Yearly Archives: 2013

PayPal unfreezes $45,000 cancer donation after media investigation

"A $45,000 donation for an Auckland man's cancer treatment has finally been released by electronic payment firm PayPal. The company, which processes online transactions, put a hold on the donation after it was picked up by its money-laundering filters. The money was meant to fund private chemotherapy treatment using an expensive new drug for Justin Crockett, who has an aggressive brain tumour. Mrs Crockett rang PayPal without success and said she felt 'helpless' and 'stressed out'. 'I just think it's a bit appalling that they have that power to freeze it. It's not their money. People shouldn't be put through this stress.'" Continue reading →

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Five surprising facts about Bitcoin

"This has been a big year for Bitcoin. At the start of the year, interest in the virtual currency was largely limited to technology buffs. Then the price rose more than 10-fold, prompting regulators, investors and the general public to take a closer look. To help policymakers get up to speed, the Mercatus Center, a libertarian think tank, has published a new primer on the technical, economic and legal issues raised by the currency. Here are five of the most interesting observations that the authors, Jerry Brito and Andrea Castillo, make about Bitcoin." Continue reading →

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Bitcoin takes off — on the ground in Berlin

"Across the Spree River on Berlin’s north side, Aaron Koenig dons a bowler cap as he welcomes guests to an industrial co-working space for the second Berlin Bitcoin Exchange (BXB) — a monthly event he founded to allow buyers and sellers to meet face to face and exchange Bitcoins for euros, dollars or otherwise. Both June and July’s exchanges drew a fluid crowd of about 50 people, with plans to expand the event into a maker’s market where visitors can spend their Bitcoins right after purchasing them. Koenig said growing problems with the euro mean the benefits of Bitcoin are beginning to outweigh the risks." Continue reading →

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Bitcoin: Understated benefits and overstated risks

"Built within the Bitcoin protocol are capabilities to develop other financial innovations, like notary services, encrypted communications, and 'smart' collateral contracts. Developers and businesspeople are still learning the myriad applications for this innovative technology. Just as the public debate understates some of the benefits of Bitcoin, it also overstates some of the concerns. The hypothetical crimes that Bitcoin may enable are traditionally committed with cash, but policymakers would never dream of criminalizing cash. Instead, they regulate the use of cash. Regulations targeting Bitcoin could adopt this time-tested approach." Continue reading →

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Bitcoin is a Startup

"Bitcoin is far too difficult to safely buy, sell, spend, and store. We need to build easy to use, robust infrastructure before Bitcoin can be widely adopted. The best venture capitalists and angel investors leverage their experience and network to help their portfolio companies succeed. If you’re an accredited investor looking to invest in Bitcoin companies or an entrepreneur looking to start a Bitcoin company, AngelList and BitAngels are two ways to get connected to the right people. Numerous angels, VCs, and accelerator programs have also expressed interest in funding Bitcoin companies. Now go forth and build." Continue reading →

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Nepal’s tourism bureau promises to keep ‘tighter control’ of Mount Everest climbs

"Nepal’s tourism ministry said Friday it plans to exercise tighter control of climbers scaling Mount Everest to make sure they keep the world’s highest peak clean and to prevent rows. The ministry will set up a 10-member team made up of government officials, veteran Nepalese climbers and security officers that will start work when the next climbing season opens in the spring. The team will ensure that climbers do not leave trash on the mountain, Purna Chandra Bhattarai, of the tourism ministry told AFP. Nepal has already made it mandatory for each expedition team to hire liaison officers from the ministry to ensure better relations with locals." Continue reading →

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8 Chinese police officers fired for skinny dipping at tourist destination

"Eight Chinese policemen were sacked Monday after their naked swim at a tourist venue made waves online, state media said. The auxiliary police officers were dismissed for 'causing a negative impact on the image of the police', Xinhua news agency quoted the public security bureau of Lushan county in the central province of Henan as saying. It said the dismissals came after photos circulated online showing the eight skinny-dipping or standing on the shore, with their uniforms on the bank. Two police vehicles were parked nearby." Continue reading →

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Credit crisis begins to cripple Chinese cities

"Worried lenders in the informal sector raised interest rates for small and medium-size businesses, setting off a much broader wave of defaults in recent weeks, as owners found themselves unable to repay billions of dollars in bad debts, many of them handwritten and hard to enforce in court. State-owned banks have long been allowed to lend only at low, regulated rates barely above the inflation rate, with the total value of loans controlled by quarterly quotas. These loans go overwhelmingly to large state-owned businesses, government officials and politically connected individuals, who then relend the money at much higher interest rates." Continue reading →

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The Beginnings of a Chinese Banking Crisis?

"The Industrial and Commercial Bank of China (ICBC) displaced Bank of America to become the world's biggest bank in 2012, marking the first time in history a Chinese bank has reached this pedestal. China now has four of the world's ten biggest banks. Together, these Chinese banks have a combined market capitalization of close to $1 trillion Canadian dollars, or three times the market cap of the Canadian banking sector. ICBC alone has 393 million individual customers, which according to the Telegraph is the equivalent of a single bank managing the bank accounts of every man, woman, and child in Western Europe." Continue reading →

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Pops In China’s Construction Bubble (But It’s Not Going To End)

"'Government and banking industry sources familiar with the situation' who 'declined to be named due to the highly sensitive nature of the matter,' have been spilling the beans to the South China Morning Post. The central government, they said, is considering an 'unofficial economic stimulus' to prop up key economies like Shanghai. On the quiet! For that purpose, Agricultural Bank of China, one of the state-owned megabanks, inked a deal to lend the city of Shanghai 250 billion yuan (about $41 billion) for a number of big construction projects, the sources said. The loan would amount to 12.5% of Shanghai’s 2012 GDP." Continue reading →

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