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A slump in big technology stocks helped pull US indexes lower on Wall Street Friday, extending the market’s modest losses from a day earlier. The Dow Jones industrial average lost 201 points, or 0.8%, to 24,462, per the A P. The Nasdaq composite fell 91 points, or 1….
Tammy Duckworth made history when she became the first US Senator to give birth while in office and now the Illinois Democrat wants to make history again. This time, it could change age-old Senate rules. According to Politico , Duckworth has submitted a resolution that would allow children under a year…
Bitcoin was created to bring back people’s control over their own hard-earned money. Perhaps no greater example exists of how we don’t currently have real influence over how our capital is being spent than banks getting bailouts from the government at taxpayer expense.
A History of Fleecing the Taxpayers
Governments all over the world have been bailing out companies for decades, if not longer. And it seems that whenever a financial crisis arises, failed businesses call on the authorities to save them. While directly giving funds or just sweetheart loans to physical companies such as car manufacturers, airlines and the like is harmful to the economy, it is usually easier for the public to accept in order to save working class jobs. Bank bailouts on the other hand are almost universally hated.
Economists see bailing out banks as creating bad incentives for executives to keep taking more critical risks, knowing that major losses will be covered by the taxpayers while outsized gains will be kept by them. And the general public objects to ‘fat cat’ bankers getting enormous sums of money due to their crony connections to politicians. This is why governments and central bankers must always declare the situation a national emergency and warn that a cleanup of the banking system might cause a complete economic collapse.
The most recent example of this process, the backlash and the futility of it, is the US’ 2008 bank bailouts. After the 2007 subprime mortgage crisis, major American financial institutions became insolvent the following year and the Bush administration came to their rescue. The Troubled Asset Relief Program (TARP), which propped up the too-big-to-fail banks with hundreds of billions of the taxpayers’ dollars, was passed with much protest both from the ideological right and the ideological left. The controversial process is credited with triggering both the Occupy Wall Street and the Tea Party movements.
Prior to 2008, the biggest modern bank bailout in the US was the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). It came about following the savings and loan crisis, and cost taxpayers an estimated $ 200 billion. Both events similarly led to greater control, supervision and regulation by the government of the economy.
What Can Be Worse Than a Bailout? A Bail-In
As bad as bank bailouts can be, there are now even worse ways for people to learn that they don’t have control over their own money. Bail-ins are a new concept that has been floating around in recent years, which refers to depositors taking a hit to rescue banks instead of the taxpayers. As this is a more obvious and direct confiscation of wealth, governments will try to avoid bail-ins if they can just print more fiat or take on debt.
The precedent for this was set not by some bankrupt dictatorship but by the EU member nation of Cyprus, where a bail-in was first attempted in 2013. As part of a €10 billion bailout deal with the ECB and IMF, the Cypriot government has agreed to impose a levy on on all uninsured deposits in the country’s second largest bank and up to an estimated 48% of uninsured deposits in the biggest bank in Cyprus. This incident left a scar on the psyche of many locals and only served to make them less trustful of the government and banks.
How should the bitcoin community educate more people about the non-speculative reasons to invest in the cryptocurrency? Share your thoughts in the comments section below.
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The post How the Government Gave Your Money to the Banks – Again and Again appeared first on Bitcoin News.
President Trump spent Sunday morning writing something of a book of his own via Twitter, reports the AP , largely in response to former FBI Director James Comey’s tome . In a rapid series of tweets, an irate-sounding president again slammed the “Slimeball!” for “making decisions based on the fact that he…
After nearly four months of being purposefully offline, popular crypto exchange Bittrex announced its reboot, complete with a new website. Within an hour, the company had to once again cease onboarding customers.
Bittrex CEO Bill Shihara explained, “We’ve spent the past four years building Bittrex on the founding principles of innovation, security and responsibility. Given these principles, pausing new user signups during a period of immense trading volume was not a decision we took lightly, but our responsibility to provide customers with a reliable platform and outstanding customer service, made it the right thing to do. After diligently working to improve our infrastructure and upgrade our website, we’re pleased to announce registration for new users resumed today.”
The last anyone had heard of the Seattle-based exchange, was when it revealed back in March “‘the decision to delist these tokens has been made on the basis of maintaining the company’s “strict coin listing criteria.’ Of the 82 digital tokens to be delisted, 28 have either ‘broken blockchains or wallets that will not allow withdrawals.’ Other tokens are set to be delisted due to thin liquidity,” these pages reported.
Just weeks prior to its delisting warning, Bittrex responded to US regulators’ calls by stressing it “is committed to incubating new blockchain technology projects and offering innovative, compliant digital tokens to our customers” adding how it also “look[s] forward to continuing [its] proactive dialogue with the SEC and other regulators on how to build a secure, fully-regulated environment for blockchain.”
