Paypal, Stripe, Visa, Mastercard, eBay have now bailed on Fakebook Libra.
Fakebook's shoddy reputation and general inaction to fix their issues comes back to bite them on the bum.
Paypal, Stripe, Visa, Mastercard, eBay have now bailed on Fakebook Libra.
Fakebook's shoddy reputation and general inaction to fix their issues comes back to bite them on the bum.
it's not because of that, the US Treasury has told all those supporting firms that they will be criminally liable of any Libra compliance issues with existing KYC regulations
say a drug dealer or a terrorist is using Libra for his activities, all those supporting firms would be seen as supporting partners in money laundering
J.P.Koning: The Gamification Of Bitcoin
"What is now apparent is that bitcoin was never a monetary phenomenon. No, bitcoin is a new sort of financial betting game. It is a digital, global, highly-secure, and fairer version of the old-fashioned chain letter."
"Why did bitcoin-the-game succeed?
First, it’s a fun and cutting-edge game. Many people dream of thrusting themselves out of financial obscurity into millionaire land. Bitcoin is a technologically-sophisticated way to get there. No one wants to play grandpa’s lottery.
Secondly, the way that bitcoin is designed helps it spread. Most of the legacy financial games that bitcoin competes with (poker, lotteries, sports betting) are regulated by the government. Strict rules prevent game providers from reaching a wide audience. For instance, online casinos may be prevented from serving out-of-state players, problem gamblers may be banned, and those who are under 18 must be excluded. These financial games are usually centralized. This means they are hosted on a single website, or at a physical location like a casino, or by a government-run lottery corporation. Which makes it easy for regulators to shut down game providers who break the rules.
But bitcoin is different. Because it is a decentralized and digital financial game, it can’t be regulated or shut down. And so it can serve the entire globe with impunity. Which it has done by spreading into every crack and cranny on earth."
"Coinbase goes on to spout the typical cryptocurrency industry nonsense about legacy payments. It claims that “sending an international wire transfer by major US banks costs around $45, can take days to process, and can be done only during banking hours.” And here is the chart it uses:
That may be a good critique from ten years ago. But with SWIFT gpi having rolled out a few years back, multinationals can make near real-time cross border payments using the traditional correspondent banking system. For individuals and small businesses, fintech Transferwise offers instant remittances over fiat rails. These can settle on weekends in nations like the UK, which have real-time retail payments systems. I’ve touched on this before.
Continuing along with hyperbole, Coinbase makes the claim that bitcoin remittance fees are minimal compared to fiat. But this ignores the sizable foreign exchange fees that one must pay when converting fiat into bitcoin and back into fiat. I’ve gone into this calculus before."
https://www.zerohedge.com/crypto/jpk...cation-bitcoin
A tray full of GOLD is not worth a moment in time.
The Christmas Shopping dip is coming.
Great time to buy!
Earl and that MacAfee dude must be close to eating their penises by now?
Swift GPI is just a faster version of legacy Swift. All it does is add speed.
1. It does payments, it doesn't do settlements. Balances update faster but the actual money doesn't arrive til later.
2. It still has a high error rate.
3. Because of point #1 it doesn't solve the problem of having to keep huge pre-funded Nostro/Vostro accounts.
4. It runs on the traditional Swift corridors, i.e doesn't help the unbanked & underbanked in 3rd world economies.
5. Using BT4C to do international transactions is the technological equivalent of paying a million dollars for a horse & cart that farts massive CO2 clouds when you could buy a magic zero-emissions Ferrari for a dollar. There's plenty of other crypto solutions out there that are magnitudes better than BT4C.
Some people think it don't, but it be.
Nov 11 spending spree kicks off second decade
"It took just 96 seconds for Alibaba Group to net the 10 billion yuan ($1.43 billion) worth of gross merchandise volume at midnight of Nov 11 as the internet conglomerate takes the annual shopping bonanza into its second decade.
