White House Says It Is “Monitoring The Bitcoin Situation”

White House Says It Is “Monitoring The Bitcoin Situation”:

In the past few days two Federal Reserve presidents have discussed cryptocurrencies and concluded they are “niche” and “don’t matter today.

The total market capitalization of the entire cryptocurrency space is around $300 billion – smaller than the Top 10 names in the S&P 500.

In the last three years, Bitcoin has gained a similar amount of market cap as Nvidia…

A de minimus percentage of Americans are exposed to Bitcoin and crypto-currencies.

But it appears the last few days of turbulence in Bitcoin  – which saw total losses of around $3 billion yesterday, compared to $60 billion lost in FANG stocks alone – has ‘triggered’ the world’s media into a frenzy..

Which led to today’s White House Press Briefing and an unusual question from one reporter…

Has the president been following cyrptocurrencies at all? Specirfically the major run-up in it…

Does he have an opinion on it, and does he feel it is now something that needs to be regulated?

The answer was, perhaps, somewhat surprising…

“The [Bitcoin situation] is something that is being ‘monitored’ by our team…

Homeland Security is involved.”

Which made us wonder…

Read moreWhite House Says It Is “Monitoring The Bitcoin Situation”

Crypto Carnage Continues As The Fed Warns Digital Currencies Could “Pose Serious Financial Stability Issues”

Crypto Carnage Continues As The Fed Warns Digital Currencies Could “Pose Serious Financial Stability Issues”:

Update: Bitcoin and Ethereum are holding at the lows of the day, but following ECB comments earlier (see below), The Fed’s vice chariman of supervision, Randy Quarles, warns that digital currencies like bitcoin pose “serious financial stability issues” as they grow…

Today, the vast majority of our payments by volume and value are processed by regulated financial institutions. In the U.S. payment system, digital currencies are a niche product that sometimes garners large headlines.

While these digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues may result if they achieve wide-scale usage.

Perhaps most ironic is Quarles’ description of the ‘drawbacks’ of cryptocurrencies…

But from the standpoint of analysis, the “currency” or asset at the center of some of these systems is not backed by other secure assets, has no intrinsic value, is not the liability of a regulated banking institution, and in leading cases, is not the liability of any institution at all. Indeed, how to treat and define this new asset is complicated.

So because it’s not backed by ‘other secure assets’ – analysing its value is complicated… like the dollar.

It’s a bloodbath in cryptocurrency markets this morning…

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Supreme Court to Debate Warrantless Collection Of Cellphone Records in Huge Fourth Amendment Battle

Supreme Court to Debate Warrantless Collection Of Cellphone Records in Huge Fourth Amendment Battle:

In one of the most important Fourth Amendment battles of the digital age, the Supreme Court is preparing to tackle a case involving law enforcement accessing cellphone records without a warrant.

On Wednesday the US Supreme Court is scheduled to address the case of Carpenter v. United States to determine whether or not law enforcement should be required to obtain a warrant before accessing the cellphone records of an individual. The case deals with a set of armed robberies that took place between December 2010 and March 2011. Several men worked together to rob RadioShack and T-Mobile stores in the Michigan and Ohio areas, stealing cell phones and holding store employees and customers hostage in the process.

Read moreSupreme Court to Debate Warrantless Collection Of Cellphone Records in Huge Fourth Amendment Battle

Trump Sparks Outrage In UK With “Truculent Tweet” To Theresa May After Retweeting Far-Right Videos

Trump Sparks Outrage In UK With “Truculent Tweet” To Theresa May After Retweeting Far-Right Videos:

President Trump sparked outrage among Britain’s political establishment on Thursday with a sharp rebuke on Twitter of Prime Minister Theresa May on Twitter after she criticized him for retweeting British far-right anti-Islam videos. Following Trump’s condemnation by British politicians who lashed out at the US president for sharing videos originally posted by a leader of a British far-right fringe group, in an unprecedented attack on Theresa May, Trump replied with what Reuters dubbed an “unrepentant message”:

“Theresa @theresamay, don’t focus on me, focus on the destructive Radical Islamic Terrorism that is taking place within the United Kingdom. We are doing just fine,” he tweeted.

Trump initially addressed his tweet to a Twitter handle that was not May‘s, though he later retweeted to the British leader’s correct account.

Read moreTrump Sparks Outrage In UK With “Truculent Tweet” To Theresa May After Retweeting Far-Right Videos

Video Shared By Trump Featured US-Backed FSA Commander Destroying Virgin Mary Statue In Syria

Video Shared By Trump Featured US-Backed FSA Commander Destroying Virgin Mary Statue In Syria:

While Trump’s Twitter activity from yesterday continues to drive media and political outrage, especially in the UK, and with the focus of the frenzied coverage being that the president retweeted a far-right U.K. leader’s “anti-Muslim videos”, there is actually something much more interesting concerning the context to the “Muslim Destroys A Statue Of Virgin Mary” video.

That particular video shared by the president is from 2013 and shows a Free Syrian Army (FSA) commander named Omar Gharba destroying a Virgin Mary statue as the group invaded a Syrian Christian town. In a geopolitical and deeply ironic twist demonstrating the absurdity and contradictions of US foreign policy, the radical Islamist commander was actually supported by the United States at the time as part of the FSA, which the media and US government deemed “moderate”. 

Read moreVideo Shared By Trump Featured US-Backed FSA Commander Destroying Virgin Mary Statue In Syria

European Union Remains ‘Committed’ To Opening Borders to 75 Million Turkish Citizens as ‘Soon as Possible’

European Union Remains ‘Committed’ To Opening Borders to 75 Million Turkish Citizens as ‘Soon as Possible’:

The European Union (EU) remains “committed to” giving, and is in the later stages of securing, Turkish citizens visa-free travel in the bloc, as well as handing an extra three billion euros to migrants in the nation by next year, a commissioner has said.

The EU’s Commissioner for Migration Dimitris Avramopoulos explained that all elements of the migrant deal with Turkey were moving ahead, after Turkey agreed to stem the tide of Middle Eastern migrants in return for billions in aid and the opening Europe’s borders to Turks.

He made the comments to Turkish paper Hurriyet ahead of a visit to the nation. In a Turkish language version, he is quoted, according to a rough translation, as saying the deal in its “last level”.

Read moreEuropean Union Remains ‘Committed’ To Opening Borders to 75 Million Turkish Citizens as ‘Soon as Possible’

Nobody Wanted to Help Swedish Woman Raped by 20 Migrants: “Eeew, You’ve got Sperm on Your Face…!”

Nobody Wanted to Help Swedish Woman Raped by 20 Migrants: “Eeew, You’ve got Sperm on Your Face…!”:

A rape case so brutal that even Swedish main stream media is reporting about it shows signs of total collapse of moral and culture in Swedish society.

“Eeew, you have sperm on your face and on your clothes, don’t involve us,” they said to the woman. She had just endured a gang rape and abuse by up to twenty perpetrators in a stairwell in Fittja, but nobody in the southern Stockholm suburb wanted to help the victim, Metro reports.

More details are now being published about the high profile case in Fittja, which took place in a stairwell in August 2016. The woman was gang-raped and also beaten up by up to twenty perpetrators. The woman was kicked, beaten, threatened with a knife and her head was knocked against the floor until she went unconscious.

Read moreNobody Wanted to Help Swedish Woman Raped by 20 Migrants: “Eeew, You’ve got Sperm on Your Face…!”