Illegal Las Vegas Search

The FBI allegedly employed the ruse against the recommendation of an assistant U.S. attorney
In total eight men were arrested in July after federal agents posed as repair technicians and raided three villas at the Caesars Palace hotel
Under U.S. law, a person whose property is inspected generally must waive his constitutional protections against unreasonable searches unless authorities obtain a warrant
More like a play from Ocean’s 11 than the standard operating guidebook for FBI undercover operations, agents tricked their way inside three luxury villas at Ceasars Palace, Las Vegas, to gather evidence to bust an illegal sports betting ring.

To get away with their incredible ruse, federal agents first turned off Internet access to the villas then impersonated repair technicians to gain entry to get around a warrant, according to defense lawyers challenging the practice.

Dramatic new video, filmed through the lapel camera carried by one of the undercover agent’s, shows the level of subterfuge that the FBI used to bust the soccer World Cup gambling ring in Sin City

Undercover: Federal agents impersonated repair technicians at the Caesars Palace resort in Las Vegas to surreptitiously collect evidence in an investigation of online sports betting during the 2014 World Cup +5
Undercover: Federal agents impersonated repair technicians at the Caesars Palace resort in Las Vegas to surreptitiously collect evidence in an investigation of online sports betting during the 2014 World Cup
The video shows investigators devising code words to use while they were inside, a back-and-forth about the cover story for an agent, who adopted the name ‘Sam,’ which he had used ‘for other stuff’ in the past, and a brief exchange about how another investigator should dress for the role of a technical repair nerd.

‘If you put on that shirt, you have to look the part. Go all the way,’ said Mike Wood, an outside technician working for Caesars, advising Nevada Gaming Control Board Agent Ricardo Lopez before Lopez headed to one of the suites the morning of July 4. An FBI agent, Mike Kung, accompanied him also undercover.

The AP obtained about 30 minutes of audio and video recordings of the covert reconnaissance.

MORE…
FBI created fake news story on lookalike Seattle Times web-page to catch suspect who had been calling a series bomb threats to high school
Friend of Boston bomber Dzhokhar Tsarnaev faces eight years after being found guilty of lying to FBI
FBI raids home of ‘second Snowden’: Feds ‘storm Virginia property of government contractor who leaked details of US terror watchlist’
Inside the Las Vegas villa, Lopez appeared to try to fix an Internet outage for several minutes while glancing around the room and asking more than once to view a laptop screen to verify that Internet connectivity was still down. Defense lawyers said in their filing that Kung, the FBI agent, was sent inside because he spoke Chinese.

Still undercover, Lopez appeared to call Wood from inside the villa and asked him to ‘check the frame,’ the code they had previously worked out. In a brief back and forth, Wood responded that he would ‘trace the wire and make sure it’s tied down good.’

The FBI employed the ruse against the recommendation of an assistant U.S. attorney, Kimberly Frayn, according to lawyers for four of eight men charged in the case.

Defense lawyer Thomas Goldstein, who is challenging evidence the government collected in what he described as an illegal search, said that was code to turn Internet access back on.

IMG_1720.JPG

Ledger X

ledgerxLedgerX is a new financial industry startup based out of New York, the home of the upcoming BitLicense. Despite the overcast pall of incoming regulations, LedgerX seems prepared for any happenstance. The new group has raised venture funding from Lightspeed Ventures and Google Ventures. Lightspeed Ventures has previously invested in other digital currency startups including Blockchain.info.

Google Ventures, on the other hand, has put money into Buttercoin and OpenCoin, the company behind Ripple, which some might argue until they’re blue in the face is the #2 cryptocurrency in existence. Series A funding came from Lightspeed Ventures in summer of 2014, and seed funding came from Google Ventures earlier in the year.

