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Thursday, February 27, 2014
Mt. Gox is Finished & Bitcoin is Stronger than Ever
dollarvigilante.com / Justin O’Connell / February 24th, 2014
Mt. Gox is dead. There is not much a chance they will be able to overcome the press of the past four months and re-establish themselves as a trustworthy bitcoin wallet and exchange. And they haven’t even gone bankrupt yet.
For that reason, bitcoin is now stronger than ever. Although mainstream press outlets may give you a different, false idea.
The writing has been on the wall. 2013 was a scandal-laden year for Mt. Gox, as the feds seized $5 million from its bank accounts, a $75 million lawsuit with a former partner manifested, and its US banks accounts were closed resulting in the company’s inability to get funds to US customers.
Mt. Gox played a big role in the growth of bitcoin. Even when the price of bitcoin was merely $13, Mt. Gox was a trusted brand among online wallets.
Mt. Gox worked hard to build up goodwill in the community: in 2011, after the exchange was hacked, Karpeles made good and fulfilled obligations.
But things started going awry in May, 2013, as federal agencies seized $2.9 million, shutting down a Wells Fargo bank account belonging to a Mt. Gox subsidiary.
This account was integral to paying Mt. Gox’s US customers. Things turned for even worse when, one month later, the US government seized another $2.1 million from a second bank account. Thereafter, Mt. Gox suspended US money transfers. Some transfers started coming in from European banks like Deutsche Bank. - READ MORE
Tuesday, February 25, 2014
Money laundering & Bitcoin, Macroeconomics with Axel Merk
Our lead story: Money laundering in the age of Bitcoin. When the HSBC was found guilty in 2012 of laundering billions for terrorist organizations, no one spent time in jail. But Charlie Shrem, the CEO of BitInstant, was arrested by federal authorities last week for allegedly laundering more than $1 million worth of Bitcoin, and today he's sitting in jail. Erin asks, "Does this make sense? "
Afterward, Axel Merk, the President and CIO of Merk Investments and manager of Merk Funds, joins us to talk about Europe, currencies and emerging markets. Merk argues that the weak euro helps German exports dramatically, despite having to prop up peripheral countries. He also explains why he thinks that currencies are the least volatile assets when compared to equities and bonds.
Then, Polly Boiko reports on why so many houses sit empty on The Bishops Avenue, one of London's most expensive streets. In the midst of a housing shortage in Britain, this has become a symbol for this brick-and-mortar crisis.
This week's best clips bring a range of opinions about growth, the Fed and inflation. Warren Mosler looks at how personal income growth has slipped and what effect that has on growth in general. David Stockman criticizes the money-printing policies of Larry Summers, and argues that the Fed needs to get out of financial markets. Finally, Keith McCullough tells us to get rid of your Keynesian economic textbook and gives us his view on inflation in the US economy.
Finally, the Big Deal looks at the a string of recent suicides by financial professionals around the globe, and explores the possible reasons why financial professionals might take their lives. Erin sits down with "Breaking the Set" host Abby Martin to discuss.
Money laundering & Bitcoin, Macroeconomics with Axel Merk
Afterward, Axel Merk, the President and CIO of Merk Investments and manager of Merk Funds, joins us to talk about Europe, currencies and emerging markets. Merk argues that the weak euro helps German exports dramatically, despite having to prop up peripheral countries. He also explains why he thinks that currencies are the least volatile assets when compared to equities and bonds.
Then, Polly Boiko reports on why so many houses sit empty on The Bishops Avenue, one of London's most expensive streets. In the midst of a housing shortage in Britain, this has become a symbol for this brick-and-mortar crisis.
This week's best clips bring a range of opinions about growth, the Fed and inflation. Warren Mosler looks at how personal income growth has slipped and what effect that has on growth in general. David Stockman criticizes the money-printing policies of Larry Summers, and argues that the Fed needs to get out of financial markets. Finally, Keith McCullough tells us to get rid of your Keynesian economic textbook and gives us his view on inflation in the US economy.
Finally, the Big Deal looks at the a string of recent suicides by financial professionals around the globe, and explores the possible reasons why financial professionals might take their lives. Erin sits down with "Breaking the Set" host Abby Martin to discuss.
Money laundering & Bitcoin, Macroeconomics with Axel Merk
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