BITCOIN CRASH - Australian Businesses Ditch Bitcoin After Banks Act Against Bitcoin Exchanges

 BITCOIN COLLAPSE - Australian Businesses Ditch Bitcoin After Banks Act Against Bitcoin Exchanges

Australia's major banks are closing accounts of bitcoin companies, forcing at least 13 digital currency providers out of business in response to tougher rules on money laundering and terrorism finance, an industry body spokesman said on Tuesday.

The move comes just months after Westpac Banking Corp became the last of Australia's four major banks to pull out of the remittances business in order to reduce compliance risks.Banks globally are exiting sectors that present compliance headaches under pressure from regulators to meet tighter anti-money laundering and counter-terrorism financing rules.
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"The current bitcoin operating model requires very tough compliance and assurance requirements to ensure we meet the high standards required under anti-money laundering regulations," a Westpac spokesman said.

"We continue to monitor developments in bitcoin, including their regulation."

Banks have sent letters to 17 bitcoin companies including BitTrade and Buyabitcoin informing them their accounts would be closed, an Australian Digital Currency Commerce Association (ADCCA) spokesman said.

"We continue to speak with banks to find a solution to the problem. ADCCA looks forward to guidance from the government as to how the situation can be resolved," he said.

Seven percent of the world's $5 billion worth of bitcoin is in circulation in Australia, according to ADCCA estimates. Startups Begin to Leave Australia Japanese police on Saturday arrested Mark Karpeles, head of the collapsed MtGox Bitcoin exchange, over the disappearance of about $390 (£250 million) worth of the virtual currency, local media said.

France-born Karpeles, 30, is suspected of having accessed the exchange’s computer system and falsifying data on its outstanding balance, Kyodo News and public broadcaster NHK said.

The global virtual currency community was shaken by the shuttering of MtGox, which froze withdrawals in February 2014 because of what the firm said was a bug in the software underpinning Bitcoin that allowed hackers to pilfer them. Fifty of the world’s most prominent Bitcoin chieftains are set to gather in secret at an undisclosed Caribbean resort in a roundtable gathering that some are already comparing to The Bilderberg Group meetings.

Coindesk has the story, noting that the gathering, dubbed the Satoshi Roundtable, will take place this weekend and is a closed door confab for “bitcoin CEOs and luminaries”. Members of the Press and the public will not be invited.

“Organized by Bruce Fenton of the Bitcoin Association and Atlantic Financial, participants in the first annual Satoshi Roundtable include top executives from companies such as Blockchain, BitGo, BitPesa, Chain, ChangeTip, Coinapult and MegaBigPower, as well as noted VCs in the space such as Erik Voorhees and Roger Ver.” the report reads.

An official website for the gathering verifies the secrecy of the meeting, noting “Even if you are a great person with many accomplishments in bitcoin and lots of passion we just won’t likely be able to invite you.” "It makes it, obviously, hard to take payments from our customers, but we have a couple of relationships left," said Andrew Smith, general manager of the Melbourne-based exchange. He declined to identify which bank his firm is now using for fear of repercussions. He said he plans to move the business offshore.

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BITCOIN CRASH : HACKS, Suicides, and Ponzi Schemes. Is it Really Safe?

Bitcoin has been hacked repeatedly. Is it really trustworthy? I believe in alternate currencies to the US dollar because the dollar is clearly a HUGE failure.

Bitcoin is a great concept and is a good method of online transaction. I don't advise people use it to store their life savings in it however.
Bitcoin exchanges hit by DDoS attacks
Bitcoin bank Flexcoin shuts down after hack
Silk Road 2.0 'Hack' Blamed On Bitcoin Bug, All Funds Stolen
Bitcoin firm CEO found dead in suspected suicide

BITCOIN CRASH -- BitCoin's Greatest Lesson

An advantage of Bitcoin over the metals is you don't have to send something physical anywhere when making a transaction.. Not all of us who like cryptocurrencies think it'll definitely work but.. but what makes it a legitimate money is people accept it as the best medium of exchange, it does have to be physical.. scarcity is built into the code 


