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As our convoy of white jeeps rattles along the dirt roads through a vast landscape of fertile farmland, it’s hard to see any physical evidence of the 392 villages that were burned down in Myanmar’s Rakhine State, other than the odd patch of blackened, decaying trees.
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Melania Trump said Wednesday that she “will never forget” her visit to a former slave holding facility on Ghana’s coast. She called it “very emotional” and “really something that people should see and experience.” The first lady spent nearly an hour on a guided tour of the 17th-century castle, which…
Louis C.K. ruffled feathers with his last surprise set in NYC — some audience members called his appearance an “ambush” — but Sunday night the crowd showed him nothin’ but love. Louis was introduced at the famed Comedy Cellar in Greenwich…
Everson Griffen says he’s “focused on resolving personal issues” after being hospitalized for a mental health evaluation this week … but has vowed to return to the field. As we previously reported … the Minnesota Vikings star was involved…
Shortly after last year’s shooting massacre on the Las Vegas strip, Ohio Gov. John Kasich convened a working group to explore possible reforms to state gun laws.
Decentralised cryptocurrencies like bitcoin are anathema to traditional banking. Bitcoin allows people to trade directly with each other, bypassing banks, the conventional middlemen. Banks make money by charging fees for the services they provide, including keeping one’s money in a bank. It is no surprise, therefore, that they hate cryptocurrency. But banks aren’t guiltless, they have facilitated some of the most egregious financial crimes of our time.
‘Return Our Stolen Assets’
President Muhammad Buhari has demanded HSBC Bank returns up to $ 100 million it allegedly helped former dictator Sani Abacha launder from the Nigerian economy.
Abacha ruled Nigeria with an iron fist for five years until he died of a heart attack in 1998. During his rule, the Nigerian economy improved somewhat, with inflation plummeting to 8,5 percent in 1998 from about 55 percent five years earlier. Forex reserves shot more than 1,800 percent to $ 9,6 billion.
But the former army general is accused of plundering the West African country at a grand scale, looting more than $ 4,3 billion of Nigeria’s oil wealth while still President. Transparency International has listed Abacha as the world’s fourth most corrupt leader in history.
“Our investigation agencies believe that HSBC had laundered more than US$ 100 million for the late General Sani Abacha in Jersey, Paris, London, and Geneva,” Nigeria’s presidential spokesperson Malam Garba Shehu, said in a statement issued to the local Leadership newspaper on September 16.
“Among these accounts on the records are: AC : S-104460 HSBC Fund Admin Ltd. Jersey ($ 12 million); AC 37060762 HSBC Life (Europe), UK ($ 20 million) and AC : 38175076 HSBC Bank Plc, UK ($ 1.6 million),” Shehu said.
Shehu was reacting to a report by HSBC Bank in July, which predicted the Nigerian economy would decline if President Buhari won a second term in office in general elections slated for next year.
He continued: “The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC…that what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.
“A bank that soiled its hand with ‘millions of US dollars yet- to- be – recovered Abacha loot’, and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a second term for Mr Buhari raises the risk of limited economic progress and further fiscal deterioration.”
Shehu said, “we ask them (HSBC)…to return our stolen assets…”
The Nigerian anti-corruption body, the Economic and Financial Crimes Commission, on Sunday also accused the British bank of being “involved with laundering proceeds of corruption for over 50 Nigerians including a Nigerian serving Senator.”
HSBC Holdings plc is one of the largest banking and financial services organisations in the world. HSBC’s international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.
But the firm has been forced to pay billions of dollars in fines for money laundering and other financial crimes. In the US, HSBC paid $ 1.92 billion for helping to facilitate the laundering of Mexican drug money, and several million were paid in Hong Kong for systemic deficiencies.
Of the Abacha loot, the US has repatriated about $ 480 million that was stashed in banks in that country. In 2006, Switzerland handed back $ 500 million to Nigeria – the first time any bank in Europe had returned stolen money to a country in Africa. The continent loses up to $ 50 billion in illicit financial flows each year, according to the African Capacity Building Foundation.
Do you think cryptocurrencies can help stem the flow of corrupt money in Africa? Let us know what you think in the comments section below.
Images via Shutterstock.
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The Turkish economy took a body blow when its currency depreciated earlier this month. Investors are asking what tools are at Turkey’s disposal in case the panic that shook markets resurfaces.
WSJ.com: What’s News Europe
The Trump administration has reached a deal with Mexico on a rewrite of the North American Free Trade Agreement, but the two sides now need a quick buy-in from Canada, which still has significant issues with some of President Trump’s demands.
The preliminary agreement with Mexico, which includes…
Developer Gabriel Cardona was personally recruited to fast track development of Bitcoin Cash (BCH). Open source, full featured development kit, Bitbox, his creation, has taken the community by storm, and it is now part of the Bitcoin.com developer universe. Money, Mr. Cardona likes to say, is critical to the human condition. And BCH and its blockchain are enabling financial sovereignty in a way which, he believes, is unique in history.
Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots
Developer Gabriel Cardona Seeks a Path to Change the World Through Bitcoin Cash
This week, developer Gabriel Cardona was guest for a full hour on the Vin Armani Show. At about the one hour and eight minute mark, Mr. Cardona began to lay out reasoning behind the burst of innovation in development on the Bitcoin Cash blockchain.
With hotshot initial coin offerings ringing-in billions, venture capitalists pouring money into project after project, and nearly all crypto talk dominated by speculative price analysis, idealism is hardly ever mentioned. There is almost a sense of innocence lost, having given way to strange corporate realism. When idealism is employed, derision and condescension aren’t too far behind nowadays. Mr. Cardona, however, champions bitcoin cash as “the soundest money the world has ever known. As a developer you can make it available to all people, whatever their age, gender, nationality or financial status,” he explained to Vin Armani, founder of Coin Text, the text messaging way to send BCH without an internet connection.
