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Title: Bitcoin price falls below $6,000 as banker signals crackdown
Source: The Guardian
URL Source: https://www.theguardian.com/technol ... e-crackdown-bis-cryptocurrency
Published: Feb 6, 2018
Author: Angela Monaghan
Post Date: 2018-02-06 07:58:17 by Gatlin
Keywords: None
Views: 434
Comments: 14

The price of bitcoin fell below $6,000 (£4,300) for the first time this year as a leading central banker said it posed a threat to financial stability and signalled a global clampdown on the cryptocurrency.

The new head of the Bank for International Settlements, Augustine Carstens, said bitcoin had become a combination of “a bubble, a Ponzi scheme and an environmental disaster” that threatened to undermine public trust in central banks.

“If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability,” he said, speaking at Goethe University in Frankfurt, Germany.

“There is a strong case for policy intervention. Appropriate authorities have a duty to educate and protect investors and consumers, and need to be prepared to act.”

Carsten, a former governor of Mexico’s central bank, said that despite the meteoric rise of bitcoin, cryptocurrencies were merely “pretending” to be currencies and were “unsafe”, potentially facilitating tax evasion, money laundering and criminal finance.

As the head of the body that represents the world’s central banks, his comments are the clearest sign yet that global regulators are preparing a crackdown on bitcoin, the price of which rose by 900% last year, making it the best performing asset of 2017. It hit a peak of near $20,000 in the week before Christmas.

However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators.

Bitcoin is not recognised by any central bank and allows people to bypass banks and traditional payment methods to pay for goods and services.

Carstens said central banks should in particular pay attention to the ties linking cryptocurrencies to real currencies, to ensure the relationship was “not parasitic”.

His comments follow a string of warnings on bitcoin from authorities and economists around the world, including India, the US, and South Korea. Facebook has banned bitcoin and other cryptocurrency adverts on its site.

Meanwhile, Lloyds Banking Group has banned customers from using its credit cards to buy bitcoin, amid fears it could be left in debt as the cryptocurrency’s value deflates.

Poster Comment:

Repeating - However, it has fallen by more than 50% since the beginning of 2018, as investors grow increasingly fearful of intervention by regulators.

Post Comment   Private Reply   Ignore Thread  


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#1. To: All (#0)

Presently: 1 Bitcoin equals 6747.12 US Dollar

Gatlin  posted on  2018-02-06   8:12:42 ET  Reply   Trace   Private Reply  


#2. To: All (#1)

Nouriel Roubini, the noted economist, thinks the price of bitcoin is going to zero. Roubini, who is also known as "Dr Doom," claimed some people will use a market manipulation tactic known as wash trading to prop up the bitcoin price. He called bitcoin the "biggest bubble in human history."

Gatlin  posted on  2018-02-06   8:19:54 ET  Reply   Trace   Private Reply  


#3. To: All (#2)

42 minutes ago: BITCOIN PRICE: ETHEREUM, RIPPLE XRP AND ALL OTHER TOP 100 DIGITAL CURRENCIES TUMBLE

Gatlin  posted on  2018-02-06   8:23:45 ET  Reply   Trace   Private Reply  


#4. To: All (#3)

Lloyds Bank bans customers from buying bitcoins using credit cards

Banking group fears cryptocurrency’s plunging value could leave it with huge debt

People walk past a branch of Lloyds Bank on Oxford Street in London Lloyds Banking Group has banned credit card customers from buying bitcoin amid fears it could be left in debt as the cryptocurrency’s value deflates.

The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months.

Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.

Significant numbers of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700).

A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

The move follows warnings by regulators in the US, South Korea, China, Russia and India. Germany’s Bundesbank has also called for global regulation of bitcoin and France’s finance minister wants tougher rules for cryptocurrencies.

Meanwhile, Facebook banned adverts for bitcoin and other cryptocurrencies on its sites after recent criticism from users about scams and hoaxes being promoted in their newsfeed. Critics say cryptocurrencies are used by criminals and rogue states to carry out clandestine transactions.

This month US billionaire Warren Buffett ruled out a foray into cryptocurrencies, warning the Bitcoin boom will “come to a bad ending”.

The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency. His comments came just a day after JP Morgan’s chief executive, Jamie Dimon, said he regretted calling bitcoin a “fraud”, though he is still not interested in the digital currency.

Despite the slide, bitcoin’s current value is significantly higher than its $900 (£640) position recorded in January 2017.

https://www.theguardian.com/business/2018/feb/05/lloyds- bank-bans-buying-bitcoins-credit-cards

Gatlin  posted on  2018-02-06   8:28:10 ET  Reply   Trace   Private Reply  


#5. To: All (#4) (Edited)

Banks, Retailers, China Have All Turned On Bitcoin

Bitcoin has totally gone out of favor. If it had a real entity behind it, Bitcoin Inc. would need to hire a crisis PR firm and fast. The king of cryptocurrency is down 41% in four weeks. As a result, the market cap of cryptocurrencies traded worldwide is now down by half, based on data from Coinmarketcap.com.