This was shorter than last year's 125 seconds to cross the same threshold, indicating strong consumption momentum shoring up the Chinese economy.
"This year, new consumption marks the largest departure from its previous editions," said Alibaba chairman and CEO Daniel Zhang. "It is more than a shopping festival-it is also an occasion for brands to grow and interact with consumers."
Transaction volume reached 43.99 billion yuan in the first 10 minutes, and hit 100 billion yuan in one hour, three minutes, 59 seconds."
Continues at:
Nov 11 spending spree kicks off second decade - Chinadaily.com.cn
Not dead for those who enjoy stirring the pot and the seasonal buzz.
Some enjoy enjoy the discussion of the ingredients, some what they will do with the "hidden" gold coin, some are taking care of immediate problems, some are too young to understand the fuss, while others are bemused at this years/decades/generation's "discoveries".
Merry Christmas
Last edited by OhOh; 11-11-2019 at 09:02 AM.
more Bitcoin frauds, this time those fuckes got away with 4billion GBP !!!
jesus, that's a lot of suckers, and proof that there is no shortage of idiots and fools in this world
'Cryptoqueen' brother admits role in OneCoin fraud
https://www.bbc.com/news/technology-50417908
Konstantin Ignatov, the brother of "missing cryptoqueen" Dr Ruja Ignatova, has admitted his role in the OneCoin crypto-currency fraud.
Ignatov pleaded guilty to several charges, including money laundering and fraud.
OneCoin and the disappearance of its co-founder, Dr Ruja Ignatova, have been the subject of a BBC Sounds podcast.
Investigators believe as much as £4bn was raised globally in what is said to have amounted to a Ponzi scheme.
The Bulgaria-based organisation behind OneCoin Ltd continues to operate and denies all wrongdoing.
Ignatov was arrested at Los Angeles International Airport in March.
He signed a plea deal document on 4 October - but it was made public, on 12 November, only after being obtained by Inner City Press journalist Matthew Russell Lee.
By complying with the terms of the plea deal, Ignatov will not face further criminal charges for his role in OneCoin, other than any criminal tax violations that may emerge.
meanwhile, price of BTC crashed back to 8,000 USD after a quick pump and dumb trip to 9,500 USD
onecoin was not a cryptocurrency
just a scam dressed up in language that fools dumb belgian boiler room fluffers
what an horrible place, is that where old expats go to die?
of course they accept bitcoins in such a spectacular venue
Haven't recently checked the value of my crypto wallet. I think I'll get change out of a 100 baht note for it....
That horrible place is one of the biggest cash-machines in town, it makes serious money. 500+ meals served every day before we start talking drink sales, there wouldn't be too many Farang owned venues in town (if any) that'd sell more booze. The owner could buy and sell your arse 100 times over with the change in his pocket, he was always worth a pretty penny but between the Beergarden being a huge success and Bitcoin going to almost $20,000 he's definitely not short of a dollar now.
As for the Bitcoin part, he's the first guy I ever knew who bought them back when they were just a couple of bucks each something like 10 years or more ago. He use to help people buying some coins and setting up their BC wallets (he's a tech geek, this sort of thing is right up his alley) and he'd send a few of his BC's to these people as a gift just to show them how transfers work. Of course, he probably stopped doing that once they were worth half a million++ Baht each . No idea how many he's still got, he sold a lot off at the peak, but he did have lots.
^Newsflash for you, he's one of the guys that bought boat loads of BC for a few bucks each and sold them for up to 20k USD a piece. He's probably still got boat loads of them too that are worth 8.5k or whatever, I don't know. But I do know money is totally irrelevant to him these days and he could buy and sell you 100 times over with the change in his pocket.
what are you talking about? I shorted BTC on futures when it was 20,000 USD
I am not going to brag about how much I netted though, but I bet I could buy that dump 1000 times over
thanks TD for showing me this thread full of bitcoin losers, I couldn't have made that much without it
You are welcome
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