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| October 22, 2018

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StarKist admits to fixing tuna prices. It faces a $100-million fine

October 21, 2018 |

StarKist Co. has agreed to plead guilty to a felony price-fixing charge as part of a broad collusion investigation of the canned tuna industry, the U.S. Department of Justice announced.

The Justice Department said Thursday that StarKist faces up to a $ 100-million fine when it is sentenced. Prosecutors…


L.A. Times – Business

Bitconnect Faces Consolidated Class Action Complaint

October 19, 2018 |

Bitconnect Faces Consolidated Class Action Complaint

More than a dozen lawsuits targeting Bitconnect have been merged into a single case, following the submission of an Amended Consolidated Class Action Complaint on Thursday. The newly combined complaint has been filed with the U.S. District Court for the Southern District of Florida.

Also Read: Venezuela Authorizes 6 Exchanges to Sell National Cryptocurrency Petro

Amendment Combines
All Lawsuits Into a Single Case

Bitconnect Faces Consolidated Class Action ComplaintThe consolidated complaint comprises a class action suit that has been filed on behalf of a range of entities and individuals. All parties in the suit claim to have suffered financially after transferring fiat currencies and cryptocurrencies to Bitconnect to invest in BCC tokens, as well as the Bitconnect Investment Programs.

According to attorney David Silver of law firm Silver Miller, which has been named the “Class Counsel” of the case, the consolidated complaint combines all of the lawsuits that have been filed against Bitconnect into one suit. Miller said that the new consolidated lawsuit also names Bitconnect owners and promoters that were not previously targeted in the initial legal complaints.

“As more information has become available, we have learned about more individuals involved in the rampant fraud associated with Bitconnect,” Silver explained. “The Amended Consolidated Class Action Complaint highlights those actors who participated in the creation of Bitconnect and the promoters of Bitconnect. The amount of fraud, and the amount of investment loss in such a short period of time is staggering. We hope to move the lawsuit along as fast as possible and hold as many people accountable both in the United States and abroad.”

Plaintiffs Accuse Youtube of Negligence

Bitconnect Faces Consolidated Class Action ComplaintThe amended lawsuit claims the Bitconnect Lending Program and the Bitconnect Staking Program were “fraudulent Ponzi/pyramid schemes.” It also accuses the company of using “multilevel affiliate markets” to promote its investment programs.

“Several of the promoter defendants had partnerships with Youtube pursuant to which the Bitconnect Defendants disseminated fraudulent and harmful content to unsuspecting victims across the globe,” the law firm stated in the amended filing. “Youtube was negligent in failing to warn those victims of the harmful content, for which Youtube compensated their creators and publishers.”

In addition, the legal team claimed that the company “cloaked” its promotional materials in “technological sophistication and jargon” to run a deceptively “simple” fraudulent operation. “Victims would invest in the Bitconnect Investment Programs after they were driven to Bitconnect as a result of profitable partnerships the promoter defendants had with Youtube,” it said. “Bitconnect would then pay existing investors with new money from new investors, who were in turn expected and incentivized to get more new investors to produce more new money for Bitconnect.”

The plaintiffs seek to recover all of the funds they claim to have lost. In a statement, Miller said such an outcome would be “ideal.”

Do you agree that Youtube was negligent in compensating Bitconnect promoters and failing to warn prospective investors of their “harmful content?” Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bitconnect Faces Consolidated Class Action Complaint appeared first on Bitcoin News.

