Bogus Gambler

Businessman used fake bank documents to pretend he had £20m so he could gamble huge sums in exclusive London casinos

By Corey Charlton for MailOnline
19:34 18 Aug 2014, updated 19:48 18 Aug 2014
+5
Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
8
shares
Shy Dahan said to have used bogus documents to gamble as a high roller
He allegedly used fake Credit Suisse paperwork to show exaggerated wealth
Then spent hundreds of thousands of pounds at top class West End casinos
Dahan, of Mayfair, is on trial for four counts of fraud by false representation
+5
Shy Dahan, who had a taste for gambling in London’s exclusive clubs and casinos
A businessman masqueraded as a real estate tycoon responsible for ‘skyscrapers and swarming estates’ in order to gamble huge sums of cash in exclusive casinos, a court heard today.

Shy Dahan, 33, allegedly used bogus Credit Suisse paperwork to mislead casino staff about his wealth.

He produced documents from the Gibraltar arm of the bank showing he had more than £20m in his account in a bid to gain credit at some of London’s flashest clubs and casinos.

Southwark Crown Court heard he posed as a successful real estate guru to Credit Suisse, boasting of properties in New York, Toronto, Mexico, and Israel.

Claiming to be the owner of S Capital Group, Dahan’s website claimed he was someone who ‘fulfills his dreams, turning visions into skyscrapers and swarming estates’.

But jurors heard the blurb about Dahan and his company, alongside details of its ongoing projects, was directly lifted from a genuine real estate firm’s website called Canada-Israel.

‘Every single last word of it is a complete lie, a complete gigantic lie,’ said prosecutor Simon Wild said.

‘Mr Dahan is a businessman, but what businessman he exactly was is partly what this case is all about.

‘The prosecution allege that the defendant pretended to be a far more substantial businessman than in truth he was.’

Credit Suisse produced a letter for Dahan stating he had liquid assets of over £20m, after he duped them into believing he was the owner of the successful S Capital Group.

Dahan then allegedly used the statement to target London Clubs International and its ‘Vegas-style’ super casinos across the West End, which includes the Playboy Club in Piccadilly and The Casino At The Empire in Leicester Square.

The court heard that on November 27, 2012, Dahan visited a London Club casino and produced the Credit Suisse letter, claiming that he had more than £1m in his bank account.

Just nine days later on December 6, the Israeli provided the same statement to the Clermont Club in Berkeley Square in London’s lavish Mayfair district, claiming he had over £20m in liquid assets.

Jurors heard after he was caught out by the Clermont Club, Dahan then made false statements to the Gambling Commission the following day.

MORE…
‘Greedy’ office manager jailed for stealing £96,000 for boob job and sports car only has to pay back a quarter of the money
Bigamist wedding photographer who married woman he met online after abandoning his wife in Canada avoids jail after court hears he is regular churchgoer
Fiancé faked his own death to get out of dream wedding to 23-year-old partner by ringing her up and pretending to be his own father to break the bad news
He sent a fake letter to the Gambling Commission on December 7, 2012, which he hoped would aid an associate to open a casino in a London Hilton hotel, the court heard.

He allegedly claimed that he had more than £20m in liquid assets and that the assets were ‘realisable within 24 hours’.

The court also heard Dahan blew £230,000 playing the tables at the Playboy Club after he falsely claimed to have £1m sitting in his account.

Mr Wild said that Dahan had supplied a forged Credit Suisse letter to bosses at the casino so that he could pay his losses via cheque.

+5
The Casino At The Empire was one of several venues owned by London Clubs International targeted by Dahan
+5
Dahan allegedly gave The Playboy Club, pictured, a letter falsely claiming he had £1m in his bank account
‘The defendant also wanted to pay by cheque for his gambling,’ Mr Wild added. ‘He had to satisfy the club that he did indeed have a bank account from which he could pay cheques he could honour’.

Jurors were told that Dahan supplied a Credit Suisse letter to the Playboy Club on November 27, 2012, claiming he had a ‘long standing relationship with the bank’, even though his account was only opened three months before.

The letter also stated Dahan had a bank balance of over £1m, when in reality the figure was $439,409.78 – less than £300,000.

‘So that letter was very simply a lie’, Mr Wild said. ‘ A pretty substantial lie as the Playboy Club was left £230,000 out of pocket’.

Mr Wild said: ‘When the defendant was arrested and interviewed in June 2013 he was asked how substantial a businessman he was.

+5
He also visited The Clermont Club, a private gambling venue in Berkeley Square
‘He said that he had a company in Mexico called ID Exchange and that this company had several retail outlets’.

Dahan claimed to sell ‘Dead Sea products’, handcuffs called ‘cuffs of love’, spinners and hair straighteners.

