finland, migrants seeking asylum stabbed 10 people, killing two. This happened after one of the suspects found out his status had been turned down.

And these are just the most-recent headlines. The European refugee situation is clearly out of control. And will most likely only get worse before it gets better.

Is the European Union’s immigration policy destroying its unity? You bet. 

Cash-strapped … and, in many cases, near-bankrupt … countries in southern Europe are paying a huge price for the EU’s loose immigration policies. And this has led to growing conflict throughout Europe.

The South’s eastern counterparts (Poland and Hungary) are flat out refusing to take in refugees. The move has sparked hostility among other EU members, with some leaders calling for sanctions against the countries who refuse to open their borders.

Take Italy, for example. The country is the poster child for the looming sovereign-debt crisis. It recently saw a record surge in refugees from North Africa. Italy has accepted nearly 100,000 refugees in the first six months of the year. And I expect that number to rise.

MIG-CHART-600x432



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Currency

CHINA, GOLD and the US DOLLAR...

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Posted by Clive P. Maund

on Thursday, 17 August 2017 06:29

This article is not politically motivated – the writer has no political agenda or affiliation – and the motivation for producing it is to enable you to understand the pivotal role that gold will play in thwarting the Empire’s imperialist ambitions, and how this means that the price of gold – and silver – will skyrocket, and sooner than many think possible. When you know that this is set to happen, and you understand the key reasons why, you will be able to position yourself to profit greatly from this profound and seismic global shift.

....continue reading HERE



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