Bitcoin News

Merkel, Already Wobbling, Faces Fresh Blow in Historical Stronghold

October 14, 2018 |

Elections in two of Germany’s most prosperous regions are likely to diminish Chancellor Angela Merkel’s conservative bloc and further destabilize her fragile government, potentially even jeopardizing her leadership.
WSJ.com: What’s News Europe

Italy Faces Crunch Time on Budget

September 25, 2018 |

Italy’s new populist government has until Sept. 27 to make a difficult decision: How to reconcile its expensive election promises with the reality of the country’s fragile finances.
WSJ.com: What’s News Europe

U.K. Labour Party Faces Its Own Brexit Test

September 22, 2018 |

Prime Minister Theresa May isn’t the only British political leader presiding over a Brexit-riven party. Labour leader Jeremy Corbyn is in the same boat as his party gathers on Sunday for its annual conference.
WSJ.com: What’s News Europe

Tesla faces U.S. criminal investigation over Elon Musk statements, sources say

September 18, 2018 |

Tesla Inc. is under investigation by the Justice Department over public statements made by the company and Chief Executive Elon Musk, according to two people familiar with the matter. The criminal probe is running alongside a previously reported civil inquiry by securities regulators.

Federal prosecutors…


L.A. Times – Business

Swedes Vote as Establishment Faces Down Far-Right Challenge

September 9, 2018 |

Swedes are heading to the polls Sunday in an election in which an anti-immigration party rooted in neo-Nazism is threatening to upend the political order in one of Europe’s most traditionally liberal nations.
WSJ.com: What’s News Europe

Elon Musk Faces His Own Worst Enemy

September 2, 2018 |

The visionary entrepreneur seeks to ferry mankind to Mars and investors to prosperity. His ego may be all that stands in the way.
WSJ.com: US Business

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man

September 2, 2018 |

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man

Bitcoin Cash’s (BCH) troll slayer Derek Magill is back at it, and this time he’s facing down a pretty fierce opponent. Saifedean Ammous’s The Bitcoin Standard is hardcore maximalist argumentation for the supremacy of bitcoin core (BTC) as a cryptocurrency and world settlement commodity. While good people can differ on Mr. Ammous’s views, the BCH Troll Slayer finds the way in which those positions are put forward to be lacking.

Also read: Square’s Big Week: Crypto Patent, Shares Leap, and Lightning Plug

The Bitcoin Standard Gets a Dismissive, Brutal Review

“I first heard of Seinfeld Ammous in January of this year,” BCH apologist Derek Magill began his tongue-and-cheek review of The Bitcoin Standard, purposely misspelling Mr. Ammous’s first name, “when I saw a bizarre, expletive-filled and frankly rather unlettered tweet of his attacking someone who committed the horrible crime of asking a question about an ‘altcoin.’” Mr. Magill is a known quantity in the BCH ecosystem, often a target of BTC ire in relation to his advocacy of bitcoin cash.

The Bitcoin Standard: The Decentralized Alternative to Central Banking (Wiley, 2018) is professor Saifedean Ammous’s (‘Safe-ah-deen Amm-oose’) contribution to the growing body of literature arguing for the primacy of BTC.

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man

The Bitcoin Standard, in fact, has become a quiet hit within the community. It came out of nowhere, and soon everyone from Nassim Nicholas Taleb to Caitlin Long and many others promoted its reading for no other reason than merit. Mr. Ammous combines orthodox neo-Austrian economics with BTC proselytizing: Bitcoin is a new, better gold standard.

He and his work were immediately embraced and toured all over the world in support. He continues to make the rounds of podcasts, Youtube channels. One notable appearance was on The Tom Woods Show. Mr. Woods is a polemicist of some regard, well established in libertarian, free market circles. The opening of this particular episode was a veritable love fest as Professor Ammous showered Mr. Woods with praise as an intellectual mentor.

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man

The Best Take Downs Use Humor

Tom Woods is also something of a golly gee, every man interviewer when it comes to BTC. He appreciates mainstream apprehension to crypto, and is an articulate spokesman for their hesitancy. Mr. Woods and the professor wax all kinds of economics, discussing BTC as something that needs to be understood in order to be used (it doesn’t) and scarcity (nothing is perfectly held as a store of value, but BTC is the best so far; truly scarce).  