He also told an officer he ran a bungee jumping operation, Mr Wild added.

Dahan, of Mayfair, central London, and formerly of Tel-Aviv in Israel, denies four counts of fraud by false representation.

The trial continues.

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
8
shares

20140819-083126-30686658.jpg

BitPay brings in Visa, PayPal and Jumio talent

CSC asia pacific invests in bitcoin payments research
CSC asia pacific invests in bitcoin payments research

0BitPay has begun putting the proceeds of its recent $30 million funding round to use, embarking on a hiring spree that sees talent from Visa, PayPal and Jumio join the digital currency startup. In May BitPay raised $30 million in a series a funding round led by Index Ventures, valuing the company at $160 million. The firm promised to use much of the money to build up its workforce and has now provided an update.

Sonny Singh has been brought in from payment verification firm Jumio as chief commercial officer, where he will be responsible for increasing BitPay’s customer base, which currently stands at over 40,000 merchants.

21 year Visa veteran Steve Pratt has also joined as director of business development while Gregg Zigler, who spent 10 years working on PayPal’s foreign exchange architecture, arrives as a senior software engineer.

Several more employees have been hired, mainly in San Francisco, taking BitPay’s workforce to more than 60.

Explaining his decision to join BitPay, Singh says: “When I looked at the amazing growth rate BitPay has been experiencing, I realised bitcoin is a movement that is going to change e-commerce forever.”

Poker Win

Drop the poker face, you won! Super-serious card player refuses to smile after historic $15.3million win

By Ashley Collman For Mailonline
21:45 13 Aug 2014, updated 21:54 13 Aug 2014

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
2
comments
Poker player Daniel Colman, 23, won the Big One for One Drop tournament in Las Vegas on Tuesday, but refused to get emotional about the victory
His $15.3million prize is the second-highest in poker history
Daniel Colman won the second-highest prize in poker history last night, but his face gave no clue.

The 23-year-old poker sensation took home $15.3million when he beat out card-playing veteran Daniel Negreanu at the final table of the Big One for One Drop tournament in Las Vegas on Tuesday.

But after the final card secured his win, he kept his poker face on and refused to even grant interviews.

Scroll down for video

+6
Reserved: Daniel Colman, 23, won the Big One for One Drop tournament in Las Vegas Tuesday night but refused to smile after the victory
+6
Reserved: Daniel Colman, 23, won the Big One for One Drop tournament in Las Vegas Tuesday night but refused to smile after the victory
+6
Unimpressed: Colman’s $15.3million prize is the second-highest in poker history, but he didn’t want to talk about it with reporters after the event
+6
Don’t spend it all at once: Colman pictured posing with his winnings before leaving the tournament
Colman, from Boston, Massachusetts, beat out 41 other players in the tournament to benefit the One Drop Foundation but he had to be persuaded to even pose with his cash prize and bracelet.

Five minutes after the victory, he left the Rio Las Vegas hotel with a handler telling a Las Vegas Sun reporter he had ‘no interest in promoting poker’.

MORE…
‘She needs to drop a few. Let’s be honest’: Fox News doctor attacks First Lady Michelle Obama over her size
Justin Bieber pleads guilty in deal in Florida
Snowden’s final insult: NSA leaker hugs the Stars and Stripes for self-justifying interview
Colman’s behavior was quite a contrast to that of his competitor, Negreanu, who stayed on the stage for 30 minutes after the event to talk to reporters.

He holds no ill-opinion of Colman for his behavior after the win though.

‘I respect it completely,’ Negreanu said of Colman. ‘To each his own. If it’s not something he wants to do then I think we should all give him a break.’

+6
Colman’s opponent Daniel Negreanu was much more livelier during the event, before Colman won
+6
No big deal: Colman pictured going all in on the last hand
Negreanu certainly wasn’t grieving the loss too much, since placing second in the tournament earned him $8.3million – making him the new all-time winningest player with a $29.8million poker fortune.

Colman’s behavior should be understood considering the difference between professional poker players and athletes when it comes to TV.

While athletes have TV contracts included in their pay, poker players do not and have to front their own entrance into tournaments – therefore getting nothing from a network like ESPN televising their game or interview.

It is also rumored that Colman may have only invested 10 per cent of his $1million entry into the tournament, meaning his actual winnings from Tuesday are just $1.53million.