Also read: United States CFTC to Discuss Bitcoin Futures’ Future

LedgerX: CFTC Approved Bitcoin Futures

LedgerX hopes to be America’s first US Commodity Futures Trading Commission (CFTC) regulated Bitcoin futures exchange. Elsewhere in America, TeraExchange has already launched as America’s first regulated Bitcoin swaps exchange. LedgerX has many veterans of the financial industry as supporters. James Newsome is the former chairman of the CFTC and former CEO of the New York Mercantile Exchange. Now a director on LedgerX’s BOD, Newsome explained:

CCN: World’s Largest & Leading Independent Bitcoin News Source

It’s no different than with corn farmers. They’ve got all this corn, the grain markets have been volatile. They could enter into hedging contracts knowing exactly what it’s worth, and not worrying about volatility. Newsome brings his lobbying firm, Delta Strategy Group, to bat for LedgerX. Besides Newsome, LedgerX has also retained Thomas Lewis, a former CEO of Ameritrade Holding Corp as a member of the BOD. Newsome left the WSJ with these words:

Whether we like it or not, [bitcoin] is being used by legitimate companies as a form of currency. You can’t keep your head in the sand and act like it doesn’t exist. It’s apparent that there’s going to be a regulated derivatives market that develops. Would you prefer that to happen in the U.S., or do you want that to migrate to London, Dubai, or Hong Kong?

What do you think of LedgerX? Comment below!

Images from Shutterstock.

IMG_1719.JPG

Lottery Winner

Kenneth J. Strokes, of Norwood, Mass., had his name pulled twice in the state’s Lucky for Life lottery
Strokes asked to be given the total lump sum of each winning, which comes to $39,000 per ticket
Says he’ll use the money to cover his son’s college education, pay off his daughter’s car, then take his family on vacation.
One extraordinarily lucky Massachusetts man took home $780,000 after winning the lottery twice in the same drawing.

Kenneth J. Strokes, of Norwood, Mass., had his name pulled twice in the state’s Lucky for Life lottery.

The prize: $25,000 a year for life.

+2
ABC 7 reports that shortly after lotto officials called to tell him he had a winning ticket, he remembered that his family had bought him another lottery ticket.

When he found it, the second ticket had the same numbers as the winning one, which used his family’s birthdays.

MORE…
‘I’ve got my eye on you!’ Video surfaces of Justin Timberlake’s flirty chat with fan during recent Perth concert as he offers to buy her a beverage by the end of the show
Has Christmas come early? Anna Kendrick stuns in red silk mini dress as she models for Kate Spade New York’s new holiday line
‘For a game like this, where there’s so many possible winning combinations..people rarely buy the same ticket with the same numbers…they have to be really confident that those numbers will come in,’ said lottery spokesperson Christian Teja in an interview with The Boston Globe.

Teja said Stokes was ‘excited as most people are when they win a prize of this magnitude.’

Strokes asked to be given the total lump sum of each winning, which comes to $39,000 per ticket.

He says he’ll use the money to cover his son’s college education, pay off his daughter’s car, then take his family on vacation.

IMG_1718.JPG

Bogus Tycoon Cleared

Shy Dahan had been accused of pretending to be a millionaire so he could gamble huge sums of cash
Businessman allegedly used bogus Credit Suisse paperwork to mislead staff at Playboy Club
But a jury has cleared him of a single count of fraud by false representation
Shy Dahan has been cleared of pretending to be a millionaire to gamble huge sums of cash in a casino +3
Shy Dahan has been cleared of pretending to be a millionaire to gamble huge sums of cash in a casino
A businessman walked free today after being cleared of pretending to be a millionaire in order to gamble thousands of pounds on credit in a London casino.

Shy Dahan was accused of using bogus Credit Suisse paperwork to mislead staff at the Playboy Club in Mayfair about his wealth in a bid to gain credit.

Mr Dahan, 33, produced documents from the Gibraltar arm of the Swiss bank showing he had £1million in his current account, jurors at Southwark Crown Court were told.

Today a jury cleared Mr Dahan of a single count of fraud by false representation after deliberating for four hours and 22 minutes.

On November 27, 2012, Mr Dahan visited the casino on Park Lane and applied for credit to gamble.

He ended up owing the club £230,000 which he has now repaid.