A 7 billion dollar world market cap is peanuts for a world currency. If it's so flawed as you contend, it will fail. Why even do videos on it? I will suggest bitcoin is in your nightmares. You realize its potential as the ideal world currency and at the same time you wish you got in early. No worries mate, the bankers didn't see it coming either. The people of Cyprus flocked to bitcoin. The first university in the world to accept bitcoin was in Cyprus. If bitcoin was more widely available and known in Ukraine, people would be flocking to it before metals. I know you don't like to hear this. Wealth is perceived, this applies to bitcoin and a shiny gold metal sitting in a vault too. You're correct about MtGox though. Don't trust your bitcoins with anyone, just like your metals which could easily disappear if you let someone else hold them.
Listen to the voices of 2013 talking about Bitcoin.
The $475 Million collapse of Mt.Gox is a great reminder that; you don't own it, if you don't hold it.
All along I have said that the BitCoin pumpers have taken something with NO intrinsic value, built up the PERCEIVED value for the greater fool's REAL value.
As the collapse in the Ukraine shows, once again, gold and silver are the best ways of protecting your wealth.
View the entire Silver Shield Collection

BITCOIN CRASH -- Bitcoin Reversal in China

Despite a virtual lockup in the rest of the Bitcoin world, BTC China has reversed themselves and now is willing to accept deposits once again.

Massive Attack on Bitcoin -- Bill Still Report

The Mt. Gox shutdown is spreading thru the Bitcoin world. Can it be stopped?
If crypo currencies end up carrying a significant percentage of the world's economic activity (and I think they will) then governments are going to have to tax a lot more heavily if they expect to maintain their current rate of expenditures. The central bank scam is a way of throwing a heavier tax burden on the citizenry than people understand. It's a hidden tax of course. And if the real tax burden (which includes inflation) were known it would cause a decrease in taxable economic activity, and drive some currently taxable activity underground. Go Fedora and their bitmixing wallet feature.
I'm all for Quark doing well

 

 

 

There is a vested interest by the owners of the MATRIX to destroy all Cryptocurrencies because they see them as the biggest threat to the foundation of their SCAM, namely Fractional Reserve Banking.
Banking and currency itself are based on TRUST.   If it is undermined then people won't use them, and they know that, so I am sure The Financial Cabal who are milking the world of its wealth unrelentingly every moment of our existence, are paying all sorts of hackers to find any weakness to shoot down this threat to their control.

So the question we have to post is:  Are we better off without any currencies at all?

IS THERE A WAY WE CAN TRADE WITH EACH OTHER WITHOUT USING THIS MEDIUM CALLED MONEY THAT HAS BEEN USED FOR SO LONG TO RIP THE REAL PRODUCERS OF WEALTH OFF??

Money as a medium of trade has always been highjacked by those who create it to benefit them against the interests of the producers of real wealth, who need it to trade in the process of real wealth creation.
According to Thomas Greco in his book THE END OF MONEY and the FUTURE OF CIVILIZATION yes it is possible by using credit exchange centers set up by the community itself as it has been sprouting spontaneously in many Greek Towns today during the crisis.
Anthropologist David Graeber in his book DEBT: The Fist 5,000 Years, explains this form of trading has been used around the world for hundreds of years, even in times of the Roman empire the Phoenicians kept using it in the Mediterranean while Roman coins were traded at the same time.

THE SECRET TO MONEY IS TO MAKE IT WORTHLESS and ONLY useful to measure the value of things when trading.   Regular money can't do it, but a credit exchange can.

The question is how to design a way to STORE wealth without falling into the same problems we have today with money?.   This is where Cryptocurrencies can be handy, but we have to carefully design them to fulfill this purpose.   Bitcoin has shown to be a Ponzi scheme.

Making money with money IS the problem.   In other words: obtaining profits by merely lending or investing money without PRODUCING wealth in the Real Economy has to be stopped.
1-  Real Wealth is the product of manufacturing things that satisfy human needs, hence the Real Economy
2-  Fake wealth is that which is the product of speculation with money without creating ANYTHING material to satisfy human needs.

Fake wealth steals value from Real wealth.   This is how all the benefits from productivity gains have ended up at the top 0.01% of the population.

So before we design a new currency we have to stop and ask exactly what features we want that currency to have.
1- Zero intrinsic value, just like a measuring tape measures an area without the tape itself being used to speculate with.
2- Always just enough to satisfy all the economic requirements for trade.   No more bankruptcies because of a lack of currency, neither artificial bubbles inflating the value of things because of too much currency in circulation.
3- A stable form of storing wealth easily transportable and secure.

We have our job cut for us to fulfill these needs and become truly free in the process.