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
2
comments

20140814-064504-24304681.jpg

Money 20/20 Announces BitCoin Hackathon

Money20/20 Announces Bitcoin Promotion and Hackathon

Caleb Chen 12/08/2014 Accepts Bitcoin, Announcements, Bitcoin Events, News

Money20/20 is entering its third year in a big way. As one of the leading financial-anything events in the industry, Money20/20 attracts thousands of attendees from the biggest companies in the industry. Though Money20/20 is a payments and financial services conference first and foremost, the innovative properties of Bitcoin have unquestionably become a significant part of said industry. This year, Money20/20 has built a dedicated (Bit)coin World to recognize the progress made by the fledgling industry. The keynote speakers for (Bit)coin World are none other than Cameron and Tyler Winklevoss, To put things in perspective, only around 10% of the speakers lined up for the conference are in any way related to the Bitcoin industry. Money20/20, of course, accepts Bitcoin for registration costs and has done so in previous years as well. What you might not have known, though, is that Money20/20 held onto their bitcoins instead of converting them to Fiat. Money20/20 is now giving those bitcoins back to the community.
CCN
Money20/20 Offers Bitcoin To Registrants

This week only, all new registrants will receive 0.1 BTC as a gift. Money2020 decided to offer this unique incentive to conference participants after executing a similar program with existing registrants. Last month, Money20/20 sent out a survey to the several thousand registered guests and offered a 0.1 BTC optional incentive for completing the survey. Money20/20 revealed that the majority of registered attendees are VP-level or above, with a plurality at C-level or above. 29% of respondents to the survey included a Bitcoin address to claim their prize. Money20/20 is offering this 0.1 BTC incentive to show their continued support of Bitcoin and they expect mid-August registration numbers to rise as a result of the unique promotion. Money20/20′s promotion will run until the end of this week. The organizers of Money20/20 noticed that year after year, their cryptocurrency events were always standing room only.

“Since our inaugural event in 2012, bitcoin and the associated cryptocurrency technology has become one of the most prolific areas of innovation in the industry—and Money20/20 has made a conscious and concerted effort to ensure its coverage.”

Money20/20 Hackathon

Earlier in August, Money 20/20 announced the ‘Money20/20 Hackathon” to be held in the days prior to the start of theMoney 20/20 conference, which officially kicks off on November 2nd. Teams of one to five members will compete for $125,000 in cash prizes, and the overall winning team will have the priceless opportunity to present their project to conference attendees through Money 20/20′s Launchpad360 program. The teams are tasked with creating applications based on the application programming interfaces (APIs) from “10 of the top innovators in the financial services sector.” Hopeful developers will be creating never-before-seen implementations from the APIs provided. The APIs come from companies on all ends of the fintech spectrum: from companies like Blockchain.info and Chain.com to more established service providers like Mastercard and PayPal.

Earn Bitcoin Points by Registering a user on CCN or Join our Mining Competition!

By working with Money 20/20, Chain.com and Blockchain.info will be at the forefront of Bitcoin’s latest push into the mainstream spotlight. While Bitcoin companies are always present at specified Bitcoin conferences, this year’s Money 20/20 conference will be one of the first times that two, not just one, Bitcoin companies’ APIs will be offered to developers on the same even playing field as Mastercard’s and PayPal’s. Money20/20 is offering a $250 travel and lodging stipend to qualified participants, but conference registration is not included. CCN will be in attendance at Money20/20; we are thrilled to see how the Hackathon winner incorporates Bitcoin.

20140814-052222-19342759.jpg

News Flash

Macau Bitcoin Casino announces new capital raising.

As yet another positive sign for the bitcoin market new internet on-line gaming house Macau Bitcoin Casino has announced it will sell down a 10% stake in it’s holding company Dragon IT Services Limited to raise $1,000,000 split between bitcoin and cash.

CEO Aiden Bryson in a brief statement said “all the hard work has been done we are now set to open within 90 days the capital raising will provide additional working capital for the company, it’s very exciting to be this close to the starting line and a credit to a dedicated team of believers”.

The on-line casino space has seen massive growth as bricks and mortar properties struggle to battle the internet wave. Just yesterday the REVEL casino and Hotel in Atlantic City announced it would close it’s doors by September 10th after failing to find a qualified buyer at $2.4bn. Altantic City has seen a 25% drop in capacity due to closures in the past twelve months.

For further comment contact www.macaubitcoincasino.com

20140813-133028-48628054.jpg

Payza Helps Bring BitCoin to Developing Nations

Payza is continuing its push towards empowering underbanked areas and integrating Bitcoin into the service.
Founded in 2012, London-based Payza is a relatively new online payments platform that competes with services like PayPal. Payza’s personal accounts let users transfer money internationally and purchase various goods online. Business accounts are used by merchants to process payments, issue invoices, and manage other aspects of running a company. However, unlike some of its competitors like PayPal, Payza has been very positive about Bitcoin and cryptocurrencies in general. Back in May 2014, Ali Nizameddine, Executive VP of Product and Technology at Payza, stated that the company had “…a distinct vision of how we would like to incorporate Bitcoins into our platform”.