Defence counsel Philip Hackett QC said the single charge regarded the letter from the defendant’s bank to the Playboy Casino bank.

Regarding the letter Mr Hackett said: ‘It was indeed signed from Credit Suisse, signed by an individual at Credit Suisse although he originally denied it.

‘However, it was clear on the evidence that he did not have the authority to sign it and that a co-signatory had not signed it so he acted in excess of his authority to do it and the prosecution’s case is that the defendant procured him to do that.’

He added the letter ‘was not required and not relied on’ by Mr Dahan.

MORE…
Police arrest man thought to be mastermind behind £1.6million cyber raid on cash machines across Britain
Sham wedding trial collapses: Judge slams lies of border staff as he is forced to free asylum vicar ‘who ran conveyor belt of bogus marriages’
Mr Dahan was previously cleared of similar charges relating to the Clermont Club in Berkeley Square in.

He was acquitted of three counts of fraud by false representation on 22 August this year during his first trial.

Shy Dahan had been accused of using bogus Credit Suisse paperwork to mislead casino staff about his wealth in a bid to gain credit +3
Shy Dahan had been accused of using bogus Credit Suisse paperwork to mislead casino staff about his wealth in a bid to gain credit
It was found he had no case to answer and the jury were discharged from considering the count relating to the Playboy Club.

Mr Dahan paid his debt to the Playboy Club following a hearing at Southwark Crown Court earlier this month when Mr Hackett successfully applied to the court to unfreeze his assets.

Mr Dahan, of Mayfair, and formerly of Tel-Aviv in Israel, denied the single count of fraud by false representation.

IMG_1710.JPG

Bogus Tycoon

Court heard Shy Dahan, 33, used false bank documents to dupe staff into thinking he had more than £1million in the bank
He allegedly directed staff to website which boasted he had ‘Midas touch’
Jurors told ‘phony website’ was used to prove his credit worthiness
Court hears Dahan was able to run up debt of £230,000 at casino
Prosecutor Simon Wild said he believes money has now been repaid
Dahan, from Mayfair, denies one count of fraud by false representation
Shy Dahan allegedly used bogus bank paperwork to convince casino staff to give him credit to gamble. He denies one count of fraud by false representation +4
Shy Dahan allegedly used bogus bank paperwork to convince casino staff to give him credit to gamble. He denies one count of fraud by false representation
A businessman pretended to be a real estate tycoon and used bogus bank paperwork in order to gamble huge sums in a Mayfair casino, a court heard today.

Shy Dahan, 33, allegedly used false Credit Suisse documents to mislead club staff into thinking he had more than £1million in the bank.

Southwark Crown Court heard he produced papers from the Gibraltar arm of the bank in a bid to gain credit with the Playboy Club in Mayfair, London.

The global bank had produced a letter for Dahan stating he had liquid assets of £1million after he duped them into believing he was the owner of the successful S Capital Group.

Dahan, from Mayfair, and formerly of Tel Aviv in Israel, denies one count of fraud by false representation.

It is alleged he joined the Park Lane club in November 2012, handed staff his Credit Suisse bank details and referred them to his website to convince them of his credit worthiness.

An article on Dahan’s website claimed he was someone who ‘fulfils his dreams, turning visions into soaring skyscrapers and swarming estates’.

It boasted that Dahan was a ‘unique global entrepreneur’ and a ‘true visionary’ with the ‘Midas touch’.

‘King Midas was a king in Greek mythology, anything he touched turned to gold,’ said Prosecutor Simon Wild.

‘In an email to the Playboy Club, he described himself as being the CEO of S Capital Group, he said he was the CEO and founder of S Capital Group and he referred the Playboy Club to the website.’

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

Mr Wild added the website was ‘designed to big up Mr Dahan and impress anybody that wanted to find out about him to see what a big deal he was, what a big player he was in the real estate business.

MORE…

IMG_1710.JPG

Visa veterans raise $14.5m for bitcoin processing platform

Bitcoin

Bitnet, a bitcoin payments processor targeting large merchants that was set up earlier this year by a gaggle of Visa and CyberSource veterans, has raised $14.5 million in a series a funding round led by Highland Capital Partners.