Not half way through the program, at 17 minutes and 46 seconds, Mr. Woods asks what, then as now, was on everyone’s mind: has BTC reneged on its initial promise to be a global, peer-to-peer cash, a currency? Do proponents of bitcoin cash (BCH) have a point? Mr. Ammous reluctantly gives a detailed retort, taking on the controversies. Satoshi is not god, tech evolves, and using BTC as a store of value will not necessarily cede more philosophical territory to the Fed.

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man

“Stupid,” “absurd,” “ignorant,” “idiotic” are infused in his monologue, climaxing at about the 26:30 mark, “And, frankly, I’m quite disappointed we’re wasting this episode discussing this idiotic idea rather than getting into some interesting economic discussions,” Mr. Ammous scolded his host. It was a small insight in what was to come.

“He struck me at the time as a sort of alcoholic Taleb-wannabe,” Derek Magill’s published review continued, “and I have to say I forgot about him mostly until I became the target of one of his late night rants, not long after which he blocked me entirely.”

Personality Can Often Get in the Way of a Good Argument

For Mr. Magill, it was simply time to humble an earnest academic who seems to have overplayed his hand, and to crush him Taleb style. Although the book’s topics were interesting, they were not Bitcoin-centric and mostly about the history of money, “you can read about in much better detail from far more competent Austrian economists than Seinfeld,” Mr. Magill explained. “Only the last three chapters really discuss Bitcoin and one is left with the feeling that all the intro material was set up to smuggle in a pro-Bitcoin maximalist position at the very end without having to actually prove anything about it.”

From there, Mr. Magill addresses “a few errors in the book that stood out to me as I think these are enough to show that readers should be wary of Seinfeld’s conclusions.” A favorite supposed contradiction actually begins the book, according to Mr. Magill. None other than Taleb was tapped, a fellow scholar of Lebanese heritage, to pen the book’s introduction. “One of the most important parts of Seinfeld’s thesis in the book is that Bitcoin was ‘immaculately conceived,’ meaning essentially that no other coin could ever have Bitcoin’s genesis history and therefore could never replace Bitcoin and that Bitcoin can never be recreated again.”

The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest ManPart of the more coarse BTC enthusiast position is how all other cryptocurrencies are illegitimate, scams. “Anyone who claims otherwise is, as he said in the tweet to me, a ‘con artist’ and a ‘scammer,’” Mr. Magill asserts as Mr. Ammous’s ultimate position. “If this makes no sense to you at all, don’t worry, it’s not really intended to. You’re expected to take it on faith, though when looking at the history of Bitcoin you can see that it was anything but ‘immaculately conceived.’”

Mr. Magill details, “Bitcoin was created by a specific person for a specific purpose at a specific time. It was highly centralized when it began and Satoshi Nakamoto had the opportunity to mine upwards of 1 million coins himself, 5% of the total supply of Bitcoin that will ever exist, making him one of the richest people on the planet if he is still alive and has access to his coins. There is nothing all that fundamentally different from it and other coins other than that it got a head start. On top of that, the introduction by Taleb clearly states: ‘Bitcoin will go through hick-ups (hiccups). It may fail; but then it will be easily reinvented as we now know how it works.’ One wonders how Seinfeld could have missed such an obvious contradiction like this when he is so strongly against any suggestion that Bitcoin can be reinvented.” A solid point Mr. Ammous would do well to consider.

What is an effective way to deal with rude advocates? Let us know in the comments below. 


Images via Pixabay.


We’re celebrating Bitcoin Journalist Pioneer Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a living history of crypto. 

The post The Bitcoin Standard: BCH Troll Slayer Faces BTC’s Angriest Man appeared first on Bitcoin News.

Bitcoin News

U.S.-Mexico Trade Pact Faces Scrutiny From Lawmakers at Home

August 30, 2018 |

The U.S.-Mexico trade deal announced by the two countries’ leaders this week now faces scrutiny from their respective legislators, who ultimately must ratify the agreement.
WSJ.com: US Business