“The option that is most appealing is to allow our members to purchase Bitcoins with funds in their secure Payza accounts and to allow them to store their Bitcoins in their Payza ewallets or to transfer them to another wallet service. Also, merchants that process payments using Payza would be able to easily add the option to accept Bitcoin payments without the need to incorporate other payment gateways” Nizameddine added. “That is what we are currently trying to achieve, but the actual service offered will depend on the partnerships we forge and the regulations of the countries in which we operate.”

Ferhan Patel, Director of Global Risk and Compliance at Payza, noted that the company would have to navigate through unclear government regulations and guidance regarding cryptocurrencies. However, it looks like the company has gotten a step closer to its vision, as Payza announced a new way to buy Bitcoin today.

CCN
Withdrawal by Bitcoin

With Payza’s newest feature just announced today, users can withdraw funds from Payza directly to their Bitcoin wallets. In effect, Payza is giving its members a simple way to buy bitcoins. As long as the account is verified (which requires proof of residency and proof of identity), a Payza member can withdraw in BTC in three simple steps (taken from the Payza Blog):

Earn Bitcoin Points by Registering a user on CCN or Join our Mining Competition!

In your Payza account select “Withdraw Funds” on the top navigation bar and then select “Bitcoin”.
Select the currency (Balance) you wish to use, enter the Bitcoin address for your wallet, and enter the amount you wish to withdraw, then click “Next”.
Verify the details, enter your Payza Transaction PIN and click “Withdraw” to complete the transaction.
However, Payza notes that withdrawals take 1-3 business days (though the exchange rate is locked in immediately after the transaction is created), and users cannot buy bitcoins with funds that were added by credit card.

Why is This Important?

Part of Payza’s core mission is empowering under-serviced markets in developing nations. Regardless of the country, Payza aims to provide its members with “a low-cost, secure and convenient means to send and receive money, or accept payments for services rendered,” said CEO Alastair Graham.

“We have over 10 million accounts from Albania to Zambia and just about everywhere in between. We’re not quite as big as some of the other players in this space but we do have one of the largest global footprints and we’re growing every day.”

“We’re especially happy to offer an easy way for people in developing economies to purchase Bitcoin. Payza offers services in over 190 countries and they certainly aren’t all equal in terms of access to this type of service. Hopefully Payza can help bridge a rather large gap.”

-Payza on Reddit

This is also just the first part of Payza’s involvement in Bitcoin, and the company plans to incorporate the cryptocurrency in more and more of its services.

“Are u eventually aiming for a fiat and bitcoin wallet in one?
One wallet, fiat and crypto hand in hand!
Not for people here, but the average Joe would love that I guess!”

-GM4N1986 on Reddit

“We’re certainly planning to build on this first step. We expect Bitcoin to be an important part of the online payment ecosystem sooner rather than later and we want to be part of that growth.
That said, there are a lot of issue to navigate in terms of full-scale Bitcoin adoption on the Payza platform. The main issue is that we need to ensure both Buyers and Sellers will be protected before we can offer Bitcoin payments through Payza. That means there needs to be some form of payment reversibility or escrow, otherwise Buyers would need to sign off on a no refund policy.
We love the idea of letting people keep bitcoins in their Payza e-wallets, but since the ewallets are online, we need to be absolutely certain that the bitcoins will be protected.
I can say that Bitcoin integration is one of our main focuses right now at Payza, so expect more options soon!”

-Payza on Reddit

Payza is one of the few payments processors to fully and wholeheartedly support Bitcoin. And as Payza is making Bitcoin “one of our main focuses”, perhaps the competition will follow?

Featured image by Shutterstock.

paypalPayza

ABOUT THE AUTHOR

Neil SardesaiWriterI enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.
RELATED POSTS

20140813-070106-25266307.jpg

Does BitCoin Move the Market

Does News Move The Bitcoin Market?

Venzen Khaosan 11/08/2014 Analysis, Bitcoin Analysis, Bitcoin Trading, Investment, News 3 Comments

How much of an effect does news (both good and bad) truly have on the market?
Ask a taxi driver anywhere, from NYC to Kathmandu, what they think about the price of oil, and you’re likely to get a comprehensive answer, including an opinion about the Gold price – and perhaps, Bitcoin’s next rally. Information about commodity prices and their causal relationships is pervasive, and most people have not only an opinion about the market, but a forecast or two depending on the potential economic outcomes they perceive.

Several of my colleagues have written articles discussing some of the factors that influence Bitcoin’s price. What follows is supplemental insight based on my experience and understanding of markets and market instruments. The points I make are, therefore, not restricted to Bitcoin.