The round was also joined by Japanese e-commerce giant Rakuten, Webb Investment Network, Bitcoin Opportunity Corp, Stephens Investment Management, Commerce Ventures and Buchanan Capital Management. Peter Bell from Highland Capital Partners joins the Bitnet board.With offices in San Francisco and Belfast, Bitnet was set up by CEO John McDonnell CTO Stephen Mc Namara, who both held senior positions at CyberSource, the online payment and security outfit acquired by Visa for $2 billion in 2010. The pair brought more than two dozen Visa and CyberSource veterans with them to the new venture as they seek to disrupt the traditional payments landscape they were once part of.

McDonnell and Mc Namara argue that in a world with credit card transaction fees hitting merchants’ bottom lines and cross-border fees creating barriers to commerce, distributed trust systems like bitcoin have huge potential

Bitnet hopes to cash in by offering merchants guaranteed payment, instant global reach with no cross-border fees, no price volatility, and no fraud, risk or chargebacks, all for a transaction fee of under once per cent.

The platform includes RESTful hypermedia APIs and SDKs, an easy-to-implement hosted Checkout product and prebuilt integrations to third party software systems. Advanced analytics with programmatic access to reports designed to help automate merchant reconciliation within accounting and ERP systems are also being promised.

The startup is betting on its team’s background at Visa to entice large firms dealing with a high volume of payment transactions and complex back-end financial applications that need a bitcoin payment platform that they can trust and depend on.

It says that it is already working with large retailers, as well as financial institutions, payment service providers, international trade organisations and airlines. The new money will be used to build up teams for sales, marketing and customer support as well as to set up offices in continental Europe and Asia.

Says McDonnell: “Many of these bigger companies have looked at existing solutions and have remained on the sidelines – until now. With Bitnet, we’re building the integrations, systems and technologies that multi-national retailers and travel companies need in order to accept bitcoin.”

Bitcoin Derivatives

BTC.sx
London-based bitcoin derivatives platform BTC.sx has partnered with global exchange itBit to integrate its BTC-USD trading currency pair with the bitcoin exchange’s existing offerings.

Joseph Lee, co-founder and CEO of BTC.sx, said the bitcoin exchange ecosystem is now entering its second phase of development, one he believes will be characterized by advanced financial services that go beyond simple currency exchange.

Speaking to CoinDesk, Lee explained how the integration will aim to bolster the current platform itBit users have come to expect:

“The platform essentially emulates what an E*Trade platform would be. We’ve tried to set up a professional foreign exchange trading platform in bitcoin for bitcoin, which we believe we’re the first to fill that niche.”

In turn, director of business development Anthony Lewis indicated that the integration allows itBit to extend a more diverse set of offerings to customers.

“They offer a solid, feature-rich and easy-to-use platform and we are very glad to be working together,” he said.

The announcement comes at a time when bitcoin’s exchange ecosystem is seeing an increasing number of exchanges embrace derivatives, swaps and other more advanced financial tools. OKCoin, for example, introduced margin trading to its platform in June, joining established exchanges with such offerings including Europe’s BTC-e and Hong Kong’s Bitfinex.

New depth to exchange market

Lee said that the partnership will also bring nuance to a market he believes is still characterized by basic services catering to investors without more tenured financial backgrounds.

In a typical foreign exchange market, Lee remarked, traders would not be expected to provide both US dollars and euros should they be looking to trade that currency pair, a development that essentially takes place when bitcoin traders must deposit US dollars to buy bitcoin.

“It’s important to draw an analogy to the typical foreign exchange market,” Lee said. “An exchange is more of a money trading service, where they’ll match buyers and sellers, but an exchange isn’t necessarily a trading platform.”

Instead, itBit users will be able to make small deposits on the exchange in order to wager on the performance of bitcoin, whether its value will rise (long) or fall (short). BTC.sx will then purchase bitcoins on an exchange and report that the deal has been completed.