Tuesday, 10 April, the exchanged confidently posted on its website, “In December, Bittrex temporarily paused signups for new users to preserve the experience, stability and security of the platform for existing customers as the company worked on improving the infrastructure to efficiently manage the immense amount of interest from new users. Though Bittrex was able to facilitate the registration of some new users through a wait list program over the past few months, new users will now be able to initiate registration themselves through the Bittrex website at www.Bittrex.com. Also, the company made additional adjustments that will help streamline the on-boarding process for both retail and corporate customers,” the company claimed.
Bittrex Halts Again
To have bowed out at literally the height of crypto’s price run-ups last year was a bold move, and enthusiasts evidently were chomping at the bit to have it back up and operating. So much so, if Bittrex’s tweet an hour later is to be believed, the exchange claimed to be overwhelmed and as a result had to once again shutter its digital doors.
Interestingly, the exchange said it has “expanded from four, full-time employees in early 2017 to more than 50, including the addition of top-level talent from the Department of Justice, the Department of Homeland Security and Amazon. Bittrex also significantly increased the number of support staff to include almost 100 representatives, who are working to ensure the company responds to customer requests in a timely and efficient manner.”
The exchange hopes to be back up and running “as soon as possible.”
Will you still use Bittrex after this? Let us know in the comments section below.
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The post Bittrex Exchange is Back! Annnnnnd It’s Gone Again appeared first on Bitcoin News.
Black Panther is one of the top 10 highest grossing movies of all time, with a worldwide box office tally of more than $ 1.279 billion, per Deadline . Its historic run isn’t over: The Marvel film will be the first shown in Saudi Arabia as the country lifts its 35-year…
Former Minnesota Gov. Tim Pawlenty announced Thursday he will run for his old job, ending months of speculation about a return to politics following his short-lived 2012 presidential campaign, the AP reports. The two-term Republican governor had been inching toward a run for months, quitting his Washington lobbying job and…
A number of social media networks, forums and platforms have been cracking down on bitcoin-related news stories recently. This desire to protect users against cryptocurrency scams is also hurting legitimate voices. So join the hundreds of thousands of dedicated news.Bitcoin.com followers – using a variety of tools – to make sure no monopoly can ever limit access to this vital information.
Telegram is a relatively new messaging service, but a tool you are probably already familiar with if you are active in the cryptocurrency community as it is very popular with trader groups and ICO projects. Our official channel is followed by almost 80,000 people.
If you have the Telegram app installed on your phone just click on ‘view channel’ and if you want to view it inside your browser just select ‘open in web’. If you don’t have an account with Telegram yet, click on ‘Try it now!’ at the top to get one and then return to the channel.
Once you can see the channel just hit the ‘Join’ button so you will be notified whenever a new story is published. Unlike other places, here you both like and dislike posts.
Despite recent developments, Twitter is still one of the most active spaces in the bitcoin community for open discussions and our profile page is right at the heart of it all. Joining the almost 300,000 people who engage with us this way couldn’t be easier, just click ‘follow’.
Email has been around for decades now, and while it is not as popular as it once was, it is still a very reliable method to get your news delivered straight to you without a filter. We offer two newsletter options, daily and weekly.
Look for this widget on the right side of the screen if you’re on a computer, or scroll down until you find it if you’re on mobile. Once you select the desired frequency you will only need to enter a name and an email address.
Lastly, check your inbox for the confirmation email and verify the subscription. If you don’t see this email within a minute, make sure to check your spam filter and whitelist our address.
RSS feeds were also once much more popular but remain quite effective to this day. While several RSS readers have been discontinued, the Firefox browser still supports the feature, just go to our RSS page and click on ‘Subscribe Now’. If you are using Chrome without an RSS add-on, there is nothing to worry about, just skip to the next option.
The browser notification feed is a relatively new feature that you must have noticed popping up all over the internet. On the Chrome browser you should enter our home page and see a prompt at the bottom, just click ‘Allow’.
On the Firefox browser hit the little bell icon to enable browser notifications.
Besides text-based articles, we also offer certain news content in a short video format on Youtube. To follow our daily clips here just go to our Official Channel, click ‘Subscribe’ and then the bell icon that will appear.
If you are a visual person, or otherwise inclined to get the news while admiring our artistic talents, make sure to add us on Instagram. The process couldn’t be easier, just go to our Profile Page and hit ‘Follow’.
What is the best way to follow bitcoin news? Share your thoughts in the comments section below!
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The post Never Miss Any Critical Bitcoin Related News Again With This Easy Guide appeared first on Bitcoin News.
Investors rushed out of the biggest names in the tech industry, the latest sign that scrutiny from lawmakers and regulators, backlash from consumers and flagging share performance is threatening to undermine their dominance in the stock market.
WSJ.com: What’s News Asia
President Trump’s tweets against Amazon.com have renewed investor concerns about the prospect of antitrust action against the online giant, but targeting it on anticompetition grounds would be difficult, policy experts say.
WSJ.com: What’s News Asia