CCN
Pillars of Analysis

Most people believe that the cause of future, past, and present price movement can be discovered via one (or a combination) of the “Three Pillars” of analysis:

Technical,
Fundamental
Sentimental Analysis
So, it is common for investors in the stock market to look for companies with good balance sheets and with plenty of demand for their products, and to then buy these stocks. Based on these “strong fundamentals“, investors would expect the stocks’ prices to rise.

Earn Bitcoin Points by Registering a user on CCN or Join our Mining Competition!

However, fundamental analysis does not apply so easily in the Forex market, due to active speculation in currency price change, and also currencies’ inter-dependence. A currency’s price changes for reasons other than simple fundamentals.

For example, a particular country’s strong economy may have a favorable fundamental influence on its currency, yet its Central Bank could be seeking to devalue its currency in order to stimulate the export market. Other Central Banks may have started buying the currency (due to the country’s strong fundamentals) as a foreign reserve. The increased demand for the currency will push its price up, thereby prompting the Central Bank to increase devaluation measures. Announcement of such quantitative easing would, in turn, prompt large institutional investors to take profit, thereby causing the currency’s exchange rate to spike downwards. Hence, fundamental factors are at work but more complex market forces come into play with regards to a currency’s price.

Technical factors strongly affect price. For example the S&P500 Index or Euro/Yen currency cross: if the market habitually takes profit at a certain price level then an event that pushes price above that resistance level may see investors and traders excitedly buy into the market, thereby igniting a rally. There may be no fundamental reason behind the rally, but only the breach of a historic technical chart feature that acted as a trigger.

With both commodities and stocks we also often see the influence of market sentiment. For example, when Apple (under Steve Jobs) was the darling of the media and investment funds, any announcement of a new product or release date would send the stock price rallying because the market had positive sentiment towards Apple Inc., its products, and its brand in general. Conversely, when the market harbors negative sentiment toward a company, not even favorable fundamentals can save it, e.g. Microsoft’s 12 years under Steve Ballmer.

So Talk About The News

Technical, Fundamental and Sentimental influences on price… but where does News fit in?

Big price changes, such as a market crash or the start of a wondrous rally are believed to be sparked by something. This is, of course, undeniable, and it is a fact that market moves coincide with significant events. We receive information about that “something” via news – the media – whether the source is Twitter or CNN or CCN. So it is correct to say that the market move was preceded by the news. The news had triggered the market move, right? Yet, is that the same as saying that the news had caused the market move?

Most people would say “Yes, good news causes price to rise and bad news causes price to decline”. This seems logical and the causal relationship beyond question. Yet, a review of significant market moves and their associated news triggers, shows that so-called “bad news” can precede a rally and “good news” lead to a sell-off.

Here is the Gold chart showing the “War Effect”, whereby markets move in both anticipation of and at the moment of declaration of war. Several US wars and their effect on the market are shown. The inset charts have the Gold price annotated in navy blue.

There is no consistent correlation between the news announcement of the onset of war and the direction that the Gold price will take. In fact, it can be argued that the market just used the news trigger to either correct or capitulate the larger trend direction.

Bitcoin and its News

Note that the announcement of eBay’s ‘consideration’ of Bitcoin preceded the rally starting 20 May, yet a definitive statement of Bitcoin acceptance by Dell (18 June) had little impact. eBay had a turnover of $16 billion in 2013, compared to Dell’s $56.9 billion.

We see in the chart above, that news events (good and bad) trigger market moves. However, the news itself does not go to market to buy and sell Gold or Bitcoin – people do! Market participants’ actions of buying and selling in the market is what moves price. While this statement may seem to be stating the obvious, it asserts the point illustrated above, namely that news events act as triggers for market participants to take action in the market, but news itself does not determine market direction.

What, then, determines market direction? The collective action of buyers and sellers, of course. More sellers and the price goes down; more buyers and price goes up. The mass of buyers vs. sellers is determined not by the actual content of the news – its relative positivity or negativity – but by a more basic factor: the market participants’ collective sentiment, or “social mood”.

Social mood is not isolated to the market but pervades society. Social mood that tips over into extreme negativity is what leads to civil protests, riots and revolt. Positive social mood sees society at equilibrium with itself, manifesting as creative expression and economic prosperity. The study of social mood is a fascinating field and interested readers can find out more at http://socionomics.net

By this logic, we can begin to understand how, despite plenty of positive news and widespread adoption, Bitcoin’s price has just kept on moving sideways if not trending downward. The community’s mood and the mood of Bitcoin investors is negative. Not of and in itself, but in sympathy with wider society. Hence, when important news events are announced on the wire, they act as catalysts for the direction the market was going to go anyway, regardless of whether it’s “Dell Accepting Bitcoin” or “Ecuador Bans Bitcoin“.

