Venezuelans use bitcoin ‘mining’ to escape inflation

#Venezuelans use #bitcoin #mining 

to escape #inflation 

 #fintech

  • While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year – – Inside a locked room in an office building in…
  • While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year.
  • Having no confidence in the bolivar and struggling to find dollars, many Venezuelans, who are neither computer geeks nor financial wizards, are relying on the bitcoin — currently valued around $6,050, or other virtual currencies.
  • Brito said the boom in these virtual transactions began in 2014, when Venezuela’s economic crisis intensified as a result of the collapse in the price of oil, which accounts for 96 percent of the country’s revenue.
  • Commissions, paid in bitcoin, help buy food and medicine that are currently in acutely short supply because of the crisis, said Eugenia Alcala, founder of Dash Caracas, which provides courses in cryptocurrency mining.

Inside a locked room in an office building in Caracas, 20 humming computers use their data-crunching power to mine bitcoins, an increasingly popular tool in the fight against Venezuela’s hyperinflation. In warehouses, offices and homes, miners are using modified computers to perform complex computations
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Bitcoin is zooming higher

  • Inside Snapchat’s complex & costly relationship with Google Sponsored Yahoo Finance
  • Bitcoin has had a wild start to 2017 after gaining 120% in 2016.
  • Bitcoin has recently shrugged off an announcement made by China’s three largest bitcoin exchanges that they were going to begin charging a flat fee of 0.2% per transaction.
  • JPMorgan’s Glassman: U.S. Sees Potential of China Growth Sponsored Bloomberg Video
  • China’s hunger for bitcoin has been well documented with nearly 100% of bitcoin’s volume coming from the country.

Bitcoin is zooming higher on Tuesday, up 1.6% at $1,055 per coin as 7:03 a.m. ET. Tuesday’s bid…
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Uber CEO Travis Kalanick Stepping Down From Trump Economic Advisory Council

Uber CEO resigns from Trump's economic advisory council

  • Uber CEO Travis Kalanick Stepping Down From Trump Economic Advisory Council
  • Uber CEO Travis Kalanick is resigning from President Donald Trump’s economic advisory council, according to the company.
  • The taxi drivers were striking in solidarity with the thousands of protesters gathered there to demonstrate against Trump’s immigration ban.
  • “Immigration and openness to refugees is an important part of our country’s success and quite honestly to Uber’s,” he said. “
  • Inside Out – The implicit assumption that Uber (or I) was somehow endorsing the Administration’s agenda has created a perception-reality gap between who people think we are, and who we actually are.

In a memo to employees, Kalanick said he didn’t want his presence to be seen as endorsing the president or his agenda.
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Bitcoin firm gets approval to operate in Switzerland

  • Bitcoin firm gets approval to operate in Switzerland
  • While other crypto-currency firms already operate in Switzerland, Xapo’s operation as a bitcoin wallet provider had raised questions over whether it required a banking license.
  • The approval depended on several factors, including membership of a “self-regulatory organization”, Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
  • ZURICH (Reuters) – Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland’s financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
  • Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins.

By Brenna Hughes Neghaiwi ZURICH (Reuters) – Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland’s financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. “After almost
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Bitcoin firm gets approval to operate in Switzerland

  • Bitcoin firm gets approval to operate in Switzerland
  • While other crypto-currency firms already operate in Switzerland, Xapo’s operation as a bitcoin wallet provider had raised questions over whether it required a banking license.
  • Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins.
  • Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license.
  • The approval depended on several factors, including membership of a “self-regulatory organization”, Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.

Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland’s financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. “After almost two years of substantial effort and investment
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Bitcoin firm gets approval to operate in Switzerland

  • President Trump signed a pair of executive orders on Wednesday stepping up immigration enforcement efforts and calling for “the immediate construction of a physical wall on the southern border.”
  • When Donald Trump took the oath of office to become the 45th President of the United States, he also gained access to the official @POTUS Twitter account.
  • President Trump’ Twitter War of Words With Mexico
  • The @FLOTUS account belonging to Melania Trump, @PressSec account handed to press secretary Sean Spicer and @VP account held by Vice President Mike Pence all were registered to private emails accounts.
  • Trump orders construction of border wall and dramatic measures to block illegal immigration

By Brenna Hughes Neghaiwi ZURICH (Reuters) – Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland’s financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. “After almost
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Italy approves bailout for Monte dei Paschi

Italy approves bailout for Monte dei Paschi - BBC News #Bitcoin

  • Italy approves bailout for Monte dei Paschi
  • Italy approves a €20bn bailout plan for its banks
  • Italy seeks 20bn euros for banks as Monte dei Paschi flounders
  • Founded in 1472, Monte dei Paschi is said to be the oldest surviving bank in the world.
  • The weakest bank in Europe just got weaker

Italy’s government approves a bailout for the country’s third-largest bank, Monte dei Paschi di Siena.
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