If the trade goes in the customer’s favor, they’ll be credited with the profit; if not, they’ll lose the deposit. Notably, trades can take place entirely in bitcoin.

Partners in the making

Lee explained that the itBit and BTC.sx teams have been looking for ways to collaborate since the Asia Bitcoin Singapore 2013 conference, where BTC.sx was selected for seed-stage startup fund Seedcoin’s incubator program.

There, the two teams met, finding a common ground with their traditional financial backgrounds.

“What we were quite excited about was the real potential for trading derivatives to take a niche in the market that doesn’t exist,” Lee said. “An exchange is a very important part of that because that’s where the actual settlement occurs.”

BTC.sx indicates it is seeking to add more exchange partners while it expands its presence in Asia. The company’s service is now localised in five languages, including simplified and traditional Chinese.

Still, Lee sees the partnership as less about BTC.sx’s regional goals and more about its search for partners that share its global vision for bitcoin.

“ItBit is a very, very trusted name out there and the professionality that they aspire to, every other exchange should work toward,” Lee said, adding:

“I don’t think they’re in the top five exchanges, but I’d expect them in the very near future to be one of the top exchanges by volume.”

Images via BTC.sx; Shutterstock

Ryan Kennedy Scammer

Online scamFour days ago, Jackson Palmer and Ben Doernburg leaked information that bitcoin exchange CEO Alex Green could be long-time internet scammer Ryan Kennedy. At the time, the only evidence presented was based on correlation and no fact.

Following their accusations, a former lover came forth claiming that Alex Green was, in fact, her partner as Ryan Kennedy. Another victim of Kennedy scams came forward after, who claimed he had Kennedy arrested in 2013 for fraud. They also identified Alex Green to the Ryan Kennedy they knew. These claims were also followed by two leaked Deed Polls, possibly used as evidence that a man named Ryan Gentle changed his name to Ryan Kennedy.

One of the witnesses on the first Deed Poll was Elliot Szarvas, known friend of Alex Green’s. Rumors emerged that Green was staying in Japan with Szarvas, but were unconfirmed. Only cross-referencing with social media posts gave clues proving both of them were out of the country, Szarvas confirmed to be in Tokyo, Japan.

Also Read: Syscoin Threatens Moolah with Legal Action Over Missing Funds

CCN: World’s Largest & Leading Independent Bitcoin News Source

Until now, there was an unbelievable amount of possible evidence on the side that Alex Green is long-time scammer Ryan Kennedy. There was also deafening silence from the normally outspoken Alex Green.

Now, two people close to Green as employees and friends made confessions confirming that the man they knew as Alex Green was Ryan Kennedy. COO of Moopay LTD Landon Merrill and Moopay employee Eoghan Hayes confessed that yes, Green is the same man Palmer and Doernburg accused of him.

Confessions That Alex Green Is No Doubt Ryan Kennedy

An hour before Merrill and Hayes released their confessions, Green told all the Moopay employees that he fired them after concerns that they were in legal trouble. He sent out a message over a private chat, reading the following:

Alex Green Ryan Kennedy Moolah

Landon Merrill, the chief operating officer at Moopay LTD., nearly finalized all of the suspicions that the former CEO Alex Green is Ryan Kennedy. He was the first to break the employee public silence. Merrill confessed that while they were working together at Moolah, he confirmed that Green went by the name Ryan.

“Here is what I can tell you. I knew that Alex Green went by the name Ryan in real life, to some people. I did not know that was his real name, middle name, what it was, or what it meant.”

At first, it looked like his word alone was all anyone would be able to use as an argument. While his position at the company carries an enormous amount of weight, his confession was not enough to make a link that leaves the suspicion beyond a shadow of a doubt.

Then, Eoghan Hayes released a massive confession, chronicling his business with Ryan Kennedy and Alex Green. He opened the statement saying he would refer to the individual as Ryan Kennedy, as that was the name Hayes called him regularly, laughed about when he booked a plane ticket on RyanAir and Green told him was his former name before changing his name to Alex Green using a deed poll.