Featured image by Shutterstock.

markettrigger

ABOUT THE AUTHOR

Venzen Khaosanopen source developer and researcher/explorer. keen interest in cryptocurrency and the collapse of fractional reserve banking.

Avalancha Opens Online Store to Argentina’s Shoppers

Argentina-based e-commerce company Avalancha has announced it will now accept bitcoin through a new strategic partnership with bitcoin merchant processor BitPagos and Latin America-focused bitcoin exchange Bitex.la.

Avalancha, which launched in May, aims to provide Argentinian consumers with a convenient buying option for electronics and home appliances, and it sees bitcoin as a key investment that will help it better serve its growing customer base.

Miguel Klurfan, CEO of Avalancha, told CoinDesk his company is focused on giving online shoppers a greater degree of convenience, and that Argentina’s credit card processors simply add too much friction to the buying process.

He explained:

“Paying with bitcoin is seamless, while […] payment processing companies in Argentina are not so well prepared for online business. That’s why we are very interested in developing bitcoin as soon as possible.”

Klurfan went on to express his hope that Avalancha’s decision will be as beneficial to bitcoin, which has grown increasingly popular in the region amid concerns about the country’s financial status.

“For Argentinians that may be hesitant about bitcoin, hearing the news that you can buy a refrigerator with bitcoin will encourage them to increase the adoption of the currency,” Klurfan noted.

Avalancha has earned $10m pesos in revenue since its launch, with the goal of earning $25m pesos by the year’s end.

Inside the partnership

As part of the deal, Avalancha will use BitPagos as its payment processor, providing bitcoin users in South America with the ability to purchase a wide range of goods with bitcoin from major brands that include Nintendo, Samsung, Whirlpool and more. Bitex.la’s role will be to help sell some of the bitcoins Avalancha receives for US dollars at the company’s request.

Members of Bitex.la and BitPagos say that Avalancha sees bitcoin as a payment tool that will help encourage consumer spending, and one that positions the company for long-term growth.

Klurfan was also optimistic about his selection of partners and their enthusiasm for the project, saying:

“We see ourself as a technology company and everyone on our team is young and an early-adopter. We made a really good match with the guys from Bitex.la and BitPagos.”

BitPagos raised $600,000 earlier this year from investors including bitcoin hedge fund Pantera Capital, Bitcoin Investment Trust CEO Barry Silbert and Silk Road auction winner Tim Draper. Likewise, Bitex.la launched in May with a $2m investment to provide bitcoin exchanges services to Latin American markets.

Competitive advantage

Christian Nubis, chief product officer at Bitex.la, explained that the move benefits Avalancha by providing the company with a compelling way to attract new consumers, explaining:

“The entire consumer electronics and appliance space is very competitive and they always want to be ahead of the curve. A lot of these retail chain stores have been looking into bitcoin in order to have a competitive advantage over the competition.”

Fran Buero, the company’s chief operating officer, elaborated further, suggesting that the partnership will allow Avalancha to receive money faster than if it waited for credit card payment, while protecting the company from inflation.

Nubis added:

“If Avalancha sells a washing machine and the consumer pays with credit card, inflation is so high they might end up losing money, because with the money they get 20 days from now, the washing machine might be more expensive, at least with the current situation in Argentina.”

Argentinian consumers have been said to be turning to bitcoin as a solution to inflation in recent years, although figures for adoption in the country aren’t widely known.

Still, while consumer adoption has been allegedly strong, merchant adoption has lagged behind owing to uncertainty around potential bitcoin regulation and worries that Argentina could crack down on bitcoin in moves that echo recent decisions in Bolivia and Ecuador.

Ready to spend

However, given that many Argentina-based bitcoin consumers are using bitcoin as a way to guard against inflation, it remains to be seen whether they would be comfortable spending it given the opportunity.

Klurfan, however, is optimistic about the new initiative, dismissing suggestions that Argentina’s consumers might be seeking to simply preserve value in bitcoin, saying:

“I know that there are not so many Argentinians holding bitcoin right now, but I believe those who do would be really really excited about it.”

Nubis suggested that this concern may be unwarranted. Bitcoin, he asserts, will actually provide a powerful incentive for spending by making it easier for consumers to tap wealth that may be stored outside of Argentina:

“It will be very compelling for people to spend bitcoin for a number of reasons. […] If you have to bring money into the country, it’s very expensive if you want to bring small amounts, whereas buying bitcoin overseas is quite cheap and using that directly for payment is also very convenient.”

He added: “We think a lot of people are going to find bitcoin a more convenient way of buying electronics and home appliances.”