Here's why everyone has turned on it. China's regulators will reportedly block local investor access to cryptocurrency exchanges anywhere in the world, not just in mainland China. If you're a Chinese gambler in crypto, it will become even harder to buy from your laptop in Shanghai using exchanges in Hong Kong or Singapore.

Mobile payment systems firm Stripe said in January it will no longer accept Bitcoin as payment. At least four other e-commerce operators have said the same, including Microsoft, which is no longer accepting Bitcoin.

On Sunday, Lloyds Banking Group added its name to a chorus of American banks no longer allowing their credit card holders to buy cryptocurrencies on debt.

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies," a company spokeswoman told Reuters.

Bitcoin investors need to program a stop-loss at these levels, says Fernando Pertini, founder of Millenia Asset Management in San Jose, Costa Rica.

"I believe we will see Bitcoin back to $2,500," says Millenia's fund manager. "Maybe even lower."

https://www.forbes.com/sites/kenrapoza/2018/02/05/banks-retailers-china-have- all-turned-on-bitcoin/#28bf69db95ca

Gatlin  posted on  2018-02-06   8:38:45 ET  Reply   Trace   Private Reply  


#6. To: Gatlin (#0)

...a leading central banker said it posed a threat to financial stability.

A member of the criminal banking cabal doesn't like Bitcoin.

I'm shocked!

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-06   8:41:18 ET  Reply   Trace   Private Reply  


#7. To: Deckard (#6) (Edited)

I'm shocked!

Don't cry....you'll get over it.

Stay tuned as the downturn continues ...

T

Gatlin  posted on  2018-02-06   9:29:57 ET  Reply   Trace   Private Reply  


#8. To: Gatlin (#7)

Stay tuned as the downturn continues ...

You and the corrupt banksters are the only propagandists pushing that fake narrative.

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-06   9:41:13 ET  Reply   Trace   Private Reply  


#9. To: Deckard (#8)

Bitcoin going from 20,000 to down below 6,000....how in the world can that be a fake narrative?

Explain ...

Gatlin  posted on  2018-02-06   9:47:27 ET  Reply   Trace   Private Reply  


#10. To: Gatlin (#0)

Never invest in anything you don't understand. Hardly anybody really understands Bitcoin. Most people invested on hype. The ones who understood got out already and made a lot of money. Everybody else will ride it down and lose their money.

Other cryptocurrencies want to rise. The problem with all of them is that they interfere with government monopolies over money control, and all of the advantages that such control gives to government. These currencies are made to evade government, and therefore to be the medium for criminal exchanges.

They are cauldrons of intrigue, with intelligence and law-enforcement agencies worldwide willing to tolerate them enough to infiltrate them and thereby track criminal transactions.

No middle class American should be anywhere near this stuff!

Vicomte13  posted on  2018-02-06   15:32:04 ET  Reply   Trace   Private Reply  


#11. To: Vicomte13 (#10)

Never invest in anything you don't understand. Hardly anybody really understands Bitcoin. Most people invested on hype. The ones who understood got out already and made a lot of money. Everybody else will ride it down and lose their money.

You are a dumbfuck for your candid comment.

buckeroo  posted on  2018-02-06   15:35:47 ET  Reply   Trace   Private Reply  


#12. To: buckeroo (#11)

You are a dumbfuck for your candid comment.

So, you are still invested in Bitcoin yourself?

Vicomte13  posted on  2018-02-06   15:48:12 ET  Reply   Trace   Private Reply  


#13. To: Gatlin (#9)

If the chiefs of the US securities and commodities regulators get their way, cryptocurrency markets will soon be regulated similarly to traditional financial markets.

Testifying before members of the Senate Banking, Housing and Urban Affairs Committee on Tuesday morning, Securities and Exchange Commission chairman Jay Clayton and Commodities and Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo stated that cryptocurrency markets in the US require a coordinated regulatory scheme, and that the feds may need more power to enforce the rules.

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“We should all come together,” SEC chief Clayton said during question period, “the federal banking regulators, the CFTC and SEC—there are states involved as well—and have a coordinated plan for dealing with the virtual currency trading market.”

“We must put in place sound regulatory frameworks,” CFTC chairman Giancarlo said during his testimony.

Committee Chairman Mike Crapo asked Clayton if he thought the SEC might need additional legislative powers to get the job done. “I think we may,” Clayton curtly replied, without elaborating on what these powers might be.

“Truth is treason in the empire of lies.” - Ron Paul

Those who most loudly denounce Fake News are typically those most aggressively disseminating it.

Deckard  posted on  2018-02-07   9:32:08 ET  Reply   Trace   Private Reply  


#14. To: Deckard (#13)

I am busy making money.....I have no time for you now.

Gatlin  posted on  2018-02-07   10:42:50 ET  Reply   Trace   Private Reply  


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