Mintpal MoolahAfter the MintPal acquisition, Green began to panic. He was no longer acting as himself toward the employees. When MintPal was down longer than expected to migrate to a Version Two platform, even employees began to worry.

“Things started to unravel; it became very clear that Ryan did not want to be questioned on this case. Any staff requests were ignored – and from the support staff I have spoken to, they have all stated that they are “behind closed bars” in handling customer/merchant/investor queries. They have no access to processing refunds or checking transactions themselves; it was all handled solely by the one and only, Ryan Kennedy. Information, and conflicting stories started spreading amongst the staff members like wildfire. Tension was high.”

MintPal went up far too early, with problems throughout. Shortly after, Green surprised staff, investors and consumers by announcing that Moopay is going bankrupt. He shut MintPal down, claiming he had no control over the exchange. Blaming a “critical bug,” Green trapped more than $130,000 worth of cryptocurrency inside.

“Almost immediately after this occurred, I received a phonecall from Landon – who kept asking me to verify Ryan’s full name. I stated that “you know his name as well as I do – it’s Ryan Kennedy”. Landon asked me if I had read that off his identification, and I confirmed that I had. He then asked me if I remembered Ryan’s date of birth from seeing his passport. Now, as an admission – I am terrible for remembering birthdays. I’m truly awful at it. If it weren’t for Facebook, I wouldn’t even know when to wish my best friends a happy birthday. However, I clearly remember commenting on the day, on the fact that our birthdays are very close to oneanother. “Should be sometime in December, and I think he’s a year older than me”, I replied with. Landon’s voice audibly sank. He asked me if I had ever heard of the surname “Gentle”. I replied that I did not.”

“Landon then linked me on to the now infamous Encyclopedia Dramatica article referencing Ryan Kennedy/Gentle (amongst other psuedonyms). He asked me to confirm that the photos posted on that page were of Ryan Kennedy. I stated that they certainly him. There is no mistaking that this is the Ryan Kennedy I know, and have met.”

After all of this information came forth, Alex Green himself took to the keyboard and admitted the name change, putting all suspicions to rest.

“I will not be commenting on the majority of the allegations surrounding me, other than to say that some of the latest ones are getting rather ridiculous, and I deny the vast majority of them.”

“My name was legally changed from Ryan Kennedy to Alex Green, in an attempt to start my life over and have some peace.”

Green then announced that Moopay LTD was insolvent, blaming another “bug” in the system. No proof was provided to verify this, but Green claims Moopay will enter into liquidation.

No one knows where he is currently. There are reports that he is still in Japan, but there are also reports that he is in the United Kingdom.

The United States Department of Justice, along with the Securities and Exchange Commission, are currently in pursuit of Alex Green. Coinfire confirmed this information, also confirming with CCN that they have a contact within the divisions of the United States government.

Also Read: CoinGecko Co-Founder Says MintPal Bitcoin Exchange Is Lost Cause

Alex Green’s Employee’s Fate Unknown

One of the details still in limbo is the fate of the employees that worked under Green, and their overall involvement in the evolving scandal. As Palmer mentioned above, his hope is that the employees come forward to open more context and that he stresses that they are victims themselves in the matter.

In Merrill’s confession, he made it clear that he cannot speak on their behalf but that they all are completely innocent in his eyes. The only one Merrill seemed unsure about is an employee named Chelsea Hopkins, who is also on the owner documentation of the holding company of MintPal. He said he doubted she knew, but if she did then she did an excellent job of hiding it. Chelsea had more interaction with Green than Merrill, but he said it did not imply that she knew.

After Merrill’s information became public, Palmer gave CCN his sentiment on the matter:

“It really clears the air to see the COO of Moolah come out and admit that “Alex Green” did indeed go by the name Ryan privately. Landon’s statement also helps demonstrate how oblivious the employees of Moolah were to their CEO’s tainted past. My hope is that other employees come forward with their stories to better help give context to the matter. Everyone was the victim of Ryan Kennedy, including consumers, merchants, investors and employees themselves.”