Image via Avalancha

ArgentinaAvalanchaBitex.laBitPagos

Share 115

inShare
80
PREVIOUS ARTICLE

Wikipedia Raises $140,000 in First Week of Bitcoin Donations
NEXT ARTICLE

Vogogo Raises $8.5 Million to Boost Bitcoin Exchange…
RELATED STORIES

20140811-135302-49982216.jpg

Powerball

Winning $90MILLION Powerball ticket was sold at a Colorado convenience store

By Associated Press Reporter
21:00 10 Aug 2014, updated 21:00 10 Aug 2014

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
43
shares
18
comments
The five winning numbers are 3, 12, 31, 34, 51 – and the Powerball is 24
The winner has yet to come forward
It is the largest Powerball jackpot ever won in Colorado
Someone in Colorado is holding the winning Powerball ticket for a $90 million prize.

The Colorado Lottery says it’s the largest Powerball jackpot ever won in the state.

It says the winning ticket for Saturday night’s multistate drawing was purchased at a Kum & Go convenience store in the small western city of Rifle.

The ticketholder has yet to come forward.

+2
The winner matched the five winning numbers – 3, 12, 31, 34, 51 – and the Powerball, 24.

The Colorado Lottery says the $90 million jackpot amounts to an estimated $54.9 million cash payout.

MORE…
Hawaii’s governor – backed by Obama – is ousted in stunning primary loss
The store will get a $50,000 commission.

Another Colorado ticket also won $1 million in the drawing.

It was purchased in the Denver suburb of Broomfield, and the winner hasn’t come forward yet.

WHAT MAKES PEOPLE THINK THEIR $1 TICKET COULD WIN THEM MILLIONS?

+2
CHICAGO, IL – AUGUST 07: Cards used to select Powerball and other lottery numbers sit on the counter at a 7-Eleven store on August 7, 2013 in Chicago, Illinois. The Powerball jackpot for tonight’s drawing is $425 million, the third-highest total ever. (Photo by Scott Olson/Getty Images)
So what drives people to play the lottery, and what makes them think their $1 investment— among the many, many millions — will bring staggering wealth?

‘It’s the same question as to why do people gamble,’ said Stephen Goldbart, author of ‘Affluence Intelligence’ and co-director of the Money, Meaning & Choices Institute in California.

‘It’s a desire to improve your life in a way that’s driven by fantasy… The bigger the fantasy, the tastier it gets.’

In a piece called ‘Lottery-itis!,’ Goldbart and co-author Joan DiFuria wrote on their blog last year on the Psychology Today website that in times of economic stress, playing the lottery is a way of coping with financial anxieties and uncertainty.

‘We may seek a magic pill to make us feel better,’ they wrote. ‘Ah yes, buy a lottery ticket. Feel again like you did when you were a child, having hope that a better day will come, that some big thing will happen that will make everything right, set the course on track.’

Between 65 and 70 percent of roughly 259 million possible number combinations will be in play when the numbers are drawn, Otto says. For the ticket-buying optimists, that’s no deterrent.

‘Even though the odds are against you, it’s just the excitement of, ‘Hey, I might wake up one day and be a millionaire,’ says Chris Scales, a 31-year-old hot dog vendor in downtown Nashville, Tenn., who brings in about $35,000 a year ‘if I really hustle.’

He usually reserves his lottery playing for jackpots of at least $40 million.

The incredibly remote odds don’t really sink in for people, says George Loewenstein, a professor of economics and psychology at Carnegie Mellon University who has researched the motives underlying lottery ticket purchases.

‘People don’t really understand probabilities at all,’ he says. ‘Once you have a bunch of zeroes, it doesn’t matter how many you have — one in 10,000, one in a million or one in a billion. … People do understand the meaning of the word ‘largest.’ They overact to one dimension and underreact to the other.’

They also cling to a more romantic notion: Amazing things happen to others, so why not for me?

‘When people are desperately sick, there’s always a part of the brain that thinks there will be a miracle cure,’ Loewenstein says.

‘If you want something to be true, your brain is awfully good at figuring out reasons, magical ones, that there’s a good likelihood that it is true. The desire to win does drive a certain kind of frenzied optimism.’

That frenzy can grow during the holiday season, when financial hardships become more glaring and people feel pressure to spend money they don’t have to demonstrate their love.

‘If you have plenty of money in the bank, you’re not likely to feel the need to buy a lottery ticket,’ Goldbart explains.

‘But if there’s something missing financially and emotionally and you’re thinking, ‘I can’t get a raise or I’m not likely to get another job,’ you buy a ticket as a psychological compensation plan.’

