Nasdaq Slammed As Japanese Media Signals North Korea “Preparing Toward Ballistic Missile Launch”

Japanese government detecting signal from #NorthKorea on preparation towards a ballistic missile launch according to local media
— michiyo ishida (@MichiyoCNA) November 27, 2017

Update: While the initial reaction to the headlinews were muted, once the story hit Bloomberg wires, USDJPY snapped lower and gold jumped…
And as USDJPY fades, so stocks drop (S&P and Nasdaq now red)…

This post was published at Zero Hedge on Nov 27, 2017.

There’s something important you should know about Bitcoin

After spending the last few days in the Philippines scouting new factory locations for one of my businesses, I flew back to Singapore this morning to conclude negotiations with a large, publicly-listed conglomerate that’s made an offer to buy one of our assets.
It’s been a hectic trip so far. But while in town, I had a chance to see my friend Gregor again – the entrepreneur I interviewed in last week’s podcast discussion about precious metals vs. cryptocurrency.
In the podcast, Gregor and I talked about Bitcoin security – specifically the fact that very few people properly (i.e. securely) store their cryptocurrency.
And the more valuable these cryptocurrencies become, the higher the likelihood of theft.

This post was published at Sovereign Man on November 27, 2017.

Which Europeans Carry The Most Cash?

How much cash do you have in your wallet right now?
Historically, it has been found that the amount of cash people carry is a key indicator of their use of cash. According to research from the European Central Bank, people in the eurozone carried an average of 65 in their wallets in 2016.

This post was published at Zero Hedge on Nov 27, 2017.

Satoshi Secrets & Why Nearly 4 Million Bitcoins Are “Lost” Forever

Authored by Jeff John Roberts and Nicolas Rapp via,
Just as gold bars are lost at sea or $100 bills can burn, bitcoins can disappear from the Internet forever.
When all 21 million bitcoins are mined by the year 2040, the actual amount available to trade or spend will be significantly lower.
According to new research from Chainalysis, a digital forensics firm that studies the bitcoin blockchain, 3.79 million bitcoins are already gone for good based on a high estimate – and 2.78 million based on a low one. Those numbers imply 17% to 23% of existing bitcoins, which are today worth around $9,000 each, are lost.

This post was published at Zero Hedge on Nov 26, 2017.

Bitcoin Tops $9,300 Amid “Extinction-Level Event For Banks.. And Maybe Governments Too”

Update: Bitcoin has continued to soar intraday – now topping $9,300 – with a total market cap over $156 billion, leaving the cryptocurrency worth more than Merck, Disney, and GE.

Coinivore notes that the digital currency, once a toy for computer nerds, is now soaring in price, triggering a new gold rush. Is it just another bubble, or a glimpse into a radically different financial future?
As Rick Falkvinge, CEO of BitCoin Cash and founder of the Swedish Pirate Party, warns ‘bitcoin is an extinction-level event for banks’ and probably governments too…

This post was published at Zero Hedge on Nov 26, 2017.

China Busts Gang That Smuggled $3 Billion Out Of The Country

China’s crackdown on capital outflows has been a boon for organized crime in the region, with Chinese triad gangs and even Japanese Yakuza organizations partaking in the smuggling bonanza. Over the summer, we reported on a case of Yakuza gangsters teaming up with wealthy Chinese to smuggle thousands of tons of gold out of the country, using Japanese regional airlines as unwitting mules while taking advantage of a loophole that allows them to circumvent customs.
But the Yakuza isn’t the only criminal group that’s capitalized on the desperation of wealthy Chinese to preserve their wealth by moving it offshore: Local triad gangs have helped smuggle tens of billions of Chinese yuan offshore, reaping enormous profits in the process.
To wit, Chinese police say they have broken up a gang that smuggled 20 billion yuan ($3 billion) out of the country. According to the Associated Press, which cited reports from China’s Xinhua News Service, seven suspects were detained in the case centered in the southern city Shaoguan near Hong Kong but as many as 10,000 people might have been involved, the official Xinhua News Agency reported.

This post was published at Zero Hedge on Nov 26, 2017.

Bitcoin Facts

A Useful Infographic
When we last wrote more extensively about Bitcoin (see Parabolic Coin – evidently, it has become a lot more ‘parabolic’ since then), we said we would soon return to the subject of Bitcoin and monetary theory in these pages. This long planned article was delayed for a number of reasons, one of which was that we realized that Keith Weiner’s series on the topic would give us a good opportunity to address some of the objections to Bitcoin’s fitness as a medium of exchange voiced by critics (we have kept the final three parts of Keith’s discussion in abeyance as well, we intend to publish these concurrently).

BTC was easily the best investment asset of 2017 (we may have overlooked some other ‘alt coins’, but in terms of market cap only the 6 – 10 largest cryptocurrencies look like serious contenders in this market). We should probably write more often about it, then you would e.g. have learned that we thought BCH (the post-fork younger brother of BTC) was likely to play catch-up at some point. We actually believe this particular valuation gap is likely to narrow further, and the same may well happen with DASH, another cryptocurrency with quite similar features (both BCH and DASH are lacking some of the legacy technical drawbacks of BTC). As an aside, we always had a certain minimum target for the coming gold bubble in mind which we never mentioned in public, because we felt it sounded silly. Usually we just recommend that people use their imagination, in the hope that their imagination is big enough. By now it probably sounds a lot less silly – we will revisit this topic once gold has overcome certain technical hurdles.

This post was published at Acting-Man on November 25, 2017.