“In Green’s statement to the public after all the information was made public, he defended employees and shareholders. He says there is no criminal wrongdoing on their behalf, and asks for people to not attack them.”

IMG_1700.JPG

Jackpot Winner

Simon Rustage bought the winning scratchcard at a shop in Warrington
He was thrilled to find he had won big prize on the Mega Rich Scratchcard
Father-of-four then learned he would receive the sum annually for 15 years
Plans to spend some of his cash on a Warrington Wolves season ticket
A syndicate of workers at his firm won £1.7m on the Lotto earlier this year
A shift worker in a warehouse tonight vowed to carry on doing his job despite winning a £250,000 ‘salary’ on a lottery scratchcard – for the next 15 years.

Simon Rustage, 47, won the top prize after buying a £10 ‘Mega Rich’ scratchcard at his local shop in Warrington, Cheshire.

But it wasn’t until the next day when he rang the National Lottery to confirm his windfall that the father-of-four realised he would receive the cash prize every year until he is 62.

Scroll down for video

Big win: Simon Rustage, the winner of a £250,000 lottery scratchcard jackpot, was left in shock when he discovered he will be handed the same amount again every year, up to and including 2028 +7
Big win: Simon Rustage, the winner of a £250,000 lottery scratchcard jackpot, was left in shock when he discovered he will be handed the same amount again every year, up to and including 2028
He is only the second person to win the £250,000 annuity prize, but the first to go public about his good fortune, since the ‘Mega Rich’ scratchcard was launched in July last year.

IMG_1696.JPG

Bitcoin Price Increases

world banksThe Bitcoin price hit $400 in the Bitstamp exchange chart. Price is currently trading in the $390s and looks set to establish trade above $400 in the coming days. Meanwhile, delving further into yesterday’s special IMF report, a message to the banking sector emerges: Manage Perceptions.

Also read: Banking Elite Meet In Washington to Discuss Bitcoin Threat

IMF: Banks Should Manage Perceptions
Global Economy
Bitcoin Price Analysis
Comments

CCN: World’s Largest & Leading Independent Bitcoin News Source

IMF: Banks Should Manage Perceptions

In part three of the IMF’s Global Financial Stability Report entitled Risk Taking By Banks: The Role of Governance and Executive Pay, the IMF implores banks to manage public perception of their excesses:

…conflicts of interest between bank managers, shareholders, and debt holders can lead to excessive bank risk taking from society’s point of view.

The operative clause in the above quote – “society’s point of view” – is the true concern, and the excessive risk taking is not directly addressed in the report. Instead, policies to “limit risk” are suggested, now, five years into the crisis.

That the IMF’s suggested policies have not been in place, as a banking sector standard, since the dawn of the modern financial era is clear.

The current crisis is a banking crisis. It is the doing of the banks and therefore their responsibility. By asking banks to at least create the impression of responsible behavior, here at the mouth of the spinning vortex, the IMF is preparing for the post-crisis fall-out when public commissions and inquiries will demand answers.

The sensible thing for individuals and businesses to do is to move their funds and banking to the Bitcoin blockchain. The sooner, the better. The start of a rally in the Bitcoin price and IMF warnings of a coming liquidity crisis in banking and shadow banking should be reason enough. Bitcoin’s design is based on sound principles of computer science and the blockchain is a disruptive innovation precisely because it represents the solution to the out-dated, ineffective and centralized banking model of finance.

Global Economy

Gold
Gold is not wasting time in getting to its target near $1,340. The wave structure to target should be a three-wave zigzag to complete Gold’s long-term corrective triangle. It is currently trading at $1,234 and looks set to achieve $1,247 or even $1,250 in the next day or two.

Gold bitcoin 14oct2014

S&P500
The S&P500 is tumbling down in the absence of QE. Life-support had kept the patient going for five years but now it looks like the market has wheeled its bed out the fifth-floor window.

S&P500 bitcoin 14oct2014

Selected Economic Data
UK Inflation Rate (CPI) year-on-year
expected: 1.4% (previous: 1.5%)
CCN

Bitcoin Price Analysis

IMG_1693.JPG