Bitcoin Crash Explained

Mt Gox Security Breach : What was behind the price crash on the biggest Bitcoin exchange, Mt. Gox? Turns out Mt. Gox wasn't following simple security rules






Bitcoin continues to decline at the same time complaints are being made about lost bitcoins from several companies being hacked. I PREDICTED this one week ago because of the Charts, Volume and Pricing. Maybe Bitcoin will be right back to $1200 but I wouldn't BET on it. It broke right through it's Support levels. Stocks crash overnight all the time but there are usually signs and this is one of the reasons Traders rarely hold positions overnight or going into the weekend. Some people are also saying that companies like Coin base and Mt Gox are somehow keeping their money for periods of time and rejecting their funds. Hackers are attacking systems and people are losing their bitcoin wallets with no ability to get them back or recover them from their computers.

BITCOIN CRASH as MT. GOX Stops All Withdrawals - Does the ELITE Want BITCOIN Gone?

A temporary halt on withdrawals from the bitcoin exchange Mt. Gox on Friday and subsequent price decline have prompted trading platform SecondMarket to start a pilot program to buy and sell bitcoin, a move it says highlights the need for a major U.S.-based bitcoin exchange.

SecondMarket, which made its name as a platform that allowed investors to trade shares of Facebook Inc. FB before the company went public, has established itself in the bitcoin space through its open-ended bitcoin trust.

There is no major bitcoin exchange based in the U.S., even as U.S. investors are pouring millions into domestic bitcoin start-ups and U.S. companies are beginning to adopt the virtual currency as payment.

Mt. Gox, which is based in Japan, isn't even the largest bitcoin exchange. The largest by 30-day volume is Bitstamp, which based in Slovenia, according to data from bitcoincharts.com. The second-biggest is BTC-e, which appears to be based in Bulgaria. Mt. Gox is third.

"The single most important thing that we can do...is get some serious exchanges established here in New York," Circle's Allaire said at the hearing. Circle is a company that aims to make bitcoin payments easier for merchants.

There are companies working on establishing bitcoin exchanges in New York, but witnesses at the hearing pointed to the regulatory uncertainty and reluctance from banks to work with bitcoin companies as major hurdles.

In recent trade, bitcoin traded at $741.30 on the bitcoin exchange Bitstamp and $763 on Mt. Gox. That's a decline from trading around $900 earlier this week on Mt. Gox and in the early $800s in the same period on BitStamp. Here's a two-month chart of prices on Bitstamp:

Russian authorities have issued warnings against using Bitcoin, saying the virtual currency could be used for money laundering or financing terrorism and that treating it as a parallel currency is illegal.
Reddit, Virgin Galactic, and Overstock.com now accept Bitcoin.

So do dating site OKCupid and travel site CheapAir.com. Game giant Zynga is now in the testing phase. Two big Las Vegas hotels accept Bitcoin. Already, 21,000 merchants are using Coinbase to accept Bitcoin from customers.

(And you can use Bitcoin at Amazon, Barnes and Noble, Crate & Barrel, Target, Sears, CVS, Hyatt Hotels, Kohl's, Burger King, Applebees, Victoria's Secret, Land's End, Facebook, Groupon, Banana Republic, the Gap, AMC and Fandango movie theaters, Whole Foods, Wine.com, Wine Enthusiast, Papa John's, Nike, Adidas, Sephora, Sports Authority, Staples, Zales jewelry, Game Stop, FTD flowers, Zappos and hundreds of other stores if you use Bitcoin to buy gift cards at Gyft.) bitcoin

Andy Haldane -- Executive Director for Financial Stability at the Bank of England -- believes that peer-to-peer internet technology will lead to the break up of the big banks.
Visa has attacked Bitcoin as being less trustworthy than its well-established payment system.

JP Morgan Chase has filed a patent for a Bitcoin-like payment system. And Russia's largest bank is working on a Bitcoin alternative as well.
Ben Bernanke and the Department of Justice have both cautiously blessed Bitcoin. While crypto-currencies remain insulated from central bank manipulation, governments have thus far been tolerant, perhaps because their capability to track transactions is more advanced than Bitcoin believers admit.
Indeed, Bitcoin is not really that anonymous, as the NSA can track Bitcoin trades.

Few protests elicit the same collective gasp from the internet as smashing up an iPhone, so the device-mutilating fury of some members of the Bitcoin community has plunged Apple into a new controversy over policies in its App Store. btc china Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it's far from achieving any of them — its value is unstable and it's rarely used — some have high hopes.