money

Governments Hate Bitcoin and Cash Because They Protect People’s Privacy

"If they're going to be so explicit in their hostility to the anonymity and liberty those means of exchange offer people, we should take them at their word. Let's be clear in response that what they see as problems are the precise features we like about cash and cryptocurrencies. We support our well-worn folding money and bitcoin and its successors to come precisely because they put at least some of our activities beyond the reach of control freaks who want to monitor, tax, and regulate our lives."

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First ‘Jackpotting’ Attacks Hit U.S. ATMs

"ATM 'jackpotting' — a sophisticated crime in which thieves install malicious software and/or hardware at ATMs that forces the machines to spit out huge volumes of cash on demand — has long been a threat for banks in Europe and Asia, yet these attacks somehow have eluded U.S. ATM operators. But all that changed this week after the U.S. Secret Service quietly began warning financial institutions that jackpotting attacks have now been spotted targeting cash machines here in the United States."

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Chinese Stocks Tumble As H.K. Officials Monitor Surge In ATM Withdrawals

"Anxiety is only increased by the latest report from Reuters that cash withdrawals at Hong Kong ATMs have surged, prompting scrutiny from monetary authorities, the banking industry, and police amid media reports that mainland Chinese are withdrawing hundreds of thousands of dollars using up to 50 cards at a time. China has battled to curb capital outflows for years. A move that took effect on Jan. 1 caps overseas withdrawals using domestic Chinese bank cards."

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As Chinese Stocks Sink, Bankers Begging Friends For Deposits On WeChat

"The annual deposit war is particularly fierce this year. The last day of January in the [WeChat] friend groups, bankers 'beg' for deposits one after another. 'There are more than 20 banks looking, every one is asking for deposits.' a listed company's small partner told reporters that he had been too busy to reply, however. The banker's nickname is 'Guixie.' [a combination of beg and thanks] 'Perhaps because the New Year approached, company payments are more numerous, bank account capital is less, bank competition for deposits is even more intense.' A banking source told reporters bluntly, these days are quite difficult."

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Venezuela says ‘petro’ cryptocurrency pre-sale will be in hard currency

"Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar plunges to all-time lows and the country struggles with hyperinflation. Critics decry the petro as simply a way for the cash-strapped government to issue debt without being constricted by U.S. sanctions. But the U.S. Treasury last week warned that Americans engaging with the petro could still find themselves in violation of those sanctions. Many in Venezuela have used cryptocurrencies in recent years to evade strict currency controls."

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