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
43
shares
18
comments

20140811-114334-42214248.jpg

Powerball

Winning $90MILLION Powerball ticket was sold at a Colorado convenience store

By Associated Press Reporter
21:00 10 Aug 2014, updated 21:00 10 Aug 2014

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
43
shares
18
comments
The five winning numbers are 3, 12, 31, 34, 51 – and the Powerball is 24
The winner has yet to come forward
It is the largest Powerball jackpot ever won in Colorado
Someone in Colorado is holding the winning Powerball ticket for a $90 million prize.

The Colorado Lottery says it’s the largest Powerball jackpot ever won in the state.

It says the winning ticket for Saturday night’s multistate drawing was purchased at a Kum & Go convenience store in the small western city of Rifle.

The ticketholder has yet to come forward.

+2
The winner matched the five winning numbers – 3, 12, 31, 34, 51 – and the Powerball, 24.

The Colorado Lottery says the $90 million jackpot amounts to an estimated $54.9 million cash payout.

MORE…
Hawaii’s governor – backed by Obama – is ousted in stunning primary loss
The store will get a $50,000 commission.

Another Colorado ticket also won $1 million in the drawing.

It was purchased in the Denver suburb of Broomfield, and the winner hasn’t come forward yet.

WHAT MAKES PEOPLE THINK THEIR $1 TICKET COULD WIN THEM MILLIONS?

+2
CHICAGO, IL – AUGUST 07: Cards used to select Powerball and other lottery numbers sit on the counter at a 7-Eleven store on August 7, 2013 in Chicago, Illinois. The Powerball jackpot for tonight’s drawing is $425 million, the third-highest total ever. (Photo by Scott Olson/Getty Images)
So what drives people to play the lottery, and what makes them think their $1 investment— among the many, many millions — will bring staggering wealth?

‘It’s the same question as to why do people gamble,’ said Stephen Goldbart, author of ‘Affluence Intelligence’ and co-director of the Money, Meaning & Choices Institute in California.

‘It’s a desire to improve your life in a way that’s driven by fantasy… The bigger the fantasy, the tastier it gets.’

In a piece called ‘Lottery-itis!,’ Goldbart and co-author Joan DiFuria wrote on their blog last year on the Psychology Today website that in times of economic stress, playing the lottery is a way of coping with financial anxieties and uncertainty.

‘We may seek a magic pill to make us feel better,’ they wrote. ‘Ah yes, buy a lottery ticket. Feel again like you did when you were a child, having hope that a better day will come, that some big thing will happen that will make everything right, set the course on track.’

Between 65 and 70 percent of roughly 259 million possible number combinations will be in play when the numbers are drawn, Otto says. For the ticket-buying optimists, that’s no deterrent.

‘Even though the odds are against you, it’s just the excitement of, ‘Hey, I might wake up one day and be a millionaire,’ says Chris Scales, a 31-year-old hot dog vendor in downtown Nashville, Tenn., who brings in about $35,000 a year ‘if I really hustle.’

He usually reserves his lottery playing for jackpots of at least $40 million.

The incredibly remote odds don’t really sink in for people, says George Loewenstein, a professor of economics and psychology at Carnegie Mellon University who has researched the motives underlying lottery ticket purchases.

‘People don’t really understand probabilities at all,’ he says. ‘Once you have a bunch of zeroes, it doesn’t matter how many you have — one in 10,000, one in a million or one in a billion. … People do understand the meaning of the word ‘largest.’ They overact to one dimension and underreact to the other.’

They also cling to a more romantic notion: Amazing things happen to others, so why not for me?

‘When people are desperately sick, there’s always a part of the brain that thinks there will be a miracle cure,’ Loewenstein says.

‘If you want something to be true, your brain is awfully good at figuring out reasons, magical ones, that there’s a good likelihood that it is true. The desire to win does drive a certain kind of frenzied optimism.’

That frenzy can grow during the holiday season, when financial hardships become more glaring and people feel pressure to spend money they don’t have to demonstrate their love.

‘If you have plenty of money in the bank, you’re not likely to feel the need to buy a lottery ticket,’ Goldbart explains.

‘But if there’s something missing financially and emotionally and you’re thinking, ‘I can’t get a raise or I’m not likely to get another job,’ you buy a ticket as a psychological compensation plan.’

Facebook
Twitter
WhatsApp
Click to open
Pinterest
Google Plus
Reddit
Stumble Upon
Digg it
LinkedIn
Email
Click to close
43
shares
18
comments
JUMP TO…
Home
Showbiz
Femail
Sport
NEXT STORIES1/30

British jihadi who went to fight for ISIS after he was sacked from Primark is killed in Syria

Instant family! Mother has four babies in nine months after triplets were conceived weeks after birth of her son

20140811-113230-41550553.jpg