Mr. Cardona describes himself, 37, as a decidedly different person professionally, “a whole different frequency” only ten years ago. He spent most of his twenties vagabonding, playing music, traveling. Becoming a father around this time sobered him to clearer thoughts about a career going forward. A chance community college course led to his first project, then another, and another. For whatever reason, the web has always resonated with him. The ubiquity, the chance to be impactful on a large scale, appealed to Mr. Cardona professionally.
That professional path eventually led him to code for Walmart, Target, Taco Bell, and to Triple A — all web development projects. Somewhere along the line, 2012 ish, he discovered bitcoin and Gavin Andresen’s Faucet, where Mr. Cardona received five bitcoin. This kept him interested as he went about his regular career. In fact, he’d put the idea aside for years while keeping an ear and eye to key hacker news outlets. When talk about a fork in mid 2017 was heating up, Mr. Cardona described the inevitable as not optimum, certainly, but ultimately the right path when two factions just cannot agree.
From there he deduced one of the chains would eventually have an innovation explosion. When he was able to access bitcoin cash (BCH) coins, and he started to use them, it suddenly grabbed him completely: this is bitcoin, the tech that made a great many wonderful people fall in love. Still, he wasn’t yet convinced enough to enter the space in any permanent way. In fact, he took to the burgeoning 3D printer industry. Upon looking more deeply into smart contracts, he encountered Ethereum’s Truffle Suite. He describes this as a revelation.
It was shocking. Nothing like a good framework, a suite of abstractions, allowing developers to work ten times faster existed for Bitcoin. There wasn’t anything like it in the BCH space. With that realization, he coincidentally took some time off to try and “have the vision.” It’s this kind of talk that makes Mr. Cardona so compelling. Devs are not known for their ability to communicate vulnerabilities, to be, well, human. Mr. Cardona has that in spades.
That in-touch-ness no doubt sets him apart. He’s humble enough to know he needs mentors, guides, to help check himself along the way. Enter Pete Flint, 44, a British entrepreneur now based in San Francisco at the venture capital firm, NFX, where he is a managing partner. Mr. Fint is perhaps best known for having been founder and CEO of Trulia, which he eventually sold for something like a billion dollars. Mr. Cardona worked there for a spell, and the two hit it off. On his break to “have the vision,” he met up again with Mr. Flint.
That was half a year ago. Mr. Cardona credits Mr. Flint with urging him to move from hardware to software, and onto to BCH solutions. That very night Mr. Cardona began working on a library that morphed into framework, and has now become the solution platform, Bitbox. An immediate success, having been downloaded tens of thousands of times in a very short period, Bitbox got the attention of nearly everyone in The Know. Two months ago he joined Bitcoin.com to put Bitbox into full-on practice. For the un-technical, Bitbox assumes many functions every dev needs, thus speeding up a project’s process, allowing innovation to come at much faster paces. The implications for its power are simply mind-blowing. As Vin Armani commented during the interview, had something like Bitbox been available as little as three years ago for Bitcoin, everything would’ve changed. That it’s now an intimate part of BCH means the future of money is on a Cardona path.
Is the pace of innovation on the BCH chain surprising? Let us know in the comments section below.
Images via Pixabay, Vin Armani.
The post Bitcoin’s Return to Innovation: Changing the World Through Peer-to-Peer Electronic Cash appeared first on Bitcoin News.
Major cryptocurrency investment firm, Pantera Capital, has reported a lifetime return of more than 10,000% on its fund. The company has announced the impressive return in celebration of its five-year anniversary.
Pantera Reports Fund has Generated 10,000% Return Over 5 Years
It has been reported that Pantera Capital has generated a more than 10,000% lifetime return since launching in 2013. Pantera has invested in a number of leading cryptocurrencies and distributed ledger technology companies, with its portfolio including Bitstamp, Polychain Capital, Korbit, 0x, and Zcash.
In an email sent to media, co-chief investment officer and chief executive officer, Dan Morehead, and co-chief investment officer, Joey Krug, have claimed that “the Fund’s lifetime return is 10,136.15% net of fees and expenses.”
Pantera Shares Emails From 2013
In the email, the chief investment officers included two additional emails dated from 2013, stating: “We wanted to share the original logic – as it is equally compelling today.”
The first email, composed when the price of BTC was just $ 104 USD, predicts that bitcoin will one day trade for $ 5,000, arguing that “bitcoin dominates cash, electronic fiat money, gold, bearer bonds, large stone discs, etc. It can do all of the things that each of those can. It’s the first global currency since gold. It’s the first borderless payment system ever.”
The second email, composed when BTC was trading for $ 253, likened investing in bitcoin to purchasing Microsoft shares early into the company’s existence. “In my opinion, it’s like deciding whether to buy Microsoft back in the day at $ 0.20 a share. It was hard to do when the stock was just at $ 0.10. In the fullness of time…clearly a great trade. I believe bitcoin right now is just like that. The world’s first global currency since gold and the world’s only borderless payments system (frictionless to boot) at a market cap of $ 3bn? Now that Silk Road is gone, a new wave of sophisticated investors are entering.”
Last month, Pantera announced that “The first Venture Fund III closing will be June 30th.” Mr. Morehead and Mr. Krug indicated that they will be traveling “over the next months to discuss VEnture Fund III and the blockchain disruption.”
What is your response to Pantera’s purported 10,000% return on the lifetime of its fund? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Pantera Capital
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The post Pantera Capital Reports Lifetime Return of More Than 10,000% appeared first on Bitcoin News.